Revenue grew 4.1% year-over-year in 2026Q2 to $8.4B, but operating margin swung to 5.7% from 30.1% in 2026Q1 due to a surge in R&D spending to $3.5B (41.7% of revenue).
GSK plc (GSK) annual income statement — 30-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Sales/Revenue | 33.2B | 32.67B | 31.38B | 30.33B | 29.32B | 24.7B | 24.35B | 33.75B | 30.82B | 30.19B | 27.89B | 23.92B | 23.01B | 26.5B | 26.43B | 27.39B | 28.39B | 28.37B | 24.35B | 22.74B | 23.22B | 21.66B | 19.98B | 21.41B | 21.21B | 20.53B | 18.08B | 8.49B | 7.98B | 7.98B | 8.34B |
| Revenue Growth % | 3.22% | 4.11% | 3.46% | 3.42% | 18.74% | 1.4% | -27.85% | 9.52% | 2.1% | 8.24% | 16.58% | 3.99% | -13.2% | 0.28% | -3.49% | -3.54% | 0.08% | 16.49% | 7.1% | -2.06% | 7.21% | 8.4% | -6.71% | 0.95% | 3.3% | 13.58% | 112.94% | 6.35% | 0.04% | -4.33% | -20.49% |
| Cost of Goods Sold | 9.06B | 9.02B | 9.05B | 8.56B | 9.55B | 8.16B | 7.93B | 11.86B | 10.24B | 10.34B | 9.29B | 8.85B | 7.32B | 8.59B | 7.92B | 7.65B | 7.9B | 7.38B | 6.42B | 5.21B | 5.01B | 4.76B | 4.36B | 4.54B | 4.61B | 4.44B | 3.96B | 4.33B | 1.54B | 0 | 0 |
| COGS % of Revenue | - | 27.6% | 28.84% | 28.24% | 32.58% | 33.05% | 32.56% | 35.15% | 33.23% | 34.26% | 33.31% | 37.01% | 31.83% | 32.39% | 29.98% | 27.93% | 27.82% | 26.02% | 26.34% | 22.92% | 21.57% | 22% | 21.82% | 21.19% | 21.73% | 21.62% | 21.91% | 51.05% | 19.35% | - | - |
| Gross Profit | 24.15B | 23.65B | 22.33B | 21.76B | 19.77B | 16.53B | 16.43B | 21.89B | 20.58B | 19.84B | 18.6B | 15.07B | 15.68B | 17.92B | 18.51B | 19.74B | 20.49B | 20.99B | 17.94B | 17.53B | 18.21B | 16.89B | 15.62B | 16.88B | 16.6B | 16.09B | 14.12B | 4.16B | 6.44B | 7.98B | 8.34B |
| Gross Margin % | 72.73% | 72.4% | 71.16% | 71.76% | 67.42% | 66.95% | 67.44% | 64.85% | 66.77% | 65.74% | 66.69% | 62.99% | 68.17% | 67.61% | 70.02% | 72.07% | 72.18% | 73.98% | 73.66% | 77.08% | 78.43% | 78% | 78.18% | 78.81% | 78.27% | 78.38% | 78.09% | 48.95% | 80.65% | 100% | 100% |
| Gross Profit Growth % | - | 5.92% | 2.6% | 10.08% | 19.58% | 0.66% | -24.97% | 6.37% | 3.71% | 6.69% | 23.42% | -3.91% | -12.48% | -3.17% | -6.25% | -3.68% | -2.35% | 17.01% | 2.33% | -3.74% | 7.8% | 8.15% | -7.44% | 1.64% | 3.16% | 14.01% | 239.68% | -35.45% | -19.32% | -4.33% | -20.49% |
| Operating Expenses | 17.27B | 15.31B | 18.31B | 15.02B | 13.34B | 12.18B | 10.45B | 14.93B | 15.1B | 15.76B | 16B | 4.75B | 12.09B | 10.89B | 11.21B | 11.93B | 16.71B | 12.56B | 10.8B | 9.59B | 10.4B | 16.53B | 9.87B | 10.49B | 11.05B | 9.99B | 9.39B | 1.53B | 3.75B | 5.16B | 5.21B |
