British American Tobacco p.l.c. (BTI)
British American Tobacco sells tobacco and nicotine products. The filing describes the parent as the holding company of a leading multi-category consumer goods business serving millions of adult consumers around the world. The present company was incorporated in England and Wales in July 1997, but the group traces back to 1902, when the Imperial Tobacco Company and the American Tobacco Company formed a joint venture; it became a separately listed entity on the LSE in 1998. Figures are stated in pounds sterling.
British American Tobacco p.l.c. files a 20-F with the SEC once a year, in pounds sterling. In the year to 31 December 2025 it reported revenue of GBP 25,610 million ($33.8 billion at the year's average rate), down 1.0% on the year before. Its profit attributable to shareholders was GBP 7,764 million, up 153.1%, and diluted earnings per share GBP 3.49.
British American Tobacco (BTI) in brief
British American Tobacco (BTI) reported revenue of GBP 25.6 billion for the year to 31 December 2025, down 1.0% on the year before.
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Profit attributable to shareholders was GBP 7.8 billion and diluted earnings per share GBP 3.49. Revenue was GBP 25.9 billion in 2024, GBP 27.3 billion in 2023, GBP 27.7 billion in 2022 and GBP 25.7 billion in 2021. Profit attributable to shareholders in the same years was GBP 3.1 billion, a loss of GBP 14.4 billion, GBP 6.7 billion and GBP 6.8 billion. Revenue fell 0.1% a year, compounded, over the five years to 2025. At the close of 10 November 2026 the market cap of British American Tobacco was $132.2 billion, 13.0 times its earnings for 2025.The share in the US
| Last close | $60.82 on 10 November 2026 |
| 52-week range | $52.64 (2 October 2026) to $66.70 (14 May 2026) |
| Over one year | up 9.7% |
| Market cap | $132.2 billion: 2,173,333,978 shares outstanding at 31 December 2025 (20-F, excluding 139,120,523 treasury shares, 6,132,171 of them held in trust), each US share standing for one ordinary share |
| P/E, latest fiscal year | 13.0: the last close over diluted EPS for the year to Dec 2025, GBP 3.49 per ordinary share, $4.67 at 1.3371 US dollars per GBP on 6 November 2026 (FRED DEXUSUK). The company reports once a year, so this is the latest fiscal year, not the last four quarters. |
US dollars per share as it trades in the US; the market cap and the P/E are worked out here, not filed. Prices from IEX, for splits.
Ratios
From the latest annual report, the year to Dec 2025, in dollars
ROE16.9%
ROCE12.3%
Operating margin39.0%
Net margin30.3%
FCF margin22.6%
Interest cover4.92
Debt to equity0.76
Cash conversion0.82
Share count, last 12 months-1.2%
Sales CAGR, 3 years-2.5%
Profit CAGR, 3 years5.2%
EPS$4.67
At the close of 10 November 2026
Price$60.82
Market cap$132.2 billion
Stock P/E13.03
Price to book2.15
EV / EBITDAn/a
Dividend yield5.2%
Market cap / sales3.86
52-week high$66.70
52-week low$52.64
Price, 1 year9.7%
Price CAGR, 3 yearsn/a
Price CAGR, 5 yearsn/a
Worked from the filed figures; hover a name for the formula.
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The priced ones use the latest price, the last regular-hours trade on IEX. Debt to equity here stands on the borrowings total British American Tobacco p.l.c. states in its annual report, never added up from its parts; lease liabilities are a separate line. Nothing here is a valuation or a view.BTIgreeksoup.ai
Daily prices to 10 November 2026, adjusted for splits; from 28 September 2026 each day's price is the last regular-hours trade on IEX.
