Rolls-Royce Stock RRU.DE
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. Rolls-Royce stock (RRU.DE): Half-year and annual results since 2023 from Half-Year Report and IR documents: revenue, earnings, balance sheet, cash flow and management guidance, every figure with its source. As of 07/2026, half-year reporting. Stock analysis by NadirAlpha. Rolls-Royce stock (RRU.DE): listed on Xetra, WKN A1H81L. NadirAlpha has evaluated 11 original documents, cross-checked every figure automatically and linked each to its source; sources as of 07/2026. Revenue H1 2026: GBP 11.4 billion (+21% year on year). Latest reported (H1 2026): Defence order backlog, TCC/GM ratio, Power Systems order intake. Latest reading: Net income halved, Order intake, Guidance raised, Revenue accelerating.
AI-generated report · not investment advice · figures extracted automatically; please verify against the linked original more
Rolls-Royce Current Status
The current state of Rolls-Royce at a glance, figures as of H1 2026, with core figures and the key management statements from the latest filing. NadirAlpha methodology
Assessment by NadirAlpha, as of H1 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.”
“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.”
Rolls-Royce Stock: Key Figures (£ million)
Revenue, margin, earnings and EPS of Rolls-Royce per fiscal year, half-year and quarter in £ million, as of H1 2026, as reported in the filing; restatements show the most recent filing version. NadirAlpha extracts all values automatically from the filings; errors are possible; please verify decision-relevant figures yourself by clicking through to the linked original. NadirAlpha methodology
All figures serve only to support your own investment decision and are not a recommendation; the company's original reports are authoritative.
Fiscal years
| Period | Revenue | Op. income | Net income | EPS (£) | OCF | Source |
|---|---|---|---|---|---|---|
| FY2025 | 21,207 | 4,468 | 5,841 | 0.69~ | 4,565 | 10 |
| FY2024 | 18,909 | 2,906 | 2,521 | 0.30~ | 3,782 | 6 |
| FY2023 | 16,486 | 1,944 | 2,412 | 0.29~ | 2,485 | 104 |
Half-years
| Period | Published | Revenue | Op. income | Net income | EPS (£) | FCF | Cash | Net Debt | Source |
|---|---|---|---|---|---|---|---|---|---|
| 2026-H1* | 2026-07-30 | 11,448 | 2,418 | 1,615 | 19.28 | 2,208 | 6,484 | -2,173° | 112 |
| 2025-H2* | 2026-02-26 | 11,717 | 2,394 | 1,433 | 0.17*≈ | 1,918 | 6,244 | -1,972 | 10 |
| 2025-H1* | 2025-07-31 | 9,490~ | 2,074~ | 4,408 | 52.15 | 1,669 | 6,044 | -1,135 | 7 |
| 2024-H2* | 2025-02-27 | 10,048 | 1,260 | 1,385 | 0.16*≈ | 1,528 | 5,575 | -2,016 | 6 |
| 2024-H1* | 2024-08-01 | 8,861~ | 1,646~ | 1,136 | 13.63 | 1,378 | 4,319 | 831 | 4 |
| 2023-H2* | 2024-02-22 | 8,963 | 1,147 | 1,189 | 0.14*≈ | 940~ | 3,784 | 1,975 | 104 |
| 2023-H1* | 2023-08-03 | 7,523~ | 797 | 1,223 | 14.67 | 640 | 2,861 | 2,796 | 2 |
Rolls-Royce Balance Sheet & Cash Flow (£ million)
Balance sheet and cash flow of Rolls-Royce up to H1 2026 in £ million: net debt = financial debt minus cash, free cash flow = operating cash flow minus capex, every input sourced. NadirAlpha extracts all values automatically from the filings; errors are possible; please verify decision-relevant figures yourself by clicking through to the linked original. NadirAlpha methodology
Fiscal years
| Period | Published | Cash | Debt | Net Debt | OCF | Capex | FCF | Source |
|---|---|---|---|---|---|---|---|---|
| FY2025 | 2026-02-26 | 6,244 | 4,272° | -1,972 | 4,565 | 978° | 3,587 | 10 |
| FY2024 | 2025-02-27 | 5,575 | 3,559 | -2,016 | 3,782 | 876° | 2,906 | 6 |
| FY2023 | 2024-02-22 | 3,784 | 5,759° | 1,975 | 2,485 | 695° | 1,790 | 104 |
Half-years
| Period | Published | Cash | Debt | Net Debt | OCF | Capex | FCF | Source |
|---|---|---|---|---|---|---|---|---|
| 2026-H1 | 2026-07-30 | 6,484 | 4,311° | -2,173° | 2,570 | 362° | 2,208 | 112 |
| 2025-H2 | 2026-02-26 | 6,244 | 4,272° | -1,972 | 2,547 | 629 | 1,918 | 10 |
| 2025-H1 | 2025-07-31 | 6,044 | 4,909° | -1,135 | 2,018 | 349° | 1,669 | 7 |
| 2024-H2 | 2025-02-27 | 5,575 | 3,559 | -2,016 | 2,113 | 585 | 1,528 | 6 |
| 2024-H1 | 2024-08-01 | 4,319 | 5,150° | 831 | 1,669 | 291 | 1,378 | 4 |
| 2023-H2 | 2024-02-22 | 3,784 | 5,759° | 1,975 | 1,350~ | 410 | 940~ | 104 |
| 2023-H1 | 2023-08-03 | 2,861 | 5,657 | 2,796 | 925 | 285° | 640 | 2 |
Rolls-Royce Guidance Tracking (latest per metric/period · 17/22)
All forecasts (guidance) of the Rolls-Royce management and their later outcome: per metric and period the most recent statement applies, the status is checked against the reported actuals. NadirAlpha methodology
Direction: confirmedcutinitiatedraised Verdict: pending
| For period | Guided on | Metric | Guided | Verdict | Direction | Source |
|---|---|---|---|---|---|---|
| FY2028 | 2026-03-05 | Operating margin | 18–20% | 9 | ||
| FY2028 | 2026-03-05 | Return on Capital | 23–26% | 9 | ||
| FY2028 | 2026-02-26 | Underlying operating profit | 4,900–5,200 | 9 | ||
| FY2028 | 2026-02-26 | Free cash flow | 5,000–5,300 | 9 | ||
| FY2028 | 2025-03-05 | Operating profit | 3,600–3,900 | 8 | ||
| FY2027 | 2024-02-28 | Operating margin | 13%-15% | 5 | ||
| FY2027 | 2024-02-28 | Operating profit | -2,800–2,500 | 5 | ||
| FY2027 | 2024-02-28 | Free cash flow | -3,100–2,800 | 5 | ||
| FY2027 | 2024-02-28 | Return on capital | -18–16% | 5 | ||
| FY2026 | 2026-07-30 | Underlying operating profit | 4,700–4,900 | 11 | ||
| FY2026 | 2026-07-30 | Free cash flow | 3,800–4,000 | 11 | ||
| FY2025 | 2026-02-26 ° | Final dividend | 5 | – | 10 | |
| FY2025 | 2025-07-31 | Underlying operating profit | 3,100–3,200 | – | 7 | |
| FY2025 | 2025-07-31 | Free cash flow | 3,000–3,100 | – | 7 | |
| FY2025 | 2025-03-05 | Operating profit | 2,700–2,900 | – | 8 | |
| FY2025 | 2025-02-27 | Large engine flying hours | 115% | – | 6 | |
| 2025-H1 | 2025-07-31 ° | Dividend per share | 4.5 | – | 7 | |
| FY2024 | 2024-08-01 | Underlying operating profit | 2,100–2,300 | – | 4 | |
| FY2024 | 2024-08-01 | Free cash flow | 2,100–2,200 | – | 4 | |
| FY2023 | 2024-08-05 ° | Underlying operating profit | 800–1,000 | – | 1 | |
| FY2023 | 2024-08-05 ° | Free cash flow | 600–800 | – | 1 | |
| FY2023 | 2023-08-03 | Operating profit | 1,200–1,400 | – | 2 |
Rolls-Royce Stock: Price & Chart
Chart and key figure trend of Rolls-Royce stock: the TradingView chart starts only on click, the key figure chart comes from the core tables up to H1 2026. NadirAlpha methodology
Daily candles with news and earnings markers. Loads only on click.
