NYSE : BTI
British American Tobacco p.l.c. — Financial statements
Consumer Staples · Tobacco · United Kingdom
Last price 61.52 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 133.71B
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Financial statements
British American Tobacco p.l.c. (BTI) reported revenue of 25.78B GBP (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in GBP.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 25.78B | 25.61B | 25.87B | 27.28B | 27.66B | 25.68B |
| Cost of Revenue | 4.46B | 4.44B | 4.57B | 4.89B | 4.58B | 4.60B |
| Gross Profit | 21.32B | 21.17B | 21.30B | 22.39B | 23.08B | 21.09B |
| Selling, General & Admin | 4.39B | 4.20B | 3.95B | 3.86B | 3.83B | 3.81B |
| Other Operating Expenses | 5.59B | 5.00B | 5.32B | 5.15B | 6.66B | 5.34B |
| Operating Expenses | 12.37B | 11.41B | 11.50B | 32.96B | 11.57B | 10.18B |
| Operating Income | 8.95B | 9.76B | 9.80B | -10.57B | 11.50B | 10.91B |
| Interest Expense | -1.72B | -1.77B | -1.77B | -1.83B | -1.63B | -1.47B |
| Interest & Investment Income | 184.00M | 214.00M | 251.00M | 186.00M | 92.00M | 35.00M |
| Earnings From Equity Investments | 396.00M | 1.68B | 1.90B | 585.00M | 442.00M | 415.00M |
| Currency Exchange Gain (Loss) | -111.00M | 360.00M | -2.00M | 432.00M | -631.00M | 260.00M |
| Other Non Operating Income (Expenses) | 645.00M | -666.00M | -111.00M | -618.00M | 464.00M | -288.00M |
| EBT Excluding Unusual Items | 8.35B | 9.57B | 10.06B | -11.82B | 10.24B | 9.86B |
| Merger & Restructuring Charges | -66.00M | -66.00M | 2.00M | -774.00M | -150.00M | |
| Impairment of Goodwill | -277.00M | -277.00M | -39.00M | -4.61B | -57.00M | |
| Gain (Loss) on Sale of Investments | 21.00M | 21.00M | -6.00M | -24.00M | ||
| Gain (Loss) on Sale of Assets | 22.00M | 22.00M | 62.00M | -446.00M | 33.00M | -358.00M |
| Asset Writedown | -37.00M | -37.00M | -828.00M | |||
| Legal Settlements | 305.00M | 601.00M | -6.30B | -156.00M | -177.00M | -81.00M |
| Other Unusual Items | 24.00M | 24.00M | 590.00M | -29.00M | -26.00M | |
| Pretax Income | 8.34B | 9.86B | 3.54B | -17.06B | 9.32B | 9.16B |
| Income Tax Expense | 1.91B | 2.09B | 357.00M | -2.87B | 2.48B | 2.19B |
| Earnings From Continuing Operations | 6.43B | 7.76B | 3.18B | -14.19B | 6.85B | 6.97B |
| Minority Interest in Earnings | 14.00M | -1.00M | -113.00M | -178.00M | -180.00M | -173.00M |
| Net Income | 6.44B | 7.76B | 3.07B | -14.37B | 6.67B | 6.80B |
| Preferred Dividends & Other Adjustments | 93.00M | 87.00M | 42.00M | 45.00M | 49.00M | 12.00M |
| Net Income to Common | 6.35B | 7.68B | 3.03B | -14.41B | 6.62B | 6.79B |
| Shares Outstanding (Basic) | 2.17B | 2.19B | 2.21B | 2.23B | 2.26B | 2.29B |
