Haleon plc (HLN) Cash Flow Statement
Where HLN’s cash came from and went, 2025
December 31, 2025 · British pounds- Cash from operations
- £2.29B −0.7% vs 2024
- Capital expenditures
- £314.9M 2.9% of revenue
- Free cash flow
- £1.97B 17.9% margin
- Returned to shareholders
- £1.24B 63% of free cash flow
- Change in cash
- −£769.7M cash at year-end £1.32B
Drawn to scale: where the cash came from and how it was used. Hover for values.
HLN operating cash flow, capex and free cash flow
HLN cash flow trends, 2019–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | £786.0M2019 | £2.29B2025 | +19.5%/yr | |
| Capital expenditures | £243.0M2019 | £314.9M2025 | +4.4%/yr | |
| Free cash flow | £543.0M2019 | £1.97B2025 | +24.0%/yr | |
| Free cash flow margin | 6.4%2019 | 17.9%2025 | +11.5 pts | |
| Operating cash flow / net income | 1.142019 | 1.402025 | +0.26 | |
| Stock-based compensation | −£261.0M2019 | £86.0M2025 | — | |
| Dividends paid | £1.15B2019 | £598.6M2025 | −10.3%/yr | |
| Share buybacks (net) | £02022 | £639.7M2025 | — | |
| Capex / revenue | 2.9%2019 | 2.9%2025 | 0.0 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
HLN cash flow by activity
HLN net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
HLN cash flow statement in British pounds
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|
| Operating activities | |||||||
| Net income | £1.63B | £1.44B | £1.30B | £1.12B | £1.44B | £1.18B | £687.0M |
| Depreciation & amortization | £352.1M | £324.0M | £309.0M | £287.0M | £268.0M | £305.0M | £260.0M |
| Stock-based compensation | £86.0M | £102.0M | £88.0M | £61.0M | −£376.0M | −£702.0M | −£261.0M |
| Change in working capital | £250.4M | £48.0M | −£107.0M | £181.0M | −£152.0M | £15.0M | −£461.0M |
| Other non-cash items | −£33.2M | £385.0M | £506.0M | £415.0M | £177.0M | £608.0M | £561.0M |
| Cash from operating activities | £2.29B | £2.30B | £2.10B | £2.06B | £1.36B | £1.41B | £786.0M |
| Investing activities | |||||||
| Capital expenditures | −£314.9M | −£250.0M | −£336.0M | −£328.0M | −£298.0M | −£318.0M | −£243.0M |
| Investments (net) | −£6.0M | £528.0M | −£134.0M | −£8.78B | £100.0M | £158.0M | £219.0M |
| Acquisitions & other investing | −£246.3M | £250.0M | £336.0M | £328.0M | £165.0M | £1.19B | £315.0M |
| Cash from investing activities | −£567.3M | £528.0M | −£134.0M | −£8.78B | −£33.0M | £1.03B | £291.0M |
| Financing activities | |||||||
| Dividends paid | −£598.6M | −£570.0M | −£388.0M | −£2.68B | −£1.15B | −£2.37B | −£1.15B |
| Share repurchases & issuance (net) | −£639.7M | −£121.0M | −£38.0M | £0 | — | — | — |
| Net borrowing (repayment) | −£1.31B | £652.0M | −£553.0M | £9.44B | −£30.0M | −£16.0M | −£41.0M |
| Shares issued | £0 | £0 | £0 | £0 | £0 | £0 | £0 |
| Other financing | −£10.5M | −£1.50B | −£589.0M | £152.0M | −£58.0M | −£50.0M | £268.0M |
| Cash from financing activities | −£2.55B | −£1.54B | −£1.57B | £6.91B | −£1.24B | −£2.44B | −£925.0M |
| Summary | |||||||
| Net change in cash | −£769.7M | £1.21B | £383.0M | £205.0M | £82.0M | −£6.0M | £138.0M |
| Cash at end of period | £1.32B | £2.21B | £994.0M | £611.0M | £405.0M | £323.0M | £329.0M |
| Free cash flow | £1.97B | £2.05B | £1.76B | £1.74B | £1.06B | £1.09B | £543.0M |
| Free cash flow margin | 17.9% | 18.3% | 15.6% | 16.0% | 11.1% | 11.0% | 6.4% |
