Detailed financial statements for Lloyds Banking Group plc (LYG): 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.

Operating primarily within the United Kingdom, Lloyds Banking Group plc and its various subsidiaries deliver an extensive array of banking and financial products and services. The group's operations are divided into three core segments: Retail, Commercial Banking, and Insurance & Wealth.

Analysis Summary

Lloyds Banking Group plc reported revenue of 65.00B GBP in the most recent fiscal year, growing at a 5-year CAGR of 28.3%. Net income reached 4.66B GBP, with a 28.7% 5-year CAGR.

Trailing-twelve-month margins: gross margin 99.1%, operating margin 38.3%, net margin 26.7%.

Balance sheet quality for LYG: current ratio of 0.1, net debt of 34.55B GBP. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.

Cash flow quality is below average: free cash flow of -625.0M GBP represents -13% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.

Income Statement (10y)

Year	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Revenue	24.38B GBP	23.71B GBP	21.58B GBP	24.79B GBP	18.69B GBP	18.71B GBP	20.77B GBP	33.95B GBP	37.61B GBP	65.00B GBP
Cost of Revenue	7.35B GBP	5.09B GBP	2.95B GBP	6.68B GBP	3.56B GBP	2.39B GBP	4.72B GBP	14.75B GBP	19.01B GBP	45.58B GBP
Gross Profit	17.04B GBP	18.62B GBP	18.63B GBP	18.11B GBP	15.13B GBP	16.32B GBP	16.05B GBP	19.20B GBP	18.60B GBP	19.42B GBP
Research & Development	0	0	0	0	0	0	0	0	0	0
Selling, General & Admin	463.0M GBP	536.0M GBP	484.0M GBP	396.0M GBP	376.0M GBP	371.0M GBP	435.0M GBP	0	0	0
Operating Expenses	13.15B GBP	13.00B GBP	12.67B GBP	13.72B GBP	13.91B GBP	9.42B GBP	11.27B GBP	11.70B GBP	12.63B GBP	12.76B GBP
Operating Income	3.89B GBP	5.62B GBP	5.96B GBP	4.39B GBP	1.23B GBP	6.90B GBP	4.78B GBP	7.50B GBP	5.97B GBP	6.66B GBP
EBITDA	6.27B GBP	8.00B GBP	8.37B GBP	7.05B GBP	3.96B GBP	9.73B GBP	7.18B GBP	10.41B GBP	9.40B GBP	6.66B GBP
Interest Expense	7.35B GBP	5.09B GBP	2.95B GBP	6.68B GBP	3.56B GBP	2.39B GBP	4.72B GBP	14.75B GBP	19.01B GBP	17.14B GBP
Pre-tax Income	3.89B GBP	5.62B GBP	5.96B GBP	4.39B GBP	1.23B GBP	6.90B GBP	4.78B GBP	7.50B GBP	5.97B GBP	6.66B GBP
Income Tax	1.72B GBP	1.63B GBP	1.45B GBP	1.39B GBP	-161.0M GBP	1.02B GBP	859.0M GBP	1.99B GBP	1.49B GBP	1.90B GBP
Net Income	2.06B GBP	3.91B GBP	4.41B GBP	2.92B GBP	1.32B GBP	5.78B GBP	3.83B GBP	5.46B GBP	4.42B GBP	4.66B GBP
EPS	$0.12	$0.18	$0.22	$0.14	$0.05	$0.30	$0.20	$0.30	$0.25	$0.27
EPS (Diluted)	$0.12	$0.17	$0.22	$0.14	$0.05	$0.30	$0.20	$0.30	$0.25	$0.27
Shares Outstanding (Diluted)	18.01B GBP	18.10B GBP	18.07B GBP	17.82B GBP	17.81B GBP	17.95B GBP	17.42B GBP	16.44B GBP	15.77B GBP	14.95B GBP

Income Statement (Quarterly)

Year	2025-Q3	2025-Q4	2026-Q1	2026-Q2
Revenue	-4.33B GBP	50.75B GBP	5.18B GBP	13.84B GBP
Gross Profit	-4.33B GBP	50.75B GBP	5.18B GBP	13.84B GBP
Operating Income	1.17B GBP	1.98B GBP	2.02B GBP	2.27B GBP
EBITDA	1.17B GBP	1.98B GBP	2.02B GBP	2.27B GBP
Net Income	738.0M GBP	1.27B GBP	1.53B GBP	1.53B GBP
EPS	$0.04	$0.09	$0.09	$0.10
EPS (Diluted)	$0.04	$0.09	$0.09	$0.10

Balance Sheet (10y)

