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GlaxoSmithKline plc Balance Sheet 2025-2011 | GSK
Brief overview of GlaxoSmithKline plc's assets and capital
The comparison uses five available annual reports from the 2021–2025 interval.
Across five reporting periods, assets decreased -22.7%, from £79.1 billion to £61.1 billion, producing a negative trend.
The growth rates were balanced: assets changed -22.7%, while liabilities changed -21.8%.
Shareholders' equity accounts for 26.1% of assets, previously . Dependence on liabilities is moderate.
Negative net debt of -£2.6 billion means cash holdings are larger than debt obligations.
Cash accounts for 5.6% of assets versus 5.4% initially. The change indicates the degree of financial flexibility.
Accumulated earnings ended at £10.2 billion, a change of . They remain an important part of the capital base.
Overall picture
Taken together, the figures indicate acceptable resilience for GlaxoSmithKline plc. The next assessment depends on debt and equity trends.
Annual Balance Sheet GlaxoSmithKline plc
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Net Debt |
-2.57 B | -2.77 B | -1.73 B | -2.72 B | - | 16.5 B | -28.1 B | -24.1 B | -18.1 B | -15.5 B | -19.9 B | -17.3 B | -18.2 B | -15.3 B | -15.2 B |
Long Term Debt |
693 M | 934 M | 1.05 B | 841 M | - | 22.5 B | -23.6 B | -20.3 B | -14.3 B | -14.7 B | -15.3 B | -15.8 B | -15.5 B | -14.7 B | -12.2 B |
Long Term Debt Current |
137 M | 168 M | 156 M | 167 M | 203 M | 230 M | 240 M | 24 M | - | - | - | - | - | - | - |
Total Non Current Liabilities |
23.8 B | 24.7 B | 25.1 B | 27.2 B | - | 37.5 B | -37.3 B | -31.9 B | -26.3 B | -35.1 B | -31.2 B | -22.4 B | -20.6 B | -20.9 B | -17.2 B |
Total Liabilities |
45.2 B | 46.4 B | 46.2 B | 50 B | 57.8 B | 59.6 B | 61.3 B | 54.4 B | -52.9 B | -54.1 B | -44.6 B | -35.7 B | -34.3 B | -34.7 B | -32.3 B |
Retained Earnings |
10.2 B | 7.8 B | 7.24 B | 4.36 B | - | 6.76 B | 4.53 B | -2.14 B | -6.48 B | -5.39 B | -1.4 B | -2.07 B | 913 M | 652 M | 3.37 B |
Total Assets |
61.1 B | 59.5 B | 59 B | 60.1 B | 79.1 B | 80.4 B | 79.7 B | 58.1 B | 56.4 B | 59.1 B | 53.4 B | 40.7 B | 42.1 B | 41.5 B | 41.1 B |
Cash and Cash Equivalents |
3.4 B | 3.87 B | 2.94 B | 3.72 B | 4.27 B | 6.29 B | 4.71 B | 3.87 B | 3.83 B | 4.9 B | - | - | - | - | - |
Book Value |
16 B | 13.1 B | 12.8 B | 10.1 B | 21.3 B | 20.8 B | 18.4 B | 3.67 B | 109 B | 113 B | 98 B | 76.4 B | 76.4 B | 76.2 B | 73.3 B |
Total Shareholders Equity |
16 B | 13.1 B | 12.8 B | 10.1 B | - | 20.8 B | 18.4 B | 3.67 B | 3.49 B | 4.96 B | 8.88 B | - | - | - | - |
All numbers in GBP currency
Quarterly Balance Sheet GlaxoSmithKline plc
| 2025-Q4 | 2024-Q4 | 2023-Q4 | 2022-Q4 | 2022-Q3 | 2022-Q2 | 2022-Q1 | 2021-Q4 | 2021-Q3 | 2021-Q2 | 2021-Q1 | 2020-Q4 | 2020-Q3 | 2020-Q2 | 2020-Q1 | 2019-Q4 | 2019-Q3 | 2019-Q2 | 2019-Q1 | 2018-Q4 | 2018-Q3 | 2018-Q2 | 2018-Q1 | 2017-Q4 | 2017-Q3 | 2017-Q2 | 2017-Q1 | 2016-Q4 | 2016-Q3 | 2016-Q2 | 2016-Q1 | 2015-Q4 | 2015-Q3 | 2015-Q2 | 2015-Q1 | 2014-Q4 | 2014-Q3 | 2014-Q2 | 2014-Q1 | 2013-Q4 | 2013-Q3 | 2013-Q2 | 2013-Q1 | 2012-Q4 | 2012-Q3 | 2012-Q2 | 2012-Q1 | 2011-Q4 | 2011-Q3 | 2011-Q2 | 2011-Q1 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Long Term Debt |
