Haleon plc (HLN) Balance Sheet

NYSE: HLNAssets, liabilities, debt and equity over 7 years.

HLN balance sheet, 2025

December 31, 2025 · British pounds

£32.57B assets = £16.12B liabilities + £16.46B equity

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

HLN financial health

Current ratio0.92

Tight · current assets cover current liabilities 0.92×

Debt / equity0.52

Moderate leverage · £0.52 of debt for each $1 of equity

Equity / assets50.3%

Equity-funded · of assets funded by shareholders

Cash / debt15.4%

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

Goodwill & intangibles78.6%

Mostly intangible · of total assets

Descriptive bands, not a rating. Fiscal 2025.

HLN balance sheet trends, 2019–2025

Haleon plc balance sheet trends
Metric	Then	Latest	Change
Total assets	£35.71B2019	£32.57B2025	−1.5%/yr
Total liabilities	£8.30B2019	£16.12B2025	+11.7%/yr
Shareholders’ equity	£27.32B2019	£16.40B2025	−8.2%/yr
Cash & short-term investments	£340.0M2019	£1.32B2025	+25.4%/yr
Total debt	£642.0M2019	£8.59B2025	+54.1%/yr
Net cash (debt)	−£302.0M2019	−£7.27B2025	−£7.0B
Working capital	£1.54B2019	−£382.3M2025	−£1.9B
Current ratio	1.362019	0.922025	−0.44
Debt / equity	0.022019	0.522025	+0.50
Shares outstanding	4.62B2019	4.51B2025	−0.4%/yr

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

HLN assets

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

HLN liabilities and equity

Current liabilitiesLong-term debtOther long-term liabilitiesEquity

HLN debt vs cash

Total debtCash & ST investmentsNet cash (debt)

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

HLN balance sheet in British pounds

Haleon plc annual balance sheet
	2025	2024	2023	2022	2021	2020	2019
Assets
Cash & short-term investments	£1.32B	£2.25B	£1.04B	£684.0M	£414.0M	£334.0M	£340.0M
Cash & equivalents	£1.32B	£2.19B	£1.04B	£684.0M	£414.0M	£334.0M	£340.0M
Short-term investments	£424.0M	£55.0M	—	£78.0M	£1.0M	£1.0M	£1.0M
Receivables	£2.12B	£1.90B	£1.35B	£1.49B	£3.83B	£1.35B	£3.99B
Inventory	£1.02B	£1.19B	£1.41B	£1.35B	£951.0M	£949.0M	£1.21B
Other current assets	£77.9M	£374.0M	£1.01B	£540.0M	£61.0M	£2.38B	£266.0M
Total current assets	£4.54B	£5.72B	£4.82B	£4.06B	£5.25B	£5.01B	£5.81B
Property, plant & equipment (net)	£1.99B	£1.92B	£1.90B	£1.90B	£1.66B	£1.60B	£1.62B
Goodwill & intangible assets	£25.61B	£26.21B	£26.86B	£28.44B	£27.20B	£27.22B	£28.01B
Long-term investments	£0	£0	£0	£0	£0	£0	£0
Other non-current assets	£424.2M	£465.0M	£480.0M	£421.0M	£343.0M	£302.0M	£267.0M
Total assets	£32.57B	£34.31B	£34.05B	£34.81B	£34.45B	£34.13B	£35.71B
Liabilities
Accounts payable	£3.72B	£1.97B	£1.85B	£1.83B	£1.58B	£1.83B	£1.90B
Short-term debt	£882.5M	£1.49B	£656.0M	£437.0M	£904.0M	£382.0M	£521.0M
Deferred revenue	£33.9M	—	£288.0M	£23.0M	£11.0M	£11.0M	£7.0M
Total current liabilities	£4.92B	£5.81B	£4.64B	£4.37B	£4.24B	£4.01B	£4.27B
Long-term debt	£7.77B	£8.64B	£8.80B	£10.00B	£87.0M	£105.0M	£121.0M
Lease obligations	£133.0M	£123.0M	£137.0M	£161.0M	£117.0M	£139.0M	£161.0M
Other long-term liabilities	£3.42B	£3.64B	£3.89B	£3.98B	£3.65B	£3.79B	£3.91B
Total liabilities	£16.12B	£18.09B	£17.33B	£18.36B	£7.97B	£7.91B	£8.30B
Shareholders' equity
Common stock & paid-in capital	£89.8M	£91.0M	£92.0M	£92.0M	£1.0M	£1.0M	£1.0M
Retained earnings (deficit)	£16.13B	£27.27B	£27.47B	£26.73B	£37.99B	£37.76B	£5.11B
Accumulated other comprehensive income	£335.4M	£761.5M	−£10.96B	£1.20B	−£11.63B	−£11.65B	£1.37B
Minority interest	£59.0M	£58.0M	£123.0M	£126.0M	—	—	—
Total shareholders' equity	£16.40B	£16.17B	£16.61B	£16.33B	£26.36B	£26.11B	£27.32B
Key figures
Total debt	£8.59B	£10.10B	£9.46B	£10.44B	£991.0M	£487.0M	£642.0M
Net cash (debt)	−£7.27B	−£7.85B	−£8.41B	−£9.76B	−£577.0M	−£153.0M	−£302.0M
Working capital	−£382.3M	−£94.0M	£178.0M	−£311.0M	£1.01B	£994.0M	£1.54B
Tangible book value	−£9.22B	−£10.04B	−£10.25B	−£12.11B	−£840.0M	−£1.11B	−£691.0M
Shares outstanding	4.51B	4.59B	4.63B	4.62B	4.62B	4.62B	4.62B
Current ratio	0.92	0.98	1.04	0.93	1.24	1.25	1.36
Quick ratio	0.70	0.71	0.52	0.50	1.00	0.42	1.02
Debt / equity	0.52	0.62	0.57	0.64	0.04	0.02	0.02
Equity / assets	50.3%	47.1%	48.8%	46.9%	76.5%	76.5%	76.5%

