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GSK (GSK) Financials

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Annual Income Statements for GSK

Annual Income Statements for GSK

This table shows GSK's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders
1,125 2,070 4,616 6,155 7,851 5,920 18,062 6,280 3,224 7,686
Consolidated Net Income / (Loss)
1,310 2,930 5,155 6,981 8,724 6,880 18,865 6,764 3,695 8,457
Net Income / (Loss) Continuing Operations
1,310 2,930 5,155 6,981 6,969 4,747 5,943 6,764 3,695 8,457
Total Pre-Tax Income
2,392 4,762 6,115 8,243 7,061 4,859 6,797 7,727 4,354 9,952
Total Operating Income
3,206 5,521 6,985 9,224 8,166 5,882 7,769 8,595 5,035 10,666
Total Gross Profit
22,948 26,807 26,219 29,007 22,432 22,320 23,876 27,733 27,957 31,802
Total Revenue
34,411 40,778 39,265 44,727 33,261 33,340 35,415 38,647 39,286 43,927
Operating Revenue
34,411 40,778 39,265 - 33,261 33,340 35,415 38,647 39,286 43,927
Total Cost of Revenue
11,462 13,971 13,047 15,719 10,829 11,020 11,538 10,914 11,329 12,125
Operating Cost of Revenue
11,462 13,971 13,047 15,719 10,829 11,020 11,538 10,914 11,329 12,125
Total Operating Expenses
20,234 21,767 19,614 20,249 14,705 17,001 17,023 20,351 23,715 22,318
Selling, General & Admin Expense
11,556 13,066 12,632 15,109 10,157 9,545 10,111 11,959 13,792 12,221
Research & Development Expense
4,476 6,047 4,960 6,053 6,546 6,776 6,628 7,930 8,015 10,119
Other Operating Expenses / (Income)
4,201 2,654 2,023 -913 -1,998 680 284 461 1,908 -22
Total Other Income / (Expense), net
-322 -278 -489 -515 -666 -412 -57 345 111 468
Interest Expense
908 992 1,017 1,208 1,194 1,038 1,062 1,009 838 943
Interest & Investment Income
89 88 103 130 44 19 92 147 153 227
Other Income / (Expense), net
497 625 424 563 483 608 913 1,208 796 1,183
Income Tax Expense
1,082 1,832 961 1,263 92 112 854 963 659 1,495
Net Income / (Loss) Attributable to Noncontrolling Interest
-185 -861 -539 -826 -873 -960 -803 -484 -471 -771
Basic Earnings per Share
$0.19 $0.42 $0.74 $0.94 $1.97 $1.10 $5.82 $1.55 $0.79 $1.90
Weighted Average Basic Shares Outstanding
- - 5.38B 5.38B 5.39B 5.39B 4.31B 4.31B 4.31B 4.32B
Diluted Earnings per Share
$0.19 $0.42 $0.73 $0.93 $2.54 $1.61 $11.99 $1.53 $0.78 $1.87
Weighted Average Diluted Shares Outstanding
- - 5.38B 5.38B 5.39B 5.39B 4.31B 4.31B 4.31B 4.32B
Weighted Average Basic & Diluted Shares Outstanding
- - 5.38B 5.38B 5.39B 5.39B 4.31B 4.31B 4.31B 4.32B

Quarterly Income Statements for GSK

No quarterly income statements for GSK are available.


