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NatWest Group vs Barclays: NWG and BCS compared
NatWest Group is the larger company: $30.2B of revenue in its latest quarter (FY2025) against $11.1B for Barclays (FY2025). Barclays is growing faster (+4% against +3% a year earlier). Barclays is more profitable, with an operating margin of 82.3% against 25.5%.
Where the money goes: NWG and BCS
NatWest Group (NWG) · FY2025
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.
Barclays (BCS) · FY2025
Barclays, FY2025: revenue $11.1B (+4% year over year), operating margin 82.3%, net earnings $7.2B, operating cash flow $18.7B. The chart follows the revenue to costs, profit and cash.
| NatWest Group (NWG) | Barclays (BCS) | |
|---|---|---|
| Latest quarter | FY2025 | FY2025 |
| Revenue | $30.2B | $11.1B |
| Revenue growth, Y/Y | +3% | +4% |
| Operating margin | 25.5% | 82.3% |
| Net earnings | $5.8B | $7.2B |
| Net margin | 19.3% | 64.6% |
| Operating cash flow | $7.1B | $18.7B |
| Free cash flow | $6.4B | — |
| Market value | $61.5B | $309.6B |
| P/E | 10.5× | 42.9× |
| Analysts’ mean target | $21.15 | $28.94 |
Questions
Which is bigger, NatWest Group or Barclays?
NatWest Group is the larger company: $30.2B of revenue in its latest quarter (FY2025) against $11.1B for Barclays (FY2025).
Is NatWest Group or Barclays growing faster?
Barclays is growing faster (+4% against +3% a year earlier).
Which is more profitable, NatWest Group or Barclays?
Barclays is more profitable, with an operating margin of 82.3% against 25.5%.
More: NatWest Group earnings · how NatWest Group makes money · Barclays earnings · how Barclays makes money
From the companies' latest 10-Q, 10-K or earnings release (20-F filed Feb 17, 2026; 20-F filed Feb 10, 2026). Fiscal quarters can end on different dates. Not investment advice.