Detailed financial statements for Deutsche Bank AG (DB): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
Deutsche Bank AG operates as a global financial institution, delivering a wide spectrum of investment, financial, and related services to private individuals, corporate entities, and institutional clients worldwide. Its Corporate Bank division offers key services including cash management, trade finance and lending, trust and agency functions, foreign exchange, and securities services, alongside specialized risk management solutions.
Analysis Summary
Deutsche Bank AG reported revenue of 60.86B EUR in the most recent fiscal year, growing at a 5-year CAGR of 15.0%. Net income reached 6.93B EUR, with a 69.5% 5-year CAGR.
Trailing-twelve-month margins: gross margin 52.4%, operating margin 17.9%, net margin 12.6%.
At $33.64 (closing price, October 30, 2026), DB trades at a P/E of 7.85 and an ROE of 10.63%. Market capitalisation stands at $62.4B, placing it among large-cap names.
Balance sheet quality for DB: current ratio of 0.5, net cash position of 95.91B EUR. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue | 40.01B EUR | 36.97B EUR | 36.07B EUR | 34.51B EUR | 30.25B EUR | 30.75B EUR | 37.30B EUR | 59.35B EUR | 66.34B EUR | 60.86B EUR |
| Cost of Revenue | 11.84B EUR | 11.70B EUR | 11.93B EUR | 12.18B EUR | 8.07B EUR | 5.96B EUR | 11.88B EUR | 31.98B EUR | 38.12B EUR | 30.46B EUR |
| Gross Profit | 28.18B EUR | 25.27B EUR | 24.14B EUR | 22.33B EUR | 22.18B EUR | 24.79B EUR | 25.43B EUR | 27.37B EUR | 28.22B EUR | 30.40B EUR |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | 21.03B EUR | 20.63B EUR | 19.99B EUR | 19.46B EUR | 17.24B EUR | 17.57B EUR | 16.98B EUR | 18.03B EUR | 18.38B EUR | 20.67B EUR |
| Operating Expenses | 28.98B EUR | 24.04B EUR | 22.82B EUR | 24.96B EUR | 21.16B EUR | 21.40B EUR | 19.84B EUR | 21.69B EUR | 22.93B EUR | 20.68B EUR |
| Operating Income | -810.0M EUR | 1.23B EUR | 1.33B EUR | -2.63B EUR | 1.02B EUR | 3.39B EUR | 5.59B EUR | 5.68B EUR | 5.29B EUR | 9.71B EUR |
| EBITDA | -810.0M EUR | 1.23B EUR | 1.33B EUR | -2.63B EUR | 3.08B EUR | 3.39B EUR | 7.54B EUR | 5.68B EUR | 5.29B EUR | 9.72B EUR |
| Interest Expense | 10.44B EUR | 11.16B EUR | 11.40B EUR | 11.46B EUR | 6.28B EUR | 5.45B EUR | 10.65B EUR | 30.47B EUR | 36.29B EUR | 28.76B EUR |
| Pre-tax Income | -810.0M EUR | 1.23B EUR | 1.33B EUR | -2.63B EUR | 1.02B EUR | 3.39B EUR | 5.59B EUR | 5.68B EUR | 5.29B EUR | 9.73B EUR |
| Income Tax | 546.0M EUR | 1.96B EUR | 989.0M EUR | 2.63B EUR | 397.0M EUR | 880.0M EUR | -64.0M EUR | 787.0M EUR | 1.79B EUR | 2.59B EUR |
| Net Income | -1.40B EUR | -751.0M EUR | 267.0M EUR | -5.39B EUR | 495.0M EUR | 2.37B EUR | 5.53B EUR | 4.77B EUR | 3.37B EUR | 6.93B EUR |
| EPS | $-0.90 | $-0.38 | $0.13 | $-2.49 | $0.07 | $0.95 | $2.42 | $2.07 | $1.40 | $3.16 |
