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	2,062	1,956	1,857	1,591	1,758
Depreciation & Amortization	1,173	997	675	656	594
Other Amortization	-	88	107	108	107
Loss (Gain) From Sale of Assets	-	10	-10	-96	-350
Asset Writedown & Restructuring Costs	-	12	5	3	19
Loss (Gain) From Sale of Investments	-57	-92	267	-403	29
Loss (Gain) on Equity Investments	-194	-213	-208	-180	-139
Stock-Based Compensation	174	144	110	101	92
Other Operating Activities	619	278	-168	736	268
Change in Accounts Receivable	-723	-121	-287	-1,069	610
Change in Inventory	-110	-144	-223	-93	54
Change in Accounts Payable	488	1,010	1,635	1,485	-615
Change in Other Net Operating Assets	-	-	-	-	20
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
Cash Acquisitions	-8	-4,776	-14	-162	-30
Divestitures	-	8	-8	124	215
Sale (Purchase) of Intangibles	-183	-173	-131	-94	-96
Investment in Securities	39	186	-	-1	-18
Other Investing Activities	500	441	409	283	230
Investing Cash Flow	-541	-5,269	-541	-422	66
Long-Term Debt Issued	-	6,933	162	-	-
Long-Term Debt Repaid	-749	-3,984	-292	-636	-584
Net Debt Issued (Repaid)	-749	2,949	-130	-636	-584
Repurchase of Common Stock	-502	-555	-561	-788	-368
Common Dividends Paid	-1,027	-937	-857	-802	-777
Other Financing Activities	-496	-762	-640	-107	-527
Financing Cash Flow	-2,774	695	-2,188	-2,333	-2,256
Foreign Exchange Rate Adjustments	-57	-40	-71	106	-7
Net Cash Flow	60	-689	960	190	250
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 Margin	8.87%	11.15%	12.71%	10.54%	9.89%
Free Cash Flow Per Share	0.83	0.96	0.95	0.71	0.60
Cash Interest Paid	512	543	356	269	247
Cash Income Tax Paid	196	175	395	365	234
Levered Free Cash Flow	1,821	2,017	1,573	1,173	1,273
Unlevered Free Cash Flow	2,136	2,364	1,785	1,341	1,429
Change in Working Capital	-345	745	1,125	323	69

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