Pearson plc (PSO) Balance Sheet

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

PSO balance sheet, 2025

December 31, 2025 · British pounds

£6.45B assets = £2.79B liabilities + £3.66B equity

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

PSO financial health

Current ratio2.00

Comfortable · current assets cover current liabilities 2.00×

Debt / equity0.41

Low leverage · £0.41 of debt for each $1 of equity

Equity / assets56.5%

Equity-funded · of assets funded by shareholders

Cash / debt22.4%

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

Goodwill & intangibles46.6%

Acquisition-heavy · of total assets

Descriptive bands, not a rating. Fiscal 2025.

PSO balance sheet trends, 2016–2025

Pearson plc balance sheet trends
Metric	Then	Latest	Change
Total assets	£10.07B2016	£6.45B2025	−4.8%/yr
Total liabilities	£5.72B2016	£2.79B2025	−7.7%/yr
Shareholders’ equity	£4.34B2016	£3.64B2025	−1.9%/yr
Cash & short-term investments	£1.47B2016	£332.4M2025	−15.2%/yr
Total debt	£2.47B2016	£1.48B2025	−5.5%/yr
Net cash (debt)	−£999.0M2016	−£1.15B2025	−£149.6M
Working capital	£2.16B2016	£1.16B2025	−£1.0B
Current ratio	2.122016	2.002025	−0.12
Debt / equity	0.572016	0.412025	−0.16
Shares outstanding	814.8M2016	660.3M2025	−2.3%/yr

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

PSO assets

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

PSO liabilities and equity

Current liabilitiesLong-term debtOther long-term liabilitiesEquity

PSO debt vs cash

Total debtCash & ST investmentsNet cash (debt)

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

PSO balance sheet in British pounds

Pearson plc annual balance sheet
	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Assets
Cash & short-term investments	£332.4M	£543.0M	£312.0M	£558.0M	£937.0M	£1.10B	£437.0M	£568.0M	£526.0M	£1.47B
Cash & equivalents	£332.4M	£543.0M	£312.0M	£558.0M	£937.0M	£1.10B	£437.0M	£568.0M	£518.0M	£1.46B
Short-term investments	£6.0M	£99.0M	£234.0M	£289.0M	£277.0M	£516.0M	£61.0M	£36.0M	£8.0M	£10.0M
Receivables	£1.10B	£1.01B	£831.0M	£856.0M	£882.0M	£825.0M	£1.13B	£1.07B	£740.0M	£1.21B
Inventory	£65.9M	£74.0M	£91.0M	£105.0M	£98.0M	£129.0M	£169.0M	£164.0M	£148.0M	£235.0M
Other current assets	£822.6M	£1.10B	£1.20B	£1.30B	£1.30B	£1.29B	£1.43B	£1.57B	£1.87B	£1.17B
Total current assets	£2.32B	£2.73B	£2.43B	£2.82B	£3.22B	£3.34B	£3.17B	£3.38B	£3.29B	£4.08B
Property, plant & equipment (net)	£209.6M	£216.0M	£217.0M	£250.0M	£366.0M	£515.0M	£618.0M	£237.0M	£281.0M	£343.0M
Goodwill & intangible assets	£3.00B	£3.03B	£3.09B	£3.18B	£2.77B	£2.74B	£2.90B	£3.01B	£2.96B	£3.44B
Long-term investments	£0	£0	£0	£0	£0	£0	£2.90B	£7.30B	£13.63B	£13.18B
Other non-current assets	£917.4M	£922.0M	£986.0M	£1.06B	£987.0M	£854.0M	£0	£0	£0	£0
Total assets	£6.45B	£6.89B	£6.73B	£7.31B	£7.34B	£7.45B	£7.65B	£7.91B	£7.89B	£10.07B
Liabilities
Accounts payable	£1.04B	£273.0M	£317.0M	£348.0M	£351.0M	£340.0M	£358.0M	£311.0M	£265.0M	£333.0M
Short-term debt	£123.9M	£315.0M	£67.0M	£97.0M	£155.0M	£254.0M	£107.0M	£69.0M	£19.0M	£44.0M
Deferred revenue	—	—	£5.0M	£340.0M	£330.0M	£304.0M	£777.0M	£321.0M	£541.0M	£65.0M
Total current liabilities	£1.16B	£1.48B	£1.40B	£1.48B	£1.58B	£1.65B	£1.49B	£2.13B	£2.21B	£1.92B
Long-term debt	£1.42B	£1.16B	£1.09B	£1.14B	£1.25B	£1.40B	£1.57B	£674.0M	£1.07B	£2.42B
Lease obligations	£478.0M	£517.0M	£547.0M	£534.0M	£633.0M	£683.0M	£838.0M	£5.0M	£8.0M	£9.0M
Other long-term liabilities	£212.1M	£204.0M	£241.0M	£286.0M	£238.0M	£275.0M	£263.0M	£572.0M	£596.0M	£1.37B
Total liabilities	£2.79B	£2.84B	£2.74B	£2.91B	£3.06B	£3.32B	£3.33B	£3.38B	£3.87B	£5.72B
Shareholders' equity
Common stock & paid-in capital	£157.7M	£166.0M	£174.0M	£179.0M	£189.0M	£188.0M	£195.0M	£195.0M	£200.0M	£205.0M
Retained earnings (deficit)	£627.9M	£827.0M	£745.0M	£881.0M	£1.07B	£865.0M	£911.0M	£1.04B	£662.0M	£716.0M
Treasury stock	—	—	—	—	−£12.0M	−£7.0M	−£24.0M	−£33.0M	−£61.0M	−£79.0M
Accumulated other comprehensive income	£211.6M	£403.0M	£432.0M	£724.0M	£400.0M	£459.0M	£617.0M	£708.0M	£610.0M	£905.0M
Minority interest	£15.0M	£15.0M	£14.0M	£13.0M	—	—	£0	£0	£0	£0
Total shareholders' equity	£3.64B	£4.04B	£3.97B	£4.40B	£4.27B	£4.12B	£4.31B	£4.52B	£4.01B	£4.34B
Key figures
Total debt	£1.48B	£1.47B	£1.16B	£1.24B	£1.40B	£1.65B	£1.68B	£720.0M	£1.08B	£2.47B
Net cash (debt)	−£1.15B	−£929.0M	−£849.0M	−£683.0M	−£463.0M	−£554.0M	−£1.24B	−£152.0M	−£559.0M	−£999.0M
Working capital	£1.16B	£1.25B	£1.03B	£1.34B	£1.64B	£1.70B	£1.68B	£1.24B	£1.08B	£2.16B
Tangible book value	£637.9M	£1.01B	£883.0M	£1.23B	£1.50B	£1.38B	£1.41B	£1.51B	£1.05B	£902.0M
Shares outstanding	660.3M	684.0M	717.3M	742.0M	759.1M	755.4M	777.5M	778.7M	813.7M	814.8M
Current ratio	2.00	1.85	1.73	1.91	2.04	2.03	2.13	1.58	1.49	2.12
Quick ratio	1.23	1.05	0.81	0.96	1.15	1.17	1.05	0.77	0.57	1.39
Debt / equity	0.41	0.36	0.29	0.28	0.33	0.40	0.39	0.16	0.27	0.57
Equity / assets	56.5%	58.6%	59.1%	60.2%	58.2%	55.4%	56.4%	57.1%	50.9%	43.2%

