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

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British American Tobacco financial statements at a glance

British American Tobacco reported revenue of 25.61 billion GBP for fiscal year 2025 (ended December 31, 2025), down 1.0% from fiscal year 2024. Net income was 7.68 billion GBP, a net margin of 30.0%, and diluted earnings per share were 3.49 GBP.

At the end of fiscal year 2025 it had total assets of 109.29 billion GBP, total liabilities of 61.15 billion GBP and shareholders' equity of 47.93 billion GBP, with cash and short-term investments of 3.51 billion GBP and total debt of 35.07 billion GBP.

Its operations brought in 6.34 billion GBP of cash; capital spending was 704.00 million GBP, leaving free cash flow of 5.64 billion GBP.

The tables below show the income statement, balance sheet and cash flow statement; the key figures of the last 5 fiscal years are at the bottom of the page.

Figures from company filings, in GBP; latest fiscal year ended December 31, 2025.

BTI logo

British American Tobacco p.l.c.

BTIUnited Kingdom
Essential Consumer Products
GBP (Local)

Income Statement

Annual • GBP

Total Revenue
25.61B
Prev Year: 25.87B
YoY: -1.0%
Operating Revenue
25.61B
Prev Year: 25.87B
YoY: -1.0%
Net Income from Continuing Operation Net Minority Interest
7.76B
Prev Year: 3.07B
YoY: +153.1%
Total Unusual Items Excluding Goodwill
-2.11B
Total Unusual Items
-1.83B
Normalized EBITDA
15.89B
Prev Year: 7.74B
YoY: +105.4%
Tax Rate for Calcs
0.212
Prev Year: 0
Tax Effect of Unusual Items
-448.37M
Rent Expense (supplemental)
9.00M
Other Special Charges
1.03B
Write-offs
217.00M
Restructuring and Mergers Acquisition
75.00M
Total Other Finance Cost
17.00M
Other Operating Expenses
3.27B
Prev Year: 13.09B
YoY: -75.1%
Depreciation and amortization
2.27B
Amortization
1.73B
Depreciation
544.00M
Research and Development
133.00M
Selling and Marketing Expense
1.09B
General and Administrative Expense
31.00M
Rent and Landing Fees
9.00M
Cost of Revenue
4.23B
Prev Year: 4.44B
YoY: -4.7%
Gross Profit
21.38B
Prev Year: 21.43B
YoY: -0.2%
Operating Expense
9.72B
Prev Year: 18.68B
YoY: -48.0%
Selling General and Administrative
1.12B
Operating Income
11.66B
Prev Year: 2.75B
YoY: +324.6%
Net Non Operating Interest Income Expense
-1.73B
Prev Year: -1.10B
YoY: -57.6%
Non-operating Interest Income
214.00M
Non-operating Interest Expense
1.93B
Prev Year: 1.10B
YoY: +75.5%
Special Income Charges
-1.60B
Pre-tax Income
9.86B
Prev Year: 3.54B
YoY: +178.7%
Provision for Income Taxes
2.09B
Prev Year: 357.00M
YoY: +486.6%
Net Income Common Stockholders
7.68B
Prev Year: 3.03B
YoY: +153.7%
Net Income
7.76B
Prev Year: 3.07B
YoY: +153.1%
Net Income Including Non-Controlling Interests
7.76B
Prev Year: 3.18B
YoY: +144.1%
Net Income from Continuing Operations
7.76B
Prev Year: 3.18B
YoY: +144.1%
Noncontrolling Interests
-1.00M
Prev Year: -113.00M
YoY: +99.1%
Otherunder Preferred Stock Dividend
87.00M
Prev Year: 42.00M
YoY: +107.1%
Diluted NI Available to Com Stockholders
7.68B
Prev Year: 3.03B
YoY: +153.7%
Basic EPS
3.51
Prev Year: 1.37
YoY: +156.2%
Diluted EPS
3.491
Prev Year: 1.36
YoY: +156.7%
Weighted Average Shares (basic)
2.19B
Prev Year: 2.21B
YoY: -1.2%
Weighted Average Shares (diluted)
2.20B
Prev Year: 2.23B
YoY: -1.2%
Total Operating Income as Reported
10.00B
Prev Year: 2.74B
YoY: +265.4%
Total Expenses
13.95B
Prev Year: 23.12B
YoY: -39.7%
Net Income from Continuing and Discontinued Operation
7.76B
Prev Year: 3.07B
YoY: +153.1%
Normalized Income
9.70B
Prev Year: 3.07B
YoY: +216.3%
Interest Income
214.00M
Interest Expense
1.93B
Prev Year: 1.10B
YoY: +75.5%
Net Interest Income
-1.73B
Prev Year: -1.10B
YoY: -57.6%
EBIT
11.79B
Prev Year: 4.64B
YoY: +154.2%
EBITDA
14.06B
Prev Year: 7.74B
YoY: +81.7%
Reconciled Cost of Revenue
4.23B
Prev Year: 4.44B
YoY: -4.7%
Reconciled Depreciation
2.27B
Prev Year: 3.10B
YoY: -26.8%
Values in GBP

British American Tobacco key figures by fiscal year

FY2025FY2024FY2023FY2022FY2021
Revenue25.6B GBP25.9B GBP27.3B GBP27.7B GBP25.7B GBP
Gross profit21.4B GBP21.4B GBP22.6B GBP23.1B GBP21.3B GBP
Operating income11.7B GBP2.7B GBP-10.6B GBP11.5B GBP10.9B GBP
Net income7.7B GBP3.0B GBP-14.4B GBP6.6B GBP6.8B GBP
Diluted EPS3.49 GBP1.36 GBP-6.47 GBP2.92 GBP2.96 GBP
Total assets109.3B GBP118.9B GBP118.7B GBP153.5B GBP137.4B GBP
Total liabilities61.1B GBP68.9B GBP65.8B GBP77.8B GBP70.0B GBP
Shareholders' equity47.9B GBP49.6B GBP52.6B GBP75.4B GBP67.1B GBP
Cash and short-term investments3.5B GBP5.8B GBP3.0B GBP2.3B GBP1.9B GBP
Total debt35.1B GBP37.0B GBP39.7B GBP43.1B GBP39.7B GBP
Operating cash flow6.3B GBP10.1B GBP10.7B GBP10.4B GBP9.7B GBP
Capital spending704.0M GBP608.0M GBP601.0M GBP656.0M GBP745.0M GBP
Free cash flow5.6B GBP9.5B GBP10.1B GBP9.7B GBP9.0B GBP

In GBP. Fiscal years as reported by the company; statements on this page go back to fiscal year 2014.

Questions and answers

What was British American Tobacco's revenue in fiscal year 2025?

25.61 billion GBP, down 1.0% from 25.87 billion GBP in fiscal year 2024.

How much profit does British American Tobacco make?

British American Tobacco reported net income of 7.68 billion GBP for fiscal year 2025 (30.0% of revenue); operating income was 11.66 billion GBP.

How much cash and debt does British American Tobacco have?

At the end of fiscal year 2025: cash and short-term investments of 3.51 billion GBP and total debt of 35.07 billion GBP.

What is British American Tobacco's free cash flow?

5.64 billion GBP in fiscal year 2025 (operating cash flow of 6.34 billion GBP minus capital spending of 704.00 million GBP).

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Disclaimer: This analysis is for informational and educational purposes only and does not constitute financial, investment, tax, or legal advice. Data may be incomplete, delayed, or contain inaccuracies. Consult with a qualified financial advisor before making any investment decisions.
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