Income Statement Royal Mail LIQUIDNET SYSTEMS

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GB00BDVZYZ77

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06-23	International Distribution Services Limited Reports Earnings Results for the Full Year Ended March 29, 2026	CI
25-09-30	Drop and Collect Ltd. announced that it expects to receive £43.9 million in funding from PayPoint plc, International Distribution Services Limited	CI

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Published financial data: ROYAL MAIL

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: March	2022	2023	2024	2025	2026
Revenues	12.71B	12.04B	12.68B	13.14B	13.61B
Total Revenues	12.71B	12.04B	12.68B	13.14B	13.61B
Cost of Goods Sold, Total	7.54B	7.58B	7.69B	7.89B	8.37B
Gross Profit	5.17B	4.47B	4.99B	5.25B	5.23B
Selling General & Admin Expenses, Total	3.56B	3.72B	3.89B	3.96B	4.13B
Amortization of Goodwill and Intangible Assets - (IS)	-	-	-	-	-
Other Operating Expenses	790M	776M	816M	816M	808M
Other Operating Expenses, Total	4.35B	4.5B	4.71B	4.78B	4.94B
Operating Income	821M	-31M	281M	472M	298M
Interest Expense, Total	-56M	-59M	-97M	-116M	-169M
Interest And Investment Income	6M	21M	51M	51M	70M
Net Interest Expenses	-50M	-38M	-46M	-65M	-99M
Income (Loss) On Equity Invest.	-	-	-	-	4M
Other Non Operating Income (Expenses)	-1M	-1M	-1M	-1M	-1M
EBT, Excl. Unusual Items	770M	-70M	234M	406M	202M
Restructuring Charges	-173M	-68M	-12M	-20M	-18M
Merger & Related Restructuring Charges	-	-	-	-	-
Impairment of Goodwill	-	-4M	-	-	-
Gain (Loss) On Sale Of Assets	72M	6M	15M	71M	9M
Asset Writedown	-	-535M	-48M	117M	171M
Legal Settlements	-	-	-	-	-
Other Unusual Items	-7M	-5M	-75M	-145M	-223M
EBT, Incl. Unusual Items	662M	-676M	114M	429M	141M
Income Tax Expense	50M	197M	60M	62M	50M
Earnings From Continuing Operations	612M	-873M	54M	367M	91M
Net Income to Company	612M	-873M	54M	367M	91M
Minority Interest	-	-	-	-	-
Net Income - (IS)	612M	-873M	54M	367M	91M
Net Income to Common Incl Extra Items	612M	-873M	54M	367M	91M
Net Income to Common Excl. Extra Items	612M	-873M	54M	367M	91M
Per Share Items
Net EPS - Basic	0.62	-0.91	0.06	0.38	0.09
Basic EPS - Continuing Operations	0.62	-0.91	0.06	0.38	0.09
Basic Weighted Average Shares Outstanding	992M	956M	957M	958M	965M
Net EPS - Diluted	0.61	-0.91	0.06	0.38	0.09
Diluted EPS - Continuing Operations	0.61	-0.91	0.06	0.38	0.09
Diluted Weighted Average Shares Outstanding	996M	956M	957M	965M	965M
Normalized Basic EPS	0.49	-0.05	0.15	0.26	0.13
Normalized Diluted EPS	0.48	-0.05	0.15	0.26	0.13
Dividend Per Share	0.2	-	0.02	0.02	-
Payout Ratio	27.29	-14.55	-	5.18	196.7
American Depositary Receipts Ratio (ADR)	2	2	2	2	2
Supplemental Items