Pearson plc quarterly balance sheet
	Jun '26	Dec '25	Dec '24	Jun '24	Mar '24	Dec '23	Sep '23	Jun '23	Mar '23	Dec '22
Assets
Cash & short-term investments	£337.0M	£332.4M	£543.0M	£332.0M	£332.0M	£312.0M	£312.0M	£355.0M	£355.0M	£543.0M
Cash & equivalents	£337.0M	£332.4M	£543.0M	£332.0M	£332.0M	£312.0M	£312.0M	£355.0M	£355.0M	£543.0M
Short-term investments	—	—	—	£213.0M	—	—	—	−£239.0M	—	£289.0M
Receivables	£1.02B	£1.10B	£1.01B	£1.08B	£1.08B	£831.0M	£725.0M	£1.36B	£1.06B	£947.0M
Inventory	£71.6M	£65.9M	£74.0M	£89.0M	£89.0M	£91.0M	£91.0M	£110.0M	£110.0M	£105.0M
Other current assets	£834.9M	£822.6M	£1.10B	£1.02B	£1.02B	£1.20B	£1.30B	£688.7M	£989.0M	£1.21B
Total current assets	£2.27B	£2.32B	£2.73B	£2.52B	£2.52B	£2.43B	£2.43B	£2.51B	£2.51B	£2.80B
Property, plant & equipment (net)	£219.7M	£209.6M	£216.0M	£207.0M	£207.0M	£217.0M	£217.0M	£226.0M	£226.0M	£250.0M
Goodwill & intangible assets	£5.45B	£3.00B	£3.03B	£3.05B	£3.05B	£3.09B	£3.09B	£3.13B	£3.13B	£3.18B
Long-term investments	£0	£0	£0	£0	£0	£0	£0	£0	£0	£0
Other non-current assets	£0	£917.4M	£922.0M	£931.0M	£931.0M	£988.0M	£986.0M	£1.02B	£1.02B	£1.08B
Total assets	£6.33B	£6.45B	£6.89B	£6.71B	£6.71B	£6.73B	£6.73B	£6.88B	£6.88B	£7.31B
Liabilities
Accounts payable	£1.02B	£1.04B	£273.0M	£1.04B	£1.04B	£317.0M	£317.0M	£1.02B	£1.02B	£348.0M
Short-term debt	£69.6M	£123.9M	£315.0M	£313.0M	£357.0M	£67.0M	£72.0M	£80.0M	£11.0M	£97.0M
Deferred revenue	—	—	—	£15.0M	—	£32.0M	—	—	—	—
Total current liabilities	£1.13B	£1.16B	£1.48B	£1.42B	£1.42B	£1.40B	£1.40B	£1.16B	£1.16B	£1.46B
Long-term debt	£1.29B	£1.42B	£1.16B	£1.30B	£0	£1.09B	£0	£1.31B	£0	£1.14B
Lease obligations	£456.0M	£478.0M	£517.0M	£521.0M	—	£547.0M	—	£561.0M	—	£534.0M
Other long-term liabilities	£569.7M	£212.1M	£204.0M	£180.0M	£1.48B	£241.0M	£1.33B	£222.0M	£1.53B	£286.0M
Total liabilities	£3.00B	£2.79B	£2.84B	£2.90B	£2.90B	£2.74B	£2.74B	£2.69B	£2.69B	£2.89B
Shareholders' equity
Common stock & paid-in capital	£148.1M	£157.7M	£166.0M	£167.0M	£167.0M	£174.0M	£174.0M	£179.0M	£179.0M	£179.0M
Retained earnings (deficit)	£293.2M	£627.9M	£827.0M	£574.0M	£574.0M	£745.0M	£745.0M	£942.0M	£942.0M	£881.0M
Accumulated other comprehensive income	£265.4M	£211.6M	£403.0M	£426.0M	£426.0M	£432.0M	£432.0M	£439.0M	£439.0M	£724.0M
Minority interest	£16.0M	£15.0M	£15.0M	—	—	—	—	—	—	—
Total shareholders' equity	£3.32B	£3.64B	£4.04B	£3.80B	£3.80B	£3.97B	£3.97B	£4.17B	£4.17B	£4.40B
Key figures
Total debt	£1.75B	£1.48B	£1.47B	£1.61B	£1.60B	£1.16B	£1.14B	£1.38B	£1.36B	£1.22B
Net cash (debt)	−£1.41B	−£1.15B	−£929.0M	−£1.28B	−£1.26B	−£849.0M	−£828.0M	−£1.03B	−£1.01B	−£672.0M
Working capital	£1.13B	£1.16B	£1.25B	£1.10B	£1.10B	£1.03B	£1.03B	£1.35B	£1.35B	£1.34B
Tangible book value	−£2.13B	£637.9M	£1.01B	£746.0M	£746.0M	£883.0M	£883.0M	£1.05B	£1.05B	£1.23B
Shares outstanding	622.4M	650.7M	684.0M	687.4M	687.4M	715.7M	715.6M	719.0M	—	729.5M
Current ratio	2.00	2.00	1.85	1.78	1.78	1.73	1.73	2.16	2.16	1.91
Quick ratio	1.20	1.23	1.05	1.00	1.00	0.81	0.74	1.47	1.22	1.02
Debt / equity	0.53	0.41	0.36	0.42	0.42	0.29	0.29	0.33	0.33	0.28
Equity / assets	52.5%	56.5%	58.6%	56.6%	56.6%	59.1%	59.1%	60.7%	60.7%	60.2%

