BT Group plc
Latest report: FY2026, the fiscal year ended 31 March 2026. Snapshot FY2026_c00b2b15.
Overview
Select a figure to see the document it came from.
Key Findings
Findings for the latest fiscal year, with their history over earlier years.
Revenue for the fiscal year ended 31 March 2026 was £19.7 billion, 3.5% lower than in the previous fiscal year.
Strengthenedin FY2026 · stated since FY2025Rule: Revenue against the previous fiscal year · Sources Annual financial report 2026-03History of this finding, 4 records
- FY2026 StrengthenedRevenue for the fiscal year ended 31 March 2026 was £19.7 billion, 3.5% lower than in the previous fiscal year.Recorded from FY2026_c00b2b15 · data update
- FY2025 NewRevenue for the fiscal year ended 31 March 2025 was £20.4 billion, 2.1% lower than in the previous fiscal year.Reconstructed · data update
- FY2025 RetiredThe finding changed to lower than a year earlier.Reconstructed · data update
- FY2024 NewRevenue for the fiscal year ended 31 March 2024 was £20.8 billion, 0.6% higher than in the previous fiscal year.Reconstructed · initial
The operating margin for fiscal 2026 was 14.7%, 2.5 percentage points higher than a year earlier.
Strengthenedin FY2026 · stated since FY2025Rule: Operating margin against a year earlier · Sources Annual financial report 2026-03History of this finding, 4 records
- FY2026 StrengthenedThe operating margin for fiscal 2026 was 14.7%, 2.5 percentage points higher than a year earlier.Recorded from FY2026_c00b2b15 · data update
- FY2025 NewThe operating margin for fiscal 2025 was 12.2%, 1.6 percentage points higher than a year earlier.Reconstructed · data update
- FY2025 RetiredThe finding changed to higher than a year earlier.Reconstructed · data update
- FY2024 NewThe operating margin for fiscal 2024 was 10.6%, 2.0 percentage points lower than a year earlier.Reconstructed · initial
Return on invested capital for fiscal 2026 was 6.1%, against 5.5% a year earlier.
Weakenedin FY2026 · stated since FY2025Rule: Return on invested capital against a year earlier · Sources Annual financial report 2026-03, Annual financial report 2025-03History of this finding, 4 records
- FY2026 WeakenedReturn on invested capital for fiscal 2026 was 6.1%, against 5.5% a year earlier.Recorded from FY2026_c00b2b15 · data update
- FY2025 NewReturn on invested capital for fiscal 2025 was 5.5%, against 4.3% a year earlier.Reconstructed · data update
- FY2025 RetiredThe finding changed to higher than a year earlier.Reconstructed · data update
- FY2024 NewReturn on invested capital for fiscal 2024 was 4.3%, against 7.6% a year earlier.Reconstructed · initial
Net debt was £22.4 billion at 31 March 2026, 2.9 times EBITDA for fiscal 2026.
Confirmedin FY2026 · stated since FY2024Rule: Net debt or net cash · Sources Annual financial report 2026-03History of this finding, 3 records
- FY2026 ConfirmedNet debt was £22.4 billion at 31 March 2026, 2.9 times EBITDA for fiscal 2026.Recorded from FY2026_c00b2b15 · data update
- FY2025 ConfirmedNet debt was £23.1 billion at 31 March 2025, 3.1 times EBITDA for fiscal 2025.Reconstructed · data update
- FY2024 NewNet debt was £23.1 billion at 31 March 2024, 3.0 times EBITDA for fiscal 2024.Reconstructed · initial
Records before FY2026 are reconstructed from the latest snapshot. Ledger: findings.json.
Credit, liquidity, earnings quality and score findings: Analysis.
Data
FY2026_c00b2b15Corporate 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, pounds sterling
Operating Profit
By fiscal year, pounds sterling
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, pounds sterling
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
Select a ratio for its formula and the figures it uses, each with its document; (i) gives its definition.
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Analysis
Credit update
FY2026
Annual financial report for the year to 31 March 2026. 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 2.91x, FFO to debt 29.6% · FY2026
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 2.9 times adjusted EBITDA for fiscal 2026, and funds from operations equalled 29.6% 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.