| OpEx % of Revenue | - | 46.87% | 58.35% | 49.52% | 45.48% | 49.3% | 42.89% | 44.23% | 48.98% | 52.2% | 57.37% | 19.85% | 52.53% | 41.09% | 42.4% | 43.57% | 58.86% | 44.29% | 44.33% | 42.17% | 44.81% | 76.32% | 49.39% | 49% | 52.1% | 48.66% | 51.93% | 18.03% | 47.04% | 64.64% | 62.45% |
| Selling, General & Admin | 9.2B | 9.09B | 11.02B | 9.38B | 8.37B | 7.07B | 7.44B | 11.4B | 9.91B | 9.67B | 9.37B | 9.23B | 8.25B | 8.48B | 8.79B | 8.51B | 12.75B | 9.59B | 7.66B | 6.82B | 7.25B | 7.25B | 7.2B | 7.57B | 0 | 7.47B | 0 | 0 | 0 | 0 | 0 |
| SG&A % of Revenue | - | 27.82% | 35.11% | 30.95% | 28.55% | 28.63% | 30.54% | 33.78% | 32.17% | 32.04% | 33.58% | 38.59% | 35.84% | 31.99% | 33.25% | 31.07% | 44.9% | 33.81% | 31.44% | 30.01% | 31.25% | 33.47% | 36.03% | 35.36% | - | 36.37% | - | - | - | - | - |
| Research & Development | 9.2B | 7.53B | 6.4B | 6.22B | 5.49B | 5.02B | 4.79B | 4.57B | 3.89B | 4.48B | 3.63B | 3.56B | 3.45B | 3.92B | 3.98B | 4.01B | 4.46B | 4.11B | 3.68B | 3.24B | 3.46B | 3.14B | 2.9B | 2.79B | 2.9B | 2.56B | 2.53B | 1.27B | 1.16B | 1.15B | 1.16B |
| R&D % of Revenue | - | 23.04% | 20.4% | 20.52% | 18.71% | 20.32% | 19.68% | 13.53% | 12.63% | 14.83% | 13.01% | 14.88% | 15% | 14.8% | 15.05% | 14.64% | 15.7% | 14.47% | 15.12% | 14.25% | 14.89% | 14.48% | 14.53% | 13.02% | 13.67% | 12.47% | 13.97% | 14.95% | 14.57% | 14.39% | 13.92% |
| Other Operating Expenses | -4M | -1.3B | 891M | -590M | -523M | 87M | -1.78B | -1.04B | 1.29B | 1.61B | 3.01B | -8.04B | 390M | -1.51B | -1.56B | -587M | -493M | -1.14B | -541M | -475M | -307.78M | 6.14B | -235.13M | 133.28M | 8.15B | -37.16M | 6.86B | 262M | 2.59B | 4.01B | 4.05B |
| Operating Income | 6.87B | 8.34B | 4.02B | 6.75B | 6.43B | 4.36B | 5.98B | 6.96B | 5.48B | 4.09B | 2.6B | 10.32B | 3.6B | 7.03B | 7.3B | 7.81B | 3.78B | 8.43B | 7.14B | 7.94B | 7.19B | 6.86B | 5.26B | 6.38B | 5.55B | 6.1B | 4.73B | 2.63B | 2.68B | 2.82B | 3.13B |
| Operating Margin % | 20.7% | 25.52% | 12.82% | 22.24% | 21.94% | 17.64% | 24.55% | 20.62% | 17.79% | 13.54% | 9.32% | 43.15% | 15.64% | 26.52% | 27.62% | 28.51% | 13.32% | 29.7% | 29.32% | 34.91% | 30.95% | 31.7% | 26.33% | 29.81% | 26.17% | 29.72% | 26.16% | 30.92% | 33.61% | 35.36% | 37.55% |
| Operating Income Growth % | - | 107.36% | -40.39% | 4.85% | 47.65% | -27.13% | -14.11% | 26.96% | 34.16% | 57.31% | -74.83% | 186.96% | -48.82% | -3.73% | -6.49% | 106.37% | -55.1% | 17.98% | -10.05% | 10.48% | 4.68% | 30.52% | -17.61% | 15% | -9.05% | 29.06% | 80.15% | -2.16% | -4.93% | -9.9% | 31.49% |
