Gaydon, UK, 13 May 2025: Jaguar Land Rover Automotive plc (“JLR”) today reports its financial results for the three months (Q4 FY25) and full year to 31 March 2025 (FY25).
Reimagine transformation Continues:
Electrification / Sustainability
Jaguar Land Rover Automotive plc today reports its financial results for the three months and full year to 31 March 2025 (FY25)
JLR continued its trend of consistent performance in the financial year, delivering record full year and quarterly profits in a decade.
Revenue for the quarter was £7.7 billion, down 1.7% versus Q4 FY24, and up 3.2% versus Q3 FY25, while full year revenue at £29.0 billion was flat year‑on‑year.
Profit before tax and exceptional items (“PBT”) in the quarter was £875 million, up from £661 million a year ago, and full year profit before tax was £2.5 billion, up 15% year‑on‑year and the best PBT in a decade. EBIT margin for the quarter was 10.7%, up 1.5 percentage points compared to Q4 FY24 and for the full year was 8.5%, the best Q4 and full year EBIT margin in a decade.
The increase in profitability year‑on‑year reflects higher volumes and a reduction in depreciation and amortisation, partially offset by an increase in variable marketing expense. Profit after tax (“PAT”) in the quarter was £640 million, compared to PAT of £1.4 billion in the same quarter a year ago. PAT for the full year was £1.8 billion, compared to £2.6 billion in FY24. This was down year‑on‑year as a deferred tax asset (“DTA”) of £1.0 billion was recognised in Q4 FY24 and DTA of £696m was recognised in Q4 FY25.
Free cash flow for the quarter was £1.3 billion and £1.5 billion for the full year. At the end of the quarter, the cash balance was £4.6 billion and net cash was £278 million, with gross debt of £4.4 billion. We successfully ended the year having achieved our key Reimagine strategy target of being net cash positive. Total liquidity was £6.3 billion, including the £1.7 billion undrawn revolving credit facility.
We welcome the UK Government’s changes to the ZEV Mandate which will support JLR’s compliance and investment profiles in the short‑ to medium‑term, ahead of significant changes to our EV product availability.
In April, at the start of the new financial year, we implemented a series of short‑term actions to address the immediate impact of trade tariffs introduced by the US Administration on the global automotive sector. On 8 May 2025 we welcomed the positive announcement of a US‑UK trade deal. This reduces US trade tariffs on UK auto exports to the US from 27.5% to 10%, within a quota of 100,000 vehicles. This deal brings greater certainty for our sector and stakeholders. We will continue to engage with the UK Government on the detail of the trade deal. Our priority is to ensure we deliver for our global clients and protect EBIT through delivery of transformation and efficiency initiatives.
Looking ahead, we expect investment spend to remain at £18 billion over a five‑year period and funded by operational cash flows. We continue to evaluate the impact of global challenges and will provide an update at our Investor Day on 16 June 2025.