NYSE : GSK
GSK plc — Financial statements
Healthcare · Drug Manufacturers - General · United Kingdom
Last price 48.68 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 97.25B
Overview · Financial statements · Key statistics · Dividends · Company profile · Price history · Reports
Financial statements
GSK plc (GSK) reported revenue of 33.54B GBP (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in GBP.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 33.54B | 32.67B | 31.38B | 30.33B | 29.32B | 24.70B |
| Cost of Revenue | 8.79B | 8.95B | 8.85B | 8.39B | 9.41B | 8.03B |
| Gross Profit | 24.75B | 23.72B | 22.53B | 21.94B | 19.92B | 16.66B |
| Selling, General & Admin | 9.03B | 9.01B | 10.85B | 9.16B | 8.18B | 6.78B |
| Research & Development | 7.31B | 6.65B | 6.08B | 5.82B | 5.15B | 4.63B |
| Other Operating Expenses | -1.42B | -1.39B | -584.00M | -1.44B | -737.00M | -382.00M |
| Operating Expenses | 14.92B | 14.27B | 16.34B | 13.54B | 12.60B | 11.03B |
| Operating Income | 9.83B | 9.45B | 6.19B | 8.40B | 7.32B | 5.63B |
| Interest Expense | -658.00M | -658.00M | -615.00M | -710.00M | -819.00M | -762.00M |
| Interest & Investment Income | 147.00M | 147.00M | 132.00M | 108.00M | 62.00M | 13.00M |
| Earnings From Equity Investments | -10.00M | 1.00M | -3.00M | -5.00M | -2.00M | 33.00M |
| Other Non Operating Income (Expenses) | -124.00M | -21.00M | -63.00M | -74.00M | -44.00M | -6.00M |
| EBT Excluding Unusual Items | 9.19B | 8.92B | 5.64B | 7.72B | 6.52B | 4.91B |
| Merger & Restructuring Charges | -410.00M | -109.00M | -354.00M | -383.00M | -323.00M | -424.00M |
| Gain (Loss) on Sale of Investments | -24.00M | -24.00M | 57.00M | -121.00M | 256.00M | 1.00M |
| Gain (Loss) on Sale of Assets | 106.00M | 106.00M | 246.00M | 61.00M | 215.00M | 552.00M |
| Asset Writedown | -2.34B | -888.00M | -320.00M | -398.00M | -296.00M | -347.00M |
| Legal Settlements | 922.00M | |||||
| Other Unusual Items | -1.14B | -600.00M | -1.79B | -817.00M | -1.67B | -1.09B |
| Pretax Income | 5.38B | 7.40B | 3.48B | 6.06B | 5.63B | 3.60B |
| Income Tax Expense | 561.00M | 1.11B | 526.00M | 756.00M | 707.00M | 83.00M |
| Earnings From Continuing Operations | 4.82B | 6.29B | 2.95B | 5.31B | 4.92B | 3.52B |
| Earnings From Discontinued Operations | 10.49B | 1.07B | ||||
| Net Income to Company | 4.82B | 6.29B | 2.95B | 5.31B | 15.42B | 4.58B |
| Minority Interest in Earnings | -471.00M | -573.00M | -376.00M | -380.00M | -460.00M | -200.00M |
| Net Income | 4.35B | 5.72B | 2.58B | 4.93B | 14.96B | 4.38B |
| Net Income to Common | 4.35B | 5.72B | 2.58B | 4.93B | 14.96B | 4.38B |
| Shares Outstanding (Basic) | 4.02B | 4.05B | 4.08B | 4.05B | 4.03B | 4.00B |
| Shares Outstanding (Diluted) | 4.08B | 4.12B | 4.14B | 4.11B | 4.08B | 4.05B |
| EPS (Basic) | 1.08 | 1.41 | 0.63 | 1.22 | 3.71 | 1.10 |