EBITDA	1.06B	232M	509M	702M	543M
EBITA	835M	-12M	302M	488M	313M
EBIT	821M	-31M	281M	472M	298M
EBITDAR	1.11B	285M	550M	750M	596M
Effective Tax Rate - (Ratio)	7.55	-29.14	52.63	14.45	35.46
Current Domestic Taxes	-	-	-	-	-
Current Foreign Taxes	-	-	-	63M	61M
Total Current Taxes	73M	73M	63M	-1M	61M
Total Deferred Taxes	-23M	124M	-3M	0	-11M
Normalized Net Income	481M	-43.75M	146M	254M	126M
Interest Capitalized	3M	3M	2M	-	-
Interest on Long-Term Debt	50M	49M	81M	102M	136M
Non-Cash Pension Expense	-64M	-105M	-307M	-119M	-126M
Supplemental Operating Expense Items
Selling and Marketing Expenses	3.56B	3.72B	3.89B	3.96B	4.13B
Net Rental Expense, Total	46M	53M	41M	48M	53M
Imputed Operating Lease Interest Expense	10.18M	11.25M	12.12M	15.45M	17.82M
Imputed Operating Lease Depreciation	35.82M	41.75M	28.88M	32.55M	35.18M
Stock-Based Comp., COGS (Total)	-	-	-	-	-
Stock-Based Comp., Other (Total)	6M	2M	5M	6M	6M
Total Stock-Based Compensation	6M	2M	5M	6M	6M

Fiscal Period: March	2022	2023	2024	2025	2026
Assets
Cash And Equivalents	1.14B	898M	1.03B	834M	1B
Short Term Investments	70M	-	216M	-	-
Total Cash And Short Term Investments	1.21B	898M	1.25B	834M	1B
Accounts Receivable, Total	1.51B	1.39B	1.46B	1.51B	1.61B
Other Receivables	87M	52M	54M	51M	58M
Notes Receivable	-	-	-	-	27M
Total Receivables	1.59B	1.44B	1.52B	1.56B	1.69B
Inventory	34M	42M	32M	30M	27M
Prepaid Expenses	106M	167M	102M	129M	143M
Other Current Assets, Total	74M	27M	48M	34M	47M
Total Current Assets	3.02B	2.58B	2.94B	2.59B	2.91B
Gross Property Plant And Equipment	7.7B	8.14B	8.37B	8.8B	9.24B
Accumulated Depreciation	-4.13B	-4.84B	-5.06B	-5.18B	-5.28B
Net Property Plant And Equipment	3.57B	3.3B	3.31B	3.63B	3.96B
Long-term Investments	1M	1M	1M	46M	112M
Goodwill	428M	445M	458M	442M	456M
Other Intangibles, Total	488M	304M	304M	361M	434M
Deferred Tax Assets Long-Term	116M	10M	7M	-	-
Other Long-Term Assets, Total	3.06B	2.18B	1.97B	1.86B	3.68B
Total Assets	10.68B	8.82B	8.99B	8.93B	11.56B
Liabilities
Accounts Payable, Total	1.87B	1.7B	1.65B	1.72B	1.92B
Accrued Expenses, Total	121M	110M	125M	124M	142M
Short-term Borrowings	-	89M	56M	53M	-
Current Portion of Long-Term Debt	-	3M	315M	4M	650M
Current Portion of Leases	213M	220M	241M	283M	319M
Current Income Taxes Payable	10M	5M	3M	11M	26M
Unearned Revenue Current, Total	254M	250M	227M	195M	204M
Other Current Liabilities	271M	231M	241M	200M	352M
Total Current Liabilities	2.74B	2.6B	2.86B	2.59B	3.61B
Long-Term Debt	872M	944M	1.17B	1.15B	2.89B
Long-Term Leases	1.13B	1.14B	1.18B	1.32B	1.38B
Pension & Other Post Retirement Benefits	390M	145M	60M	-	-
Deferred Tax Liability Non Current	54M	55M	51M	43M	35M
Other Non Current Liabilities	162M	125M	129M	128M	102M
