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

20 years of revenue, earnings, cash-flow and balance-sheet history from public filings.

CONSUMER DEFENSIVE · TOBACCO · DATA UPDATED 2026-07-19

British American Tobacco p.l.c. (BTI) operates in the TOBACCO industry and is headquartered in London, United Kingdom with about 47,797 employees. Its market capitalization is roughly $132 billion. In the fiscal year ended 2025-12-31, BTI reported $25.6B in revenue and $7.8B in net income.

British American Tobacco p.l.c. provides tobacco and nicotine products to consumers in the United States, Europe, Latin America, Canada, the Asia-Pacific, the Middle East, Central Asia, Caucasus, and Africa.

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BTI Revenue & Earnings History — Annual Income Statement

Income statement	TTM → 2025-12-31	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31
Total Revenue	$51.5B	$25.6B	$25.9B	$27.3B	$27.7B	$25.7B	$25.8B	$25.9B	$24.5B	$19.6B	$14.1B	$12.5B	$14.0B	$15.3B	$15.2B	$15.4B	$14.9B	$14.2B	$12.1B	$10.0B	$9.8B
Gross Profit	$42.8B	$21.4B	$21.4B	$22.4B	$22.9B	$21.1B	$21.3B	$21.4B	$19.9B	$14.5B	$10.4B	$9.5B	$10.9B	$12.0B	$11.9B	$12.0B	$11.2B	$10.3B	$8.8B	$7.2B	$6.9B
Gross Margin %	83.2%	83.5%	82.8%	82.1%	82.6%	82.1%	82.8%	82.8%	81.2%	74.3%	73.6%	75.8%	78.3%	78.8%	78.2%	77.8%	75.1%	72.2%	72.6%	72.3%	70.6%
Operating Income (EBIT)	$12.7B	$10.0B	$2.7B	($15.8B)	$10.5B	$10.2B	$10.0B	$10.4B	$10.0B	$7.2B	$5.3B	$4.9B	$5.0B	$5.8B	$5.4B	$4.7B	$4.3B	$4.1B	$3.6B	$2.9B	$2.6B
Operating Margin %	24.7%	39.0%	10.6%	-57.7%	38.0%	39.9%	38.6%	40.2%	41.0%	36.6%	37.2%	39.4%	36.0%	37.9%	35.6%	30.7%	29.0%	28.9%	29.5%	29.0%	26.9%
Net Income	$10.8B	$7.8B	$3.1B	($14.4B)	$6.7B	$6.8B	$6.4B	$5.7B	$6.0B	$37.5B	$4.6B	$4.3B	$3.1B	$3.9B	$3.8B	$3.1B	$2.9B	$2.7B	$2.5B	$2.1B	$1.9B
Net Margin %	21.0%	30.3%	11.9%	-52.7%	24.1%	26.5%	24.8%	22.0%	24.6%	191.9%	32.9%	34.2%	22.3%	25.6%	25.3%	20.1%	19.3%	19.1%	20.3%	21.3%	19.4%
EBITDA	$20.3B	$11.8B	$7.7B	$13.3B	$12.2B	$11.2B	$11.8B	$10.1B	$10.5B	$30.5B	$5.2B	$5.6B	$5.1B	$6.2B	$6.6B	$6.3B	$4.9B	$4.7B	$4.1B	$3.8B	$3.5B
Earnings Per Share (EPS)	$4.90	$3.53	$1.38	$-6.45	$2.94	$3.00	$2.83	$2.52	$2.66	$16.57	$2.05	$1.89	$1.38	$1.72	$1.70	$1.37	$1.27	$1.20	$1.08	$0.94	$0.84
Shares Outstanding (M)	2,193M	2,199M	2,225M	2,229M	2,265M	2,265M	2,265M	2,265M	2,265M	2,265M	2,265M	2,265M	2,265M	2,265M	2,265M	2,265M	2,265M	2,265M	2,265M	2,265M	2,265M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

BTI Quarterly Revenue & Earnings — Last 8 Quarters

Quarterly income statement	2025-12-31	2025-06-30	2024-12-31	2024-06-30	2023-12-31	2023-09-30	2023-06-30	2023-03-31
Total Revenue	$13.5B	$12.1B	$13.5B	$12.3B	$13.8B	$6.9B	$13.4B	$6.7B
Gross Profit	$11.3B	$10.1B	$11.3B	$10.2B	$11.2B	$5.6B	$11.2B	$5.6B
Gross Margin %	83.4%	83.6%	83.2%	82.5%	80.9%	80.9%	83.3%	83.3%
Operating Income (EBIT)	$4.9B	$5.1B	($1.5B)	$4.3B	($21.7B)	$3.4B	$5.9B	$3.0B
Operating Margin %	36.4%	42.0%	-11.2%	34.5%	-156.7%	48.4%	44.2%	44.2%
Net Income	$3.3B	$4.5B	($1.4B)	$4.5B	($18.3B)	($9.2B)	$4.0B	$2.0B
Net Margin %	24.0%	37.4%	-10.5%	36.4%	-132.4%	-132.6%	29.4%	29.3%
EBITDA	$6.4B	$6.2B	$1.9B	$5.9B	$6.8B	$3.4B	$6.4B	$3.2B
Earnings Per Share (EPS)	$1.48	$2.05	$-0.65	$2.01	$-8.22	$-4.12	$1.77	—
Shares Outstanding (M)	2,193M	2,205M	2,202M	2,232M	2,230M	2,229M	2,237M	—

