Pearson
PSO · NYSEBooks: Publishing or Publishing & Printing · Fiscal year ends Dec 31 · Reports in GBP
Pearson reported revenue of GBP 3.6B in the fiscal year ended Dec 2025, up 0.7% from the year before. Operating income was GBP 507M, an operating margin of 14.2%, and net income was GBP 336M.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | GBP 3.4B | GBP 3.8B | GBP 3.7B | GBP 3.6B | GBP 3.6B |
| Cost of revenue | GBP 1.7B | GBP 2B | GBP 1.8B | GBP 1.7B | GBP 1.7B |
| Gross profit | GBP 1.7B | GBP 1.8B | GBP 1.8B | GBP 1.8B | GBP 1.9B |
| Research & development | GBP 12M | GBP 10M | GBP 8M | GBP 6M | GBP 8M |
| Operating income | GBP 183M | GBP 271M | GBP 498M | GBP 541M | GBP 507M |
| Interest expense | GBP 68M | GBP 71M | GBP 81M | GBP 112M | GBP 98M |
| Pre-tax income | GBP 177M | GBP 323M | GBP 493M | GBP 510M | GBP 457M |
| Income tax | −GBP 1M | GBP 79M | GBP 113M | GBP 75M | GBP 121M |
| Net income | GBP 178M | GBP 244M | GBP 380M | GBP 435M | GBP 336M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | GBP 937M | GBP 558M | GBP 312M | GBP 543M | GBP 333M |
| Receivables | GBP 1.3B | GBP 1.1B | GBP 1.1B | GBP 1B | GBP 1.1B |
| Inventory | GBP 98M | GBP 105M | GBP 91M | GBP 74M | GBP 66M |
| Net PP&E | GBP 366M | GBP 250M | GBP 217M | GBP 216M | GBP 210M |
| Goodwill | GBP 2.1B | GBP 2.5B | GBP 2.4B | GBP 2.4B | GBP 2.4B |
| Total assets | GBP 7.3B | GBP 7.3B | GBP 6.7B | GBP 6.9B | GBP 6.5B |
| Payables | GBP 1.3B | GBP 1.3B | GBP 1.3B | GBP 1.1B | GBP 1B |
| Total liabilities | GBP 3.1B | GBP 2.9B | GBP 2.7B | GBP 2.8B | GBP 2.8B |
| Shareholders' equity | GBP 4.3B | GBP 4.4B | GBP 4B | GBP 4B | GBP 3.6B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | GBP 326M | GBP 361M | GBP 525M | GBP 627M | GBP 656M |
| Capital expenditure | GBP 64M | – | – | – | – |
| Free cash flow | GBP 262M | – | – | – | – |
| Depreciation & amortisation | – | – | GBP 2M | GBP 3M | GBP 4M |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 12.0% | −4.3% | −3.3% | 0.7% |
| Operating income growth (YoY) | – | 48.1% | 83.8% | 8.6% | −6.3% |
| Gross margin | 49.0% | 46.7% | 49.9% | 51.0% | 52.0% |
| Operating margin | 5.3% | 7.1% | 13.6% | 15.2% | 14.2% |
| Net margin | 5.2% | 6.4% | 10.3% | 12.2% | 9.4% |
| Return on equityBlank when equity is negative | 4.2% | 5.5% | 9.6% | 10.8% | 9.2% |
| Free cash flow margin | 7.6% | – | – | – | – |
| Cash conversion (CFO ÷ net income) | 1.83x | 1.48x | 1.38x | 1.44x | 1.95x |
| Receivable days | 134 | 108 | 104 | 106 | 110 |
| Inventory days | 20 | 19 | 18 | 16 | 14 |
| Payable days | 262 | 224 | 253 | 221 | 222 |
| Interest cover | 2.69x | 3.82x | 6.15x | 4.83x | 5.17x |
Recent filings
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.