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Rolls-Royce Holdings plc RRU.DE

IR documents · Reporting currency GBP · Half-year reporting · Figures as of 2026-H1 · updated 2026-09-04 · ISIN GB00B63H8491
Net income halved Revenue accelerating Guidance raised
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Business Model#

What the company does and how it earns its money; written AI-editorially, exclusively from the company's original reports, without any assessment of our own.

Rolls-Royce Holdings PLC is a UK-headquartered engineering group that designs, manufactures, and services power and propulsion systems for aerospace, defence, and industrial power generation through three primary divisions: Civil Aerospace, Defence, and Power Systems. In Civil Aerospace, the company sells large turbofan engines to commercial airlines and business aviation customers and generates the majority of its revenue through long-term service agreements (LTSAs) under which operators pay on a power-by-the-hour basis for comprehensive engine maintenance coverage, creating a substantial recurring revenue stream tied to engine flying hours. The Defence division supplies propulsion and power systems to military customers globally, including combat aircraft engines, submarine propulsion, and unmanned aerial systems, underpinned primarily by long-term government contracts with multi-year backlogs. The Power Systems division, operating under the mtu brand, provides high-speed engines and integrated power solutions for industrial, marine, data centre, rail, and governmental applications, with growing exposure to data centre power demand and battery energy storage systems. Civil nuclear power is addressed through the Rolls-Royce Small Modular Reactor subsidiary, which has advanced SMR contracts into the execution phase with customers in the UK, Czech Republic, and Sweden. A significant proportion of group revenues is denominated in US dollars, particularly in Civil Aerospace, and the group manages currency exposure through hedging programmes. Across all divisions, aftermarket services and long-term contractual arrangements constitute a high share of earnings, while original equipment sales simultaneously expand the installed engine base that drives future service revenue.

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Current Status#

Summary of the most recent reporting period: core figures, drivers and management statements; written editorially from the current original report, every figure backed by a source number.

Rolls-Royce reported total underlying revenue of £11,279m for H1 2026, up 24.5% from £9,057m in H1 2025, with underlying operating profit rising 46% to £2,534m and an underlying operating margin of 22.5% 11. Free cash flow was £2.0bn and net cash stood at £2.1bn at the period end 11. The group raised full-year 2026 guidance to £4.7bn-£4.9bn underlying operating profit and £3.8bn-£4.0bn free cash flow, and announced an interim dividend of 6.0p per ordinary share 11. Civil Aerospace contributed underlying operating profit of £1.6bn at a 25.3% margin, Defence £522m at a 21.0% margin, and Power Systems £528m at a 20.3% margin 11.
Management commentary on the 2026-H1 results (IR-Half, 2026-07-30):
„Our transformation continues to deliver, and we are demonstrating that Rolls-Royce is now a very different company to that of the past. We have unlocked new growth opportunities across the Group and created a resilient and diversified portfolio, with three strong businesses that can respond to changes in the external environment with agility and pace.“ – Tufan Erginbilgic, Chief Executive Officer 11
„A strong start to the year enables us to raise our guidance for 2026 despite the conflict in the Middle East. We now expect to deliver underlying operating profit of £4.7-£4.9bn and free cash flow of £3.8-£4.0bn. This builds further confidence in our mid-term targets. The actions that we have taken and investments we have made will drive significant profitable growth to the mid-term and beyond.“ – Tufan Erginbilgic, Chief Executive Officer 11
Revenue · 2026-H111,448£m+20.6 % vs. 2025-H1
Net profit · 2026-H11,615£m−63.4 % vs. 2025-H1
EPS · 2026-H119.28£−63.0 % vs. 2025-H1
Revenue trend
Guidance
For FY2028, the company guides Operating margin to 18% to 20% (raised); return on capital to 23% to 26% (raised); underlying operating profit to £4.9bn to £5.2bn (raised). 9.
Profitability
Underlying operating profit increased 46% to £2,534m in H1 2026, with an underlying operating margin of 22.5% 11. Free cash flow was £2.0bn, driven by the improvement in underlying operating profit 11. Reported profit for the period was £1,615m, down from £4,408m in H1 2025, reflecting lower non-underlying gains in the current period compared to the prior year 11.
Leverage
Net cash increased to £2.1bn at 30 June 2026, with a TCC/GM ratio of 0.27x 11. Group liquidity stood at £9.0bn, comprising cash of £6.5bn and undrawn facilities of £2.5bn, and the group had repurchased 91,026,174 shares for £1,111m under the £2.5bn multi-year buyback programme to date 11. Moody's upgraded the credit rating to A3 and Fitch to A-, both with stable outlook, while S&P Global affirmed BBB+ with the outlook moved to positive; the group also repaid £1.1bn of bonds and issued €1bn of new bonds maturing in 2031 and 2036 11.
Recurring
Civil Aerospace generates a significant portion of its revenue through long-term service agreements (LTSAs) linked to engine flying hours, with large engine flying hours increasing 4% to 113% of 2019 levels in H1 2026 11. Large engine MRO output increased 13%, including a 35% year-on-year increase in large engine refurbishments, supporting the aftermarket service base 11. Civil Aerospace delivered gross contractual margin improvements of £574m in the period, reflecting ongoing improvement in LTSA terms across the installed fleet 11.
Management view
Full-year 2026 guidance was raised to £4.7bn-£4.9bn underlying operating profit and £3.8bn-£4.0bn free cash flow despite the uncertain external environment, and Power Systems raised its long-term power generation OE revenue growth expectation to 25% by 2030, up from the prior target of 20%, driven by data centre demand with order intake of £4.6bn in the period 11. Rolls-Royce SMR contracts with GBE-N (UK) and CEZ Group (Czech Republic) entered the execution phase, expanding the programme's commercial footprint 11. The UK Government Defence Investment Plan pledged £8.6bn into the Global Combat Air Programme to end of decade, and the group was contracted to design a scalable core engine concept for the medium Collaborative Combat Aircraft class in Germany 11.
Change
Civil Aerospace net LTSA balance growth, net of risk and revenue sharing arrangements, fell to £86m in H1 2026 from £472m in the prior period 11. The Rolls-Royce UK Pension Fund buy-out was completed on 3 July 2026, removing £3.9bn of insured defined benefit liabilities from the balance sheet following acquisition of a bulk purchase annuity policy from Pension Insurance Corporation plc 11. The naval handling business was disposed of to Fairbanks Morse Defense on 6 July 2026 for proceeds exceeding carrying value 11.
Risks (current)
Continued supply chain costs are offsetting some LTSA margin benefits, representing an ongoing operational risk, while multiple engine development programmes have key certification milestones required for success 11. The external environment, including the conflict in the Middle East, remains uncertain despite the raised guidance, and transformation and restructuring charges related to headcount management represent an additional cost item 11. Bonds totalling $1bn and £545m maturing in 2027 are assumed to be repaid from cash in base and downside forecasts, and historical misconduct investigations continue following the expiry of DPA terms, with the group having responded to the relevant authorities 11.
New this reporting period
The Pearl 10X engine successfully powered the first flight of the Dassault Falcon 10X business jet, and the U.S. Navy MQ-25A Stingray powered by AE 3007N engines completed its first flight in April 2026 11. Rolls-Royce SMR was selected by Videberg Kraft to supply three SMRs in Sweden, extending the programme's contracted customer base to a third country alongside the UK and Czech Republic 11. Turkish Technic broke ground on a state-of-the-art engine maintenance centre at Istanbul Airport, targeted for completion at end of 2027, marking a commercial milestone in the Civil Aerospace MRO network 11.
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Price & Chart#

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Share-Price Drivers#

Factors the company itself names as material for its business development (IR-based); reproduced neutrally, no price forecast and no assessment of our own.

Civil Aerospace scale and engine aftermarket programmes
Civil Aerospace is the largest revenue segment at GBP 6,186m in 2026-H1, ahead of Power Systems (GBP 2,604m) and Defence (GBP 2,484m), so its trajectory dominates group revenue; the group also reports accelerating growth, improving profitability and raised guidance 11
Civil Aerospace revenue base and Trent engine roadmap
Largest segment at GBP 6,186m in 2026-H1 11; Trent XWB-84EP variant entered service on the A350-900 in May 2025 7 and Trent 1000 TEN improved HP turbine blade certified June 2025 7, with Trent XWB-97 durability upgrades and Trent 1000/7000 time-on-wing improvements in progress 10 4
Rolls-Royce SMR / small modular reactor programme traction
Named preferred supplier by the Czech Republic and CEZ Group in September 2024 6, CEZ strategic investment in Q4 2024 9, and selected as sole provider for the UK Great British Energy SMR competition in June 2025 with three planned UK units 7 10; deployment sites include Temelin, Wylfa and the Czech Republic 10 8
Defence programme pipeline
Defence revenue of GBP 2,484m in 2026-H1 11; contracted/planned work spans the Unity submarines contract with the MoD 8, GCAP production from the mid-2030s, FLRAA and B-52J into the late 2020s, MQ-25 refueller, F130 for the B-52 and EJ200 production into the 2030s 8 10 9
Power Systems and New Markets (energy storage, gas generation)
Power Systems revenue of GBP 2,604m in 2026-H1 11; launches include a fast-start gas generator product in October 2025 10 and Battery Energy Storage Systems, plus the Voltaria Helios energy storage project planned later in the year 9 11
Next-generation UltraFan engine development
UltraFan programme remains in development, with the Pearl 10X flying test bed campaign completed in October 2024 and certification for the Dassault Falcon 10X planned 8 10 9

Sector trend: Group-level KPIs point upward, with growth reported as accelerating, profitability improving and guidance raised 11, supported by aftermarket-driven Civil Aerospace scale and a widening Defence, nuclear (SMR) and energy-systems order pipeline 7 10 8. Demand indicators for new engine, defence and small-modular-reactor programmes are broadly rising, while UltraFan and other next-generation platforms remain in the development phase 9 8.

