British American Tobacco plc ADR (BTI) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q3 06	$0.32	$0.51	+59.4%	—	$2.4B	—
Q2 06	$0.46	$0.5	+8.7%	—	$2.5B	—
Q1 06	$0.41	$0.38	-7.3%	—	$2.3B	—
Q4 05	$0.32	$0.4	+25.0%	—	$2.4B	—
Q1 05	$0.34	$0.35	+2.9%	—	$2.1B	—
Q4 04	$0.34	$0.41	+20.6%	—	$2.6B	—
Q3 04	$0.37	$0.39	+5.4%	—	$2.7B	—
Q2 04	$0.35	$0.34	-2.9%	—	$2.9B	—
Q1 04	$0.28	$0.28	0.0%	—	$2.6B	—
Q4 03	$0.29	$0.33	+13.8%	—	$2.1B	—
Q3 03	$0.31	$0.34	+9.7%	—	$2.9B	—
Q2 03	$0.29	$0.28	-3.4%	—	$459M	—
Q1 03	$0.22	$0.23	+4.5%	—	$5.1B	—
Q4 02	$0.27	$0.26	-3.7%	—	$1.9B	—
Q3 02	$0.28	$0.29	+3.6%	—	$3B	—
Q2 02	$0.25	$0.27	+8.0%	—	$140M	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$3.51	—	—	$25.6B	—
FY24	—	$1.37	—	—	$25.9B	—
FY23	—	-$6.47	—	—	$27.3B	—
FY22	—	$2.93	—	—	$37.5B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$14.1B	$19.6B	$24.5B	$25.9B	$25.8B	$25.7B	$37.5B	$27.3B	$25.9B	$25.6B
YoY change	+7.83%	+38.5%	+25.2%	+5.65%	-0.39%	-0.36%	+45.9%	-27.2%	-5.19%	-0.99%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	14.1B	19.6B	24.5B	25.9B	25.8B	25.7B	37.5B	27.3B	25.9B	25.6B
Cost of revenue	3.7B	5B	4.5B	4.4B	4.1B	4.4B	6.2B	4.6B	4.4B	4.2B
Gross profit	10.4B	14.5B	19.9B	21.4B	21.6B	21.3B	31.3B	22.6B	21.4B	21.4B
Gross margin	73.6%	74.3%	81.4%	82.9%	83.9%	82.9%	83.5%	83%	82.9%	83.5%
Research & development	53M	80M	105M	126M	121M	141M	187M	181M	174M	133M
Selling, general & administrative	11.4M	30.1M	25.4M	1.2B	1.1B	1.3B	1.6B	1.2B	1.1B	1.1B
Operating expenses	2.6B	4.2B	6.4B	7.6B	4B	6.9B	10.9B	4.8B	5B	4.5B
Operating income	5B	6.7B	9.4B	9.5B	13.8B	10.9B	15.6B	-8.5B	10.6B	11.7B
Operating margin	35.2%	34.4%	38.5%	36.7%	53.7%	42.4%	41.6%	-31.3%	41.1%	45.5%
Non-operating income, net	—	—	—	—	—	—	—	—	—	—
Pretax income	6.2B	29.5B	8.4B	7.9B	8.7B	9.2B	12.6B	-17.1B	3.5B	9.9B
Income tax	1.4B	-8.1B	2.1B	2.1B	2.1B	2.2B	3.4B	-2.9B	357M	2.1B
Net income	4.8B	37.7B	6.2B	5.8B	6.6B	7B	9.3B	-14.2B	3.2B	7.8B
Net margin	34.2%	192.5%	25.4%	22.6%	25.5%	27.2%	24.8%	-52%	12.3%	30.3%
EBITDA	7.5B	31.9B	11B	11.6B	11.8B	12.5B	17.2B	12B	15.8B	15.9B
EPS	2.5	18.3	2.64	2.5	2.8	2.97	2.93	-6.47	1.37	3.51
Diluted EPS	2.49	18.3	2.63	2.49	2.79	2.96	2.92	-6.47	1.36	3.49

