Income statement, balance sheet and cash flow statement for the last 7 fiscal years, taken from the XBRL data Vertical Aerospace Ltd. files with the SEC in its annual reports.
In GBP millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
FY2019
FY2021
FY2021
FY2022
FY2023
FY2024
FY2025
Revenue
0.07
0.09
0.13
Cost of revenue
0.07
0.04
0.06
Gross profit
0
0.04
0.07
Research and development
5.15
9.97
24.3
49.1
65.4
59.9
72
General and administrative
2.55
3.76
264
54.8
40.8
43.4
53.4
Operating income
-7.45
-11.5
-277
-98.1
-102
-61.2
-127
Interest expense
0.07
0.81
0.58
28.5
16.5
Interest income
32.6
32.2
35.8
2.64
Pre-tax income
-7.51
-12.3
-245
-94.4
-82.6
-781
203
Income tax
-0.03
0
-22.7
0.05
-30.3
Net income
-7.48
-12.3
-245
-94.4
-59.9
-781
233
EPS, basic
-0.69
-1.19
-19.65
-5.26
-3.13
-38.46
2.63
EPS, diluted
-0.69
-1.19
-19.65
-5.26
-3.13
-38.46
-0.57
Balance sheet
FY2019
FY2021
FY2021
FY2022
FY2023
FY2024
FY2025
Cash and equivalents
1.03
0.84
213
62.9
48.7
22.6
69.1
Receivables
3.53
12.7
18.9
26.4
18.3
29.5
Total current assets
4.37
225
143
76.8
42.6
99.8
Property, plant and equipment
1.42
1.83
2.69
3.82
3.08
2.39
Lease right-of-use assets
1.06
1.97
3.12
2.45
1.97
3.01
Intangible assets
2.05
1.02
0.13
Total assets
8.89
233
151
84.1
47.7
105
Accounts payable
2.4
40.2
16
16.9
15.6
33.5
Total current liabilities
8.89
51.3
137
128
541
223
Lease liabilities
0.85
1.58
2.65
1.98
1.62
2.31
Total liabilities
9.82
172
144
134
547
227
Paid-in capital
248
257
258
554
660
Retained earnings
-5.06
-250
-345
-394
-1,152
-918
Total equity
4.16
-0.94
61.6
7.32
-49.8
-499
-121
Total liabilities and equity
8.89
233
151
84.1
47.7
105
Cash flow statement
FY2019
FY2021
FY2021
FY2022
FY2023
FY2024
FY2025
Net income
-7.48
-12.3
-245
-94.4
-59.9
-781
233
Cash from operations
-7.28
-12
-27.6
-104
-74.7
-46.3
-82.8
Capital expenditures
-1.53
-0.16
-0.79
-1.44
-2.1
-0.43
-0.29
Cash from investing
-2.83
-0.69
-3.35
-63
61.4
1.73
2.61
Stock issued
15.6
106
Cash from financing
10.9
12.5
245
7.25
0.17
18.8
128
Exchange rate effect
-1.99
9.69
-1.1
-0.33
-1.13
Net change in cash
0.76
-0.19
214
Free cash flow
-8.81
-12.2
-28.3
-105
-76.8
-46.7
-83.1
Income taxes paid
-11.3
-15.8
-13.7
Key metrics
Worked out from the statements above. Latest values use fiscal 2025. No valuation: the share price is quoted in a different currency than the statements.
Profitability
Metric
Value
How it is calculated
Effective tax rate
-15.0%
Income tax / pre-tax income, when pre-tax income is positive.
Return on assets (ROA)
304.7%
Net income / average total assets.
Growth
Metric
Value
How it is calculated
Total assets growth, 1y
120.3%
Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y
-11.4%
Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y
63.9%
Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Balance sheet health
Metric
Value
How it is calculated
Current ratio
0.45x
Current assets / current liabilities.
Quick ratio
0.44x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
0.31x
(Cash + short-term investments) / current liabilities.
Liabilities / assets
215.5%
Total liabilities / total assets.
Working capital
-£123.4M
Current assets - current liabilities.
Efficiency
Metric
Value
How it is calculated
FCF conversion
-35.7%
Free cash flow / net income, when net income is positive.
Per share
Metric
Value
How it is calculated
EPS, diluted
-£0.57
Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
EPS, basic
£2.63
Net income per basic share, as reported (split-adjusted).
Was Vertical Aerospace Ltd. profitable in fiscal 2025?
Yes. Net income was £232.9M, a net margin of -.
How much free cash flow did Vertical Aerospace Ltd. generate in fiscal 2025?
Cash from operations of £82.8M minus capital expenditures of £290.0K left free cash flow of -£83.1M.
Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.