| EBITDA | 11.15B | 10.65B | 6.57B | 9.04B | 8.58B | 6.48B | 8.03B | 9.08B | 7.34B | 6.01B | 4.37B | 11.95B | 5.08B | 8.44B | 8.74B | 9.23B | 5.46B | 9.99B | 8.37B | 8.96B | 8.14B | 7.77B | 6.12B | 7.24B | 6.38B | 6.92B | 5.46B | 3.05B | 3.04B | 3.19B | 3.54B |
| EBITDA Margin % | 33.57% | 32.61% | 20.95% | 29.8% | 29.26% | 26.24% | 32.97% | 26.9% | 23.81% | 19.91% | 15.68% | 49.96% | 22.09% | 31.85% | 33.09% | 33.7% | 19.24% | 35.21% | 34.38% | 39.41% | 35.08% | 35.87% | 30.63% | 33.82% | 30.05% | 33.68% | 30.22% | 35.96% | 38.09% | 40.04% | 42.46% |
| EBITDA Growth % | 4.57% | 62.08% | -27.29% | 5.35% | 32.43% | -19.3% | -11.58% | 23.74% | 22.13% | 37.44% | -63.42% | 135.23% | -39.81% | -3.46% | -5.25% | 68.99% | -45.31% | 19.29% | -6.58% | 10.04% | 4.83% | 26.97% | -15.52% | 13.61% | -7.82% | 26.57% | 78.97% | 0.39% | -4.82% | -9.8% | 21.51% |
| D&A (Non-Cash Add-back) | 4.27B | 2.31B | 2.55B | 2.29B | 2.15B | 2.12B | 2.05B | 2.12B | 1.86B | 1.92B | 1.77B | 1.63B | 1.48B | 1.41B | 1.45B | 1.42B | 1.68B | 1.56B | 1.23B | 1.02B | 958.04M | 903.7M | 858.68M | 859.04M | 824M | 812.8M | 735M | 428M | 358M | 373M | 410M |
| EBIT | 6.59B | 8.09B | 4.12B | 6.79B | 6.45B | 4.36B | 6.02B | 7.1B | 5.49B | 4.26B | 2.66B | 11.26B | 3.67B | 7.39B | 7.36B | 8.45B | 3.94B | 8.67B | 7.5B | 8.2B | 7.81B | 363.81M | 5.75B | 6.38B | 5.71B | 6.1B | 6.35B | 2.78B | 2.87B | 2.91B | 3.24B |
| Net Interest Income | -584M | -631M | -590.19M | -735M | -791.26M | -755M | -852M | -810.89M | -665.8M | -667M | -662M | -650M | -628.53M | -705M | -662.96M | -654.46M | -687.53M | -713M | -530M | -59.35M | -65M | -194M | -186M | 0 | -133M | 0 | -159M | -92M | -91M | -123M | -187M |
| Interest Income | 106M | 56M | 67.39M | 40M | 64.27M | 28M | 44M | 98M | 77.83M | 65M | 72M | 104M | 67.67M | 61M | 72.02M | 87.88M | 77.83M | 70M | 313M | 255.5M | 287M | 257M | 176M | 0 | 73M | 0 | 158M | 114M | 111M | 104M | 89M |
| Interest Expense | 690M | 687M | 657.58M | 775M | 855.53M | 784M | 892M | 912M | 743.64M | 734M | 736M | 757M | 696.2M | 767M | 734.97M | 742.34M | 765.36M | 783M | 843M | 314.85M | 352M | 451M | 362M | 161M | 206M | 1.15B | 317M | 206M | 202M | 227M | 276M |
| Other Income/Expense | -969M | -937M | -544M | -681M | -805M | -758M | -809M | -740M | -683M | -562M | -659M | 204M | -629M | -381M | -700M | -109M | -626M | -534M | -482M | -402.39M | 285.49M | 234.1M | 188.63M | -62.72M | -45M | -17.89M | 1.3B | -50M | -12M | -136M | -168M |
