BP p.l.c.
Latest report: FY2025, the fiscal year ended 31 December 2025. Snapshot FY2025_15619f86.
Overview
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Key Findings
Findings for the latest fiscal year, with their history over earlier years.
Revenue for the fiscal year ended 31 December 2025 was US$192.5 billion, 1.1% lower than in the previous fiscal year.
Weakenedin FY2025 · stated since FY2023Rule: Revenue against the previous fiscal year · Sources Annual financial report 2025-12History of this finding, 3 records
- FY2025 WeakenedRevenue for the fiscal year ended 31 December 2025 was US$192.5 billion, 1.1% lower than in the previous fiscal year.Recorded from FY2025_15619f86 · data update
- FY2024 WeakenedRevenue for the fiscal year ended 31 December 2024 was US$194.6 billion, 8.6% lower than in the previous fiscal year.Reconstructed · data update
- FY2023 NewRevenue for the fiscal year ended 31 December 2023 was US$213.0 billion, 14.4% lower than in the previous fiscal year.Reconstructed · initial
Net income attributable to the company for fiscal 2025 was US$55 million, 85.6% lower than in the previous fiscal year.
Weakenedin FY2025 · stated since FY2024Rule: Net income against the previous fiscal year · Sources Annual financial report 2025-12History of this finding, 4 records
- FY2025 WeakenedNet income attributable to the company for fiscal 2025 was US$55 million, 85.6% lower than in the previous fiscal year.Recorded from FY2025_15619f86 · data update
- FY2024 NewNet income attributable to the company for fiscal 2024 was US$381 million, 97.5% lower than in the previous fiscal year.Reconstructed · data update
- FY2024 RetiredThe finding changed to lower than a year earlier.Reconstructed · data update
- FY2023 NewNet income attributable to the company for fiscal 2023 was US$15.2 billion, against a net loss of US$2.5 billion in the previous fiscal year.Reconstructed · initial
The operating margin for fiscal 2025 was 6.6%, 0.8 percentage points higher than a year earlier.
Newin FY2025 · first statedRule: Operating margin against a year earlier · Sources Annual financial report 2025-12History of this finding, 5 records
- FY2025 NewThe operating margin for fiscal 2025 was 6.6%, 0.8 percentage points higher than a year earlier.Recorded from FY2025_15619f86 · data update
- FY2025 RetiredThe finding changed to higher than a year earlier.Recorded from FY2025_15619f86 · data update
- FY2024 NewThe operating margin for fiscal 2024 was 5.8%, 7.0 percentage points lower than a year earlier.Reconstructed · data update
- FY2024 RetiredThe finding changed to lower than a year earlier.Reconstructed · data update
- FY2023 NewThe operating margin for fiscal 2023 was 12.8%, 5.6 percentage points higher than a year earlier.Reconstructed · initial
Return on equity for fiscal 2025 was 0.1%, against 0.6% a year earlier.
Weakenedin FY2025 · stated since FY2024Rule: Return on equity against a year earlier · Sources Annual financial report 2025-12, Annual financial report 2024-12History of this finding, 4 records
- FY2025 WeakenedReturn on equity for fiscal 2025 was 0.1%, against 0.6% a year earlier.Recorded from FY2025_15619f86 · data update
- FY2024 NewReturn on equity for fiscal 2024 was 0.6%, against 22.1% a year earlier.Reconstructed · data update
- FY2024 RetiredThe finding changed to lower than a year earlier.Reconstructed · data update
- FY2023 NewReturn on equity for fiscal 2023 was 22.1%, against -3.5% a year earlier.Reconstructed · initial
Net debt was US$36.0 billion at 31 December 2025, 1.2 times EBITDA for fiscal 2025.