Total Liabilities	5.34B	5.01B	5.45B	5.22B	8.02B
Common Stock, Total	10M	10M	10M	10M	10M
Retained Earnings	5.25B	3.76B	3.54B	3.74B	3.51B
Comprehensive Income and Other	76M	31M	-5M	-48M	30M
Total Common Equity	5.33B	3.8B	3.54B	3.71B	3.55B
Minority Interest	-	-	-	-	-
Total Equity	5.33B	3.8B	3.54B	3.71B	3.55B
Total Liabilities And Equity	10.68B	8.82B	8.99B	8.93B	11.56B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	954M	956M	957M	958M	965M
ECS Total Common Shares Outstanding	954M	956M	957M	958M	965M
Book Value / Share	5.59	3.98	3.7	3.87	3.68
Tangible Book Value	4.42B	3.05B	2.78B	2.9B	2.66B
Tangible Book Value Per Share	4.63	3.19	2.91	3.03	2.75
Total Debt	2.21B	2.4B	2.96B	2.8B	5.24B
Net Debt	1.01B	1.5B	1.72B	1.97B	4.23B
Debt Equivalent of Unfunded Proj. Benefit Obligation	-3.8B	-2.87B	-2.41B	-2.18B	-2.16B
Debt Equivalent Oper. Leases	368M	424M	328M	384M	424M
Minority Interest, Total (Incl. Fin. Div)	-	-	-	-	-
Equity Method Investments, Total	1M	1M	1M	46M	112M
Account Code - Inventory Valuation	6	6	6	6	6
Land - (BS)	3.14B	3.27B	3.32B	3.45B	3.53B
Buildings, Total	-	-	-	-	-
Machinery, Total	2.39B	2.51B	2.48B	2.56B	2.72B
Full Time Employees	179K	165K	161K	160K	157K
Part Time Employees	-	-	-	-	-
Accumulated Allowance for Doubtful Accounts (Supple)	51M	43M	43M	47M	51M

Fiscal Period: March	2022	2023	2024	2025	2026
Net Income	612M	-873M	54M	367M	91M
Depreciation & Amortization - CF	441M	475M	420M	444M	494M
Amortization of Goodwill and Intangible Assets - (CF)	14M	19M	21M	16M	15M
Depreciation & Amortization, Total	455M	494M	441M	460M	509M
Amortization of Deferred Charges, Total - (CF)	101M	117M	61M	61M	86M
(Gain) Loss From Sale Of Asset	-72M	-6M	-15M	-71M	-9M
Asset Writedown & Restructuring Costs	-	549M	48M	-117M	-153M
(Income) Loss On Equity Investments - (CF)	-	-	-	-	-4M
Stock-Based Compensation (CF)	3M	2M	4M	6M	6M
Other Operating Activities, Total	90M	144M	-223M	-41M	68M
Change In Accounts Receivable	-16M	180M	-62M	-132M	-65M
Change In Inventories	-14M	-8M	11M	-	4M
Change In Accounts Payable	-54M	-237M	-36M	68M	218M
Change in Other Net Operating Assets	55M	11M	-68M	9M	-26M
Cash from Operations	1.16B	373M	215M	610M	725M
Capital Expenditure	-519M	-334M	-272M	-339M	-300M
Sale of Property, Plant, and Equipment	109M	11M	97M	31M	18M
Cash Acquisitions	-204M	-7M	-35M	-79M	-65M
Divestitures	-	-	-	15M	-
Sale (Purchase) of Intangible assets	-84M	-93M	-113M	-114M	-130M
Investment in Marketable and Equity Securities, Total	-70M	70M	-216M	216M	-
Other Investing Activities, Total	9M	28M	169M	149M	-649M
Cash from Investing	-759M	-325M	-370M	-121M	-1.13B
Long-Term Debt Issued, Total	-	-	745M	14M	1.22B
Total Debt Issued	-	-	745M	14M	1.22B
