B 
British American Tobacco plc BATS.L · GBp
Consumer Staples · Tobacco · LSE · 🇬🇧 United Kingdom
FTSE 100
4,477.00p
-1.97%
Close of 9 Nov 2026, in pence
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At a glance
Figures in GBP, from our data supplier.
Revenue
£25.61bn
FY2016FY2025
Net income
£7.76bn
FY2016FY2025
Free cash flow
£4.36bn
FY2016FY2025
Shareholders' equity
£47.93bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | £25.61bn | £25.87bn | £27.28bn | £27.66bn | £25.68bn | £25.78bn | £25.88bn | £24.49bn | £19.56bn | £14.13bn |
| Gross profit | £21.38bn | £21.43bn | £22.39bn | £22.85bn | £21.09bn | £21.33bn | £21.42bn | £19.89bn | £14.53bn | £10.40bn |
| Research and development | £133.0m | £174.0m | £408.0m | £323.0m | £141.0m | £121.0m | £126.0m | £105.0m | £80.0m | £53.0m |
| Operating income | £10.00bn | £4.64bn | −£15.17bn | £12.12bn | £11.72bn | £9.96bn | £9.02bn | £9.31bn | £6.41bn | £4.66bn |
| Net income | £7.76bn | £3.07bn | −£14.37bn | £6.67bn | £6.80bn | £6.40bn | £5.70bn | £6.03bn | £37.53bn | £4.65bn |
| Diluted earnings per share | 3.54 | 1.39 | -6.44 | 2.95 | 2.96 | 2.79 | 2.49 | 2.63 | 16.36 | 2.03 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | £109.29bn | £118.90bn | £118.72bn | £153.55bn | £137.37bn | £137.69bn | £141.00bn | £146.34bn | £141.04bn | £39.77bn |
| Cash and short-term investments | £3.84bn | £5.81bn | £5.26bn | £4.03bn | £3.27bn | £3.38bn | £2.65bn | £2.78bn | £3.36bn | £2.22bn |
| Total liabilities | £61.15bn | £68.90bn | £65.78bn | £77.84bn | £69.96bn | £74.73bn | £76.84bn | £80.65bn | £80.01bn | £31.37bn |
| Debt | £35.75bn | £36.95bn | £39.73bn | £43.14bn | £39.66bn | £43.97bn | £45.37bn | £47.51bn | £49.45bn | £19.50bn |
| Shareholders' equity | £47.93bn | £49.64bn | £52.57bn | £75.37bn | £67.10bn | £62.67bn | £63.90bn | £65.44bn | £60.80bn | £8.18bn |
| Shares outstanding | 2,190m | 2,202m | 2,230m | 2,261m | 2,298m | 2,296m | 2,291m | 2,295m | 2,295m | 2,295m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | £4.91bn | £10.13bn | £10.71bn | £10.39bn | £9.72bn | £9.79bn | £9.00bn | £10.29bn | £5.35bn | £4.61bn |
| Capital spending | −£551.0m | −£608.0m | −£460.0m | −£656.0m | −£745.0m | −£755.0m | −£815.0m | −£758.0m | −£791.0m | −£586.0m |
| Free cash flow | £4.36bn | £9.52bn | £10.25bn | £9.74bn | £8.97bn | £9.03bn | £8.18bn | £9.54bn | £4.56bn | £4.02bn |
| Dividends paid | −£5.24bn | −£5.21bn | −£5.11bn | −£4.92bn | −£4.90bn | −£4.75bn | −£4.60bn | −£4.35bn | −£3.46bn | −£2.91bn |
Latest quarters
By quarter end
| Jun 2026 | Dec 2025 | Jun 2025 | Dec 2024 | Jun 2024 | Mar 2024 | Dec 2023 | Sept 2023 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | £12.23bn | £13.54bn | £12.07bn | £13.53bn | £12.34bn | £6.17bn | £13.84bn | £6.92bn |
| Gross profit | £7.23bn | £8.28bn | £7.43bn | £9.15bn | £10.18bn | £5.09bn | £11.20bn | £5.60bn |
| Operating income | £4.67bn | £5.02bn | £5.12bn | −£495.0m | £4.26bn | £2.13bn | −£21.69bn | £3.35bn |
| Net income | £3.19bn | £3.25bn | £4.49bn | −£1.45bn | £4.49bn | £2.24bn | −£18.33bn | −£9.17bn |
| Diluted earnings per share | 1.47 | 1.48 | 2.05 | -0.66 | 2.04 | 1.02 | -8.22 | -4.11 |
| Cash from operations | £2.58bn | £3.40bn | £1.51bn | £6.25bn | £2.36bn | £1.58bn | £6.58bn | £3.67bn |
| Capital spending | −£134.0m | −£448.0m | −£103.0m | −£370.0m | −£116.0m | −£58.0m | −£350.0m | −£175.0m |
| Free cash flow | £2.45bn | £2.95bn | £1.41bn | £5.88bn | £2.24bn | £1.52bn | £6.23bn | £3.49bn |
| Total assets | £108.39bn | £109.29bn | £110.23bn | £118.90bn | £119.37bn | £119.37bn | £118.72bn | £118.72bn |
| Cash and short-term investments | £2.53bn | £3.84bn | £4.89bn | £5.81bn | £6.63bn | £6.63bn | £5.26bn | £5.26bn |
| Debt | £4.02bn | £34.69bn | £3.30bn | £36.51bn | £7.32bn | £7.32bn | £39.36bn | £4.19bn |
| Shareholders' equity | £48.38bn | £47.93bn | £46.87bn | £49.64bn | £54.11bn | £54.11bn | £52.57bn | £52.57bn |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -2.5% | -0.1% | 6.9% |
| Operating income | -6.2% | 0.1% | 8.2% |
| Net income | 5.2% | 3.9% | 6.1% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 83.2% | 82.7% | 82.6% | 81.1% |
| Operating margin | 28.4% | 10.9% | 21.1% | 26.4% |
| Net margin | 21.0% | 2.9% | 10.3% | 29.2% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 11.9 | 20.7 | -3.6 | 11.1 | 9.2 | 9.7 | 13.0 | 9.5 | 3.1 | 22.8 |
| Price to sales | 3.6 | 2.5 | 1.9 | 2.7 | 2.5 | 2.4 | 2.9 | 2.3 | 5.9 | 7.5 |
Dividends and splits
Per share, in the currency the company pays
Paid for 37 years. Last went ex-dividend on 1 Oct 2026.
| FY2026 | FY2025 | FY2024 | FY2023 | FY2021 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 1.838 | 2.402 | 2.355 | 2.309 | 4.334 | 2.104 | 2.03 | 2.953 |
- 1.304-for-1 split · 27 Aug 1998
- 2-for-1 split · 26 May 1993
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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