Strengthenedin FY2025 · stated since FY2023Rule: Net debt or net cash · Sources Annual financial report 2025-12History of this finding, 3 records
- FY2025 StrengthenedNet debt was US$36.0 billion at 31 December 2025, 1.2 times EBITDA for fiscal 2025.Recorded from FY2025_15619f86 · data update
- FY2024 StrengthenedNet debt was US$32.3 billion at 31 December 2024, 1.2 times EBITDA for fiscal 2024.Reconstructed · data update
- FY2023 NewNet debt was US$30.0 billion at 31 December 2023, 0.7 times EBITDA for fiscal 2023.Reconstructed · initial
Records before FY2025 are reconstructed from the latest snapshot. Ledger: findings.json.
Credit, liquidity, earnings quality and score findings: Analysis.
Data
FY2025_15619f86Corporate Events
Corporate events are listed for companies whose figures come from 10-K and 10-Q filings; none are listed for this company.
Earnings, Returns and Balance Sheet
Revenue
By fiscal year, US dollars
Operating Profit
By fiscal year, US dollars
Profit Attributable to Owners of the Parent
By fiscal year, US dollars
Margins
By fiscal year, per cent
Returns
By fiscal year, per cent
Net Debt
Total debt less cash and short-term investments, at fiscal year end, US dollars
Diluted Earnings per Share
By fiscal year, as reported
Financial Statements
Figures as filed. Select a figure for its source document and method; a small d marks a figure derived from other figures of the same report.
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Ratios
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Analysis
Credit update
FY2025
Annual financial report for the year to 31 December 2025. Changes are against the previous report, and each figure shows its period.
Changes in This Report 0
No finding changed its state in the latest report.
Thresholds Crossed 0
No published finding crosses a threshold.
Fiscal years, with balances at each fiscal year end. Select a value for its formula and the figures it uses.
Credit MetricsDebt to EBITDA 2.30x, FFO to debt 29.5% · FY2025
Lease-adjusted debt, EBITDA and cash flow on the definitions of S&P and Moody's, as far as the filings allow.
Lease-adjusted debt was 2.3 times adjusted EBITDA for fiscal 2025, and funds from operations equalled 29.5% of that debt. Debt to EBITDA is within the intermediate band of the S&P standard volatility table and FFO to debt within the significant band.
Interpretation. Debt to EBITDA shows how many years of EBITDA the debt equals, and FFO to debt the share of the debt that 1 year of cash flow after interest and taxes would repay. The S&P table sorts both into 6 bands; the intermediate band is number 3 of 6, and a higher number means more debt against earnings.
Confirmedin FY2025 · stated since FY2024Rule: Debt against the S&P benchmark bands · Sources Annual financial report 2025-12History of this finding, 4 records
- FY2025 ConfirmedLease-adjusted debt was 2.3 times adjusted EBITDA for fiscal 2025, and funds from operations equalled 29.5% of that debt. Debt to EBITDA is within the intermediate band of the S&P standard volatility table and FFO to debt within the significant band.Recorded from FY2025_15619f86 · data update
- FY2024 NewLease-adjusted debt was 2.5 times adjusted EBITDA for fiscal 2024, and funds from operations equalled 24.5% of that debt. Debt to EBITDA is within the intermediate band of the S&P standard volatility table and FFO to debt within the significant band.Reconstructed · data update
- FY2024 RetiredThe finding changed to the intermediate band.Reconstructed · data update
- FY2023 NewLease-adjusted debt was 1.4 times adjusted EBITDA for fiscal 2023, and funds from operations equalled 48.8% of that debt. Debt to EBITDA is within the minimal band of the S&P standard volatility table and FFO to debt within the modest band.Reconstructed · initial
Position in the S&P Standard Volatility Table, Fiscal 2025
S&P sorts companies into 6 bands by debt against earnings and cash flow, from the least debt to the most.
