Deutsche Bank AG (DB) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 26	$0.91	$0.97	+6.6%	—	$8.5B	—
Q1 25	$0.85	$1.03	+21.2%	—	—	—
Q4 24	—	$0.53	—	—	$8.6B	—
Q3 24	$0.56	$0.97	+73.2%	—	—	—
Q2 24	$0.53	$0.76	+43.4%	—	—	—
Q1 24	$0.65	$0.49	-24.6%	—	—	—
Q4 23	$0.32	$0.69	+115.6%	—	$6.6B	—
Q3 23	$0.53	$0.51	-3.8%	—	—	—
Q2 23	$0.6	$0.54	-10.0%	—	$7.4B	—
Q1 23	$0.49	$0.5	+2.0%	—	$7.7B	—
Q4 22	$0.18	$0.97	+438.9%	—	$6.1B	—
Q3 22	$0.33	$0.47	+42.4%	—	$6.8B	—
Q2 22	$0.39	$0.51	+30.8%	—	$6.6B	—
Q1 22	$0.57	$0.52	-8.8%	—	$7.3B	—
Q4 21	$0.2	$0.28	+40.0%	—	$5.8B	—
Q3 21	$0.27	$0.36	+33.3%	—	$6B	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$3.16	—	—	$32.1B	—
FY24	—	$1.4	—	—	$35.7B	—
FY23	—	$2.07	—	—	$28.9B	—
FY22	—	$2.42	—	—	$26.7B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$29.6B	$25.8B	$24.7B	$23.1B	$24B	$25.3B	$26.7B	$28.9B	$35.7B	$32.1B
YoY change	-11.4%	-12.8%	-4.38%	-6.57%	+3.98%	+5.57%	+5.35%	+8.32%	+23.8%	-10.2%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	29.6B	25.8B	24.7B	23.1B	24B	25.3B	26.7B	28.9B	35.7B	32.1B
Cost of revenue	—	—	—	—	—	—	—	—	—	—
Gross profit	—	—	—	—	—	—	—	—	—	—
Gross margin	—	—	—	—	—	—	—	—	—	—
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	21B	20.6B	20B	19.5B	17.2B	17.6B	17B	18B	21.9B	18.2B
Operating expenses	21B	20.6B	20B	19.5B	17.2B	17.6B	17B	18B	21.9B	18.2B
Operating income	—	—	—	—	—	—	—	—	—	—
Operating margin	—	—	—	—	—	—	—	—	—	—
Non-operating income, net	—	—	—	—	—	—	—	—	—	—
Pretax income	-810M	1.2B	1.3B	-2.6B	1B	3.4B	5.6B	5.7B	6.3B	9.7B
Income tax	546M	2B	989M	2.6B	397M	880M	-64M	787M	2.1B	2.6B
Net income	-1.4B	-735M	341M	-5.3B	624M	2.5B	5.7B	4.9B	4.2B	7.1B
Net margin	-4.59%	-2.85%	1.38%	-22.8%	2.6%	9.92%	21.2%	16.9%	11.7%	22.2%
EBITDA	—	—	—	—	—	—	—	—	—	—
EPS	-1.08	-0.53	-0.01	-2.71	0.07	0.96	2.42	2.07	1.4	3.16
Diluted EPS	-1.08	-0.53	-0.01	-2.71	0.07	0.93	2.37	2.03	1.37	3.09