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q4 08	Q2 09	Q2 10	Q2 11	Q2 12	Q2 13	Q2 14	Q2 15	Q2 16	Q2 17	Q2 18	Q2 19
Revenue	3.4B	—	—	—	—	—	—	—	—	—	—	—
Cost of revenue	970M	—	—	—	—	—	—	—	—	—	—	—
Gross profit	2.4B	—	—	—	—	—	—	—	—	—	—	—
Gross margin	71.6%	—	—	—	—	—	—	—	—	—	—	—
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	0	—	—	—	—	—	—	—	—	—	—	—
Operating expenses	6.3B	—	—	—	—	—	—	—	—	—	—	—
Operating income	-2.8B	—	—	—	—	—	—	—	—	—	—	—
Operating margin	-81.3%	—	—	—	—	—	—	—	—	—	—	—
Non-operating income, net	—	—	—	—	—	—	—	—	—	—	—	—
Pretax income	854M	—	—	—	—	—	—	—	—	—	—	—
Income tax	250M	—	—	—	—	—	—	—	—	—	—	—
Net income	604M	—	—	—	—	—	—	—	—	—	—	—
Net margin	17.7%	—	—	—	—	—	—	—	—	—	—	—
EBITDA	1.8B	—	—	—	—	—	—	—	—	—	—	—
EPS	—	0	0	0	0	0	0	0	0	0	0	0
Diluted EPS	—	0	0	0	0	0	0	0	0	0	0	0

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	84.4B	—	—	78.2B	69.1B	68.3B	—	—	80.4B	123.8B	123.8B
Enterprise value	101.8B	—	—	121.5B	111B	106B	—	—	114B	155.4B	155.4B
Shares outstanding	1.5B	1.6B	1.8B	1.8B	1.8B	1.8B	3.1B	2.2B	2.2B	2.2B	2.2B

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	17.4	—	—	13.4	10.5	9.79	—	—	25.3	15.9	15.9
P/S	5.97	—	—	3.02	2.68	2.66	—	—	3.11	4.84	4.84
P/B	10	—	—	1.22	1.1	1.01	—	—	1.61	2.57	2.57
EV/EBITDA	13.6	—	—	10.4	9.42	8.47	—	—	7.22	9.78	9.78
EV/Sales	7.21	—	—	4.7	4.31	4.13	—	—	4.41	6.07	6.07
Earnings yield	5.73%	—	—	7.48%	9.5%	10.2%	—	—	3.96%	6.27%	6.27%
FCF yield	4.66%	—	—	10.5%	13.1%	13.1%	—	—	11.8%	4.55%	4.55%

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	73.6%	74.3%	81.4%	82.9%	83.9%	82.9%	83.5%	83%	82.9%	83.5%	83.5%
Operating margin	35.2%	34.4%	38.5%	36.7%	53.7%	42.4%	41.6%	-31.3%	41.1%	45.5%	45.5%
Net margin	34.2%	192.5%	25.4%	22.6%	25.5%	27.2%	24.8%	-52%	12.3%	30.3%	30.3%
ROE	57.6%	61.8%	9.45%	9.12%	10.4%	10.3%	9.04%	-26.8%	6.36%	16.1%	16.1%
ROA	12.2%	26.7%	4.24%	4.15%	4.77%	5.08%	4.46%	-12%	2.68%	7.1%	7.1%
ROIC	14.9%	6.28%	6.35%	6.52%	9.99%	7.88%	7.25%	-9.51%	11.4%	11.5%	11.5%
Return on tangible assets	31.1%	-39.8%	-6.11%	-6.06%	-7.06%	-7.43%	-6.54%	19.6%	-4.57%	-12%	-12%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	1.04	0.89	0.78	0.71	0.88	0.85	0.86	0.91	0.76	0.87	0.87
Quick ratio	0.55	0.52	0.41	0.38	0.49	0.5	0.55	0.59	0.52	0.57	0.57
Debt / equity	2.32	0.81	0.72	0.71	0.7	0.59	0.57	0.75	0.74	0.73	0.73
Debt / assets	0.49	0.35	0.32	0.32	0.32	0.29	0.28	0.33	0.31	0.32	0.32
Net debt / EBITDA	2.33	1.45	4.1	3.72	3.56	3.01	3.21	3.05	2.13	1.99	1.99
Interest coverage	10.3	27.3	6.11	5.43	5.86	7.15	6.61	-8.04	2.94	6.12	6.12
Effective tax rate	22.5%	0%	25.6%	26.1%	24.3%	23.9%	26.6%	0%	10.1%	21.2%	21.2%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	9.43	11.9	13.3	14	14	14.1	12.3	12.2	11.7	11.7	11.7
EPS (basic)	2.5	18.3	2.64	2.5	2.8	2.97	2.93	-6.47	1.37	3.51	3.51
EPS (diluted)	2.49	18.3	2.63	2.49	2.79	2.96	2.92	-6.47	1.36	3.49	3.49
Book value per share	5.61	37	35.6	34.8	34.1	36.9	33.6	23.7	22.6	22	22
FCF per share	2.63	2.65	5.08	4.44	4.9	4.91	4.32	4.54	4.3	2.58	2.58
Cash per share	1.38	1.94	1.42	1.1	1.11	1.06	1.02	1.33	1.54	1.6	1.6
Capex per share	0.33	0.42	0.39	0.34	0.25	0.27	0.22	—	—	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	3.49%	3.56%	2.94%	2.43%	1.81%	1.93%	1.78%	—	—	—	—
Capex / operating cash flow	13.3%	11.6%	6.59%	9.32%	5.54%	5.55%	5.62%	—	—	—	—
Payout ratio	60.1%	9.2%	70%	78.6%	72.3%	70.3%	71.8%	-35.6%	163.9%	67.5%	67.5%
Dividend yield	3.45%	—	—	5.88%	6.87%	7.18%	—	—	6.48%	4.23%	4.23%