Rolls-Royce Event Timeline
This timeline collects the material events of Rolls-Royce from the original reports: guidance changes, revenue and margin signals, strategy shifts, product and M&A announcements, grouped by quarter. NadirAlpha methodology
2026 · 8 events
H1 underlying operating profit increased 46% to £2,534m with margin of 22.5%; Civil Aerospace, Defence and Power Systems all contributed 11
H1 underlying revenue increased to £11,279m from £9,057m; large engine flying hours increased 4% to 113% of 2019 levels 11
FY2026 guidance raised to £4.7bn-£4.9bn underlying operating profit and £3.8bn-£4.0bn free cash flow 11
Net income more than halved YoY (4,408.0 to GBP 1,615.0 million, -63%). 112
Order intake / order book: defence order backlog GBP 17.5m; defence order intake GBP 2.4m; large engine order book GBP 2,266.0m; power systems order intake GBP 4.6m 11
“Safety is the single most important priority for everyone at Rolls-Royce, be it product, people or process safety.”
“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.”
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
Underlying revenue +14% to £20,059m; Civil Aerospace +15% to £10.4bn, Power Systems +19% to £4.9bn, Defence +8% to £4.8bn 10
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
Net income more than doubled YoY (2,521.0 to GBP 5,841.0 million, +132%). 10
Net cash position expanded to GBP 1,972.0 million from GBP 1,135.0 million in 2025-H1 (+74%, derived from reported financial debt minus cash). 10
“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.”
H1 underlying operating profit +50% to £1,733m with operating margin of 19.1%, driven by strategic initiatives and operational effectiveness 7
Full year 2025 guidance raised to £3.1bn-£3.2bn underlying operating profit and £3.0bn-£3.1bn free cash flow 7
Rolls-Royce SMR selected as sole provider for UK's Great British Energy-Nuclear SMR competition to build three units 7
Net income more than doubled YoY (1,136.0 to GBP 4,408.0 million, +288%). 112
“Safety is the first and most important priority for every one of us at Rolls-Royce.”
Civil Aerospace underlying operating margin 16.6% (2023: 11.6%); Power Systems 13.1% (2023: 10.4%); Defence 14.2% (2023: 13.8%) 8
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
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 · 10 events
Net debt position flipped (+831.0 to -GBP 2,016.0 million vs 2024-H1). 6
“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.”
Underlying operating profit +74% to £1,149m; underlying operating margin 14.0% (H1 2023: 9.7%) across all divisions 4
Free cash flow improved to £1,158m from £356m in H1 2023, driven by higher operating profit and continued LTSA balance growth 4
Full year 2024 guidance raised: underlying operating profit now expected £2.1bn-£2.3bn, free cash flow £2.1bn-£2.2bn 4
“Significantly improved performance and a stronger balance sheet gives us confidence to reinstate shareholder dividends and announce a £1bn share buyback in 2025.”
“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.”
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 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
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
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)
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)
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 · 10 events
Operating income more than doubled YoY (429.0 to GBP 1,147.0 million, +167%). 3
Net income more than doubled YoY (286.0 to GBP 1,189.0 million, +316%). 3
“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.”
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)
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)
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 debt position flipped (-3,251.0 to +GBP 2,796.0 million vs 2022-H2). 104
Operating income more than doubled YoY (223.0 to GBP 797.0 million, +257%). 104
“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.”
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)
2024 guidance issued: underlying operating profit of £1.7bn-£2.0bn and free cash flow of £1.7bn-£1.9bn (3)
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)
Rolls-Royce Business Model
What Rolls-Royce does and how the company earns its money, written AI-editorially from the original reports alone, without any assessment of our own. NadirAlpha methodology
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.
Rolls-Royce Stock: Share-Price Drivers
The drivers of Rolls-Royce stock from the company's perspective: demand, prices, costs and capacity as the investor relations reports describe them. NadirAlpha methodology
Largest revenue segment at GBP 6,186m in 2026-H1, ahead of Power Systems and Defence, so demand for large engines and aftermarket services dominates group revenue 11
Largest reporting segment (GBP 6,186m, 2026-H1) with the A350-900 Trent XWB-84EP variant entering service in May 2025 and Trent 1000 TEN improved HP turbine blade certification (June 2025) supporting the installed fleet 11 7
GBP 2,484m in 2026-H1, backed by a broad programme pipeline including GCAP, FLRAA, B-52J, EJ200 into the 2030s and the Unity submarines contract with the MoD 11 8 9
GBP 2,604m in 2026-H1, extended by the fast-start gas generator launched October 2025 and Battery Energy Storage Systems 11 10 9
Early-stage nuclear traction: selected sole provider in the UK Great British Energy SMR competition (June 2025) and preferred supplier for the Czech Republic with ČEZ Group investment, though New Markets revenue remains small (GBP 3m, FY2024) 7 10 9 8
UltraFan programme continues in development as a future large-engine platform following the Pearl 10X flying test bed campaign completion (October 2024) 9 8
Sector trend: Group KPIs are moving higher, with growth accelerating, profitability improving and guidance raised 9 10. Demand across Civil Aerospace, Defence and Power Systems is trending upward, supported by aftermarket activity and an expanding order and programme pipeline 11 8.
Rolls-Royce Revenue by Type (as of 2026-H1 · GBP million · 3/5)
Where the revenue of Rolls-Royce comes from: segments and product types with share, growth and margin, as of H1 2026, older structures remain in the expandable part. NadirAlpha methodology
| Segment | Since | Revenue | Source |
|---|---|---|---|
| Period 2026-H1 (6M) | |||
| Civil Aerospace | 2022-H1 | 6,186 | 11 |
| Power Systems | 2022-H1 | 2,604 | 11 |
| Defence | 2022-H1 | 2,484 | 11 |
| Period FY2024 (12M) | |||
| Other businesses | FY2023 | 12 | 6 |
| New Markets | 2022-H1 | 3 | 8 |
Rolls-Royce Products & announcements (44/77 active+recent)
Product announcements of Rolls-Royce from the reports: market launches, approvals, partnerships, with first mention and source; discontinued products are shown in grey. NadirAlpha methodology
Status: PlannedLaunched
| Product/Line | Since | Status | Source |
|---|---|---|---|
| 2030 | |||
| GCAP production | 2030 | 8 | |
| 2028 | |||
| Series 4000 engine launch | 2028 | 9 | |
| Series 4000 engine for data centre market (2×) | 2028 | 9 | |
| Power Systems next generation engine entry (4×) | 2028 | 8 | |
| 2027 | |||
| Turkish Technic engine maintenance centre (3x) | 2027 | 10 | |
| Trent XWB-97 next phase improvements | 2027 | 8 | |
| Trent XWB-97 durability upgrades | 2027 | 10 | |
