We extend previous studies of BR, the radial component of the heliospheric magnetic field and a measure of heliospheric magnetic flux, to include the maximum in cycle 23 so that most of 4 cycles are covered. Solar rotation averages reveal that BR systematically increases from a minimum value at sunspot minimum to a maximum value during the declining phase. This increase is interrupted by a temporary decrease associated with the disappearance and reversal of the Sun's polar cap fields. We examine variations in BR and field strength, B, and find a close correspondence consistent with the Parker model when allowance is made for the ever‐present fluctuations in the heliospheric magnetic field. The solar cycle variation in BR and B is consistent with the widely accepted model of the solar field in which bipolar sunspot fields emerging at solar maximum are responsible for the erosion and reversal of the polar cap fields. Although the solar cycle change in heliospheric magnetic flux is less than a factor of 2, it is very large compared with the average flux transported into the heliosphere by an interplanetary coronal mass ejection (ICME). If the increases in B and BR at solar maximum are attributed to closed ICME fields, several hundred ICMEs must connect to the Sun for about two solar rotations before disconnecting, consistent with a recent model that attributes the increase in heliospheric flux at solar maximum to ICMEs. Future studies must distinguish between the open and closed topologies in order to evaluate their relative contributions.