British American Tobacco p.l.c. (BTI) financial statements
British American Tobacco p.l.c. reported revenue of 25.6B GBP in fiscal 2025, up 6.8% a year over 9 years.
Net income was 7.8B GBP and the operating margin 39.0%, against 32.9% in 2016.
Free cash flow was 5.6B GBP, and the company returned 5.2B GBP in dividends and 1.1B GBP in net buybacks.
The diluted share count fell 4% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions (GBP).
Income statement
Fiscal years, in GBP, from British American Tobacco p.l.c.'s 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 14.1B GBP | 19.6B GBP | 24.5B GBP | 25.9B GBP | 25.8B GBP | 25.7B GBP | 27.7B GBP | 27.3B GBP | 25.9B GBP | 25.6B GBP |
| Research and development | 144M GBP | 191M GBP | 258M GBP | 376M GBP | 307M GBP | 304M GBP | 323M GBP | 408M GBP | 380M GBP | 358M GBP |
| Operating income | 4.7B GBP | 6.4B GBP | 9.3B GBP | 9.0B GBP | 10.0B GBP | 10.2B GBP | 10.5B GBP | -15.8B GBP | 2.7B GBP | 10.0B GBP |
| Interest expense | 645M GBP | 1.1B GBP | 1.6B GBP | 1.7B GBP | 1.6B GBP | 1.4B GBP | 1.6B GBP | 1.8B GBP | 1.7B GBP | 1.7B GBP |
| Pre-tax income | 6.2B GBP | 29.5B GBP | 8.4B GBP | 7.9B GBP | 8.7B GBP | 9.2B GBP | 9.3B GBP | -17.1B GBP | 3.5B GBP | 9.9B GBP |
| Income tax | 1.4B GBP | -8.1B GBP | 2.1B GBP | 2.1B GBP | 2.1B GBP | 2.2B GBP | 2.5B GBP | -2.9B GBP | 357M GBP | 2.1B GBP |
| Net income | 4.6B GBP | 37.5B GBP | 6.0B GBP | 5.7B GBP | 6.4B GBP | 6.8B GBP | 6.7B GBP | -14.4B GBP | 3.1B GBP | 7.8B GBP |
| EPS (diluted) | 2.49 GBP | 18.28 GBP | 2.63 GBP | 2.49 GBP | 2.79 GBP | 2.96 GBP | 2.92 GBP | -6.47 GBP | 1.36 GBP | 3.49 GBP |
| Diluted shares | — | — | 2.29B | 2.29B | 2.29B | 2.30B | 2.27B | 2.23B | 2.23B | 2.20B |
| Operating margin | 32.9% | 32.8% | 38.0% | 34.8% | 38.6% | 39.8% | 38.1% | -57.7% | 10.6% | 39.0% |
| Net margin | 32.9% | 191.6% | 24.6% | 22.0% | 24.8% | 26.5% | 24.1% | -52.7% | 11.9% | 30.3% |
Balance sheet
Fiscal years, in GBP, from British American Tobacco p.l.c.'s 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | 2.2B GBP | 3.3B GBP | 2.8B GBP | 2.5B GBP | 3.1B GBP | 2.8B GBP | 3.4B GBP | 4.7B GBP | 5.3B GBP | 3.8B GBP |
| Receivables | 3.9B GBP | 4.1B GBP | 3.6B GBP | 4.1B GBP | 3.7B GBP | 4.0B GBP | 4.4B GBP | 3.6B GBP | 3.6B GBP | 3.8B GBP |
| Inventory | 5.8B GBP | 5.9B GBP | 6.0B GBP | 6.1B GBP | 6.0B GBP | 5.3B GBP | 5.7B GBP | 4.9B GBP | 4.6B GBP | 4.4B GBP |
| Total current assets | 12.4B GBP | 14.0B GBP | 12.7B GBP | 13.3B GBP | 13.6B GBP | 12.8B GBP | 15.4B GBP | 14.2B GBP | 14.3B GBP | 12.7B GBP |
