Detailed financial statements for GSK plc (GSK): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
GSK plc, a global pharmaceutical entity founded in 1715 and headquartered in Brentford, United Kingdom, dedicates its efforts to the research, development, and manufacturing of a wide array of medical solutions. Until May 2022, the company was known as GlaxoSmithKline plc.
Analysis Summary
GSK plc reported revenue of 32.67B GBP in the most recent fiscal year, growing at a 5-year CAGR of 6.0%. Net income reached 5.72B GBP, with a -0.1% 5-year CAGR.
Trailing-twelve-month margins: gross margin 73.3%, operating margin 24.1%, net margin 14.5%. Free cash flow grew at -2.2% CAGR over 5 years.
At $48.74 (closing price, October 28, 2026), GSK trades at a P/E of 15.26 and an ROE of 28.35%. Market capitalisation stands at $97.7B, placing it among large-cap names.
Balance sheet quality for GSK: current ratio of 0.8, net debt of 14.29B GBP. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is strong: free cash flow of 5.82B GBP represents 102% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 27.89B GBP | 30.19B GBP | 30.82B GBP | 33.75B GBP | 24.35B GBP | 24.70B GBP | 29.32B GBP | 30.33B GBP | 31.38B GBP | 32.67B GBP |
| Cost of Revenue | 9.29B GBP | 10.34B GBP | 10.24B GBP | 11.86B GBP | 7.93B GBP | 8.16B GBP | 9.55B GBP | 8.56B GBP | 9.05B GBP | 9.02B GBP |
| Gross Profit | 18.60B GBP | 19.84B GBP | 20.58B GBP | 21.89B GBP | 16.43B GBP | 16.53B GBP | 19.77B GBP | 21.76B GBP | 22.33B GBP | 23.65B GBP |
| Research & Development | 3.63B GBP | 4.48B GBP | 3.89B GBP | 4.57B GBP | 4.79B GBP | 5.02B GBP | 5.49B GBP | 6.22B GBP | 6.40B GBP | 7.53B GBP |
| Selling, General & Admin | 9.37B GBP | 9.67B GBP | 9.91B GBP | 11.40B GBP | 7.44B GBP | 7.07B GBP | 8.37B GBP | 9.38B GBP | 11.02B GBP | 9.09B GBP |
| Operating Expenses | 16.00B GBP | 15.76B GBP | 15.10B GBP | 14.93B GBP | 10.45B GBP | 12.18B GBP | 13.34B GBP | 15.02B GBP | 18.31B GBP | 15.31B GBP |
| Operating Income | 2.60B GBP | 4.09B GBP | 5.48B GBP | 6.96B GBP | 5.98B GBP | 4.36B GBP | 6.43B GBP | 6.75B GBP | 4.02B GBP | 8.34B GBP |
| EBITDA | 4.43B GBP | 6.18B GBP | 7.35B GBP | 9.43B GBP | 8.07B GBP | 6.49B GBP | 8.60B GBP | 9.08B GBP | 6.67B GBP | 10.40B GBP |
| Interest Expense | 736.0M GBP | 734.0M GBP | 743.6M GBP | 912.0M GBP | 892.0M GBP | 784.0M GBP | 855.5M GBP | 775.0M GBP | 657.6M GBP | 687.0M GBP |
| Pre-tax Income | 1.94B GBP | 3.52B GBP | 4.80B GBP | 6.22B GBP | 5.17B GBP | 3.60B GBP | 5.63B GBP | 6.06B GBP | 3.48B GBP | 7.40B GBP |
| Income Tax | 877.0M GBP | 1.36B GBP | 754.0M GBP | 953.0M GBP | 67.0M GBP | 83.0M GBP | 707.0M GBP | 756.0M GBP | 526.0M GBP | 1.11B GBP |
| Net Income | 912.0M GBP | 1.53B GBP | 3.62B GBP | 4.64B GBP | 5.75B GBP | 4.38B GBP | 14.96B GBP | 4.93B GBP | 2.58B GBP | 5.72B GBP |
| EPS | $0.48 | $0.78 | $1.84 | $2.34 | $2.88 | $2.74 | $7.44 | $2.44 | $1.26 | $2.82 |