| Pretax Income | 5.9B | 7.4B | 3.48B | 6.06B | 5.63B | 3.6B | 5.17B | 6.22B | 4.8B | 3.52B | 1.94B | 10.53B | 2.97B | 6.65B | 6.6B | 7.7B | 3.16B | 7.89B | 6.66B | 7.54B | 7.47B | 7.1B | 5.45B | 6.32B | 5.51B | 6.09B | 6.03B | 2.58B | 2.67B | 2.69B | 2.96B |
| Pretax Margin % | 17.78% | 22.66% | 11.08% | 19.99% | 19.19% | 14.57% | 21.23% | 18.43% | 15.57% | 11.68% | 6.95% | 44% | 12.9% | 25.08% | 24.97% | 28.11% | 11.12% | 27.82% | 27.34% | 33.14% | 32.18% | 32.78% | 27.27% | 29.52% | 25.96% | 29.64% | 33.35% | 30.33% | 33.46% | 33.66% | 35.54% |
| Income Tax | 641M | 1.11B | 526M | 756M | 707M | 83M | 67M | 953M | 754M | 1.36B | 877M | 2.15B | 137M | 1.02B | 1.92B | 2.24B | 1.3B | 2.22B | 1.95B | 2.15B | 2.2B | 2.02B | 1.67B | 1.74B | 1.46B | 1.65B | 1.75B | 746M | 815M | 819M | 933M |
| Effective Tax Rate % | 10.86% | 15.02% | 15.13% | 12.47% | 12.56% | 2.31% | 1.3% | 15.32% | 15.71% | 38.47% | 45.23% | 20.46% | 4.62% | 15.33% | 29.12% | 29.1% | 41.31% | 28.16% | 29.24% | 28.59% | 29.5% | 28.46% | 30.72% | 27.47% | 26.53% | 27.12% | 28.98% | 28.97% | 30.51% | 30.49% | 31.48% |
| Net Income | 4.82B | 5.72B | 2.58B | 4.93B | 14.96B | 4.38B | 5.75B | 4.64B | 3.62B | 1.53B | 912M | 8.42B | 2.76B | 5.44B | 4.5B | 5.26B | 1.63B | 5.53B | 4.6B | 5.22B | 5.39B | 4.69B | 3.91B | 4.48B | 3.94B | 3.1B | 4.16B | 1.81B | 1.84B | 1.85B | 2B |
| Net Margin % | 14.52% | 17.5% | 8.21% | 16.25% | 51% | 17.76% | 23.61% | 13.76% | 11.76% | 5.08% | 3.27% | 35.2% | 11.98% | 20.51% | 17.02% | 19.21% | 5.76% | 19.5% | 18.9% | 22.95% | 23.2% | 21.65% | 19.55% | 20.91% | 18.55% | 15.1% | 23.02% | 21.33% | 23% | 23.18% | 23.94% |
| Net Income Growth % | -12.25% | 121.98% | -47.75% | -67.05% | 241.07% | -23.73% | 23.77% | 28.21% | 136.49% | 67.98% | -89.17% | 205.59% | -49.3% | 20.83% | -14.48% | 221.97% | -70.46% | 20.19% | -11.83% | -3.12% | 14.93% | 20.01% | -12.78% | 13.81% | 26.94% | -25.52% | 129.82% | -1.36% | -0.76% | -7.36% | 36.97% |
| Net Income (Continuing) | 5.26B | 6.29B | 2.95B | 5.31B | 4.92B | 3.52B | 5.1B | 5.27B | 4.05B | 2.17B | 1.06B | 8.37B | 2.83B | 5.63B | 4.68B | 5.46B | 1.85B | 5.67B | 4.71B | 5.34B | 5.39B | 4.69B | 3.77B | 4.48B | 4.04B | 4.43B | 4.28B | 1.83B | 1.86B | 1.87B | 2.03B |
| Discontinued Operations | 0 | 0 | 0 | 0 | 10.7B | 1.58B | 1.28B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | -465.18M | -420.26M | -585M | -703.69M | -502M | 8.52B | 8.5B | 9.21B | -688M | 3.56B | 3.84B | 3.76B | 673M | 815M | 937M | 795M | 858M | 737M | 387M | 307M | 262M | 259M | 213M | 744.24M | 807M | 863.73M | 1.24B | 51M | 66M | 47M | 42M |
