NatWest Group (NWG) Cash Flow: Operating & Free Cash Flow

NatWest Group (NWG) Cash Flow Statement

In fiscal 2025 (fiscal year ended Dec 31, 2025), NatWest Group used GBP 12.42B of cash in operating activities and spent GBP 665.00M on capital expenditures. That left free cash flow of −GBP 13.08B. It returned GBP 2.96B to shareholders through GBP 2.38B in dividends and GBP 579.00M in share buybacks.

NatWest Group Cash Flow Statement Analysis

Values in billions GBP

Income Statement Balance Sheet Cash Flow Ratios

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Cash flow statement showing operating, investing, and financing activities for NatWest Group plc (NWG) - Annual data in billions GBP
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	7.71	6.28	6.07	4.87	4.31	-0.35	4.23	3.36	2.24
Depreciation & Amortization	1.15	1.06	0.93	0.83	0.92	0.91	1.49	0.72	0.81
Deferred Income Tax	0.00	0.00	0.00	0.00	-0.05	0.00	0.00	0.00	0.00
Change in Working Capital	0.97	-7.27	-25.68	-48.45	46.61	26.82	-10.93	3.40	42.15
Change in Other Working Capital	1.12	-23.40	-78.07	0.73	46.61	26.82	-10.93	-42.84	-78.97
Other Operating Activities	-1.27	11.68	8.12	0.73	1.90	1.72	1.52	-7.70	-6.45
Net Cash from Operating Activities	-12.42	-9.60	-0.22	-43.60	53.69	29.10	-3.69	-0.23	38.74
Investing Activities
Capital Expenditures	-0.67	-0.46	-0.81	-1.38	-0.90	-0.38	-0.56	-0.62	-1.13
Acquisitions	0.23	-2.30	-0.14	0.00	-3.49	-0.07	-0.08	-0.48	-0.20
Purchases of Investments	-62.03	-53.96	-44.91	-23.51	-10.15	-18.83	-21.35	-16.18	-17.21
Sales/Maturities of Investments	46.75	41.62	25.20	36.98	16.86	25.95	19.99	9.06	11.66
Other Investing Activities	-0.37	-1.92	4.60	5.42	0.75	0.87	1.28	0.26	0.41
Net Cash from Investing Activities	-13.77	-12.70	-14.69	19.06	3.07	7.55	-0.72	-7.96	-6.48
Financing Activities
Debt Repayment	-4.18	-3.85	-5.49	-8.69	0.25	-0.50	0.86	-2.82	-3.95
Common Stock Issued	1.25	1.39	0.00	0.00	0.94	2.22	0.02	0.17	0.40
Common Stock Repurchased	-0.58	-2.72	-2.42	-2.05	-1.81	0.00	-0.02	-2.83	-0.78
Dividends Paid	-2.38	-1.80	-1.70	-3.21	-1.02	-0.38	-3.42	-0.80	-0.61
Other Financing Activities	-1.15	-1.17	-1.06	-1.08	-0.97	-1.25	0.61	1.76	-0.57
Net Cash from Financing Activities	15.99	9.49	-23.52	-10.65	-2.60	0.09	-1.96	-6.29	-8.21
Summary
Effect of Forex Changes on Cash	0.78	-1.17	-1.19	2.93	-2.64	1.88	-1.98	0.68	-0.02
Net Change in Cash	-9.41	-13.98	-39.63	-32.26	51.51	38.61	-8.35	-13.79	24.04
Cash at Beginning of Period	104.85	118.82	158.45	190.71	139.20	100.59	108.94	122.61	98.57
Cash at End of Period	95.43	104.85	118.82	158.45	190.71	139.20	100.59	108.81	122.61
Free Cash Flow	-13.08	-10.07	-1.03	-44.98	52.79	28.72	-4.25	-0.85	37.61
Supplemental Disclosures
Interest Paid	14.33	15.03	10.15	3.43	2.64	-	-	-	-
Income Taxes Paid	1.79	1.60	1.03	1.22	0.86	-	-	-	-

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

Frequently Asked Questions About NatWest Group Cash Flow

What is NatWest Group's free cash flow?

NatWest Group had negative free cash flow of GBP 13.08B in fiscal 2025 (fiscal year ended Dec 31, 2025), operating cash flow of −GBP 12.42B minus GBP 665.00M of capital expenditures.

How much does NatWest Group spend on capital expenditures?

NatWest Group spent GBP 665.00M on capital expenditures in fiscal 2025, compared with GBP 464.00M a year earlier.

Does NatWest Group pay dividends or buy back shares?

Yes. In fiscal 2025 NatWest Group returned GBP 2.38B in dividends and GBP 579.00M 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