ING Groep N.V. (ING) Cash Flow Statement
Where ING’s cash came from and went, 2025
December 31, 2025 · euros- Cash from operations
- −€6.38B
- Capital expenditures
- €351.0M 1.5% of revenue
- Free cash flow
- −€6.73B −29.2% margin
- Returned to shareholders
- €7.59B
- Change in cash
- −€69.07B cash at year-end €54.15B
Drawn to scale: where the cash came from and how it was used. Hover for values.
ING operating cash flow, capex and free cash flow
ING cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | €8.55B2016 | −€6.38B2025 | — | |
| Capital expenditures | €351.0M2016 | €351.0M2025 | 0.0%/yr | |
| Free cash flow | €8.20B2016 | −€6.73B2025 | — | |
| Free cash flow margin | 17.0%2016 | −29.2%2025 | −46.2 pts | |
| Operating cash flow / net income | 1.352016 | −1.012025 | −2.36 | |
| Stock-based compensation | €75.0M2016 | €31.0M2023 | −11.9%/yr | |
| Dividends paid | €2.52B2016 | €3.88B2025 | +4.9%/yr | |
| Share buybacks (net) | €02016 | €3.71B2025 | — | |
| Capex / revenue | 0.7%2016 | 1.5%2025 | +0.8 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
ING cash flow by activity
ING net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
ING cash flow statement in euros
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | €6.33B | €9.30B | €10.49B | €5.50B | €6.78B | €3.81B | €6.83B | €6.84B | €7.27B | €6.34B |
| Depreciation & amortization | €665.0M | €673.0M | €674.0M | €711.0M | €834.0M | €829.0M | €789.0M | €520.0M | €520.0M | €536.0M |
| Stock-based compensation | — | — | €31.0M | €26.0M | €31.0M | €19.0M | €41.0M | €49.0M | €74.0M | €75.0M |
| Change in working capital | −€18.14B | −€31.31B | −€17.94B | −€23.24B | −€21.62B | €96.34B | €6.63B | €2.27B | −€12.73B | €809.0M |
| Other non-cash items | €4.77B | −€1.21B | −€4.60B | €5.89B | −€973.0M | €2.18B | −€1.24B | −€2.76B | −€386.0M | €791.0M |
| Cash from operating activities | −€6.38B | −€22.54B | −€11.34B | −€11.11B | −€14.94B | €103.18B | €13.05B | €6.92B | −€5.25B | €8.55B |
| Investing activities | ||||||||||
| Capital expenditures | −€351.0M | −€332.0M | −€246.0M | −€231.0M | −€184.0M | −€287.0M | −€355.0M | −€286.0M | −€264.0M | −€351.0M |
| Investments (net) | −€15.38B | −€6.03B | −€8.54B | −€5.31B | €6.34B | −€8.27B | −€2.95B | €5.62B | €10.16B | €6.13B |
| Acquisitions & other investing | €39.0M | €332.0M | €246.0M | €231.0M | €65.0M | €70.0M | €808.0M | €112.0M | €1.85B | €351.0M |
| Cash from investing activities | −€15.70B | −€6.03B | −€8.54B | −€5.31B | €6.22B | −€8.49B | −€2.50B | €5.45B | €11.75B | €6.13B |
| Financing activities | ||||||||||
| Dividends paid | −€3.88B | −€3.88B | −€2.97B | −€3.09B | −€2.38B | −€46.0M | −€2.68B | −€2.61B | −€2.56B | −€2.52B |
| Share repurchases & issuance (net) | −€3.71B | −€3.82B | −€3.53B | −€1.72B | −€1.61B | €5.0M | €94.22B | €4.0M | €7.0M | €108.23B |
| Net borrowing (repayment) | €15.83B | €13.07B | €24.90B | €9.46B | €9.38B | −€34.80B | −€1.48B | €18.59B | −€1.39B | −€16.55B |
| Shares issued | €0 | €0 | €0 | €0 | €0 | €5.0M | €1.0M | €4.0M | €0 | €0 |
| Other financing | €0 | €1.0M | €0 | −€1.0M | €1.0M | −€1.90B | −€94.22B | −€4.0M | €0 | −€108.22B |
| Cash from financing activities | €8.24B | €5.37B | €18.40B | €4.65B | €5.39B | −€36.73B | −€4.15B | €15.98B | −€3.95B | −€19.06B |
| Summary | ||||||||||