| EPS (Diluted) | 2.37 | 2.78 | 1.24 | 2.40 | 7.32 | 2.70 | 2.86 | 2.32 | 1.82 | 0.78 | 0.46 | 4.30 | 1.42 | 2.76 | 2.26 | 2.58 | 0.80 | 2.70 | 2.20 | 2.34 | 2.36 | 2.04 | 1.70 | 1.92 | 1.66 | 1.26 | 1.68 | 1.24 | 1.26 | 1.28 | 1.42 |
| EPS Growth % | -10.9% | 124.19% | -48.33% | -67.21% | 171.11% | -5.59% | 23.28% | 27.47% | 133.33% | 69.57% | -89.3% | 202.82% | -48.55% | 22.12% | -12.4% | 222.5% | -70.37% | 22.73% | -5.98% | -0.85% | 15.69% | 20% | -11.46% | 15.66% | 31.75% | -25% | 35.48% | -1.59% | -1.56% | -9.86% | 26.79% |
| EPS (Basic) | - | 2.82 | 1.26 | 2.44 | 7.44 | 2.74 | 2.88 | 2.34 | 1.84 | 0.78 | 0.48 | 4.36 | 1.44 | 2.82 | 2.30 | 2.62 | 0.80 | 2.72 | 2.22 | 2.36 | 2.38 | 2.06 | 1.70 | 1.94 | 1.66 | 1.26 | 1.70 | 1.26 | 1.28 | 1.30 | 1.42 |
| Diluted Shares Outstanding | 2.03B | 2.06B | 2.07B | 2.06B | 2.04B | 1.62B | 2.02B | 2.01B | 1.99B | 1.98B | 1.96B | 1.96B | 1.95B | 1.97B | 2B | 2.04B | 2.05B | 2.04B | 2.09B | 2.23B | 2.28B | 2.29B | 2.29B | 2.32B | 2.37B | 2.45B | 2.45B | 2.91B | 2.91B | 2.88B | 2.82B |
| Basic Shares Outstanding | 2.01B | 2.03B | 2.04B | 2.03B | 2.01B | 1.6B | 1.99B | 1.98B | 1.97B | 1.95B | 1.94B | 1.93B | 1.92B | 1.93B | 1.96B | 2.01B | 2.03B | 2.03B | 2.08B | 2.21B | 2.26B | 2.28B | 2.29B | 2.31B | 2.36B | 2.43B | 2.43B | 2.9B | 2.88B | 2.85B | 2.82B |
| Dividend Payout Ratio | - | 43.87% | 94.91% | 56.68% | 28.55% | 91.2% | 69.18% | 85.1% | 108.39% | 254.96% | 531.8% | 46% | 139.44% | 67.7% | 84.77% | 64.74% | 196.14% | 54.29% | 63.65% | 53.51% | 48.22% | 50.99% | 63.36% | 52.03% | 59.14% | 75.18% | - | - | - | - | - |
Quick answers to the most common questions about buying GSK stock.
For fiscal year 2025, GSK plc (GSK) reported total revenue of $32.67B. This represents a 291.6% increase compared to $8.34B in 1996.
GSK plc (GSK) is profitable, generating $5.72B in net income for the fiscal year ending 2025 with a net profit margin of 17.5%.
GSK plc (GSK) reported an operating income of $8.34B, resulting in an operating profit margin of 25.5%. This margin reflects the operational efficiency of the business before interest and taxes.
GSK plc (GSK) generated $23.65B in gross profit for the year, representing a gross profit margin of 72.4%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Zantac litigation overhang
Steady Growth Amidst Vaccine Momentum
GSK's revenue grew 4.1% year-over-year in 2026Q2, driven by Arexvy uptake and HIV portfolio resilience, though quarterly growth has been uneven, per recent financial statements.