| Capex / revenue | 2.9% | 2.2% | 3.0% | 3.0% | 3.1% | 3.2% | 2.9% |
| Operating cash flow / net income | 1.40 | 1.60 | 1.61 | 1.84 | 0.94 | 1.19 | 1.14 |
| Jun '26 | Mar '25 | Dec '24 | Jun '24 | Jun '23 | |
|---|---|---|---|---|---|
| Operating activities | |||||
| Net income | £767.6M | £403.0M | £716.0M | £726.0M | £687.0M |
| Depreciation & amortization | £169.2M | £88.0M | £168.4M | £106.0M | £98.0M |
| Stock-based compensation | — | £21.0M | £102.0M | £49.0M | £36.0M |
| Change in working capital | −£241.8M | −£122.5M | −£387.0M | −£557.0M | −£581.0M |
| Other non-cash items | £207.5M | £124.0M | £1.70B | £518.0M | £509.0M |
| Cash from operating activities | £902.6M | £513.5M | £2.30B | £842.0M | £749.0M |
| Investing activities | |||||
| Capital expenditures | −£110.8M | −£48.0M | −£318.0M | −£112.0M | −£144.0M |
| Acquisitions & other investing | £22.2M | £10.0M | £846.0M | £347.0M | −£44.0M |
| Cash from investing activities | −£88.6M | −£38.0M | £528.0M | £235.0M | −£188.0M |
| Financing activities | |||||
| Dividends paid | −£439.2M | −£207.5M | −£570.0M | −£388.0M | — |
| Share repurchases & issuance (net) | −£460.4M | −£186.0M | −£624.0M | −£317.0M | — |
| Shares issued | £0 | £0 | £0 | £0 | £0 |
| Other financing | −£445.3M | −£865.0M | −£343.0M | −£871.0M | −£678.0M |
| Cash from financing activities | −£1.34B | −£1.26B | −£1.54B | −£1.58B | −£678.0M |
| Summary | |||||
| Net change in cash | −£512.6M | — | £1.21B | −£502.0M | −£150.0M |
| Cash at end of period | £821.0M | £2.82B | — | — | — |
| Free cash flow | £791.8M | £465.5M | £1.98B | £730.0M | £605.0M |
| Free cash flow margin | 14.0% | 17.0% | 35.8% | 12.8% | 10.5% |
| Capex / revenue | 2.0% | 1.8% | 5.7% | 2.0% | 2.5% |
| Operating cash flow / net income | 1.18 | 1.27 | 3.21 | 1.16 | 1.09 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in British pounds as reported; data from EODHD.
HLN cash generation
In fiscal 2025 (ended December 31, 2025), Haleon generated £2.3 billion of cash from operations (down 0.7%) and spent £314.9 million on capital expenditures, leaving free cash flow of £2.0 billion, 17.9% of revenue. It returned £1.2 billion to shareholders through dividends (£598.6 million) and net share buybacks (£639.7 million). Cash and equivalents fell by £769.7 million over the year.
Related: HLN income statement, HLN balance sheet, HLN dividend history. See the HLN stock overview for the latest quote and news.
HLN cash flow FAQ
What is Haleon's free cash flow?
Haleon's free cash flow was £2.0 billion in fiscal 2025: £2.3 billion of operating cash flow minus £314.9 million of capital expenditures It was £2.1 billion a year earlier..
How much cash does Haleon generate from operations?
Haleon generated £2.3 billion of cash from operating activities in fiscal 2025, 1.40 times its net income of £1.6 billion.
How much does Haleon spend on capital expenditures?
Haleon spent £314.9 million on capital expenditures in fiscal 2025, 2.9% of revenue, compared with £250.0 million the year before.
How much stock does Haleon buy back?
Haleon spent £639.7 million on net share repurchases in fiscal 2025.
How much does Haleon pay in dividends?
Haleon paid £598.6 million in dividends in fiscal 2025, 30.4% of free cash flow.