v3.25.4
Consolidated Statement of Cash Flows - GBP (£)
£ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash flows from operating activities      
Cash generated from operations £ 3,735 £ 3,521 £ 3,370
Interest paid (including lease interest) (274) (257) (303)
Interest received 13 6 9
Tax paid (net) (638) (662) (619)
Net cash from operating activities 2,836 2,608 2,457
Cash flows from investing activities      
Acquisitions (260) (170) (124)
Purchases of property, plant and equipment (21) (20) (30)
Expenditure on internally developed intangible assets (504) (464) (447)
Purchase of investments (42) (4) (8)
Proceeds from disposals of property, plant and equipment     7
Gross proceeds from business disposals and sale of investments 30 74 21
Payments on business disposals (13) (28) (9)
Dividends received from joint ventures and associates 40 37 21
Net cash used in investing activities (770) (575) (569)
Cash flows from financing activities      
Dividends paid to shareholders (1,181) (1,121) (1,059)
Distributions to non-controlling interests (15) (9) (7)
Increase in short-term bank loans, overdrafts and commercial paper 232 461 84
Issuance of term debt 1,125 711 651
Repayment of term debt (621) (1,017) (847)
Repayment of leases (40) (63) (72)
Receipts in respect of subleases 2 2 2
Acquisition of non-controlling interest (19) (1)  
Repurchase of ordinary shares (1,500) (1,000) (800)
Purchase of shares by Employee Benefit Trust (76) (75) (50)
Proceeds on issue of ordinary shares 42 47 41
Net cash used in financing activities (2,051) (2,065) (2,057)
(Decrease)/increase in cash and cash equivalents 15 (32) (169)
Movement in cash and cash equivalents      
At start of year 119 155 334
(Decrease)/increase in cash and cash equivalents 15 (32) (169)
Exchange translation differences (3) (4) (10)
At end of year £ 131 £ 119 £ 155