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Event Timeline#

This timeline collects the material events from the original reports: guidance changes, revenue and margin signals, strategy shifts, product and M&A announcements. Events are grouped by quarter (most recent first); the grey tag before each event names the event type, the date is the publication date of the source. Management quotes open the quarter block as direct quotes. Per quarter we show the three most defining events; more can be expanded per quarter, older years are collapsed. Every event carries its source as a superscript, clickable number.

Overview: one dot per event · click jumps to the period
earningsrevenuemarginguidancestrategyfinancials2023-Q42023-H12023-H22024-Q42024-H12024-H22025-Q42025-H1FY20252026-Q12026-H1
2026 · 7 events

2026-H1 · Jan – Jun 2026

„Our transformation continues to deliver, and we are demonstrating that Rolls-Royce is now a very different company to that of the past. We have unlocked new growth opportunities across the Group and created a resilient and diversified portfolio, with three strong businesses that can respond to changes in the external environment with agility and pace.“ – Tufan Erginbilgic, Chief Executive Officer 11
earnings 2026-07-30
Underlying operating profit +46% to £2,534m with underlying operating margin of 22.5% across all three divisions 11
Revenue accelerating 2026-07-30
Total underlying revenue increased 24.5% to £11,279m (H1 2025: £9,057m), with large engine flying hours at 113% of 2019 levels and Power Systems order intake of £4.6bn driven by data centre demand 11
Guidance raised 2026-07-30
Full-year 2026 guidance raised to £4.7bn-£4.9bn underlying operating profit and £3.8bn-£4.0bn free cash flow 11
Net income halved 2026-07-30
Net income more than halved YoY (4,408.0 to 1,615.0 GBPm, -63%). 112

2026-Q1 · Jan – Mar 2026

„Safety is the single most important priority for everyone at Rolls-Royce, be it product, people or process safety.“ – Tufan Erginbilgic, Chief Executive 9
„With a strong balance sheet, significant investment to support our long-term growth, and confidence in the future, we are announcing a £7bn-£9bn share buyback for 2026-2028 with £2.5bn to be completed this year.“ – Tufan Erginbilgic, CEO 10
Adjusted result turned positive ◦ 2026-03-05
Underlying operating profit +38% to £3,462m; underlying operating margin of 17.3% exceeded mid-term target of 15%-17% three years ahead of schedule 9
Revenue accelerating ◦ 2026-02-26
Underlying revenue +14% to £20,059m; Civil Aerospace +15% to £10.4bn, Power Systems +19% to £4.9bn, Defence +8% to £4.8bn 10
Guidance raised 2026-02-26
Mid-term targets upgraded to £4.9bn-£5.2bn underlying operating profit and 18%-20% operating margin for 2028; 2026 guidance of £4.0bn-£4.2bn underlying operating profit and £3.6bn-£3.8bn free cash flow 10
2025 · 9 events

FY2025 · Jan – Dec 2025

Net income doubled 2026-02-26
Net income more than doubled YoY (2,521.0 to 5,841.0 GBPm, +132%). 10

2025-H1 · Jan – Jun 2025

„Our multi-year transformation continues to deliver. Our actions led to strong first half year results, despite the challenges of the supply chain and tariffs. We are continuing to expand the earnings and cash potential of Rolls-Royce.“ – Tufan Erginbilgic, CEO 7
Adjusted result turned positive ◦ 2025-06-30
H1 underlying operating profit +50% to £1,733m with operating margin of 19.1%, driven by strategic initiatives and operational effectiveness 7
Guidance raised 2025-06-30
Full year 2025 guidance raised to £3.1bn-£3.2bn underlying operating profit and £3.0bn-£3.1bn free cash flow 7
New market 2025-06-30
Rolls-Royce SMR selected as sole provider for UK's Great British Energy-Nuclear SMR competition to build three units 7
Net income doubled 2025-06-30
Net income more than doubled YoY (1,136.0 to 4,408.0 GBPm, +288%). 112
Net cash build 2025-06-30
Net cash position expanded to 1,135.0 GBPm from 443.0 GBPm in 2024-H2 (+156%, derived from reported financial debt minus cash). 112

2025-Q4 · Oct – Dec 2025

„Safety is the first and most important priority for every one of us at Rolls-Royce.“ – Tufan Erginbilgic, Chief Executive 8
Margin expanding 2025-02-25
Civil Aerospace underlying operating margin 16.6% (2023: 11.6%); Power Systems 13.1% (2023: 10.4%); Defence 14.2% (2023: 13.8%) 8
New market 2025-02-25
Rolls-Royce SMR named preferred supplier by Czech Republic and ČEZ Group for deployment of up to 3GW of electricity; advanced to Step 3 of UK Generic Design Assessment 8
Divestiture 2025-02-25
Power Systems lower power range off-highway engines business sold to Deutz AG; naval propulsors & handling business classified as held for sale following agreement with Fairbanks Morse Defense; direct air capture assets and advanced air mobility activities exited 8
2024 · 11 events

2024-H2 · Jul – Dec 2024

Net debt to net cash 2025-02-27
Net debt position flipped (+831.0 to -443.0 GBPm vs 2024-H1). 6

2024-H1 · Jan – Jun 2024

„Our transformation of Rolls-Royce into a high-performing, competitive, resilient, and growing business is proceeding with pace and intensity. We are expanding the earnings and cash potential of the business in a challenging supply chain environment, which we are proactively managing. We are on track to deliver our mid-term targets. Our strong first half results reflect the continued delivery of our strategic initiatives and a relentless focus on commercial optimisation and cost efficiencies across the Group. These results and our increased financial resilience give us the confidence to raise our 2024 guidance and reinstate shareholder distributions in respect of the full year 2024 results.“ – Tufan Erginbilgic, CEO 4
Adjusted result turned positive ◦ 2024-06-30
Underlying operating profit +74% to £1,149m; underlying operating margin 14.0% (H1 2023: 9.7%) across all divisions 4
earnings 2024-06-30
Free cash flow improved to £1,158m from £356m in H1 2023, driven by higher operating profit and continued LTSA balance growth 4
Guidance raised 2024-06-30
Full year 2024 guidance raised: underlying operating profit now expected £2.1bn-£2.3bn, free cash flow £2.1bn-£2.2bn 4
Operating income doubled 2024-06-30
Operating income more than doubled YoY (797.0 to 1,646.0 GBPm, +107%). 107

2024-Q4 · Oct – Dec 2024

„Significantly improved performance and a stronger balance sheet gives us confidence to reinstate shareholder dividends and announce a £1bn share buyback in 2025.“ – Tufan Erginbilgic, CEO 6
„We have set out a bold and achievable plan that will take us to the next level: a step change in our performance that will create a high-performing, competitive, resilient and growing business. Our performance in 2023 gives us confidence that we can deliver on our transformation.“ – Tufan Erginbilgic, Chief Executive 5
Adjusted result turned positive ◦ 2025-02-27
Full year underlying operating profit +57% to £2,464m; underlying operating margin 13.8% (2023: 10.3%); efficiency programme delivered £350m savings in 2024 6
Net debt to net cash 2025-02-27
Net cash of £475m achieved versus net debt of £1,952m at end of 2023; liquidity at £8.1bn; investment grade rating restored with all three agencies 6
Guidance raised 2025-02-27
Mid-term 2028 targets upgraded to underlying operating profit £3.6bn-£3.9bn (from £2.5bn-£2.8bn) and free cash flow £4.2bn-£4.5bn (from £2.8bn-£3.1bn) 6
Net income turned positive ◦ 2024-02-13
Group swung to net profit of £2,404m from a loss of £1,274m in 2022; net financing income of £482m versus financing costs of £2,420m in the prior year, and recognition of £406m deferred tax assets relating to UK tax losses, contributed materially to the swing (5)
Guidance initiated 2024-02-13
Mid-term 2027 targets communicated at Capital Markets Day in November 2023: underlying operating profit £2.5bn-£2.8bn, operating margin 13%-15%, free cash flow £2.8bn-£3.1bn, return on capital 16%-18% (5)
New market 2024-02-13
Appointed as provider of all new nuclear reactor plants for UK and Australian submarines under AUKUS trilateral agreement; Raynesham facility expansion underway to double capacity (5)
2023 · 11 events

2023-H2 · Jul – Dec 2023

Operating income doubled 2024-02-22
Operating income more than doubled YoY (429.0 to 1,147.0 GBPm, +167%). 3
Net income doubled 2024-02-22
Net income more than doubled YoY (286.0 to 1,181.0 GBPm, +313%). 3
Revenue decelerating 2024-02-22
Revenue growth decelerated to +13.2% YoY (prior period +34.3%). 3