| EPS (Diluted) | 1.07 | 1.39 | 0.62 | 1.20 | 3.66 | 1.08 |
| Free Cash Flow | 7.42B | 6.39B | 5.16B | 5.45B | 6.26B | 7.00B |
| Free Cash Flow Per Share | 1.82 | 1.55 | 1.25 | 1.33 | 1.53 | 1.73 |
| Dividend Per Share | 0.79 | 0.66 | 0.61 | 0.58 | 0.61 | 1.00 |
| Gross Margin | 73.79% | 72.61% | 71.81% | 72.34% | 67.92% | 67.47% |
| Operating Margin | 29.31% | 28.92% | 19.73% | 27.71% | 24.97% | 22.81% |
| Profit Margin | 12.97% | 17.50% | 8.21% | 16.25% | 51.00% | 17.76% |
| Free Cash Flow Margin | 22.13% | 19.57% | 16.43% | 17.98% | 21.35% | 28.35% |
| EBITDA | 11.08B | 11.34B | 8.32B | 10.51B | 9.29B | 7.76B |
| EBITDA Margin | 33.02% | 34.70% | 26.51% | 34.64% | 31.69% | 31.41% |
| D&A For EBITDA | 1.25B | 1.89B | 2.13B | 2.10B | 1.97B | 2.12B |
| EBIT | 9.83B | 9.45B | 6.19B | 8.40B | 7.32B | 5.63B |
| EBIT Margin | 29.31% | 28.92% | 19.73% | 27.71% | 24.97% | 22.81% |
| Effective Tax Rate | 10.42% | 15.02% | 15.13% | 12.47% | 12.56% | 2.31% |
| Advertising Expenses | 738.00M | 851.00M | 835.00M | 735.00M | 433.00M |
Balance sheet
Fiscal year January - December; amounts in GBP.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 2.93B | 3.40B | 3.87B | 2.94B | 3.72B | 4.27B |
| Short-Term Investments | 28.00M | 9.00M | 21.00M | 42.00M | 67.00M | 614.00M |
| Trading Asset Securities | 15.00M | 75.00M | 2.30B | 4.25B | 77.00M | |
| Cash & Short-Term Investments | 2.96B | 3.42B | 3.97B | 5.28B | 8.04B | 4.96B |
| Accounts Receivable | 8.22B | 5.91B | 5.56B | 5.91B | 5.45B | 6.25B |
| Other Receivables | 302.00M | 1.45B | 1.36B | 1.49B | 1.65B | 1.21B |
| Receivables | 8.53B | 7.37B | 6.93B | 7.40B | 7.12B | 7.48B |
| Inventory | 6.30B | 5.92B | 5.67B | 5.50B | 5.15B | 5.78B |
| Prepaid Expenses | 385.00M | 390.00M | 355.00M | 343.00M | 315.00M | |
| Other Current Assets | 108.00M | 406.00M | 37.00M | 108.00M | 123.00M | 133.00M |
| Total Current Assets | 17.89B | 17.51B | 17.00B | 18.64B | 20.77B | 18.67B |
| Property, Plant & Equipment | 10.12B | 10.05B | 10.07B | 9.96B | 9.62B | 10.67B |
| Long-Term Investments | 863.00M | 1.13B | 1.20B | 1.19B | 1.54B | 2.28B |
| Goodwill | 8.22B | 7.02B | 6.98B | 6.81B | 7.05B | 10.55B |
| Other Intangible Assets | 25.17B | 16.75B | 15.52B | 14.77B | 14.32B | 30.08B |
| Long-Term Deferred Tax Assets | 6.74B | 6.52B | 6.76B | 6.05B | 5.66B | 5.22B |
| Other Long-Term Assets | 2.70B | 2.15B | 1.94B | 1.58B | 1.19B | 1.63B |
| Total Assets | 71.70B | 61.12B | 59.46B | 59.01B | 60.15B | 79.10B |
| Accounts Payable | 15.63B | 3.54B | 3.46B | 3.72B | 3.87B | 4.54B |
| Accrued Expenses | 4.35B | 3.88B | 3.91B | 3.96B | 4.86B | |
| Short-Term Debt | 1.08B | 815.00M | 1.49B | 707.00M | ||
| Current Portion of Long-Term Debt | 2.00B | 1.80B | 2.18B | 1.84B | 2.30B | 2.69B |
| Current Portion of Leases | 137.00M | 168.00M | 156.00M | 167.00M | 203.00M | |