| EPS (Diluted) | $0.46 | $0.78 | $1.82 | $2.32 | $2.86 | $2.70 | $7.32 | $2.40 | $1.24 | $2.78 |
| Shares Outstanding (Diluted) | 1,963.6 M | 1,976.4 M | 1,988.4 M | 2,006.4 M | 2,015.2 M | 1,620.8 M | 2,042.0 M | 2,055.5 M | 2,071.0 M | 2,058.5 M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | 8.55B GBP | 8.62B GBP | 7.63B GBP | 8.41B GBP |
| Gross Profit | 6.29B GBP | 5.96B GBP | 5.75B GBP | 6.14B GBP |
| Operating Income | 2.59B GBP | 1.51B GBP | 2.29B GBP | 481.0M GBP |
| EBITDA | 3.36B GBP | 1.91B GBP | 2.77B GBP | 760.8M GBP |
| Net Income | 2.01B GBP | 636.0M GBP | 1.74B GBP | 435.0M GBP |
| EPS | $1.00 | $0.32 | $0.86 | $0.22 |
| EPS (Diluted) | $0.98 | $0.31 | $0.86 | $0.22 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | 4.90B GBP | 3.83B GBP | 3.87B GBP | 6.24B GBP | 8.60B GBP | 5.79B GBP | 3.72B GBP | 3.74B GBP | 3.69B GBP | 3.39B GBP |
| Short-term Investments | 89.0M GBP | 78.0M GBP | 84.0M GBP | 104.7M GBP | 106.6M GBP | 82.6M GBP | 4.15B GBP | 2.86B GBP | 21.0M GBP | 9.0M GBP |
| Receivables | 5.92B GBP | 5.69B GBP | 6.32B GBP | 9.47B GBP | 9.93B GBP | 10.88B GBP | 6.22B GBP | 9.44B GBP | 6.00B GBP | 7.75B GBP |
| Inventory | 5.10B GBP | 5.56B GBP | 5.48B GBP | 7.88B GBP | 8.20B GBP | 7.83B GBP | 5.15B GBP | 7.01B GBP | 5.67B GBP | 5.91B GBP |
| Total Current Assets | 16.71B GBP | 15.91B GBP | 16.93B GBP | 25.82B GBP | 27.68B GBP | 25.29B GBP | 20.77B GBP | 23.77B GBP | 17.00B GBP | 17.48B GBP |
| Property, Plant & Equipment | 10.81B GBP | 10.86B GBP | 11.06B GBP | 14.99B GBP | 15.04B GBP | 14.45B GBP | 9.62B GBP | 12.69B GBP | 10.07B GBP | 10.03B GBP |
| Goodwill | 5.96B GBP | 5.73B GBP | 5.79B GBP | 13.99B GBP | 14.49B GBP | 14.29B GBP | 7.05B GBP | 8.68B GBP | 6.98B GBP | 7.01B GBP |
| Intangible Assets | 18.78B GBP | 17.56B GBP | 17.20B GBP | 41.01B GBP | 40.77B GBP | 40.74B GBP | 14.32B GBP | 18.83B GBP | 15.52B GBP | 16.72B GBP |
| Total Assets | 59.08B GBP | 56.38B GBP | 58.07B GBP | 105.57B GBP | 109.95B GBP | 107.14B GBP | 60.15B GBP | 75.22B GBP | 59.46B GBP | 61.01B GBP |
| Accounts Payable | 3.60B GBP | 3.53B GBP | 3.65B GBP | 5.49B GBP | 5.96B GBP | 6.14B GBP | 3.87B GBP | 4.74B GBP | 3.46B GBP | 15.35B GBP |
| Short-term Debt | 4.11B GBP | 2.80B GBP | 5.77B GBP | 9.16B GBP | 5.09B GBP | 4.88B GBP | 3.79B GBP | 3.59B GBP | 2.18B GBP | 3.01B GBP |
| Total Current Liabilities | 19.00B GBP | 26.57B GBP | 22.49B GBP | 31.86B GBP | 30.28B GBP | 32.06B GBP | 22.81B GBP | 26.86B GBP | 21.70B GBP | 21.35B GBP |
| Long-term Debt | 14.62B GBP | 14.22B GBP | 20.23B GBP | 29.91B GBP | 30.81B GBP | 26.76B GBP | 16.19B GBP | 18.04B GBP | 13.70B GBP | 14.68B GBP |
| Total Liabilities | 54.12B GBP | 52.89B GBP | 54.39B GBP | 81.25B GBP | 81.50B GBP | 78.23B GBP | 50.05B GBP | 58.91B GBP | 46.38B GBP | 45.02B GBP |
| Retained Earnings | -5.39B GBP | -6.48B GBP | -2.70B GBP | 8.45B GBP | 11.76B GBP | 13.26B GBP | 4.36B GBP | 9.23B GBP | 7.80B GBP | 10.19B GBP |
