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Stocks / Foreign companies / BTI · Cigarettes

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

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, 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.

Earnings per share are per ordinary share, in pounds sterling. The share that trades in the US can be a depositary share standing for more or fewer ordinary shares, so no price ratio is worked out on this page.

The public record on BTI

Planned insider salesno Form 144 notice in twelve months
Options tapeput/call 0.63 by open interest on 26 September 2026; the straddle prices a 4.8% move to 16 October 2026
Holders8 of the followed funds hold it; largest FMR LLC; 4 Schedule 13D or 13G filings in twelve months
Congress0 House trades disclosed in six months
Short interest2.7 million shares short, 1.00 days to cover at 15 September 2026

Profit and loss, 11 fiscal years

Year toDec 2025Dec 2024Dec 2023Dec 2022Dec 2021Dec 2020Dec 2019*Dec 2018*Dec 2017*Dec 2016*Dec 2015
Revenue25,61025,86727,28327,65525,68425,77625,87724,49219,56414,13013,104
Research and development35838040832330430737625819114460.0
Operating profit9,9972,736-15,75110,52310,2349,9629,0169,3136,4124,6554,557
Finance costs2,0331,3492,0811,7331,5211,7951,6861,4491,197681584
Profit before tax9,8593,538-17,0619,3249,1638,6727,9128,35129,5276,2455,855
Income tax2,094357-2,8722,4782,1892,1082,0632,141-8,1291,4061,333
Profit for the year7,7653,181-14,1896,8466,9746,5645,8496,21037,6564,8394,522
Profit attributable to shareholders7,7643,068-14,3676,6666,8016,4005,7046,03237,4854,6484,290

GBP million, from each year's annual report on the SEC's EDGAR, the year linked to its filing, on the IFRS tags the company filed. 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); 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.

Year toDec 2025Dec 2024Dec 2023Dec 2022Dec 2021Dec 2020Dec 2019*Dec 2018*Dec 2017*Dec 2016*Dec 2015
Diluted EPS3.491.36-6.472.922.962.792.492.6318.282.49230.30
Basic EPS3.511.37-6.472.932.972.802.502.6418.342.50230.90

GBP per ordinary share, as filed.

Cash flow

Year toDec 2025Dec 2024Dec 2023Dec 2022Dec 2021Dec 2020Dec 2019*Dec 2018*Dec 2017*Dec 2016*Dec 2015
Cash from operations6,34210,12510,71410,3949,7179,7868,99610,2955,3474,6104,720
Purchase of property, plant and equipment551486460523527511664758791586483
Free cash flow5,7919,63910,2549,8719,1909,2758,3329,5374,5564,0244,237
Dividends paid5,2385,2135,0554,9154,9044,7454,5984,3473,4652,9102,770

GBP million. 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.

Balance sheet at year end

Year toDec 2025Dec 2024Dec 2023Dec 2022Dec 2021Dec 2020Dec 2019*Dec 2018*Dec 2017*Dec 2016*Dec 2015
Total assets109,290118,899118,716153,546137,365137,690141,005146,342141,03839,773n/a
Equity attributable to shareholders46,03347,95850,88173,68365,41662,67363,90265,44460,8048,1825,032
Cash and cash equivalents3,8275,2974,6593,4462,8093,1392,5262,6023,2912,204n/a
Borrowings, as filed35,07036,95039,73043,13939,65843,96845,36647,50949,45019,495n/a
Lease liabilities52958549851744647557914.0n/an/an/a
Trade and other receivables3,8023,6043,6214,3673,9513,7214,0933,5884,0533,884n/a
Inventories4,3824,6164,9385,6715,2795,9986,0946,0295,8645,793n/a
Goodwill38,91741,12941,09147,95643,19443,31944,31646,16344,14711,0239,324

GBP million, at each fiscal year end. 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 toDec 2025Dec 2024Dec 2023Dec 2022Dec 2021Dec 2020Dec 2019*Dec 2018*Dec 2017*Dec 2016*Dec 2015
Operating margin39.0%10.6%-57.7%38.1%39.8%38.6%34.8%38.0%32.8%32.9%34.8%
Net margin30.3%11.9%-52.7%24.1%26.5%24.8%22.0%24.6%191.6%32.9%32.7%
Free cash flow margin22.6%37.3%37.6%35.7%35.8%36.0%32.2%38.9%23.3%28.5%32.3%
Return on year-end equity16.9%6.4%-28.2%9.0%10.4%10.2%8.9%9.2%61.6%56.8%85.3%
Effective tax rate21.2%10.1%n/a26.6%23.9%24.3%26.1%25.6%-27.5%22.5%22.8%

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.

Annual reports on EDGAR

FormYear toFiled
20-F31 December 202513 February 2026EDGAR
20-F31 December 202414 February 2025EDGAR
20-F31 December 20239 February 2024EDGAR
20-F31 December 20222 March 2023EDGAR
20-F31 December 20218 March 2022EDGAR
20-F31 December 20209 March 2021EDGAR
20-F31 December 201926 March 2020EDGAR

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