| Current Income Taxes Payable | 678.00M | 498.00M | 703.00M | 500.00M | 471.00M | 489.00M |
| Current Unearned Revenue | 153.00M | 171.00M | 222.00M | 299.00M | 307.00M | |
| Other Current Liabilities | 2.41B | 9.84B | 11.13B | 9.90B | 10.26B | 9.87B |
| Total Current Liabilities | 20.72B | 21.39B | 21.70B | 21.07B | 22.81B | 23.67B |
| Long-Term Debt | 21.80B | 14.08B | 13.70B | 14.15B | 16.19B | 19.76B |
| Long-Term Leases | 693.00M | 934.00M | 1.05B | 841.00M | 812.00M | |
| Long-Term Unearned Revenue | 121.00M | 165.00M | 254.00M | 83.00M | 85.00M | |
| Pension & Post-Retirement Benefits | 1.55B | 1.69B | 1.86B | 2.34B | 2.58B | 3.11B |
| Long-Term Deferred Tax Liabilities | 1.67B | 291.00M | 382.00M | 311.00M | 289.00M | 3.56B |
| Other Long-Term Liabilities | 7.59B | 6.90B | 7.63B | 7.03B | 7.25B | 6.76B |
| Total Liabilities | 53.34B | 45.16B | 46.38B | 46.21B | 50.05B | 57.76B |
| Common Stock | 1.35B | 1.35B | 1.35B | 1.35B | 1.35B | 1.35B |
| Additional Paid-In Capital | 3.51B | 3.50B | 3.47B | 3.45B | 3.44B | 3.30B |
| Retained Earnings | 12.46B | 10.96B | 8.77B | 7.74B | 4.79B | 8.75B |
| Comprehensive Income & Other | 1.44B | 573.00M | 83.00M | 805.00M | 1.02B | 1.66B |
| Total Common Equity | 18.75B | 16.38B | 13.67B | 13.35B | 10.60B | 15.05B |
| Minority Interest | -392.00M | -421.00M | -585.00M | -552.00M | -502.00M | 6.29B |
| Shareholders' Equity | 18.36B | 15.96B | 13.09B | 12.79B | 10.10B | 21.34B |
| Total Liabilities & Equity | 71.70B | 61.12B | 59.46B | 59.01B | 60.15B | 79.10B |
| Total Debt | 23.80B | 17.79B | 16.99B | 18.02B | 20.99B | 24.17B |
| Net Cash (Debt) | -20.84B | -14.37B | -13.02B | -12.74B | -12.95B | -19.21B |
| Net Cash Per Share | -5.11 | -3.49 | -3.14 | -3.10 | -3.17 | -4.74 |
| Filing Date Shares Outstanding | 4.01B | 4.01B | 4.08B | 4.06B | 4.03B | 4.01B |
| Total Common Shares Outstanding | 4.01B | 4.01B | 4.08B | 4.06B | 4.03B | 4.01B |
| Working Capital | -2.83B | -3.88B | -4.70B | -2.42B | -2.04B | -5.00B |
| Book Value Per Share | 4.68 | 4.08 | 3.35 | 3.29 | 2.63 | 3.76 |
| Tangible Book Value | -14.63B | -7.39B | -8.83B | -8.23B | -10.77B | -25.58B |
| Tangible Book Value Per Share | -3.65 | -1.84 | -2.16 | -2.03 | -2.67 | -6.38 |
| Land | 5.83B | 6.12B | 6.22B | 6.39B | 6.95B | |
| Machinery | 11.13B | 10.64B | 10.34B | 10.48B | 11.30B | |
| Construction In Progress | 2.51B | 2.31B | 2.09B | 1.81B | 1.71B |
Cash flow statement
Fiscal year January - December; amounts in GBP.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 4.35B | 5.72B | 2.58B | 4.93B | 14.96B | 4.38B |
| Depreciation & Amortization | 1.45B | 2.09B | 2.34B | 2.29B | 2.15B | 2.12B |
| Other Amortization | 220.00M | 220.00M | 211.00M | |||
| Loss (Gain) From Sale of Assets | -40.00M | -40.00M | -159.00M | -12.00M | -221.00M | -586.00M |