Annual Cash Flow Statements for GSK

This table details how cash moves in and out of GSK's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Change in Cash & Equivalents
12,796 -1,436 -1,223 610 1,095 -10,781 -14,351 -659 -596 750 163
Net Cash From Operating Activities
12,796 8,016 9,345 10,728 10,627 6,551 -4,821 8,941 8,624 8,206 10,653
Net Cash From Continuing Operating Activities
12,796 8,016 9,345 10,728 10,627 6,551 -4,821 8,012 8,624 8,206 10,653
Net Income / (Loss) Continuing Operations
12,796 1,310 2,930 5,155 6,981 0.00 0.00 5,943 6,764 3,695 0.00
Non-Cash Adjustments To Reconcile Net Income
- 8,691 8,226 7,263 5,650 5,909 -2,912 3,651 3,553 6,148 10,891
Changes in Operating Assets and Liabilities, net
- -1,985 -1,810 -1,689 -2,004 642 -1,909 -1,582 -1,692 -1,636 -238
Net Cash From Investing Activities
0.00 -1,566 -1,949 -1,978 -7,094 -1,284 -1,104 -10,594 -2,033 -1,539 -4,056
Net Cash From Continuing Investing Activities
0.00 -1,462 -1,934 -1,978 -2,487 -1,284 -1,104 -6,016 -2,391 -1,560 -4,056
Purchase of Property, Plant & Equipment
- -2,059 -2,975 -1,712 -2,866 -1,351 -1,283 -2,727 -2,987 -3,734 -1,813
Acquisitions
- 21 0.00 -13 - 0.00 0.00 -3,754 -1,857 -1,008 -2,275
Sale of Property, Plant & Equipment
- 470 444 540 661 67 178 413 51 245 32
Net Cash From Financing Activities
0.00 -7,887 -8,619 -8,139 -2,438 -16,048 -8,425 994 -7,188 -5,917 -6,434
Net Cash From Continuing Financing Activities
0.00 -9,045 -7,730 -8,243 -6,539 -16,048 -8,425 -11,172 -6,239 -4,613 -6,434
Repayment of Debt
- -1,993 -4,647 -3,645 -6,982 -5,105 -3,110 -9,321 -4,107 -3,096 -811
Repurchase of Common Equity
- - - - - - - - 0.00 0.00 -1,852
Payment of Dividends
- -6,643 -6,329 -5,729 -5,720 -6,035 -5,721 -4,187 -2,863 -3,060 -3,947
Issuance of Debt
- 0.00 3,017 12,916 6,352 -4,908 406 1,238 284 1,346 175
Cash Interest Paid
- - - - - 1,162 1,042 - - - 913
Cash Interest Received
- - - - - 37 19 - - - 207

Quarterly Cash Flow Statements for GSK

No quarterly cash flow statements for GSK are available.


Annual Balance Sheets for GSK

This table presents GSK's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Total Assets
72,888 76,165 73,975 105,598 109,845 106,789 72,638 75,190 74,454 82,185
Total Current Assets
20,616 21,489 21,565 25,827 27,652 25,210 25,083 23,758 21,282 23,546
Cash & Equivalents
6,041 5,178 4,935 6,237 8,593 5,770 4,496 3,741 4,846 4,568
Short-Term Investments
- 92 240 558 208 254 229 166 136 163
Accounts Receivable
7,434 8,105 8,183 9,543 9,494 10,611 8,518 9,411 8,559 10,046
Inventories, net
6,294 7,507 6,976 9,037 8,334 7,807 6,215 7,103 7,098 8,369
Current Deferred & Refundable Income Taxes
279 349 292 347 916 656 489 475 612 387
Plant, Property, & Equipment, net
12,288 14,671 14,088 13,712 13,897 13,408 10,788 11,494 11,553 12,535
Plant, Property & Equipment, gross
12,288 14,671 14,088 13,712 13,897 13,408 10,788 11,494 11,553 12,535
Total Noncurrent Assets
45,628 40,005 39,687 66,059 68,296 68,171 36,767 39,938 41,619 46,104
Long-Term Investments
1,649 1,487 1,985 2,850 4,676 2,989 1,861 1,519 1,498 1,514
Goodwill
7,359 7,746 7,375 13,995 14,472 14,245 8,509 8,679 8,742 9,437
Intangible Assets
23,164 23,724 21,915 41,018 40,731 40,607 17,292 18,819 19,426 22,521
Noncurrent Deferred & Refundable Income Taxes
5,396 5,128 4,952 5,428 5,855 7,044 6,833 7,708 8,460 8,767
Other Noncurrent Operating Assets
7,795 1,920 3,460 2,768 2,562 3,286 2,272 3,213 3,492 3,865
Total Liabilities & Shareholders' Equity
77,965 67,827 73,975 105,598 109,845 106,789 72,638 66,701 65,338 72,945
Total Liabilities
66,765 71,451 69,297 81,274 81,428 77,977 60,445 58,885 58,069 60,729
Total Current Liabilities
21,703 35,892 28,653 31,868 30,248 31,955 27,548 26,847 27,167 28,764
Short-Term Debt
5,094 3,816 8,446 9,167 5,087 4,861 4,773 3,585 2,941 4,050
Accounts Payable
14,760 28,328 18,815 19,795 21,633 23,698 19,641 21,138 19,201 21,944
Current Deferred & Payable Income Tax Liabilities
1,610 1,344 - 833 744 660 569 - 880 670
Other Current Liabilities
239 950 162 2,072 2,783 2,735 2,565 145 2,677 101
Total Noncurrent Liabilities
47,660 35,559 40,644 49,406 51,180 46,023 32,898 32,038 30,902 31,965
Long-Term Debt
18,087 19,269 32,767 31,259 31,992 27,774 20,573 19,376 18,327 19,778
Noncurrent Deferred & Payable Income Tax Liabilities
2,386 2,441 1,819 5,299 5,157 5,044 502 492 478 391
Noncurrent Employee Benefit Liabilities
5,046 4,781 3,981 4,581 4,985 4,203 3,115 2,982 2,334 2,269
Other Noncurrent Operating Liabilities
22,141 2,184 2,077 8,267 9,046 9,003 8,708 2,041 2,115 2,286
Total Equity & Noncontrolling Interests
8,601 4,713 4,678 24,324 28,418 28,812 12,193 16,305 16,385 21,456
Total Preferred & Common Equity
3,865 -92 4,817 39,437 28,418 20,324 12,799 17,008 17,117 22,022
Preferred Stock
- 4,078 3,938 4,206 4,481 4,456 4,154 4,398 4,349 4,704
Total Common Equity
3,865 -4,170 879 10,907 15,441 15,868 8,645 12,610 12,769 17,318
Common Stock
1,656 1,814 1,714 1,784 1,838 1,818 1,627 1,718 1,688 1,814
Retained Earnings
-6,652 -8,750 -3,460 6,003 9,225 10,724 5,269 9,225 9,761 13,728
Other Equity Adjustments
8,862 2,765 2,626 3,121 4,377 3,325 1,749 1,668 1,320 1,776
Noncontrolling Interest
4,736 4,805 -139 9,212 8,496 8,487 -606 -703 -732 -566