| Net change in cash | −€69.07B | −€23.94B | −€2.38B | −€12.27B | −€3.90B | €57.54B | €6.50B | €28.55B | €2.81B | −€4.21B |
| Cash at end of period | €54.15B | €69.07B | €93.01B | €95.39B | €107.67B | €111.56B | €54.03B | €47.53B | €18.98B | €16.16B |
| Free cash flow | −€6.73B | −€22.88B | −€11.59B | −€11.34B | −€15.13B | €102.89B | €12.70B | €6.63B | −€5.52B | €8.20B |
| Free cash flow margin | −29.2% | −34.4% | −19.7% | −61.0% | −58.7% | 382.0% | 39.2% | 20.5% | −11.5% | 17.0% |
| Capex / revenue | 1.5% | 0.5% | 0.4% | 1.2% | 0.7% | 1.1% | 1.1% | 0.9% | 0.6% | 0.7% |
| Operating cash flow / net income | −1.01 | −2.42 | −1.08 | −2.02 | −2.20 | 27.08 | 1.91 | 1.01 | −0.72 | 1.35 |
| Dec '25 | Dec '24 | Jun '24 | |
|---|---|---|---|
| Operating activities | |||
| Net income | €1.41B | €96.0M | €2.88B |
| Depreciation & amortization | €665.0M | €673.0M | €331.0M |
| Stock-based compensation | — | €45.0M | — |
| Change in working capital | −€15.92B | −€30.38B | −€28.0M |
| Other non-cash items | €7.47B | €7.02B | €2.77B |
| Cash from operating activities | −€6.38B | −€22.54B | €5.95B |
| Investing activities | |||
| Capital expenditures | −€351.0M | −€332.0M | −€172.0M |
| Acquisitions & other investing | −€15.35B | −€5.70B | −€6.36B |
| Cash from investing activities | −€15.70B | −€6.03B | −€6.53B |
| Financing activities | |||
| Dividends paid | −€3.88B | −€3.88B | −€2.50B |
| Share repurchases & issuance (net) | −€3.71B | −€3.82B | −€1.57B |
| Shares issued | €0 | €0 | €0 |
| Other financing | €15.83B | €13.07B | €15.02B |
| Cash from financing activities | €8.24B | €5.37B | €10.95B |
| Summary | |||
| Net change in cash | −€14.92B | −€23.94B | €9.00B |
| Free cash flow | −€6.73B | −€22.88B | €5.78B |
| Free cash flow margin | −116.1% | −423.1% | 101.0% |
| Capex / revenue | 6.1% | 6.1% | 3.0% |
| Operating cash flow / net income | −4.52 | −234.83 | 2.07 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in euros as reported; data from EODHD.
ING cash generation
In fiscal 2025 (ended December 31, 2025), ING Groep generated -€6.4 billion of cash from operations and spent €351.0 million on capital expenditures, leaving free cash flow of -€6.7 billion, −29.2% of revenue. It returned €7.6 billion to shareholders through dividends (€3.9 billion) and net share buybacks (€3.7 billion). Cash and equivalents fell by €69.1 billion over the year.
Related: ING income statement, ING balance sheet, ING dividend history. See the ING stock overview for the latest quote and news.
ING cash flow FAQ
What is ING Groep's free cash flow?
ING Groep's free cash flow was -€6.7 billion in fiscal 2025: -€6.4 billion of operating cash flow minus €351.0 million of capital expenditures It was -€22.9 billion a year earlier..
How much cash does ING Groep generate from operations?
ING Groep generated -€6.4 billion of cash from operating activities in fiscal 2025, −1.01 times its net income of €6.3 billion.
How much does ING Groep spend on capital expenditures?
ING Groep spent €351.0 million on capital expenditures in fiscal 2025, 1.5% of revenue, compared with €332.0 million the year before.
How much stock does ING Groep buy back?
ING Groep spent €3.7 billion on net share repurchases in fiscal 2025.
How much does ING Groep pay in dividends?
ING Groep paid €3.9 billion in dividends in fiscal 2025.