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

BTI Free Cash Flow History

Cash flow	TTM → 2025-12-31	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31
Cash from Operations (CFO)	$12.4B	$6.3B	$10.1B	$10.7B	$10.4B	$9.7B	$9.8B	$9.0B	$10.3B	$5.3B	$4.6B	$4.7B	$3.7B	$4.4B	$4.4B	$3.9B	$3.9B	$3.2B	$3.4B	$2.3B	$1.9B
Capital Expenditures (CapEx)	$1.2B	$551M	$608M	$460M	$656M	$745M	$755M	$815M	$758M	$791M	$586M	$483M	$529M	$574M	$664M	$617M	$584M	$554M	$544M	$482M	$425M
Free Cash Flow (FCF)	$11.2B	$5.8B	$9.5B	$10.3B	$9.7B	$9.0B	$9.0B	$8.2B	$9.5B	$4.6B	$4.0B	$4.2B	$3.2B	$3.9B	$3.8B	$3.3B	$3.4B	$2.6B	$2.9B	$1.8B	$1.5B
FCF Margin %	21.8%	22.6%	36.8%	37.6%	35.2%	34.9%	35.0%	31.6%	38.9%	23.3%	28.5%	33.8%	22.8%	25.3%	24.8%	21.6%	22.5%	18.4%	23.6%	17.8%	14.9%
Dividends Paid	$9.2B	$5.1B	$5.2B	$5.1B	$4.9B	$4.9B	$4.7B	$4.6B	$4.3B	$3.5B	$2.9B	$2.8B	$2.7B	$2.6B	$2.5B	$2.4B	$2.1B	$1.8B	$1.4B	$1.2B	$1.1B

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

BTI Quarterly Free Cash Flow — Last 8 Quarters

Quarterly cash flow	2025-12-31	2025-06-30	2024-12-31	2024-06-30	2023-12-31	2023-09-30	2023-06-30	2023-03-31
Cash from Operations (CFO)	$3.4B	$2.3B	$3.5B	$3.2B	$7.3B	$3.7B	$3.4B	$1.7B
Capital Expenditures (CapEx)	$448M	$103M	$492M	$116M	$350M	$175M	$110M	$55M
Free Cash Flow (FCF)	$3.0B	$2.2B	$3.0B	$3.0B	$7.0B	$3.5B	$3.3B	$1.6B
FCF Margin %	22.0%	18.3%	22.1%	24.7%	50.5%	50.5%	24.3%	24.3%
Dividends Paid	$2.7B	$2.6B	$1.3B	$2.6B	$2.6B	$1.3B	$5.0B	$1.2B

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

BTI Balance Sheet History

Balance sheet	2025-12-31	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31
Total Assets	$109.3B	$109.3B	$118.9B	$118.7B	$153.5B	$137.4B	$137.7B	$141.0B	$146.3B	$141.0B	$39.8B	$31.5B	$26.2B	$26.9B	$27.3B	$27.1B	$27.9B	$26.6B	$27.6B	$18.8B	$17.8B
Cash & Cash Equivalents	$3.8B	$3.8B	$5.3B	$2.4B	$3.4B	$2.8B	$3.1B	$2.5B	$2.6B	$3.3B	$2.2B	$2.0B	$1.8B	$2.1B	$2.1B	$2.2B	$2.3B	$2.2B	$2.3B	$1.3B	$1.5B
Total Liabilities	$61.1B	$61.1B	$68.9B	$65.8B	$77.8B	$70.0B	$74.7B	$76.8B	$80.7B	$80.0B	$31.4B	$26.5B	$20.4B	$19.9B	$19.5B	$18.6B	$18.3B	$18.7B	$20.3B	$11.7B	$11.1B
Total Debt (Short + Long-Term)	$34.7B	$34.7B	$37.0B	$39.4B	$42.8B	$39.7B	$44.0B	$44.5B	$47.0B	$49.0B	$19.5B	$17.0B	$17.7B	$18.1B	$16.4B	$14.8B	$14.8B	$16.8B	$16.2B	$12.9B	$12.0B
Total Shareholders' Equity	$47.9B	$47.9B	$49.6B	$52.6B	$75.4B	$67.1B	$62.7B	$63.9B	$65.4B	$60.8B	$8.2B	$4.9B	$5.5B	$6.6B	$7.5B	$8.2B	$9.2B	$7.6B	$6.9B	$6.9B	$6.5B

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

Quarterly statements, profitability ratios, price history, insider activity and institutional holders are in the interactive BTI viewer.

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