BAE Systems Cash Flow 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
Net Income	2,151	2,041	1,940	1,674	1,912
Depreciation & Amortization	-	-	787	767	720
Stock-Based Compensation	174	144	110	101	92
Other Adjustments	475	73	193	339	-112
Change in Receivables	-723	-121	-287	-1,069	610
Changes in Inventories	-110	-144	-223	-93	54
Changes in Accounts Payable	488	1,010	1,635	1,485	-615
Changes in Income Taxes Payable	-196	-175	-395	-365	-214
Changes in Other Operating Activities	-134	-255	-96	-143	-167
Operating Cash Flow	3,432	3,925	3,760	2,839	2,447
Operating Cash Flow Growth	-12.56%	4.39%	32.44%	16.02%	109.86%
Capital Expenditures	-920	-990	-826	-599	-516
Sale of Property, Plant & Equipment	25	23	19	18	271
Purchases of Intangible Assets	-183	-173	-131	-94	-96
Purchases of Investments	-3	-	-	-8	-18
Proceeds from Sale of Investments	-	-	-	7	-
Payments for Business Acquisitions	-8	-4,776	-14	-162	-30
Proceeds from Business Divestments	42	194	-8	124	243
Other Investing Activities	230	35	-37	494	54
Investing Cash Flow	-541	-5,269	-541	-422	66
Long-Term Debt Issued	-	6,933	162	-	-
Long-Term Debt Repaid	-562	-3,794	-	-400	-367
Net Long-Term Debt Issued (Repaid)	-562	3,139	162	-400	-367
Repurchase of Common Stock	-502	-555	-561	-788	-368
Net Common Stock Issued (Repurchased)	-502	-555	-561	-788	-368
Common Dividends Paid	-1,027	-937	-857	-802	-777
Other Financing Activities	-273	-279	-380	-402	-419
Financing Cash Flow	-2,364	1,368	-2,188	-2,333	-2,256
Effect of Exchange Rate Changes on Cash and Cash Equivalents	-57	-40	-71	106	-7
Net Cash Flow	117	-649	1,031	84	257
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%
FCF Margin	8.87%	11.15%	12.71%	10.54%	9.89%
Free Cash Flow Per Share	0.83	0.96	0.96	0.71	0.60
Levered Free Cash Flow	628	4,541	2,901	2,243	653
Unlevered Free Cash Flow	1,574	1,796	3,028	3,058	1,427

Updated Dec 31, 2025. Data Source: Fiscal.ai. Standard template. Financial Sources.