| MRO facility at Istanbul Airport with Turkish Technic | 2027 | 7 | |
| Falcon 10X entry into service | 2027 | 8 | |
| 2026 | |||
| Rolls-Royce SMR multiple contracts with GBE-N and CEZ Group | 2026-06 | 11 | |
| Rolls-Royce SMR Sweden Videberg Kraft contract | 2026-06 | 11 | |
| Qantas Project Sunrise Sydney-London route | 2026-06 | 11 | |
| Dassault Falcon 10X powered by Pearl 10X engine (2x) | 2026-06 | 10 | |
| S199 engine 8-, 10-, and 12-cylinder series deliveries | 2026 | 9 | |
| 2025 | |||
| Pearl 700-powered Gulfstream G800 | 2025-08 | 10 | |
| Rolls-Royce SMR selected as sole provider for UK Great British Energy SMR competition | 2025-06 | 7 | |
| Airbus A350-900 powered by Trent XWB-84EP variant entry into service | 2025-05 | 7 | |
| Pearl 700-powered Gulfstream G800 FAA/EASA certification | 2025-04 | 7 | |
| mtu battery energy storage system (12 MW, 24 MWh) contract with Encavis AG | 2025-03 | 8 | |
| mtu large-scale BESS (80 MW, 160 MWh) for Latvia transmission system operator | 2025 | 8 | |
| mtu 12V2000Z engine yacht propulsion launch | 2025 | 9 | |
| Trent 1000 and 7000 time-on-wing improvements | 2025 | 4 | |
| Trent 1000 XE engine introduction | 2025 | 9 | |
| Small modular reactors | 2025 | 9 | |
| Rolls-Royce SMR units at Wylfa site Wales | 2025 | 10 | |
| Rolls-Royce SMR three units in UK under Great British Energy competition | 2025 | 10 | |
| Rolls-Royce SMR at Temelin site Czech Republic | 2025 | 10 | |
| Pearl 700-powered Gulfstream G800 entry into service | 2025 | 9 | |
| Pearl 10X engine entry into service for Falcon 10X | 2025 | 8 | |
| Pearl 10X certification testing completion | 2025 | 9 | |
| MV-75 engine development testing | 2025 | 9 | |
| MQ-25 unmanned refuelling aircraft engine delivery | 2025 | 9 | |
| Leopard 2 tank engine order supply | 2025 | 9 | |
| First high-speed marine engine powered exclusively by methanol | 2025 | 9 | |
| Fast-start gas generator product (2x) | 2025 | 10 | |
| F130 engine testing for B-52 aircraft | 2025 | 10 | |
| F-130 engine for B-52 re-engine programme testing (2×) | 2025 | 11 | |
| EJ200 engines production into 2030s | 2025 | 9 | |
| AE 1107 engine testing for MV-75 Future Long-Range Assault Aircraft | 2025 | 10 | |
| 2024 | |||
| Trent 1000 HPT blade certification (5×) | 2024 | 8 | |
| Rolls-Royce SMR Generic Design Assessment (3×) | 2024 | 2 | |
| 2023 | |||
| UltraFan engine (2×) | 2023 | 9 | |
| UltraFan demonstrator testing (5×) | 2023 | 9 | |
| Battery Energy Storage Systems (3×) | 2023 | 9 | |
| 2025 | |||
| Rolls-Royce SMR deployment (2×) | 2025 | 8 | |
| 2024 | |||
| Pearl 10X flying test bed campaign completion | 2024-10 | 8 | |
| Remuneration Policy transition to market-standard structure | 2024-05 | 5 | |
| Pearl 700 entry into service | 2024-04 | 8 | |
| Gulfstream G700 aircraft entered service | 2024-04 | 6 | |
| mtu Series 1163 and 8000 engines compliance with IMO Tier III emission stage | 2024 | 8 | |
| Vattenfall selection of Rolls-Royce SMR as one of two potential providers for Sweden | 2024 | 8 | |
| UltraFan programme | 2024 | 8 | |
| Trent XWB-84 EP certification (5×) | 2024 | 11 | |
| Satellite site opening in Glasgow with additional site in Cardiff near completion | 2024 | 8 | |
| Rolls-Royce SMR shortlisted as UK SMR provider | 2024 | 8 | |
| Pusane microgrid India German Sustainability Award winner | 2024 | 8 | |
| FutureWorks facility opening in Bristol | 2024 | 8 | |
| Derwent Park warehousing facility (13,000m²) opening in Derby UK | 2024 | 8 | |
| B-52 Commercial Engine Replacement Program (F130) sea-level testing | 2024 | 8 | |
| 2023 | |||
| Capital Markets Day | 2023-11 | 5 | |
| Transformation programme multi-year workstreams | 2023-06 | 2 | |
| Hybrid-electrical flight small gas turbine | 2023-06 | 2 | |
| mtu EnergyPack battery system installation (SemperPower, Netherlands) | 2023 | 5 | |
| Virgin Atlantic 100% SAF transatlantic flight | 2023 | 5 | |
| UltraFan development and deployment | 2023 | 5 | |
| Trent 7000 HPT blade retrofit | 2023 | 3 | |
| Rolls-Royce SMR design selection in Great British Nuclear process | 2023 | 5 | |
| Pearl 700 business jet engine certification (4×) | 2023 | 4 | |
| Nuclear micro-reactors development | 2023 | 5 | |
| Hydrogen power generation solutions | 2023 | 5 | |
| B-52 F130 engine full rate production | 2023 | 5 | |
| 100% SAF testing across Trent and business jet engines | 2023 | 5 | |
| 2020 | |||
| FLRAA production | 2020 | 8 | |
| B-52J Stratofortress production | 2020 | 8 | |
| Undated | |||
| Voltaria Helios energy storage project | later this year | 11 | |
| U.S. Army MV-75 Cheyenne flight testing | later this year | 11 | |
| MQ-25 autonomous refueler deployment | – | 8 | |
Rolls-Royce Transactions & Events (48)
All recorded acquisitions, divestitures and exits of Rolls-Royce, plus partnerships, contracts and regulatory events affecting the business, each with date and source. NadirAlpha methodology
Acquisitions by Rolls-Royce
| Transaction / stake | Date | Type | Source |
|---|---|---|---|
| 2040 | |||
| Australia nuclear powered submarines reactors provision | 2040 | Announced | 2 |
| 2026 | |||
| Rolls-Royce UK Pension Fund Buy-out | 2026 | Completed | 10 |
| 2025 | |||
| $1bn bond maturity repayment from cash | 2025-10 | Completed | 9 |
| UK pension scheme Buy-in | 2025-08 | Completed | 9 |
| Rolls-Royce SMR selection by Great British Energy-Nuclear for three units (2×) | 2025 | Completed | 9 |
| Rolls-Royce SMR selected as final-stage candidate by Vattenfall for Sweden's nuclear technology partner | 2025 | Completed | 9 |
| Project QRITOS with British Airways, Imperial College London, and Heathrow for SAF optimization | 2025 | Completed | 9 |
| Lithuanian Ignitis Group battery storage order | 2025 | Completed | 9 |
| EU Clean Aviation programme UNIFIED project selection | 2025 | Completed | 9 |
| 2024 | |||
| ČEZ equity investment in Rolls-Royce SMR Limited (4×) | 2024-12 | Completed | 9 |
| TACAMO contract selection by Northrop Grumman | 2024 | Completed | 6 |
| Submarines contract (Unity) with MoD | 2024 | Completed | 8 |
| Service concession arrangement with customer (2x) | 2024 | Completed | 3 |
| SAOC contract selection with SNC as prime contractor | 2024 | Completed | 6 |
| Rolls-Royce SMR programme (2x) | 2024 | Completed | 3 |
| Rolls-Royce SMR preferred supplier selection by Czech Republic (2x) | 2024 | Completed | 6 |
| First Trent 1000 received at MRO facility in Dahlewitz | 2024 | Completed | 6 |
| Delta Airlines order | 2024 | Completed | 5 |
| 2023 | |||
| Team Italia/Onyx Marine SRL (2x) | 2023 | Completed | 5 |
| Puma Battery tank engine supply for German Bundeswehr | 2023 | Completed | 5 |
| Large commercial aircraft orders: Air India, Turkish Airlines, Emirates, EVA Air | 2023 | Completed | 5 |
| Global Combat Air Programme (GCAP) (2×) | 2023 | Completed | 2 |
| Future Long-Range Assault Aircraft (FLRAA) programme (3×) | 2023 | Completed | 8 |
| B-52 re-engining contract | 2023 | Completed | 5 |
| AUKUS reactor plant contracts | 2023 | Completed | 5 |
| AUKUS nuclear propulsion contract | 2023 | Completed | 5 |
Divestitures and exits by Rolls-Royce
| Transaction / stake | Date | Type | Source |
|---|---|---|---|
| 2025 | |||
| Rolls-Royce SMR Limited (2×) | 2025-03 | Divested | 9 |
| 2024 | |||
| Completion of Deutz AG disposal | 2024-07 | Divested | 4 |
