BP PLC
For the period ended Dec 31, 2025. Filed Mar 6, 2026.
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The yearly report of a company based outside the US. It covers much of what a 10-K does, and may follow accounting rules other than US ones.
FY2025 · Filed Mar 6, 2026
Use the contents to explore the available documents and sections.
Contents
All while continuing to drive value through our
distinctive strengths in trading, technology
and partnerships.
| Progress on our primary targetsWe use four primary targets to measure our progress and how we are improving performance. These targets, alongside the guidance and financial frame (see page 18), support our strategy. Taken together, we believe our primary targets will underpin growth in the value of bp. Our progress in 2025 is set out below: | Nearest IFRS-equivalent measures | |||
| Primary targets | 2025 | Targets | 2025 | |
| Adjusted free cash flow growth« | >20%a compound annual growth rate from 2024-27 | |||
| Net debt« | $22.2bnb | $14-18bn by end 2027 | $58.0bnb finance debt | |
| Structural cost reduction« | $2.8bnc(cumulative since 2023) | $5.5-6.5bnd by end 2027 | n/a | |
| Return on average capital employed (ROACE)« | 13.9%e | >16%ain 2027 | 0.1%eprofit for 2025 attributable to bp shareholders divided by total equity at 31 December 2025 | |
a This is on a price adjusted basis that assumes a hypothetical price environment of $70/bbl Brent, $4/mmBtu Henry Hub, and $10.3/bbl refining indicator margin (all 2024 real) and assumptions
b Net debt is a non-IFRS measure. The nearest IFRS equivalent measure is finance debt at the end of 2025. See Note 27 for more information.
c Cumulative structural cost reduction since 2023, of which $2 billion in 2025 and $750 million in 2024. Structural cost reduction is decreases in underlying operating expenditure«. A reconciliation
is provided on page 386.
d Following the outcome of the strategic review of Castrol, which resulted in the decision to divest a 65% shareholding, the $4-5 billion structural cost reduction target by end 2027, introduced at
the February 2025 Capital Markets Update, has increased.
e Return on average capital employed (ROACE) is a non-IFRS measure. The nearest IFRS measures of the numerator and denominator are profit for 2025 attributable to bp shareholders of $0.1
billion and total equity at the end of 2025 of $74.0 billion respectively. A reconciliation is provided on page 385.
Strategic report
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