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	—	6.6B	—	—	—	8.6B	—	—	8B	7.7B	8.7B	8.5B
Cost of revenue	—	—	—	—	—	—	—	—	—	—	—	—
Gross profit	—	—	—	—	—	—	—	—	—	—	—	—
Gross margin	—	—	—	—	—	—	—	—	—	—	—	—
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	—	1.9B	—	—	—	1.8B	—	—	5.2B	2.9B	5.1B	5.3B
Operating expenses	—	1.9B	—	—	—	1.8B	—	—	5.2B	2.9B	5.1B	5.3B
Operating income	—	—	—	—	—	—	—	—	—	—	—	—
Operating margin	—	—	—	—	—	—	—	—	—	—	—	—
Non-operating income, net	—	—	—	—	—	—	—	—	—	—	—	—
Pretax income	—	698M	—	—	—	692.4M	—	—	2.4B	2B	3B	2.7B
Income tax	—	-731M	—	—	—	292.6M	—	—	626M	453M	867M	774M
Net income	—	1.4B	—	—	—	400.9M	—	—	1.8B	1.6B	2.2B	1.9B
Net margin	—	21.5%	—	—	—	4.69%	—	—	22.7%	20.4%	25.1%	22.5%
EBITDA	—	—	—	—	—	—	—	—	—	—	—	—
EPS	0.5	—	0.71	-0.28	0.82	—	0.91	0.75	0.8	0.67	0.99	0.86
Diluted EPS	0.49	—	0.69	-0.28	0.81	—	0.89	0.74	0.78	0.67	0.98	0.85

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	—	—	16.5B	15.8B	22.2B	25.3B	23.2B	25.6B	—	—	—
Enterprise value	—	—	-54.2B	-20.9B	-42.8B	-41.3B	-42B	-43.6B	—	—	—
Shares outstanding	1.5B	1.9B	2B	2B	2B	2B	2B	1.9B	2.4B	2B	2B

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	—	—	48.5	—	35.5	10.1	4.1	5.24	—	—	—
P/S	—	—	0.67	0.69	0.93	1	0.87	0.89	—	—	—
P/B	—	—	0.24	0.25	0.36	0.37	0.32	0.34	—	—	—
EV/Sales	—	—	-2.2	-0.91	-1.78	-1.63	-1.58	-1.51	—	—	—
Earnings yield	—	—	2.06%	—	2.81%	9.93%	24.4%	19.1%	—	—	—
FCF yield	—	—	-330.5%	-257.4%	136.3%	-13.8%	-10.6%	20.2%	—	—	—

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Net margin	-4.59%	-2.85%	1.38%	-22.8%	2.6%	9.92%	21.2%	16.9%	11.7%	22.2%	22.2%
ROE	-2.09%	-1.08%	0.5%	-8.47%	1%	3.69%	7.82%	6.54%	4.41%	8.9%	8.9%
ROA	—	—	—	—	—	—	—	—	0.25%	0.5%	0.5%
Return on tangible assets	—	—	—	—	—	—	—	—	0.26%	0.5%	0.5%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Debt / equity	3.03	2.71	2.5	2.41	2.57	2.3	2.02	1.93	1.91	2.05	2.05
Debt / assets	—	—	—	—	—	—	—	—	0.11	0.11	0.11
Effective tax rate	0%	100%	74.4%	0%	38.9%	26%	0%	13.9%	33.8%	26.6%	26.6%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	19.7	13.6	12.2	11.3	11.8	12.5	13.2	15.3	15.1	16.4	16.4
EPS (basic)	-1.08	-0.53	-0.01	-2.71	0.07	0.96	2.42	2.07	1.4	3.16	3.16
EPS (diluted)	-1.08	-0.53	-0.01	-2.71	0.07	0.93	2.37	2.03	1.37	3.09	3.09
Book value per share	43.2	35.9	33.9	30.5	30.6	33.6	35.9	39.5	39.8	41	41
FCF per share	46.6	20.6	-26.9	-20	14.9	-1.73	-1.22	2.74	-14.6	23.9	23.9
Cash per share	163.7	148	119.6	91.6	110.6	110.1	105.1	112.7	94.2	107.3	107.3
Capex per share	0.35	0.2	0.05	0.12	0.24	0.22	0.16	0.21	0.25	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	1.75%	1.44%	0.44%	1.02%	2.04%	1.72%	1.18%	1.35%	1.69%	—	—
Capex / operating cash flow	4.77%	0.9%	-0.25%	1.56%	4.6%	0.99%	1.81%	66.4%	-20.7%	—	—
Payout ratio	0%	-53.3%	66.6%	-4.31%	0%	0%	7.17%	12.5%	25.2%	18.4%	18.4%
Dividend yield	—	—	1.37%	1.43%	0%	0%	1.75%	2.38%	—	—	—