| Naval propulsors business (11×) | 2024 | Divested | 8 |
| Electrical business divestment or minority exit | 2024 | Divested | 3 |
| Direct air capture assets sale (3×) | 2024 | Divested | 4 |
| Closure of electrolyser and fuel cells activities | 2024 | Divested | 6 |
| Agreement to sell naval propulsors and handling business in Defence | 2024 | Divested | 6 |
| Advanced air mobility activities (2×) | 2024 | Divested | 8 |
| 2023 | |||
| Shanxi North MTU Diesel Co. Limited (3×) | 2023 | Divested | 2 |
| Off-highway engines business divestment (13×) | 2023 | Divested | 5 |
| Exit from electrical business completed | 2023 | Divested | 8 |
Partnerships and contracts of Rolls-Royce
| Transaction / stake | Date | Type | Source |
|---|---|---|---|
| 2025 | |||
| Beijing Aero Engine Services Limited joint venture opening | 2025-12 | Agreement | 10 |
| Strategic partnership with INERATEC for Power-to-X decarbonisation | 2025 | Agreement | 9 |
| Partnership with Microsoft on HVO sustainable fuel for data centres | 2025 | Agreement | 9 |
| Collaboration with Singapore Institute of Technology for hybrid and autonomous ships | 2025 | Agreement | 9 |
| BAESL MRO joint venture facility opening in Beijing | 2025 | Agreement | 9 |
| 2024 | |||
| UK-Qatar climate technology partnership announcement | 2024-12 | Agreement | 8 |
| US Air Force SAOC (Survivable Airborne Operations Center) contract partnership | 2024-06 | Agreement | 4 |
| Joint venture expansion in China with Yuchai | 2024 | Agreement | 6 |
| Eight-year submarines contract with UK Ministry of Defence | 2024 | Agreement | 6 |
| 2023 | |||
| Rolls-Royce SMR partnership | 2023 | Agreement | 5 |
| AUKUS submarine agreement | 2023 | Agreement | 3 |
Rolls-Royce Risks (91 since the annual report of 2026-03-05, 276 tracked in total)
Risk factors Rolls-Royce itself names in its reports, merged by topic across periods, with category, first mention and source; new risks of the latest period come first. NadirAlpha methodology
Category: Supply chainTechnologyESGFinancialMacroMarketPeopleLegalRegulatoryGeopoliticsCustomersCompetitionOperationsCyberStrategy
| Risk | Category | Last reported |
|---|---|---|
| Rolls-Royce: first mention in IR-Half half-year report of 2026-07-30 (2026-H1), source 11 | ||
| Continued supply chain costs offsetting LTSA margin benefits | = | |
| Multiple engine development programmes with key certification milestones required for success | = | |
| Commitment to sustainable aviation fuel development and carbon reduction targets | = | |
| Interest rates modelled at 2%-4% in base case, 1%-2% higher in downside forecast | = | |
| Bonds due in 2027 totalling $1bn and £545m assumed to be repaid from cash in base and downside forecasts | = | |
| External environment remains challenging affecting guidance assumptions | = | |
| Conflict in Middle East impacting guidance raised despite uncertain external environment | = | |
| Transformation and restructuring charges related to headcount management | = | |
| DPA terms expired; historical misconduct investigations ongoing; Group responded to authorities | = | |
| Share buyback programme and dividend commitments exposed to capital market changes | = | |
| Rolls-Royce: first mention in IR-Annual annual report of 2026-03-05 (FY2025), source 9 | ||
| GBP:USD exchange rate movements creating £250m financing costs on hedge book fair value losses | 2026-H1 2026-07-30 11 | |
| Rolls-Royce: first mention in IR-Report report of 2026-02-26 (FY2025), source 10 | ||
| Aerospace and defence regulatory approvals needed for new engine variants | 2026-H1 2026-07-30 11 | |
| Rolls-Royce: first mention in IR-Half half-year report of 2025-07-31 (2025-H1), source 7 | ||
| Group exited Russia complying with sanctions; subject to action by impacted customers/suppliers | 2026-H1 2026-07-30 11 | |
| Ongoing geopolitical uncertainty and potential impact on economic growth, foreign exchange and inflation | 2026-H1 2026-07-30 11 | |
| IFRS 18 Presentation and Disclosure to be implemented from 1 January 2027 requiring changes to financial statement presentation | 2026-H1 2026-07-30 11 | |
| Rolls-Royce: first mention in IR-Report report of 2025-02-27 (2024-Q4), source 6 | ||
| Deferred tax asset of £2,857m relating to UK; utilisation dependent on future taxable profits expected within 8-15 years based on programme lifecycles | 2026-H1 2026-07-30 11 | |
| Rolls-Royce: first mention in IR-Report report of 2024-02-22 (2023-Q4), source 3 | ||
| Potential output risks associated with increasing volumes and ongoing supply chain challenges noted in downside scenarios | 2026-H1 2026-07-30 11 | |
| Rolls-Royce: first mention in IR-Half half-year report of 2023-08-03 (2023-H1), source 2 | ||
| Commitments $341m (discounted) for customer aircraft financing facilities; potential calls during 2026 | 2026-H1 2026-07-30 11 | |
| LTSA net balance growth lower due to higher shop visit volumes and supply chain impacts | 2026-H1 2026-07-30 11 | |
| Climate change impacts considered in revenue estimates for Civil Aerospace LTSA contracts and investment requirements assessment | 2026-H1 2026-07-30 11 | |
| Rolls-Royce: first mention in IR-Annual annual report of 2026-03-05 (FY2025), source 9 | ||
| Financial shock risk from tariffs requiring mitigating actions to offset announced direct tariff impacts | = | |
| Sanctions or trade conflicts could disrupt supply chain and reduce market sales | = | |
| Successfully mitigated direct tariff impacts across Group | = | |
| Strong Civil Aerospace growth straining aviation supply chain post-pandemic | = | |
| Expansion of production capacity required to meet growing data centre demand | = | |
| Data centres now represent more than 80% of power generation revenue creating concentration risk | = | |
| Failure to transition to lower-carbon product portfolio could impact revenues | = | |
| US tariffs at century-high levels; protectionism reshaping trade | = | |
| Various Group undertakings party to legal actions and claims including with tax authorities arising in ordinary course of business. | = | |
| Civil Aerospace LTSA contracts warranty and service agreements with potential significant costs | = | |
| Airworthiness Directives requiring significant modification and customer claims costs | = | |
| Tax accounting and customs risk management; external tax disclosure obligations | = | |
| Climate change scenarios impact on demand for commercial aero engines and portfolio compatibility | = | |
| MV-75 and B-52 engine programmes dependent on successful development and testing milestones | = | |
| Long-term facility adaptation required in high-temperature scenarios | = | |
| Commodity price volatility from geopolitical tensions | = | |
| Defined benefit pension obligations sensitive to discount rate and inflation assumptions | = | |
| GDP growth slowdown and market volatility impact demand in multiple scenarios | = | |
| Ongoing energy security concerns keeping fossil fuel markets volatile | = | |
| Weakening environmental consensus, reversals in US, concerns on energy transition | = | |
| Ongoing global security concerns and geopolitical tensions influence defence spending | = | |
| BESS business dependent on renewable energy adoption and grid stability demand | = | |
| Current volatility in macro-economic variables and external environment remains challenging including geopolitical tensions and tariff uncertainty | = | |