Quarterly Balance Sheets for GSK

This table presents GSK's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q4 2022 Q4 2023 Q4 2024
Period end date 12/31/2022 12/31/2023 12/31/2024
Total Assets
72,638 75,190 74,454
Total Current Assets
25,083 23,758 21,282
Cash & Equivalents
4,496 3,741 4,846
Short-Term Investments
229 166 136
Accounts Receivable
8,518 9,411 8,559
Inventories, net
6,215 7,103 7,098
Current Deferred & Refundable Income Taxes
489 475 612
Plant, Property, & Equipment, net
10,788 11,494 11,553
Plant, Property & Equipment, gross
10,788 11,494 11,553
Total Noncurrent Assets
36,767 39,938 41,619
Long-Term Investments
1,861 1,519 1,498
Goodwill
8,509 8,679 8,742
Intangible Assets
17,292 18,819 19,426
Noncurrent Deferred & Refundable Income Taxes
6,833 7,708 8,460
Other Noncurrent Operating Assets
2,272 3,213 3,492
Total Liabilities & Shareholders' Equity
72,638 66,701 65,338
Total Liabilities
60,445 58,885 58,069
Total Current Liabilities
27,548 26,847 27,167
Short-Term Debt
4,773 3,585 2,941
Accounts Payable
19,641 21,138 19,201
Current Deferred & Payable Income Tax Liabilities
569 - 880
Other Current Liabilities
2,565 145 2,677
Total Noncurrent Liabilities
32,898 32,038 30,902
Long-Term Debt
20,573 19,376 18,327
Noncurrent Deferred & Payable Income Tax Liabilities
502 492 478
Noncurrent Employee Benefit Liabilities
3,115 2,982 2,334
Other Noncurrent Operating Liabilities
8,708 2,041 2,115
Total Equity & Noncontrolling Interests
12,193 16,305 16,385
Total Preferred & Common Equity
12,799 17,008 17,117
Preferred Stock
4,154 4,398 4,349
Total Common Equity
8,645 12,610 12,769
Common Stock
1,627 1,718 1,688
Retained Earnings
5,269 9,225 9,761
Other Equity Adjustments
1,749 1,668 1,320
Noncontrolling Interest
-606 -703 -732

