British American Tobacco

BATS · LSE · GBp

3,960.00 GBp−0.60%−24.00 GBp

Close · October 2, 2026

At a glance

Revenue growth: −0.99%; 2025 vs 2024
Net income growth: +153.06%; 2025 vs 2024
Net margin: 30.3%; 2024: 11.9%

Financial data

Amounts in millions of GBP; per-share values in GBP; shares in millions.

Income statement · Annual
Item	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Total revenue	25,610	25,867	27,283	27,655	25,684	25,776	25,877	24,492	19,564	14,130
Cost of revenue	4,443	4,570	4,891	4,579	4,597	4,447	4,461	4,597	5,033	3,733
Gross profit	21,167	21,297	22,392	23,076	21,087	21,329	21,416	19,895	14,531	10,397
Selling, general and administrative	4,200	3,951	3,856	3,829	3,808	3,760	2,874	3,000	2,612	2,105
Research and development	133	174	181	138	—	—	—	—	—	—
Operating income	9,756	9,796	-10,571	11,502	10,908	10,943	10,413	10,032	7,169	5,256
EBIT	9,756	9,796	-10,571	11,502	10,908	10,943	10,413	10,032	7,169	5,256
EBITDA	11,758	11,822	13,265	12,445	11,809	11,904	11,407	10,832	7,892	5,750
Interest expense	1,774	1,772	1,832	1,627	1,471	1,788	1,788	1,634	1,099	645
Pre-tax income	9,859	3,538	-17,061	9,324	9,163	8,672	7,912	8,351	29,527	6,245
Income tax	2,094	357	-2,872	2,478	2,189	2,108	2,063	2,141	-8,129	1,406
Net income	7,764	3,068	-14,367	6,666	6,801	6,400	5,704	6,032	37,485	4,648
Net income to common shareholders	7,677	3,026	-14,412	6,617	6,789	6,400	5,704	6,032	37,485	4,648
Basic EPS	3.51	1.37	-6.47	2.93	2.97	2.80	2.50	2.64	18.34	2.50
Diluted EPS	3.49	1.36	-6.47	2.92	2.96	2.79	2.49	2.63	18.28	2.49
Average shares (basic)	2,187	2,214	2,229	2,256	2,287	2,286	2,284	2,285	2,044	1,858
Average shares (diluted)	2,199	2,225	2,229	2,267	2,297	2,295	2,291	2,292	2,051	1,865
Dividend per share	2.45	2.40	2.36	2.18	2.16	2.10	2.03	1.95	1.00	1.69