| Government defence budget commitments drive demand but subject to policy changes | = | |
| European concerns on competitiveness costs of energy transition | = | |
| Growing AI adoption increasing data centre power requirements | = | |
| Market commodity price changes could slow customer pass-through ability | = | |
| Rolls-Royce: first mention in IR-Report report of 2026-02-26 (FY2025), source 10 | ||
| Onerous contract provisions of £986m sensitive to cost estimates and discount rate changes | FY2025 2026-03-05 9 | |
| Rolls-Royce UK Pension Fund entered buy-in transaction in 2025 in anticipation of full buy-out during 2026 | = | |
| Supply chain constraints continuing to impact operations with estimated £150m-£200m cash impact in 2026 | = | |
| Ongoing investigations by authorities into misconduct relating to historical matters; potential future claims from customers, financiers and investors. | = | |
| Virgin Media pension ruling regarding historic rule amendments; Government intervention introduced legislation to address uncertainty. | = | |
| Recognition of £277m deferred tax asset credit on UK tax losses in 2025 | = | |
| Fair value gains on foreign exchange and commodity contracts due to GBP:USD movement | = | |
| Exposure to macro-economic and credit risks affecting demand | = | |
| Geopolitical tensions and tariff uncertainties affect external environment and cash flows | = | |
| Geopolitical events trade protectionism armed conflict impact | = | |
| Disruption from extreme weather supply chain political events | = | |
| MRO capacity expansion requiring continued capital investment to support growth | = | |
| Failure to minimise risk of harm to people and environment | = | |
| Tariff impacts navigated during 2025 through transformation programme actions | = | |
| Failure to deliver financial plans and customer expectations | = | |
| Sale of naval propulsors business to Fairbanks Morse Defense completed | = | |
| EASA certification reports for Pearl 10X engine finalisation progressing to plan | = | |
| Quantum computing technology development subject to maturation uncertainties | = | |
| Failure to ensure competitive technology and digital adoption | = | |
| Rolls-Royce: first mention in IR-Half half-year report of 2025-07-31 (2025-H1), source 7 | ||
| Group could be affected by actions from customers, customers' financiers and current/former investors including potential claims regarding historical ethics and compliance disclosures. | FY2025 2026-03-05 9 | |
| Group exposed to ongoing investigations by certain authorities for historical misconduct matters; potential claims from customers, financiers and investors regarding historical compliance disclosures | = | |
| Group assessed latest legal position on ongoing proceedings and reflected appropriately in results | = | |
| Share repurchase programme subject to market conditions and regulatory approval | = | |
| Rolls-Royce: first mention in IR-Annual annual report of 2025-03-05 (FY2024), source 8 | ||
| Slowing GDP and lower profit margins in high-temperature scenario impact Civil Aerospace | FY2025 2026-03-05 9 | |
| Climate stress may require additional cooling and de-rating across portfolio | FY2025 2026-03-05 9 | |
| Failure to protect data systems and services from breaches | FY2025 2026-02-26 10 | |
| Competition law compliance activities across business divisions with associated breach risks | FY2025 2026-03-05 9 | |
| Failure to reach net zero by 2050 and transition products | FY2025 2026-02-26 10 | |
| Rolls-Royce SMR competing in Swedish and Czech nuclear competitions with uncertain outcomes | FY2025 2026-02-26 10 | |
| Rolls-Royce: first mention in IR-Annual annual report of 2024-02-28 (FY2023), source 5 | ||
| Carbon pricing and commodity price changes estimated to increase Civil LTSA costs by around 1% | FY2025 2026-03-05 9 | |
| Physical climate risks could disrupt supplier facilities and logistics routes | FY2025 2026-03-05 9 | |
| Non-compliance to sovereign requirements could result in fines and sales loss | FY2025 2026-03-05 9 | |
| Exposure to USD and EUR exchange rate movements affects revenues and costs | FY2025 2026-02-26 10 | |
| Potential intellectual property disputes not specifically detailed in governance sections | FY2025 2026-03-05 9 | |
| Risk that demand may shift towards more sustainable products and solutions in longer term despite engine fuel compatibility | FY2025 2026-03-05 9 | |
| Failure to develop optimal strategy and evolve competitively | FY2025 2026-02-26 10 | |
| Rolls-Royce: first mention in IR-Report report of 2024-02-22 (2023-Q4), source 3 | ||
| Continuing geopolitical uncertainty impacting supply chain costs and forecasting for long-term contracts | FY2025 2026-03-05 9 | |
| International competition for talent; risk of losing key executives to global competitors | FY2025 2026-03-05 9 | |
| Deferred prosecution agreements with UK and US authorities expired; investigation by authorities ongoing regarding members for misconduct in historical matters. | FY2025 2026-03-05 9 | |
| UK deferred tax assets of £2,954m relate primarily to tax losses that can be offset against future profits | FY2025 2026-02-26 10 | |
| Data breach could result in business disruption, EFH loss, and debarment risk | FY2025 2026-03-05 9 | |
| Rolls-Royce: first mention in IR-Half half-year report of 2023-08-03 (2023-H1), source 2 | ||
| Group responded to Russia-Ukraine conflict to comply with sanctions and export controls; could be subject to actions by impacted customers and suppliers. | FY2025 2026-03-05 9 | |
| Prolonged supply chain challenges impacting shop visit capacity and Trent 1000 programme execution | FY2025 2026-03-05 9 | |
| Defence exports subject to regulatory approvals and export licensing requirements | FY2025 2026-03-05 9 | |
Rolls-Royce Reported KPIs (as disclosed) (396)
NadirAlpha collects 396 reported KPIs of Rolls-Royce from the filings up to H1 2026; the definition comes from the company, period and source are stated at every value. NadirAlpha methodology
| KPI | Value / change | Source |
|---|---|---|
| Rolls-Royce, published 2026-07-30, period 2026-H1 | ||
| undrawn facilities | 2.5 | 11 |
| liquidity | 9.0 billion | 11 |
| Undrawn committed borrowing facilities | 2,500 | 11 |
| Total OE deliveries | 279 | 11 |
| Total LTSA shop visits | 712 | 11 |
| TCC/GM ratio | 0.27x | 11 |
| Return on capital % | 22.0% | 11 |
| Power Systems order intake | £4.6bn | 11 |
| Power Systems book-to-bill | 1.8x | 11 |
| Operating margin % | 22.5% | 11 |
| Liquidity position | £9.0bn | 11 |
| Large engine order book | 2,266 engines | 11 |
| Large engine flying hours (millions) | 10.0 | 11 |
| Large engine OE deliveries | 157 | 11 |
| Interim dividend per share | 6.0p | 11 |
| Defence order intake | £2.4bn | 11 |
| Defence order backlog | £17.5bn | 11 |
| Defence book-to-bill | 1.0x | 11 |
| Cash and cash equivalents | £6.5bn | 11 |
| Business aviation OE deliveries | 122 | 11 |
| Rolls-Royce, published 2026-03-05, period FY2025 | ||
| Waste reduction since | 32% | 9 |
| undrawn facilities | £2.5bn | 9 |
| Underlying Operating Margin | 17.3% | 9 |
| Trent XWB-84 fuel consumption improvement | more than 1% | 9 |
| Trade association memberships | over 200 | 9 |
| Total waste generated | 54.7 kilotonnes | 9 |
