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GSK (GSK) FY2025 earnings results (fiscal 2025)
20-F filed Mar 6, 2026
GSK (GSK) reported revenue of $32.7B for the fiscal 2025 (FY2025), +4% from a year earlier. Operating margin was 24.3%, net earnings $5.7B (17.5% of revenue).
GSK, FY2025: revenue $32.7B (+4% year over year), operating margin 24.3%, net earnings $5.7B, operating cash flow $7.7B. The chart follows the revenue to costs, profit and cash.
| FY2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $32.7B | — | +4% |
| Gross profit | $23.6B | — | +6% |
| Operating profit | $7.9B | — | +97% |
| Net earnings | $5.7B | — | +122% |
| Operating cash flow | $7.7B | — | +18% |
| Free cash flow | $6.4B | — | +24% |
What changed
Revenue was £32.7B in FY2025, up 4% year over year.
Gross margin was 72.4%, up 1.2 points from FY2024. Operating profit was £7.9B, a 24.3% margin (up 11.5 points year over year). Of the extra revenue versus FY2024, 303% reached operating profit, above the 13% margin then. Operating expenses fell 14% while revenue rose 4%. Net earnings were £5.7B, up 122% year over year. The effective tax rate was 15.0%.
Operating cash flow was £7.7B (up 18% year over year), 123% of net income including minority interests. Non-cash charges added back £2.3B of depreciation and amortization and £0.37B of share-based compensation. Working capital and other items used £1.2B. Capital expenditures of £1.3B left free cash flow of £6.4B.
Questions
What was GSK's revenue in the fiscal 2025?
GSK (GSK) reported revenue of $32.7B for the fiscal 2025 (FY2025), +4% from a year earlier.
Was GSK profitable in the fiscal 2025?
Operating profit was $7.9B (24.3% of revenue) and net earnings $5.7B.
Source: GSK 20-F on SEC EDGAR.