ASOS

ASC · Main Market · Retail · mcap £558m · 451.0p

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Financials · balance sheet 01 Mar 26 · last twelve months · today’s market value

Source: results 23 Apr 26 ↗

Key figures Cash & debt Profit & cash flow Valuation Returns & quality Latest half-year

Market cap: £540.4m
Owner’s net cash: −£294.9m
Net cash / market cap: -55%
EV ex leases: £793.4m
Revenue: £2,478m
Operating profit: −£212.3m
Free cash flow after leases: £47.5m
FCF yield: 8.8%
Price / tangible book: 6.34×
Net income (owners): −£298.4m

Hover or tap a figure for its formula and the values used – the names are the line names of the key figures below. Extracted automatically from the company's results announcements; check the source before relying on a figure. Not investment advice.

Key figures As reported

Income statement Balance sheet Cash flow

Annual Half-yearly

Standardised line items in £m, comparable across companies; when a later report restated a period, the later figure is shown and marked ^r (hover for the figure first reported). Italic = calculated (LTM, H2 = FY − H1); a year of other than 12 months is marked (15m). Hover a value for its source.

Latest report: H1 Mar 26 (six months to 01 Mar 26), published 23 Apr 26 · read the results ↗

Source ↗

	1 March 2026 Adjusted £m	1 March 2026 Adjusting items £m	1 March 2026 Total £m	2 March 2025 Adjusted £m	2 March 2025 Adjusting items £m	2 March 2025 Total £m
Revenue	1,113.5	2.5	1,116.0	1,291.6	7.8	1,299.4
Cost of sales	(573.1)	-	(573.1)	(707.4)	(5.4)	(712.8)
Gross profit	540.4	2.5	542.9	584.2	2.4	586.6
Distribution expenses	(115.0)	-	(115.0)	(138.8)	-	(138.8)
Administrative expenses	(446.4)	(83.4)	(529.8)	(487.5)	(186.7)	(674.2)
Other income	2.7	(1.7)	1.0	2.5	13.8	16.3
Operating loss	(18.3)	(82.6)	(100.9)	(39.6)	(170.5)	(210.1)
Finance income	1.4	-	1.4	3.1	-	3.1
Finance expenses	(35.5)	(2.9)	(38.4)	(33.0)	(1.5)	(34.5)
Loss before tax	(52.4)	(85.5)	(137.9)	(69.5)	(172.0)	(241.5)
Income tax (charge)/credit	(9.9)	16.5	6.6	13.3	29.4	42.7
Loss for the period	(62.3)	(69.0)	(131.3)	(56.2)	(142.6)	(198.8)
Loss per share pence per share pence per share
Basic and diluted	–	–	(109.9)	–	–	(166.8)

Source ↗

	1 March 2026 £m	31 August 2025 £m	2 March 2025 £m
Non-current assets
Goodwill and other intangible assets	387.7	473.6	492.4
Property, plant and equipment	142.0	153.4	168.2
Right-of-use assets	163.3	172.1	180.2
Investment properties	5.9	6.2	6.6
Investments in associates	41.9	44.9	46.3
Trade and other receivables	0.9	1.8	2.9
Derivative financial assets	0.1	0.1	0.5
Deferred tax assets	51.5	44.7	104.7
Total non-current assets	793.3	896.8	1,001.8
Current assets
Inventories	370.3	402.3	411.7
Trade and other receivables	49.7	49.2	63.7
Derivative financial assets	3.1	1.2	10.4
Cash and cash equivalents	209.5	318.9	220.7
Current tax assets	4.2	3.7	7.8
Total current assets	636.8	775.3	714.3
Current liabilities
Trade and other payables	(536.5)	(619.3)	(546.7)
Borrowings	(93.4)	(96.4)	(18.5)
Lease liabilities	(27.6)	(27.5)	(26.4)
Derivative financial liabilities	(4.6)	(9.8)	(4.3)
Provisions	(5.0)	(4.4)	(4.9)
Current tax liabilities	-	-	(4.5)
Total current liabilities	(667.1)	(757.4)	(605.3)
Net current (liabilities)/ assets	(30.3)	17.9	109.0
Non-current liabilities
Borrowings	(411.0)	(407.2)	(478.0)
Lease liabilities	(197.0)	(197.0)	(208.9)
Derivative financial liabilities	(0.2)	(0.3)	(0.2)
Provisions	(69.6)	(97.8)	(102.9)
Total non-current liabilities	(677.8)	(702.3)	(790.0)
Net assets	85.2	212.4	320.8
Equity attributable to owners of the parent
Called up share capital	4.2	4.2	4.2
Share premium	322.6	322.6	322.6
Other reserves	6.1	3.6	14.3
Accumulated losses	(247.7)	(118.0)	(20.3)
Total equity	85.2	212.4	320.8