Annual Metrics And Ratios for GSK

This table displays calculated financial ratios and metrics derived from GSK's official financial filings.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
DEI Shares Outstanding
- - - - - - - - - - 4,315,445,026.00
DEI Adjusted Shares Outstanding
- - - - - - - - - - 4,315,445,026.00
DEI Earnings Per Adjusted Shares Outstanding
- - - - - - - - - - 1.78
Growth Metrics
- - - - - - - - - - -
Profitability Metrics
- - - - - - - - - - -
Net Operating Profit after Tax (NOPAT)
-19,551 1,756 3,397 5,888 7,811 8,060 5,746 6,793 7,524 4,273 9,064
Return On Investment Capital (ROIC_SIMPLE)
- - - - - - - 18.10% 19.16% 11.35% 20.01%
Earnings before Interest and Taxes (EBIT)
-19,551 3,703 6,147 7,409 9,787 8,649 6,489 8,682 9,803 5,831 11,849
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)
-19,551 3,703 6,147 7,409 9,787 8,649 6,489 8,682 9,803 5,831 11,849
Valuation Ratios
- - - - - - - - - - -
Leverage & Solvency
- - - - - - - - - - -
Liquidity Ratios
- - - - - - - - - - -
Cash Flow Metrics
- - - - - - - - - - -
Free Cash Flow to Firm (FCFF)
0.00 -22,071 -1,897 3,028 -15,209 11,146 5,338 33,298 -6,126 3,481 1,054
Efficiency Ratios
- - - - - - - - - - -
Capital & Investment Metrics
- - - - - - - - - - -
Invested Capital
0.00 23,826 29,121 31,981 55,000 51,913 52,322 25,817 39,466 40,259 48,268
Increase / (Decrease) in Invested Capital
0.00 23,826 5,295 2,860 23,019 -3,087 409 -26,505 13,649 792 8,009
Book Value per Share
$0.00 $0.00 $0.00 $0.16 $2.03 $2.87 $2.95 $1.60 $2.92 $2.96 $4.01
Tangible Book Value per Share
$0.00 $0.00 $0.00 ($5.29) ($8.20) ($7.39) ($7.24) ($3.18) ($3.45) ($3.57) ($3.39)
Total Capital
0.00 31,783 27,799 37,883 64,750 65,497 61,447 37,539 39,265 37,653 45,284
Total Debt
0.00 23,181 23,085 33,205 40,426 37,079 32,635 25,346 22,960 21,268 23,828
Total Long-Term Debt
0.00 18,087 19,269 25,825 31,259 31,992 27,774 20,573 19,376 18,327 19,778
Net Debt
0.00 15,490 16,328 26,045 30,780 23,602 23,622 18,759 17,534 14,789 17,583
Capital Expenditures (CapEx)
0.00 1,589 2,530 1,172 2,205 1,284 1,104 2,314 2,936 3,488 1,780
Debt-free, Cash-free Net Working Capital (DFCFNWC)
0.00 -2,034 -15,857 -4,883 -3,669 -6,310 -7,907 -2,418 -3,411 -7,926 -5,899
Debt-free Net Working Capital (DFNWC)
0.00 4,007 -10,587 292 3,126 2,491 -1,883 2,308 496 -2,944 -1,169
Net Working Capital (NWC)
0.00 -1,087 -14,403 -7,088 -6,041 -2,596 -6,745 -2,465 -3,089 -5,885 -5,219
Net Nonoperating Expense (NNE)
-32,347 445 467 733 830 -664 -1,133 -12,072 760 578 607
Net Nonoperating Obligations (NNO)
0.00 15,225 24,408 27,303 30,676 23,496 23,510 13,624 23,162 23,874 26,812
Total Depreciation and Amortization (D&A)
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Earnings Adjustments
- - - - - - - - - - -
Adjusted Basic Earnings per Share
$0.00 $0.00 $0.41 $0.75 $0.95 $1.17 $0.00 $4.49 $1.22 $1.58 $1.90
Adjusted Weighted Average Basic Shares Outstanding
0.00 0.00 0.00 5.29B 5.30B 5.30B 0.00 4.31B 4.31B 4.31B 4.32B
Adjusted Diluted Earnings per Share
$0.00 $0.00 $0.41 $0.74 $0.94 $1.16 $0.00 $10.67 $1.20 $1.56 $1.87
Adjusted Weighted Average Diluted Shares Outstanding
0.00 0.00 0.00 5.29B 5.30B 5.30B 0.00 4.31B 4.31B 4.31B 4.32B
Adjusted Basic & Diluted Earnings per Share
$0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding
0.00 0.00 0.00 5.29B 5.30B 5.30B 0.00 4.31B 4.31B 4.31B 4.32B
Normalized Net Operating Profit after Tax (NOPAT)
-13,686 1,756 3,397 5,888 7,811 8,060 5,746 6,793 7,522 4,267 9,064
Debt Service Ratios
- - - - - - - - - - -
Payout Ratios
- - - - - - - - - - -

