British American Tobacco revenue and financials
Secondary listing. The primary listing is British American Tobacco · LSE (GBp)
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In the fiscal year ended December 2025, British American Tobacco reported revenue of £25.61B (−0.99% year over year). Net income was £7.76B, a net margin of 30.3%.
Fiscal year ending in December. Sources and method on the page Methodology and sources.
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.
| Item | Q2 2026 | Q4 2025 | Q2 2025 | Q4 2024 | Q2 2024 | Q4 2023 | Q2 2023 | Q4 2022 | Q2 2022 | Q4 2021 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | 3,402 | 4,033 | 2,309 | 6,960 | 3,165 | 7,339 | 3,375 | 7,173 | 3,221 | 7,463 |
| Depreciation and amortization | 1,364 | 975 | 1,120 | 966 | 1,148 | 249 | 480 | 306 | 528 | 416 |
| Capital expenditure | -134 | -448 | -103 | -370 | -116 | -350 | -110 | -424 | -99.0 | -398 |
| Investing cash flow | -300 | 375 | 1,012 | -58.0 | 1,433 | -337 | 41.0 | -497 | -208 | -749 |
| Financing cash flow | -4,663 | -4,645 | -4,117 | -7,274 | -3,358 | -6,291 | -3,023 | -6,489 | -2,389 | -6,969 |
| Dividends paid | -2,640 | -2,683 | -2,609 | -2,664 | -2,605 | -2,635 | -2,479 | -2,499 | -2,476 | -2,467 |
| Share repurchases | -751 | -1,545 | -511 | -333 | -459 | — | -110 | -756 | -1,336 | — |
| Debt issued | 1,055 | 262 | 3,552 | 34.0 | 2,370 | 3,080 | 2,054 | 105 | 3,162 | -2,008 |
| Debt repaid | -1,297 | -967 | -3,142 | -3,406 | -1,585 | -5,801 | -1,130 | -2,047 | -1,158 | -3,772 |
| Effect of exchange rates | 34.0 | 68.0 | -144 | -218 | -63.0 | -121 | -171 | 60.0 | 371 | -80.0 |
| Net change in cash | -1,319 | -377 | -940 | -590 | 1,177 | 954 | 226 | 119 | 755 | -235 |
| Free cash flow | 3,268 | 3,585 | 2,206 | 6,590 | 3,049 | 6,989 | 3,265 | 6,749 | 3,122 | 7,065 |
| Levered free cash flow | 1,900 | 1,626 | 1,368 | 7,903 | 2,375 | 5,764 | 1,656 | 5,215 | 1,792 | 6,063 |