| EPS (Diluted) | $-0.90 | $-0.38 | $0.13 | $-2.49 | $0.07 | $0.93 | $2.37 | $2.03 | $1.37 | $3.09 |
| Shares Outstanding (Diluted) | 1,555.3 M | 1,967.7 M | 2,102.2 M | 2,110.0 M | 2,170.1 M | 2,143.2 M | 2,125.6 M | 2,104.0 M | 2,039.3 M | 1,998.0 M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Revenue | 15.08B EUR | 7.73B EUR | 15.29B EUR | 15.07B EUR |
| Gross Profit | 7.61B EUR | 7.33B EUR | 8.15B EUR | 8.02B EUR |
| Operating Income | 2.44B EUR | 2.03B EUR | 3.04B EUR | 2.68B EUR |
| EBITDA | 2.44B EUR | 2.03B EUR | 3.04B EUR | 2.68B EUR |
| Net Income | 1.77B EUR | 1.50B EUR | 2.12B EUR | 1.85B EUR |
| EPS | $0.80 | $0.67 | $0.84 | $0.58 |
| EPS (Diluted) | $0.78 | $0.65 | $0.82 | $1.10 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Cash & Equivalents | 192.97B EUR | 234.92B EUR | 197.61B EUR | 147.23B EUR | 175.34B EUR | 199.36B EUR | 186.09B EUR | 184.56B EUR | 153.65B EUR | 171.62B EUR |
| Short-term Investments | 52.66B EUR | 49.36B EUR | 44.99B EUR | 39.21B EUR | 49.66B EUR | 116.57B EUR | 110.32B EUR | 145.95B EUR | 34.24B EUR | 179.09B EUR |
| Receivables | 109.09B EUR | 86.60B EUR | 70.18B EUR | 66.94B EUR | 77.21B EUR | 92.00B EUR | 92.25B EUR | 89.80B EUR | 67.07B EUR | 126.48B EUR |
| Inventory | 561.0M EUR | 85.77B EUR | 0 | -406.66B EUR | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | 1.35T EUR | 1.23T EUR | 1.13T EUR | 1.11T EUR | 302.20B EUR | 407.93B EUR | 388.66B EUR | 420.30B EUR | 254.96B EUR | 477.20B EUR |
| Property, Plant & Equipment | 2.80B EUR | 2.66B EUR | 2.42B EUR | 4.93B EUR | 5.55B EUR | 5.54B EUR | 6.10B EUR | 6.18B EUR | 6.19B EUR | 5.92B EUR |
| Goodwill | 4.10B EUR | 3.78B EUR | 3.88B EUR | 2.88B EUR | 2.74B EUR | 2.81B EUR | 2.92B EUR | 2.85B EUR | 2.96B EUR | 2.74B EUR |
| Intangible Assets | 4.88B EUR | 5.06B EUR | 5.26B EUR | 4.15B EUR | 3.99B EUR | 4.02B EUR | 4.17B EUR | 4.48B EUR | 4.79B EUR | 4.83B EUR |
| Total Assets | 1.59T EUR | 1.47T EUR | 1.35T EUR | 1.30T EUR | 1.33T EUR | 1.32T EUR | 1.34T EUR | 1.31T EUR | 1.39T EUR | 1.44T EUR |
| Accounts Payable | 124.73B EUR | 109.36B EUR | 93.19B EUR | 73.71B EUR | 81.55B EUR | 71.79B EUR | 85.54B EUR | 86.32B EUR | 68.87B EUR | 112.17B EUR |
| Short-term Debt | 17.30B EUR | 18.41B EUR | 14.16B EUR | 5.22B EUR | 47.51B EUR | 58.15B EUR | 54.21B EUR | 85.03B EUR | 9.89B EUR | 108.56B EUR |
| Total Current Liabilities | 142.03B EUR | 127.78B EUR | 107.35B EUR | 78.92B EUR | 742.98B EUR | 790.40B EUR | 813.07B EUR | 838.67B EUR | 862.10B EUR | 957.70B EUR |
| Long-term Debt | 178.83B EUR | 119.08B EUR | 109.28B EUR | 141.24B EUR | 152.54B EUR | 148.19B EUR | 136.79B EUR | 130.10B EUR | 137.11B EUR | 142.06B EUR |
| Total Liabilities | 1.53T EUR | 1.41T EUR | 1.28T EUR | 1.24T EUR | 1.26T EUR | 1.26T EUR | 1.26T EUR | 1.24T EUR | 1.31T EUR | 1.35T EUR |
| Retained Earnings | 18.99B EUR | 17.45B EUR | 16.71B EUR | 9.64B EUR | 10.01B EUR | 12.61B EUR | 17.80B EUR | 21.32B EUR | 23.37B EUR | 28.10B EUR |