| Shares Outstanding (Diluted) | 2.18B | 2.20B | 2.23B | 2.23B | 2.27B | 2.30B |
| EPS (Basic) | 2.92 | 3.51 | 1.37 | -6.47 | 2.93 | 2.97 |
| EPS (Diluted) | 2.91 | 3.49 | 1.36 | -6.47 | 2.92 | 2.96 |
| Free Cash Flow | 6.85B | 5.79B | 9.64B | 10.25B | 9.87B | 9.19B |
| Free Cash Flow Per Share | 3.14 | 2.63 | 4.33 | 4.60 | 4.35 | 4.00 |
| Dividend Per Share | 2.45 | 2.45 | 2.40 | 2.36 | 2.18 | 2.16 |
| Gross Margin | 82.72% | 82.65% | 82.33% | 82.07% | 83.44% | 82.10% |
| Operating Margin | 34.73% | 38.09% | 37.87% | -38.75% | 41.59% | 42.47% |
| Profit Margin | 24.63% | 29.98% | 11.70% | -52.82% | 23.93% | 26.43% |
| Free Cash Flow Margin | 26.59% | 22.61% | 37.26% | 37.58% | 35.69% | 35.78% |
| EBITDA | 11.20B | 11.76B | 11.82B | 13.27B | 12.45B | 11.81B |
| EBITDA Margin | 43.45% | 45.91% | 45.70% | 48.62% | 45.00% | 45.98% |
| D&A For EBITDA | 2.25B | 2.00B | 2.03B | 23.84B | 943.00M | 901.00M |
| EBIT | 8.95B | 9.76B | 9.80B | -10.57B | 11.50B | 10.91B |
| EBIT Margin | 34.73% | 38.09% | 37.87% | -38.75% | 41.59% | 42.47% |
| Effective Tax Rate | 22.90% | 21.24% | 10.09% | 26.58% | 23.89% |
Balance sheet
Fiscal year January - December; amounts in GBP.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 2.52B | 3.83B | 5.30B | 4.66B | 3.45B | 2.81B |
| Short-Term Investments | 15.00M | |||||
| Trading Asset Securities | 16.00M | 513.00M | 601.00M | 579.00M | 456.00M | |
| Cash & Short-Term Investments | 2.53B | 3.84B | 5.81B | 5.26B | 4.03B | 3.27B |
| Accounts Receivable | 3.85B | 3.08B | 2.85B | 2.89B | 2.61B | 3.00B |
| Other Receivables | 465.00M | 1.19B | 816.00M | 906.00M | 1.91B | 1.07B |
| Receivables | 4.31B | 4.27B | 3.67B | 3.79B | 4.52B | 4.07B |
| Inventory | 4.84B | 4.38B | 4.62B | 4.94B | 5.67B | 5.28B |
| Other Current Assets | 235.00M | 187.00M | 197.00M | 195.00M | 1.20B | 195.00M |
| Total Current Assets | 11.92B | 12.68B | 14.29B | 14.19B | 15.41B | 12.81B |
| Property, Plant & Equipment | 4.22B | 4.48B | 4.38B | 4.58B | 4.87B | 4.95B |
| Long-Term Investments | 1.85B | 1.85B | 2.05B | 2.09B | 2.14B | 2.00B |
| Goodwill | 38.92B | 41.13B | 41.09B | 47.96B | 43.19B | |
| Other Intangible Assets | 87.09B | 48.02B | 53.15B | 54.47B | 81.12B | 72.43B |
| Long-Term Deferred Tax Assets | 2.06B | 2.03B | 2.57B | 911.00M | 682.00M | 611.00M |
| Other Long-Term Assets | 1.25B | 1.30B | 1.33B | 1.39B | 1.37B | 1.37B |
| Total Assets | 108.39B | 109.29B | 118.90B | 118.72B | 153.55B | 137.37B |
| Accounts Payable | 8.58B | 1.81B | 1.71B | 1.71B | 1.86B | 3.92B |
| Accrued Expenses | 11.00M | 11.00M | 13.00M | 14.00M | 14.00M | |
| Short-Term Debt | 37.00M | 138.00M | 103.00M | 346.00M | ||