The 5.3% revenue growth in 2026Q2, up from 1.3% in 2025Q2, suggests a modest acceleration, likely supported by the RSV vaccine franchise and continued HIV demand. However, the 1.5% growth in 2026Q1 indicates lumpiness, possibly due to government tender timing. Investors should monitor whether Arexvy can sustain its trajectory against Pfizer's Abrysvo, as this will be critical for durable growth.
Gross Margin Resilience with Operating Volatility
Gross margin remained high at 73.1% in 2026Q2, but operating margin swung to 5.7% from 30.1% in 2026Q1, reflecting R&D timing and SG&A spikes, as reported in quarterly filings.
The gross margin of 73.1% is consistent with a specialty-heavy portfolio, though slightly below the 75.4% seen in 2026Q1, indicating potential product mix shifts. The dramatic operating margin drop in 2026Q2 appears driven by a surge in R&D expenses to $3.5B, nearly double the prior quarter, likely due to late-stage trial costs. This volatility underscores the high-fixed-cost nature of the business and the need to assess margins on a trailing twelve-month basis.
Operating Leverage Masked by R&D Timing
Operating income scaled with revenue in most quarters, but 2026Q2's R&D spike compressed margins, suggesting that operating leverage is not consistently captured, based on reported income statement data.
In 2026Q1, operating income of $2.3B on $7.6B revenue yielded a 30.1% margin, demonstrating strong operating leverage when R&D is normalized. However, 2026Q2's R&D investment of $3.5B, representing 41.7% of revenue, overwhelmed the gross profit, resulting in a 5.7% operating margin. This pattern indicates that GSK's operating leverage is real but subject to significant quarterly swings due to clinical trial spending, which investors should factor into their models.
Earnings Volatility from One-Time Items
Net income swung from $1.7B in 2026Q1 to $435M in 2026Q2, with EPS down 68.6% year-over-year, reflecting non-operating charges and tax effects, as per financial disclosures.
The 2026Q2 net margin of 5.2% is well below the 22.8% in 2026Q1, and EPS of $0.22 is a sharp decline from $0.70 in 2025Q2. This volatility likely stems from legal provisions or restructuring costs, which GSK often excludes from adjusted earnings. Investors should scrutinize the bridge between IFRS and adjusted figures to assess underlying profitability, as the reported numbers may overstate the operational deterioration.
R&D Intensity Drives Cost Structure
R&D spending surged to $3.5B in 2026Q2, representing 41.7% of revenue, while SG&A remained stable at $2.2B, indicating a strategic focus on pipeline advancement, as reported in the income statement.
The R&D spike in 2026Q2 is a clear outlier, more than double the typical $1.5-2.0B quarterly spend, suggesting a major clinical milestone or trial initiation. SG&A has been relatively flat around $2.1-2.2B, indicating disciplined overhead control. However, the high R&D intensity, if sustained, could pressure margins, but it may also signal investment in high-potential assets like the oncology pipeline, which could drive future growth.
2024Q3: A Turning Point in Profitability
2024Q3 marked a low point with a net loss of $58M and operating margin of 2.4%, followed by a recovery to 20%+ margins, indicating a strategic reset, based on historical income statement data.
The 2024Q3 quarter saw SG&A spike to $3.8B, likely due to litigation charges or restructuring, which compressed operating income to $189M and resulted in a net loss. This appears to have been a one-time event, as subsequent quarters returned to normalized margins. The recovery suggests that GSK's underlying business remains profitable, but the event highlights the potential for periodic charges that can distort quarterly earnings.
Margin Sustainability Questioned by R&D and Litigation
Despite strong gross margins, operating margins have been volatile, and the Zantac litigation overhang could lead to unprovisioned charges, challenging the sustainability of reported profitability, as per recent disclosures.
Short-sellers might argue that GSK's operating margin of 25.5% in the latest quarter is not sustainable given the R&D intensity and potential legal liabilities. The 2026Q2 R&D spike and the 2024Q3 SG&A surge demonstrate that margins can be severely impacted by one-time items. Additionally, the ongoing Zantac litigation could result in significant settlements, which would hit cash flows and earnings. Investors should monitor these risks closely, as they could undermine the 'New GSK' narrative.