v3.25.4
Consolidated Statement of Financial Position - GBP (£)
£ in Millions
Dec. 31, 2025
Dec. 31, 2024
Non-current assets    
Goodwill £ 7,930 £ 8,216
Intangible assets 3,072 3,164
Investments in joint ventures and associates 164 169
Other investments 131 92
Property, plant and equipment 72 82
Right-of-use assets 87 89
Other receivables 7 16
Deferred tax assets 75 84
Net pension assets 197 186
Derivative financial instruments 62 39
Non-current assets 11,797 12,137
Current assets    
Inventories and pre-publication costs 311 331
Trade and other receivables 2,468 2,511
Derivative financial instruments 50 35
Cash and cash equivalents 131 119
Current assets 2,960 2,996
Total assets 14,757 15,133
Current liabilities    
Trade and other payables 4,268 4,122
Derivative financial instruments 7 59
Debt 1,571 1,412
Taxation 153 119
Provisions 2 6
Current liabilities 6,001 5,718
Non-current liabilities    
Derivative financial instruments 104 126
Debt 5,696 5,132
Deferred tax liabilities 405 473
Net pension obligations 154 165
Other payables 1 13
Provisions 6 2
Non-current liabilities 6,366 5,911
Total liabilities 12,367 11,629
Net assets 2,390 3,504
Capital and reserves    
Share capital 264 272
Share premium 1,647 1,605
Shares held in treasury (406) (722)
Translation reserve 129 567
Other reserves 732 1,759
Shareholders' equity 2,366 3,481
Non-controlling interests 24 23
Total equity £ 2,390 £ 3,504