Deutsche Bank Aktiengesellschaft (DB) Cash Flow: Operating & Free Cash Flow

Deutsche Bank Aktiengesellschaft (DB) Cash Flow Statement

In fiscal 2025 (fiscal year ended Dec 31, 2025), Deutsche Bank Aktiengesellschaft generated EUR 6.82B of operating cash flow and spent EUR 443.00M on capital expenditures. That left free cash flow of EUR 6.38B, or 10.5% of revenue. It returned EUR 2.93B to shareholders through EUR 1.31B in dividends and EUR 1.62B in share buybacks.

Deutsche Bank Aktiengesellschaft Cash Flow Statement Analysis

Values in billions EUR

Income Statement Balance Sheet Cash Flow Ratios

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Cash flow statement showing operating, investing, and financing activities for Deutsche Bank Aktiengesellschaft (DB) - Annual data in billions EUR
Breakdown	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019	FY 2018	FY 2017
Period ending	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020	Dec 2019	Dec 2018	Dec 2017
Operating Activities
Net Income	6.81	3.51	4.89	5.66	2.51	0.62	-5.27	0.34	-0.74
Depreciation & Amortization	2.72	0.00	0.00	3.53	2.01	2.06	2.31	1.53	1.38
Deferred Income Tax	0.84	0.47	-0.55	-0.85	0.02	-0.30	1.87	0.28	1.23
Stock Based Compensation	0.00	0.00	0.00	0.43	0.49	0.37	0.59	0.56	0.56
Change in Working Capital	34.65	-37.70	-3.59	-11.56	-9.35	26.71	-42.03	-57.21	36.66
Change in Other Working Capital	-11.68	-37.70	-3.59	-18.57	-9.35	26.71	-42.03	-57.21	36.66
Other Operating Activities	0.43	5.14	4.86	-0.97	1.37	1.28	2.09	2.53	2.42
Net Cash from Operating Activities	6.82	-28.58	5.61	-13.80	-2.95	30.74	-40.45	-54.07	39.58
Investing Activities
Capital Expenditures	-0.44	-0.53	-0.42	-0.34	-0.55	-0.51	-0.33	-0.47	-0.49
Acquisitions	0.00	0.02	-0.36	0.44	0.00	0.01	1.76	0.11	0.08
Purchases of Investments	-62.73	-53.06	-43.57	-59.86	-54.07	-86.72	-76.72	-41.34	-13.48
Sales/Maturities of Investments	38.29	48.16	43.13	43.64	79.11	86.36	65.89	50.16	17.54
Other Investing Activities	-1.44	-1.37	-1.35	-0.65	-0.90	-1.02	-0.89	-0.94	-1.22
Net Cash from Investing Activities	-26.31	-6.78	-2.58	-17.18	23.60	-1.89	-10.28	7.53	2.43
Financing Activities
Debt Repayment	-3.22	-0.69	-0.57	-0.70	0.43	-0.14	-10.29	-1.10	0.71
Common Stock Issued	0.00	0.00	0.00	0.00	5.18	2.03	1.31	4.15	15.73
Common Stock Repurchased	-1.62	-1.13	-0.86	-0.70	-3.37	-1.07	-1.49	-4.36	-8.12
Dividends Paid	-1.32	-0.88	-0.61	-0.41	-0.36	-0.35	-0.23	-0.23	-0.39
Other Financing Activities	-0.11	2.05	-0.81	-0.09	-0.24	-0.11	7.90	-21.29	-0.77
Net Cash from Financing Activities	33.41	-0.65	-2.85	12.30	1.63	-0.31	-2.80	-3.33	7.14
Summary
Effect of Forex Changes on Cash	-6.31	2.91	-2.04	4.35	1.35	-1.07	1.58	1.67	-5.77
Net Change in Cash	7.61	-33.10	-1.86	-14.32	23.62	27.46	-51.95	-48.20	43.38
Cash at Beginning of Period	130.67	163.77	165.63	179.95	156.33	128.87	180.82	229.03	185.65
Cash at End of Period	138.28	130.67	163.77	165.63	179.95	156.33	128.87	180.82	229.03
Free Cash Flow	6.38	-29.11	5.18	-14.14	-3.50	30.22	-40.78	-54.53	39.09
Supplemental Disclosures
Interest Paid	-	36.03	28.50	9.47	5.56	-	-	-	-
Income Taxes Paid	-	1.39	0.96	1.29	1.03	-	-	-	-

Source: Company financial statements from annual and quarterly filings. Data as of Jun 30, 2026. Data sources and methodology

Frequently Asked Questions About Deutsche Bank Aktiengesellschaft Cash Flow

What is Deutsche Bank Aktiengesellschaft's free cash flow?

Deutsche Bank Aktiengesellschaft generated free cash flow of EUR 6.38B in fiscal 2025 (fiscal year ended Dec 31, 2025), operating cash flow of EUR 6.82B minus EUR 443.00M of capital expenditures. Free cash flow equaled 10.5% of revenue.

How much does Deutsche Bank Aktiengesellschaft spend on capital expenditures?

Deutsche Bank Aktiengesellschaft spent EUR 443.00M on capital expenditures in fiscal 2025, compared with EUR 528.00M a year earlier. That equals 6.5% of operating cash flow.

Does Deutsche Bank Aktiengesellschaft pay dividends or buy back shares?

Yes. In fiscal 2025 Deutsche Bank Aktiengesellschaft returned EUR 1.31B in dividends and EUR 1.62B in share buybacks to shareholders, according to its cash flow statement.

What is free cash flow?

Free cash flow is operating cash flow minus capital expenditures. It is the cash a company has left for dividends, buybacks, debt repayment or acquisitions after funding its operations and investment. Full definition