Debt equals 2.3 years of adjusted EBITDA; a year of funds from operations equals 29.5% of it.
| Band | Minimal | Modest | Intermediate | Significant | Aggressive | Highly leveraged |
|---|---|---|---|---|---|---|
| Debt to EBITDA | below 1.5x | 1.5x to 2x | 2.30x2x to 3x | 3x to 4x | 4x to 5x | 5x and above |
| FFO to debt | 60% and above | 45% to 60% | 30% to 45% | 29.5%20% to 30% | 12% to 20% | below 12% |
By Fiscal Year
| Ratio | FY202131 Dec 2021 | FY202231 Dec 2022 | FY202331 Dec 2023 | FY202431 Dec 2024 | FY202531 Dec 2025 |
|---|---|---|---|---|---|
| Lease-adjusted debtBorrowings plus the obligations of long-term leases, such as rents of stores, offices and warehouses, which credit analysts count as debt.Total debt: borrowings + lease liabilities, or the lines that present them together; IFRS 16 puts every lease on the balance sheet | |||||
| Adjusted EBITDAOperating profit before depreciation, amortisation, the impairment reported with them and pay in shares: the earnings that credit analysts set against debt.EBIT + depreciation and amortisation, with the impairment that the company reports together with them, + share-based payments; depreciation includes that of right-of-use assets, so no lease cost is added | |||||
| Funds from operationsAdjusted EBITDA less interest and tax paid in cash: the cash the business produces each year for investment, dividends and debt repayment.Adjusted EBITDA - cash interest - cash taxes; cash interest includes the interest on lease liabilities | |||||
| Debt to EBITDALease-adjusted debt measured in years of adjusted EBITDA. A figure of 3 means debt equals 3 years of those earnings; a lower figure means less debt against earnings.Lease-adjusted debt / adjusted EBITDA | intermediate | modest | minimal | intermediate | intermediate |
| FFO to debtFunds from operations as a share of lease-adjusted debt. A figure of 25% means a year of those funds equals a quarter of the debt; a higher figure means less debt.Funds from operations / lease-adjusted debt | intermediate | intermediate | modest | significant | significant |
| Net debt to adjusted EBITDADebt to EBITDA after cash and short-term investments are set against the debt.(Lease-adjusted debt - cash - short-term investments) / adjusted EBITDA | |||||
| Operating cash flow to debtOperating cash flow after interest paid, as a share of debt with lease liabilities. A higher share means the debt could be repaid sooner from operating cash.Operating cash flow after interest paid / lease-adjusted debt; interest paid that the company classifies as financing activities is deducted | |||||
| Retained cash flow to net debtFunds from operations left after dividends, as a share of debt net of cash.(FFO - dividends) / (lease-adjusted debt - cash - short-term investments) | |||||
| FFO cash interest coverThe number of times cash earnings cover cash interest, lease interest included.(FFO + cash interest) / cash interest; cash interest includes the interest on lease liabilities | |||||
| EBITDA interest coverThe number of times adjusted EBITDA covers interest, lease interest included.Adjusted EBITDA / finance costs, which include the interest on lease liabilities | |||||
| Liquid assets to debtCash and short-term investments as a share of lease-adjusted debt: the part of the debt that cash on hand could repay at once.(Cash + short-term investments) / lease-adjusted debt |
Reconciliation of the Credit Figures
| Item | FY202131 Dec 2021 | FY202231 Dec 2022 | FY202331 Dec 2023 | FY202431 Dec 2024 | FY202531 Dec 2025 |
|---|---|---|---|---|---|
| Borrowings | $61.2bn | $46.9bn | $52.0bn | $59.5bn | $58.0bn |
| Lease liabilities | $8.6bn | $8.5bn | $11.1bn | $12.0bn | $14.6bn |
| Borrowings and lease liabilities presented as one line | $0 | $0 | $0 | $0 | $0 |
| Lease-adjusted debt | $69.8bn | $55.5bn | $63.1bn | $71.5bn | $72.5bn |
| EBIT | $18.1bn | $18.0bn | $27.3bn | $11.3bn | $12.6bn |
| Depreciation and amortisation, with the impairment reported with them | $14.8bn | $14.3bn | $15.9bn | $16.6bn | $17.8bn |
| Share-based payments | $627m | $795m | $616m | $1.2bn | $1.1bn |
| Adjusted EBITDA | $33.5bn | $33.2bn | $43.9bn | $29.1bn | $31.5bn |
| Cash interest | −$2.5bn | −$2.2bn | −$3.0bn | −$2.8bn | −$3.5bn |
| Cash taxes | −$4.2bn | −$10.1bn | −$10.2bn | −$8.8bn | −$6.6bn |
| Funds from operations | $26.9bn | $20.8bn | $30.8bn | $17.5bn | $21.4bn |
Method
- Total debt is borrowings and lease liabilities, current and non-current, before the deduction of cash. Under IFRS 16 every lease is on the balance sheet, depreciation includes that of right-of-use assets and finance costs include the interest on lease liabilities, so no lease cost or lease interest is added.