Source ↗

	1 March 2026 £m	2 March 2025 £m
Cash flows from operating activities
Operating loss	(100.9)	(210.1)
Adjusted for
Depreciation of property, plant and equipment, right-of-use assets and investment properties	24.7	26.2
Amortisation of other intangible assets	57.0	57.8
Impairment charges on non-financial assets	72.7	142.5
Share-based payments charge (net of amounts capitalised)	1.6	2.1
Share of associate's net profit	-	(1.3)
Gain on disposal of brands	-	(13.8)
Loss/(gain) on refinancing	7.7	(2.6)
Other non-cash items	(2.6)	(2.5)
Decrease in inventories	32.0	108.6
Decrease/(increase) in trade and other receivables	(0.5)	(10.8)
Decrease in trade and other payables	(82.6)	(127.0)
(Decrease)/increase in provisions	(20.9)	13.9
Cash used in operating activities	(11.8)	(17.0)
Net income tax paid	(0.2)	-
Net cash used in operating activities	(12.0)	(17.0)
Cash flows from investing activities
Purchase of other intangible assets	(38.5)	(42.0)
Proceeds from sale of brands	-	135.0
Purchase of property, plant and equipment	(2.3)	(5.4)
Dividends received from associates	3.0	-
Interest received	1.4	3.6
Net cash (used in)/ generated from investing activities	(36.4)	91.2
Cash flows from financing activities
Drawdown of borrowings	150.0	-
Repayment of borrowings	(156.5)	(63.3)
Repurchase of convertible bond	-	(147.4)
Refinancing fees paid	(9.9)	(10.5)
Repayment of principal portion of lease liabilities	(14.5)	(13.7)
Interest paid	(29.7)	(9.6)
Net cash used in financing activities	(60.6)	(244.5)
Net decrease in cash and cash equivalents	(109.0)	(170.3)
Opening cash and cash equivalents	318.9	391.0
Effect of exchange rates on cash and cash equivalents	(0.4)	-
Closing cash and cash equivalents	209.5	220.7

Source ↗

	31 August 2025 Adjusted £m	31 August 2025 Adjusting items £m	31 August 2025 Total £m	1 September 2024 Adjusted £m	1 September 2024 Adjusting items £m	1 September 2024 Total £m
Revenue	2,464.8	13.0	2,477.8	2,896.0	9.8	2,905.8
Cost of sales	(1,302.8)	(8.3)	(1,311.1)	(1,638.7)	(104.6)	(1,743.3)
Gross profit	1,162.0	4.7	1,166.7	1,257.3	(94.8)	1,162.5
Distribution expenses	(262.3)	-	(262.3)	(326.1)	-	(326.1)
Administrative expenses	(937.6)	(195.6)	(1,133.2)	(1,014.7)	(155.6)	(1,170.3)
Other income	5.7	10.8	16.5	2.0	-	2.0
Operating loss	(32.2)	(180.1)	(212.3)	(81.5)	(250.4)	(331.9)
Finance income	4.8	-	4.8	12.0	-	12.0
Finance expenses	(70.8)	(3.3)	(74.1)	(56.5)	(2.9)	(59.4)
Loss before tax	(98.2)	(183.4)	(281.6)	(126.0)	(253.3)	(379.3)
Income tax (charge)/credit	2.3	(19.1)	(16.8)	2.6	38.0	40.6
Loss for the year	(95.9)	(202.5)	(298.4)	(123.4)	(215.3)	(338.7)
Loss per share pence per share pence per share
Basic and diluted	–	–	(250.1)	–	–	(284.4)