Haleon plc quarterly balance sheet
	Jun '26	Dec '25	Mar '25	Dec '24	Jun '24	Dec '23	Jun '23
Assets
Cash & short-term investments	£821.0M	£1.32B	£676.0M	£2.25B	£531.0M	£1.04B	£490.0M
Cash & equivalents	£821.0M	£1.32B	£676.0M	£2.19B	£531.0M	£1.04B	£490.0M
Short-term investments	—	—	—	£55.0M	−£6.0M	£2.09B	£980.0M
Receivables	£2.33B	£2.12B	£2.14B	£1.90B	£2.14B	£1.35B	£2.04B
Inventory	£1.06B	£1.02B	£1.13B	£1.19B	£1.46B	£1.41B	£1.50B
Other current assets	£45.7M	£77.9M	£194.0M	£374.0M	£581.0M	£1.01B	£166.0M
Total current assets	£4.27B	£4.54B	£4.14B	£5.72B	£4.71B	£4.82B	£4.20B
Property, plant & equipment (net)	£2.05B	£1.99B	£1.87B	£1.92B	£1.86B	£1.90B	£1.85B
Goodwill & intangible assets	£25.59B	£25.61B	£25.36B	£26.21B	£26.37B	£26.86B	£27.67B
Long-term investments	£0	£0	£0	£0	£0	£0	£0
Other non-current assets	£483.1M	£424.2M	£450.0M	£465.0M	£458.0M	£480.0M	£441.0M
Total assets	£32.38B	£32.57B	£31.83B	£34.31B	£33.40B	£34.05B	£34.16B
Liabilities
Accounts payable	£3.77B	£3.72B	£3.56B	£1.97B	£3.60B	£1.85B	£3.51B
Short-term debt	£1.95B	£882.5M	£866.0M	£1.49B	£1.45B	£656.0M	£1.13B
Deferred revenue	—	£33.9M	—	—	£56.0M	—	—
Total current liabilities	£6.21B	£4.92B	£4.76B	£5.81B	£5.62B	£4.64B	£4.99B
Long-term debt	£0	£7.77B	£0	£8.64B	£7.41B	£8.80B	£8.77B
Lease obligations	—	£133.0M	—	£123.0M	£122.0M	£137.0M	£146.0M
Other long-term liabilities	£9.84B	£3.42B	£11.07B	£3.64B	£3.66B	£3.89B	£3.84B
Total liabilities	£16.04B	£16.12B	£15.83B	£18.09B	£16.69B	£17.33B	£17.60B
Shareholders' equity
Common stock & paid-in capital	£87.5M	£89.8M	£90.0M	£91.0M	£91.0M	£92.0M	£92.0M
Retained earnings (deficit)	£27.52B	£16.13B	£27.27B	£27.27B	£27.53B	£27.47B	£27.24B
Accumulated other comprehensive income	−£11.33B	£335.4M	−£11.42B	£761.5M	−£11.02B	−£10.96B	−£10.88B
Minority interest	—	£59.0M	—	£58.0M	—	—	—
Total shareholders' equity	£16.28B	£16.40B	£15.94B	£16.17B	£16.60B	£16.61B	£16.45B
Key figures
Total debt	£8.20B	£8.59B	£8.54B	£10.10B	£8.86B	£9.46B	£9.87B
Net cash (debt)	−£7.38B	−£7.27B	−£7.87B	−£7.85B	−£8.33B	−£8.41B	−£9.38B
Working capital	−£1.94B	−£382.3M	−£620.0M	−£94.0M	−£914.0M	£178.0M	−£785.0M
Tangible book value	−£9.31B	−£9.22B	−£9.42B	−£10.04B	−£9.77B	−£10.25B	−£11.22B
Shares outstanding	4.46B	4.48B	4.53B	4.61B	4.61B	4.62B	4.63B
Current ratio	0.69	0.92	0.87	0.98	0.84	1.04	0.84
Quick ratio	0.51	0.70	0.59	0.71	0.47	0.52	0.51
Debt / equity	0.50	0.52	0.54	0.62	0.53	0.57	0.60
Equity / assets	50.3%	50.3%	50.1%	47.1%	49.7%	48.8%	48.2%