| Asset Writedown & Restructuring Costs | 2.59B | 1.14B | 369.00M | 360.00M | 198.00M | 498.00M |
| Loss (Gain) From Sale of Investments | -4.00M | -4.00M | -16.00M | -1.00M | -1.00M | 28.00M |
| Loss (Gain) on Equity Investments | 10.00M | -1.00M | 3.00M | 5.00M | 2.00M | -33.00M |
| Stock-Based Compensation | 374.00M | 374.00M | 344.00M | 307.00M | 346.00M | 343.00M |
| Other Operating Activities | -489.00M | 141.00M | 631.00M | -257.00M | -9.44B | -804.00M |
| Change in Accounts Receivable | -613.00M | -613.00M | 298.00M | -794.00M | -158.00M | -780.00M |
| Change in Inventory | -140.00M | -140.00M | -294.00M | -424.00M | -269.00M | 51.00M |
| Change in Accounts Payable | 131.00M | 131.00M | -179.00M | -15.00M | 494.00M | 229.00M |
| Change in Other Net Operating Assets | 1.07B | -1.28B | 431.00M | 377.00M | -1.43B | 824.00M |
| Operating Cash Flow | 8.92B | 7.74B | 6.55B | 6.77B | 7.40B | 7.95B |
| Capital Expenditures | -1.50B | -1.35B | -1.40B | -1.31B | -1.14B | -950.00M |
| Sale of Property, Plant & Equipment | 46.00M | 24.00M | 65.00M | 28.00M | 146.00M | 132.00M |
| Cash Acquisitions | -9.39B | -1.71B | -824.00M | -1.47B | -3.19B | -114.00M |
| Divestitures | 248.00M | -27.00M | -18.00M | 49.00M | -43.00M | -17.00M |
| Sale (Purchase) of Intangibles | -799.00M | -1.52B | -1.45B | -1.02B | -919.00M | -1.06B |
| Investment in Securities | 167.00M | 108.00M | 2.23B | 1.78B | 95.00M | 334.00M |
| Other Investing Activities | 324.00M | 241.00M | 168.00M | 346.00M | -3.72B | -99.00M |
| Investing Cash Flow | -10.90B | -4.23B | -1.23B | -1.59B | -8.77B | -1.78B |
| Short-Term Debt Issued | 1.22B | 266.00M | 1.02B | 301.00M | ||
| Long-Term Debt Issued | 1.98B | 1.07B | 223.00M | 1.02B | ||
| Total Debt Issued | 8.34B | 3.19B | 1.34B | 223.00M | 2.05B | 301.00M |
| Short-Term Debt Repaid | -288.00M | -892.00M | -333.00M | -2.30B | ||
| Long-Term Debt Repaid | -1.64B | -1.84B | -2.46B | -6.87B | -181.00M | |
| Lease Payments | -227.00M | -241.00M | -226.00M | -197.00M | -202.00M | -181.00M |
| Total Debt Repaid | -2.05B | -1.93B | -2.73B | -2.79B | -6.87B | -2.48B |
| Net Debt Issued (Repaid) | 6.29B | 1.26B | -1.39B | -2.57B | -4.82B | -2.18B |
| Issuance of Common Stock | 10.00M | 15.00M | 20.00M | 10.00M | 25.00M | 21.00M |
| Repurchase of Common Stock | -886.00M | -1.38B | ||||
| Common Dividends Paid | -2.70B | -2.56B | -2.44B | -2.25B | -3.47B | -4.00B |
| Other Financing Activities | -782.00M | -1.02B | -910.00M | -837.00M | 9.09B | -1.43B |
| Financing Cash Flow | 1.94B | -3.69B | -4.73B | -5.64B | 823.00M | -7.59B |
| Foreign Exchange Rate Adjustments | -80.00M | -19.00M | -54.00M | -99.00M | 152.00M | -29.00M |
| Net Cash Flow | -78.00M | -196.00M | 545.00M | -567.00M | -394.00M | -1.44B |
| Free Cash Flow | 7.42B | 6.39B | 5.16B | 5.45B | 6.26B | 7.00B |
| Free Cash Flow Margin | 22.13% | 19.57% | 16.43% | 17.98% | 21.35% | 28.35% |
