GSK plc (GSK) Balance Sheet

NYSE: GSKAssets, liabilities, debt and equity over 10 years.

GSK balance sheet, 2025

December 31, 2025 · British pounds

£61.01B assets = £45.02B liabilities + £15.99B equity

Both columns are drawn to the same scale: what GSK owns equals what it owes plus shareholders’ equity. Hover a block for its value.

GSK financial health

Current ratio0.82

Tight · current assets cover current liabilities 0.82×

Debt / equity1.08

Moderate leverage · £1.08 of debt for each $1 of equity

Equity / assets26.8%

Balanced · of assets funded by shareholders

Cash / debt19.2%

Low cash cover · cash & short-term investments vs total debt

Goodwill & intangibles38.9%

Acquisition-heavy · of total assets

Descriptive bands, not a rating. Fiscal 2025.

GSK balance sheet trends, 2016–2025

GSK plc balance sheet trends
Metric	Then	Latest	Change
Total assets	£59.08B2016	£61.01B2025	+0.4%/yr
Total liabilities	£54.12B2016	£45.02B2025	−2.0%/yr
Shareholders’ equity	£4.96B2016	£16.35B2025	+14.2%/yr
Cash & short-term investments	£4.99B2016	£3.40B2025	−4.2%/yr
Total debt	£18.79B2016	£17.69B2025	−0.7%/yr
Net cash (debt)	−£13.80B2016	−£14.29B2025	−£484.8M
Working capital	−£2.29B2016	−£3.87B2025	−£1.6B
Current ratio	0.882016	0.822025	−0.06
Debt / equity	3.792016	1.082025	−2.70
Shares outstanding	1.96B2016	2.06B2025	+0.5%/yr

Change is the average annual growth (CAGR) or the difference between the first and latest year.

GSK assets

Cash & ST investmentsReceivablesInventoryOther currentPP&EGoodwill & intangiblesLT investmentsOther non-current

GSK liabilities and equity

Current liabilitiesLong-term debtOther long-term liabilitiesEquity

GSK debt vs cash

Total debtCash & ST investmentsNet cash (debt)

Debt includes short- and long-term borrowings and, where reported, lease obligations.