2023-H1 · Jan – Jun 2023

„Our multi-year transformation programme has started well with progress already evident in our strong initial results and increased full year guidance for 2023. There is much more to do to deliver better performance and to transform Rolls-Royce into a high performing, competitive, resilient, and growing business. We will share the outcome of our strategy review along with medium-term goals for the Group in November. Our people are committed, passionate and full of energy. Despite a challenging external environment, notably supply chain constraints, we are starting to see the early impact of our transformation in all our businesses. Better profit and cash generation reflect greater productivity, efficiency, and improved commercial outcomes. We have tightly managed our cost base to offset inflationary cost pressures. We have a strong portfolio of products and technologies in growing end markets and have secured key contract wins that will create future value and profitable growth. Our continued transformation will grow our business and allow us to play a stronger role in the energy transition.“ – Tufan Erginbilgic, Chief Executive Officer 2
Adjusted result turned positive ◦ 2023-06-30
Underlying profit before taxation swung to positive £524m from a loss of £111m in the prior period; underlying operating profit improved to £673m from £125m in H1 2022, driven by Civil Aerospace and Defence margin improvements (2)
Margin expanding 2023-06-30
Civil Aerospace underlying margin improved to 12.4% from (3.4)% in the prior period, driven by higher aftermarket profitability, large spare engine sales, and transformation benefits (2)
Guidance raised 2023-06-30
Full year 2023 guidance raised on 26 July: underlying operating profit upgraded to £1.2bn-£1.4bn and free cash flow to £0.9bn-£1.0bn (2)
Net cash to net debt 2023-06-30
Net debt position flipped (-3,251.0 to +2,796.0 GBPm vs 2022-H2). 104
Operating income doubled 2023-06-30
Operating income more than doubled YoY (223.0 to 797.0 GBPm, +257%). 104

2023-Q4 · Oct – Dec 2023

„Our transformation has delivered a record performance in 2023, driven by commercial optimisation, cost efficiencies and progress on our strategic initiatives. This step-change has been achieved across all our divisions, despite a volatile environment with geopolitical uncertainty, supply chain challenges and inflationary pressures. We are managing the business differently and our significant performance improvement in the year reflects the hard work and focused actions of all our teams. We are also continuing to invest to drive future sustainable growth. Our strong delivery in 2023 gives us confidence in our 2024 guidance and is a significant step towards our mid-term targets. We are unlocking our full potential as a high-performing, competitive, resilient, and growing Rolls-Royce.“ – Tufan Erginbilgic, Chief Executive Officer 3
Adjusted result turned positive ◦ 2024-02-22
Full year underlying operating profit increased 143% to £1,590m from £652m in 2022, with underlying operating margin more than doubling to 10.3% from 5.1%, driven by commercial optimisation and cost efficiency benefits across all divisions (3)
Guidance initiated 2024-02-22
2024 guidance issued: underlying operating profit of £1.7bn-£2.0bn and free cash flow of £1.7bn-£1.9bn (3)
Divestiture 2024-02-22
Off-highway engines division in advanced sale discussions with Deutz AG; divestments identified to generate £1.0bn-£1.5bn gross proceeds by 2028 as part of portfolio simplification programme (3)
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Key Figures (£m)#

The company's core financial figures in three views, one below the other: fiscal years (as reported; after restatements the table shows the most recent filing version, marked), half-years (6-month basis, H2 = second half on its own) and quarters (3-month basis, not cumulative). Each row is one period, most recent first. Values with a dotted underline are clickable and show the raw value, the exact source location, the scale evidence and the source; derived values additionally show their formula and inputs. All values are extracted automatically from the filings; errors are possible; please verify decision-relevant figures yourself by clicking through to the linked original.

All figures serve only to support your own investment decision and are not a recommendation; the company's original reports are authoritative.

Revenue (£m) · annual basis, as reported
FY2023FY2023: 16,48616,486FY2024FY2024: 18,90918,909FY2025FY2025: 21,20721,207
Net income (£m) · annual basis, as reported
FY2023FY2023: 2,4042,404FY2024FY2024: 2,5212,521FY2025FY2025: 5,8415,841
EPS (£) · annual basis, as reported
FY2023FY2023: 0.290.29FY2024FY2024: 0.300.30FY2025FY2025: 0.690.69
Operating cash flow (£m) · annual basis, as reported
FY2023FY2023: 2,4852,485FY2024FY2024: 3,7823,782FY2025FY2025: 4,5654,565
Revenue (£m) · half-year basis, as reported
2023-H12023-H1: 7,5237,5232023-H22023-H2: 8,9638,9632024-H12024-H1: 8,8618,8612024-H22024-H2: 10,04810,0482025-H12025-H1: 9,4909,4902025-H22025-H2: 11,71711,7172026-H12026-H1: 11,44811,448
Net income (£m) · half-year basis, as reported
2023-H12023-H1: 1,2231,2232023-H22023-H2: 1,1811,1812024-H12024-H1: 1,1361,1362024-H22024-H2: 1,3851,3852025-H12025-H1: 4,4084,4082025-H22025-H2: 1,4331,4332026-H12026-H1: 1,6151,615
EPS (£) · half-year basis, as reported
2023-H12023-H1: 14.6714.672023-H22023-H2: 0.140.142024-H12024-H1: 13.6313.632024-H22024-H2: 0.160.162025-H12025-H1: 52.1552.152025-H22025-H2: 0.170.172026-H12026-H1: 19.2819.28
Operating cash flow (£m) · half-year basis, as reported
2023-H12023-H1: 9259252023-H22023-H2: 1,5601,5602024-H12024-H1: 1,6691,6692024-H22024-H2: 2,1132,1132025-H12025-H1: 2,0182,0182025-H22025-H2: 2,5472,5472026-H12026-H1: 2,5702,570
Cash (£m) · annual basis, as reported
FY2023FY2023: 3,7843,784FY2024FY2024: 5,5755,575FY2025FY2025: 6,2446,244
Debt (£m) · annual basis, as reported
FY2023FY2023: 5,7595,759FY2024FY2024: 5,1325,132FY2025FY2025: 4,2724,272
Net Debt (£m) · annual basis, as reported
FY2023FY2023: 1,9751,975FY2024FY2024: -443-443FY2025FY2025: -1,972-1,972
Capex (£m) · annual basis, as reported
FY2023FY2023: 695695FY2024FY2024: 876876FY2025FY2025: 978978
FCF (£m) · annual basis, as reported
FY2023FY2023: 1,7901,790FY2024FY2024: 2,9062,906FY2025FY2025: 3,5873,587
Cash (£m) · half-year basis, as reported
2023-H12023-H1: 2,8612,8612023-H22023-H2: 3,7843,7842024-H12024-H1: 4,3194,3192024-H22024-H2: 5,5755,5752025-H12025-H1: 6,0446,0442025-H22025-H2: 6,2446,2442026-H12026-H1: 6,4846,484
Debt (£m) · half-year basis, as reported
2023-H12023-H1: 5,6575,6572023-H22023-H2: 5,7595,7592024-H12024-H1: 5,1505,1502024-H22024-H2: 5,1325,1322025-H12025-H1: 4,9094,9092025-H22025-H2: 4,2724,2722026-H12026-H1: 4,3114,311
Net Debt (£m) · half-year basis, as reported
2023-H12023-H1: 2,7962,7962023-H22023-H2: 1,9751,9752024-H12024-H1: 8318312024-H22024-H2: -443-4432025-H12025-H1: -1,135-1,1352025-H22025-H2: -1,972-1,9722026-H12026-H1: -2,173-2,173
Capex (£m) · half-year basis, as reported
2023-H12023-H1: 2852852023-H22023-H2: 4104102024-H12024-H1: 2912912024-H22024-H2: 5855852025-H12025-H1: 3493492025-H22025-H2: 6296292026-H12026-H1: 362362
FCF (£m) · half-year basis, as reported
2023-H12023-H1: 6406402023-H22023-H2: 1,1501,1502024-H12024-H1: 1,3781,3782024-H22024-H2: 1,5281,5282025-H12025-H1: 1,6691,6692025-H22025-H2: 1,9181,9182026-H12026-H1: 2,2082,208
Shown: the most recent fiscal years. Full history since FY2022 is on record.

Fiscal years

Amounts in £m · EPS in £ per share · as reported
PeriodRevenueOp. incomeNet incomeEPS (£)OCFSource
FY202521,2074,4685,8410.694,56510
FY202418,9092,9062,5210.303,7826
FY202316,4861,9442,4040.292,485109

Half-years

Amounts in £m · EPS in £ per share · as reported
PeriodPublishedRevenueOp. incomeNet incomeEPS (£)FCFCashNet DebtSource
2026-H1*2026-07-3011,4482,4181,61519.282,2086,484-2,173~112
2025-H2*2026-02-2611,7172,3941,4330.17*1,9186,244-1,97210
2025-H1*2025-06-309,4902,0744,40852.151,6696,044-1,135112
2024-H2*2025-02-2710,0481,2601,3850.16*1,5285,575-4436
2024-H1*2024-06-308,8611,6461,13613.631,3784,319831107
2023-H2*2024-02-228,9631,1471,1810.14*1,1503,7841,975105
2023-H1*2023-06-307,5237971,22314.676402,8612,796104
* derived: values with formula provenance (hover); Q4 = FY − 9M · H2 = FY − H1 · EPS via implied shares · net debt = financial debt − cash · FCF = OCF − |capex|.
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Balance Sheet & Cash Flow (£m)#

Point-in-time balance sheet items (e.g. cash, financial debt) and cash flow items (operating cash flow, investments/capex) per fiscal year, half-year and quarter. Balance sheet values are as of the period end, flow items cover the period. Derived values are marked and are calculated, for example, as: net debt = financial debt − cash; free cash flow = operating cash flow − capex; the click popover shows formula and inputs. All values are extracted automatically from the filings; errors are possible; please verify decision-relevant figures yourself by clicking through to the linked original.

