BAE Systems plc

BAESFOTCIndustrials● Active

$26.04

+$0.48(+1.88%)

Market Cap$76.4B

P/E Ratio—

52W High$32.21

52W Low$21.12

Avg Volume28K

Open$26.53

Beta-0.07

Free Cash Flow Financials Revenue

BAE Systems plc (BAESF) Free Cash Flow & Analysis

Annual & trailing free cash flow, FCF margin, YoY change, valuation ratios, and peer context.

BAESF · free cash flow · updated Jun 8, 2026

Core FCF metrics

BAESF · FCF · TTM · margin & CAGR

Free cash flow was $2.38B for FY2025 (fiscal year ending 2025-12-31), down 19.0% year-over-year The FCF margin was 8.4%. Five-year CAGR stands at +28.1%.

FY2025 Free Cash Flow$2.38B▼ -19.0% YoY

Trailing 12M (TTM)$5.25Btrailing 4 quarters sum

FCF Margin8.4%$2.38B ÷ revenue

3-Year CAGR+3.5%FY2022 → FY2025

5-Year CAGR+28.1%FY2020 → FY2025

FormulaFCF = Operating Cash Flow − Capital ExpendituresTTM = trailing 4 quarters sumCAGR → N/A if either endpoint ≤ 0

Source: FMP /cash-flow-statement · SEC 10-K / 10-Q · USDUpdated: Jun 8, 2026

Annual free cash flow history

FCF ($B, upper) · YoY Growth % (lower)

Positive FCFNegative FCF

Free Cash Flow

YoY Growth %

Annual free cash flow data

BAESF · free cash flow history · annual / quarterly

Fiscal YearOperating CFCapExFree Cash FlowYoY ChangeFCF Margin

FY2025Latest$3.30B(920M)$2.38B▼ 19.0%8.4%

FY2024$3.92B(990M)$2.94B▲ +4.7%11.2%

FY2023$3.76B(957M)$2.80B▲ +30.6%12.2%

FY2022$2.84B(693M)$2.15B▲ +8.1%10.1%

FY2021$2.45B(462M)$1.99B▲ +188.1%10.2%

FCF = Operating Cash Flow − Capital Expenditures · CapEx shown as (negative) · Source: SEC filings via FMP

FCF valuation metrics

BAESF · P/FCF · FCF yield · FCF per share

BAE Systems plc (BAESF) trades at a FCF yield of 4.05% and a price-to-free-cash-flow ratio of 14.9x. FCF per share stands at $1.75, calculated using trailing twelve-month FCF divided by basic weighted-average shares outstanding.

FCF Yield (TTM)

4.05%

Free Cash Flow ÷ Market Cap

per FMP freeCashFlowYieldTTM definition

FCF per Share (TTM)

$1.75

TTM FCF ÷ Shares Outstanding

Price / FCF

x14.9

Share Price ÷ FCF per Share

EV / FCF (TTM)

x27.8

Enterprise Value basis

Source: FMP /key-metrics-ttm · /cash-flow-statement Q · /income-statementFY2025 · 2025-12-31

Cash flow statement summary

BAESF · cash flow statement · operating / investing / financing

For FY2025, BAE Systems plc generated $3.30B in operating cash flow and spent 920M in capital expenditures, yielding $2.38B in free cash flow.

Operating Activities

+$3.30B

Cash from core business operations

2025-12-31

Investing Activities

−$918.9M

CapEx, acquisitions & investments

2025-12-31

Financing Activities

−$2.26B

Buybacks, dividends & debt

2025-12-31

FCF FormulaOperating CF ($3.30B) − |CapEx| (920M) = FCF ($2.38B)

For the complete Operating / Investing / Financing line-item breakdown:

View Full Cash Flow Statement →

Free cash flow vs peers (Industrials)

BAESF vs peers · FCF

#CompanyFree Cash FlowYoYFCF MarginRelative

BAE Systems plcYOU

BAESF

$2.38B-19.0%8.4%

23%

Space Exploration Technologies Corp.

SPCX

−$13.95B-159.0%-74.7%

Loss

Industrials · Sorted by FCF · FMP /cash-flow-statementFull FCF Rankings →

About Free Cash Flow & Methodology

BAE Systems plc (BAESF) reported free cash flow of $2.38B for FY2025 (fiscal year ending 2025-12-31), down 19.0% year-over-year. The FCF margin was 8.4%.

Based on available data, BAE Systems plc has maintained positive free cash flow for at least 14 fiscal year(s). FCF peaked at $2.94B in FY2024. The 5-year CAGR stands at +28.1%.

BAE Systems plc's FCF yield is 4.05% and price-to-FCF ratio is 14.9x for FY2025, based on the latest available data.

Data sourced from FMP /cash-flow-statement · SEC 10-K / 10-Q · USD.

Q&A and summaries align with SEC 10-K/10-Q cash flow disclosures and FMP /cash-flow-statement where noted.

Revenue Financial statements Net income Earnings Forecast Price history Market cap Cash on hand P/E ratio

Frequently asked questions

BAESF free cash flow · 8 questions

BAE Systems plc free cash flow was $2.38B for FY2025, down 19.0% year-over-year. On a trailing twelve-month (TTM) basis, free cash flow stands at $5.25B.

BAESF free cash flowBAESF FCFBAESF FCF 2025BAESF free cash flow TTM

▸ Source: FMP /cash-flow-statement · US GAAP · BAE Systems plc · BAE Systems plc SEC 10-K & 10-Q filings · US GAAP · Last updated: Jun 8, 2026