- Adjusted EBITDA adds share-based payments, and the impairment that the company reports with depreciation and amortisation, to EBIT and depreciation and amortisation. FFO deducts cash interest and cash taxes.
- S&P applies its table to its own adjusted figures, which also deduct surplus cash and adjust for pensions and other items, so the band of an S&P calculation can differ.
Liquidity and MaturitiesCash and operating cash flow against debt due within 12 months, capital expenditure and dividends.
Cash and operating cash flow against debt due within 12 months, capital expenditure and dividends.
By Fiscal Year
| Ratio | FY202131 Dec 2021 | FY202231 Dec 2022 | FY202331 Dec 2023 | FY202431 Dec 2024 | FY202531 Dec 2025 |
|---|---|---|---|---|---|
| Debt due within 12 monthsBorrowings and lease liabilities due within the next 12 months, which the company must repay or refinance.Current borrowings + current lease liabilities, or the current line that presents them together |
Method
- Debt due within 12 months is current borrowings and current lease liabilities.
- Capital expenditure and dividends of the fiscal year are taken as those of the next 12 months. Undrawn credit facilities are not included.
Earnings QualityCash-flow accruals −8.7%, Operating cash flow to EBITDA 0.80x · FY2025
Accruals and the cash backing of reported earnings.
Operating cash flow for fiscal 2025 exceeded net income attributable to the company by an amount equal to 8.7% of average total assets.
Interpretation. The profit came in as cash: operating cash flow was larger than net income. Profit backed by cash tends to repeat more than profit made of accounting entries (Sloan, 1996).
Weakenedin FY2025 · stated since FY2023Rule: Cash backing of earnings · Sources Annual financial report 2025-12History of this finding, 3 records
- FY2025 WeakenedOperating cash flow for fiscal 2025 exceeded net income attributable to the company by an amount equal to 8.7% of average total assets.Recorded from FY2025_15619f86 · data update
- FY2024 StrengthenedOperating cash flow for fiscal 2024 exceeded net income attributable to the company by an amount equal to 9.6% of average total assets.Reconstructed · data update
- FY2023 NewOperating cash flow for fiscal 2023 exceeded net income attributable to the company by an amount equal to 5.9% of average total assets.Reconstructed · initial
By Fiscal Year
| Ratio | FY202131 Dec 2021 | FY202231 Dec 2022 | FY202331 Dec 2023 | FY202431 Dec 2024 | FY202531 Dec 2025 |
|---|---|---|---|---|---|
| Cash-flow accrualsNet income less operating cash flow, against average assets: the part of profit not received in cash in the same period. Research associates high accruals with lower earnings in later years; a negative figure means cash exceeded profit.(Net income attributable to the company - operating cash flow) / average total assets | |||||
| Balance sheet accrualsThe same gap between profit and cash, measured from the changes in the balance sheet (Sloan, 1996).[(Change in current assets - change in cash) - (change in current liabilities - change in short-term debt - change in taxes payable) - depreciation and amortisation] / average total assets (Sloan, 1996) | |||||
| Total accrualsAccruals that also cover long-term operating and financial assets and liabilities (Richardson, Sloan, Soliman and Tuna, 2005). Acquisitions raise the figure.Change in net operating working capital, net non-current operating assets and net financial assets / average total assets (Richardson, Sloan, Soliman and Tuna, 2005) | |||||
| Operating cash flow to EBITDAOperating cash flow against EBITDA: the part of operating profit before depreciation that turns into cash after interest, tax and changes in stock, receivables and payables.Operating cash flow / (operating income + depreciation and amortisation) |
Method
- Cash-flow accruals are net income attributable to the company less operating cash flow, over average total assets. Balance sheet accruals follow Sloan (1996) and total accruals Richardson, Sloan, Soliman and Tuna (2005).