GSK balance sheet in British pounds

GSK plc annual balance sheet
	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Assets
Cash & short-term investments	£3.40B	£3.71B	£6.61B	£7.88B	£5.87B	£8.71B	£6.34B	£3.96B	£3.91B	£4.99B
Cash & equivalents	£3.39B	£3.69B	£3.74B	£3.72B	£5.79B	£8.60B	£6.24B	£3.87B	£3.83B	£4.90B
Short-term investments	£9.0M	£21.0M	£2.86B	£4.15B	£82.6M	£106.6M	£104.7M	£84.0M	£78.0M	£89.0M
Receivables	£7.75B	£6.00B	£9.44B	£6.22B	£10.88B	£9.93B	£9.47B	£6.32B	£5.95B	£5.92B
Inventory	£5.91B	£5.67B	£7.01B	£5.15B	£7.83B	£8.20B	£7.88B	£5.48B	£5.56B	£5.10B
Other current assets	£420.3M	£1.61B	£715.2M	£1.53B	£711.1M	£843.4M	£2.13B	£1.17B	£489.0M	£706.0M
Total current assets	£17.48B	£17.00B	£23.77B	£20.77B	£25.29B	£27.68B	£25.82B	£16.93B	£15.91B	£16.71B
Property, plant & equipment (net)	£10.03B	£10.07B	£12.69B	£9.62B	£14.45B	£15.04B	£14.99B	£11.06B	£10.86B	£10.81B
Goodwill & intangible assets	£23.72B	£22.50B	£27.51B	£21.36B	£55.03B	£55.25B	£55.00B	£22.99B	£23.30B	£24.74B
Long-term investments	£0	£0	£0	£0	£0	£0	£64.26B	£29.07B	£40.73B	£14.60B
Other non-current assets	£9.78B	£9.90B	£11.25B	£8.39B	£12.36B	£11.97B	£0	£0	£0	£0
Total assets	£61.01B	£59.46B	£75.22B	£60.15B	£107.14B	£109.95B	£105.57B	£58.07B	£56.38B	£59.08B
Liabilities
Accounts payable	£15.35B	£3.46B	£4.74B	£3.87B	£6.14B	£5.96B	£5.49B	£3.65B	£20.97B	£11.96B
Short-term debt	£3.01B	£2.35B	£3.59B	£3.95B	£4.88B	£5.09B	£9.16B	£5.79B	£2.83B	£4.13B
Deferred revenue	—	—	£283.0M	£299.0M	£415.8M	£493.5M	£209.3M	£217.0M	£1.70B	£2.35B
Total current liabilities	£21.35B	£21.70B	£26.86B	£22.81B	£32.06B	£30.28B	£31.86B	£22.49B	£26.57B	£19.00B
Long-term debt	£14.71B	£14.64B	£15.21B	£17.04B	£20.57B	£23.43B	£23.59B	£20.27B	£14.26B	£14.66B
Lease obligations	£830.0M	£1.10B	£1.21B	£1.01B	£1.01B	£1.12B	£1.25B	£68.0M	£66.0M	£64.0M
Other long-term liabilities	£8.95B	£10.04B	£16.85B	£10.21B	£25.60B	£27.80B	£25.80B	£11.63B	£12.06B	£20.46B
Total liabilities	£45.02B	£46.38B	£58.91B	£50.05B	£78.23B	£81.50B	£81.25B	£54.39B	£52.89B	£54.12B
Shareholders' equity
Common stock & paid-in capital	£1.35B	£1.35B	£5.17B	£4.79B	£5.13B	£5.12B	£4.96B	£4.44B	£4.36B	£4.30B
Retained earnings (deficit)	£10.19B	£7.80B	£9.23B	£4.36B	£13.26B	£11.76B	£8.45B	−£2.70B	−£6.48B	−£5.39B
Treasury stock	—	—	−£3.45B	−£3.80B	−£4.97B	−£4.97B	−£5.50B	−£5.80B	−£5.80B	−£6.45B
Accumulated other comprehensive income	—	—	£2.04B	−£48.0M	£869.6M	£2.12B	£849.2M	£2.05B	£598.0M	£657.0M
Minority interest	−£421.0M	−£585.0M	−£552.0M	−£502.0M	£6.29B	£6.22B	£6.95B	−£109.0M	£3.56B	£3.84B
Total shareholders' equity	£16.35B	£13.67B	£17.01B	£10.60B	£20.39B	£19.94B	£15.11B	£3.78B	£3.49B	£4.96B
Key figures
Total debt	£17.69B	£16.99B	£22.97B	£20.99B	£32.74B	£37.11B	£40.42B	£26.06B	£17.09B	£18.79B
Net cash (debt)	−£14.29B	−£13.27B	−£16.36B	−£13.11B	−£26.87B	−£28.41B	−£34.08B	−£22.11B	−£13.18B	−£13.80B
Working capital	−£3.87B	−£4.70B	−£3.09B	−£2.04B	−£6.77B	−£2.60B	−£6.04B	−£5.56B	−£10.66B	−£2.29B
Tangible book value	−£7.38B	−£8.83B	−£10.49B	−£10.77B	−£34.64B	−£35.31B	−£39.89B	−£19.21B	−£19.81B	−£19.78B
Shares outstanding	2.06B	2.07B	2.06B	2.04B	1.62B	2.02B	2.01B	1.99B	1.98B	1.96B
Current ratio	0.82	0.78	0.88	0.91	0.79	0.91	0.81	0.75	0.60	0.88
Quick ratio	0.52	0.45	0.60	0.62	0.52	0.62	0.50	0.46	0.37	0.57
Debt / equity	1.08	1.24	1.35	1.98	1.61	1.86	2.67	6.89	4.90	3.79
Equity / assets	26.8%	23.0%	22.6%	17.6%	19.0%	18.1%	14.3%	6.5%	6.2%	8.4%