Year	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Cash & Equivalents	48.16B GBP	59.28B GBP	55.31B GBP	55.44B GBP	73.56B GBP	76.57B GBP	92.05B GBP	78.11B GBP	62.70B GBP	56.66B GBP
Short-term Investments	0	0	0	0	0	6.84B GBP	0	0	4.36B GBP	3.94B GBP
Receivables	714.0M GBP	602.0M GBP	749.0M GBP	0	0	363.0M GBP	0	0	526.0M GBP	1.35B GBP
Inventory	0	0	0	0	0	0	0	0	0	0
Total Current Assets	53.43B GBP	64.14B GBP	59.80B GBP	59.18B GBP	74.79B GBP	84.79B GBP	93.27B GBP	79.56B GBP	69.23B GBP	63.73B GBP
Property, Plant & Equipment	9.21B GBP	9.03B GBP	8.53B GBP	9.55B GBP	8.41B GBP	7.96B GBP	8.13B GBP	9.67B GBP	10.12B GBP	11.00B GBP
Goodwill	2.02B GBP	2.31B GBP	2.31B GBP	2.32B GBP	2.32B GBP	2.32B GBP	2.65B GBP	2.80B GBP	2.75B GBP	3.01B GBP
Intangible Assets	1.68B GBP	2.83B GBP	3.35B GBP	3.81B GBP	4.14B GBP	4.20B GBP	4.96B GBP	5.51B GBP	5.44B GBP	5.58B GBP
Total Assets	817.79B GBP	812.11B GBP	797.60B GBP	833.89B GBP	871.27B GBP	886.52B GBP	873.39B GBP	881.45B GBP	906.70B GBP	944.07B GBP
Accounts Payable	0	0	0	0	0	0	0	0	0	0
Short-term Debt	0	0	0	0	0	0	0	0	0	0
Total Current Liabilities	432.39B GBP	449.61B GBP	450.24B GBP	452.41B GBP	464.17B GBP	491.16B GBP	484.14B GBP	479.12B GBP	500.05B GBP	511.38B GBP
Long-term Debt	92.55B GBP	87.18B GBP	105.97B GBP	113.61B GBP	108.76B GBP	91.84B GBP	91.83B GBP	93.67B GBP	88.52B GBP	95.14B GBP
Total Liabilities	768.98B GBP	762.97B GBP	747.40B GBP	786.09B GBP	821.86B GBP	833.37B GBP	829.48B GBP	834.09B GBP	860.81B GBP	896.21B GBP
Retained Earnings	3.60B GBP	4.91B GBP	5.39B GBP	3.25B GBP	4.58B GBP	10.24B GBP	6.55B GBP	6.79B GBP	5.91B GBP	6.29B GBP
Total Equity	48.38B GBP	48.91B GBP	49.92B GBP	47.60B GBP	49.18B GBP	52.92B GBP	43.67B GBP	47.16B GBP	45.72B GBP	47.67B GBP
Total Debt	92.55B GBP	87.18B GBP	105.97B GBP	113.61B GBP	108.76B GBP	91.84B GBP	91.83B GBP	93.67B GBP	88.52B GBP	95.14B GBP
Net Debt	44.39B GBP	27.91B GBP	50.66B GBP	58.17B GBP	35.20B GBP	8.44B GBP	-211.0M GBP	15.56B GBP	21.45B GBP	34.55B GBP
Working Capital	-378.97B GBP	-385.47B GBP	-390.44B GBP	-393.23B GBP	-389.38B GBP	-406.37B GBP	-390.87B GBP	-399.56B GBP	-430.82B GBP	-447.65B GBP

Balance Sheet (Quarterly)

Year	2025-Q3	2025-Q4	2026-Q1	2026-Q2
Cash & Equivalents	61.85B GBP	56.66B GBP	62.13B GBP	61.53B GBP
Total Assets	937.46B GBP	944.07B GBP	968.12B GBP	994.16B GBP
Total Liabilities	891.83B GBP	896.21B GBP	919.89B GBP	946.92B GBP
Total Equity	45.48B GBP	47.67B GBP	48.03B GBP	47.01B GBP
Total Debt	88.31B GBP	95.14B GBP	100.75B GBP	102.27B GBP

Cash Flow (10y)