- Balance sheet and total accruals include the assets and liabilities that acquisitions bring in and disposals take out; cash-flow accruals exclude them.
Forensic and Distress ScoresBeneish −2.94
Published distress and misstatement models, with their original coefficients and thresholds.
The Beneish M-score for fiscal 2025 was minus 2.94, below the model threshold of minus 1.78.
Interpretation. The model finds no sign of earnings manipulation. Beneish (1999) set a threshold of minus 1.78, above which a company resembles the companies that manipulated their earnings.
Confirmedin FY2025 · stated since FY2023Rule: Beneish M-score against its threshold · Sources Annual financial report 2025-12History of this finding, 3 records
- FY2025 ConfirmedThe Beneish M-score for fiscal 2025 was minus 2.94, below the model threshold of minus 1.78.Recorded from FY2025_15619f86 · data update
- FY2024 StrengthenedThe Beneish M-score for fiscal 2024 was minus 3.02, below the model threshold of minus 1.78.Reconstructed · data update
- FY2023 NewThe Beneish M-score for fiscal 2023 was minus 2.84, below the model threshold of minus 1.78.Reconstructed · initial
By Fiscal Year
| Ratio | FY202131 Dec 2021 | FY202231 Dec 2022 | FY202331 Dec 2023 | FY202431 Dec 2024 | FY202531 Dec 2025 |
|---|---|---|---|---|---|
| Beneish M-scoreA screen for earnings manipulation, built from 8 changes in the accounts, such as receivables growing faster than sales. Above minus 1.78 the model groups a company with the companies in the Beneish sample that manipulated their earnings.-4.84 + 0.920 DSRI + 0.528 GMI + 0.404 AQI + 0.892 SGI + 0.115 DEPI - 0.172 SGAI + 4.679 TATA - 0.327 LVGI (Beneish, 1999); model threshold -1.78 | below threshold | below threshold | below threshold | below threshold | below threshold |
| Dechow F-scoreThe probability of a material misstatement in the accounts, estimated from accruals, receivables, stock, cash sales, profitability and new financing, against the average. A score of 1 means average risk and 2 means twice the average.Predicted probability of a misstatement (model 1 of Dechow, Ge, Larson and Sloan, 2011) / 0.0037, the unconditional probability; 1 equals the base rate | n/a |
Beneish M-score
Beneish M-score
fiscal 2025
A screen for earnings manipulation, built from 8 changes in the accounts, such as receivables growing faster than sales. Above minus 1.78 the model groups a company with the companies in the Beneish sample that manipulated their earnings.
| −2.94Below the threshold, −1.78 and below | Above the threshold, above −1.78 |
The score of minus 2.94 is below the model threshold of minus 1.78.
| Part | Value | Coefficient | Contribution |
|---|---|---|---|
| Intercept | −4.840 | ||
| Days sales in receivables indexReceivables against sales, against a year earlier. A rise can mean sales recorded before customers pay. | 0.969 | 0.920 | 0.892 |
| Gross margin indexGross margin a year earlier against the current gross margin. Above 1, margins fell, which the model treats as a risk factor. | 1.000 | 0.528 | 0.528 |
| Asset quality indexAssets other than current assets and property, plant and equipment, as a share of total assets, against a year earlier. A rise can mean more costs recorded as assets. | 1.000 | 0.404 | 0.404 |
| Sales growth indexSales against a year earlier. The model treats fast growth as a risk factor. | 0.989 | 0.892 | 0.882 |
| Depreciation indexThe rate of depreciation a year earlier against the current rate. Above 1, depreciation slowed, which raises profit. | 0.929 | 0.115 | 0.107 |
| Selling, general and administrative expenses indexOverheads against sales, against a year earlier. | 1.000 | −0.172 | −0.172 |
| Total accruals to total assetsNet income less operating cash flow, against total assets: profit not backed by cash. It carries the largest coefficient in the model. | −0.088 | 4.679 | −0.411 |
| Leverage indexDebt against total assets, against a year earlier. | 1.015 | −0.327 | −0.332 |
| Score | −2.941 |
Beneish (1999), estimated on 74 companies identified as earnings manipulators in SEC enforcement releases and the press for 1982 to 1992, against 2,332 Compustat companies. The model classes a score above minus 1.78 with the first group. An index whose inputs are not reported counts as 1.