Newin FY2026 · first statedRule: Debt against the S&P benchmark bands · Sources Annual financial report 2026-03History of this finding, 4 records
- FY2026 NewLease-adjusted debt was 2.9 times adjusted EBITDA for fiscal 2026, and funds from operations equalled 29.6% 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 FY2026_c00b2b15 · data update
- FY2026 RetiredThe finding changed to the intermediate band.Recorded from FY2026_c00b2b15 · data update
- FY2025 ConfirmedLease-adjusted debt was 3.1 times adjusted EBITDA for fiscal 2025, and funds from operations equalled 28.1% of that debt. Both ratios are within the significant band of the S&P standard volatility table.Reconstructed · data update
- FY2024 NewLease-adjusted debt was 3.1 times adjusted EBITDA for fiscal 2024, and funds from operations equalled 28.5% of that debt. Both ratios are within the significant band of the S&P standard volatility table.Reconstructed · initial
Position in the S&P Standard Volatility Table, Fiscal 2026
S&P sorts companies into 6 bands by debt against earnings and cash flow, from the least debt to the most.
Debt equals 2.9 years of adjusted EBITDA; a year of funds from operations equals 29.6% of it.
| Band | Minimal | Modest | Intermediate | Significant | Aggressive | Highly leveraged |
|---|---|---|---|---|---|---|
| Debt to EBITDA | below 1.5x | 1.5x to 2x | 2.91x2x to 3x | 3x to 4x | 4x to 5x | 5x and above |
| FFO to debt | 60% and above | 45% to 60% | 30% to 45% | 29.6%20% to 30% | 12% to 20% | below 12% |
By Fiscal Year
| Ratio | FY202231 Mar 2022 | FY202331 Mar 2023 | FY202431 Mar 2024 | FY202531 Mar 2025 | FY202631 Mar 2026 |
|---|---|---|---|---|---|
| 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 | significant | significant | significant | significant | 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 | significant | significant | significant | 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 | FY202231 Mar 2022 | FY202331 Mar 2023 | FY202431 Mar 2024 | FY202531 Mar 2025 | FY202631 Mar 2026 |
|---|---|---|---|---|---|
| Borrowings | £16.2bn | £18.5bn | £18.5bn | £18.8bn | £18.5bn |
| Lease liabilities | £5.8bn | £5.4bn | £5.0bn | £4.6bn | £4.2bn |
| Borrowings and lease liabilities presented as one line | £0 | £0 | £0 | £0 | £0 |
| Lease-adjusted debt | £21.9bn | £23.9bn | £23.5bn | £23.3bn | £22.7bn |
| EBIT | £2.9bn | £2.6bn | £2.2bn | £2.5bn | £2.9bn |
| Depreciation and amortisation, with the impairment reported with them | £4.4bn | £4.8bn | £5.4bn | £5.0bn | £4.9bn |
| Share-based payments | £0 | £0 | £0 | £0 | £0 |
| Adjusted EBITDA | £7.3bn | £7.4bn | £7.6bn | £7.5bn | £7.8bn |
| Cash interest | −£755m | −£709m | −£865m | −£956m | −£1.0bn |
| Cash taxes | −£52.0m | £136m | −£59.0m | £35.0m | −£58.0m |
| Funds from operations | £6.5bn | £6.9bn | £6.7bn | £6.5bn | £6.7bn |
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 | FY202231 Mar 2022 | FY202331 Mar 2023 | FY202431 Mar 2024 | FY202531 Mar 2025 | FY202631 Mar 2026 |
|---|---|---|---|---|---|
| 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 QualityAccruals and the cash backing of reported earnings.
Accruals and the cash backing of reported earnings.
By Fiscal Year
| Ratio | FY202231 Mar 2022 | FY202331 Mar 2023 | FY202431 Mar 2024 | FY202531 Mar 2025 | FY202631 Mar 2026 |
|---|---|---|---|---|---|
| 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 ScoresAltman Z'' 1.20 · FY2026
Published distress and misstatement models, with their original coefficients and thresholds.
The Altman Z'' score for fiscal 2026 was 1.20, between the distress threshold of 1.10 and the safe threshold of 2.60.
Interpretation. By this model, the company is between the 2 groups of its original study: below 1.10 the profile resembles companies that went bankrupt, above 2.60 companies that did not. Large share buybacks lower book equity and so lower the score.
