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NatWest Group vs Lloyds Banking Group: NWG and LYG compared
NatWest Group is the larger company: $30.2B of revenue in its latest quarter (FY2025) against $19.4B for Lloyds Banking Group (FY2025). Lloyds Banking Group is growing faster (+8% against +3% a year earlier). Lloyds Banking Group is more profitable, with an operating margin of 34.3% against 25.5%.
Where the money goes: NWG and LYG
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.
Lloyds Banking Group (LYG) · FY2025
Lloyds Banking Group, FY2025: revenue $19.4B (+8% year over year), operating margin 34.3%, net earnings $4.7B, operating cash flow $5.7B. The chart follows the revenue to costs, profit and cash.
| NatWest Group (NWG) | Lloyds Banking Group (LYG) | |
|---|---|---|
| Latest quarter | FY2025 | FY2025 |
| Revenue | $30.2B | $19.4B |
| Revenue growth, Y/Y | +3% | +8% |
| Operating margin | 25.5% | 34.3% |
| Net earnings | $5.8B | $4.7B |
| Net margin | 19.3% | 24.0% |
| Operating cash flow | $7.1B | $5.7B |
| Free cash flow | $6.4B | $630M |
| Market value | $61.5B | $72.5B |
| P/E | 10.5× | 15.2× |
| Analysts’ mean target | $21.15 | $6.28 |
Questions
Which is bigger, NatWest Group or Lloyds Banking Group?
NatWest Group is the larger company: $30.2B of revenue in its latest quarter (FY2025) against $19.4B for Lloyds Banking Group (FY2025).
Is NatWest Group or Lloyds Banking Group growing faster?
Lloyds Banking Group is growing faster (+8% against +3% a year earlier).
Which is more profitable, NatWest Group or Lloyds Banking Group?
Lloyds Banking Group is more profitable, with an operating margin of 34.3% against 25.5%.
More: NatWest Group earnings · how NatWest Group makes money · Lloyds Banking Group earnings · how Lloyds Banking Group makes money
From the companies' latest 10-Q, 10-K or earnings release (20-F filed Feb 17, 2026; 20-F filed Feb 13, 2026). Fiscal quarters can end on different dates. Not investment advice.