| Total Equity | 1.12B GBP | -68.0M GBP | 3.78B GBP | 15.11B GBP | 19.94B GBP | 20.39B GBP | 10.60B GBP | 17.01B GBP | 13.67B GBP | 16.35B GBP |
| Total Debt | 18.79B GBP | 17.09B GBP | 26.06B GBP | 40.42B GBP | 37.11B GBP | 32.74B GBP | 20.99B GBP | 22.97B GBP | 16.99B GBP | 17.69B GBP |
| Net Debt | 13.62B GBP | 13.12B GBP | 22.11B GBP | 34.08B GBP | 28.41B GBP | 26.87B GBP | 13.11B GBP | 16.36B GBP | 13.27B GBP | 14.29B GBP |
| Working Capital | -2.29B GBP | -10.66B GBP | -5.56B GBP | -6.04B GBP | -2.60B GBP | -6.77B GBP | -2.04B GBP | -3.09B GBP | -4.70B GBP | -3.87B GBP |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | 4.44B GBP | 3.39B GBP | 4.54B GBP | 3.09B GBP |
| Total Assets | 82.58B GBP | 61.01B GBP | 82.91B GBP | 61.37B GBP |
| Total Liabilities | 61.37B GBP | 45.02B GBP | 59.93B GBP | 44.29B GBP |
| Total Equity | 21.74B GBP | 16.35B GBP | 23.54B GBP | 17.54B GBP |
| Total Debt | 23.90B GBP | 17.69B GBP | 25.13B GBP | 18.13B GBP |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | 1.06B GBP | 2.17B GBP | 4.05B GBP | 5.27B GBP | 5.10B GBP | 3.52B GBP | 5.49B GBP | 6.13B GBP | 2.95B GBP | 5.59B GBP |
| Depreciation & Amortization | 1.77B GBP | 1.92B GBP | 1.86B GBP | 2.33B GBP | 2.05B GBP | 2.12B GBP | 2.15B GBP | 2.29B GBP | 2.55B GBP | 2.31B GBP |
| Stock-based Compensation | 319.0M GBP | 333.0M GBP | 360.0M GBP | 365.0M GBP | 337.0M GBP | 343.0M GBP | 0 | 0 | 344.0M GBP | 0 |
| Change in Working Capital | 263.0M GBP | -674.0M GBP | -360.0M GBP | 531.0M GBP | 2.19B GBP | 1.39B GBP | -1.67B GBP | -1.06B GBP | 2.09B GBP | -608.4M GBP |
| Operating Cash Flow | 6.50B GBP | 6.92B GBP | 8.42B GBP | 8.02B GBP | 8.44B GBP | 7.95B GBP | 8.16B GBP | 7.89B GBP | 6.55B GBP | 7.14B GBP |
| Capital Expenditure | -2.35B GBP | -2.20B GBP | -1.80B GBP | -2.16B GBP | -1.95B GBP | -2.65B GBP | -1.41B GBP | -1.63B GBP | -2.98B GBP | -1.32B GBP |
| Acquisitions | 592.0M GBP | 356.0M GBP | -292.0M GBP | -3.78B GBP | 2.85B GBP | 185.0M GBP | -3.79B GBP | -1.72B GBP | 1.37B GBP | -4.37B GBP |
| Stock Repurchased | -74.0M GBP | -65.0M GBP | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | -4.85B GBP | -3.91B GBP | -3.93B GBP | -3.95B GBP | -3.98B GBP | -4.00B GBP | -4.27B GBP | -2.79B GBP | -2.44B GBP | -2.51B GBP |
| Free Cash Flow | 4.14B GBP | 4.72B GBP | 6.62B GBP | 5.86B GBP | 6.50B GBP | 5.30B GBP | 6.75B GBP | 6.26B GBP | 3.57B GBP | 5.82B GBP |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | 3.03B GBP | 2.04B GBP | 1.14B GBP | 2.54B GBP |
| Capital Expenditure | -428.4M GBP | -560.2M GBP | -443.0M GBP | -328.9M GBP |
| Free Cash Flow | 2.60B GBP | 1.48B GBP | 698.0M GBP | 2.21B GBP |
| Dividends Paid | -905.5M GBP | -628.5M GBP | -643.0M GBP | -728.5M GBP |
| Stock-based Compensation | 0 | 0 | 0 | 0 |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +8.2% | +2.1% | +9.5% | -27.8% | +1.4% | +18.7% | +3.4% | +3.5% | +4.1% | |
| Net Income Growth (YoY) | +68.0% | +136.5% | +28.2% | +23.8% | -23.7% | +241.1% | -67.1% | -47.7% | +122.0% | |
