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British American Tobacco p.l.c. (BTI) Financial History

20 years of revenue, earnings, cash-flow and balance-sheet history from public filings.

CONSUMER DEFENSIVE · TOBACCO · DATA UPDATED 2026-08-04

British American Tobacco p.l.c. (BTI) operates in the TOBACCO industry and is headquartered in London, United Kingdom with about 47,797 employees. Its market capitalization is roughly $120 billion. In the fiscal year ended 2025-12-31, BTI reported £25.6B in revenue and £7.8B in net income.

British American Tobacco p.l.c. provides tobacco and nicotine products to consumers in the United States, Europe, Latin America, Canada, the Asia-Pacific, the Middle East, Central Asia, Caucasus, and Africa.

Interactive charts & full statements → Open the BTI valuation workbench →

BTI Revenue & Earnings History — Annual Income Statement

Income statement	TTM → 2026-06-30	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31
Total Revenue	£25.9B	£25.6B	£25.9B	£27.3B	£27.7B	£25.7B	£25.8B	£25.9B	£24.5B	£19.6B	£14.1B	£12.5B	£14.0B	£15.3B	£15.2B	£15.4B	£14.9B	£14.2B	£12.1B	£10.0B	£9.8B
Gross Profit	£18.6B	£21.4B	£21.4B	£22.4B	£22.9B	£21.1B	£21.3B	£21.4B	£19.9B	£14.5B	£10.4B	£9.5B	£10.9B	£12.0B	£11.9B	£12.0B	£11.2B	£10.3B	£8.8B	£7.2B	£6.9B
Gross Margin %	71.8%	83.5%	82.8%	82.1%	82.6%	82.1%	82.8%	82.8%	81.2%	74.3%	73.6%	75.8%	78.3%	78.8%	78.2%	77.8%	75.1%	72.2%	72.6%	72.3%	70.6%
Operating Income (EBIT)	£9.6B	£10.0B	£2.7B	(£15.8B)	£10.5B	£10.2B	£10.0B	£10.4B	£10.0B	£7.2B	£5.3B	£4.9B	£5.0B	£5.8B	£5.4B	£4.7B	£4.3B	£4.1B	£3.6B	£2.9B	£2.6B
Operating Margin %	37.3%	39.0%	10.6%	-57.7%	38.0%	39.9%	38.6%	40.2%	41.0%	36.6%	37.2%	39.4%	36.0%	37.9%	35.6%	30.7%	29.0%	28.9%	29.5%	29.0%	26.9%
Net Income	£6.5B	£7.8B	£3.1B	(£14.4B)	£6.7B	£6.8B	£6.4B	£5.7B	£6.0B	£37.5B	£4.6B	£4.3B	£3.1B	£3.9B	£3.8B	£3.1B	£2.9B	£2.7B	£2.5B	£2.1B	£1.9B
Net Margin %	25.0%	30.3%	11.9%	-52.7%	24.1%	26.5%	24.8%	22.0%	24.6%	191.9%	32.9%	34.2%	22.3%	25.6%	25.3%	20.1%	19.3%	19.1%	20.3%	21.3%	19.4%
EBITDA	£12.5B	£11.8B	£7.7B	£13.3B	£12.2B	£11.2B	£11.8B	£10.1B	£10.5B	£30.5B	£5.2B	£5.6B	£5.1B	£6.2B	£6.6B	£6.3B	£4.9B	£4.7B	£4.1B	£3.8B	£3.5B
Earnings Per Share (EPS)	£2.96	£3.53	£1.38	£-6.45	£2.94	£3.00	£2.83	£2.52	£2.66	£16.57	£2.05	£1.89	£1.38	£1.72	£1.70	£1.37	£1.27	£1.20	£1.08	£0.94	£0.84
Shares Outstanding (M)	2,176M	2,199M	2,225M	2,229M	2,265M	2,265M	2,265M	2,265M	2,265M	2,265M	2,265M	2,265M	2,265M	2,265M	2,265M	2,265M	2,265M	2,265M	2,265M	2,265M	2,265M

GBP; £M / £B as marked (reporting currency). Newest period first. Source: public company filings (via Yahoo Finance aggregation).

BTI Quarterly Revenue & Earnings — Last 8 Quarters

Quarterly income statement	2026-06-30	2025-12-31	2025-06-30	2024-12-31	2024-06-30	2023-12-31	2023-09-30	2023-06-30
Total Revenue	£12.3B	£13.5B	£12.1B	£13.5B	£12.3B	£13.8B	£6.9B	£13.4B
Gross Profit	£7.3B	£11.3B	£10.1B	£11.3B	£10.2B	£11.2B	£5.6B	£11.2B
Gross Margin %	59.1%	83.4%	83.6%	83.2%	82.5%	80.9%	80.9%	83.3%
Operating Income (EBIT)	£4.7B	£4.9B	£5.1B	(£1.5B)	£4.3B	(£21.7B)	£3.4B	£5.9B
Operating Margin %	38.2%	36.4%	42.0%	-11.2%	34.5%	-156.7%	48.4%	44.2%
Net Income	£3.2B	£3.3B	£4.5B	(£1.4B)	£4.5B	(£18.3B)	(£9.2B)	£4.0B
Net Margin %	26.1%	24.0%	37.4%	-10.5%	36.4%	-132.4%	-132.6%	29.4%
EBITDA	£6.1B	£6.4B	£6.2B	£1.9B	£5.9B	£6.8B	£3.4B	£6.4B
Earnings Per Share (EPS)	£1.48	£1.48	£2.05	£-0.65	£2.01	£-8.22	£-4.12	—
Shares Outstanding (M)	2,176M	2,193M	2,205M	2,202M	2,232M	2,230M	2,229M	—

GBP; £M / £B as marked (reporting currency). Newest period first. Source: public company filings (via Yahoo Finance aggregation).