Year	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Net Income	4.24B GBP	5.28B GBP	5.96B GBP	4.39B GBP	1.23B GBP	6.90B GBP	6.93B GBP	7.50B GBP	4.42B GBP	4.10B GBP
Depreciation & Amortization	2.38B GBP	2.37B GBP	2.40B GBP	2.66B GBP	2.73B GBP	2.83B GBP	2.40B GBP	2.90B GBP	1.32B GBP	0
Stock-based Compensation	442.0M GBP	437.0M GBP	443.0M GBP	373.0M GBP	0	0	0	0	0	0
Change in Working Capital	-14.88B GBP	-19.77B GBP	-13.14B GBP	-7.41B GBP	-12.98B GBP	-9.27B GBP	1.30B GBP	-4.88B GBP	-16.02B GBP	-5.17B GBP
Operating Cash Flow	2.07B GBP	-3.19B GBP	-11.11B GBP	11.28B GBP	27.17B GBP	6.62B GBP	22.01B GBP	6.81B GBP	-4.39B GBP	4.33B GBP
Capital Expenditure	-3.76B GBP	-3.65B GBP	-3.51B GBP	-3.44B GBP	-2.90B GBP	-3.23B GBP	-3.85B GBP	-5.46B GBP	-4.36B GBP	-4.96B GBP
Acquisitions	-15.0M GBP	-1.79B GBP	-48.0M GBP	-21.0M GBP	-3.0M GBP	-57.0M GBP	-373.0M GBP	-380.0M GBP	-179.0M GBP	1.55B GBP
Stock Repurchased	0	0	-1.00B GBP	-1.09B GBP	0	0	-2.01B GBP	-1.99B GBP	-2.01B GBP	-1.67B GBP
Dividends Paid	-2.01B GBP	-2.28B GBP	-2.24B GBP	-2.31B GBP	-453.0M GBP	-877.0M GBP	-1.48B GBP	-1.65B GBP	-2.33B GBP	-1.96B GBP
Free Cash Flow	-1.69B GBP	-6.85B GBP	-14.62B GBP	7.84B GBP	24.27B GBP	3.39B GBP	18.16B GBP	1.35B GBP	-8.76B GBP	-625.0M GBP

Cash Flow (Quarterly)

Year	2025-Q1	2025-Q2	2025-Q3	2025-Q4
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)		-2.7%	-9.0%	+14.9%	-24.6%	+0.1%	+11.0%	+63.4%	+10.8%	+72.8%
Net Income Growth (YoY)		+89.5%	+12.8%	-33.6%	-54.9%	+338.8%	-33.8%	+42.7%	-19.0%	+5.4%
EPS Growth (YoY)		+50.0%	+22.2%	-36.4%	-64.9%	+509.8%	-33.3%	+50.0%	-16.7%	+8.0%
Shares Change (YoY)		+0.5%	-0.2%	-1.4%	-0.0%	+0.7%	-2.9%	-5.6%	-4.1%	-5.2%
FCF Growth (YoY)		-306.3%	-113.4%	+153.6%	+209.6%	-86.0%	+435.1%	-92.5%	-746.3%	+92.9%
Gross Margin	69.9%	78.5%	86.3%	73.1%	81.0%	87.2%	77.3%	56.5%	49.5%	29.9%
Operating Margin	15.9%	23.7%	27.6%	17.7%	6.6%	36.9%	23.0%	22.1%	15.9%	10.2%
EBITDA Margin	25.7%	33.7%	38.8%	28.4%	21.2%	52.0%	34.6%	30.7%	25.0%	10.2%
Net Margin	8.5%	16.5%	20.4%	11.8%	7.1%	30.9%	18.4%	16.1%	11.8%	7.2%
FCF Margin	-6.9%	-28.9%	-67.7%	31.6%	129.9%	18.1%	87.4%	4.0%	-23.3%	-1.0%
Effective Tax Rate	44.3%	28.9%	24.4%	31.6%	-13.1%	14.7%	18.0%	26.5%	25.0%	28.6%

Per-Share Data (10y)

Year	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
FCF Per Share	$-0.09	$-0.38	$-0.81	$0.44	$1.36	$0.19	$1.04	$0.08	$-0.56	$-0.04
Dividends Per Share	$0.11	$0.13	$0.12	$0.13	$0.03	$0.05	$0.08	$0.10	$0.15	$0.13
Shares Outstanding (Basic)	17.81B GBP	17.93B GBP	17.91B GBP	17.65B GBP	17.65B GBP	17.73B GBP	17.21B GBP	16.44B GBP	15.60B GBP	14.95B GBP

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

Gross Margin	99.09%
Operating Margin	38.26%
Net Margin	26.73%

Financial Health

Debt / Equity	2.18
Current Ratio	0.12
Piotroski F-Score	5
Altman Z-Score	-0.47

Key Ratios (10y)

Year	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
P/E	21.65	15.77	9.12	17.83	29.16	6.24	9.24	6.26	8.64	14.33
P/B	0.92	1.02	0.72	0.93	0.51	0.63	0.72	0.66	0.74	1.23
P/S	1.83	2.10	1.67	1.78	1.35	1.79	1.51	0.91	0.90	0.90
Gross Margin	69.9%	78.5%	86.3%	73.1%	81.0%	87.2%	77.3%	56.5%	49.5%	29.9%
Operating Margin	15.9%	23.7%	27.6%	17.7%	6.6%	36.9%	23.0%	22.1%	15.9%	10.2%
Net Margin	8.5%	16.5%	20.4%	11.8%	7.1%	30.9%	18.4%	16.1%	11.8%	7.2%

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