Quarterly columns are labeled by the month the quarter ended. Figures in British pounds as reported (latest annual report filed March 13, 2026); data from EODHD.

HLN financial position

At the end of fiscal 2025 (December 31, 2025), Haleon had total assets of £32.6 billion (down 5.1% from a year earlier), total liabilities of £16.1 billion and shareholders' equity of £16.4 billion. It held £1.3 billion in cash and short-term investments against £8.6 billion of debt, net debt of £7.3 billion. Its current ratio was 0.92. In the latest quarter (ended June 30, 2026) total assets were £32.4 billion and equity £16.3 billion.

Related: HLN income statement, HLN cash flow statement, HLN key metrics. See the HLN stock overview for the latest quote and news.

HLN balance sheet FAQ

What are Haleon's total assets?

Haleon reported total assets of £32.6 billion at the end of fiscal 2025 (December 31, 2025), compared with £34.3 billion a year earlier.

How much debt does Haleon have?

Haleon had £8.6 billion of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 0.52.

How much cash does Haleon have?

Haleon held £1.3 billion in cash and short-term investments at the end of fiscal 2025; with £8.6 billion of debt that is net debt of £7.3 billion.

What is Haleon's book value?

Haleon's shareholders' equity (book value) was £16.4 billion at the end of fiscal 2025.

What is Haleon's current ratio?

Haleon had current assets of £4.5 billion and current liabilities of £4.9 billion, a current ratio of 0.92 (current liabilities exceed current assets).

How much goodwill does Haleon have?

Haleon carried £25.6 billion of goodwill and intangible assets, 78.6% of total assets, at the end of fiscal 2025.