| Current Portion of Long-Term Debt | 4.02B | 3.17B | 4.03B | 4.09B | 4.29B | 3.52B |
| Current Portion of Leases | 153.00M | 141.00M | 131.00M | 142.00M | 126.00M | |
| Current Income Taxes Payable | 1.00B | 1.13B | 1.68B | 992.00M | 1.05B | 879.00M |
| Other Current Liabilities | 680.00M | 8.21B | 11.03B | 8.64B | 10.50B | 6.34B |
| Total Current Liabilities | 14.28B | 14.52B | 18.74B | 15.67B | 17.85B | 15.14B |
| Long-Term Debt | 30.53B | 31.33B | 32.19B | 35.23B | 38.79B | 35.35B |
| Long-Term Leases | 513.00M | 376.00M | 444.00M | 367.00M | 375.00M | 320.00M |
| Pension & Post-Retirement Benefits | 787.00M | 825.00M | 851.00M | 910.00M | 979.00M | 1.27B |
| Long-Term Deferred Tax Liabilities | 10.35B | 10.34B | 11.68B | 12.19B | 18.43B | 16.46B |
| Other Long-Term Liabilities | 3.33B | 3.75B | 4.99B | 1.41B | 1.42B | 1.43B |
| Total Liabilities | 59.79B | 61.15B | 68.90B | 65.78B | 77.84B | 69.96B |
| Common Stock | 573.00M | 577.00M | 585.00M | 614.00M | 614.00M | 614.00M |
| Additional Paid-In Capital | 573.00M | 123.00M | 121.00M | 115.00M | 113.00M | 107.00M |
| Retained Earnings | 22.81B | 27.31B | 26.02B | 31.63B | 51.20B | 49.33B |
| Treasury Stock | -4.38B | -4.41B | -7.10B | -7.12B | -5.12B | |
| Comprehensive Income & Other | 24.42B | 24.30B | 27.33B | 27.31B | 30.56B | 22.17B |
| Total Common Equity | 48.38B | 47.93B | 49.64B | 52.57B | 75.37B | 67.10B |
| Minority Interest | 216.00M | 219.00M | 352.00M | 368.00M | 342.00M | 300.00M |
| Shareholders' Equity | 48.59B | 48.15B | 49.99B | 52.93B | 75.71B | 67.40B |
| Total Liabilities & Equity | 108.39B | 109.29B | 118.90B | 118.72B | 153.55B | 137.37B |
| Total Debt | 35.06B | 35.07B | 36.95B | 39.92B | 43.59B | 39.66B |
| Net Cash (Debt) | -32.53B | -31.23B | -31.14B | -34.66B | -39.56B | -36.39B |
| Net Cash Per Share | -14.89 | -14.20 | -14.00 | -15.55 | -17.45 | -15.84 |
| Filing Date Shares Outstanding | 2.17B | 2.17B | 2.20B | 2.23B | 2.23B | 2.29B |
| Total Common Shares Outstanding | 2.17B | 2.17B | 2.20B | 2.23B | 2.23B | 2.29B |
| Working Capital | -2.35B | -1.84B | -4.45B | -1.49B | -2.44B | -2.34B |
| Book Value Per Share | 21.47 | 21.18 | 21.77 | 22.81 | 33.04 | 28.59 |
| Tangible Book Value | -38.71B | -39.01B | -44.63B | -43.00B | -53.71B | -48.52B |
| Tangible Book Value Per Share | -18.75 | -18.82 | -21.03 | -20.03 | -24.84 | -21.94 |
| Land | 242.00M | |||||
| Machinery | 6.34B | 6.00B | 6.08B | 6.32B | 6.00B | |
| Construction In Progress | 650.00M | 601.00M | 654.00M | 767.00M | 706.00M |
Cash flow statement
Fiscal year January - December; amounts in GBP.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 6.44B | 7.76B | 3.07B | -14.37B | 6.67B | 6.80B |
