S 
2,681.00p
+1.21%
Close of 9 Nov 2026, in pence
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At a glance
Figures in GBP, from our data supplier.
Revenue
£10.19bn
FY2017FY2026
Net income
£1.21bn
FY2017FY2026
Free cash flow
−£711.8m
FY2017FY2026
Shareholders' equity
£12.66bn
FY2017FY2026
Income statement
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | £10.19bn | £10.13bn | £10.46bn | £12.49bn | £8.70bn | £6.83bn | £6.80bn | £7.30bn | £27.25bn | £29.04bn |
| Research and development | — | — | £12.7m | £10.8m | £12.0m | £12.0m | £3.4m | £3.7m | £5.7m | £13.0m |
| Operating income | £2.10bn | £1.96bn | £2.61bn | £1.11bn | £1.24bn | £900.0m | £769.8m | £482.8m | £1.17bn | £1.76bn |
| Net income | £1.21bn | £1.19bn | £1.71bn | −£158.0m | £3.03bn | £2.28bn | £167.9m | £1.41bn | £649.5m | £1.60bn |
| Diluted earnings per share | 1.00 | 1.07 | 1.56 | -0.14 | 2.86 | 2.15 | 0.16 | 1.17 | 0.61 | 1.50 |
Balance sheet
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | £35.35bn | £30.36bn | £28.27bn | £27.14bn | £25.76bn | £21.59bn | £21.03bn | £22.47bn | £23.21bn | £23.92bn |
| Cash and short-term investments | £1.54bn | £1.09bn | £1.04bn | £1.21bn | £1.13bn | £1.60bn | £421.0m | £435.4m | £237.2m | £1.44bn |
| Total liabilities | £21.94bn | £17.67bn | £16.47bn | £17.91bn | £17.64bn | £16.38bn | £17.28bn | £16.68bn | £17.98bn | £17.64bn |
| Debt | £13.11bn | £10.60bn | £9.13bn | £10.94bn | £10.19bn | £10.88bn | £11.34bn | £10.54bn | £9.78bn | £10.29bn |
| Shareholders' equity | £12.66bn | £12.06bn | £11.05bn | £8.58bn | £8.08bn | £5.21bn | £3.75bn | £5.79bn | £5.23bn | £6.27bn |
| Shares outstanding | 1,206m | 1,108m | 1,096m | 1,092m | 1,057m | 1,057m | 1,041m | 1,206m | 1,066m | 1,066m |
Cash flow
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | £3.44bn | £2.48bn | £3.86bn | £1.49bn | £1.63bn | £1.82bn | £1.30bn | £1.18bn | £1.73bn | £2.13bn |
| Capital spending | −£4.15bn | −£3.13bn | −£2.51bn | −£1.82bn | −£1.46bn | −£1.18bn | −£1.21bn | −£1.23bn | −£1.31bn | −£1.62bn |
| Free cash flow | −£711.8m | −£654.2m | £1.35bn | −£322.1m | £172.1m | £639.9m | £89.3m | −£49.7m | £413.8m | £510.9m |
| Dividends paid | −£674.0m | −£402.1m | −£917.8m | −£474.3m | −£506.6m | −£797.4m | −£603.0m | −£689.9m | −£594.5m | −£668.7m |
Latest quarters
By quarter end
| Mar 2026 | Sept 2025 | Mar 2025 | Sept 2024 | Mar 2024 | Sept 2023 | Jun 2023 | Mar 2023 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | £5.55bn | £4.63bn | £5.67bn | £4.46bn | £5.67bn | £4.79bn | £2.40bn | £6.86bn |
| Operating income | £1.50bn | £601.0m | £1.06bn | £902.8m | £2.01bn | £538.9m | £261.9m | £2.04bn |
| Net income | £916.6m | £292.1m | £593.6m | £595.8m | £1.40bn | £309.0m | £216.7m | £269.4m |
| Diluted earnings per share | 0.76 | 0.26 | 0.54 | 0.54 | 1.28 | 0.28 | 0.19 | 0.25 |
| Cash from operations | £2.19bn | £1.24bn | £1.40bn | £1.07bn | £1.83bn | £1.96bn | — | £491.0m |
| Capital spending | −£2.19bn | −£1.96bn | −£1.55bn | −£1.14bn | −£1.12bn | −£1.08bn | — | −£429.0m |
| Free cash flow | £8.0m | −£720.0m | −£151.0m | −£62.0m | £709.0m | £879.0m | — | £62.0m |
| Total assets | £35.35bn | £30.85bn | £30.36bn | £28.58bn | £28.27bn | £26.11bn | £26.11bn | £27.14bn |
| Cash and short-term investments | £1.54bn | £433.3m | £1.09bn | £890.8m | £1.04bn | £902.4m | £902.4m | £1.21bn |
| Debt | £9.74bn | £10.09bn | £10.22bn | £9.25bn | £8.81bn | £8.64bn | £8.95bn | £8.75bn |
| Shareholders' equity | £12.66bn | £12.92bn | £12.06bn | £11.29bn | £11.05bn | £8.13bn | £10.72bn | £8.58bn |
Financial ratios
Data as of 21 Sept 2026
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|---|
| Operating margin | 20.6% | 19.4% | 24.9% | 8.9% | 42.8% | 13.2% | — | — |
| Net margin | 11.9% | 11.7% | 16.4% | -1.3% | 34.8% | 33.3% | — | — |
| Return on equity | 9.5% | 9.9% | 15.5% | -1.8% | 37.5% | 43.7% | — | — |
| Return on assets | 3.4% | 3.9% | 6.1% | -0.6% | 11.8% | 10.5% | — | — |
| Free cash flow yield | 0.3% | 0.2% | 0.2% | 0.1% | 0.1% | 0.1% | — | — |
| Revenue growth | 0.5% | -3.1% | -16.3% | 43.6% | 27.4% | 0.4% | — | — |
| Earnings growth | 1.6% | -30.5% | -1182.6% | -105.2% | 33.0% | 1255.7% | — | — |
| Current ratio | 1.20x | 1.01x | 1.10x | 1.21x | 1.49x | 1.29x | — | — |
| Debt to equity | 0.77x | 0.85x | 0.80x | 1.02x | 1.09x | 1.76x | — | — |
| Equity ratio | 35.8% | 39.7% | 39.1% | 31.6% | 31.4% | 24.1% | — | — |
| Interest coverage | 7.73x | 6.15x | 8.19x | 2.64x | 10.29x | 2.44x | — | — |
| R&D as a share of sales | — | — | 0.1% | 0.1% | 0.1% | 0.2% | 0.0% | 0.1% |
| Buybacks as a share of market value | -8.8% | -1.1% | -0.4% | -3.3% | -0.0% | -1.5% | — | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -6.6% | 8.3% | -9.9% |
| Operating income | 23.8% | 18.5% | 3.8% |
| Net income | — | -11.9% | 10.1% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Operating margin | 20.0% | 18.0% | 16.9% | 9.8% |
| Net margin | 11.8% | 9.1% | 15.7% | 8.6% |
Valuation history
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 25.8 | 20.3 | 10.3 | -128.3 | 6.0 | 7.7 | 93.0 | 12.3 | 17.8 | 8.8 |
| Price to sales | 3.1 | 2.4 | 1.7 | 1.6 | 2.1 | 2.5 | 2.3 | 2.4 | 0.4 | 0.5 |
Dividends and splits
Per share, in the currency the company pays
Paid for 34 years. Last went ex-dividend on 23 Jul 2026.
| FY2027 | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 0.473 | 0.644 | 0.212 | 1.277 | 0.892 | 1.076 | 0.804 | 0.922 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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