| Total normalized solid/liquid waste | 2.57 tonnes/£m | 9 |
| Total facility energy consumed | 983,979 MWh | 9 |
| Total committed borrowing facilities Jun | £4,306m | 9 |
| Total committed borrowing facilities Dec | £5,359m | 9 |
| Share buyback programme 2026-2028 | £7.0bn to £9.0bn | 9 |
| Share buyback 2026 planned | £2.5bn | 9 |
| Scope 3 category 11 emissions intensity | 5.8 ktCO2e/£m OE revenue | 9 |
| Revolving credit facility undrawn | £2.5bn | 9 |
| Revolving credit facility maturity | December 2030 | 9 |
| Return on Capital | 13.8% | 9 |
| Renewable energy provided | 41% | 9 |
| Recycling recovery rate improvement vs | 14.6% | 9 |
| Recycling Recovery Rate | 65.7% | 9 |
| Power Systems division recycling rate | approximately 90% | 9 |
| Polat Enerji battery capacity | 132 MWh | 9 |
| order intake power systems | £6.1bn | 9 |
| order intake defence | £5.5bn | 9 |
| order cover 2026 defence | around 90% | 9 |
| order backlog power systems | £6.1bn | 9 |
| order backlog defence | £17.4bn | 9 |
| onsite clean energy | 1% | 9 |
| OE order coverage 2026 power systems | 79% | 9 |
| non-hazardous waste to landfill reduction | 86% | 9 |
| non-hazardous waste to landfill | 324 tonnes | 9 |
| Lithuanian battery order storage capacity | 582 megawatt hours | 9 |
| Lithuanian battery order output | 291 megawatts | 9 |
| liquidity | £8.1bn | 9 |
| hazardous waste | 21.9 kilotonnes | 9 |
| group liquidity | £8.7bn | 9 |
| energy reduction since | 393,674 MWh (29%) | 9 |
| energy consumption normalized | 46 MWh/£m | 9 |
| debt maturities assessment period | £5.4bn | 9 |
| committed facilities minimum available | £4.3bn | 9 |
| cash and cash equivalents | £6.2bn | 9 |
| book-to-bill power systems | 1.2x | 9 |
| Book-to-bill defence | 1.1x | 9 |
| Bond repaid October | $1bn | 9 |
| Bond matured February | €750m | 9 |
| Bond due June | £375m | 9 |
| Battery storage projects delivered | over 200 | 9 |
| Weighted average duration of obligations | 13 years | 9 |
| Underlying R&D expenditure (prior year) | 745 | 9 |
| Underlying R&D expenditure | 598 | 9 |
| Underlying C&A (prior year) | 1,197 | 9 |
| Underlying C&A | 1,223 | 9 |
| Transfer take-up assumption (employed/deferred) | 20%/15% | 9 |
| Total cash costs (prior year) | 1,942 (GBP £m) | 9 |
| Total cash costs | 1,821 (GBP £m) | 9 |
| TCC/GM | 0.47 | 9 |
| Return on capital (prior year) | 13.8% | 9 |
| Return on capital | 18.9% | 9 |
| Overseas schemes - Long-term healthcare cost trend rate | 4.75% | 9 |
| Overseas schemes - Inflation assumption | 2.00% | 9 |
| Overseas schemes - Discount rate | 4.70% | 9 |
| Operating margin | 17.3% | 9 |
| Net assets | 2,753 (GBP £m) | 9 |
| Inflation assumption (RPI) | 3.05% | 9 |
| Inflation assumption (CPI) | 2.70% | 9 |
| Free cash flow | 3,270 (GBP £m) | 9 |
| Discount rate | 5.60% | 9 |
| Rolls-Royce, published 2026-02-26, period FY2025 | ||
| Undrawn revolving credit facility | 2,500 | 10 |
| liquidity | 8.7 billion | 10 |
| Warranty and guarantees provision | 422 | 10 |
| Undrawn committed borrowing facilities | 2,500 | 10 |
| Underlying revenue | 20,059 | 10 |
| Underlying operating margin | 17.3% | 10 |
| Underlying R&D expenditure | 598 | 10 |
| Underlying C&A | 1,223 | 10 |
| US hedge book | $21bn | 10 |
| Trading cash flow | 3,862 | 10 |
| Total shop visits | 1,440 | 10 |
| Total lease expense | (271) | 10 |
| Total cash costs | 1,821 | 10 |
| Total OE deliveries | 483 | 10 |
| TCC/GM ratio | 0.36x | 10 |
| Return on capital | 18.9% | 10 |
| Power Systems order intake | £6.1bn | 10 |
| Power Systems book-to-bill ratio | 1.2x | 10 |
| Post-retirement deficit | (606) | 10 |
| Operating margin | 17.3% | 10 |
| Liquidity | £8.7bn | 10 |
| Lease liability | 1,555 | 10 |
| Lease liabilities | £1.5bn | 10 |
| Lease commitment (not yet commenced) | 293 | 10 |
| Large engine order book | 2,207 (GBP engines) | 10 |
| Large engine flying hours growth | 8% | 10 |
| Joint venture equity accounted investment | 1,285 | 10 |
| Intangible assets carrying amount (Trent programme) | 1,993 | 10 |
| Intangible assets carrying amount (Power Systems) | 323 | 10 |
| Intangible assets carrying amount (Business aviation) | 814 | 10 |
| Gross debt | £2.8bn | 10 |
| Defence order intake | £5.5bn | 10 |
| Defence order backlog | £17.4bn | 10 |
| Defence book-to-bill ratio | 1.1x | 10 |
| Customer financing commitments | $339m | 10 |
| Customer discounts | 1,744 | 10 |
| Contract liabilities | 16,594 | 10 |
| Contract assets | 1,897 | 10 |
| Civil Aerospace LTSA balance growth net of RRSAs | £0.6bn | 10 |
| Basic underlying EPS | 29.55 pence | 10 |
| Rolls-Royce, published 2025-07-31, period 2025-H1 | ||
| undrawn facilities | 2,500 | 7 |
| liquidity | 8.5bn | 7 |
| Committed borrowing facilities | 6,011 | 7 |
| Warranty and guarantees 30 June | 378 | 7 |
| Warranty and guarantees 1 January | 354 | 7 |
| Undrawn committed borrowing facilities 31 December | 2,500 | 7 |
| Undrawn committed borrowing facilities 30 June | 2,500 | 7 |
| UK schemes surplus 30 June | 749 | 7 |
| Trent 1000 wastage costs utilised | 36 | 7 |
| Transformation and restructuring utilised | 26 | 7 |
| Transformation and restructuring reversed | 5 | 7 |
| Transformation and restructuring 30 June | 32 | 7 |
| Transformation and restructuring 1 January | 62 | 7 |
| Trading cash flow 30 June | 1,847 | 7 |
| Trading cash flow 30 June | 1,289 | 7 |
| Trade payables and other liabilities within SCF arrangements | 458 | 7 |
| Total borrowings and lease liabilities 31 December | 5,132 | 7 |
| Total borrowings and lease liabilities 30 June | 4,909 | 7 |
| TCC/GM ratio | 0.35x | 7 |
| Spare engines cash receipts | 92 | 7 |
| Sales of spare engines to related parties | 92 | 7 |
| Sale of goods and services to related parties half year 30 June | 5,055 | 7 |
| Sale of goods and services to related parties half year 30 June | 3,583 | 7 |
| SCF programme costs incurred | 5 | 7 |
| Rolls Royce SMR shareholding before dilution | 70.5% | 7 |
| Rolls Royce SMR shareholding after dilution | 61.7% | 7 |
| Rolls Royce SMR fair value on 4 March | 732 | 7 |
| Return on capital % | 16.9% | 7 |
| Purchases of goods and services from related parties half year 30 June | -5,195 | 7 |
| Purchases of goods and services from related parties H1 30 Jun | -4,420 | 7 |
| Profit recognised on spare engine sales | 37 | 7 |
| Profit on SMR disposal | 679 | 7 |
| Power Systems contract liability increase | 124 | 7 |
| Post-retirement scheme surplus 30 Jun | 750 | 7 |
| Post-retirement scheme deficit 30 Jun | -942 | 7 |
| Post-retirement net 30 Jun | -192 | 7 |
| Overseas schemes deficit 30 Jun | -941 | 7 |
| Operating margin % | 19.1% | 7 |
| Onerous contracts utilised | 101 | 7 |
| Onerous contracts reversed | 544 | 7 |
| Onerous contracts charged to income statement | 320 | 7 |
| Onerous contracts 30 Jun | 1,107 | 7 |
| Onerous contracts 1 Jan | 1,433 | 7 |
| Naval propulsors handling business net assets 31 Dec | 53 | 7 |
| Naval propulsors handling business net assets 30 Jun | 69 | 7 |
| Naval propulsors handling business assets held for sale 31 Dec | 153 | 7 |
| Naval propulsors handling business assets held for sale 30 Jun | 157 | 7 |
| Lease liabilities 30 Jun 2025 non-current | 1,093 | 7 |
| Lease liabilities 30 Jun 2025 current | 323 | 7 |
| Large EFH | 109% | 7 |
| LTSA liabilities 31 December | 11,139 | 7 |