| Depreciation & Amortization | 2.34B | 2.10B | 2.11B | 23.84B | 943.00M | 901.00M |
| Other Amortization | 119.00M | 119.00M | 120.00M | 125.00M | 142.00M | 129.00M |
| Asset Writedown & Restructuring Costs | 261.00M | 333.00M | 867.00M | 4.65B | 220.00M | 46.00M |
| Loss (Gain) on Equity Investments | -396.00M | -1.68B | -1.90B | -585.00M | -442.00M | -415.00M |
| Other Operating Activities | 1.12B | 1.36B | 120.00M | -2.92B | 2.76B | 2.32B |
| Change in Accounts Receivable | -396.00M | -295.00M | -269.00M | -487.00M | -42.00M | -393.00M |
| Change in Inventory | 360.00M | 112.00M | 35.00M | 265.00M | -246.00M | 433.00M |
| Change in Accounts Payable | 198.00M | -207.00M | 58.00M | 640.00M | 3.00M | 183.00M |
| Change in Other Net Operating Assets | -2.62B | -3.25B | 5.91B | -451.00M | 388.00M | -285.00M |
| Operating Cash Flow | 7.43B | 6.34B | 10.12B | 10.71B | 10.39B | 9.72B |
| Capital Expenditures | -582.00M | -551.00M | -486.00M | -460.00M | -523.00M | -527.00M |
| Sale of Property, Plant & Equipment | 24.00M | 37.00M | 145.00M | 54.00M | 31.00M | 31.00M |
| Divestitures | -188.00M | 4.00M | 159.00M | -98.00M | ||
| Sale (Purchase) of Intangibles | -120.00M | -122.00M | -83.00M | -114.00M | -130.00M | -218.00M |
| Investment in Securities | 739.00M | 1.82B | 1.61B | -80.00M | -168.00M | -361.00M |
| Other Investing Activities | 202.00M | 202.00M | 187.00M | 145.00M | 85.00M | 33.00M |
| Investing Cash Flow | 75.00M | 1.39B | 1.38B | -296.00M | -705.00M | -1.14B |
| Long-Term Debt Issued | 3.81B | 2.40B | 5.13B | 3.27B | 978.00M | |
| Long-Term Debt Repaid | -4.11B | -4.99B | -6.93B | -3.21B | -5.00B | |
| Lease Payments | -173.00M | -177.00M | -165.00M | -162.00M | -161.00M | -154.00M |
| Net Debt Issued (Repaid) | -947.00M | -295.00M | -2.59B | -1.80B | 62.00M | -4.02B |
| Issuance of Common Stock | 1.05B | 1.05B | 1.68B | |||
| Repurchase of Common Stock | -2.30B | -2.06B | -792.00M | -110.00M | -2.09B | -82.00M |
| Common Dividends Paid | -5.32B | -5.29B | -5.27B | -5.11B | -4.97B | -4.91B |
| Other Financing Activities | -1.79B | -2.17B | -1.98B | -2.29B | -1.87B | -1.42B |
| Financing Cash Flow | -9.31B | -8.76B | -10.63B | -9.31B | -8.88B | -8.75B |
| Foreign Exchange Rate Adjustments | 102.00M | -76.00M | -281.00M | -292.00M | 431.00M | -253.00M |
| Miscellaneous Cash Flow Adjustments | -208.00M | 368.00M | -368.00M | |||
| Net Cash Flow | -1.70B | -1.32B | 587.00M | 1.18B | 874.00M | -425.00M |
| Free Cash Flow | 6.85B | 5.79B | 9.64B | 10.25B | 9.87B | 9.19B |
| Free Cash Flow Margin | 26.59% | 22.61% | 37.26% | 37.58% | 35.69% | 35.78% |
| Free Cash Flow Per Share | 3.14 | 2.63 | 4.33 | 4.60 | 4.35 | 4.00 |
