v3.25.4
Five year summary (Details) - GBP (£)
£ / shares in Units, £ in Millions
12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Five year summary          
Underlying revenue growth 7.00% 7.00% 8.00% 9.00% 7.00%
Underlying adjusted operating profit growth 9.00% 10.00% 13.00% 15.00% 13.00%
Adjusted earnings per share growth (at constant currency) 10.00% 9.00% 11.00% 10.00% 17.00%
Adjusted revenue £ 9,590 £ 9,434 £ 9,161 £ 8,553 £ 7,244
Adjusted EBITDA 3,846 3,724 3,544 3,174 2,697
Adjusted operating profit £ 3,342 £ 3,199 £ 3,030 £ 2,683 £ 2,210
Adjusted operating margin 34.80% 33.90% 33.10% 31.40% 30.50%
Adjusted net interest expense £ (283) £ (296) £ (314) £ (194) £ (133)
Adjusted profit before tax 3,059 2,903 2,716 2,489 2,077
Adjusted tax charge (688) (652) (553) (530) (384)
Adjusted net profit attributable to shareholders, basic 2,358 2,241 2,156 1,961 1,689
Adjusted cash flow £ 3,301 £ 3,101 £ 2,962 £ 2,709 £ 2,230
Adjusted cash flow conversion 99.00% 97.00% 98.00% 101.00% 101.00%
Adjusted return on invested capital 15.40% 14.80% 14.00% 12.50% 11.90%
Adjusted earnings per ordinary share £ 1.285 £ 1.201 £ 1.140 £ 1.022 £ 0.876
Ordinary dividend per share £ 0.675 £ 0.630 £ 0.588 £ 0.546 £ 0.498
Revenue £ 9,590 £ 9,434 £ 9,161 £ 8,553 £ 7,244
Reported operating profit 3,027 2,861 2,682 2,323 1,884
Reported net interest expense (286) (298) (315) (201) (142)
Reported profit before tax 2,750 2,557 2,295 2,113 1,797
Reported tax charge (672) (613) (507) (481) (326)
Reported net profit attributable to shareholders £ 2,065 £ 1,934 £ 1,781 £ 1,634 £ 1,471
Reported net margin 21.50% 20.50% 19.40% 19.10% 20.30%
Reported cash generated from operations £ 3,735 £ 3,521 £ 3,370 £ 3,061 £ 2,476
Reported net debt £ 7,201 £ 6,563 £ 6,446 £ 6,604 £ 6,017
Reported earnings per ordinary share £ 1.126 £ 1.036 £ 0.941 £ 0.852 £ 0.763