Haleon
HLN · NYSEPerfumes, Cosmetics & Other Toilet Preparations · Fiscal year ends Dec 31 · Reports in GBP
Haleon reported revenue of GBP 11B in the fiscal year ended Dec 2025, down 1.8% from the year before. Operating income was GBP 2.4B, an operating margin of 21.9%, and net income was GBP 1.7B. Operating cash flow of GBP 2.6B less capital expenditure of GBP 322M left free cash flow of GBP 2.3B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | GBP 9.5B | GBP 10.9B | GBP 11.3B | GBP 11.2B | GBP 11B |
| Cost of revenue | GBP 3.6B | GBP 4.3B | GBP 4.6B | GBP 4.4B | GBP 4B |
| Gross profit | GBP 6B | GBP 6.6B | GBP 6.7B | GBP 6.8B | GBP 7.1B |
| Research & development | GBP 257M | GBP 300M | GBP 311M | GBP 298M | GBP 316M |
| Selling, general & admin | GBP 4.1B | GBP 4.5B | GBP 4.4B | GBP 4.5B | GBP 4.4B |
| Operating income | GBP 1.6B | GBP 1.8B | GBP 2B | GBP 2.2B | GBP 2.4B |
| Interest expense | GBP 19M | GBP 258M | GBP 402M | GBP 384M | GBP 340M |
| Pre-tax income | GBP 1.6B | GBP 1.6B | GBP 1.6B | GBP 1.9B | GBP 2.2B |
| Income tax | GBP 197M | GBP 499M | GBP 517M | GBP 435M | GBP 472M |
| Net income | GBP 1.4B | GBP 1.1B | GBP 1.1B | GBP 1.5B | GBP 1.7B |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | GBP 414M | GBP 684M | GBP 1B | GBP 2.3B | GBP 1.3B |
| Receivables | GBP 2.2B | GBP 1.9B | GBP 1.9B | GBP 2.1B | GBP 2.1B |
| Inventory | GBP 951M | GBP 1.3B | GBP 1.4B | GBP 1.2B | GBP 1B |
| Current assets | GBP 5.3B | GBP 4.1B | GBP 4.8B | GBP 5.7B | GBP 4.6B |
| Net PP&E | GBP 1.6B | GBP 1.8B | GBP 1.8B | GBP 1.8B | GBP 1.9B |
| Goodwill | GBP 8.2B | GBP 8.4B | GBP 8.3B | GBP 8.2B | GBP 8.1B |
| Total assets | GBP 34.5B | GBP 34.8B | GBP 34.1B | GBP 34.3B | GBP 32.6B |
| Payables | GBP 3B | GBP 3.6B | GBP 3.5B | GBP 3.7B | GBP 3.7B |
| Current liabilities | GBP 4.2B | GBP 4.4B | GBP 4.6B | GBP 5.8B | GBP 4.9B |
| Total liabilities | GBP 8B | GBP 18.4B | GBP 17.3B | GBP 18.1B | GBP 16.1B |
| Shareholders' equity | GBP 26.4B | GBP 16.3B | GBP 16.6B | GBP 16.2B | GBP 16.4B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | GBP 1.4B | GBP 2.1B | GBP 2.1B | GBP 2.3B | GBP 2.6B |
| Capital expenditure | GBP 228M | GBP 304M | GBP 234M | GBP 250M | GBP 322M |
| Free cash flow | GBP 1.1B | GBP 1.8B | GBP 1.9B | GBP 2.1B | GBP 2.3B |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 13.8% | 4.1% | −0.6% | −1.8% |
| Operating income growth (YoY) | – | 11.4% | 9.4% | 10.5% | 9.3% |
| Gross margin | 62.3% | 60.6% | 59.7% | 60.7% | 64.2% |
| Operating margin | 17.2% | 16.8% | 17.7% | 19.6% | 21.9% |
| Net margin | 15.1% | 10.3% | 9.8% | 13.1% | 15.2% |
| Return on equityBlank when equity is negative | 5.5% | 6.9% | 6.7% | 9.1% | 10.2% |
| ROCEEBIT ÷ (assets − current liabilities) | 5.4% | 6.0% | 6.8% | 7.7% | 8.7% |
| Free cash flow margin | 11.8% | 16.2% | 16.5% | 18.3% | 21.0% |
| Cash conversion (CFO ÷ net income) | 0.94x | 1.84x | 1.89x | 1.56x | 1.57x |
| Receivable days | 84 | 63 | 60 | 67 | 68 |
| Inventory days | 97 | 115 | 113 | 99 | 95 |
| Payable days | 305 | 309 | 283 | 307 | 345 |
| Interest cover | 86.2x | 7.07x | 4.97x | 5.74x | 7.09x |
| Current ratio | 1.24x | 0.93x | 1.04x | 0.98x | 0.92x |
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Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.