693 M | 934 M | 1.05 B | - | - | - | - | 812 M | - | - | - | 887 M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Total Non Current Liabilities |
23.8 B | 24.7 B | 25.1 B | - | - | - | - | 34.1 B | - | - | - | 37.5 B | - | - | - | 37.3 B | - | - | - | 31.9 B | - | - | - | 26.3 B | - | - | - | 35.1 B | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Total Liabilities |
45.2 B | 46.4 B | 46.2 B | - | - | - | - | 57.8 B | - | - | - | 59.6 B | - | - | - | 61.3 B | - | - | - | 54.4 B | - | - | - | 52.9 B | - | - | - | 54.1 B | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Retained Earnings |
10.2 B | 7.8 B | 7.24 B | - | - | - | - | 7.94 B | - | - | - | 6.76 B | - | - | - | 4.53 B | - | - | - | -2.72 B | - | - | - | -6.48 B | - | - | - | -5.39 B | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Total Assets |
61.1 B | 59.5 B | 59 B | - | - | - | - | 79.1 B | - | - | - | 80.4 B | - | - | - | 79.7 B | - | - | - | 58.1 B | - | - | - | 56.4 B | - | - | - | 59.1 B | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Cash and Cash Equivalents |
3.4 B | 3.87 B | 2.94 B | - | - | - | - | 4.27 B | - | - | - | 6.29 B | - | - | - | 4.71 B | - | - | - | 3.87 B | - | - | - | 3.83 B | - | - | - | 4.9 B | - | - | - | 5.83 B | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Book Value |
16 B | 13.1 B | 12.8 B | - | - | - | - | 21.3 B | - | - | - | 20.8 B | - | - | - | 18.4 B | - | - | - | 3.67 B | - | - | - | 3.49 B | - | - | - | 4.96 B | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Total Shareholders Equity |
16 B | 13.1 B | 12.8 B | - | - | - | - | 21.3 B | - | - | - | 20.8 B | - | - | - | 18.4 B | - | - | - | 3.67 B | - | - | - | 3.49 B | - | - | - | 4.96 B | - | - | - | 8.88 B | - | - | - | 4.94 B | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
All numbers in GBP currency
Balance Sheet is a fundamental financial report of GlaxoSmithKline plc, providing a complete picture of the company’s financial position at a specific point in time. Unlike the income statement, which records the results of operations over a certain period, the balance sheet shows what assets the company owns, what liabilities it has to creditors, and what equity is available to the owners.
For an investor, the balance sheet is important because it allows assessing the company’s financial stability, understanding how much debt it carries, and how dependent it is on borrowed financing. It helps calculate key liquidity and leverage ratios. When analyzing, attention should be paid to the debt-to-equity ratio (Debt/Equity), the amount of cash on the balance sheet, and the ratio of current liabilities to liquid assets.
Features of balance sheet analysis- Vertical and horizontal analysis
Vertical analysis shows the structure of the balance sheet as a percentage of total assets or liabilities, while horizontal analysis shows the dynamics of changes over multiple periods. - Asset quality
It is important to evaluate not only the amount of assets but also their liquidity and realizability. - Accounting for off-balance sheet liabilities
Some liabilities may not be directly reflected in the balance sheet, which requires additional attention.
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