| Free Cash Flow Per Share | 1.82 | 1.55 | 1.25 | 1.33 | 1.53 | 1.73 |
| Levered Free Cash Flow | 5.33B | 3.28B | 4.95B | 3.84B | 4.27B | 4.85B |
| Unlevered Free Cash Flow | 5.74B | 3.70B | 5.34B | 4.28B | 4.78B | 5.32B |
| Free Cash Flow After Leases | 7.20B | 6.15B | 4.93B | 5.26B | 6.06B | 6.82B |
| Cash Interest Paid | 726.00M | 679.00M | 632.00M | 766.00M | 848.00M | 772.00M |
| Cash Income Tax Paid | 1.15B | 1.20B | 1.31B | 1.33B | 1.31B | 972.00M |
| Change in Working Capital | 452.00M | -1.90B | 256.00M | -856.00M | -1.36B | 324.00M |
Ratios
Fiscal year January - December; amounts in GBP.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 99.63B | 98.52B | 68.79B | 75.29B | 70.34B | 108.95B |
| Enterprise Value | 127.02B | 117.43B | 84.17B | 92.67B | 87.84B | 147.42B |
| Last Close Price | 49.51 | 47.81 | 31.62 | 33.35 | 30.42 | 37.25 |
| PE Ratio | 17.34 | 12.81 | 21.34 | 11.99 | 3.90 | 18.35 |
| PS Ratio | 2.24 | 2.24 | 1.75 | 1.95 | 1.99 | 3.26 |
| PB Ratio | 4.09 | 4.59 | 4.20 | 4.62 | 5.78 | 3.77 |
| P/FCF Ratio | 10.03 | 11.45 | 10.66 | 10.84 | 9.33 | 11.49 |
| P/OCF Ratio | 8.35 | 9.46 | 8.38 | 8.73 | 7.89 | 10.12 |
| EV/Sales Ratio | 2.85 | 2.67 | 2.14 | 2.40 | 2.49 | 4.41 |
| EV/EBITDA Ratio | 8.64 | 7.70 | 8.08 | 6.92 | 7.84 | 14.04 |
| EV/EBIT Ratio | 9.73 | 9.24 | 10.86 | 8.66 | 9.96 | 19.32 |
| EV/FCF Ratio | 12.78 | 13.65 | 13.04 | 13.34 | 11.64 | 15.55 |
| Debt / Equity Ratio | 1.30 | 1.11 | 1.30 | 1.41 | 2.08 | 1.13 |
| Debt / EBITDA Ratio | 2.11 | 1.54 | 1.99 | 1.68 | 2.22 | 3.12 |
| Debt / FCF Ratio | 3.21 | 2.78 | 3.29 | 3.30 | 3.35 | 3.45 |
| Net Debt / Equity Ratio | 1.14 | 0.90 | 0.99 | 1.00 | 1.28 | 0.90 |
| Net Debt / EBITDA Ratio | 1.88 | 1.27 | 1.56 | 1.21 | 1.39 | 2.48 |
| Net Debt / FCF Ratio | 2.81 | 2.25 | 2.53 | 2.34 | 2.07 | 2.74 |
| Asset Turnover | 0.50 | 0.54 | 0.53 | 0.51 | 0.42 | 0.31 |
| Inventory Turnover | 1.42 | 1.54 | 1.58 | 1.58 | 1.72 | 1.36 |
| Quick Ratio | 0.55 | 0.50 | 0.50 | 0.60 | 0.66 | 0.53 |
| Current Ratio | 0.86 | 0.82 | 0.78 | 0.89 | 0.91 | 0.79 |
| Return on Equity (ROE) | 28.27% | 43.31% | 22.80% | 46.38% | 31.31% | 16.68% |
| Return on Assets (ROA) | 9.24% | 9.79% | 6.53% | 8.82% | 6.57% | 4.41% |
| Return on Invested Capital (ROIC) | 24.61% | 28.45% | 20.35% | 30.29% | 20.14% | 13.48% |
| Return on Capital Employed (ROCE) | 19.30% | 23.80% | 16.40% | 22.10% | 19.60% | 10.20% |
| Earnings Yield | 5.77% | 7.81% | 4.69% | 8.34% | 25.62% | 5.45% |
| FCF Yield | 9.97% | 8.73% | 9.38% | 9.23% | 10.72% | 8.70% |
| Dividend Yield | 3.65% | 3.62% | 4.53% | 3.98% | 4.23% | 4.98% |
| Payout Ratio | 63.18% | 44.86% | 94.91% | 45.60% | 23.18% | 91.20% |
| Buyback Yield / Dilution | 1.37% | 0.60% | -0.75% | -0.66% | -0.79% | -0.55% |
| Total Shareholder Return | 5.01% | 4.22% | 3.78% | 3.32% | 3.44% | 4.43% |