GSK plc financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data GSK plc 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

	FY2017	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	27,889	30,186	30,821	33,754	24,354	24,696	29,324	30,328	31,376	32,667
Cost of revenue	9,290	10,342	10,241	11,863	7,929	8,163	9,554	8,565	9,048	9,017
Gross profit	18,599	19,844	20,580	21,891	16,425	16,533	19,770	21,763	22,328	23,650
Research and development	3,628	4,476	3,893	4,568	4,793	5,019	5,488	6,223	6,401	7,525
Selling, general and administrative	9,366	9,672	9,915	11,402	7,437	7,070	8,372	9,385	11,015	9,088
Operating income	2,598	4,087	5,483	6,961	5,979	4,357	6,433	6,745	4,021	7,932
Interest expense	736	734	798	912	874	769	879	792	669	701
Interest income	72	65	81	98	32	14	76	115	122	169
Pre-tax income	1,939	3,525	4,800	6,221	5,170	3,599	5,628	6,064	3,477	7,401
Income tax	877	1,356	754	953	67	83	707	756	526	1,112
Income from continuing operations					5,103	3,516	4,921	5,308	2,951
Net income to minority interests	150	637	423	623	639	711	665	380	376	573
Net income	912	1,532	3,623	4,645	5,749	4,385	14,956	4,928	2,575	5,716
EBITDA	4,372	6,009	7,339	9,295	8,029	6,479	8,580	9,039	6,572	10,246
EPS, basic	0.24	0.39	0.92	1.17	1.44	1.10	3.71	1.22	0.63	1.41
EPS, diluted	0.23	0.39	0.91	1.16	1.43	1.08	3.66	1.20	0.62	1.39

Balance sheet

	FY2017	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	4,897	3,833	3,874	4,707	6,292	4,274	3,723	2,936	3,870	3,397
Receivables	6,026	6,000	6,423	7,202	6,952	7,860	7,053	7,385	6,836	7,471
Inventory	5,102	5,557	5,476	5,947	5,996	5,783	5,146	5,498	5,669	5,924
Total current assets	16,711	15,907	16,927	19,491	20,247	18,674	20,769	18,644	16,997	17,510
Property, plant and equipment	10,808	10,860	11,058	10,348	10,176	9,932	8,933	9,020	9,227	9,322
Lease right-of-use assets			1,071	966	830	740	687	937	846	726
Goodwill	5,965	5,734	5,789	10,562	10,597	10,552	7,046	6,811	6,982	7,018
Intangible assets	18,776	17,562	17,202	30,955	29,824	30,079	14,318	14,768	15,515	16,748
Total assets	59,081	56,381	58,066	79,692	80,431	79,103	60,146	59,005	59,463	61,118
Accounts payable	11,964	20,970	14,037	14,939	15,840	17,554	16,263	15,844	15,335	15,381
Short-term debt	4,129	2,825	5,793	6,918	3,725	3,601	3,952	2,813	2,349	3,012
Total current liabilities	19,001	26,569	22,491	24,050	22,148	23,670	22,810	21,068	21,697	21,391
Lease liabilities					887	812	841	1,051	934	693
Total liabilities	54,118	52,892	54,394	61,335	59,623	57,761	50,050	46,210	46,377	45,162
Total debt	13,804	13,178	21,621	25,215	20,780	19,838	17,197	15,040	13,095	14,453
Paid-in capital	2,954	3,019	3,091	3,174	3,281	3,301	3,440	3,451	3,473	3,498
Retained earnings	-5,392	-6,477	-2,716	4,530	6,755	7,944	4,363	7,239	7,796	10,209
Shareholders' equity	1,124	-68	3,781	11,405	14,587	15,055	10,598	13,347	13,671	16,377
Minority interests	3,839	3,557	-109	6,952	6,221	6,287	-502	-552	-585	-421
Total equity	4,963	3,489	3,672	18,357	20,808	21,342	10,096	12,795	13,086	15,956
Total liabilities and equity	59,081	16,700	58,066	79,692	80,431	79,103	60,146	59,005	59,463	61,118

