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Friday 6 November 2026
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British American Tobacco p.l.c.
BTI Consumer Defensive Tobacco
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.
63.11
0.14
+0.22%
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British American Tobacco p.l.c. (BTI) Gross margin
British American Tobacco p.l.c.'s gross margin over the twelve months to 30 June 2023 was 69.9%. Over the past ten years it has ranged from 74.4% (fiscal 2016) to 83.3% (fiscal 2023); the current reading is higher than 82% of that period. That is above the Tobacco industry median of 25.7% and above the Consumer Defensive sector median of 34.6%.
Gross margin, annual
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Annual newest first
| Period | Gross margin | Change (points) |
|---|---|---|
| FY2025 | 82.6% | 0.22 |
| FY2024 | 82.4% | (0.99) |
| FY2023 | 83.3% | 0.63 |
| FY2022 | 82.7% | 0.39 |
| FY2021 | 82.3% | 0.10 |
| FY2020 | 82.2% | (0.01) |
| FY2019 | 82.2% | 1.27 |
| FY2018 | 81.0% | 3.23 |
| FY2017 | 77.7% | 3.34 |
| FY2016 | 74.4% | (1.06) |
Quarterly newest first
| Period | Gross margin | Change (points) |
|---|---|---|
| Jun 2023 | 69.4% | (1.48) |
| Dec 2022 | 70.9% | 1.64 |
| Jun 2022 | 69.2% | (0.61) |
| Dec 2021 | 69.8% | 1.81 |
| 6 more quarters | Free account |
Against its own ten years
Low 74.4%
High 83.3%
Ten-year median
82.2%
Current reading's percentile
82
Gross margin against peers
| Company | Gross margin |
|---|---|
| BTI British American Tobacco p.l.c. | 69.9% |
| PM Philip Morris International Inc. compare | 67.7% |
| MO Altria Group, Inc. compare | 63.4% |
| TPB Turning Point Brands, Inc. compare | 59.2% |
| RLX RLX Technology Inc. Sponsored ADR compare | 34.9% |
| UVV Universal Corporation compare | 16.5% |
| ISPR Ispire Technology Inc. compare | 12.8% |
| RYM RYTHM, Inc. compare | 0.00% |
| AIIR Air Global PLC compare | — |
| Tobacco industry median | 25.7% |
| Consumer Defensive sector median | 34.6% |
| Market median | 45.1% |
What Gross margin is
Gross Margin tells an investor how much of each sale a company keeps after paying the direct costs of making or buying what it sells.
Gross Profit ÷ Revenue
More on BTI
- Revenue
- Net income
- EBITDA
- Free cash flow
- Operating cash flow
- Operating margin
- Net margin
- Free cash flow margin
- P/E ratio
- P/S ratio
- P/B ratio
- Price to free cash flow
- EV/EBITDA
- EV/Sales
- EV/FCF
- Return on equity
- Return on assets
- Return on invested capital
- Debt to equity
- Current ratio
- Total debt
- Shares outstanding
- Book value per share
- Revenue growth
- Piotroski F-score
- Altman Z-score
- Beneish M-score
- The full statement