Long-Term Debt Repaid, Total	-192M	-204M	-338M	-544M	-287M
Total Debt Repaid	-192M	-204M	-338M	-544M	-287M
Issuance of Common Stock	-	-	-	-	-
Repurchase of Common Stock	-218M	-	-	-	-
Common Dividends Paid	-167M	-127M	-	-19M	-179M
Common & Preferred Stock Dividends Paid	-167M	-127M	-	-19M	-179M
Special Dividend Paid	-199M	-	-	-	-
Other Financing Activities, Total	-56M	-61M	-79M	-118M	-140M
Cash from Financing	-832M	-392M	328M	-667M	614M
Foreign Exchange Rate Adjustments	-5M	16M	-8M	-15M	11M
Net Change in Cash	-436M	-328M	165M	-193M	224M
Supplemental Items
Cash Interest Paid	56M	61M	79M	118M	140M
Cash Income Tax Paid (Refund)	108M	53M	67M	50M	57M
Levered Free Cash Flow	322M	23.75M	171M	246M	489M
Unlevered Free Cash Flow	357M	60.62M	232M	318M	594M
Change In Net Working Capital	115M	106M	66M	51M	-237M
Net Debt Issued / Repaid	-192M	-204M	407M	-530M	933M

Fiscal Period: March	2022	2023	2024	2025	2026
Profitability
Return on Assets	4.97	-0.2	1.97	3.29	1.82
Return on Total Capital	7.13	-0.28	2.76	4.53	2.44
Return On Equity %	12.07	-19.11	1.47	10.12	2.51
Return on Common Equity	12.07	-19.11	1.47	10.12	2.51
Margin Analysis
Gross Profit Margin %	40.65	37.08	39.33	39.94	38.47
SG&A Margin	27.97	30.9	30.68	30.14	30.34
EBITDA Margin %	8.35	1.93	4.01	5.34	3.99
EBITA Margin %	6.57	-0.1	2.38	3.71	2.3
EBIT Margin %	6.46	-0.26	2.22	3.59	2.19
Income From Continuing Operations Margin %	4.81	-7.25	0.43	2.79	0.67
Net Income Margin %	4.81	-7.25	0.43	2.79	0.67
Net Avail. For Common Margin %	4.81	-7.25	0.43	2.79	0.67
Normalized Net Income Margin	3.79	-0.36	1.15	1.93	0.93
Levered Free Cash Flow Margin	2.53	0.2	1.35	1.87	3.59
Unlevered Free Cash Flow Margin	2.81	0.5	1.83	2.42	4.37
Asset Turnover
Asset Turnover	1.23	1.23	1.42	1.47	1.33
Fixed Assets Turnover	3.87	3.51	3.84	3.79	3.58
Receivables Turnover (Average Receivables)	8.42	8.31	8.89	8.84	8.73
Inventory Turnover (Average Inventory)	290.19	199.42	207.89	254.55	293.79
Short Term Liquidity
Current Ratio	1.1	0.99	1.03	1	0.81
Quick Ratio	1.02	0.9	0.97	0.93	0.74
Operating Cash Flow to Current Liabilities	0.42	0.14	0.08	0.24	0.2
Days Sales Outstanding (Average Receivables)	43.24	43.79	41.74	41.15	41.68
Days Outstanding Inventory (Average Inventory)	1.25	1.83	1.78	1.43	1.24
Average Days Payable Outstanding	89.04	85.53	80.72	77.65	79.04
Cash Conversion Cycle (Average Days)	-44.55	-39.91	-37.2	-35.07	-36.12
Long Term Solvency
Total Debt/Equity	41.49	63.07	83.55	75.69	147.74
Total Debt / Total Capital	29.32	38.68	45.52	43.08	59.64
LT Debt/Equity	37.5	54.87	66.29	66.51	120.42
Long-Term Debt / Total Capital	26.5	33.65	36.11	37.86	48.61
Total Liabilities / Total Assets	50.05	56.87	60.57	58.5	69.33
EBIT / Interest Expense	14.66	-0.53	2.9	4.07	1.76
