BTI

MKT CAP:$126B

British American Tobacco p.l.c.

Market Cap

$126B

Consumer Defensive·Tobacco·🇬🇧 United Kingdom·NYSE

Consumer Def.·Tobacco·🇬🇧·NYSE

Stock Price

$58.06+$1.51 (+2.67%)

Apr 24, 2026

Company Details

British American Tobacco p.l.c. provides tobacco and nicotine products to consumers in the Americas, Europe, the Asia-Pacific, the Middle East, Africa, and the United States. It offers vapour, heated, and modern oral nicotine products; comb...

CEO

Tadeu Luiz Marroco

IPO Date

Apr 14, 1980

Website

www.bat.com

Key Metrics TTM

Revenue

$69.4B

-4.5% YoY

Net Income

$14.6B

EPS (Diluted)

$6.51

Free Cash Flow

$20.6B

Revenue / Share

$31.65

Gross Margin

83.2%

Operating Margin

24.7%

Net Margin

21.0%

FCF Margin

29.7%

P/S

1.8x

P/E

8.6x

Earnings Reports

FY 2025

Feb 13, 2026

$34.5BEPS $4.71

Q4 2025

Feb 13, 2026

$18.3B+0.1%EPS $1.95

Q2 2025

Jul 31, 2025

$16.3B-2.2%EPS $2.75

Q4 2024

Feb 14, 2025

$18.2BEPS -$0.89

Q2 2024

Jul 25, 2024

$16.6B-8.2%EPS $2.70

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q2 17	$10.0B	$7.4B	$3.7B
Q4 17	$16.4B	$12.2B	$5.9B
Q2 18	$15.7B	$12.6B	$6.2B
Q4 18	$17.3B	$14.3B	$7.3B
Q2 19	$16.4B	$13.6B	$6.2B
Q4 19	$18.5B	$15.2B	$7.9B
Q2 20	$16.5B	$13.8B	$7.0B
Q4 20	$18.2B	$14.9B	$7.9B
Q2 21	$16.4B	$13.5B	$6.8B
Q4 21	$18.2B	$14.9B	$8.0B
Q4 22	$19.9B	$16.4B	$9.2B
Q2 23	$18.1B	$15.1B	$8.0B
Q2 24	$16.6B	$13.7B	$5.7B
Q4 24	$18.2B	$15.2B	-$2.1B
Q2 25	$16.3B	$13.6B	$6.8B
Q4 25	$18.3B	$15.2B	$6.6B

Valuation

Quarter	P/S	P/E
Q2 17	4.0x	13.3x
Q4 17	3.3x	2.7x
Q2 18	2.2x	2.0x
Q4 18	1.2x	1.2x
Q2 19	1.2x	1.4x
Q4 19	1.4x	6.1x
Q2 20	1.3x	5.3x
Q4 20	1.2x	5.3x
Q2 21	1.3x	5.4x
Q4 21	1.2x	4.8x
Q4 22	1.2x	4.6x
Q2 23	1.0x	3.6x
Q2 24	0.9x	3.0x
Q4 24	1.1x	5.0x
Q2 25	1.5x	6.7x
Q4 25	1.8x	8.7x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q2 17	$2.3B	$2.0B
Q4 17	$4.9B	$4.1B
Q2 18	$5.2B	$4.9B
Q4 18	$8.7B	$7.9B
Q2 19	$2.1B	$1.8B
Q4 19	$8.0B	$7.2B
Q2 20	$3.6B	$3.4B
Q4 20	$7.3B	$6.5B
Q2 21	$2.0B	$1.8B
Q4 21	$9.1B	$8.3B
Q4 22	$9.7B	$9.1B
Q2 23	$4.6B	$4.4B
Q2 24	$4.3B	$4.1B
Q4 24	$9.4B	$8.7B
Q2 25	$3.1B	$3.0B
Q4 25	$5.4B	$4.8B