| Levered Free Cash Flow | 3.53B | 2.99B | 10.28B | 16.09B | 7.12B | 6.59B |
| Unlevered Free Cash Flow | 4.60B | 4.10B | 11.39B | 17.24B | 8.14B | 7.51B |
| Free Cash Flow After Leases | 6.68B | 5.61B | 9.47B | 10.09B | 9.71B | 9.04B |
| Cash Interest Paid | 1.70B | 1.67B | 1.74B | 1.71B | 1.60B | 1.50B |
| Cash Income Tax Paid | 2.57B | 2.93B | 1.85B | 2.62B | 2.54B | 2.31B |
| Change in Working Capital | -2.46B | -3.65B | 5.74B | -33.00M | 103.00M | -62.00M |
Ratios
Fiscal year January - December; amounts in GBP.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 132.23B | 123.21B | 79.41B | 65.22B | 88.15B | 84.93B |
| Enterprise Value | 176.10B | 164.57B | 122.12B | 114.09B | 137.62B | 141.72B |
| Last Close Price | 61.52 | 54.21 | 32.60 | 24.09 | 30.08 | 26.36 |
| PE Ratio | 15.80 | 11.92 | 20.96 | 11.06 | 9.24 | |
| PS Ratio | 3.87 | 3.57 | 2.45 | 1.88 | 2.65 | 2.44 |
| PB Ratio | 2.05 | 1.90 | 1.27 | 0.97 | 0.97 | 0.93 |
| P/FCF Ratio | 14.41 | 15.81 | 6.58 | 4.99 | 7.41 | 6.83 |
| P/OCF Ratio | 13.28 | 14.43 | 6.26 | 4.78 | 7.04 | 6.46 |
| EV/Sales Ratio | 5.15 | 4.78 | 3.77 | 3.28 | 4.13 | 4.08 |
| EV/EBITDA Ratio | 11.85 | 10.40 | 8.25 | 6.75 | 9.18 | 8.86 |
| EV/EBIT Ratio | 14.82 | 12.53 | 9.96 | 9.93 | 9.60 | |
| EV/FCF Ratio | 19.19 | 21.11 | 10.12 | 8.73 | 11.57 | 11.39 |
| Debt / Equity Ratio | 0.72 | 0.73 | 0.74 | 0.75 | 0.58 | 0.59 |
| Debt / EBITDA Ratio | 3.11 | 2.96 | 3.10 | 3.01 | 3.50 | 3.36 |
| Debt / FCF Ratio | 5.12 | 6.06 | 3.83 | 3.89 | 4.42 | 4.32 |
| Net Debt / Equity Ratio | 0.67 | 0.65 | 0.62 | 0.66 | 0.52 | 0.54 |
| Net Debt / EBITDA Ratio | 2.90 | 2.66 | 2.63 | 2.61 | 3.18 | 3.08 |
| Net Debt / FCF Ratio | 4.75 | 5.39 | 3.23 | 3.38 | 4.01 | 3.96 |
| Asset Turnover | 0.24 | 0.22 | 0.22 | 0.20 | 0.19 | 0.19 |
| Inventory Turnover | 0.90 | 0.99 | 0.96 | 0.92 | 0.84 | 0.81 |
| Quick Ratio | 0.48 | 0.56 | 0.51 | 0.58 | 0.48 | 0.48 |
| Current Ratio | 0.83 | 0.87 | 0.76 | 0.91 | 0.86 | 0.85 |
| Return on Equity (ROE) | 13.42% | 15.82% | 6.18% | -22.06% | 9.57% | 10.70% |
| Return on Assets (ROA) | 5.12% | 5.34% | 5.15% | -4.85% | 4.94% | 4.96% |
| Return on Invested Capital (ROIC) | 8.51% | 9.57% | 10.44% | -10.42% | 7.71% | 8.01% |
| Return on Capital Employed (ROCE) | 9.50% | 10.30% | 9.80% | -10.30% | 8.50% | 8.90% |
| Earnings Yield | 6.33% | 8.48% | 4.84% | -28.06% | 9.11% | 10.84% |
| FCF Yield | 6.94% | 6.33% | 15.20% | 20.03% | 13.49% | 14.65% |
| Dividend Yield | 5.35% | 5.82% | 8.34% | 10.26% | 6.64% | 7.87% |
| Payout Ratio | 84.59% | 68.16% | 171.74% | 74.63% | 72.19% | |
| Buyback Yield / Dilution | 1.22% | 1.17% | 0.18% | 1.68% | 1.31% | -0.09% |
| Total Shareholder Return | 6.58% | 6.99% | 8.52% | 11.94% | 7.94% | 7.78% |