I 
2,899.00p
-2.49%
Close of 9 Nov 2026, in pence
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Reference data, closing prices and charts across 45,000 companies, plus crypto, commodities and currencies.
At a glance
Figures in GBP, from our data supplier.
Revenue
£32.17bn
FY2016FY2025
Net income
£2.07bn
FY2016FY2025
Free cash flow
£2.86bn
FY2016FY2025
Shareholders' equity
£4.82bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | £32.17bn | £32.41bn | £32.48bn | £32.55bn | £32.79bn | £32.56bn | £31.59bn | £30.07bn | £30.25bn | £27.63bn |
| Gross profit | £7.00bn | £6.78bn | £6.68bn | £6.04bn | £6.03bn | £6.20bn | £6.10bn | £6.01bn | £6.43bn | £5.96bn |
| Operating income | £3.49bn | £3.55bn | £3.40bn | £3.35bn | £3.15bn | £2.73bn | £2.20bn | £2.41bn | £2.28bn | £2.23bn |
| Net income | £2.07bn | £2.61bn | £2.33bn | £1.57bn | £2.83bn | £1.50bn | £1.01bn | £1.37bn | £1.41bn | £631.0m |
| Diluted earnings per share | 2.49 | 3.01 | 2.54 | 1.66 | 2.99 | 1.58 | 1.07 | 1.42 | 1.48 | 0.67 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | £28.71bn | £27.83bn | £29.49bn | £30.96bn | £29.09bn | £32.31bn | £33.07bn | £30.85bn | £30.99bn | £32.73bn |
| Cash and short-term investments | £1.44bn | £1.08bn | £1.34bn | £1.85bn | £1.29bn | £1.63bn | £2.31bn | £803.0m | £671.0m | £1.31bn |
| Total liabilities | £23.28bn | £21.80bn | £22.85bn | £23.48bn | £23.15bn | £26.79bn | £27.49bn | £24.40bn | £24.76bn | £26.99bn |
| Debt | £10.00bn | £9.08bn | £9.73bn | £10.26bn | £10.07bn | £11.95bn | £13.63bn | £11.99bn | £12.55bn | £13.94bn |
| Shareholders' equity | £4.82bn | £5.44bn | £6.02bn | £6.86bn | £5.35bn | £4.87bn | £4.94bn | £5.77bn | £5.68bn | £5.31bn |
| Shares outstanding | 831m | 869m | 916m | 948m | 946m | 946m | 946m | 964m | 953m | 946m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | £3.24bn | £3.31bn | £2.72bn | £2.83bn | £1.77bn | £3.61bn | £3.24bn | £3.09bn | £3.06bn | £3.16bn |
| Capital spending | −£384.0m | −£42.0m | −£183.0m | −£243.0m | −£200.0m | −£448.0m | −£409.0m | −£327.0m | −£191.0m | −£164.0m |
| Free cash flow | £2.86bn | £3.27bn | £2.54bn | £2.58bn | £1.57bn | £3.16bn | £2.83bn | £2.76bn | £2.87bn | £2.99bn |
| Dividends paid | −£1.56bn | −£1.30bn | −£1.31bn | −£1.32bn | −£1.30bn | −£1.75bn | −£1.84bn | −£1.68bn | −£1.53bn | −£1.39bn |
Latest quarters
By quarter end
| Mar 2026 | Sept 2025 | Mar 2025 | Sept 2024 | Mar 2024 | Sept 2023 | Jun 2023 | Mar 2023 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | £9.08bn | £10.32bn | £8.66bn | £9.87bn | £8.62bn | £9.56bn | £4.78bn | £8.51bn |
| Gross profit | £3.00bn | £3.68bn | £3.13bn | £3.69bn | £3.09bn | £3.60bn | £1.80bn | £3.08bn |
| Operating income | £1.45bn | £2.08bn | £1.46bn | £2.06bn | £1.49bn | £1.87bn | £759.5m | £1.53bn |
| Net income | £475.0m | £1.26bn | £808.0m | £1.77bn | £846.0m | £1.23bn | £645.0m | £1.09bn |
