Haleon plc financial statements

Income statement, balance sheet and cash flow statement for the last 6 fiscal years, taken from the XBRL data Haleon 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

	FY2020	FY2022	FY2022	FY2023	FY2024	FY2025
Revenue	9,892	9,545	10,858	11,302	11,233	11,030
Cost of revenue	3,982	3,595	4,281	4,555	4,409	3,950
Gross profit	5,910	5,950	6,577	6,747	6,824	7,080
Research and development	304	257	300	311	298	316
Selling, general and administrative	4,220	4,086	4,483	4,413	4,452	4,364
Operating income	1,598	1,638	1,825	1,996	2,206	2,412
Interest expense	27	19	258	402	384	340
Interest income	20	17	51	34	82	78
Pre-tax income	1,591	1,636	1,618	1,628	1,910	2,152
Income tax	410	197	499	517	435	472
Net income to minority interests	36	49	59	62	33	13
Net income	1,145	1,390	1,060	1,049	1,442	1,667
EBITDA				2,305	2,530	2,772
EPS, basic	0.12	0.15	0.12	0.11	0.16	0.19
EPS, diluted	0.12	0.15	0.12	0.11	0.16	0.19

Balance sheet

	FY2020	FY2022	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	333	414	684	1,044	2,250	1,324
Receivables		2,207	1,881	1,856	2,055	2,058
Inventory		951	1,348	1,408	1,190	1,025
Total current assets		5,251	4,059	4,818	5,718	4,550
Property, plant and equipment		1,563	1,757	1,780	1,809	1,871
Lease right-of-use assets	116	99	142	122	112	126
Goodwill		8,246	8,396	8,317	8,202	8,127
Total assets		34,451	34,815	34,055	34,315	32,630
Accounts payable		3,002	3,621	3,526	3,705	3,730
Total current liabilities		4,238	4,370	4,640	5,812	4,933
Total liabilities		7,971	18,358	17,326	18,091	16,146
Total debt		166	10,440	9,456	10,127	8,609
Retained earnings		37,538	26,730	27,474	27,272	27,847
Shareholders' equity		26,355	16,331	16,606	16,166	16,425
Minority interests		125	126	123	58	59
Total equity	26,223	26,480	16,457	16,729	16,224	16,484
Total liabilities and equity		34,451	34,815	34,055	34,315	32,630

Cash flow statement

	FY2020	FY2022	FY2022	FY2023	FY2024	FY2025
Net income	1,181	1,439	1,119	1,111	1,475	1,680
Depreciation and amortization				309	324	360
Cash from operations	1,407	1,356	2,063	2,100	2,301	2,634
Capital expenditures	-222	-228	-304	-234	-250	-322
Cash from investing	1,030	-33	-8,784	-134	528	-346
Debt issued		8	11,004		1,214	46
Debt repaid	-10		-1,518	-553	-562	-1,352
Share buybacks				-38
Cash from financing	-2,437	-1,236	6,911	-1,568	-1,537	-3,143
Exchange rate effect	-6	-4	15	-15	-79	-49
Free cash flow	1,185	1,128	1,759	1,866	2,051	2,312
Income taxes paid	554	310	324	445	593	439

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	64.2%	Gross profit / revenue.
Operating margin	21.9%	Operating income / revenue.
EBITDA margin	25.1%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	19.5%	Pre-tax income / revenue.
Net margin	15.1%	Net income / revenue.
FCF margin	21.0%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	23.9%	Cash from operations / revenue.
Effective tax rate	21.9%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	10.2%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	5.0%	Net income / average total assets.
Return on invested capital (ROIC)	7.9%	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	2.9%	Research and development expense / revenue.
SG&A / revenue	39.6%	Selling, general and administrative expense / revenue.
Capex / revenue	2.9%	Capital expenditures / revenue.
D&A / revenue	3.3%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-1.8%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	0.5%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	2.2%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	3.8%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	2.5%	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	3.7%	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	9.3%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	9.7%	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	8.6%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	9.6%	EBITDA vs the same period a year earlier. Only from a positive base.
Net income growth, 1y	15.6%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	16.3%	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	7.8%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	17.8%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	17.2%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	8.3%	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	14.5%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	8.5%	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	13.4%	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	12.7%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	9.5%	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	14.3%	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	1.6%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	0.2%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets growth, 1y	-4.9%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-2.1%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	0.92x	Current assets / current liabilities.
Quick ratio	0.69x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.27x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.52x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	26.4%	Total debt / total assets.
Liabilities / assets	49.5%	Total liabilities / total assets.
Net debt	£7.29B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	2.63x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	7.09x	Operating income / interest expense.
Working capital	-£383.0M	Current assets - current liabilities.
Goodwill and intangibles / assets	24.9%	(Goodwill + intangible assets) / total assets.
Tangible book value	£8.30B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.33x	Revenue / average total assets.
Fixed asset turnover	5.99x	Revenue / average property, plant and equipment.
Inventory turnover	3.57x	Cost of revenue / average inventory.
Days inventory	102 days	365 x average inventory / cost of revenue.
Receivables turnover	5.36x	Revenue / average receivables.
Days sales outstanding	68 days	365 x average receivables / revenue.
Days payables	344 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	-173 days	Days inventory + days sales outstanding - days payables.
FCF conversion	138.7%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	12.2%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	£0.19	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	£0.19	Net income per basic share, as reported (split-adjusted).

What was Haleon plc's revenue in fiscal 2025?

Haleon plc reported revenue of £11.03B for fiscal 2025, 1.8% lower than the year before.

Was Haleon plc profitable in fiscal 2025?

Yes. Net income was £1.67B, a net margin of 15.1%.

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

Cash from operations of £2.63B minus capital expenditures of £322.0M left free cash flow of £2.31B.

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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