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.

PSO financial position

At the end of fiscal 2025 (December 31, 2025), Pearson had total assets of £6.4 billion (down 6.5% from a year earlier), total liabilities of £2.8 billion and shareholders' equity of £3.6 billion. It held £332.4 million in cash and short-term investments against £1.5 billion of debt, net debt of £1.1 billion. Its current ratio was 2.00. In the latest quarter (ended June 30, 2026) total assets were £6.3 billion and equity £3.3 billion.

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

PSO balance sheet FAQ

What are Pearson's total assets?

Pearson reported total assets of £6.4 billion at the end of fiscal 2025 (December 31, 2025), compared with £6.9 billion a year earlier.

How much debt does Pearson have?

Pearson had £1.5 billion of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 0.41.

How much cash does Pearson have?

Pearson held £332.4 million in cash and short-term investments at the end of fiscal 2025; with £1.5 billion of debt that is net debt of £1.1 billion.

What is Pearson's book value?

Pearson's shareholders' equity (book value) was £3.6 billion at the end of fiscal 2025.

What is Pearson's current ratio?

Pearson had current assets of £2.3 billion and current liabilities of £1.2 billion, a current ratio of 2.00 (it can cover its short-term obligations).

How much goodwill does Pearson have?

Pearson carried £3.0 billion of goodwill and intangible assets, 46.6% of total assets, at the end of fiscal 2025.