Fiscal years

Amounts in £m · as reported
PeriodPublishedCashDebtNet DebtOCFCapexFCFSource
FY20252026-02-266,2444,272~-1,9724,565978~3,58710
FY20242025-02-275,5755,132~-4433,782876~2,9066
FY20232024-02-223,7845,759~1,9752,485695~1,790109

Half-years

Amounts in £m · as reported
PeriodPublishedCashDebtNet DebtOCFCapexFCFSource
2026-H12026-07-306,4844,311~-2,173~2,570362~2,208112
2025-H22026-02-266,2444,272~-1,9722,5476291,91810
2025-H12025-06-306,0444,909~-1,1352,018349~1,669112
2024-H22025-02-275,5755,132~-4432,1135851,5286
2024-H12024-06-304,3195,150~8311,6692911,378107
2023-H22024-02-223,7845,759~1,9751,5604101,150105
2023-H12023-06-302,8615,6572,796925285~640104
Debt = long-term + current · Net debt = debt − cash · FCF = OCF − capex.
Publication date of individual rows is a publisher placeholder (not the actual publication date).
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Revenue by Type (as of 2026-H1 · GBPm · 3/5)#

Revenue split by segment or product type, exactly as the company itself reports it. The basis is stated next to each value (3, 6 or 12 months); segment totals can deviate from group revenue (reconciliation/consolidation items). If the company changes its segment structure, older structures are kept in the expandable part. Rows in grey are no longer reported separately by the company; they show the last available figures and are never extrapolated.

SegmentSincePeriodBasisRevenueSource
Civil Aerospace2022-H12026-H16M6,18611
Power Systems2022-H12026-H16M2,60411
Defence2022-H12026-H16M2,48411
Other businessesFY2023FY202412M126
New Markets2022-H1FY202412M38
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Products & M&A (46/81 active+recent)#

Product announcements from the reports; market launches, approvals, partnerships; with first mention (date) and source. “Active/current” means: still mentioned in the most recent reports; what the company no longer mentions moves to the expandable part but is never deleted. Rows in grey are discontinued products.

Product/LineSinceStatusSource
GCAP production2030Launched8
Series 4000 engine launch2028Launched9
Series 4000 engine for data centre market (2×)2028Launched9
Power Systems next generation engine entry (4×)2028Launched8
Turkish Technic engine maintenance centre (3x)2027Launched10
Trent XWB-97 next phase improvements2027Launched8
Trent XWB-97 durability upgrades2027Launched10
MRO facility at Istanbul Airport with Turkish Technic2027Launched7
Falcon 10X entry into service2027Launched8
Rolls-Royce SMR multiple contracts with GBE-N and CEZ Group2026-06Launched11
Rolls-Royce SMR Sweden Videberg Kraft contract2026-06Launched11
Qantas Project Sunrise Sydney-London route2026-06Launched11
Dassault Falcon 10X powered by Pearl 10X engine (2x)2026-06Launched10
S199 engine 8-, 10-, and 12-cylinder series deliveries2026Launched9
Beijing Aero Engine Services Limited joint venture opening2025-12Launched10
Pearl 700-powered Gulfstream G8002025-08Launched10
Rolls-Royce SMR selected as sole provider for UK Great British Energy SMR competition2025-06Launched7
Airbus A350-900 powered by Trent XWB-84EP variant entry into service2025-05Launched7
Pearl 700-powered Gulfstream G800 FAA/EASA certification2025-04Launched7
mtu battery energy storage system (12 MW, 24 MWh) contract with Encavis AG2025-03Launched8
mtu large-scale BESS (80 MW, 160 MWh) for Latvia transmission system operator2025Launched8
mtu 12V2000Z engine yacht propulsion launch2025Launched9
Trent 1000 and 7000 time-on-wing improvements2025Launched4
Trent 1000 XE engine introduction2025Launched9
Small modular reactors2025Launched9
Rolls-Royce SMR units at Wylfa site Wales2025Launched10
Rolls-Royce SMR three units in UK under Great British Energy competition2025Launched10
Rolls-Royce SMR at Temelin site Czech Republic2025Launched10
Pearl 700-powered Gulfstream G800 entry into service2025Launched9
Pearl 10X engine entry into service for Falcon 10X2025Launched8
Pearl 10X certification testing completion2025Launched9
MV-75 engine development testing2025Launched9
MQ-25 unmanned refuelling aircraft engine delivery2025Launched9
Leopard 2 tank engine order supply2025Launched9
First high-speed marine engine powered exclusively by methanol2025Launched9
Fast-start gas generator product (2x)2025Launched10
F130 engine testing for B-52 aircraft2025Launched10
F-130 engine for B-52 re-engine programme testing (2×)2025Launched11
EJ200 engines production into 2030s2025Launched9
BAESL MRO joint venture facility opening in Beijing2025Launched9
AE 1107 engine testing for MV-75 Future Long-Range Assault Aircraft2025Launched10
Trent 1000 HPT blade certification (5×)2024Launched8
Rolls-Royce SMR Generic Design Assessment (3×)2024Launched2
UltraFan engine (2×)2023Launched9
UltraFan demonstrator testing (5×)2023Launched9
Battery Energy Storage Systems (3×)2023Launched9
Rolls-Royce SMR deployment (2×)2025Launched8
UK-Qatar climate technology partnership announcement2024-12Launched8
Pearl 10X flying test bed campaign completion2024-10Launched8
Remuneration Policy transition to market-standard structure2024-05Launched5
Pearl 700 entry into service2024-04Launched8
Gulfstream G700 aircraft entered service2024-04Launched6
mtu Series 1163 and 8000 engines compliance with IMO Tier III emission stage2024Launched8
Vattenfall selection of Rolls-Royce SMR as one of two potential providers for Sweden2024Launched8
UltraFan programme2024Launched8
Trent XWB-84 EP certification (5×)2024Launched11
Satellite site opening in Glasgow with additional site in Cardiff near completion2024Launched8
Rolls-Royce SMR shortlisted as UK SMR provider2024Launched8
Pusane microgrid India German Sustainability Award winner2024Launched8
FutureWorks facility opening in Bristol2024Launched8
Derwent Park warehousing facility (13,000m²) opening in Derby UK2024Launched8
B-52 Commercial Engine Replacement Program (F130) sea-level testing2024Launched8
Capital Markets Day2023-11Launched5
Transformation programme multi-year workstreams2023-06Launched2
Hybrid-electrical flight small gas turbine2023-06Launched2
mtu EnergyPack battery system installation (SemperPower, Netherlands)2023Launched5
Virgin Atlantic 100% SAF transatlantic flight2023Launched5
UltraFan development and deployment2023Launched5
Trent 7000 HPT blade retrofit2023Launched3
Rolls-Royce SMR partnership2023Launched5
Rolls-Royce SMR design selection in Great British Nuclear process2023Launched5
Pearl 700 business jet engine certification (4×)2023Launched4
Nuclear micro-reactors development2023Launched5
Hydrogen power generation solutions2023Launched5
B-52 F130 engine full rate production2023Launched5
100% SAF testing across Trent and business jet engines2023Launched5
FLRAA production2020Launched8
B-52J Stratofortress production2020Launched8
Voltaria Helios energy storage projectlater this yearLaunched11
U.S. Army MV-75 Cheyenne flight testinglater this yearLaunched11
MQ-25 autonomous refueler deployment–Launched8
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M&A (46)#

All recorded acquisitions (purchases) and divestitures/exits with date, short description and source; deliberately including smaller transactions that summaries often miss. Purchase prices appear only where the company itself has disclosed them. Rows in grey are cancelled transactions; the cancellation date is shown in the row.