| Total Equity | 64.50B EUR | 67.85B EUR | 67.17B EUR | 56.00B EUR | 60.61B EUR | 66.33B EUR | 70.54B EUR | 73.05B EUR | 77.83B EUR | 78.64B EUR |
| Total Debt | 196.12B EUR | 178.13B EUR | 171.85B EUR | 146.45B EUR | 204.03B EUR | 210.30B EUR | 195.47B EUR | 219.63B EUR | 151.49B EUR | 254.81B EUR |
| Net Debt | -49.51B EUR | -102.87B EUR | -70.76B EUR | -39.99B EUR | -20.97B EUR | -105.64B EUR | -100.94B EUR | -110.87B EUR | -36.40B EUR | -95.91B EUR |
| Working Capital | 1.21T EUR | 1.10T EUR | 1.02T EUR | 1.03T EUR | -440.78B EUR | -382.47B EUR | -424.41B EUR | -418.36B EUR | -607.14B EUR | -480.50B EUR |
Balance Sheet (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|
| Cash & Equivalents | 171.62B EUR | 149.87B EUR | 131.70B EUR | 139.20B EUR |
| Total Assets | 1.44T EUR | 1.48T EUR | 1.52T EUR | 1.60T EUR |
| Total Liabilities | 1.35T EUR | 1.40T EUR | 1.45T EUR | 1.53T EUR |
| Total Equity | 78.64B EUR | 78.01B EUR | 68.51B EUR | 68.20B EUR |
| Total Debt | 254.81B EUR | 139.64B EUR | 152.09B EUR | 148.97B EUR |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Net Income | -1.36B EUR | -735.0M EUR | 341.0M EUR | -5.26B EUR | 624.0M EUR | 2.51B EUR | 5.66B EUR | 4.89B EUR | 3.50B EUR | 6.93B EUR |
| Depreciation & Amortization | 0 | 0 | 0 | 0 | 2.06B EUR | 0 | 1.94B EUR | 0 | 0 | 0 |
| Stock-based Compensation | 0 | 0 | 0 | 0 | 367.0M EUR | 0 | 434.0M EUR | 0 | 0 | 0 |
| Change in Working Capital | 67.75B EUR | 36.66B EUR | -57.32B EUR | -42.03B EUR | 26.70B EUR | -9.35B EUR | -11.56B EUR | -3.59B EUR | -37.70B EUR | 0 |
| Operating Cash Flow | 70.61B EUR | 39.58B EUR | -54.17B EUR | -40.45B EUR | 30.74B EUR | -2.95B EUR | -2.11B EUR | 5.61B EUR | -28.58B EUR | 0 |
| Capital Expenditure | -725.0M EUR | -485.0M EUR | -465.0M EUR | -327.0M EUR | -512.0M EUR | -550.0M EUR | -337.0M EUR | -422.0M EUR | -528.0M EUR | 0 |
| Acquisitions | 2.02B EUR | 82.0M EUR | 220.0M EUR | 1.76B EUR | 5.0M EUR | -5.0M EUR | 439.0M EUR | -361.0M EUR | 23.0M EUR | 0 |
| Stock Repurchased | -5.26B EUR | -7.91B EUR | -4.12B EUR | -1.36B EUR | -1.07B EUR | -346.0M EUR | -695.0M EUR | -857.0M EUR | -1.13B EUR | 0 |
| Dividends Paid | 0 | -392.0M EUR | -227.0M EUR | -227.0M EUR | -349.0M EUR | 0 | -406.0M EUR | -610.0M EUR | -883.0M EUR | 0 |
| Free Cash Flow | 69.89B EUR | 39.09B EUR | -54.64B EUR | -40.78B EUR | 30.22B EUR | -3.50B EUR | -2.45B EUR | 5.18B EUR | -29.11B EUR | 0 |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Operating Cash Flow | 0 | 0 | 0 | 0 |
| Capital Expenditure | 0 | 0 | 0 | 0 |
| Free Cash Flow | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | 0 | 0 | 0 | 0 |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue Growth (YoY) | | -7.6% | -2.4% | -4.3% | -12.3% | +1.6% | +21.3% | +59.1% | +11.8% | -8.3% |