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Data provided for free by IEX. By accessing or using IEX Historical Data, you agree to the IEX Historical Data Terms of Use. Day by day for the last three years; before that one point a week, carrying the week's last close and its average daily volume, so a volume bar means the same thing across the whole series; the bars sit under the price on their own scale, on the right. The moving averages need consecutive days and are drawn from the daily part. This company reports once a year, so every view here moves once a year, on the day each annual report was filed, and holds until the next. P/E is the close over the year's EPS per US share: the EPS as filed, in dollars at the year's average exchange rate (Federal Reserve, from FRED). Sales and margin are each year's revenue in dollars and its operating margin. EV/EBITDA, price to book and market cap to sales set the close against that year's balance sheet in dollars at its year-end rate and its share count per US share. The dashed line is the median over the range shown. The P/E above uses today's exchange rate, so the latest point here can differ from it a little. Drawn in your browser; the range and overlay you pick are remembered here only.The public record on BTI
| Dividends | GBP 2.4504 a share in FY2025 |
| Filings | 79 in twelve months: 74 reports on Form 6-K, most often british American Tobacco p.l.c. (“the Company”) - Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them (14); notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them (11); british American Tobacco p.l.c. - Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them (6); british American Tobacco p.l.c. (the “Company”) - Voting Rights and Capital (5); transaction in own shares (5) |
| Planned insider sales | no Form 144 notice in twelve months |
| Options tape | put/call 0.6 by open interest at the 10 November 2026 close; the straddle prices a 3.7% move to 20 November 2026 |
| 13F holders | 916 funds reported a position for the quarter to 30 June 2026; largest Capital International Investors |
| Congress | 0 House trades disclosed in six months |
| Short interest | 5.6 million shares short, 1.00 days to cover at 30 October 2026 |
Income statement (profit and loss), 11 fiscal years
Figures in
Play it forward: change any box and its column follows; every box opens at the company's own record, shown under the row's name, and says when you set it outside every year in the table.
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Each column runs from the latest year filed to the year chosen in its heading, at a yearly rate. Sales growth starts at the company's own five-year rate and eases a third of the way each year toward the median of the 2509 US companies covered here (8.7% a year), because a rate far from the rest rarely lasts. Before you open a year, the strip reads today's price backwards: the yearly sales growth that brings EPS, at the company's own margins, tax and share count, to today's price at the median P/E of the 1974 US companies covered here (19.8). Low, middle, high opens three columns for one year: the low and high cases take the company's own weaker and stronger years in the table (the lower and upper quarter of its yearly sales growth and operating margin) and the lower and higher of today's P/E and its peers'; the middle is the boxes as they open. Net income keeps the share that went to minority holders; EPS is net income over the diluted shares, on the same basis as the EPS in the table. The price is that year's EPS at the P/E you set, and the yearly return runs from today's price to the year's end. These are your assumptions and your arithmetic, not an estimate of ours. The link carries your columns, so you can send the forecast to someone.| Year to | Dec 2015 | Dec 2016 † | Dec 2017 † | Dec 2018 † | Dec 2019 † | Dec 2020 † | Dec 2021 † | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 13,104 | 14,130 | 19,564 | 24,492 | 25,877 | 25,776 | 25,684 | 27,655 | 27,283 | 25,867 | 25,610 |
| Research and development | 60.0 | 144 | 191 | 258 | 376 | 307 | 304 | 323 | 408 | 380 | 358 |
| Operating profit | 4,557 | 4,655 | 6,412 | 9,313 | 9,016 | 9,962 | 10,234 | 10,523 | -15,751 | 2,736 | 9,997 |
| Finance costs | 584 | 681 | 1,197 | 1,449 | 1,686 | 1,795 | 1,521 | 1,733 | 2,081 | 1,349 | 2,033 |
| Profit before tax | 5,855 | 6,245 | 29,527 | 8,351 | 7,912 | 8,672 | 9,163 | 9,324 | -17,061 | 3,538 | 9,859 |
| Income tax | 1,333 | 1,406 | -8,129 | 2,141 | 2,063 | 2,108 | 2,189 | 2,478 | -2,872 | 357 | 2,094 |
| Profit for the year | 4,522 | 4,839 | 37,656 | 6,210 | 5,849 | 6,564 | 6,974 | 6,846 | -14,189 | 3,181 | 7,765 |
| Profit attributable to shareholders | 4,290 | 4,648 | 37,485 | 6,032 | 5,704 | 6,400 | 6,801 | 6,666 | -14,367 | 3,068 | 7,764 |
| Filing | 20-F | 20-F | 20-F | 20-F | 20-F | 20-F | 20-F | 20-F | 20-F | 20-F | 20-F |
GBP million, from each year's annual report on the SEC's EDGAR, linked in the last row, on the IFRS tags the company filed.