Yield

—

trailing twelve months

Frequency

Annual

Last dividend

$1.165

ex-dividend May 29, 2026

Payout ratio

18%

of earnings

Dividend growth

3 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
May 29, 2026	$1.165
May 23, 2025	$0.767
May 17, 2024	$0.489
May 18, 2023	$0.325
May 20, 2022	$0.212
May 24, 2019	$0.123
May 25, 2018	$0.129
May 19, 2017	$0.211

Split history

Date	Ratio

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	—	$6.6B	—	—	—	$8.6B	—	—	$8B	$7.7B	$8.7B	$8.5B
YoY change	—	+8.98%	—	—	—	+28.9%	—	—	—	-9.87%	—	—

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	245.6B	281B	242.6B	186.4B	225B	222.7B	211.5B	213.4B	223.5B	209.7B
Receivables	107.5B	85.4B	69.2B	66B	76.2B	73.6B	74.8B	76.7B	77.6B	110B
Inventory	—	—	—	—	—	—	—	—	—	—
Total current assets	—	—	—	—	—	—	—	—	—	—
Property, plant & equipment	4.3B	4B	3.2B	5.6B	5.5B	5.5B	6.1B	6.2B	7.4B	5.9B
Goodwill & intangibles	18B	17.7B	18.3B	14.1B	13.4B	13.6B	14.2B	14.7B	18.4B	15.1B
Total assets	—	—	—	—	—	—	—	—	1.7T	1.4T
Accounts payable	124.7B	109.4B	93.2B	73.7B	81.5B	71.8B	85.5B	86.3B	81.9B	112.2B
Short-term debt	17.3B	18.4B	14.2B	5.2B	3.6B	4B	5.1B	9.6B	11.8B	18.2B
Total current liabilities	—	—	—	—	—	—	—	—	—	—
Long-term debt	178.8B	166.2B	157.7B	144.5B	156.5B	152.2B	141.3B	134.6B	168.4B	146.2B
Total liabilities	—	—	—	—	—	—	—	—	1.6T	1.4T
Shareholders' equity	64.8B	68.1B	68.7B	62.2B	62.2B	68B	72.3B	74.8B	94.5B	80.2B
Total debt	196.1B	184.6B	171.8B	149.7B	160.1B	156.2B	146.4B	144.2B	180.2B	164.5B
Net debt	3.2B	-50.3B	-25.8B	2.5B	-15.3B	-43.2B	-39.7B	-40.3B	-2.6B	-7.2B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	208.7B	213.4B	194.4B	196B	221.1B	223.5B	201.4B	185.5B	190.1B	209.7B	196.9B	189B
Receivables	—	76.7B	—	—	—	77.6B	—	—	—	110B	—	—
Inventory	—	—	—	—	—	—	—	—	—	—	—	—
Total current assets	—	—	—	—	—	—	—	—	—	—	—	—
Property, plant & equipment	—	6.2B	—	—	—	7.4B	—	—	—	5.9B	—	—
Goodwill & intangibles	7.3B	14.7B	7.5B	7.5B	8.6B	18.4B	7.6B	7.4B	7.5B	15.1B	7.7B	7.8B
Total assets	—	—	1.3T	1.4T	1.6T	1.7T	1.4T	1.4T	1.4T	1.4T	1.5T	1.5T
Accounts payable	—	86.3B	—	—	—	81.9B	—	—	—	112.2B	—	—
Short-term debt	8.8B	9.6B	8.1B	10.7B	9.4B	11.8B	15.1B	18.1B	14.9B	18.2B	24.3B	24.9B
Total current liabilities	—	—	—	—	—	—	—	—	—	—	—	—
Long-term debt	116.4B	134.6B	107.7B	108.8B	134B	168.4B	116.4B	113.5B	113.8B	146.2B	113.2B	111.4B
Total liabilities	—	—	—	1.3T	1.5T	1.6T	1.3T	1.3T	1.3T	1.4T	1.4T	1.4T