| Net Income Growth (YoY) | | +46.4% | +135.6% | -2,118.7% | +109.2% | +377.8% | +133.6% | -13.6% | -29.5% | +105.9% |
| EPS Growth (YoY) | | +57.8% | +134.2% | -2,015.4% | +102.8% | +1,270.9% | +154.7% | -14.5% | -32.4% | +125.7% |
| Shares Change (YoY) | | +26.5% | +6.8% | +0.4% | +2.8% | -1.2% | -0.8% | -1.0% | -3.1% | -2.0% |
| FCF Growth (YoY) | | -44.1% | -239.8% | +25.4% | +174.1% | -111.6% | +30.0% | +311.6% | -661.6% | +100.0% |
| Gross Margin | 70.4% | 68.4% | 66.9% | 64.7% | 73.3% | 80.6% | 68.2% | 46.1% | 42.5% | 49.9% |
| Operating Margin | -2.0% | 3.3% | 3.7% | -7.6% | 3.4% | 11.0% | 15.0% | 9.6% | 8.0% | 16.0% |
| EBITDA Margin | -2.0% | 3.3% | 3.7% | -7.6% | 10.2% | 11.0% | 20.2% | 9.6% | 8.0% | 16.0% |
| Net Margin | -3.5% | -2.0% | 0.7% | -15.6% | 1.6% | 7.7% | 14.8% | 8.0% | 5.1% | 11.4% |
| FCF Margin | 174.7% | 105.7% | -151.5% | -118.2% | 99.9% | -11.4% | -6.6% | 8.7% | -43.9% | 0.0% |
| Effective Tax Rate | -67.4% | 159.9% | 74.4% | -99.8% | 38.9% | 26.0% | -1.1% | 13.9% | 33.8% | 26.6% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF Per Share | $44.93 | $19.87 | $-25.99 | $-19.33 | $13.93 | $-1.63 | $-1.15 | $2.46 | $-14.28 | $0.00 |
| Dividends Per Share | $0.00 | $0.20 | $0.11 | $0.11 | $0.16 | $0.00 | $0.19 | $0.29 | $0.43 | $0.00 |
| Shares Outstanding (Basic) | 1,555.3 M | 1,967.7 M | 2,102.2 M | 2,110.0 M | 2,108.2 M | 2,096.5 M | 2,084.9 M | 2,064.1 M | 1,993.6 M | 1,954.5 M |
What to look at in Banking companies
- Efficiency Ratio (<=55%) — Operating expenses / revenue. Top banks below 55%.
- ROA (>=1%) — How much they earn per dollar of assets. ROE misleads in banks due to leverage.
- ROTCE (>=12%) — Return on Tangible Common Equity. Strips goodwill and intangibles.
- Equity / Assets (Tier 1 proxy) (>=8%) — Capital ratio proxy. Regulatory Tier 1 is not in our data.
- P/B (1.0-1.5x) — Classic banking metric. <1x can be opportunity or distress.
- Sustainable dividend yield (>=2%, <8%) — EU banks pay 5-7% normally. >8% is distress signal.
Profitability
| Return on Equity | 10.63% |
| Return on Invested Capital | 0.51% |
| Return on Assets | 0.49% |
| Gross Margin | 52.37% |
| Operating Margin | 17.89% |
| Net Margin | 12.55% |
Financial Health
| Debt / Equity | 2.18 |
| Current Ratio | 5.80 |
| Piotroski F-Score | 5 |
| Altman Z-Score | -0.28 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | -19.10 | -42.37 | 54.67 | -2.79 | 128.69 | 11.57 | 4.45 | 5.92 | 11.76 | 10.39 |
| P/B | 0.41 | 0.47 | 0.22 | 0.26 | 0.31 | 0.35 | 0.32 | 0.35 | 0.42 | 0.82 |
| P/S | 0.67 | 0.86 | 0.41 | 0.42 | 0.62 | 0.75 | 0.60 | 0.43 | 0.49 | 1.05 |
| Gross Margin | 70.4% | 68.4% | 66.9% | 64.7% | 73.3% | 80.6% | 68.2% | 46.1% | 42.5% | 49.9% |
| Operating Margin | -2.0% | 3.3% | 3.7% | -7.6% | 3.4% | 11.0% | 15.0% | 9.6% | 8.0% | 16.0% |
| Net Margin | -3.5% | -2.0% | 0.7% | -15.6% | 1.6% | 7.7% | 14.8% | 8.0% | 5.1% | 11.4% |