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A line the company does not file under the standard tag is left out rather than estimated. A year marked † shows the figure as the company restated it in a later annual report (Dec 2016, Dec 2017, Dec 2018, Dec 2019, Dec 2020, Dec 2021); the first-filed figure is in the CSV. Profit for the year includes the part that belongs to minority shareholders; profit attributable to shareholders is the part EPS is struck on. Each year links to its own page.| Year to | Dec 2015 | Dec 2016 † | Dec 2017 † | Dec 2018 † | Dec 2019 † | Dec 2020 † | Dec 2021 † | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Diluted EPS | 230.30 | 2.49 | 18.28 | 2.63 | 2.49 | 2.79 | 2.96 | 2.92 | -6.47 | 1.36 | 3.49 |
| Basic EPS | 230.90 | 2.50 | 18.34 | 2.64 | 2.50 | 2.80 | 2.97 | 2.93 | -6.47 | 1.37 | 3.51 |
| Filing | 20-F | 20-F | 20-F | 20-F | 20-F | 20-F | 20-F | 20-F | 20-F | 20-F | 20-F |
GBP per ordinary share, as filed. One US-listed share can stand for more or fewer ordinary shares; the P/E above puts the two on the same basis.
Revenue by product or service
| Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 | Share of the parts, latest year | |
|---|---|---|---|---|---|---|---|---|
| Combustibles | 23,001 | 22,752 | 22,029 | 23,030 | 22,108 | 20,685 | 20,201 | 78.9% |
| New Categories | 1,255 | 1,443 | 2,054 | 2,894 | 3,347 | 3,432 | 3,621 | 14.1% |
| Traditional Oral | 1,081 | 1,160 | 1,118 | 1,209 | 1,163 | 1,092 | 1,043 | 4.1% |
| Other | 540 | 421 | 483 | 522 | 665 | 658 | 745 | 2.9% |
CombustiblesNew CategoriesTraditional OralOther
GBP billion; hover a block for its figure and share
GBP million, from the latest 20-F, in the company's own words. A year is shown only where the parts add up to the revenue above.
Revenue by region
| Dec 2016 | Dec 2017 | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 | Share of the parts, latest year | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| All foreign countries | 13,864 | 19,361 | 24,308 | 25,699 | 25,588 | 25,475 | 27,427 | 27,028 | 25,613 | 25,342 | 99.0% |
| United Kingdom | 266 | 203 | 184 | 178 | 188 | 209 | 228 | 255 | 254 | 268 | 1.0% |
All foreign countriesUnited Kingdom
GBP billion; hover a block for its figure and share
GBP million, from the latest 20-F, in the company's own words. A year is shown only where the parts add up to the revenue above.
Cash flow statement
Follow the cash: free cash flow, which is operating cash flow less capital expenditure and share-based pay, for five years and after, in today's money.
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The figure a share at the top is what a discounted cash flow calls intrinsic value, worked out on your assumptions. Everything after year five is one sum: the sixth year's cash, growing at the long-run rate every year after, added up and brought back to today's money. Each year runs from the latest year filed. Sales growth opens where Play it forward does: the company's own five-year rate, easing a third of the way each year toward the median of the 2509 US companies covered here (8.7% a year); change a year and the years after it follow. Operating cash flow, capital expenditure and share-based pay open at the company's own median share of sales over its last five years, shown under each row. Share-based pay is taken off because operating cash flow adds back the shares paid to staff as if they cost nothing; set it to 0 to leave it in. Capital spending counts every capital line the company files in its cash flow, such as equipment it leases to customers, software, wells or property it develops, named under the row, while the Capital expenditure row in the table below stays the one line as filed; buying a business, securities or a finished property is not counted. The discount rate opens at 10%, about what US stocks have returned a year over the long run, so it is the return you give up by holding this company instead of the market; the growth after year five opens at 3%, a little under the US economy's long-run growth in dollars, because no company outgrows it for ever. Net debt is the debt and short-term borrowings less the cash on the latest balance sheet that shows the debt; the figure per share divides what is left by the diluted share count. These are your assumptions and your arithmetic, not an estimate of ours. The link carries them, so you can send them to someone.| Year to | Dec 2015 | Dec 2016 † | Dec 2017 † | Dec 2018 † | Dec 2019 † | Dec 2020 † | Dec 2021 † | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | 4,720 | 4,610 | 5,347 | 10,295 | 8,996 | 9,786 | 9,717 | 10,394 | 10,714 | 10,125 | 6,342 |
| Purchase of property, plant and equipment | 483 | 586 | 791 | 758 | 664 | 511 | 527 | 523 | 460 | 486 | 551 |
| Free cash flow | 4,237 | 4,024 | 4,556 | 9,537 | 8,332 | 9,275 | 9,190 | 9,871 | 10,254 | 9,639 | 5,791 |
| Cash from investing | -3,991 | -640 | -18,544 | -1,021 | -639 | -783 | -1,140 | -705 | -296 | 1,375 | 1,387 |
| Cash from financing | -219 | -4,229 | 14,759 | -9,630 | -8,593 | -7,897 | -8,749 | -8,878 | -9,314 | -10,632 | -8,762 |
| Buybacks | n/a | n/a | n/a | 139 | 117 | 0.0 | 0.0 | 2,012 | 0.0 | 698 | 1,112 |
| Dividends paid | 2,770 | 2,910 | 3,465 | 4,347 | 4,598 | 4,745 | 4,904 | 4,915 | 5,055 | 5,213 | 5,238 |
| Filing | 20-F | 20-F | 20-F | 20-F | 20-F | 20-F | 20-F | 20-F | 20-F | 20-F | 20-F |
GBP million, from the cash flow statement as filed.
