Saturday 17 October 2026 Export BTI’s income statement to Excel — free account

British American Tobacco p.l.c.

British American Tobacco p.l.c.’s revenue for fiscal 2025 (year ended December 2025) was $33.8 billion, up 2.17% from fiscal 2024.

60.00 2.00 +3.45%

Follow BTI

Alert me

Market cap: $124.7B
P/E: 7.6×
Fwd P/E: 12.9×
Dividend yield: 6.94%
F-score: 7/9
Altman Z: 1.73
Beneish M: −2.24
Dividend safety: 32/100

Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Insider Decisions trades per month

	Dec 25			Mar 26			Jun 26			Sep 26
Buy	—	—	—	—	—	—	—	—	—	—	—	—
Sell	—	—	—	—	—	—	—	—	—	—	—	—

Insider Ownership 4.95%

Capital & Financial Ratios $m

Market Cap 124,720.00

Revenue 68,588.61

Net Income 24,734.02

Free Cash Flow 27,405.68

Net Debt 43,658.52

Current Ratio 0.84

Debt/Equity 0.72

P/E ratio 7.63

Fwd P/E 12.90

P/S ratio 0.00

P/B ratio 0.00

Past 5Y EPS Growth 5.14%

This Y EPS Growth 0.82%

Next Y EPS Growth 7.55%

Next Y revenue growth (46.21%)

Next 5Y EPS Growth 5.44%

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years

P/E against its own 10 years 85.59%

10-year low 10-year high

EV/Sales against its own 10 years 44.28%

10-year low 10-year high

EV/FCF against its own 10 years 58.16%

10-year low 10-year high

Dividends

Payout Ratio —

Annual Dividend Rate 4.16

Annual Dividend Yield 6.94%

	total	individual payouts
2028	Powerpack
2027	Powerpack
2026	1.74	0.83 0.83 0.83 0.83
2025	1.71	0.80 0.80 0.75 0.82
2024	2.98	0.73 0.75 0.76 0.73
2023	2.90	0.72 0.73 0.71 0.73
2022	2.64	0.68 0.66 0.64 0.67
2021	2.94	0.76 0.73 0.72 0.73
2020	2.74	0.64 0.69 0.69 0.72
2019	2.58	0.66 0.62 0.65 0.66
2018	2.54	0.66 0.63 0.62 0.63
2017	2.89	1.52 0.76 0.61
2016	2.18	1.51 0.67

predictions special payouts not included in total or ratios

Assets vs Liabilities $m

	2023	2024	2025	Q'26
Cash	6,543	7,425	5,068	3,400
Receivables	4,718	4,691	5,633	5,784
Inventory	6,142	5,899	5,779	6,502
Other	243	252	247	315
	17,646	18,266	16,726	16,002

	2023	2024	2025	Q'26
Payables	12,066	12,204	12,301	11,510
ST’ Debt	5,379	5,510	4,433	5,393
Other	817	4,089	930	913
	19,496	23,952	19,153	19,163

Compound Annual Growth %

	10y	5y	3y
Sales	5.36%	0.40%	(0.43%)
Cash Flow	1.49%	(7.82%)	(13.35%)
Earnings	4.44%	4.26%	7.34%
Book Value	23.50%	(4.72%)	(12.15%)

Revenue $m

	Mar	Jun	Sep	Dec	Year
’26	—	—	—	—	—
’25	—	—	—	—	33,772
’24	—	—	—	—	33,055
’23	—	—	—	—	33,937
’22	—	—	—	—	34,206
’21	—	—	—	—	35,318
’20	—	—	—	—	33,096

Fiscal quarters ending in the months shown.

Operating Cash Flow $m

	Mar	Jun	Sep	Dec	Year
’26	—	—	—	—	—
’25	—	—	—	—	8,363
’24	—	—	—	—	12,939
’23	—	—	—	—	13,327
’22	—	—	—	—	12,856
’21	—	—	—	—	13,362
’20	—	—	—	—	12,565

Fiscal quarters ending in the months shown.

