London, February 9, 2026, 09:19 GMT — Regular session
- BAE Systems picked up roughly 1.8% in the early going on the London market.
- The company announced another batch of share repurchases tied to its current buyback program.
- All eyes are on Feb. 18, when investors expect to see the company’s full-year numbers and get a read on its 2026 outlook.
Shares in BAE Systems climbed 1.8% to 1,912.5 pence on Monday, stretching out a recent winning streak for the UK defence firm ahead of its full-year results later this month. According to the company’s financial diary, those final numbers are scheduled for Feb. 18. 1
This is significant: BAE’s shares are now packed with investors hoping to ride the wave of rising defence budgets. The company’s next update will reveal if cash flow and fresh orders can keep up with a stock that’s already surged. Buybacks help steady the share price from daily swings, sure, but they can’t answer the tougher question — just how much of the bullish outlook is already baked into the valuation.
BAE disclosed in a Monday filing that it snapped up 114,829 ordinary shares for cancellation on Feb. 6, paying an average price of 1,863.73 pence. The trades fell between 1,843.00 and 1,880.50 pence per share. This latest move brings the total number of shares repurchased in the second tranche of its program to 16.64 million. 2
Share buybacks happen when companies scoop up their own stock, typically to cancel those shares. That moves the share count lower, sometimes giving a boost to earnings per share down the line. BAE has set out a three-year buyback plan worth up to £1.5 billion, according to its website, with the programme kicking off in August 2023. 3
The share opened at 1,888.5 pence and swung between 1,880.5 and 1,921.5 pence in the first stretch, Refinitiv figures show on a broker factsheet. 4
Monday’s buyback notice probably lands with little fanfare—investors are zeroed in on that Feb. 18 report. Cash conversion tops the list, plus the order book, margins in core programs, and whether there’s any shift on 2026 guidance.
Tone matters just as much as the figures themselves. Defense companies may report hefty order books, yet they often run into issues with contract timelines slipping, supply-chain snags, and big swings in working capital.
Still, short-term risks are popping up. Over 1,200 BAE workers across northwest England have scheduled strikes running until at least Feb. 20, according to Reuters, as they push for better pay. The company, however, called its pay offer “market-leading pay and reward” and said production lines are still running. 5
The stock’s sitting well above where it was last year, and sector valuations have tightened. So, if there’s even a whiff of disruption, softer cash flows, or sluggish orders, investors could be quick to lock in gains.