| LTSA liabilities 30 June | 11,575 | 7 |
| Interest costs incurred on behalf of joint ventures | 5 | 7 |
| Free cash flow 30 June | 1,582 | 7 |
| Free cash flow 30 June | 1,158 | 7 |
| Employer liability claims 30 June | 22 | 7 |
| Employer liability claims 1 January | 25 | 7 |
| Defence contract liability increase | 146 | 7 |
| Customer financing commitments 31 December | $405m | 7 |
| Customer financing commitments | $339m | 7 |
| Contract liabilities increase | 894 | 7 |
| Civil Aerospace LTSA liabilities increase | 436 | 7 |
| Cash from operating activities 30 June | 2,082 | 7 |
| Cash from operating activities 30 June | 1,714 | 7 |
| Rolls-Royce, published 2025-03-05, period FY2024 | ||
| Underlying Operating Margin | 13.8% | 8 |
| Total reportable injuries rate | 0.29 | 8 |
| Total reportable injuries rate | 0.29 | 8 |
| Total cash costs/gross margin ratio | 0.47 | 8 |
| TCC GM ratio | 0.47 | 8 |
| Statutory operating margin | 15.4% | 8 |
| Return on Capital | 0.47 | 8 |
| Power Systems underlying operating margin | 13.1% | 8 |
| Order backlog total | 82.1 (GBP £bn) | 8 |
| order backlog power systems | 4.8 (GBP £bn) | 8 |
| order backlog defence | 17.4 (GBP £bn) | 8 |
| order backlog civil aerospace | 59.9 (GBP £bn) | 8 |
| operating margin | 10.7% | 8 |
| operating cost | no more than £6,619m | 8 |
| liquidity | £8.1bn | 8 |
| large engine flying hours percentage | 103% | 8 |
| gross margin | 13.8% | 8 |
| defence underlying operating margin | 14.2% | 8 |
| civil aerospace underlying operating margin | 16.6% | 8 |
| Undrawn committed facilities | 2,500 | 8 |
| Underlying operating margin | 13.8% | 8 |
| Total gross GHG emissions (Scope 1 + 2 market-based) | 301,061 | 8 |
| Total Solid and Liquid Waste Generated | 60.8 (thousand metric tonnes) | 8 |
| Total Scope 2 Greenhouse Gas Emissions Market-Based | 65,941 | 8 |
| Total Scope 1 Greenhouse Gas Emissions | 235,170 | 8 |
| Total Energy Consumption | 1,624,298 | 8 |
| Trading Cash Flow Power Systems | £452m | 8 |
| Trading Cash Flow Defence | £591m | 8 |
| Trading Cash Flow Civil Aerospace | £2.0bn | 8 |
| Total Large Engine LTSA Shop Visits | 903 | 8 |
| Total Engine Deliveries | 529 | 8 |
| Segment liabilities | (32,047) | 8 |
| Segment assets | 26,907 | 8 |
| Scope 3 Category 11 Emissions Intensity | 10.5 ktCO₂e/£m OE revenue | 8 |
| Scope 1 + 2 Emissions | 301 ktCO₂e | 8 |
| Scope 1 + 2 Emissions | 251 ktCO₂e | 8 |
| Return on capital | 13.8% | 8 |
| Recycling and Recovery Rate | 61.2 | 8 |
| ORDER BACKLOG POWER SYSTEMS | £4.8bn | 8 |
| ORDER BACKLOG DEFENCE | £17.4bn | 8 |
| ORDER BACKLOG CIVIL AEROSPACE | £59.9bn | 8 |
| Number of Total Reportable Injuries | 126 | 8 |
| Number of People Reached Through STEM Education Outreach Programmes | 1,026,401 | 8 |
| Net liabilities | (881) | 8 |
| Net cash/EBITDA | 0.1 | 8 |
| Net R&D expenditure | (775) | 8 |
| LARGE ENGINE LTSA MAJOR REFURBS | 430 | 8 |
| Large Engine LTSA Flying Hours | 15.8 million | 8 |
| Large Engine LTSA Check Repair | 473 | 8 |
| Large Engine Deliveries | 278 | 8 |
| Investments in joint ventures and associates | 592 | 8 |
| Group free cash flow | 1,800m | 8 |
| Gross R&D expenditure | 1,475 | 8 |
| GHG emissions intensity ratio | 20.3 | 8 |
| Customer discounts non-current | 866 | 8 |
| Customer discounts current | 1,035 | 8 |
| Contract liabilities | 15,756 | 8 |
| Contract assets | 1,813 | 8 |
| Business Aviation Engine Deliveries | 251 | 8 |
| Rolls-Royce, published 2025-02-27, period 2024-Q4 | ||
| Return on Capital | 13.8% | 6 |
| Undrawn revolving credit facility | 2,500 | 6 |
| Underlying operating margin | 13.8% | 6 |
| Return on Capital | 13.8% | 6 |
| Power Systems operating margin | 13.1% | 6 |
| Operating margin | 13.8% | 6 |
| Net underlying cost recognised in the income statement (R&D) | 605 (GBP £m) | 6 |
| Liquidity | 8,100 | 6 |
| Gross research and development costs | 1,475 (GBP £m) | 6 |
| Defence operating margin | 14.2% | 6 |
| Committed borrowing facilities | 6,011 | 6 |
| Civil Aerospace operating margin | 16.6% | 6 |
| Rolls-Royce, published 2024-08-01, period 2024-H1 | ||
| Underlying profit attributable to ordinary shareholders | 750 | 4 |
| Underlying EPS | 8.95 | 4 |
| Return on capital (%) | 13.8% | 4 |
| Return on capital | 13.8 (GBP %) | 4 |
| Operating margin % | 14.0% | 4 |
| Net cash flow from operating activities | 1,669 | 4 |
| Rolls-Royce, published 2024-02-28, period FY2023 | ||
| undrawn facilities | 3,500 | 5 |
| Underlying Operating Margin | 10.3% | 5 |
| Total reportable segments liabilities | (29,676) | 5 |
| Total reportable segments assets | 25,164 (GBP £m) | 5 |
| Total liabilities | (35,141) | 5 |
| Total lease liabilities | 1,660 | 5 |
| Total assets | 31,512 (GBP £m) | 5 |
| Short-term deposits | 1,968 (GBP £m) | 5 |
| Segment liabilities - Power Systems | (1,765) | 5 |
| Segment liabilities - New Markets | (88) | 5 |
| Segment liabilities - Defence | (3,376) | 5 |
| Segment liabilities - Civil Aerospace | (24,447) | 5 |
| Segment assets - Power Systems | 3,814 (GBP £m) | 5 |
| Segment assets - New Markets | 115 (GBP £m) | 5 |
| segment assets defence | 3,517 (GBP £m) | 5 |
| segment assets civil aerospace | 17,718 (GBP £m) | 5 |
| Return on Capital | 11.3% | 5 |
| net liabilities | (3,629) | 5 |
| net financing income | 482 (GBP £m) | 5 |
| money market funds | 1,077 | 5 |
| lease liability plant equipment | 33 | 5 |
| lease liability land buildings | 42 | 5 |
| lease liability aircraft engines | 203 | 5 |
| gross research and development costs | (1,390) | 5 |
| contract liabilities total | 14,536 | 5 |
| contract assets total | 1,242 (GBP £m) | 5 |
| cash at bank and in hand | 739 (GBP £m) | 5 |
| Underlying operating margin % | 13.8% | 5 |
| Total underlying cash costs as a proportion of underlying gross margin | 0.59 | 5 |
| Scope 1 + 2 emissions (excluding product testing) | 148 | 5 |
| Return on capital | 11.3% | 5 |
| Plan assets LDI portfolio sensitivity - Increase in inflation of 0.25% | 77 (GBP £m) | 5 |
| Order backlog | £4.1bn | 5 |
| Key management personnel - Share-based payments | 15 | 5 |
| Key management personnel - Salaries and short-term benefits | 26 | 5 |
| Gross margin % | 19.7% | 5 |
| Gross margin | 0.59 | 5 |
| Expected contribution to overseas defined benefit schemes | £73m | 5 |
| Defined benefit obligation sensitivity - Reduction in discount rate of 0.25% | (185) | 5 |
| Defined benefit obligation sensitivity - One year increase in life expectancy | (155) | 5 |
| Defined benefit obligation sensitivity - Increase of 1% in transfer value assumption | (30) | 5 |
| Defined benefit obligation sensitivity - Increase in inflation of 0.25% | (75) | 5 |
| Rolls-Royce, published 2024-02-22, period 2023-Q4 | ||
| Total cash costs proportion gross margin | 0.59 | 3 |
| Return on invested capital | 11.3 (GBP %) | 3 |
| Gross profit | 2,757 | 3 |
| Gross profit | 3,620 | 3 |
| Undrawn revolving credit facility | 2,500 | 3 |
| Underlying gross profit | 2,477 | 3 |
| Underlying gross profit | 3,231 | 3 |
| Underlying financing | -446 | 3 |
| Underlying financing | -328 | 3 |
| UKEF undrawn loan | 1,000 | 3 |
| UK deferred tax asset | 2,183 | 3 |
| UK deferred tax asset | 2,399 | 3 |
| Trading cash flow from continuing operations | 1,483 | 3 |
| Total liabilities | -35,466 | 3 |
| Total liabilities | -35,141 | 3 |
| Total current tax | 164 | 3 |