Free Cash Flow $m

	Mar	Jun	Sep	Dec	Year
’26	—	4,354	—	—	—
’25	—	2,929	—	7,685	7,525
’24	—	3,872	—	12,503	12,397
’23	—	4,089	—	12,822	12,680
’22	—	3,871	—	12,248	12,087
’21	—	2,933	—	12,680	12,380
’20	—	4,208	—	11,966	11,652

Fiscal quarters ending in the months shown.

EPS $

	Mar	Jun	Sep	Dec	Year
’26	—	—	—	—	—
’25	—	—	—	—	4.60
’24	—	—	—	—	1.74
’23	—	—	—	—	(8.04)
’22	—	—	—	—	3.61
’21	—	—	—	—	4.06
’20	—	—	—	—	3.58

Fiscal quarters ending in the months shown.

Group	Line	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026e
Price, $
Price, $	Low	49.91	55.88	30.67	30.91	27.32	33.62	35.47	28.35	28.25	34.82	Analyst estimates 2026–2028 Powerpack
	High	65.67	73.41	71.44	43.00	45.64	41.14	47.24	40.75	39.54	59.29
People
People	Employees	49,817	55,761	56,710	53,185	55,329	52,050	50,937	46,000	48,000	47,797
	Revenue/emp, $m	0.40	0.47	0.58	0.62	0.60	0.68	0.67	0.74	0.69	0.71
Income, $m
Income, $m	Revenue	19,992	26,152	32,692	33,042	33,096	35,318	34,206	33,937	33,055	33,772
	Gross margin, %	74.39	77.73	80.96	82.23	82.22	82.32	82.71	83.34	82.35	82.57
	EBT	8,464	38,137	11,147	10,103	11,135	12,600	11,533	(21,222)	4,521	13,001
	EBT margin, %	42.34	145.83	34.10	30.58	33.64	35.68	33.72	(62.53)	13.68	38.50
	Net income	6,309	8,346	12,431	11,513	12,791	14,073	13,016	(17,650)	4,065	10,240
	Depreciation	823	1,162	1,386	1,931	1,862	1,480	1,614	35,593	3,963	3,359
Per share, $
Per share, $	Revenue	10.76	12.79	14.31	14.47	14.48	15.44	15.16	15.23	14.93	15.44
	Earnings	3.53	23.67	3.52	3.19	3.60	4.08	3.63	(8.04)	1.75	4.63
	Cash flow	3.36	3.37	6.01	5.03	5.50	5.84	5.70	5.98	5.84	3.82
	Capex	(0.42)	(0.56)	(0.53)	(0.44)	(0.40)	(0.43)	(0.34)	(0.29)	(0.24)	(0.38)
	Free cash flow	2.94	2.81	5.49	4.59	5.10	5.41	5.36	5.69	5.60	3.44
	Book value	6.13	38.48	38.37	35.87	35.36	40.53	41.51	29.54	28.86	29.03
	Shares, m	1,858	2,044	2,285	2,284	2,286	2,287	2,256	2,229	2,214	2,187
Valuation, ×
Valuation, ×	P/E	4.48	1.98	17.05	8.34	5.48	4.86	5.32	3.79	4.62	7.20
	P/S	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	P/B	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	EV/Sales	0.00	0.00	0.00	0.00	0.78	0.73	0.71	0.63	0.58	0.60
	EV/FCF	1.20	2.94	2.32	1.75	1.76	1.57	1.52	1.29	1.20	1.53
Cash, $m
Cash, $m	Operating cash flow	6,248	6,891	13,742	11,487	12,565	13,362	12,856	13,327	12,939	8,363
	Capex	(787)	(1,138)	(1,208)	(997)	(913)	(982)	(769)	(647)	(542)	(839)
	Free cash flow	5,461	5,753	12,534	10,490	11,652	12,380	12,087	12,680	12,397	7,525
Balance, $m
Balance, $m	Working capital	682	(2,034)	(4,904)	(7,086)	(2,396)	(3,214)	(3,023)	(1,850)	(5,685)	(2,426)
	Total debt	26,422	63,731	63,415	57,928	56,455	54,534	53,359	49,420	47,218	46,247
	Net debt	23,414	59,406	59,704	54,545	52,114	50,044	48,380	42,877	39,794	41,179
	Shareholders’ equity	11,393	78,650	87,680	81,926	80,834	92,683	93,646	65,845	63,889	63,489
Returns, %
Returns, %	ROA	12.34	41.05	4.27	3.88	4.61	5.11	4.32	(10.62)	2.58	6.84
	ROIC	11.33	3.78	5.27	5.27	6.01	6.16	5.73	(11.26)	2.11	7.87
	ROE	66.01	107.44	9.68	8.59	10.10	10.78	8.79	(22.48)	5.96	15.90

Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025

Charts ten years each

Company	Market cap	P/E	Fwd P/E	Revenue growth (Q)	EPS growth (Q)	FCF growth (Q)	Gross margin (Q)	EBIT margin (Q)	Compare
PM Philip Morris International Inc.	$311.6B	29.5×	22.6×	+10.37% (above 0%: growing)	−7.69% (below 0%: shrinking)	+67.28% (above 0%: growing)	68.43%	40.48%	Compare
BTI British American Tobacco p.l.c.	$124.7B	7.6×	12.9×	+0.62% (above 0%: growing)	+13.60% (above 0%: growing)	+12.44% (above 0%: growing)	69.38%	0.00%
MO Altria Group, Inc.	$123.3B	15.8×	12.9×	+0.15% (above 0%: growing)	−2.84% (below 0%: shrinking)	+282.66% (above 0%: growing)	62.51%	51.32%	Compare
RLX RLX Technology Inc. Sponsored ADR	$1.6B	16.0×	17.0×	+21.90% (above 0%: growing)	+30.00% (above 0%: growing)	−129.25% (below 0%: shrinking)	39.03%	14.22%	Compare
TPB Turning Point Brands, Inc.	$1.2B	26.3×	60.5×	+22.57% (above 0%: growing)	−77.78% (below 0%: shrinking)	+235.11% (above 0%: growing)	65.55%	11.69%	Compare
AIIR Air Global PLC	$1.2B	— (loss-making)	—	—	n/m	−487.91% (below 0%: shrinking)	56.58%	(46.44%)	Compare
UVV Universal Corporation	$1.0B	53.4×	12.5×	−11.79% (below 0%: shrinking)	n/m	+38.82% (above 0%: growing)	15.86%	0.44%	Compare
ISPR Ispire Technology Inc.	$83.2M	— (loss-making)	— (loss-making)	+32.55% (above 0%: growing)	n/m	−26.12% (below 0%: shrinking)	6.32%	(50.72%)	Compare
RYM RYTHM, Inc.	$40.1M	— (loss-making)	— (loss-making)	+1,027.38% (above 0%: growing)	n/m	+202.80% (above 0%: growing)	80.52%	8.41%	Compare
Median of peers	$1.2B	26.3×	17.0×	+21.90%	−5.26%	+53.05%	59.55%	10.05%

All 11 Tobacco stocks →

British American Tobacco p.l.c. (BTI) key facts

Strength: British American Tobacco p.l.c.’s revenue for fiscal 2025 (year ended December 2025) was $33.8 billion, up 2.17% from fiscal 2024.
British American Tobacco p.l.c. (BTI) is a Tobacco company in the Consumer Defensive sector, traded in the US as an ADR.
As of October 16, 2026, BTI traded at $60.00, a market capitalization of $124.7 billion.
British American Tobacco p.l.c. pays an annual dividend of $4.16 per share, a yield of 6.94%.
Return on equity was 15.9% and debt-to-equity 0.72.
Its Piotroski F-score is 7 out of 9 and its Altman Z-score is 1.73 (distress zone) for fiscal 2025.