London, Feb 12, 2026, 09:25 GMT — Regular session
- BAE Systems shares eased in early London trade, lagging a firmer FTSE 100
- The defence group disclosed another round of share repurchases for cancellation
- A U.S. Navy contracts bulletin listed a fresh award for a BAE unit
BAE Systems plc shares edged down 0.1% to 1,923 pence by 0925 GMT, after trading between 1,918 and 1,950 pence on the day. The FTSE 100 index was up about 0.3%, with Rolls-Royce and Rheinmetall also higher. (Google)
The moves were small, but the timing matters. BAE’s full-year results are due next week and the stock is still not far from its recent highs, leaving little room for sloppy numbers or cautious guidance.
Investors have been leaning on two things with BAE: a busy order book tied to government spending, and predictable cash returns. On days like this, even routine filings can nudge the tape.
BAE said it bought 111,796 ordinary shares on Feb. 11 at a volume-weighted average price of 1,914.29 pence, and intends to cancel them. The company paid between 1,897 and 1,934 pence per share, according to the disclosure. (Investegate)
A day earlier, BAE reported buying 110,969 shares at an average 1,928.56 pence, also for cancellation. Prices on that purchase ranged from 1,912.50 to 1,949.50 pence, it said. (Investegate)
In the United States, a government contracts bulletin listed a $23.7 million Navy award to BAE Systems Land & Armaments for engineering and fabrication services tied to propulsor demonstration hardware, with an option that would take the total to $24.5 million. The notice put work in Kentucky and Minnesota under a five-year ordering period. (U.S. Department of War)
The contract is small in the context of a prime contractor, but traders watch these notices for hints about programme momentum. The buyback tape works the same way: it is less about the daily count than the signal that cash is still being pushed back to shareholders.
Next week’s results will bring the bigger numbers: order flow, margins and “free cash flow” — the cash left after operating costs and investment spending — which helps fund dividends and buybacks.
But the run-up is not risk-free. A pay dispute has led to strike action at BAE sites in northwest England from Feb. 2 until at least Feb. 20, and any disruption could complicate delivery schedules and costs. (Reuters)
BAE is scheduled to publish its full-year results on Feb. 18. (Baesystems)