| EPS Growth (YoY) | +62.5% | +135.9% | +27.2% | +23.1% | -4.9% | +171.5% | -67.2% | -48.4% | +123.8% | |
| Shares Change (YoY) | +0.7% | +0.6% | +0.9% | +0.4% | -19.6% | +26.0% | +0.7% | +0.8% | -0.6% | |
| FCF Growth (YoY) | +13.8% | +40.5% | -11.6% | +10.9% | -18.4% | +27.5% | -7.3% | -42.9% | +63.1% | |
| Gross Margin | 66.7% | 65.7% | 66.8% | 64.9% | 67.4% | 66.9% | 67.4% | 71.8% | 71.2% | 72.4% |
| Operating Margin | 9.3% | 13.5% | 17.8% | 20.6% | 24.6% | 17.6% | 21.9% | 22.2% | 12.8% | 25.5% |
| EBITDA Margin | 15.9% | 20.5% | 23.8% | 27.9% | 33.1% | 26.3% | 29.3% | 29.9% | 21.3% | 31.8% |
| Net Margin | 3.3% | 5.1% | 11.8% | 13.8% | 23.6% | 17.8% | 51.0% | 16.2% | 8.2% | 17.5% |
| FCF Margin | 14.9% | 15.6% | 21.5% | 17.4% | 26.7% | 21.5% | 23.0% | 20.6% | 11.4% | 17.8% |
| Effective Tax Rate | 45.2% | 38.5% | 15.7% | 15.3% | 1.3% | 2.3% | 12.6% | 12.5% | 15.1% | 15.0% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $2.11 | $2.39 | $3.33 | $2.92 | $3.22 | $3.27 | $3.31 | $3.04 | $1.72 | $2.83 |
| Dividends Per Share | $2.47 | $1.98 | $1.97 | $1.97 | $1.97 | $2.47 | $2.09 | $1.36 | $1.18 | $1.22 |
| Shares Outstanding (Basic) | 1,944.0 M | 1,954.4 M | 1,965.6 M | 1,978.8 M | 1,990.4 M | 1,601.2 M | 2,013.0 M | 2,026.0 M | 2,038.5 M | 2,025.5 M |
What to look at in Healthcare / Pharma
The R&D pipeline is the invisible asset. Patents expiring = revenues evaporating. Look at innovation and cash flow.
- R&D / Revenue — Shows investment in future pipeline. Serious pharma reinvests 15-20%
- 5y EPS growth — After patent expirations, are they still growing?
- Gross margin — Branded pharma >70%. Generics much lower — defines the business type
- FCF / Net Income — Earnings quality — big pharma should convert >90%
- ROIC — Capital reinvested efficiently — key in pharma due to long R&D cycles
- Net debt / EBITDA — Pharma acquisitions pile up debt — watch the post-M&A picture
- P/E vs own 10y history — The best comparison is with its own history, not with peers
Profitability
| Return on Equity | 28.35% |
| Return on Invested Capital | 16.04% |
| Return on Assets | 7.81% |
| Gross Margin | 73.29% |
| Operating Margin | 24.12% |
| Net Margin | 14.52% |
Financial Health
| Debt / Equity | 1.03 |
| Current Ratio | 0.82 |
| Piotroski F-Score | 8 |
| Altman Z-Score | 2.13 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 64.99 | 35.05 | 16.28 | 15.14 | 9.35 | 11.89 | 3.90 | 12.09 | 21.45 | 12.91 |
| P/B | 53.95 | -785.65 | 15.57 | 4.64 | 2.69 | 2.56 | 5.52 | 3.51 | 4.03 | 4.51 |
| P/S | 2.17 | 1.77 | 1.91 | 2.08 | 2.20 | 2.11 | 1.99 | 1.97 | 1.76 | 2.26 |
| Gross Margin | 66.7% | 65.7% | 66.8% | 64.9% | 67.4% | 66.9% | 67.4% | 71.8% | 71.2% | 72.4% |
| Operating Margin | 9.3% | 13.5% | 17.8% | 20.6% | 24.6% | 17.6% | 21.9% | 22.2% | 12.8% | 25.5% |
| Net Margin | 3.3% | 5.1% | 11.8% | 13.8% | 23.6% | 17.8% | 51.0% | 16.2% | 8.2% | 17.5% |
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