BAE Systems PLC

BA.: XLON (GBR)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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BAE Earnings: Strong Execution and Margin Delivery; Lift Our Fair Value Estimate to GBX 2,600

Loredana Muharremi

Feb 19, 2026

BAE Systems reported 2025 sales of GBP 30.7 billion (10%-plus constant currency), underlying EBIT of GBP 3.3 billion (12%-plus), and free cash flow of GBP 2.2 billion, supported by a record backlog of GBP 83.6 billion and order intake of GBP 36.8 billion (book/bill of 1.2 times).

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Maintaining independence and editorial freedom is essential to our mission of empowering investor success. We provide a platform for our authors to report on investments fairly, accurately, and from the investor’s point of view. We also respect individual opinions––they represent the unvarnished thinking of our people and exacting analysis of our research processes. Our authors can publish views that we may or may not agree with, but they show their work, distinguish facts from opinions, and make sure their analysis is clear and in no way misleading or deceptive.

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BAE Systems PLC

BAE Earnings: Strong Execution and Margin Delivery; Lift Our Fair Value Estimate to GBX 2,600

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