Newin FY2026 · first statedRule: Altman Z'' zone · Sources Annual financial report 2026-03History of this finding, 4 records
- FY2026 NewThe Altman Z'' score for fiscal 2026 was 1.20, between the distress threshold of 1.10 and the safe threshold of 2.60.Recorded from FY2026_c00b2b15 · data update
- FY2026 RetiredThe finding changed to the grey zone.Recorded from FY2026_c00b2b15 · data update
- FY2025 ConfirmedThe Altman Z'' score for fiscal 2025 was 1.07, below the distress threshold of 1.10.Reconstructed · data update
- FY2024 NewThe Altman Z'' score for fiscal 2024 was 1.09, below the distress threshold of 1.10.Reconstructed · initial
By Fiscal Year
| Ratio | FY202231 Mar 2022 | FY202331 Mar 2023 | FY202431 Mar 2024 | FY202531 Mar 2025 | FY202631 Mar 2026 |
|---|---|---|---|---|---|
| Altman Z'' scoreA measure of the risk of financial distress, built from working capital, retained earnings, operating profit and equity. Above 2.60 the model counts a company as safe and below 1.10 as in distress; between the 2 is a grey zone.6.56 x working capital / total assets + 3.26 x retained earnings / total assets + 6.72 x EBIT / total assets + 1.05 x total equity / total liabilities (Altman, 1995); distress zone below 1.10, safe zone above 2.60 | grey zone | grey zone | distress zone | distress zone | grey zone |
Altman Z'' Score
Altman Z'' Score
fiscal 2026
A measure of the risk of financial distress, built from working capital, retained earnings, operating profit and equity. Above 2.60 the model counts a company as safe and below 1.10 as in distress; between the 2 is a grey zone.
| Distress zone, below 1.10 | 1.20Grey zone, 1.10 to 2.60 | Safe zone, above 2.60 |
The score of 1.20 is in the grey zone of the model, between 1.10 and 2.60. The largest part is retained earnings, at 0.62; working capital below zero lowers the score by 0.17.
| Part | Value | Coefficient | Contribution |
|---|---|---|---|
| Working capital / total assetsCurrent assets less current liabilities, against total assets: the short-term funds available for operations. | −0.026 | 6.560 | −0.170 |
| Retained earnings / total assetsProfits kept in the business over its life, against total assets. | 0.191 | 3.260 | 0.623 |
| EBIT / total assetsOperating profit against total assets: the earning power of the assets. | 0.058 | 6.720 | 0.390 |
| Total equity / total liabilitiesBook equity against liabilities: how far the assets could fall in value before liabilities exceed them. | 0.336 | 1.050 | 0.353 |
| Score | 1.196 |
Altman, Hartzell and Peck (1995), for non-manufacturing companies. The model omits the ratio of sales to total assets of the 1968 model and uses book equity. Working capital below zero and equity reduced by share repurchases lower the score.
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 March 2026 | 11 Jun 2026, added to the index | AFR:213800LRO7NS5CYQMN21-2026-03-31-0 |
| Annual financial report for the year to 31 March 2025 | 17 Jun 2025, added to the index | AFR:213800LRO7NS5CYQMN21-2025-03-31-0 |
| Annual financial report for the year to 31 March 2024 | 11 Jun 2024, added to the index | AFR:213800LRO7NS5CYQMN21-2024-03-31-0 |
| Annual financial report for the year to 31 March 2023 | 13 Jun 2023, added to the index | AFR:213800LRO7NS5CYQMN21-2023-03-31-0 |
| Annual financial report for the year to 31 March 2022 | 30 Aug 2022, added to the index | AFR:213800LRO7NS5CYQMN21-2022-03-31-1 |
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 | 218 |
| Proven by a check | 8.3%, 18 values |
| Confirmed by a second document | 0.0%, 0 values |
| Derived from reported figures | 5.5%, 12 values |
| Values withheld | 0 |
| Restated figures tracked | 1 |
| Changes compared on one basis | 0 |
| Company lines mapped | 0 of 0 reviewed |
Citation
Snapshot FY2026_c00b2b15 · dataset SHA-256 c00b2b15381a4e499b609a11d92cda0e51e0aaa2470ed32f0a119aa4e6eefcbb · findings rules 0.4
Data: info.json · dataset.json · validation.json · documents.json