BAE Systems plc (LON:BA)
London · Delayed Price · Currency is GBP · Price in GBX 1,979.00
-8.50 (-0.43%)
Sep 3, 2026, 4:58 PM GMT
BAE Systems Cash Flow Statement
Financials in millions GBP. Fiscal year is January - December.
Millions GBP. Fiscal year is Jan - Dec.
Operating Activities
Fiscal Year | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
Period Ending | Jun '26 Jun 30, 2026 | 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 |
Net Income | 2,113 | 2,062 | 1,956 | 1,857 | 1,591 | 1,758 |
Depreciation & Amortization | 1,070 | 1,066 | 997 | 675 | 656 | 594 |
Other Amortization | 91 | 91 | 88 | 107 | 108 | 107 |
Loss (Gain) From Sale of Assets | -2 | - | 10 | -10 | -96 | -350 |
Asset Writedown & Restructuring Costs | 16 | 16 | 12 | 5 | 3 | 19 |
Loss (Gain) From Sale of Investments | -57 | -57 | -92 | 267 | -403 | 29 |
Loss (Gain) on Equity Investments | -212 | -194 | -213 | -208 | -180 | -139 |
Stock-Based Compensation | 179 | 174 | 144 | 110 | 101 | 92 |
Other Operating Activities | 732 | 619 | 278 | -168 | 736 | 268 |
Change in Accounts Receivable | -670 | -723 | -121 | -287 | -1,069 | 610 |
Change in Inventory | -123 | -110 | -144 | -223 | -93 | 54 |
Change in Accounts Payable | 2,464 | 488 | 1,010 | 1,635 | 1,485 | -615 |
Change in Other Net Operating Assets | - | - | - | - | - | 20 |
Operating Cash Flow | 5,601 | 3,432 | 3,925 | 3,760 | 2,839 | 2,447 |
Operating Cash Flow Growth | 72.76% | -12.56% | 4.39% | 32.44% | 16.02% | 109.86% |
Investing Activities
Fiscal Year | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
Period Ending | Jun '26 Jun 30, 2026 | 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 |
Capital Expenditures | -903 | -920 | -990 | -826 | -599 | -516 |
Sale of Property, Plant & Equipment | 17 | 25 | 23 | 19 | 18 | 271 |
Cash Acquisitions | -83 | -8 | -4,776 | -14 | -162 | -30 |
Divestitures | 4 | - | 8 | -8 | 124 | 215 |
Sale (Purchase) of Intangibles | -220 | -183 | -173 | -131 | -94 | -96 |
Investment in Securities | 64 | 39 | 186 | - | -1 | -18 |
Other Investing Activities | 452 | 500 | 441 | 409 | 283 | 230 |
Investing Cash Flow | -663 | -541 | -5,269 | -541 | -422 | 66 |
Financing Activities
Fiscal Year | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
Period Ending | Jun '26 Jun 30, 2026 | 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 |
Long-Term Debt Issued | - | - | 6,933 | 162 | - | - |
Long-Term Debt Repaid | - | -749 | -3,984 | -292 | -636 | -584 |
Net Debt Issued (Repaid) | -736 | -749 | 2,949 | -130 | -636 | -584 |
Repurchase of Common Stock | -522 | -502 | -555 | -561 | -788 | -368 |
Common Dividends Paid | -1,091 | -1,027 | -937 | -857 | -802 | -777 |
Other Financing Activities | -575 | -496 | -762 | -640 | -107 | -527 |
Financing Cash Flow | -2,924 | -2,774 | 695 | -2,188 | -2,333 | -2,256 |
Net Cash Flow
Fiscal Year | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
Period Ending | Jun '26 Jun 30, 2026 | 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 |
Foreign Exchange Rate Adjustments | 30 | -57 | -40 | -71 | 106 | -7 |
Net Cash Flow | 2,044 | 60 | -689 | 960 | 190 | 250 |
Free Cash Flow
Fiscal Year | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
Period Ending | Jun '26 Jun 30, 2026 | 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 |
Free Cash Flow | 4,698 | 2,512 | 2,935 | 2,934 | 2,240 | 1,931 |
Free Cash Flow Growth | 107.78% | -14.41% | 0.03% | 30.98% | 16.00% | 147.25% |
Free Cash Flow Margin | 15.99% | 8.87% | 11.15% | 12.71% | 10.54% | 9.89% |
Free Cash Flow Per Share | 1.55 | 0.83 | 0.96 | 0.95 | 0.71 | 0.60 |
Levered Free Cash Flow | 2,938 | 1,784 | 2,017 | 1,573 | 1,173 | 1,273 |
Unlevered Free Cash Flow | 3,243 | 2,099 | 2,364 | 1,785 | 1,341 | 1,429 |
Additional Metrics
Fiscal Year | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
Period Ending | Jun '26 Jun 30, 2026 | 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 |
Cash Interest Paid | 484 | 512 | 543 | 356 | 269 | 247 |
Cash Income Tax Paid | 188 | 196 | 175 | 395 | 365 | 234 |
Change in Working Capital | 1,671 | -345 | 745 | 1,125 | 323 | 69 |