BTI Free Cash Flow History

Cash flow	TTM → 2026-06-30	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31
Cash from Operations (CFO)	£6.0B	£6.3B	£10.1B	£10.7B	£10.4B	£9.7B	£9.8B	£9.0B	£10.3B	£5.3B	£4.6B	£4.7B	£3.7B	£4.4B	£4.4B	£3.9B	£3.9B	£3.2B	£3.4B	£2.3B	£1.9B
Capital Expenditures (CapEx)	£583M	£551M	£608M	£460M	£656M	£745M	£755M	£815M	£758M	£791M	£586M	£483M	£529M	£574M	£664M	£617M	£584M	£554M	£544M	£482M	£425M
Free Cash Flow (FCF)	£5.4B	£5.8B	£9.5B	£10.3B	£9.7B	£9.0B	£9.0B	£8.2B	£9.5B	£4.6B	£4.0B	£4.2B	£3.2B	£3.9B	£3.8B	£3.3B	£3.4B	£2.6B	£2.9B	£1.8B	£1.5B
FCF Margin %	21.0%	22.6%	36.8%	37.6%	35.2%	34.9%	35.0%	31.6%	38.9%	23.3%	28.5%	33.8%	22.8%	25.3%	24.8%	21.6%	22.5%	18.4%	23.6%	17.8%	14.9%
Dividends Paid	£5.3B	£5.1B	£5.2B	£5.1B	£4.9B	£4.9B	£4.7B	£4.6B	£4.3B	£3.5B	£2.9B	£2.8B	£2.7B	£2.6B	£2.5B	£2.4B	£2.1B	£1.8B	£1.4B	£1.2B	£1.1B

GBP; £M / £B as marked (reporting currency). Newest period first. Source: public company filings (via Yahoo Finance aggregation).

BTI Quarterly Free Cash Flow — Last 8 Quarters

Quarterly cash flow	2026-06-30	2025-12-31	2025-06-30	2024-12-31	2024-06-30	2023-12-31	2023-09-30	2023-06-30
Cash from Operations (CFO)	£2.6B	£3.4B	£2.3B	£3.5B	£3.2B	£7.3B	£3.7B	£3.4B
Capital Expenditures (CapEx)	£135M	£448M	£103M	£492M	£116M	£350M	£175M	£110M
Free Cash Flow (FCF)	£2.5B	£3.0B	£2.2B	£3.0B	£3.0B	£7.0B	£3.5B	£3.3B
FCF Margin %	20.0%	22.0%	18.3%	22.1%	24.7%	50.5%	50.5%	24.3%
Dividends Paid	£2.7B	£2.7B	£2.6B	£1.3B	£2.6B	£2.6B	£1.3B	£5.0B

GBP; £M / £B as marked (reporting currency). Newest period first. Source: public company filings (via Yahoo Finance aggregation).

BTI Balance Sheet History

Balance sheet	2026-06-30	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31
Total Assets	£108.4B	£109.3B	£118.9B	£118.7B	£153.5B	£137.4B	£137.7B	£141.0B	£146.3B	£141.0B	£39.8B	£31.5B	£26.2B	£26.9B	£27.3B	£27.1B	£27.9B	£26.6B	£27.6B	£18.8B	£17.8B
Cash & Cash Equivalents	£2.5B	£3.8B	£5.3B	£2.4B	£3.4B	£2.8B	£3.1B	£2.5B	£2.6B	£3.3B	£2.2B	£2.0B	£1.8B	£2.1B	£2.1B	£2.2B	£2.3B	£2.2B	£2.3B	£1.3B	£1.5B
Total Liabilities	£59.8B	£61.1B	£68.9B	£65.8B	£77.8B	£70.0B	£74.7B	£76.8B	£80.7B	£80.0B	£31.4B	£26.5B	£20.4B	£19.9B	£19.5B	£18.6B	£18.3B	£18.7B	£20.3B	£11.7B	£11.1B
Total Debt (Short + Long-Term)	£4.0B	£34.7B	£37.0B	£39.4B	£42.8B	£39.7B	£44.0B	£44.5B	£47.0B	£49.0B	£19.5B	£17.0B	£17.7B	£18.1B	£16.4B	£14.8B	£14.8B	£16.8B	£16.2B	£12.9B	£12.0B
Total Shareholders' Equity	£48.4B	£47.9B	£49.6B	£52.6B	£75.4B	£67.1B	£62.7B	£63.9B	£65.4B	£60.8B	£8.2B	£4.9B	£5.5B	£6.6B	£7.5B	£8.2B	£9.2B	£7.6B	£6.9B	£6.9B	£6.5B

GBP; £M / £B as marked (reporting currency). Newest period first. Source: public company filings (via Yahoo Finance aggregation).

Quarterly statements, profitability ratios, price history, insider activity and institutional holders are in the interactive BTI viewer.

BTI Metric Deep Dives

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