| Total current tax | 277 | 3 |
| Total assets | 29,450 | 3 |
| Total assets | 31,512 | 3 |
| Share of results of joint ventures and associates | 48 | 3 |
| Share of results of joint ventures and associates | 173 | 3 |
| Segment assets Power Systems | 4,084 | 3 |
| Segment assets Power Systems | 3,814 | 3 |
| Segment assets New Markets | 135 | 3 |
| Segment assets New Markets | 115 | 3 |
| Segment assets Defence | 3,430 | 3 |
| Segment assets Defence | 3,517 | 3 |
| Segment assets Civil Aerospace | 17,537 | 3 |
| Segment assets Civil Aerospace | 17,718 | 3 |
| Return on capital | 4.9% | 3 |
| Research and development costs | -891 | 3 |
| Research and development costs | -739 | 3 |
| Profit before taxation | -1,502 | 3 |
| Profit before taxation | 2,427 | 3 |
| Power Systems order intake | £4.3bn | 3 |
| Power Systems book-to-bill | 1.1x | 3 |
| Order book | 1,632 engines | 3 |
| Net liabilities | -6,016 | 3 |
| Net liabilities | -3,629 | 3 |
| Liquidity | 7.2 billion | 3 |
| Large engine flying hours (EFH) | 88% of 2019 levels | 3 |
| LTSA invoiced flying hour receipts | £4.6bn | 3 |
| Free cash flow from continuing operations | 1,285 | 3 |
| Free cash flow | 1,285 (GBP £m) | 3 |
| Financing income | 355 | 3 |
| Financing income | 1,163 | 3 |
| Financing costs | -2,775 | 3 |
| Financing costs | -681 | 3 |
| Deferred tax asset | 2,731 | 3 |
| Deferred tax asset | 2,998 | 3 |
| Defence order backlog | £9.2bn | 3 |
| Defence book-to-bill | 1.3x | 3 |
| Current tax charge UK | 18 | 3 |
| Current tax charge UK | 19 | 3 |
| Current tax charge Overseas | 159 | 3 |
| Current tax charge Overseas | 256 | 3 |
| Commercial and administrative costs | -1,077 | 3 |
| Commercial and administrative costs | -1,110 | 3 |
| Book to bill ratio | 2.6x | 3 |
| Rolls-Royce, published 2023-08-03, period 2023-H1 | ||
| Undrawn facilities | 4.5bn | 2 |
| Underlying profit for the period | (188) | 2 |
| Underlying profit for the period (continuing operations) | 404 | 2 |
| Underlying profit before taxation | (111) | 2 |
| Underlying profit before taxation | 524 (GBP £m) | 2 |
| USD hedge book | US$16 billion | 2 |
| Trading cash flow | 12 (GBP £m) | 2 |
| Trading cash flow | 431 (GBP £m) | 2 |
| Total engine flying hours | 7.7 million | 2 |
| Total LTSA shop visits | 591 | 2 |
| Taxation | (77) | 2 |
| Taxation | (120) | 2 |
| Power Systems operating margin | 7.0% | 2 |
| Order intake Power Systems | £1.9 billion | 2 |
| Order intake Defence | £2.7 billion | 2 |
| Order backlog Defence | £8.9 billion | 2 |
| Operating margin | 9.7% | 2 |
| Net financing costs | (236) | 2 |
| Net financing costs | (149) | 2 |
| Liquidity | £7.4 billion | 2 |
| Large engine order book | 1,405 engines | 2 |
| Large engine flying hours | 6.2 million | 2 |
| Gross R&D expenditure | (599) | 2 |
| Gross R&D expenditure | (684) | 2 |
| Defence operating margin | 13.6% | 2 |
| Civil LTSA liability | -8,913 | 2 |
| Civil LTSA asset | 684 | 2 |
| Civil Aerospace operating margin | 12.4% | 2 |
Rolls-Royce Development
The business development of Rolls-Royce period by period up to H1 2026, each text from the original report of that period, source numbers lead to the source. NadirAlpha methodology
FY2026: Rolls-Royce
Rolls-Royce reported underlying revenue of £11,279m in H1 2026, up from £9,057m in the prior-year period, representing growth the company described as 24.5% 11. Underlying operating profit increased 46% to £2,534m at an underlying operating margin of 22.5%, with Civil Aerospace, Defence and Power Systems each contributing profitably 11. Free cash flow reached £2.0bn, driven by higher underlying operating profit, while net cash increased to £2.1bn with a TCC/GM ratio of 0.27x 11. Both Moody's and Fitch upgraded their credit ratings on Rolls-Royce, to A3 and A- respectively with stable outlooks, and S&P affirmed BBB+ with its outlook moved to positive 11. Full-year 2026 guidance was raised to underlying operating profit of £4.7bn-£4.9bn and free cash flow of £3.8bn-£4.0bn 11.
FY2025: Rolls-Royce
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: Rolls-Royce
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
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).
Glossary
- Revenue: Revenue from contracts with customers, net of sales deductions, as the company itself reports it; not total output, gross revenue, GMV or order intake.
- Op. income: The operating line of the income statement; EBIT only as a marked fallback, never pre-tax or ordinary income.
- Net income: Net income attributable to the shareholders of the parent, after discontinued operations; not the result including minority interests, not comprehensive income.
- EPS: Diluted earnings per share attributable to the shareholders of the parent; a printed figure always beats a calculated one, calculated values are marked.
- FCF: Free cash flow = operating cash flow minus capital expenditure on property, plant and equipment; the company's own free cash flow figure is shown separately.
- OCF: Cash flow from operating activities as reported; IFRS companies may show interest paid in financing cash flow, so the figure is not always comparable.
- Cash: Cash and cash equivalents, without securities unless the company reports them as part of the position.
- Net Debt: Net debt = financial debt excluding lease liabilities minus cash at the same reporting date; the company's own net position may differ.
- *: derived, the formula is in the hover
- ≈: calculated, approximation
- ~: uncertain; the value stays visible, verdicts do not use it
- °: repaired by a targeted query against the document, or curated with documentary evidence
- EBIT: EBIT as a fallback: the income statement carries no operating line
- basic: basic earnings per share as a fallback when diluted is missing
Sources: quarterly reports, annual reports and investor relations documents
11 sources on Rolls-Royce since 2023; the superscript numbers in the chapters refer to these rows, older documents are in the expandable part. NadirAlpha methodology
| # | Document type | Published |
|---|---|---|
| #2 / #102 | IR-Half half-year report | 2023-08-03 |
| #3 / #103 | IR-Report report | 2024-02-22 |
| #5 / #105 | IR-Annual annual report | 2024-02-28 |
| #4 / #104 | IR-Half half-year report | 2024-08-01 |
| #1 | IR-Report report | 2024-08-05 |
| #6 / #106 | IR-Report report | 2025-02-27 |
| #8 / #109 | IR-Annual annual report | 2025-03-05 |
| #7 / #107 | IR-Half half-year report | 2025-07-31 |
| #10 / #111 | IR-Report report | 2026-02-26 |
| #9 / #110 | IR-Annual annual report | 2026-03-05 |
| #11 / #112 | IR-Half half-year report | 2026-07-30 |
Rolls-Royce Stock 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.
Which additional key figures does Rolls-Royce report?
As reported for H1 2026: Defence order backlog, TCC/GM ratio, Power Systems order intake, Operating margin %, Large engine order book, Defence book-to-bill. The chapter Reported KPIs lists every value with its source. Revenue is broken down by Other businesses, Civil Aerospace, Power Systems, Defence.
Does Rolls-Royce 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?
NadirAlpha links all 11 original filings used (IR documents) in the sources chapter: half-year report, report, annual report, each with type, publication date and a direct link; every figure in the report carries a source number.