Acquisitions

Transaction / stakeDateTypeSource
Australia nuclear powered submarines reactors provision2040Completed2
Rolls-Royce UK Pension Fund Buy-out2026Completed10
$1bn bond maturity repayment from cash2025-10Completed9
UK pension scheme Buy-in2025-08Completed9
Strategic partnership with INERATEC for Power-to-X decarbonisation2025Completed9
Share buyback programme2025Completed9
Rolls-Royce SMR selection by Great British Energy-Nuclear for three units (2×)2025Completed9
Rolls-Royce SMR selected as final-stage candidate by Vattenfall for Sweden's nuclear technology partner2025Completed9
Project QRITOS with British Airways, Imperial College London, and Heathrow for SAF optimization2025Completed9
Partnership with Microsoft on HVO sustainable fuel for data centres2025Completed9
Lithuanian Ignitis Group battery storage order2025Completed9
EU Clean Aviation programme UNIFIED project selection2025Completed9
Collaboration with Singapore Institute of Technology for hybrid and autonomous ships2025Completed9
ČEZ equity investment in Rolls-Royce SMR Limited (4×)2024-12Completed9
US Air Force SAOC (Survivable Airborne Operations Center) contract partnership2024-06Completed4
TACAMO contract selection by Northrop Grumman2024Completed6
Submarines contract (Unity) with MoD2024Completed8
Service concession arrangement with customer (2x)2024Completed3
SAOC contract selection with SNC as prime contractor2024Completed6
Rolls-Royce SMR programme (2x)2024Completed3
Rolls-Royce SMR preferred supplier selection by Czech Republic (2x)2024Completed6
Joint venture expansion in China with Yuchai2024Completed6
First Trent 1000 received at MRO facility in Dahlewitz2024Completed6
Electra.Aero adviser appointment for Paulo Cesar Silva2024Completed8
Eight-year submarines contract with UK Ministry of Defence2024Completed6
Delta Airlines order2024Completed5
Team Italia/Onyx Marine SRL (2x)2023Completed5
Puma Battery tank engine supply for German Bundeswehr2023Completed5
Large commercial aircraft orders: Air India, Turkish Airlines, Emirates, EVA Air2023Completed5
Global Combat Air Programme (GCAP) (2×)2023Completed2
Future Long-Range Assault Aircraft (FLRAA) programme (3×)2023Completed8
B-52 re-engining contract2023Completed5
AUKUS submarine agreement2023Announced3
AUKUS reactor plant contracts2023Completed5
AUKUS nuclear propulsion contract2023Completed5

Divestitures / exits

Transaction / stakeDateTypeSource
Rolls-Royce SMR Limited (2×)2025-03Divested9
Completion of Deutz AG disposal2024-07Divested4
Naval propulsors business (11×)2024Divested8
Electrical business divestment or minority exit2024Divested3
Direct air capture assets sale (3×)2024Divested4
Closure of electrolyser and fuel cells activities2024Divested6
Agreement to sell naval propulsors and handling business in Defence2024Divested6
Advanced air mobility activities (2×)2024Divested8
Shanxi North MTU Diesel Co. Limited (3×)2023Divested2
Off-highway engines business divestment (13×)2023Divested5
Exit from electrical business completed2023Divested8
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Reported KPIs (as disclosed) (396)#

Figures the company discloses itself in addition to the standard financials; order intake, recurring revenue, user or unit counts, adjusted measures. These “story KPIs” usually slip through standard databases; here they are collected as reported, with no calculation of our own. Important: the definition comes from the company itself and can differ from firm to firm; period and source are stated next to every value.