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Purchase of property, plant and equipment is the cash line as filed; purchases of intangible assets and acquisitions are not in it. Free cash flow is cash from operations less that purchase, arithmetic on the two filed lines. Cash from investing and from financing are the company's own section totals, below zero where cash went out. Buybacks are the cash paid for the company's own shares.Balance sheet at year end
| Year to | Dec 2015 | Dec 2016 † | Dec 2017 † | Dec 2018 † | Dec 2019 † | Dec 2020 † | Dec 2021 † | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Funded by | |||||||||||
| Equity attributable to shareholders | 5,032 | 8,182 | 60,804 | 65,444 | 63,902 | 62,673 | 65,416 | 73,683 | 50,881 | 47,958 | 46,033 |
| Non-controlling interests | n/a | 224 | 222 | 244 | 258 | 282 | 300 | 342 | 368 | 352 | 219 |
| Borrowings, as filed | n/a | 19,495 | 49,450 | 47,509 | 45,366 | 43,968 | 39,658 | 43,139 | 39,730 | 36,950 | 35,070 |
| Lease liabilities | n/a | n/a | n/a | 14.0 | 579 | 475 | 446 | 517 | 498 | 585 | 529 |
| Other liabilities | n/a | 11,872 | 30,562 | 33,131 | 30,900 | 30,292 | 31,545 | 35,865 | 27,239 | 33,054 | 27,439 |
| Total equity and liabilities | n/a | 39,773 | 141,038 | 146,342 | 141,005 | 137,690 | 137,365 | 153,546 | 118,716 | 118,899 | 109,290 |
| Owned | |||||||||||
| Property, plant and equipment | 3,021 | 3,661 | 4,882 | 5,776 | 5,518 | 5,060 | 4,953 | 4,867 | 4,583 | 4,379 | 4,483 |
| Goodwill | 9,324 | 11,023 | 44,147 | 46,163 | 44,316 | 43,319 | 43,194 | 47,956 | 41,091 | 41,129 | 38,917 |
| Cash and cash equivalents | n/a | 2,204 | 3,291 | 2,602 | 2,526 | 3,139 | 2,809 | 3,446 | 4,659 | 5,297 | 3,827 |
| Trade and other receivables | n/a | 3,884 | 4,053 | 3,588 | 4,093 | 3,721 | 3,951 | 4,367 | 3,621 | 3,604 | 3,802 |
| Inventories | n/a | 5,793 | 5,864 | 6,029 | 6,094 | 5,998 | 5,279 | 5,671 | 4,938 | 4,616 | 4,382 |
| Other assets | n/a | 13,208 | 78,801 | 82,184 | 78,458 | 76,453 | 77,179 | 87,239 | 59,824 | 59,874 | 53,879 |
| Total assets | n/a | 39,773 | 141,038 | 146,342 | 141,005 | 137,690 | 137,365 | 153,546 | 118,716 | 118,899 | 109,290 |
| Filing | 20-F | 20-F | 20-F | 20-F | 20-F | 20-F | 20-F | 20-F | 20-F | 20-F | 20-F |
GBP million, at each fiscal year end.