Yield

—

trailing twelve months

Frequency

Quarterly

Last dividend

$0.835

ex-dividend Jul 10, 2026

Payout ratio

67%

of earnings

Dividend growth

3 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Jul 10, 2026	$0.835
Mar 27, 2026	$0.835
Dec 30, 2025	$0.749

Period	Q4 08	Q2 09	Q2 10	Q2 11	Q2 12	Q2 13	Q2 14	Q2 15	Q2 16	Q2 17	Q2 18	Q2 19
Revenue	$3.4B	—	—	—	—	—	—	—	—	—	—	—
YoY change	+26.3%	—	—	—	—	—	—	—	—	—	—	—

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	2.1B	3.2B	2.6B	2B	2B	1.9B	3.1B	3B	3.4B	3.5B
Receivables	3.9B	4.1B	3.6B	4.1B	3.7B	4B	5.9B	3.6B	3.6B	3.8B
Inventory	5.8B	5.9B	6B	6.1B	6B	5.3B	7.7B	4.9B	4.6B	4.4B
Total current assets	12.4B	14B	12.7B	13.3B	13.6B	12.8B	20.9B	14.2B	14.3B	12.7B
Property, plant & equipment	3.4B	4.6B	4.9B	7B	4.3B	4.1B	5.3B	3.7B	3.5B	3.6B
Goodwill & intangibles	24.2B	235.6B	248B	237.6B	230.7B	231.3B	349.7B	191.1B	188.6B	173.9B
Total assets	39.8B	141.1B	146.3B	141B	137.7B	137.4B	208B	118.7B	118.9B	109.3B
Accounts payable	7.3B	8.9B	10.6B	9.7B	9.7B	9.6B	14.2B	9.7B	9.6B	9.3B
Short-term debt	3B	5.4B	4.2B	7.6B	4B	4B	6B	4.3B	4.3B	3.4B
Total current liabilities	11.9B	15.6B	16.3B	18.8B	15.5B	15.1B	24.2B	15.7B	18.7B	14.5B
Long-term debt	16.5B	44B	43.3B	37.8B	39.9B	35.7B	52.5B	35.4B	32.6B	31.7B
Total liabilities	31.4B	80.1B	80.7B	76.8B	74.7B	70B	105.4B	65.8B	68.9B	61.1B
Shareholders' equity	8.4B	61B	65.7B	64.2B	63B	67.4B	102.6B	52.9B	50B	48.1B
Total debt	19.5B	49.5B	47.5B	45.4B	44B	39.7B	58.4B	39.7B	37B	35.1B
Net debt	17.4B	46.3B	45.1B	43.5B	42.2B	38.2B	56.1B	37.4B	34.1B	31.6B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q4 08	Q2 09	Q2 10	Q2 11	Q2 12	Q2 13	Q2 14	Q2 15	Q2 16	Q2 17	Q2 18	Q2 19
Cash & short-term investments	2.4B	1.4B	1.6B	1.8B	1.8B	1.8B	1.6B	1.5B	1.9B	2B	2.3B	3.5B
Receivables	1.8B	2.2B	2.5B	2.5B	2.7B	3B	2.6B	2.5B	3.4B	3.8B	4B	4B
Inventory	3.2B	3.5B	3.5B	3.8B	4B	4B	4B	3.8B	4.7B	5.2B	6.3B	6.7B
Total current assets	8.7B	7.5B	8B	8.3B	8.8B	9.3B	8.6B	8.2B	10.7B	11.5B	12.9B	14.4B
Property, plant & equipment	3.1B	2.8B	2.9B	3.1B	2.9B	—	—	—	—	—	—	—
Goodwill & intangibles	24.6B	22.9B	24.4B	25.3B	23.6B	11.9B	10.9B	10.1B	11.8B	12.2B	120B	124.1B
Total assets	27.6B	24.8B	26.7B	27.8B	26.9B	27.9B	25.7B	28.7B	36.2B	39.2B	142.5B	148.1B
Accounts payable	808M	4.4B	4.6B	4.9B	4.9B	5B	4.6B	4.4B	5.1B	5.9B	9.5B	9.8B
Short-term debt	2.7B	2.5B	2.1B	2.3B	1.8B	2.3B	3.7B	1.3B	5.3B	5.8B	5.3B	8.7B
