Natwest Group PLC
NYSE: NWG · FINANCIAL SERVICES · BANKS - REGIONAL
Updated 2026-06-12
Natwest Group PLC (NWG) Financial statements
SEC filings — annual and quarterly data.
Income statement — annual
| Item | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $41.80B | $49.69B | $45.32B | $41.72B | $34.51B | $31.64B | $20.88B | $21.50B | $18.48B | $16.09B | $14.92B | $14.76B | $15.73B | $15.05B | $13.08B | $12.04B | $16.15B | $24.76B | $28.57B | $29.48B |
| Revenue growth (YoY) | — | +18.9% | -8.8% | -7.9% | -17.3% | -8.3% | -34.0% | +3.0% | -14.0% | -13.0% | -7.3% | -1.0% | +6.6% | -4.4% | -13.1% | -8.0% | +34.1% | +53.3% | +15.4% | +3.2% |
| Cost of revenue | $14.09B | $20.18B | $26.71B | $12.92B | $8.57B | $8.73B | $6.73B | $5.47B | $3.82B | $3.16B | $2.55B | $2.05B | $2.39B | $3.33B | $2.32B | $1.70B | $2.79B | $9.98B | $13.91B | $12.87B |
| Gross profit | $27.70B | $29.51B | $18.61B | $28.80B | $25.94B | $22.91B | $14.15B | $16.02B | $14.66B | $12.93B | $12.37B | $12.72B | $13.34B | $11.72B | $10.76B | $10.34B | $13.35B | $14.78B | $14.65B | $16.61B |
| Gross margin | 66.3% | 59.4% | 41.1% | 69.0% | 75.2% | 72.4% | 67.8% | 74.5% | 79.3% | 80.4% | 82.9% | 86.1% | 84.8% | 77.9% | 82.3% | 85.9% | 82.7% | 59.7% | 51.3% | 56.3% |
| R&D | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| SG&A | $2.63B | $2.94B | $4.19B | $4.00B | $3.31B | $4.07B | $2.41B | $2.61B | $2.12B | $2.12B | $2.88B | $2.04B | $3.07B | $2.83B | $1.29B | $1.46B | $1.58B | $1.61B | $1.45B | $1.42B |
| Operating income | $9.19B | $9.83B | $-25.69B | $-2.65B | $-154.00M | $-1.40B | $-6.05B | $-8.85B | $2.64B | $-2.70B | $-4.08B | $2.24B | $3.36B | $3.98B | $-553.00M | $3.84B | $5.13B | $6.18B | $6.20B | $7.71B |
| Operating margin | 22.0% | 19.8% | -56.7% | -6.3% | -0.4% | -4.4% | -29.0% | -41.2% | 14.3% | -16.8% | -27.4% | 15.2% | 21.3% | 26.5% | -4.2% | 31.9% | 31.8% | 25.0% | 21.7% | 26.1% |
| EBITDA | $10.86B | $11.76B | $-22.54B | $162.00M | $2.07B | $479.00M | $-4.20B | $-7.44B | $3.75B | $-1.52B | $-3.16B | $3.08B | $4.13B | $5.20B | $361.00M | $4.77B | $5.96B | $7.11B | $7.25B | $8.86B |
| EBITDA margin | 26.0% | 23.7% | -49.7% | 0.4% | 6.0% | 1.5% | -20.1% | -34.6% | 20.3% | -9.5% | -21.2% | 20.8% | 26.2% | 34.6% | 2.8% | 39.6% | 36.9% | 28.7% | 25.4% | 30.1% |
| EBIT | $9.19B | $9.83B | $-25.69B | $-2.65B | $-154.00M | $-1.40B | $-6.05B | $-8.85B | $2.64B | $-2.70B | $-4.08B | $2.24B | $3.36B | $3.98B | $-553.00M | $3.84B | $5.13B | $6.18B | $6.20B | $7.71B |
| Interest expense | $14.09B | $20.18B | $26.71B | $12.92B | $8.57B | $8.73B | $6.73B | $5.47B | $3.82B | $3.16B | $2.55B | $2.05B | $2.39B | $3.33B | $2.32B | $1.70B | $2.79B | $9.98B | $13.91B | $12.87B |
| Income tax | $2.69B | $2.04B | $-1.28B | $-429.00M | $703.00M | $1.25B | $156.00M | $186.00M | $1.91B | $23.00M | $1.17B | $731.00M | $1.21B | $439.00M | $74.00M | $996.00M | $1.27B | $1.43B | $1.47B | $1.87B |
| Effective tax rate | 29.6% | 21.3% | 5.1% | 13.8% | -235.9% | -138.7% | -2.8% | -2.2% | -221.5% | -1.5% | -28.5% | 33.2% | 35.9% | 11.0% | -24.8% | 23.4% | 26.2% | 23.6% | 23.4% | 24.3% |
| Net income | $6.39B | $7.55B | $-23.71B | $-2.67B | $-1.00B | $-2.15B | $-5.75B | $-8.60B | $-2.77B | $-1.59B | $-5.26B | $1.47B | $2.16B | $3.54B | $-372.00M | $3.27B | $3.59B | $4.64B | $4.80B | $5.83B |
| Net income growth (YoY) | — | +18.1% | -414.1% | +88.7% | +62.5% | -114.9% | -167.5% | -49.4% | +67.8% | +42.5% | -229.9% | +128.0% | +46.6% | +63.9% | -110.5% | +978.5% | +9.8% | +29.2% | +3.6% | +21.4% |
| Profit margin | 15.3% | 15.2% | -52.3% | -6.4% | -2.9% | -6.8% | -27.6% | -40.0% | -15.0% | -9.9% | -35.3% | 10.0% | 13.7% | 23.5% | -2.8% | 27.1% | 22.2% | 18.7% | 16.8% | 19.8% |
Frequently asked questions
What is Natwest Group PLC's revenue?
Natwest Group PLC's trailing twelve-month revenue is $16.25B, and consensus projects about $24.10B by 2030. Revenue is the top line the whole model builds on, and at this scale the question shifts from how fast it grows to whether margins hold as it compounds.
How profitable is NWG?
In its most recent fiscal year, NWG ran a gross margin of 56.34%, an operating margin of 26.15%, and a net margin of 19.78%. Margins this high mean most of each extra dollar of revenue drops through to profit, which is the signature of real pricing power.
How much free cash flow does NWG generate?
NWG produced $5.79B in free cash flow in its most recent fiscal year. Free cash flow is what is left after running and reinvesting in the business, and it is the cash that actually funds buybacks, dividends, and a stronger balance sheet.
Is NWG's balance sheet healthy?
NWG holds $85.35B in cash and equivalents against $59.80B in long-term debt, on $42.60B of shareholder equity. Cash on hand exceeds long-term debt, so the balance sheet adds little financial risk to the thesis.