Shareholders' equity	73.9B	74.8B	75.9B	75.3B	88.4B	94.5B	81.6B	77.9B	78.9B	80.2B	79.6B	80.4B
Total debt	125.2B	144.2B	115.8B	119.5B	143.5B	180.2B	131.5B	131.6B	128.6B	164.5B	137.4B	136.2B
Net debt	-50.7B	-40.3B	-40.6B	-36.4B	-28.7B	-2.6B	-27.6B	-12.3B	-19.4B	-7.2B	-12.4B	-4.2B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	-1.4B	-735M	341M	-5.3B	624M	2.5B	5.7B	4.9B	4.2B	7.1B
Depreciation & amortization	—	—	—	—	—	—	—	—	—	—
Stock-based compensation	—	—	—	—	—	—	—	—	—	—
Change in working capital	12.1B	40.3B	-44.8B	17.8B	9.8B	41.1B	12.7B	-4B	-7.6B	25.7B
Operating cash flow	10.9B	41.2B	-43.8B	15B	10.6B	43.9B	17.4B	586M	-2.9B	47.1B
Capital expenditure	-519M	-372M	-109M	-235M	-488M	-436M	-315M	-389M	-604.3M	—
Investing cash flow	11.2B	2.4B	7.6B	-10.3B	-1.9B	23.6B	-17.2B	-2.6B	-8.1B	-25.9B
Dividends paid	0	-392M	-227M	-227M	0	0	-406M	-610M	-1.1B	-1.3B
Share repurchases	-6.1B	-8.6B	-6.9B	-2.6B	-955M	-850M	-695M	-1.1B	-1.3B	-1.6B
Financing cash flow	-1.3B	7.5B	-3B	-2.5B	38M	2B	1.1B	-2.4B	-768.5M	-6.8B
Net change in cash	20.8B	51.1B	-39.2B	2.3B	8.8B	69.5B	1.3B	-4.3B	-11.7B	14.3B
Free cash flow	69.9B	39.1B	-54.6B	-40.8B	30.2B	-3.5B	-2.5B	5.2B	-34.6B	46.6B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 15	Q4 15	Q1 16	Q2 16	Q3 16	Q4 16	Q1 17	Q2 17	Q3 17	Q4 17	Q3 18	Q4 18
Net income	-6B	-2.1B	236M	20M	278M	-1.9B	575M	466M	648M	-2.4B	229M	-409M
Depreciation & amortization	—	—	—	—	—	—	—	—	—	—	—	—
Stock-based compensation	—	—	—	—	—	—	—	—	—	—	—	—
Change in working capital	48.4B	19.4B	22.5B	-1.4B	-29.6B	20.6B	1.5B	33.7B	-12.3B	17.4B	17.3B	-5.3B
Operating cash flow	42.1B	16.9B	23B	-1.2B	-29.1B	18.1B	2.3B	34.2B	-11.6B	16.3B	17.7B	-5.7B
Capital expenditure	-96M	55M	-99M	-147M	28M	-301M	-109M	-121M	-131M	-11M	-33M	-169M
Investing cash flow	877M	-2.7B	-1.5B	-2.5B	5.1B	10.2B	215M	-400M	1.2B	1.4B	-1.5B	-887M
Dividends paid	0	0	0	0	0	0	0	-392M	0	0	0	0
Share repurchases	865M	-5.3B	-2.8B	-1.1B	-696M	-1.5B	-1.4B	-4.5B	-1.6B	-1B	-557M	-566M
Financing cash flow	3.8B	-5.6B	-1.1B	54M	-185M	-51M	-118M	7.1B	-331M	812M	-300M	-112M
Net change in cash	46.8B	8.5B	20.4B	-3.6B	-24.2B	28.2B	2.4B	40.9B	-10.7B	18.5B	15.8B	-6.7B
Free cash flow	44B	19.2B	16.4B	13.1B	-21B	61.4B	-2.9B	44.4B	-22.3B	19.9B	-7.1B	-12.6B

Deutsche Bank AG Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Split history

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement