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Reconciliation of profit for the year to cash flow from operations
 12 Months Ended
Dec. 31, 2025
Reconciliation of (loss)profit or loss to net cash flows from operating activities [Abstract]  
Reconciliation of profit for the year to cash flow from operations 25. Reconciliation of profit for the year to cash flow from operations
2025
2024
2023
$m
$m
$m
Profit for the year
759
628
750
Adjustments for:
Net financial expenses
153
115
87
Foreign exchange (gains)/losses
(37)
25
(35)
Remeasurement of contingent purchase consideration
8
4
4
Income tax charge
315
269
260
Operating profit adjustments:
Impairment loss/(reversal) on financial assets
21
10
(1)
Other net impairment charges
2
–
–
Other operating exceptional items
21
12
(28)
Depreciation and amortisation
67
65
67
111
87
38
Contract assets deduction in revenue
52
43
37
Share-based payments cost
47
44
36
Share of profits of associates and joint ventures (before exceptional items)
(6)
(10)
(13)
93
77
60
System Fund adjustments:
Depreciation and amortisation
79
80
83
Impairment loss on financial assets
19
9
–
Other impairment charges
–
3
–
Share-based payments cost
25
23
20
Share of losses of associates
2
2
3
125
117
106
Working capital and other adjustments:
Increase in deferred revenue
107
214
123
Increase in trade and other receivables
(51)
(106)
(70)
(Decrease)/increase in trade and other payables
(25)
(45)
31
Other net adjustments
5
(7)
(5)
36
56
79
Cash flows relating to operating exceptional items
(23)
8
(29)
Contract acquisition costs, net of repayments
(179)
(237)
(101)
Total adjustments
602
521
469
Cash flow from operations
1,361
1,149
1,219
In 2025, increase in deferred revenue includes $37m (2024: $100m) of initial upfront payments received in relation to US co-brand
credit card agreements which will be recognised over the term of those agreements.
Other net adjustments includes dividends received from associates and joint ventures of $6m (2024: $7m; 2023 $1m).