NWG

MKT CAP:$31B

NatWest Group plc

Market Cap

$31B

Financial Services·Banks - Diversified·🇬🇧 United Kingdom·NYSE

Financials·Banks·🇬🇧·NYSE

Stock Price

$15.71-$2.11 (-11.81%)

Apr 24, 2026

Company Details

NatWest Group plc, together with its subsidiaries, provides banking and financial products and services to personal, commercial, corporate, and institutional customers in the United Kingdom and internationally. It operates through Retail Ba...

CEO

John-Paul Thwaite

IPO Date

Oct 18, 2007

Website

www.natwestgroup.com

Key Metrics TTM

Revenue

$39.7B

+3.2% YoY

Net Income

$7.9B

EPS (Diluted)

$3.10

Free Cash Flow

$0

Revenue / Share

$19.62

Gross Margin

56.3%

Operating Margin

26.2%

Net Margin

19.8%

FCF Margin

0.0%

P/S

0.8x

P/E

4.0x

Earnings Reports

Q1 2026

May 1, 2026

PENDING

FY 2025

Feb 17, 2026

$39.7B+3.2%EPS $3.67

Q4 2025

Feb 17, 2026

$10.0B+1.8%EPS $0.92

Q3 2025

Oct 24, 2025

$10.2B+3.5%EPS $0.54

Q2 2025

Jul 25, 2025

$9.8B+1.8%EPS $0.81

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$4.6B	$4.1B	$1.7B
Q2 22	$5.1B	$4.4B	$1.9B
Q3 22	$5.3B	$4.4B	$1.5B
Q4 22	$6.9B	$5.3B	$1.9B
Q1 23	$7.4B	$5.2B	$2.5B
Q2 23	$8.1B	$5.2B	$2.4B
Q3 23	$8.6B	$4.7B	$1.8B
Q4 23	$9.3B	$4.8B	$1.7B
Q1 24	$9.3B	$4.7B	$1.8B
Q2 24	$9.6B	$4.9B	$2.3B
Q3 24	$9.8B	$5.0B	$2.3B
Q4 24	$9.8B	$5.1B	$2.0B
Q1 25	$9.8B	$5.4B	$2.4B
Q2 25	$9.8B	$5.4B	$2.4B
Q3 25	$10.2B	$5.8B	$2.9B
Q4 25	$10.0B	$5.8B	$2.6B

Valuation

Quarter	P/S	P/E
Q1 22	1.0x	3.5x
Q2 22	0.9x	3.7x
Q3 22	0.7x	3.4x
Q4 22	0.7x	3.4x
Q1 23	0.6x	2.8x
Q2 23	0.5x	2.7x
Q3 23	0.5x	2.4x
Q4 23	0.5x	2.5x
Q1 24	0.4x	2.5x
Q2 24	0.5x	2.8x
Q3 24	0.5x	3.0x
Q4 24	0.5x	3.3x
Q1 25	0.6x	3.5x
Q2 25	0.7x	4.0x
Q3 25	0.7x	3.7x
Q4 25	0.9x	4.5x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	$0	$0
Q2 22	$0	$0
Q3 22	$0	$0
Q4 22	$0	$0
Q1 23	$0	$0
Q2 23	$0	$0
Q3 23	$0	$0
Q4 23	$0	$0
Q1 24	$0	$0
Q2 24	$0	$0
Q3 24	$0	$0
Q4 24	$0	$0
Q1 25	$0	$0
Q2 25	$0	$0
Q3 25	$0	$0
Q4 25	$0	$0

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	+13.4%	+3.0%
Q2 22	+20.5%	+53.1%
Q3 22	+26.1%	+32.9%
Q4 22	+85.9%	+60.4%
Q1 23	+60.5%	+67.2%
Q2 23	+60.7%	+79.1%
Q3 23	+62.6%	+77.9%
Q4 23	+35.4%	+53.8%
Q1 24	+25.6%	+51.7%
Q2 24	+18.3%	+27.7%
Q3 24	+14.0%	+11.0%
Q4 24	+5.5%	+2.6%
Q1 25	+5.7%	-1.7%
Q2 25	+1.8%	+1.0%
Q3 25	+3.5%	-4.5%
Q4 25	+1.8%	-5.4%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$0	0.0%
Q2 22	$0	0.0%
Q3 22	$0	0.0%
Q4 22	$81M	1.2%
Q1 23	$0	0.0%
Q2 23	$0	0.0%
Q3 23	$0	0.0%
Q4 23	$69M	0.7%
Q1 24	$0	0.0%
Q2 24	$0	0.0%
Q3 24	$0	0.0%
Q4 24	$82M	0.8%
Q1 25	$0	0.0%
Q2 25	$0	0.0%
Q3 25	$0	0.0%
Q4 25	$78M	0.8%

OpEx Breakdown

Quarter	G&A
Q1 22	$498M
Q2 22	$485M
Q3 22	$547M
Q4 22	$150M
Q1 23	$531M
Q2 23	$498M
Q3 23	$539M
Q4 23	$618M
Q1 24	$539M
Q2 24	$434M
Q3 24	$414M
Q4 24	$516M
Q1 25	$431M
Q2 25	$454M
Q3 25	$435M
Q4 25	$593M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$227.6B	$123.7B	$351.2B
Q2 22	$242.0B	$101.4B	$343.5B
Q3 22	$209.3B	$115.2B	$324.5B
Q4 22	$195.6B	$73.0B	$268.5B
Q1 23	$166.4B	$97.3B	$263.7B
Q2 23	$166.1B	$80.4B	$246.4B
Q3 23	$161.2B	$98.0B	$259.3B
Q4 23	$140.9B	$96.5B	$237.4B
Q1 24	$157.6B	$0	$157.6B
Q2 24	$156.2B	$0	$156.2B
Q3 24	$142.4B	$73.4B	$215.8B
Q4 24	$125.5B	$18.7B	$144.2B
Q1 25	$133.5B	$71.9B	$205.4B
Q2 25	$122.3B	$29.0B	$151.3B
Q3 25	$114.2B	$76.7B	$190.8B
Q4 25	$115.1B	$17.4B	$132.4B

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	2.63B	-0.9%	-6.9%
Q2 22	2.40B	-8.5%	-14.8%
Q3 22	2.46B	+2.3%	-8.0%
Q4 22	2.43B	-1.4%	-8.5%
Q1 23	2.40B	-1.3%	-8.9%
Q2 23	2.45B	+2.4%	+2.0%
Q3 23	2.21B	-9.9%	-10.2%
Q4 23	2.75B	+24.5%	+13.3%
Q1 24	2.75B	0.0%	+14.8%
Q2 24	2.17B	-21.2%	-11.7%
Q3 24	2.09B	-3.4%	-5.3%
Q4 24	2.05B	-1.9%	-25.4%
Q1 25	2.05B	-0.3%	-25.6%
Q2 25	2.05B	0.0%	-5.6%
Q3 25	2.04B	-0.4%	-2.6%
Q4 25	2.02B	-0.7%	-1.4%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$77.7K	59K
Q2 22	$85.4K	59K
Q3 22	$89.5K	59K
Q4 22	$114.2K	60K
Q1 23	$123.0K	60K
Q2 23	$135.3K	60K
Q3 23	$143.6K	60K
Q4 23	$150.9K	62K
Q1 24	$150.8K	62K
Q2 24	$156.3K	62K
Q3 24	$159.8K	62K
Q4 24	$161.3K	61K
Q1 25	$161.5K	61K
Q2 25	$161.1K	61K
Q3 25	$167.6K	61K
Q4 25	$168.1K	59K

Revenue / Employee