BAE Systems Income Statement

Financials in millions GBP. Fiscal year is January - December.

Millions GBP. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Revenue	28,336	26,312	23,078	21,258	19,521
Revenue Growth (YoY)	7.69%	14.01%	8.56%	8.90%	1.27%
Cost of Revenue	25,838	22,919	20,109	18,484	17,018
Gross Profit	2,498	3,393	2,969	2,774	2,503
Selling, General & Admin	-54	-18	-41	37	65
Amortization of Goodwill & Intangibles	-	422	218	215	188
Other Operating Expenses	-233	-147	-133	-109	-107
Operating Expenses	-287	920	608	692	659
Operating Income	2,785	2,473	2,361	2,082	1,844
Interest Expense	-504	-555	-339	-269	-249
Interest & Investment Income	81	117	131	35	39
Earnings From Equity Investments	194	213	208	180	139
Currency Exchange Gain (Loss)	-10	90	210	-524	35
Other Non Operating Income (Expenses)	26	-23	-290	400	-39
EBT Excluding Unusual Items	2,572	2,315	2,281	1,904	1,769
Merger & Restructuring Charges	-	-72	-20	-16	-3
Gain (Loss) on Sale of Investments	-	94	-	7	-
Gain (Loss) on Sale of Assets	-	-6	10	97	350
Asset Writedown	-	-12	-5	-3	-19
Other Unusual Items	-	13	60	-	13
Pretax Income	2,572	2,332	2,326	1,989	2,110
Income Tax Expense	421	291	386	315	198
Earnings From Continuing Operations	2,151	2,041	1,940	1,674	1,912
Minority Interest in Earnings	-89	-85	-83	-83	-154
Net Income	2,062	1,956	1,857	1,591	1,758
Net Income to Common	2,062	1,956	1,857	1,591	1,758
Net Income Growth	5.42%	5.33%	16.72%	-9.50%	35.34%
Shares Outstanding (Basic)	2,997	3,013	3,031	3,112	3,187
Shares Outstanding (Diluted)	3,031	3,053	3,072	3,153	3,211
Shares Change (YoY)	-0.72%	-0.62%	-2.57%	-1.81%	0.03%
EPS (Basic)	0.69	0.65	0.61	0.51	0.55
EPS (Diluted)	0.68	0.64	0.60	0.51	0.55
EPS Growth	6.08%	6.13%	19.60%	-7.68%	35.06%
Free Cash Flow	2,512	2,935	2,934	2,240	1,931
Free Cash Flow Per Share	0.83	0.96	0.95	0.71	0.60
Dividend Per Share	0.363	0.330	0.300	0.270	0.251
Dividend Growth	10.00%	10.00%	11.11%	7.57%	5.91%
Gross Margin	8.82%	12.90%	12.86%	13.05%	12.82%
Operating Margin	9.83%	9.40%	10.23%	9.79%	9.45%
Profit Margin	7.28%	7.43%	8.05%	7.48%	9.01%
Free Cash Flow Margin	8.87%	11.15%	12.71%	10.54%	9.89%
EBITDA	3,958	3,251	2,822	2,521	2,224
EBITDA Margin	13.97%	12.36%	12.23%	11.86%	11.39%
D&A For EBITDA	1,173	778	461	439	380
EBIT	2,785	2,473	2,361	2,082	1,844
EBIT Margin	9.83%	9.40%	10.23%	9.79%	9.45%
Effective Tax Rate	16.37%	12.48%	16.59%	15.84%	9.38%

Source: S&P Global Market Intelligence. Standard template. Financial Sources.