Quarterly Metrics And Ratios for GSK

No quarterly metrics and ratios for GSK are available.



Financials Breakdown Chart

Key Financial Trends

GSK’s balance sheet shows a company with solid liquidity but also meaningful leverage and a very large base of intangible assets tied to prior acquisitions. Over the last three years, the overall picture is one of steady asset stability, improving equity, and modestly better cash positioning, while debt remains an important item for investors to watch.

  • Cash increased in 2024 to about $4.85 billion, up from $3.74 billion in 2023 and $4.50 billion in 2022, which improves near-term flexibility.
  • Total common equity rose to about $12.77 billion in 2024 from $12.61 billion in 2023 and $8.64 billion in 2022, showing a stronger equity base than two years ago.
  • Retained earnings improved materially over the period, increasing to about $9.76 billion in 2024 from $9.22 billion in 2023 and $5.27 billion in 2022, suggesting cumulative profitability has strengthened.
  • Total equity and noncontrolling interests edged higher in 2024 to about $16.38 billion versus $16.30 billion in 2023 and $12.19 billion in 2022.
  • Current assets remain large at about $21.28 billion, supported by cash, receivables, and inventories, which helps cover day-to-day operating needs.
  • Total assets were broadly stable across the period, at about $74.45 billion in 2024 versus $75.19 billion in 2023 and $72.64 billion in 2022.
  • Inventory levels stayed steady around $7.1 billion in 2023 and 2024, after rising from about $6.21 billion in 2022.
  • PP&E remains relatively stable near $11.5 billion, indicating ongoing maintenance and investment in the operating base without major asset expansion.
  • Total liabilities remain high at about $58.07 billion, which continues to limit financial flexibility relative to equity.
  • Long-term debt is still substantial at about $18.33 billion in 2024, even though it declined from $19.38 billion in 2023 and $20.57 billion in 2022.

One important strength is that GSK appears to have improved its balance sheet quality over time: cash is up, equity is higher, and long-term debt has trended lower. That said, the company still carries a large debt load and a balance sheet heavily weighted toward goodwill and intangible assets, which together totaled more than $28 billion in 2024. Those assets are common in pharma after acquisitions, but they can create risk if future growth disappoints.

Current liabilities also remain sizable at about $27.17 billion in 2024, led by accounts payable and debt due within one year. Overall, GSK’s balance sheet looks manageable but not conservative: it is supported by strong liquid assets and improving equity, but investors should continue monitoring debt reduction, working capital, and whether the company can keep converting its asset base into durable earnings and cash flow.

06/15/26 07:19 PM ETAI Generated. May Contain Errors.

GSK Financials - Frequently Asked Questions

According to the most recent income statement we have on file, GSK's fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

GSK's net income appears to be on an upward trend, with a most recent value of $8.46 billion in 2025, rising from $1.31 billion in 2016. The previous period was $3.69 billion in 2024. Check out GSK's forecast to explore projected trends and price targets.

GSK's total operating income in 2025 was $10.67 billion, based on the following breakdown:
  • Total Gross Profit: $31.80 billion
  • Total Operating Expenses: $22.32 billion

Over the last 9 years, GSK's total revenue changed from $34.41 billion in 2016 to $43.93 billion in 2025, a change of 27.7%.

GSK's total liabilities were at $60.73 billion at the end of 2025, a 4.6% increase from 2024, and a 9.0% decrease since 2016.

In the past 9 years, GSK's cash and equivalents has ranged from $3.74 billion in 2023 to $8.59 billion in 2020, and is currently $4.57 billion as of their latest financial filing in 2025.

Over the last 10 years, GSK's book value per share changed from 0.00 in 2015 to 4.01 in 2025, a change of 401.4%.



Financial statements for NYSE:GSK last updated on 3/9/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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