Capital Expenditures

Quarter	CapEx
Q2 17	$267M
Q4 17	$800M
Q2 18	$276M
Q4 18	$746M
Q2 19	$315M
Q4 19	$783M
Q2 20	$227M
Q4 20	$791M
Q2 21	$236M
Q4 21	$769M
Q4 22	$572M
Q2 23	$148M
Q2 24	$156M
Q4 24	$663M
Q2 25	$139M
Q4 25	$604M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q2 17	+15.9%	+18.5%
Q4 17	+81.1%	+82.3%
Q2 18	+74.5%	+63.5%
Q4 18	+72.3%	+64.2%
Q2 19	+64.1%	+63.4%
Q4 19	+12.9%	+1.7%
Q2 20	+5.5%	+1.0%
Q4 20	+5.0%	+2.6%
Q2 21	+0.0%	-6.2%
Q4 21	-1.4%	-3.9%
Q4 22	+20.5%	+12.0%
Q2 23	-0.5%	-1.7%
Q2 24	+1.4%	+13.6%
Q4 24	+0.1%	+98.8%
Q2 25	-18.4%	-11.8%
Q4 25	+0.7%	+14.7%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q2 17	$0	0.0%
Q4 17	$158M	1.0%
Q2 18	$0	0.0%
Q4 18	$166M	1.0%
Q2 19	$0	0.0%
Q4 19	$162M	0.9%
Q2 20	$0	0.0%
Q4 20	$123M	0.7%
Q2 21	$0	0.0%
Q4 21	$0	0.0%
Q4 22	$0	0.0%
Q2 23	$0	0.0%
Q2 24	$0	0.0%
Q4 24	$0	0.0%
Q2 25	$0	0.0%
Q4 25	$0	0.0%

OpEx Breakdown

Quarter	R&D	G&A	S&M	SG&A
Q2 17	—	—	—	$1.5B
Q4 17	$258M	—	—	$2.0B
Q2 18	$151M	—	—	$1.9B
Q4 18	$197M	—	—	$2.2B
Q2 19	$186M	—	—	$1.9B
Q4 19	$321M	—	—	$1.9B
Q2 20	$185M	—	—	$1.7B
Q4 20	$229M	$1.9B	$1.5B	—
Q2 21	$191M	—	—	$1.7B
Q4 21	$218M	$1.7B	$1.7B	—
Q4 22	$233M	$1.9B	$1.6B	—
Q2 23	$262M	—	—	$1.9B
Q2 24	$227M	$2.8B	—	—
Q4 24	$286M	$2.0B	$1.5B	—
Q2 25	$235M	—	—	$2.0B
Q4 25	$235M	—	—	$2.2B

Revenue by Geography

Quarter	Americas And Sub Saharan Africa	Asia Pacific And Middle East	Europe And North Africa	Regions	United States
Q2 19	$112M	$22M	$88M	$16.4B	-$403M
Q2 20	$334M	$20M	$62M	$16.5B	-$197M

War Chest

Quarter	Cash	Short-term Investments	Total
Q2 18	$2.9B	$253M	$3.1B
Q4 18	$3.3B	$240M	$3.5B
Q2 19	$4.5B	$225M	$4.7B
Q4 19	$3.4B	$166M	$3.6B
Q2 20	$6.5B	$247M	$6.7B
Q4 20	$4.2B	$326M	$4.6B
Q2 21	$4.1B	$453M	$4.5B
Q4 21	$3.8B	$615M	$4.4B
Q2 22	$4.8B	$770M	$5.6B
Q4 22	$4.6B	$781M	$5.4B
Q2 23	$5.0B	$608M	$5.6B
Q4 23	$3.2B	$810M	$4.0B
Q2 24	$8.0B	$938M	$8.9B
Q4 24	$7.1B	$692M	$7.8B
Q2 25	$5.9B	$659M	$6.6B
Q4 25	$5.2B	$22M	$5.2B

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q2 17	2.26B	0.0%	0.0%
Q4 17	2.26B	0.0%	0.0%
Q2 18	2.26B	0.0%	0.0%
Q4 18	2.26B	0.0%	0.0%
Q2 19	2.26B	0.0%	0.0%
Q4 19	2.29B	+1.2%	+1.2%
Q2 20	2.29B	+0.1%	+1.3%
Q4 20	2.30B	+0.1%	+1.4%
Q2 21	2.30B	-0.0%	+1.4%
Q4 21	2.30B	+0.1%	+0.3%
Q4 22	2.26B	-1.6%	-1.4%
Q2 23	2.24B	-1.1%	-2.6%
Q2 24	2.23B	-0.2%	-2.8%
Q4 24	2.20B	-1.3%	-4.2%
Q2 25	2.21B	+0.1%	-2.5%
Q4 25	2.19B	-0.5%	-2.0%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q2 17	—	—
Q4 17	$263.0K	62K
Q2 18	$251.9K	62K
Q4 18	$271.4K	64K
Q2 19	$256.9K	64K
Q4 19	$231.0K	80K
Q2 20	$206.8K	80K
Q4 20	$121M	150
Q2 21	$109M	150
Q4 21	$303.6K	60K
Q4 22	$12M	2K
Q2 23	$11M	2K
Q2 24	$10M	2K
Q4 24	$455.9K	40K
Q2 25	$406.8K	40K
Q4 25	$11M	2K

Revenue / Employee