Source ↗

	31 August 2025 £m	1 September 2024 £m
Non-current assets
Goodwill and other intangible assets	473.6	514.0
Property, plant and equipment	153.4	283.2
Right-of-use assets	172.1	254.0
Investment properties	6.2	7.1
Investments in associates	44.9	-
Trade and other receivables	1.8	3.7
Derivative financial assets	0.1	0.3
Deferred tax assets	44.7	62.5
Total non-current assets	896.8	1,124.8
Current assets
Inventories	402.3	520.3
Assets held for sale	-	165.5
Trade and other receivables	49.2	53.4
Derivative financial assets	1.2	9.5
Cash and cash equivalents	318.9	391.0
Current tax assets	3.7	6.7
Total current assets	775.3	1,146.4
Current liabilities
Trade and other payables	(619.3)	(671.7)
Borrowings	(96.4)	(1.6)
Lease liabilities	(27.5)	(27.2)
Derivative financial liabilities	(9.8)	(6.6)
Provisions	(4.4)	(2.7)
Current tax liabilities	-	(4.2)
Total current liabilities	(757.4)	(714.0)
Net current assets	17.9	432.4
Non-current liabilities
Borrowings	(407.2)	(686.5)
Lease liabilities	(197.0)	(262.4)
Derivative financial liabilities	(0.3)	(0.5)
Provisions	(97.8)	(86.5)
Total non-current liabilities	(702.3)	(1,035.9)
Net assets	212.4	521.3
Equity attributable to owners of the parent
Called up share capital	4.2	4.2
Share premium	322.6	322.6
Other reserves	3.6	61.9
(Accumulated losses)/retained earnings	(118.0)	132.6
Total equity	212.4	521.3

Source ↗

	31 August 2025 £m	1 September 2024 £m
Cash flows from operating activities
Operating loss	(212.3)	(331.9)
Adjusted for
Depreciation of property, plant and equipment, right-of-use assets and investment properties	51.4	55.0
Amortisation of other intangible assets	115.5	117.3
Impairment charges on non-financial assets	138.2	119.9
Share-based payments charge (net of amounts capitalised)	3.7	3.4
Share of associate's net loss	0.1	-
Gain on disposal of brands	(13.8)	-
Gain on refinancing	(2.6)	-
Other non-cash items	(1.8)	(0.8)
Decrease in inventories	118.0	247.7
Decrease in trade and other receivables	4.3	22.9
Decrease in trade and other payables	(54.5)	(18.2)
Increase in provisions	7.8	2.4
Cash generated from operating activities	154.0	217.7
Net income tax received	5.1	10.3
Net cash generated from operating activities	159.1	228.0
Cash flows from investing activities
Purchase of other intangible assets	(78.0)	(97.1)
Proceeds from sale of brands	135.0	-
Purchase of property, plant and equipment	(7.9)	(36.4)
Interest received	5.4	11.3
Net cash generated from/(used in) investing activities	54.5	(122.2)
Cash flows from financing activities
Repayment of borrowings	(63.3)	(0.5)
Repurchase of convertible bond	(147.4)	-
Refinancing fees paid	(10.5)	-
Repayment of principal portion of lease liabilities	(25.7)	(25.5)
Interest paid	(38.8)	(42.6)
Net cash used in financing activities	(285.7)	(68.6)
Net (decrease)/increase in cash and cash equivalents	(72.1)	37.2
Opening cash and cash equivalents	391.0	353.3
Effect of exchange rates on cash and cash equivalents	-	0.5
Closing cash and cash equivalents	318.9	391.0

	LTM Mar 26	FY Aug 25	FY Sep 24
Revenue to operating profit
Revenue	2,294.4	2,477.8	2,905.8
Gross profit	1,123.0	1,166.7	1,162.5
Adjusted EBITDA	153.1	131.6	80.1
Adjusted operating profit	(10.9)	(32.2)	(81.5)
Operating profit	(103.1)	(212.3)	(331.9)
Amortisation	114.7	115.5	117.3
Share-based payments	3.2	3.7	3.4
Operating profit to net income
Finance costs	(78.0)	(74.1)	(59.4)
Profit before tax	(178.0)	(281.6)	(379.3)
Tax	(52.9)	(16.8)	40.6
Net income (owners)	(230.9)	(298.4)	(338.7)
Per share
EPS basic	(193.2p)	(250.1p)	(284.4p)
EPS diluted	(193.2p)	(250.1p)	(284.4p)