| Property, plant and equipment | 3.7B GBP | 4.9B GBP | 5.8B GBP | 5.5B GBP | 5.1B GBP | 5.0B GBP | 4.9B GBP | 4.6B GBP | 4.4B GBP | 4.5B GBP |
| Goodwill | 11.0B GBP | 44.1B GBP | 46.2B GBP | 44.3B GBP | 43.3B GBP | 43.2B GBP | 48.0B GBP | 41.1B GBP | 41.1B GBP | 38.9B GBP |
| Total assets | 39.8B GBP | 141.1B GBP | 146.3B GBP | 141.0B GBP | 137.7B GBP | 137.4B GBP | 153.5B GBP | 118.7B GBP | 118.9B GBP | 109.3B GBP |
| Total current liabilities | 11.9B GBP | 15.6B GBP | 16.3B GBP | 18.8B GBP | 15.5B GBP | 15.1B GBP | 17.9B GBP | 15.7B GBP | 18.7B GBP | 14.5B GBP |
| Long-term debt | 16.5B GBP | 44.0B GBP | 43.3B GBP | 37.8B GBP | 39.9B GBP | 35.7B GBP | 38.7B GBP | 35.4B GBP | 32.6B GBP | 31.7B GBP |
| Total liabilities | 31.4B GBP | 80.1B GBP | 80.7B GBP | 76.8B GBP | 74.7B GBP | 70.0B GBP | 77.8B GBP | 65.8B GBP | 68.9B GBP | 61.1B GBP |
| Shareholders' equity | 8.2B GBP | 60.8B GBP | 65.4B GBP | 63.9B GBP | 62.7B GBP | 65.4B GBP | 73.7B GBP | 50.9B GBP | 48.0B GBP | 46.0B GBP |
| Net debt | 17.3B GBP | 46.2B GBP | 44.9B GBP | 42.8B GBP | 40.8B GBP | 36.8B GBP | 39.7B GBP | 35.1B GBP | 31.7B GBP | 31.2B GBP |
Cash flow
Fiscal years, in GBP, from British American Tobacco p.l.c.'s 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | 4.6B GBP | 5.3B GBP | 10.3B GBP | 9.0B GBP | 9.8B GBP | 9.7B GBP | 10.4B GBP | 10.7B GBP | 10.1B GBP | 6.3B GBP |
| Capital spending | 674M GBP | 978M GBP | 943M GBP | 815M GBP | 755M GBP | 745M GBP | 656M GBP | 601M GBP | 608M GBP | 704M GBP |
| Free cash flow | 3.9B GBP | 4.4B GBP | 9.4B GBP | 8.2B GBP | 9.0B GBP | 9.0B GBP | 9.7B GBP | 10.1B GBP | 9.5B GBP | 5.6B GBP |
| Dividends paid | 2.9B GBP | 3.5B GBP | 4.3B GBP | 4.6B GBP | 4.9B GBP | 5.0B GBP | 4.9B GBP | 5.1B GBP | 5.2B GBP | 5.2B GBP |
| Share buybacks (net) | -4.8B GBP | -4.8B GBP | -139M GBP | -117M GBP | 0 GBP | 0 GBP | -2.0B GBP | 0 GBP | -698M GBP | -1.1B GBP |
| Net borrowing | -364M GBP | 20.1B GBP | -3.5B GBP | -1.4B GBP | -807M GBP | -3.9B GBP | 223M GBP | -1.6B GBP | -2.4B GBP | -118M GBP |
| Free cash flow margin | 27.9% | 22.3% | 38.2% | 31.6% | 35.0% | 34.9% | 35.2% | 37.1% | 36.8% | 22.0% |
| Dividends per share | — | — | 1.90 GBP | 2.01 GBP | 2.16 GBP | 2.18 GBP | 2.17 GBP | 2.27 GBP | 2.34 GBP | 2.38 GBP |
Questions
What was British American Tobacco p.l.c.'s revenue in 2025?
25.6B GBP in fiscal 2025, from its 10-K filing.
How much free cash flow does British American Tobacco p.l.c. generate?
5.6B GBP in fiscal 2025 (operating cash flow minus capital spending).
From British American Tobacco p.l.c.'s annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.