| Diluted earnings per share | 0.59 | 1.52 | 0.97 | 2.03 | 0.97 | 1.35 | 0.70 | 1.19 |
| Cash from operations | −£394.0m | £3.66bn | −£32.0m | £3.37bn | −£59.0m | £3.13bn | — | −£4.0m |
| Capital spending | −£84.0m | −£139.0m | −£245.0m | −£224.0m | −£189.0m | −£263.0m | — | −£245.0m |
| Free cash flow | −£478.0m | £3.52bn | −£277.0m | £3.14bn | −£248.0m | £2.87bn | — | −£249.0m |
| Total assets | £28.23bn | £28.71bn | £27.86bn | £27.83bn | £28.55bn | £29.49bn | £29.49bn | £29.21bn |
| Cash and short-term investments | £497.0m | £1.44bn | £599.0m | £1.08bn | £668.0m | £1.34bn | £1.38bn | £596.0m |
| Debt | £10.92bn | £9.77bn | £10.59bn | £8.78bn | £10.78bn | £9.53bn | £8.80bn | £10.33bn |
| Shareholders' equity | £4.03bn | £4.82bn | £4.97bn | £5.44bn | £4.50bn | £6.02bn | £6.64bn | £5.61bn |
Financial ratios
Data as of 24 Sept 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2006 | FY2005 | |
|---|---|---|---|---|---|---|---|---|
| Gross margin | 21.8% | 20.9% | 20.6% | 18.5% | 18.4% | 19.0% | — | — |
| Operating margin | 10.8% | 11.0% | 10.5% | 10.3% | 10.9% | 8.4% | — | — |
| Net margin | 6.4% | 8.1% | 7.2% | 4.8% | 8.6% | 4.6% | — | — |
| Return on equity | 42.9% | 48.0% | 38.7% | 22.9% | 53.0% | 30.7% | — | — |
| Return on assets | 7.2% | 9.4% | 7.9% | 5.1% | 9.7% | 4.6% | — | — |
| Free cash flow yield | 0.2% | 0.2% | 0.1% | 0.1% | 0.1% | 0.2% | — | — |
| Revenue growth | -0.7% | -0.2% | -0.2% | -0.7% | 0.7% | 3.1% | — | — |
| Earnings growth | -20.7% | 12.2% | 48.3% | -44.6% | 89.6% | 48.0% | — | — |
| Current ratio | 0.74x | 0.72x | 0.72x | 0.80x | 0.76x | 0.78x | — | — |
| Debt to equity | 2.03x | 1.61x | 1.57x | 1.47x | 1.85x | 2.41x | — | — |
| Equity ratio | 16.8% | 19.6% | 20.4% | 22.2% | 18.4% | 15.1% | — | — |
| Interest coverage | 7.65x | 7.71x | 6.78x | 1.95x | 6.82x | 5.03x | — | — |
| R&D as a share of sales | — | — | — | — | — | — | 0.0% | 0.0% |
| Buybacks as a share of market value | 4.4% | 5.2% | 3.3% | -0.1% | 0.0% | -0.1% | — | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -0.4% | -0.2% | 2.4% |
| Operating income | 1.3% | 5.0% | 5.8% |
| Net income | 9.7% | 6.7% | 2.0% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 21.3% | 20.4% | 19.9% | 20.1% |
| Operating margin | 10.9% | 10.6% | 10.1% | 9.1% |
| Net margin | 7.3% | 6.6% | 6.6% | 5.6% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 12.5 | 8.5 | 7.1 | 12.5 | 5.4 | 9.7 | 17.5 | 16.8 | 21.4 | 53.1 |
| Price to sales | 0.8 | 0.7 | 0.5 | 0.6 | 0.5 | 0.5 | 0.6 | 0.8 | 1.0 | 1.2 |
Dividends and splits
Per share, in the currency the company pays
Paid for 29 years. Last went ex-dividend on 20 Aug 2026.
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 1.635 | 1.887 | 1.485 | 1.418 | 1.88 | 1.381 | 1.857 | 1.935 |
- 1-to-1 reverse split · 13 Jan 2004
- 1-to-1 reverse split · 15 May 2002
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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