Total current liabilities	8.9B	7.6B	7.6B	8.3B	7.6B	8.3B	9.2B	6.6B	11.8B	13.2B	16.1B	19.8B
Long-term debt	9.4B	8.4B	8.7B	8.7B	9.5B	10.1B	9B	14.1B	14.9B	15.1B	43.2B	41.6B
Total liabilities	20.3B	17.8B	18B	18.8B	19.4B	20.6B	19.9B	22.4B	30B	31.3B	79.9B	82.6B
Shareholders' equity	7.2B	7B	8.7B	9B	7.5B	7.3B	5.8B	6.2B	6.3B	7.9B	62.6B	65.5B
Total debt	12.2B	10.9B	10.8B	11B	11.4B	12.5B	12.7B	15.5B	20.2B	20.9B	48.5B	50.3B
Net debt	9.9B	9.6B	9.3B	9.3B	9.6B	10.7B	11.1B	14.1B	18.3B	18.9B	46.4B	47B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	4.7B	6.4B	9.3B	5.8B	6.6B	7B	9.3B	-14.2B	3.2B	7.8B
Depreciation & amortization	—	—	—	—	—	—	—	—	—	—
Stock-based compensation	—	—	—	—	—	—	—	—	—	—
Change in working capital	-938M	-518M	1.6B	-798M	60M	40M	-390.2M	-222M	-234M	-183M
Operating cash flow	3.7B	6B	10.9B	6.8B	8.4B	8.9B	11.9B	10.7B	10.1B	6.3B
Capital expenditure	-493M	-696M	-720M	-630M	-467M	-496M	-666.5M	—	—	—
Investing cash flow	-614M	-18.4B	-888M	-568M	-587M	-955M	-894.1M	79M	1.6B	1.8B
Dividends paid	-2.9B	-3.5B	-4.3B	-4.6B	-4.7B	-4.9B	-6.7B	-5.1B	-5.2B	-5.2B
Share repurchases	-64M	-205M	-139M	-117M	-18M	-82M	-2.8B	-110M	-792M	-1.2B
Financing cash flow	-3.4B	16B	-7.9B	-6.6B	-5.8B	-6.9B	-9.3B	-7.3B	-8.6B	-6.8B
Net change in cash	-338M	3.6B	2.1B	-458M	2B	1B	1.6B	3.5B	3.2B	1.4B
Free cash flow	3.9B	4.4B	9.4B	8.2B	9B	9B	13.2B	10.1B	9.5B	5.6B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q1 06	Q2 06	Q3 06	Q4 06	Q1 07	Q2 07	Q3 07	Q4 07	Q1 08	Q2 08	Q3 08	Q4 08
Net income	616M	709M	619M	678M	684M	808M	812M	600M	807M	917M	990M	858M
Depreciation & amortization	—	—	—	—	—	—	—	—	—	—	—	—
Stock-based compensation	—	—	—	—	—	—	—	—	—	—	—	—
Change in working capital	—	—	—	—	—	—	—	—	—	—	—	—
Operating cash flow	0	1.6B	-1.6B	678M	0	1.7B	-1.7B	600M	0	1.7B	-1.7B	858M
Capital expenditure	—	—	—	—	—	—	—	—	—	—	—	—
Investing cash flow	—	—	—	—	—	—	—	—	—	—	—	—
Dividends paid	—	—	—	—	—	—	—	—	—	—	—	—
Share repurchases	—	—	—	—	—	—	—	—	—	—	—	—
Financing cash flow	—	—	—	—	—	—	—	—	—	—	—	—
Net change in cash	0	1.6B	-1.6B	678M	0	1.7B	-1.7B	600M	0	1.7B	-1.7B	858M
Free cash flow	0	356M	-356M	1.1B	0	781M	-781M	1.5B	0	1B	-1B	2.5B

Date	Ratio
Feb 14, 2017	2:1
Feb 2, 2017	200:100
May 27, 1993	2:1

British American Tobacco plc ADR Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement

Split history