BTI Q2 2024 Earnings Report — British American Tobacco p.l.c. Revenue & Financial Results | Market Cap Arena

British American Tobacco p.l.c.BTI

Q2 2024 Earnings

Reported July 25, 2024

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	Q2 2024	Q1 2024	Q2 2023	QoQ Change	YoY Change
Revenue	$16.6B	—	$18.1B	—	-8.2%
Op. Income	$5.7B	—	$8.0B	—	-28.3%
Gross Margin	82.5%	—	83.3%	—	-0.8pp
Net Margin	36.4%	—	29.5%	—	6.9pp
EPS (Diluted)	$2.70	—	$2.37	—	13.6%
Free Cash Flow	$4.1B	—	$4.4B	—	-6.6%

Revenue Flow

Item	Amount
REVENUE	$16.6B
Cost of Revenue	$2.9B
GROSS PROFIT	$13.7B
R&D Expenses	$227M
Selling & Marketing	$0
General & Administrative	$2.8B
SG&A Expenses	$1.9B
Other Expenses	$5.9B
Operating Expenses	$8.0B
Cost & Expenses	$10.9B
OPERATING INCOME	$5.7B
Interest Income	$321M
Interest Expense	$2.4B
Other Income/Expenses	$1.8B
INCOME BEFORE TAX	$7.6B
Income Tax Expense	$1.4B
Net Income from Continuing Ops	$6.1B
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$6.1B
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$6.0B
D&A	$2.2B
EBIT	$5.7B
EBITDA	$7.9B
EPS	$3
EPS Diluted	$3

Income Statement

Item	Amount
REVENUE	$16.6B
Cost of Revenue	$2.9B
GROSS PROFIT	$13.7B
R&D Expenses	$227M
Selling & Marketing	$0
General & Administrative	$2.8B
SG&A Expenses	$1.9B
Other Expenses	$5.9B
Operating Expenses	$8.0B
Cost & Expenses	$10.9B
OPERATING INCOME	$5.7B
Interest Income	$321M
Interest Expense	$2.4B
Other Income/Expenses	$1.8B
INCOME BEFORE TAX	$7.6B
Income Tax Expense	$1.4B
Net Income from Continuing Ops	$6.1B
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$6.1B
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$6.0B
D&A	$2.2B
EBIT	$5.7B
EBITDA	$7.9B
EPS	$3
EPS Diluted	$3

Cash Flow Statement

Item	Amount
Net Income	$6.1B
Depreciation & Amortization	$1.1B
Stock-Based Compensation	$0
Deferred Income Tax	$0
Other Non-Cash Items	-$102M
Change in Working Capital	-$2.8B
OPERATING CASH FLOW	$4.3B
Capital Expenditure	-$156M
Acquisitions (Net)	$0
Purchases of Investments	$0
Sales/Maturities of Investments	$0
Other Investing Activities	$3.8B
NET CASH FROM INVESTING	$3.6B
Net Debt Issuance	$2.3B
Common Stock Repurchased	-$1.2B
Common Dividends Paid	-$3.5B
Other Financing Activities	-$2.1B
NET CASH FROM FINANCING	-$4.5B
FREE CASH FLOW	$4.1B
Net Change in Cash	$7.7B

Balance Sheet

Item	Amount
Cash & Equivalents	$8.0B
Short-Term Investments	$938M
Net Receivables	$4.9B
Inventory	$7.2B
Other Current Assets	$365M
TOTAL CURRENT ASSETS	$21.4B
PP&E (Net)	$6.0B
Goodwill	$0
Intangible Assets	$127.7B
Long-Term Investments	$2.8B
Tax Assets	$1.3B
Other Non-Current Assets	$1.8B
TOTAL NON-CURRENT ASSETS	$139.5B
TOTAL ASSETS	$160.9B
Account Payables	$12.2B
Short-Term Debt	$9.9B
Deferred Revenue	$0
Other Current Liabilities	$708M
TOTAL CURRENT LIABILITIES	$24.3B
Long-Term Debt	$43.9B
Deferred Revenue NC	$0
Deferred Tax Liabilities	$16.0B
Other Non-Current Liabilities	$2.6B
TOTAL NON-CURRENT LIABILITIES	$63.2B
TOTAL LIABILITIES	$87.5B
Common Stock	$794M
Additional Paid-In Capital	$35.9B
Retained Earnings	$35.1B
Treasury Stock	$0
Accum. Other Comp. Income	$1.1B
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$73.0B
Minority Interest	$483M
TOTAL EQUITY	$73.4B
TOTAL LIABILITIES & EQUITY	$160.9B
Total Debt	$54.4B
Net Debt	$46.4B