GSK plc quarterly balance sheet
	Jun '26	Mar '26	Sep '25	Mar '25	Dec '24	Sep '24	Jun '24	Mar '24	Dec '23	Sep '23
Assets
Cash & short-term investments	£3.09B	£4.54B	£4.45B	£5.79B	£3.71B	£3.21B	£3.77B	£5.17B	£6.61B	£8.16B
Cash & equivalents	£3.09B	£4.54B	£4.44B	£5.76B	£3.69B	£3.19B	£3.74B	£3.52B	£3.74B	£3.88B
Short-term investments	£993,964	£1.3M	£10.0M	£27.1M	£21.0M	£20.0M	£26.5M	£1.65B	£2.86B	£4.28B
Receivables	£8.03B	£10.47B	£11.18B	£9.68B	£6.00B	£7.38B	£9.83B	£9.21B	£9.44B	£10.83B
Inventory	£6.24B	£8.12B	£8.24B	£7.74B	£5.67B	£5.92B	£7.41B	£7.20B	£7.01B	£6.69B
Other current assets	£96.4M	£295.4M	£153.5M	£127.8M	£1.61B	£785.0M	£182.0M	£147.8M	£715.2M	£247.8M
Total current assets	£17.45B	£23.42B	£24.02B	£23.34B	£17.00B	£17.30B	£21.19B	£21.73B	£23.77B	£25.92B
Property, plant & equipment (net)	£9.97B	£13.24B	£13.64B	£12.87B	£10.07B	£9.72B	£12.42B	£12.46B	£12.69B	£11.54B
Goodwill & intangible assets	£24.04B	£33.53B	£32.29B	£29.92B	£22.50B	£21.69B	£28.36B	£28.61B	£27.51B	£27.18B
Long-term investments	£0	£0	£0	£0	£0	£0	£0	£0	£0	£0
Other non-current assets	£9.90B	£12.72B	£12.63B	£12.22B	£9.90B	£9.34B	£11.44B	£11.11B	£11.25B	£9.64B
Total assets	£61.37B	£82.91B	£82.58B	£78.35B	£59.46B	£58.05B	£73.40B	£73.91B	£75.22B	£74.29B
Liabilities
Accounts payable	£14.26B	£18.90B	£15.68B	£19.55B	£3.46B	£14.38B	£18.01B	£18.47B	£20.20B	£19.02B
Short-term debt	£4.27B	£6.65B	£3.84B	£2.53B	£2.35B	£2.81B	£4.25B	£3.30B	£3.59B	£5.91B
Deferred revenue	—	—	—	—	—	—	£731.0M	£720.0M	£500.0M	£941.0M
Total current liabilities	£21.40B	£29.58B	£28.72B	£26.89B	£21.70B	£21.46B	£25.72B	£25.07B	£26.86B	£27.33B
Long-term debt	£0	£0	£14.89B	£16.47B	£14.64B	£13.24B	£0	£0	£14.15B	£15.99B
Lease obligations	—	—	—	—	£1.10B	—	—	—	£1.21B	—
Other long-term liabilities	£22.89B	£30.35B	£17.76B	£17.37B	£10.04B	£9.89B	£30.28B	£32.13B	£17.90B	£15.56B
Total liabilities	£44.29B	£59.93B	£61.37B	£60.73B	£46.38B	£44.60B	£55.99B	£57.20B	£58.91B	£58.88B
Shareholders' equity
Common stock & paid-in capital	£1.34B	£1.78B	£1.82B	£1.74B	£1.35B	£1.35B	£1.70B	£1.70B	£5.17B	£5.10B
Retained earnings (deficit)	£11.39B	£15.28B	£13.48B	£10.72B	£7.80B	£8.19B	£10.85B	£10.02B	£9.23B	£8.56B
Treasury stock	—	—	—	—	—	—	—	—	−£3.45B	−£3.80B
Accumulated other comprehensive income	£1.32B	£1.86B	£1.75B	£1.31B	£83.0M	£1.00B	£1.22B	£1.37B	£2.04B	£1.61B
Minority interest	−£468.0M	−£430.0M	−£396.0M	—	—	—	—	—	−£552.0M	−£514.0M
Total shareholders' equity	£17.54B	£23.54B	£21.74B	£18.27B	£13.67B	£14.01B	£18.17B	£17.48B	£17.01B	£16.03B
Key figures
Total debt	£18.13B	£25.13B	£23.90B	£23.79B	£16.99B	£16.06B	£21.42B	£22.45B	£22.97B	£25.43B
Net cash (debt)	−£15.04B	−£20.59B	−£19.45B	−£18.00B	−£13.27B	−£12.85B	−£17.65B	−£17.28B	−£16.36B	−£17.27B
Working capital	−£3.95B	−£6.16B	−£4.70B	−£3.54B	−£4.70B	−£4.16B	−£4.53B	−£3.34B	−£3.09B	−£1.40B
Tangible book value	−£6.50B	−£9.99B	−£10.55B	−£11.65B	−£8.83B	−£7.68B	−£10.19B	−£11.12B	−£10.49B	−£11.15B
Shares outstanding	2.03B	2.04B	2.05B	2.07B	2.07B	2.04B	2.06B	2.06B	2.06B	2.06B
Current ratio	0.82	0.79	0.84	0.87	0.78	0.81	0.82	0.87	0.88	0.95
Quick ratio	0.52	0.51	0.54	0.58	0.45	0.49	0.53	0.57	0.60	0.69
Debt / equity	1.03	1.07	1.10	1.30	1.24	1.15	1.18	1.28	1.35	1.59
Equity / assets	28.6%	28.4%	26.3%	23.3%	23.0%	24.1%	24.8%	23.7%	22.6%	21.6%

Quarterly columns are labeled by the month the quarter ended. Figures in British pounds as reported (latest annual report filed March 6, 2026); data from EODHD.

GSK financial position

At the end of fiscal 2025 (December 31, 2025), GSK had total assets of £61.0 billion (up 2.6% from a year earlier), total liabilities of £45.0 billion and shareholders' equity of £16.3 billion. It held £3.4 billion in cash and short-term investments against £17.7 billion of debt, net debt of £14.3 billion. Its current ratio was 0.82. In the latest quarter (ended June 30, 2026) total assets were £61.4 billion and equity £17.5 billion.

Related: GSK income statement. See the GSK stock overview for the latest quote and news.

GSK balance sheet FAQ

What are GSK's total assets?

GSK reported total assets of £61.0 billion at the end of fiscal 2025 (December 31, 2025), compared with £59.5 billion a year earlier.

How much debt does GSK have?

GSK had £17.7 billion of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 1.08.

How much cash does GSK have?

GSK held £3.4 billion in cash and short-term investments at the end of fiscal 2025; with £17.7 billion of debt that is net debt of £14.3 billion.

What is GSK's book value?

GSK's shareholders' equity (book value) was £16.3 billion at the end of fiscal 2025.

What is GSK's current ratio?

GSK had current assets of £17.5 billion and current liabilities of £21.4 billion, a current ratio of 0.82 (current liabilities exceed current assets).

How much goodwill does GSK have?

GSK carried £23.7 billion of goodwill and intangible assets, 38.9% of total assets, at the end of fiscal 2025.