Filing Flows › Comparisons › NWG vs ING
NatWest Group vs ING Groep NV: NWG and ING compared
NatWest Group is the larger company: $30.2B of revenue in its latest quarter (FY2025) against $11.7B for ING Groep NV (H1 2026). NatWest Group is growing faster (+3% against -6% a year earlier). ING Groep NV is more profitable, with an operating margin of 100.0% against 25.5%.
Where the money goes: NWG and ING
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.
ING Groep NV (ING) · H1 2026
ING Groep NV, H1 2026: revenue $11.7B (-6% year over year), operating margin 100.0%, net earnings $3.2B, operating cash flow $15.2B. The chart follows the revenue to costs, profit and cash.
| NatWest Group (NWG) | ING Groep NV (ING) | |
|---|---|---|
| Latest quarter | FY2025 | H1 2026 |
| Revenue | $30.2B | $11.7B |
| Revenue growth, Y/Y | +3% | -6% |
| Operating margin | 25.5% | 100.0% |
| Net earnings | $5.8B | $3.2B |
| Net margin | 19.3% | 27.3% |
| Operating cash flow | $7.1B | $15.2B |
| Free cash flow | $6.4B | $14.9B |
| Market value | $61.5B | $92.4B |
| P/E | 10.5× | 10.7× |
| Analysts’ mean target | $21.15 | $36.67 |
Questions
Which is bigger, NatWest Group or ING Groep NV?
NatWest Group is the larger company: $30.2B of revenue in its latest quarter (FY2025) against $11.7B for ING Groep NV (H1 2026).
Is NatWest Group or ING Groep NV growing faster?
NatWest Group is growing faster (+3% against -6% a year earlier).
Which is more profitable, NatWest Group or ING Groep NV?
ING Groep NV is more profitable, with an operating margin of 100.0% against 25.5%.
More: NatWest Group earnings · how NatWest Group makes money · ING Groep NV earnings · how ING Groep NV makes money
From the companies' latest 10-Q, 10-K or earnings release (20-F filed Feb 17, 2026; 6-K filed Jul 30, 2026). Fiscal quarters can end on different dates. Not investment advice.