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Both totals are the company's own; other liabilities and other assets are each total less the rows shown. Borrowings is the company's own stated total where it files one; it is never added up from its parts here.Ratios on the filed lines
| Year to | Dec 2015 | Dec 2016 † | Dec 2017 † | Dec 2018 † | Dec 2019 † | Dec 2020 † | Dec 2021 † | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating margin | 34.8% | 32.9% | 32.8% | 38.0% | 34.8% | 38.6% | 39.8% | 38.1% | -57.7% | 10.6% | 39.0% |
| Net margin | 32.7% | 32.9% | 191.6% | 24.6% | 22.0% | 24.8% | 26.5% | 24.1% | -52.7% | 11.9% | 30.3% |
| Free cash flow margin | 32.3% | 28.5% | 23.3% | 38.9% | 32.2% | 36.0% | 35.8% | 35.7% | 37.6% | 37.3% | 22.6% |
| Return on year-end equity | 85.3% | 56.8% | 61.6% | 9.2% | 8.9% | 10.2% | 10.4% | 9.0% | -28.2% | 6.4% | 16.9% |
| Effective tax rate | 22.8% | 22.5% | -27.5% | 25.6% | 26.1% | 24.3% | 23.9% | 26.6% | n/a | 10.1% | 21.2% |
| Filing | 20-F | 20-F | 20-F | 20-F | 20-F | 20-F | 20-F | 20-F | 20-F | 20-F | 20-F |
Arithmetic on the filed lines of the same year: margins over revenue, return on equity as profit attributable to shareholders over year-end equity, tax over profit before tax.
Questions
What was British American Tobacco's revenue in 2025?
British American Tobacco (BTI) reported revenue of GBP 25.6 billion for the year to 31 December 2025, down 1.0% on the year before.
How much did British American Tobacco earn in 2025?
Profit attributable to shareholders was GBP 7.8 billion for the year to 31 December 2025, and diluted earnings per share GBP 3.49.
What is British American Tobacco's P/E ratio?
At the close of 10 November 2026, British American Tobacco traded at 13.0 times its earnings for 2025.
What is British American Tobacco's market cap?
The market cap of British American Tobacco was $132.2 billion at the close of 10 November 2026.
The exchange rates used
| Year to | Average over the year US dollars per GBP | At the year end US dollars per GBP |
|---|---|---|
| Dec 2015 | 1.5284 | 1.4746 |
| Dec 2016 | 1.3555 | 1.2337 |
| Dec 2017 | 1.2890 | 1.3529 |
| Dec 2018 | 1.3363 | 1.2763 |
| Dec 2019 | 1.2768 | 1.3269 |
| Dec 2020 | 1.2829 | 1.3662 |
| Dec 2021 | 1.3764 | 1.3500 |
| Dec 2022 | 1.2371 | 1.2077 |
| Dec 2023 | 1.2440 | 1.2743 |
| Dec 2024 | 1.2781 | 1.2521 |
| Dec 2025 | 1.3192 | 1.3447 |
Converted by us, not by the company: the Federal Reserve's daily noon buying rates in New York (H.10), FRED series DEXUSUK.
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Profit and loss, cash flow and EPS use the average of the daily rates over each fiscal year; the balance sheet uses the rate on the year end, or the last one before it. Ratios are the same in either currency. The filed figures are the ones in pounds sterling.Peers: Tobacco Products
| Company | Market cap | P/E | ROE | Op. margin | Sales growth TTM | Debt to equity | Div. yield |
|---|---|---|---|---|---|---|---|
| Philip Morris International Inc. PM | $302.9 billion | 28.37 | n/a | 38.6% | 7.9% | n/a | 3.1% |
| British American Tobacco p.l.c. BTI * | $132.2 billion | 13.03 | 16.9% | 39.0% | -1.0% | 0.76 | 5.2% |
| Altria Group, Inc. MO | $127.0 billion | 15.77 | n/a | 47.0% | 0.5% | n/a | 5.6% |
| Turning Point Brands, Inc. TPB | $1.2 billion | 44.57 | 6.1% | 10.9% | 23.8% | 0.65 | 0.5% |
| Ispire Technology Inc. ISPR | $97 million | n/a | n/a | -38.7% | -21.3% | n/a | n/a |
3 companies share its SEC industry code (Cigarettes); the rest are the names nearest in size in its wider industry, Tobacco Products, one of the Fama-French 48 industries, a published grouping of SEC industry codes.