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	24,106	20,917	19,269	17,743
Gross Profit	2,498	2,206	2,161	1,989	1,778
Other Operating Expenses	-427	-479	-412	-395	-611
Total Operating Expenses	-427	-479	-412	-395	-611
Operating Income	2,925	2,685	2,573	2,384	2,389
Interest Income	135	135	172	47	32
Interest Expense	-488	-488	-419	-442	-311
Total Non-Operating Income (Expense)	-353	-353	-247	-395	-279
Pretax Income	2,572	2,332	2,326	1,989	2,110
Provision for Income Taxes	421	291	386	315	198
Net Income	2,151	2,041	1,940	1,674	1,912
Minority Interest in Earnings	89	85	83	83	154
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 Growth	-14.41%	0.03%	30.98%	16.00%	147.25%
Free Cash Flow Per Share	0.83	0.96	0.96	0.71	0.60
Dividends 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%	8.38%	9.36%	9.36%	9.11%
Operating Margin	10.32%	10.20%	11.15%	11.21%	12.24%
Profit Margin	7.59%	7.76%	8.41%	7.87%	9.79%
FCF Margin	8.87%	11.15%	12.71%	10.54%	9.89%
EBITDA	2,925	2,685	3,360	3,151	3,109
EBITDA Margin	10.32%	10.20%	14.56%	14.82%	15.93%
EBIT	2,925	2,685	2,573	2,384	2,389
EBIT Margin	10.32%	10.20%	11.15%	11.21%	12.24%
Effective Tax Rate	16.37%	12.48%	16.59%	15.84%	9.38%