Cash flow statement

	FY2017	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	1,062	2,169	4,046	5,268	6,388	5,096	15,621	5,308	2,951	6,289
Depreciation and amortization	1,774	1,922	1,856	2,334	2,050	2,122	2,147	2,294	2,551	2,314
Cash from operations	6,497	6,918	8,421	8,020	8,441	7,952	7,403	6,768	6,554	7,741
Capital expenditures	-1,543	-1,545	-1,344	-1,265	-989	-950	-1,143	-1,314	-1,399	-1,348
Cash from investing	-1,269	-1,443	-1,553	-5,354	2,161	-1,777	-8,772	-1,595	-1,229	-4,233
Stock issued	89	56	74	51	29	21	25	10	20	15
Share buybacks								0	0	-1,377
Dividends paid	-4,850	3,906	-3,927	-3,953	-3,977	-3,999	-3,467	-2,247	-2,444	-2,564
Cash from financing	-6,392	-6,380	-6,389	-1,840	-10,132	-7,589	823	-5,641	-4,726	-3,685
Exchange rate effect	283	-100	8	-82	-39	-29	152	-99	-54	-19
Free cash flow	4,954	5,373	7,077	6,755	7,452	7,002	6,260	5,454	5,155	6,393
Income taxes paid	1,609	1,340	1,326	1,512	1,655	1,291	1,310	1,328	1,307	1,202

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
Gross margin	72.4%	Gross profit / revenue.
Operating margin	24.3%	Operating income / revenue.
EBITDA margin	31.4%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	22.7%	Pre-tax income / revenue.
Net margin	17.5%	Net income / revenue.
FCF margin	19.6%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	23.7%	Cash from operations / revenue.
Effective tax rate	15.0%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	38.0%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	9.5%	Net income / average total assets.
Return on invested capital (ROIC)	26.8%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	23.0%	Research and development expense / revenue.
SG&A / revenue	27.8%	Selling, general and administrative expense / revenue.
Capex / revenue	4.1%	Capital expenditures / revenue.
D&A / revenue	7.1%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	4.1%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	3.7%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	6.0%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	5.9%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	6.2%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	7.6%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	97.3%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	7.2%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	5.8%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	55.9%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	6.1%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	5.0%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	122.0%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-27.4%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	-0.1%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	123.2%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-27.6%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	-0.5%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	18.1%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	1.5%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	-1.7%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	24.0%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	0.7%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	-3.0%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	19.8%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	15.6%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	2.3%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	2.8%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	0.5%	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	-5.3%	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	0.82x	Current assets / current liabilities.
Quick ratio	0.51x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.16x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.88x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	23.6%	Total debt / total assets.
Liabilities / assets	73.9%	Total liabilities / total assets.
Net debt	£11.06B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	1.08x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	11.3x	Operating income / interest expense.
Working capital	-£3.88B	Current assets - current liabilities.
Goodwill and intangibles / assets	38.9%	(Goodwill + intangible assets) / total assets.
Tangible book value	-£7.39B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.54x	Revenue / average total assets.
Fixed asset turnover	3.52x	Revenue / average property, plant and equipment.
Inventory turnover	1.56x	Cost of revenue / average inventory.
Days inventory	235 days	365 x average inventory / cost of revenue.
Receivables turnover	4.57x	Revenue / average receivables.
Days sales outstanding	80 days	365 x average receivables / revenue.
Days payables	622 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	-307 days	Days inventory + days sales outstanding - days payables.
FCF conversion	111.8%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	17.4%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	£1.39	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	£1.41	Net income per basic share, as reported (split-adjusted).
Payout ratio	44.9%	Dividends paid / net income, when net income is positive.
Dividends / FCF	40.1%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	21.5%	Share buybacks / free cash flow, when free cash flow is positive.

What was GSK plc's revenue in fiscal 2025?

GSK plc reported revenue of £32.67B for fiscal 2025, 4.1% higher than the year before.

Was GSK plc profitable in fiscal 2025?

Yes. Net income was £5.72B, a net margin of 17.5%.

How much free cash flow did GSK plc generate in fiscal 2025?

Cash from operations of £7.74B minus capital expenditures of £1.35B left free cash flow of £6.39B.

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.

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