Company-specific KPIs verbatim from the filings (English, as disclosed; not normalised). Balance-sheet and boilerplate items filtered.
DatePeriodKPIValue / changeSource
2026-07-302026-H1undrawn facilities2.511
2026-07-302026-H1liquidity9.0 billion11
2026-07-302026-H1Undrawn committed borrowing facilities2,50011
2026-07-302026-H1Total OE deliveries27911
2026-07-302026-H1Total LTSA shop visits71211
2026-07-302026-H1TCC/GM ratio0.27x11
2026-07-302026-H1Return on capital %22.0%11
2026-07-302026-H1Power Systems order intake£4.6bn11
2026-07-302026-H1Power Systems book-to-bill1.8x11
2026-07-302026-H1Operating margin %22.5%11
2026-07-302026-H1Liquidity position£9.0bn11
2026-07-302026-H1Large engine order book2,266 engines11
2026-07-302026-H1Large engine flying hours (millions)10.011
2026-07-302026-H1Large engine OE deliveries15711
2026-07-302026-H1Interim dividend per share6.0p11
2026-07-302026-H1Defence order intake£2.4bn11
2026-07-302026-H1Defence order backlog£17.5bn11
2026-07-302026-H1Defence book-to-bill1.0x11
2026-07-302026-H1Cash and cash equivalents£6.5bn11
2026-07-302026-H1Business aviation OE deliveries12211
2026-03-05FY2025Waste reduction since 201432%9
2026-03-05FY2025undrawn facilities£2.5bn9
2026-03-05FY2025Underlying Operating Margin17.3%9
2026-03-05FY2025Trent XWB-84 fuel consumption improvementmore than 1%9
2026-03-05FY2025Trade association membershipsover 2009
2026-03-05FY2025Total waste generated54.7 kilotonnes9
2026-03-05FY2025Total normalized solid/liquid waste2.57 tonnes/£m9
2026-03-05FY2025Total facility energy consumed983,979 MWh9
2026-03-05FY2025Total committed borrowing facilities Jun 2027£4,306m9
2026-03-05FY2025Total committed borrowing facilities Dec 2025£5,359m9
2026-03-05FY2025Share buyback programme 2026-2028£7.0bn to £9.0bn9
2026-03-05FY2025Share buyback 2026 planned£2.5bn9
2026-03-05FY2025Scope 3 category 11 emissions intensity5.8 ktCO2e/£m OE revenue9
2026-03-05FY2025Revolving credit facility undrawn£2.5bn9
2026-03-05FY2025Revolving credit facility maturityDecember 20309
2026-03-05FY2025Return on Capital13.8%9
2026-03-05FY2025Renewable energy provided41%9
2026-03-05FY2025Recycling recovery rate improvement vs 201914.6%9
2026-03-05FY2025Recycling Recovery Rate65.7%9
2026-03-05FY2025Power Systems division recycling rateapproximately 90%9
2026-03-05FY2025Polat Enerji battery capacity132 MWh9
2026-03-05FY2025order intake power systems£6.1bn9
2026-03-05FY2025order intake defence£5.5bn9
2026-03-05FY2025order cover 2026 defencearound 90%9
2026-03-05FY2025order backlog power systems£6.1bn9
2026-03-05FY2025order backlog defence£17.4bn9
2026-03-05FY2025onsite clean energy1%9
2026-03-05FY2025OE order coverage 2026 power systems79%9
2026-03-05FY2025non-hazardous waste to landfill reduction86%9
2026-03-05FY2025non-hazardous waste to landfill 2025324 tonnes9
2026-03-05FY2025Lithuanian battery order storage capacity582 megawatt hours9
2026-03-05FY2025Lithuanian battery order output291 megawatts9
2026-03-05FY2025liquidity£8.1bn9
2026-03-05FY2025hazardous waste21.9 kilotonnes9
2026-03-05FY2025group liquidity£8.7bn9
2026-03-05FY2025energy reduction since 2014393,674 MWh (29%)9
2026-03-05FY2025energy consumption normalized46 MWh/£m9
2026-03-05FY2025debt maturities assessment period£5.4bn9
2026-03-05FY2025committed facilities minimum available£4.3bn9
2026-03-05FY2025cash and cash equivalents£6.2bn9
2026-03-05FY2025book-to-bill power systems1.2x9
2026-03-05FY2025Book-to-bill defence1.1x9
2026-03-05FY2025Bond repaid October 2025$1bn9
2026-03-05FY2025Bond matured February 2026€750m9
2026-03-05FY2025Bond due June 2026£375m9
2026-03-05FY2025Battery storage projects deliveredover 2009
2026-03-05FY2025Weighted average duration of obligations13 years9
2026-03-05FY2025Underlying R&D expenditure (prior year)7459
2026-03-05FY2025Underlying R&D expenditure5989
2026-03-05FY2025Underlying C&A (prior year)1,1979
2026-03-05FY2025Underlying C&A1,2239
2026-03-05FY2025Transfer take-up assumption (employed/deferred)20%/15%9
2026-03-05FY2025Total cash costs (prior year)1,942 (GBP £m)9
2026-03-05FY2025Total cash costs1,821 (GBP £m)9
2026-03-05FY2025TCC/GM0.479
2026-03-05FY2025Return on capital (prior year)13.8%9
2026-03-05FY2025Return on capital18.9%9
2026-03-05FY2025Overseas schemes - Long-term healthcare cost trend rate4.75%9
2026-03-05FY2025Overseas schemes - Inflation assumption2.00%9
2026-03-05FY2025Overseas schemes - Discount rate4.70%9
2026-03-05FY2025Operating margin17.3%9
2026-03-05FY2025Net assets2,753 (GBP £m)9
2026-03-05FY2025Inflation assumption (RPI)3.05%9
2026-03-05FY2025Inflation assumption (CPI)2.70%9
2026-03-05FY2025Free cash flow3,270 (GBP £m)9
2026-03-05FY2025Discount rate5.60%9
2026-02-26FY2025Undrawn revolving credit facility2,50010
2026-02-26FY2025liquidity8.7 billion10
2026-02-26FY2025Warranty and guarantees provision422 (GBP millions)10
2026-02-26FY2025Undrawn committed borrowing facilities2,50010
2026-02-26FY2025Underlying revenue20,059 (GBP millions)10
2026-02-26FY2025Underlying operating margin17.3%10
2026-02-26FY2025Underlying R&D expenditure59810
2026-02-26FY2025Underlying C&A1,22310
2026-02-26FY2025US hedge book$21bn10
2026-02-26FY2025Trading cash flow3,862 (GBP millions)10
2026-02-26FY2025Total shop visits1,44010
2026-02-26FY2025Total lease expense(271)10
2026-02-26FY2025Total cash costs1,821 (GBP millions)10
2026-02-26FY2025Total OE deliveries48310
2026-02-26FY2025TCC/GM ratio0.36x10
2026-02-26FY2025Return on capital18.9%10
2026-02-26FY2025Power Systems order intake£6.1bn10
2026-02-26FY2025Power Systems book-to-bill ratio1.2x10
2026-02-26FY2025Post-retirement deficit(606)10
2026-02-26FY2025Operating margin17.3%10
2026-02-26FY2025Liquidity£8.7bn10
2026-02-26FY2025Lease liability1,55510
2026-02-26FY2025Lease liabilities£1.5bn10
2026-02-26FY2025Lease commitment (not yet commenced)29310
2026-02-26FY2025Large engine order book2,207 (GBP engines)10
2026-02-26FY2025Large engine flying hours growth8%10
2026-02-26FY2025Joint venture equity accounted investment1,28510
2026-02-26FY2025Intangible assets carrying amount (Trent programme)1,993 (GBP millions)10
2026-02-26FY2025Intangible assets carrying amount (Power Systems)323 (GBP millions)10
2026-02-26FY2025Intangible assets carrying amount (Business aviation)814 (GBP millions)10
2026-02-26FY2025Gross debt£2.8bn10
2026-02-26FY2025Defence order intake£5.5bn10
2026-02-26FY2025Defence order backlog£17.4bn10
2026-02-26FY2025Defence book-to-bill ratio1.1x10
2026-02-26FY2025Customer financing commitments$339m10
2026-02-26FY2025Customer discounts1,74410
2026-02-26FY2025Contract liabilities16,59410
2026-02-26FY2025Contract assets1,897 (GBP millions)10
2026-02-26FY2025Civil Aerospace LTSA balance growth net of RRSAs£0.6bn10
2026-02-26FY2025Basic underlying EPS29.55 pence10
–2025-H1undrawn facilities2,5007
–2025-H1liquidity8.5bn7
–2025-H1Committed borrowing facilities6,0117
–2025-H1Warranty and guarantees 30 June 2025378 (GBP millions)7
–2025-H1Warranty and guarantees 1 January 2025354 (GBP millions)7
–2025-H1Undrawn committed borrowing facilities 31 December 20242,5007
–2025-H1Undrawn committed borrowing facilities 30 June 20252,5007
–2025-H1UK schemes surplus 30 June 20257497
–2025-H1Trent 1000 wastage costs utilised36 (GBP millions)7
–2025-H1Transformation and restructuring utilised267
–2025-H1Transformation and restructuring reversed57
–2025-H1Transformation and restructuring 30 June 2025327
–2025-H1Transformation and restructuring 1 January 2025627
–2025-H1Trading cash flow 30 June 20251,847 (GBP millions)7
–2025-H1Trading cash flow 30 June 20241,289 (GBP millions)7
–2025-H1Trade payables and other liabilities within SCF arrangements458 (GBP millions)7
–2025-H1Total borrowings and lease liabilities 31 December 20245,1327
–2025-H1Total borrowings and lease liabilities 30 June 20254,9097
–2025-H1TCC/GM ratio0.35x7
–2025-H1Spare engines cash receipts92 (GBP millions)7
–2025-H1Sales of spare engines to related parties92 (GBP millions)7
–2025-H1Sale of goods and services to related parties half year 30 June 20255,0557
–2025-H1Sale of goods and services to related parties half year 30 June 20243,5837
–2025-H1SCF programme costs incurred5 (GBP millions)7
–2025-H1Rolls Royce SMR shareholding before dilution70.5%7
–2025-H1Rolls Royce SMR shareholding after dilution61.7%7
–2025-H1Rolls Royce SMR fair value on 4 March 2025732 (GBP millions)7
–2025-H1Return on capital %16.9%7
–2025-H1Purchases of goods and services from related parties half year 30 June 2025-5,1957
–2025-H1Purchases of goods and services from related parties H1 30 Jun 2024-4,4207
–2025-H1Profit recognised on spare engine sales37 (GBP millions)7
–2025-H1Profit on SMR disposal679 (GBP millions)7
–2025-H1Power Systems contract liability increase1247
–2025-H1Post-retirement scheme surplus 30 Jun 20257507
–2025-H1Post-retirement scheme deficit 30 Jun 2025-9427
–2025-H1Post-retirement net 30 Jun 2025-1927
–2025-H1Overseas schemes deficit 30 Jun 2025-9417
–2025-H1Operating margin %19.1%7
–2025-H1Onerous contracts utilised1017
–2025-H1Onerous contracts reversed5447
–2025-H1Onerous contracts charged to income statement320 (GBP millions)7
–2025-H1Onerous contracts 30 Jun 20251,1077
–2025-H1Onerous contracts 1 Jan 20251,4337
–2025-H1Naval propulsors handling business net assets 31 Dec 202453 (GBP millions)7
–2025-H1Naval propulsors handling business net assets 30 Jun 202569 (GBP millions)7
–2025-H1Naval propulsors handling business assets held for sale 31 Dec 2024153 (GBP millions)7
–2025-H1Naval propulsors handling business assets held for sale 30 Jun 2025157 (GBP millions)7
–2025-H1Lease liabilities 30 Jun 2025 non-current1,0937
–2025-H1Lease liabilities 30 Jun 2025 current3237
–2025-H1Large EFH (% of 2019 levels)109%7
–2025-H1LTSA liabilities 31 December 202411,1397
–2025-H1LTSA liabilities 30 June 202511,5757
–2025-H1Interest costs incurred on behalf of joint ventures5 (GBP millions)7
–2025-H1Free cash flow 30 June 20251,582 (GBP millions)7
–2025-H1Free cash flow 30 June 20241,158 (GBP millions)7
–2025-H1Employer liability claims 30 June 2025227
–2025-H1Employer liability claims 1 January 2025257
–2025-H1Defence contract liability increase1467
–2025-H1Customer financing commitments 31 December 2024$405m7
–2025-H1Customer financing commitments$339m7
–2025-H1Contract liabilities increase8947
–2025-H1Civil Aerospace LTSA liabilities increase4367
–2025-H1Cash from operating activities 30 June 20252,082 (GBP millions)7
–2025-H1Cash from operating activities 30 June 20241,714 (GBP millions)7
2025-02-25FY2024Underlying Operating Margin13.8%8
2025-02-25FY2024Total reportable injuries rate0.298
2025-02-25FY2024Total reportable injuries rate0.298
2025-02-25FY2024Total cash costs/gross margin ratio0.478
2025-02-25FY2024TCC GM ratio0.478
2025-02-25FY2024Statutory operating margin15.4%8
2025-02-25FY2024Return on Capital0.47 (GBP millions)8