Dechow F-score
Dechow F-score
fiscal 2025
The probability of a material misstatement in the accounts, estimated from accruals, receivables, stock, cash sales, profitability and new financing, against the average. A score of 1 means average risk and 2 means twice the average.
A score of 0.27 means a probability of a misstatement 0.27 times the average rate in the Dechow sample: 0.10% against 0.37%.
| Part | Value | Coefficient | Contribution |
|---|---|---|---|
| Intercept | −7.893 | ||
| Total accruals (Richardson, Sloan, Soliman and Tuna)Total accruals: the growth of operating and financial assets net of liabilities, against average assets. | −0.006 | 0.790 | −0.005 |
| Change in receivables / average total assetsThe growth of receivables against average assets. | −0.004 | 2.518 | −0.010 |
| Change in inventories / average total assetsThe growth of stock against average assets. | −0.003 | 1.191 | −0.003 |
| Assets other than cash and property, plant and equipment / total assetsAssets other than cash and property, plant and equipment, as a share of total assets: assets whose value depends more on judgement. | 0.515 | 1.979 | 1.018 |
| Change in cash salesThe growth of sales collected in cash. | −0.025 | 0.171 | −0.004 |
| Change in return on assetsThe change in return on assets against a year earlier. A fall raises the score. | −0.001 | −0.932 | 0.001 |
| Debt or equity issued in the year, 1 or 01 when the company issued shares or debt in the year. | 0.000 | 1.029 | 0.000 |
| Predicted value | −6.896 | ||
| Probability of a misstatement | 0.10% |
Model 1 of Dechow, Ge, Larson and Sloan (2011), estimated on misstatements named in SEC Accounting and Auditing Enforcement Releases. The score is the predicted probability of a misstatement over 0.37%, the unconditional probability in their sample, so 1.00 equals that base rate.
Source Documents
Documents of this snapshot, latest first. A report that states no date of publication carries the date on which the public index of structured annual reports added it.
| Document | Date | Id |
|---|---|---|
| Annual financial report for the year to 31 December 2025 | 10 Mar 2026, added to the index | AFR:213800LH1BZH3DI6G760-2025-12-31-0 |
| Annual financial report for the year to 31 December 2024 | 11 Mar 2025, added to the index | AFR:213800LH1BZH3DI6G760-2024-12-31-2 |
| Annual financial report for the year to 31 December 2023 | 18 Mar 2024, added to the index | AFR:213800LH1BZH3DI6G760-2023-12-31-0 |
| Annual financial report for the year to 31 December 2022 | 14 Mar 2023, added to the index | AFR:213800LH1BZH3DI6G760-2022-12-31-0 |
| Annual financial report for the year to 31 December 2021 | 14 Apr 2022, added to the index | AFR:213800LH1BZH3DI6G760-2021-12-31-0 |
Checks
Data Quality
How many values of this snapshot the checks prove, and how many Annalist derives, withholds and tracks as restated. Every company.
| Values published | 240 |
| Proven by a check | 90.0%, 216 values |
| Confirmed by a second document | 90.0%, 216 values |
| Derived from reported figures | 0.0%, 0 values |
| Values withheld | 6 |
| Restated figures tracked | 0 |
| Changes compared on one basis | 0 |
| Company lines mapped | 0 of 0 reviewed |
Citation
Snapshot FY2025_15619f86 · dataset SHA-256 15619f864f1d4c48917725b2ca51b90f89975fc992e51ce76dce9d5d4e3d0cf7 · findings rules 0.4
Data: info.json · dataset.json · validation.json · documents.json