BTI Q2 2025 Earnings Report — British American Tobacco p.l.c. Revenue & Financial Results | Market Cap Arena

British American Tobacco p.l.c.BTI

Q2 2025 Earnings

Reported July 31, 2025

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	Q2 2025	Q1 2025	Q2 2024	QoQ Change	YoY Change
Revenue	$16.3B	—	$16.6B	—	-2.2%
Op. Income	$6.8B	—	$5.7B	—	19.0%
Gross Margin	83.6%	—	82.5%	—	1.1pp
Net Margin	37.4%	—	36.4%	—	1.0pp
EPS (Diluted)	$2.75	—	$2.70	—	2.0%
Free Cash Flow	$3.0B	—	$4.1B	—	-27.6%

Revenue Flow

Item	Amount
REVENUE	$16.3B
Cost of Revenue	$2.7B
GROSS PROFIT	$13.6B
R&D Expenses	$235M
Selling & Marketing	$0
General & Administrative	$0
SG&A Expenses	$2.0B
Other Expenses	$4.6B
Operating Expenses	$6.8B
Cost & Expenses	$9.4B
OPERATING INCOME	$6.8B
Interest Income	$0
Interest Expense	$1.0B
Other Income/Expenses	$681M
INCOME BEFORE TAX	$7.5B
Income Tax Expense	$1.4B
Net Income from Continuing Ops	$6.2B
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$6.1B
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$6.1B
D&A	$1.5B
EBIT	$6.8B
EBITDA	$8.4B
EPS	$3
EPS Diluted	$3

Income Statement

Item	Amount
REVENUE	$16.3B
Cost of Revenue	$2.7B
GROSS PROFIT	$13.6B
R&D Expenses	$235M
Selling & Marketing	$0
General & Administrative	$0
SG&A Expenses	$2.0B
Other Expenses	$4.6B
Operating Expenses	$6.8B
Cost & Expenses	$9.4B
OPERATING INCOME	$6.8B
Interest Income	$0
Interest Expense	$1.0B
Other Income/Expenses	$681M
INCOME BEFORE TAX	$7.5B
Income Tax Expense	$1.4B
Net Income from Continuing Ops	$6.2B
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$6.1B
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$6.1B
D&A	$1.5B
EBIT	$6.8B
EBITDA	$8.4B
EPS	$3
EPS Diluted	$3

Cash Flow Statement

Item	Amount
Net Income	$6.1B
Depreciation & Amortization	$1.5B
Stock-Based Compensation	$0
Deferred Income Tax	$0
Other Non-Cash Items	-$1.8B
Change in Working Capital	-$2.7B
OPERATING CASH FLOW	$3.1B
Capital Expenditure	-$139M
Acquisitions (Net)	$0
Purchases of Investments	$0
Sales/Maturities of Investments	$0
Other Investing Activities	$1.5B
NET CASH FROM INVESTING	$1.4B
Net Debt Issuance	$553M
Common Stock Repurchased	-$689M
Common Dividends Paid	-$3.5B
Other Financing Activities	-$1.9B
NET CASH FROM FINANCING	-$5.6B
FREE CASH FLOW	$3.0B
Net Change in Cash	$5.6B

Balance Sheet

Item	Amount
Cash & Equivalents	$5.9B
Short-Term Investments	$659M
Net Receivables	$4.7B
Inventory	$6.9B
Other Current Assets	$565M
TOTAL CURRENT ASSETS	$18.7B
PP&E (Net)	$5.6B
Goodwill	$0
Intangible Assets	$116.3B
Long-Term Investments	$3.1B
Tax Assets	$3.3B
Other Non-Current Assets	$1.7B
TOTAL NON-CURRENT ASSETS	$129.9B
TOTAL ASSETS	$148.6B
Account Payables	$11.1B
Short-Term Debt	$4.5B
Deferred Revenue	$0
Other Current Liabilities	$4.4B
TOTAL CURRENT LIABILITIES	$21.6B
Long-Term Debt	$42.4B
Deferred Revenue NC	$0
Deferred Tax Liabilities	$14.1B
Other Non-Current Liabilities	$6.4B
TOTAL NON-CURRENT LIABILITIES	$63.4B
TOTAL LIABILITIES	$85.0B
Common Stock	$783M
Additional Paid-In Capital	$166M
Retained Earnings	$31.0B
Treasury Stock	$0
Accum. Other Comp. Income	$31.2B
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$63.2B
Minority Interest	$409M
TOTAL EQUITY	$63.6B
TOTAL LIABILITIES & EQUITY	$148.6B
Total Debt	$47.6B
Net Debt	$41.7B