2025-02-25FY2024Power Systems underlying operating margin13.1%8
2025-02-25FY2024Order backlog total82.1 (GBP £bn)8
2025-02-25FY2024order backlog power systems4.8 (GBP £bn)8
2025-02-25FY2024order backlog defence17.4 (GBP £bn)8
2025-02-25FY2024order backlog civil aerospace59.9 (GBP £bn)8
2025-02-25FY2024operating margin10.7%8
2025-02-25FY2024operating costno more than £6,619m8
2025-02-25FY2024liquidity£8.1bn8
2025-02-25FY2024large engine flying hours percentage103%8
2025-02-25FY2024gross margin13.8%8
2025-02-25FY2024defence underlying operating margin14.2%8
2025-02-25FY2024civil aerospace underlying operating margin16.6%8
2025-02-25FY2024Undrawn committed facilities2,5008
2025-02-25FY2024Underlying operating margin13.8%8
2025-02-25FY2024Total gross GHG emissions (Scope 1 + 2 market-based)301,0618
2025-02-25FY2024Total Solid and Liquid Waste Generated60.88
2025-02-25FY2024Total Scope 2 Greenhouse Gas Emissions Market-Based65,9418
2025-02-25FY2024Total Scope 1 Greenhouse Gas Emissions235,1708
2025-02-25FY2024Total Energy Consumption1,624,2988
2025-02-25FY2024Trading Cash Flow Power Systems£452m8
2025-02-25FY2024Trading Cash Flow Defence£591m8
2025-02-25FY2024Trading Cash Flow Civil Aerospace£2.0bn8
2025-02-25FY2024Total Large Engine LTSA Shop Visits9038
2025-02-25FY2024Total Engine Deliveries5298
2025-02-25FY2024Segment liabilities(32,047)8
2025-02-25FY2024Segment assets26,907 (GBP in millions)8
2025-02-25FY2024Scope 3 Category 11 Emissions Intensity 202410.5 ktCO₂e/£m OE revenue8
2025-02-25FY2024Scope 1 + 2 Emissions 2024301 ktCO₂e8
2025-02-25FY2024Scope 1 + 2 Emissions 2023251 ktCO₂e8
2025-02-25FY2024Return on capital13.8%8
2025-02-25FY2024Recycling and Recovery Rate61.28
2025-02-25FY2024ORDER BACKLOG POWER SYSTEMS£4.8bn8
2025-02-25FY2024ORDER BACKLOG DEFENCE£17.4bn8
2025-02-25FY2024ORDER BACKLOG CIVIL AEROSPACE£59.9bn8
2025-02-25FY2024Number of Total Reportable Injuries1268
2025-02-25FY2024Number of People Reached Through STEM Education Outreach Programmes1,026,4018
2025-02-25FY2024Net liabilities(881)8
2025-02-25FY2024Net cash/EBITDA0.1 (GBP millions)8
2025-02-25FY2024Net R&D expenditure(775)8
2025-02-25FY2024LARGE ENGINE LTSA MAJOR REFURBS4308
2025-02-25FY2024Large Engine LTSA Flying Hours15.8 million8
2025-02-25FY2024Large Engine LTSA Check Repair4738
2025-02-25FY2024Large Engine Deliveries2788
2025-02-25FY2024Investments in joint ventures and associates592 (GBP in millions)8
2025-02-25FY2024Group free cash flow1,800m8
2025-02-25FY2024Gross R&D expenditure1,4758
2025-02-25FY2024GHG emissions intensity ratio20.38
2025-02-25FY2024Customer discounts non-current8668
2025-02-25FY2024Customer discounts current1,0358
2025-02-25FY2024Contract liabilities15,7568
2025-02-25FY2024Contract assets1,813 (GBP in millions)8
2025-02-25FY2024Business Aviation Engine Deliveries2518
2025-02-272024-Q4Return on Capital13.8%6
2025-02-272024-Q4Undrawn revolving credit facility2,5006
2025-02-272024-Q4Underlying operating margin13.8%6
2025-02-272024-Q4Return on Capital13.8%6
2025-02-272024-Q4Power Systems operating margin13.1%6
2025-02-272024-Q4Operating margin13.8%6
2025-02-272024-Q4Net underlying cost recognised in the income statement (R&D)605 (GBP £m)6
2025-02-272024-Q4Liquidity8,1006
2025-02-272024-Q4Gross research and development costs1,475 (GBP £m)6
2025-02-272024-Q4Defence operating margin14.2%6
2025-02-272024-Q4Committed borrowing facilities6,0116
2025-02-272024-Q4Civil Aerospace operating margin16.6%6
–2024-H1Underlying profit attributable to ordinary shareholders7504
–2024-H1Underlying EPS8.954
–2024-H1Return on capital (%)13.8%4
–2024-H1Return on capital13.8 (GBP %)4
–2024-H1Operating margin %14.0%4
–2024-H1Net cash flow from operating activities1,669 (GBP millions)4
2024-02-13FY2023undrawn facilities3,5005
2024-02-13FY2023Underlying Operating Margin10.3%5
2024-02-13FY2023Total reportable segments liabilities(29,676)5
2024-02-13FY2023Total reportable segments assets25,164 (GBP £m)5
2024-02-13FY2023Total liabilities(35,141)5
2024-02-13FY2023Total lease liabilities1,6605
2024-02-13FY2023Total assets31,512 (GBP £m)5
2024-02-13FY2023Short-term deposits1,968 (GBP £m)5
2024-02-13FY2023Segment liabilities - Power Systems(1,765)5
2024-02-13FY2023Segment liabilities - New Markets(88)5
2024-02-13FY2023Segment liabilities - Defence(3,376)5
2024-02-13FY2023Segment liabilities - Civil Aerospace(24,447)5
2024-02-13FY2023Segment assets - Power Systems3,814 (GBP £m)5
2024-02-13FY2023Segment assets - New Markets115 (GBP £m)5
2024-02-13FY2023segment assets defence3,517 (GBP £m)5
2024-02-13FY2023segment assets civil aerospace17,718 (GBP £m)5
2024-02-13FY2023Return on Capital11.3%5
2024-02-13FY2023net liabilities(3,629)5
2024-02-13FY2023net financing income482 (GBP £m)5
2024-02-13FY2023money market funds1,0775
2024-02-13FY2023lease liability plant equipment335
2024-02-13FY2023lease liability land buildings425
2024-02-13FY2023lease liability aircraft engines2035
2024-02-13FY2023gross research and development costs(1,390)5
2024-02-13FY2023contract liabilities total14,5365
2024-02-13FY2023contract assets total1,242 (GBP £m)5
2024-02-13FY2023cash at bank and in hand739 (GBP £m)5
2024-02-13FY2023Underlying operating margin %13.8%5
2024-02-13FY2023Total underlying cash costs as a proportion of underlying gross margin0.595
2024-02-13FY2023Scope 1 + 2 emissions (excluding product testing)1485
2024-02-13FY2023Return on capital11.3%5
2024-02-13FY2023Plan assets LDI portfolio sensitivity - Increase in inflation of 0.25%77 (GBP £m)5
2024-02-13FY2023Order backlog£4.1bn5
2024-02-13FY2023Key management personnel - Share-based payments155
2024-02-13FY2023Key management personnel - Salaries and short-term benefits265
2024-02-13FY2023Gross margin %19.7%5
2024-02-13FY2023Gross margin0.595
2024-02-13FY2023Expected contribution to overseas defined benefit schemes£73m5
2024-02-13FY2023Defined benefit obligation sensitivity - Reduction in discount rate of 0.25%(185)5
2024-02-13FY2023Defined benefit obligation sensitivity - One year increase in life expectancy(155)5
2024-02-13FY2023Defined benefit obligation sensitivity - Increase of 1% in transfer value assumption(30)5
2024-02-13FY2023Defined benefit obligation sensitivity - Increase in inflation of 0.25%(75)5
2024-02-222023-Q4Total cash costs proportion gross margin0.593
2024-02-222023-Q4Return on invested capital11.3 (GBP %)3
2024-02-222023-Q4Gross profit 20222,757 (GBP millions)3
2024-02-222023-Q4Gross profit3,620 (GBP millions)3
2024-02-222023-Q4Undrawn revolving credit facility2,5003
2024-02-222023-Q4Underlying gross profit 20222,477 (GBP millions)3
2024-02-222023-Q4Underlying gross profit3,231 (GBP millions)3
2024-02-222023-Q4Underlying financing 2022-4463
2024-02-222023-Q4Underlying financing-3283
2024-02-222023-Q4UKEF undrawn loan1,000 (GBP millions)3
2024-02-222023-Q4UK deferred tax asset 20222,183 (GBP millions)3
2024-02-222023-Q4UK deferred tax asset2,399 (GBP millions)3
2024-02-222023-Q4Trading cash flow from continuing operations1,4833
2024-02-222023-Q4Total liabilities 2022-35,4663
2024-02-222023-Q4Total liabilities-35,1413
2024-02-222023-Q4Total current tax 20221643
2024-02-222023-Q4Total current tax2773
2024-02-222023-Q4Total assets 202229,450 (GBP millions)3
2024-02-222023-Q4Total assets31,512 (GBP millions)3
2024-02-222023-Q4Share of results of joint ventures and associates 2022483
2024-02-222023-Q4Share of results of joint ventures and associates1733
2024-02-222023-Q4Segment assets Power Systems 20224,084 (GBP millions)3
2024-02-222023-Q4Segment assets Power Systems3,814 (GBP millions)3
2024-02-222023-Q4Segment assets New Markets 2022135 (GBP millions)3
2024-02-222023-Q4Segment assets New Markets115 (GBP millions)3
2024-02-222023-Q4Segment assets Defence 20223,430 (GBP millions)3
2024-02-222023-Q4Segment assets Defence3,517 (GBP millions)3
2024-02-222023-Q4Segment assets Civil Aerospace 202217,537 (GBP millions)3
2024-02-222023-Q4Segment assets Civil Aerospace17,718 (GBP millions)3
2024-02-222023-Q4Return on capital4.9%3
2024-02-222023-Q4Research and development costs 2022-891 (GBP millions)3
2024-02-222023-Q4Research and development costs-739 (GBP millions)3
2024-02-222023-Q4Profit before taxation 2022-1,502 (GBP millions)3
2024-02-222023-Q4Profit before taxation2,427 (GBP millions)3
2024-02-222023-Q4Power Systems order intake£4.3bn3
2024-02-222023-Q4Power Systems book-to-bill1.1x3
2024-02-222023-Q4Order book1,632 engines3
2024-02-222023-Q4Net liabilities 2022-6,0163
2024-02-222023-Q4Net liabilities-3,6293
2024-02-222023-Q4Liquidity7.2 billion3
2024-02-222023-Q4Large engine flying hours (EFH)88% of 2019 levels3
2024-02-222023-Q4LTSA invoiced flying hour receipts£4.6bn3
2024-02-222023-Q4Free cash flow from continuing operations1,2853
2024-02-222023-Q4Free cash flow1,285 (GBP £m)3
2024-02-222023-Q4Financing income 2022355 (GBP millions)3
2024-02-222023-Q4Financing income1,163 (GBP millions)3
2024-02-222023-Q4Financing costs 2022-2,775 (GBP millions)3
2024-02-222023-Q4Financing costs-681 (GBP millions)3
2024-02-222023-Q4Deferred tax asset 20222,731 (GBP millions)3
2024-02-222023-Q4Deferred tax asset2,998 (GBP millions)3
2024-02-222023-Q4Defence order backlog£9.2bn3
2024-02-222023-Q4Defence book-to-bill1.3x3
2024-02-222023-Q4Current tax charge UK 2022183
2024-02-222023-Q4Current tax charge UK193
2024-02-222023-Q4Current tax charge Overseas 20221593
2024-02-222023-Q4Current tax charge Overseas2563
2024-02-222023-Q4Commercial and administrative costs 2022-1,077 (GBP millions)3
2024-02-222023-Q4Commercial and administrative costs-1,110 (GBP millions)3
2024-02-222023-Q4Book to bill ratio2.6x3
–2023-H1Undrawn facilities4.5bn2
–2023-H1Underlying profit for the period (continuing operations, 2022)(188)2
–2023-H1Underlying profit for the period (continuing operations)4042
–2023-H1Underlying profit before taxation (2022)(111)2
–2023-H1Underlying profit before taxation524 (GBP £m)2
–2023-H1USD hedge bookUS$16 billion2
–2023-H1Trading cash flow (2022)12 (GBP £m)2
–2023-H1Trading cash flow431 (GBP £m)2
–2023-H1Total engine flying hours7.7 million2
–2023-H1Total LTSA shop visits5912
–2023-H1Taxation (2022)(77)2
–2023-H1Taxation(120)2
–2023-H1Power Systems operating margin7.0%2
–2023-H1Order intake Power Systems£1.9 billion2
–2023-H1Order intake Defence£2.7 billion2
–2023-H1Order backlog Defence£8.9 billion2
–2023-H1Operating margin9.7%2
–2023-H1Net financing costs (2022)(236)2
–2023-H1Net financing costs(149)2
–2023-H1Liquidity£7.4 billion2
–2023-H1Large engine order book1,405 engines2
–2023-H1Large engine flying hours6.2 million2
–2023-H1Gross R&D expenditure (2022)(599)2
–2023-H1Gross R&D expenditure(684)2
–2023-H1Defence operating margin13.6%2
–2023-H1Civil LTSA liability-8,9132
–2023-H1Civil LTSA asset684 (GBP millions)2
–2023-H1Civil Aerospace operating margin12.4%2
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Guidance Tracking (latest per metric/period · 17/22)#