EBITDA / Interest Expense	22.79	7.85	7.44	8.03	4.78
(EBITDA - Capex) / Interest Expense	13.52	2.19	4.64	5.11	3
Total Debt / EBITDA	1.73	5.18	4.1	3.01	6.49
Net Debt / EBITDA	0.79	3.24	2.38	2.11	5.25
Total Debt / (EBITDA - Capex)	2.92	18.59	6.58	4.73	10.33
Net Debt / (EBITDA - Capex)	1.33	11.63	3.81	3.32	8.35
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	0.59	-5.25	5.27	3.63	3.56
Gross Profit, 1 Yr. Growth %	-2.07	-13.57	12.19	5.23	0.11
EBITDA, 1 Yr. Growth %	-8.68	-76.89	130.32	37.92	-20.38
EBITA, 1 Yr. Growth %	-11.45	-101.54	-1.02K	61.59	-33.12
EBIT, 1 Yr. Growth %	-11.63	-104.06	-640.38	67.97	-34.07
Earnings From Cont. Operations, 1 Yr. Growth %	-1.29	-242.65	-106.19	579.63	-75.2
Net Income, 1 Yr. Growth %	-1.29	-242.65	-106.19	579.63	-75.2
Normalized Net Income, 1 Yr. Growth %	-13.58	-109.83	-357.14	73.5	-47.67
Diluted EPS Before Extra, 1 Yr. Growth %	-0.65	-248.73	-106.13	578.57	-75.19
Accounts Receivable, 1 Yr. Growth %	-0.4	-7.7	5.1	3.21	6.49
Inventory, 1 Yr. Growth %	88.89	23.53	-23.81	-6.25	-10
Net Property, Plant and Equip., 1 Yr. Growth %	18.76	-7.64	0.27	9.77	9.15
Total Assets, 1 Yr. Growth %	6.95	-17.92	1.98	-0.68	29.48
Tangible Book Value, 1 Yr. Growth %	11.59	-30.9	-8.84	4.31	-8.51
Common Equity, 1 Yr. Growth %	11.01	-28.72	-6.76	4.54	-4.32
Cash From Operations, 1 Yr. Growth %	-1.11	-67.84	-42.36	183.72	18.85
Capital Expenditures, 1 Yr. Growth %	79.58	-35.65	-18.56	24.63	-11.5
Levered Free Cash Flow, 1 Yr. Growth %	-57.44	-91.69	729.09	43.57	115.25
Unlevered Free Cash Flow, 1 Yr. Growth %	-54.83	-81.11	302.83	37.29	98.41
Dividend Per Share, 1 Yr. Growth %	100	-	-	0	-
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	8.29	-2.38	-0.13	4.45	3.59
Gross Profit, 2 Yr. CAGR %	15.12	-8	-1.76	8.66	2.45
EBITDA, 2 Yr. CAGR %	34.85	-55.34	-28.8	78.23	3.29
EBITA, 2 Yr. CAGR %	48.04	-88.72	-37.66	284.55	1.8
EBIT, 2 Yr. CAGR %	49.36	-81.73	-39.31	201.28	2.98
Earnings From Cont. Operations, 2 Yr. CAGR %	94.97	18.66	-70.3	-35.16	29.81
Net Income, 2 Yr. CAGR %	94.97	18.66	-70.3	-35.16	29.81
Normalized Net Income, 2 Yr. CAGR %	55.61	-71.97	-42.67	111.22	-7.09
Diluted EPS Before Extra, 2 Yr. CAGR %	95.29	21.56	-69.8	-35.49	29.79
Accounts Receivable, 2 Yr. CAGR %	13.73	-4.12	-1.5	4.16	4.84
Inventory, 2 Yr. CAGR %	33.77	52.75	-2.99	-15.48	-8.14
Net Property, Plant and Equip., 2 Yr. CAGR %	6.98	4.73	-3.77	4.91	9.46
Total Assets, 2 Yr. CAGR %	-1.55	-6.04	-8.51	0.64	13.4
Tangible Book Value, 2 Yr. CAGR %	-2.77	-12.18	-20.63	-2.49	-2.31
Common Equity, 2 Yr. CAGR %	-2.59	-11.05	-18.48	-1.27	0.01
Cash From Operations, 2 Yr. CAGR %	10.5	-43.61	-56.95	27.88	83.63
Capital Expenditures, 2 Yr. CAGR %	39.95	7.5	-27.61	0.75	5.02
