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NatWest Group (NWG) FY2025 earnings results (fiscal 2025)
20-F filed Feb 17, 2026
NatWest Group (NWG) reported revenue of $30.2B for the fiscal 2025 (FY2025), +3% from a year earlier. Operating margin was 25.5%, net earnings $5.8B (19.3% of revenue).
NatWest Group, FY2025: revenue $30.2B (+3% year over year), operating margin 25.5%, net earnings $5.8B, operating cash flow $7.1B. The chart follows the revenue to costs, profit and cash.
| FY2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $30.2B | — | +3% |
| Operating profit | $7.7B | — | +23% |
| Net earnings | $5.8B | — | +21% |
| Operating cash flow | $7.1B | — | +299% |
| Free cash flow | $6.4B | — | +390% |
What changed
Revenue was £30.2B in FY2025, up 3% year over year.
Operating profit was £7.7B, a 25.5% margin (up 4.1 points year over year). Of the extra revenue versus FY2024, 156% reached operating profit, above the 21% margin then. Total costs fell 2% while revenue rose 3%. Net earnings were £5.8B, up 21% year over year. The effective tax rate was 24.3%.
Operating cash flow was £7.1B (up 299% year over year), 121% of net earnings. Non-cash charges added back £1.2B of depreciation and amortization. Capital expenditures of £0.67B left free cash flow of £6.4B.
Questions
What was NatWest Group's revenue in the fiscal 2025?
NatWest Group (NWG) reported revenue of $30.2B for the fiscal 2025 (FY2025), +3% from a year earlier.
Was NatWest Group profitable in the fiscal 2025?
Operating profit was $7.7B (25.5% of revenue) and net earnings $5.8B.
Source: NatWest Group 20-F on SEC EDGAR.