	H1 Mar 26	vs H1 Mar 25	H2 Aug 25	H1 Mar 25
Revenue to operating profit
Revenue	1,116.0	−14%	1,178.4	1,299.4
Gross profit	542.9	−7%	580.1	586.6
Adjusted EBITDA	64.0	+51%	89.1	42.5
Adjusted operating profit	(18.3)	n/m	7.4	(39.6)
Operating profit	(100.9)	n/m	(2.2)	(210.1)
Amortisation	57.0	−1%	57.7	57.8
Share-based payments	1.6	−24%	1.6	2.1
Operating profit to net income
Finance costs	(38.4)	+11%	(39.6)	(34.5)
Profit before tax	(137.9)	n/m	(40.1)	(241.5)
Tax	6.6	−85%	(59.5)	42.7
Net income (owners)	(131.3)	n/m	(99.6)	(198.8)
Per share
EPS basic	(109.9p)	–	(83.3p)	(166.8p)
EPS diluted	(109.9p)	–	(83.3p)	(166.8p)

	LTM Mar 26	FY Aug 25	FY Sep 24
Operating activities
Cash from operations	164.1	159.1	228.0
Interest paid	(58.9)	(38.8)	(42.6)
Investing activities
Capex (PP&E)	(4.8)	(7.9)	(36.4)
Capex (intangibles)	(74.5)	(78.0)	(97.1)
Financing activities
Lease principal paid	(26.5)	(25.7)	(25.5)

	H1 Mar 26	vs H1 Mar 25	H2 Aug 25	H1 Mar 25
Operating activities
Cash from operations	(12.0)	n/m	176.1	(17.0)
Interest paid	(29.7)	+209%	(29.2)	(9.6)
Tax paid	(0.2)	–	–	–
Investing activities
Capex (PP&E)	(2.3)	−57%	(2.5)	(5.4)
Capex (intangibles)	(38.5)	−8%	(36.0)	(42.0)
Financing activities
Lease principal paid	(14.5)	+6%	(12.0)	(13.7)

	1 Mar 26	31 Aug 25	1 Sep 24
Non-current assets
Goodwill	–	473.6	514.0
Property, plant & equipment	142.0	153.4	283.2
Investment property	5.9	6.2	7.1
Associates & JVs	41.9	44.9	0.0
Current assets
Inventories	370.3	402.3	520.3
Trade receivables	49.7	49.2	53.4
Cash	209.5	318.9	391.0
Current assets	636.8	775.3	1,146.4
Current liabilities
Trade payables	536.5	619.3	671.7
Borrowings, current	93.4	96.4	1.6
Lease liabilities, current	27.6	27.5	27.2
Current liabilities	667.1	757.4	714.0
Non-current liabilities
Borrowings, non-current	411.0	407.2	686.5
Lease liabilities, non-current	197.0	197.0	262.4
Equity
Total equity	85.2	212.4	521.3
Net cash and other figures
Net cash / (debt) ex leases	(294.9)	–	–
Net cash / (debt) incl. leases	–	(184.7)	(297.1)

	1 Mar 26	31 Aug 25	2 Mar 25	1 Sep 24
Non-current assets
Goodwill	–	473.6	–	514.0
Property, plant & equipment	142.0	153.4	168.2	283.2
Investment property	5.9	6.2	6.6	7.1
Associates & JVs	41.9	44.9	46.3	0.0
Current assets
Inventories	370.3	402.3	411.7	520.3
Trade receivables	49.7	49.2	63.7	53.4
Cash	209.5	318.9	220.7	391.0
Current assets	636.8	775.3	714.3	1,146.4
Current liabilities
Trade payables	536.5	619.3	546.7	671.7
Borrowings, current	93.4	96.4	18.5	1.6
Lease liabilities, current	27.6	27.5	26.4	27.2
Current liabilities	667.1	757.4	605.3	714.0
Non-current liabilities
Borrowings, non-current	411.0	407.2	478.0	686.5
Lease liabilities, non-current	197.0	197.0	208.9	262.4
Equity
Total equity	85.2	212.4	320.8	521.3
Net cash and other figures
Net cash / (debt) ex leases	(294.9)	–	(275.8)	–
Net cash / (debt) incl. leases	–	(184.7)	–	(297.1)

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