Levered Free Cash Flow, 2 Yr. CAGR %	-31.69	-82.29	-22.66	245.01	69.04
Unlevered Free Cash Flow, 2 Yr. CAGR %	-29.77	-72.31	-15.04	135.17	60.17
Dividend Per Share, 2 Yr. CAGR %	63.3	-	-68.38	-	-
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	6.31	3.57	0.11	1.11	4.15
Gross Profit, 3 Yr. CAGR %	9.88	4.63	-1.86	0.52	5.6
EBITDA, 3 Yr. CAGR %	9.63	-26.49	-24.08	-11.24	34.94
EBITA, 3 Yr. CAGR %	14.24	-68.42	-31.58	-14.36	111.68
EBIT, 3 Yr. CAGR %	14.63	-56.16	-32.87	-14.79	78.95
Earnings From Cont. Operations, 3 Yr. CAGR %	51.79	75.68	-55.67	-15.67	-52.94
Net Income, 3 Yr. CAGR %	51.79	75.68	-55.67	-15.67	-52.94
Normalized Net Income, 3 Yr. CAGR %	13.12	-39.62	-35.96	-17.08	30.45
Diluted EPS Before Extra, 3 Yr. CAGR %	51.95	78.34	-55.08	-14.78	-53.08
Accounts Receivable, 3 Yr. CAGR %	8.62	6.09	-1.14	0.04	4.93
Inventory, 3 Yr. CAGR %	7.99	30.27	21.14	-4.09	-13.69
Net Property, Plant and Equip., 3 Yr. CAGR %	20.01	1.87	3.22	0.55	6.31
Total Assets, 3 Yr. CAGR %	13	-7.16	-3.44	-5.97	9.46
Tangible Book Value, 3 Yr. CAGR %	6.98	-13.23	-11.08	-13.06	-4.54
Common Equity, 3 Yr. CAGR %	4.91	-12.22	-9.64	-11.43	-2.3
Cash From Operations, 3 Yr. CAGR %	33.01	-26.77	-43.2	-19.28	24.8
Capital Expenditures, 3 Yr. CAGR %	25.27	8.02	-2	-13.24	-3.52
Levered Free Cash Flow, 3 Yr. CAGR %	19.32	-67.48	-39.09	-4.95	187.21
Unlevered Free Cash Flow, 3 Yr. CAGR %	21.4	-56.25	-33.58	-0.3	117.82
Dividend Per Share, 3 Yr. CAGR %	-7.17	-	-41.52	-53.58	-
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	5.39	3.44	3.68	3.92	1.49
Gross Profit, 5 Yr. CAGR %	8.4	5.67	5.07	6.12	-0.16
EBITDA, 5 Yr. CAGR %	4.68	-16.4	-8.78	3.75	-14.13
EBITA, 5 Yr. CAGR %	6.48	-48.21	-11.62	5.07	-19.79
EBIT, 5 Yr. CAGR %	6.51	-36.94	-12.41	5.1	-20.34
Earnings From Cont. Operations, 5 Yr. CAGR %	17.52	27.61	-20.96	17.91	-31.87
Net Income, 5 Yr. CAGR %	17.61	27.51	-20.96	17.91	-31.87
Normalized Net Income, 5 Yr. CAGR %	5.78	-25.08	-15.15	5.01	-25.68
Diluted EPS Before Extra, 5 Yr. CAGR %	17.6	28.86	-20.38	18.74	-31.33
Accounts Receivable, 5 Yr. CAGR %	9.01	6.84	4.45	5.31	1.21
Inventory, 5 Yr. CAGR %	8.13	10.93	3.46	9.57	8.45
Net Property, Plant and Equip., 5 Yr. CAGR %	11.61	10.34	9.87	3.07	5.67
Total Assets, 5 Yr. CAGR %	5.08	3.97	3.97	-4.11	2.98
Tangible Book Value, 5 Yr. CAGR %	1.44	-2.72	-5.06	-9.08	-7.67
Common Equity, 5 Yr. CAGR %	1.31	-3.04	-5.16	-7.99	-5.9
Cash From Operations, 5 Yr. CAGR %	9	-16.24	-15.29	-8.48	-9.17
Capital Expenditures, 5 Yr. CAGR %	17.68	8.81	0.6	5.05	0.75
Levered Free Cash Flow, 5 Yr. CAGR %	0.3	-38.12	-2.05	-18.68	-8.38
Unlevered Free Cash Flow, 5 Yr. CAGR %	1.75	-25.95	3.02	-15.17	-5.55
Dividend Per Share, 5 Yr. CAGR %	-2.76	-	-39.66	-23.23	-