All management forecasts (guidance) and their later outcome. Types: fiscal-year targets as well as quarterly/half-year targets; per metric and period the most recent statement applies, older versions can be expanded. The status is checked automatically against the actuals reported later: open (period still running), met, beaten, missed. For ranges (“X to Y”) reaching the range counts. Logged neutrally, no estimate of our own, no assessment.

For periodGuided onMetricGuidedVerdictDirectionSource
FY20282026-03-05Operating margin18–20%pendingraised9
FY20282026-03-05Return on Capital23–26%pendingraised9
FY20282026-02-26Underlying operating profit4,900–5,200pendingraised9
FY20282026-02-26Free cash flow5,000–5,300pendingraised9
FY20282025-02-25Operating profit3,600–3,900pendingraised8
FY20272024-02-13Operating margin13%-15%pendinginitiated5
FY20272024-02-13Operating profit-2,800–2,500pendinginitiated5
FY20272024-02-13Free cash flow-3,100–2,800pendinginitiated5
FY20272024-02-13Return on capital-18–16%pendinginitiated5
FY20262026-07-30Underlying operating profit4,700–4,900pendingraised11
FY20262026-07-30Free cash flow3,800–4,000pendingraised11
FY20252026-02-26 °Final dividend5–cut10
FY20252025-02-27Underlying operating profit2,700–2,900–initiated6
FY20252025-02-27Large engine flying hours115%–initiated6
FY20252025-02-25Free cash flow2,700–2,900–initiated6
FY20252025-02-25Operating profit2,700–2,900–raised8
2025-H1–Dividend per share4.5–initiated7
FY20242024-02-22Underlying operating profit1,700–2,000–initiated3
FY20242024-02-22Free cash flow1,700–1,900–initiated3
FY2023–Underlying operating profit800–1,000–initiated1
FY2023–Free cash flow600–800–initiated1
FY2023–Operating profit1,200–1,400–raised2
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Development#

A condensed summary per reporting period as running text: what changed operationally, which drivers management names, how earnings and cash flow developed. Most recent period first, grouped by year; each text is written from the original report of that period, superscript numbers lead to the source.

FY2026

In the first half of fiscal year 2026, Rolls-Royce Holdings PLC reported total underlying revenue of £11,279m, a 24.5% increase from £9,057m in the prior-year period, with growth across all three divisions 11. Underlying operating profit rose 46% to £2,534m, corresponding to an underlying operating margin of 22.5%, driven by Civil Aerospace (£1.6bn, 25.3% margin), Defence (£522m, 21.0% margin), and Power Systems (£528m, 20.3% margin) 11. Free cash flow reached £2.0bn and net cash increased to £2.1bn; Moody's upgraded the credit rating to A3 and Fitch to A-, both with stable outlooks 11. Following the strong first-half performance, management raised full-year 2026 guidance to £4.7bn-£4.9bn underlying operating profit and £3.8bn-£4.0bn free cash flow 11. Post-period events included the completion of a pension buy-out removing £3.9bn of insured defined benefit liabilities and the disposal of the naval handling business to Fairbanks Morse Defense 11.

FY2025

Rolls-Royce Holdings reported total revenue of £21,207m in FY2025, up 12% from £18,909m in FY2024, while underlying revenue rose 14% to £20,059m driven by growth across Civil Aerospace, Defence, and Power Systems (9, 110). Underlying operating profit increased 38% to £3,462m, with underlying operating margin expanding to 17.3% from 13.8%, surpassing the company's stated mid-term target range of 15%-17% three years ahead of schedule (9). Statutory profit for the year reached £5,836m compared to £2,484m in 2024, incorporating exceptional items including a £679m gain on deconsolidation of Rolls-Royce SMR Limited following the ČEZ Group equity investment and recognition of a £563m deferred tax asset related to UK tax losses (9, 10). Free cash flow increased to £3,270m from £2,425m in 2024, and the net cash position strengthened to £1,895m at year-end from £475m at end-2024 (9, 10). Shareholder distributions were reinstated with a total dividend of 9.5p per share for 2025, and a £7bn-£9bn multi-year share buyback programme for 2026-2028 was announced following completion of a £1bn buyback in 2025 (10).

FY2024

In FY2024, Rolls-Royce Holdings reported total revenue of £18,909m, up from £16,486m in the prior year, with underlying revenue of £17,848m representing 17% organic growth across all three divisions 8 110. Underlying operating profit increased 55% to £2,464m and underlying operating margin expanded to 13.8% from 10.3%, driven by Civil Aerospace underlying revenue growth of 24% to £9,040m, Defence growth of 13% to £4,522m, and Power Systems growth of 11% to £4,271m 8. Free cash flow increased to £2,425m from £1,285m, and the group moved from net debt of £1,952m to a net cash position of £475m, with all three major credit rating agencies upgrading Rolls-Royce to investment grade for the first time since 2020 8. Shareholder distributions were reinstated with a full year 2024 dividend of 6.0p per share alongside a £1bn share buyback programme announced for 2025 6. Mid-term 2028 targets were upgraded to underlying operating profit of £3.6bn-£3.9bn and free cash flow of £4.2bn-£4.5bn, ahead of the prior £2.5bn-£2.8bn and £2.8bn-£3.1bn ranges respectively 6.

FY2023

Rolls-Royce Holdings reported total revenue of £16,486m in FY2023, up from £13,520m in 2022, with underlying revenue rising 21% organically to £15,409m (3, 5, 109). Underlying operating profit more than doubled to £1,590m from £652m, with the underlying operating margin expanding to 10.3% from 5.1%, driven by commercial optimisation and cost efficiencies across Civil Aerospace, Defence, and Power Systems (3, 5). Free cash flow from continuing operations grew 150% to £1,285m, and net debt declined to £2.0bn from £3.3bn at year-end 2022 (3, 5). The group reported a net profit of £2,404m versus a loss of £1,274m in 2022, aided by net financing income of £482m compared with financing costs of £2,420m in the prior year and recognition of £406m deferred tax assets relating to UK tax losses (5). At the Capital Markets Day in November 2023, mid-term 2027 targets were communicated, including underlying operating profit of £2.5bn-£2.8bn and free cash flow of £2.8bn-£3.1bn (5).

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Sources: official investor relations documents#

All original documents used, with type (e.g. quarterly, half-year, annual report), publication date and a direct link to the filing (EDINET/SEC/IR). Every superscript number in the report points to an entry in this list; so every figure can be traced back to its place in the original.

11 documents · 2024 – 2026 · IR
#Document typePublishedLink
#1IR-Report–Open
#2 / #102IR-Half–Open
#4 / #104IR-Half–Open
#5 / #105IR-Annual–Open
#7 / #107IR-Half–Open
#8 / #109IR-Annual–Open
#3 / #103IR-Report2024-02-22Open
#6 / #106IR-Report2025-02-27Open
#10 / #111IR-Report2026-02-26Open
#9 / #110IR-Annual2026-03-05Open
#11 / #112IR-Half2026-07-30Open

FAQ#

Is there a management forecast (guidance) for FY2026?

Yes. Management has issued targets for FY2026, including Underlying operating profit. The guidance tracking chapter shows all targets and checks them against the actuals reported later; neutral, with no estimate of our own.

Does Rolls-Royce Holdings plc pay a dividend?

The filings report on the dividend; most recent entry: dividend per share 6.0p (2026-H1) (as reported, no assessment of our own). Details with source links are in the report chapters.

Where can I find the official investor relations documents of Rolls-Royce Holdings plc?

The sources chapter links all 21 original filings used (IR documents) with type, publication date and a direct link; every figure in the report carries a source number.

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