BTI Q4 2022 Earnings Report — British American Tobacco p.l.c. Revenue & Financial Results | Market Cap Arena

British American Tobacco p.l.c.BTI

Q4 2022 Earnings

Reported December 31, 2022

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	Q4 2022	Q3 2022	Q4 2021	QoQ Change	YoY Change
Revenue	$19.9B	—	$18.2B	—	9.5%
Op. Income	$9.2B	—	$8.0B	—	15.3%
Gross Margin	82.1%	—	81.7%	—	0.4pp
Net Margin	32.5%	—	26.2%	—	6.3pp
EPS (Diluted)	$2.84	—	$2.08	—	37.0%
Free Cash Flow	$9.1B	—	$8.3B	—	9.1%

Revenue Flow

Item	Amount
REVENUE	$19.9B
Cost of Revenue	$3.6B
GROSS PROFIT	$16.4B
R&D Expenses	$233M
Selling & Marketing	$1.6B
General & Administrative	$1.9B
SG&A Expenses	$3.4B
Other Expenses	$3.5B
Operating Expenses	$7.1B
Cost & Expenses	$10.7B
OPERATING INCOME	$9.2B
Interest Income	$27M
Interest Expense	$1.1B
Other Income/Expenses	-$785M
INCOME BEFORE TAX	$8.4B
Income Tax Expense	$1.8B
Net Income from Continuing Ops	$6.6B
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$6.5B
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$6.4B
D&A	$264M
EBIT	$10.3B
EBITDA	$10.6B
EPS	$3
EPS Diluted	$3

Income Statement

Item	Amount
REVENUE	$19.9B
Cost of Revenue	$3.6B
GROSS PROFIT	$16.4B
R&D Expenses	$233M
Selling & Marketing	$1.6B
General & Administrative	$1.9B
SG&A Expenses	$3.4B
Other Expenses	$3.5B
Operating Expenses	$7.1B
Cost & Expenses	$10.7B
OPERATING INCOME	$9.2B
Interest Income	$27M
Interest Expense	$1.1B
Other Income/Expenses	-$785M
INCOME BEFORE TAX	$8.4B
Income Tax Expense	$1.8B
Net Income from Continuing Ops	$6.6B
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$6.5B
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$6.4B
D&A	$264M
EBIT	$10.3B
EBITDA	$10.6B
EPS	$3
EPS Diluted	$3

Cash Flow Statement

Item	Amount
Net Income	$6.5B
Depreciation & Amortization	$413M
Stock-Based Compensation	$0
Deferred Income Tax	$0
Other Non-Cash Items	$1.4B
Change in Working Capital	$1.4B
OPERATING CASH FLOW	$9.7B
Capital Expenditure	-$572M
Acquisitions (Net)	-$43M
Purchases of Investments	-$224M
Sales/Maturities of Investments	$127M
Other Investing Activities	-$98M
NET CASH FROM INVESTING	-$670M
Net Debt Issuance	-$5.0B
Common Stock Repurchased	-$2.0B
Common Dividends Paid	-$6.6B
Other Financing Activities	-$4.9B
NET CASH FROM FINANCING	-$8.7B
FREE CASH FLOW	$9.1B
Net Change in Cash	-$164M

Balance Sheet

Item	Amount
Cash & Equivalents	$4.6B
Short-Term Investments	$781M
Net Receivables	$6.1B
Inventory	$7.6B
Other Current Assets	$1.6B
TOTAL CURRENT ASSETS	$20.8B
PP&E (Net)	$6.6B
Goodwill	$64.7B
Intangible Assets	$109.4B
Long-Term Investments	$2.1B
Tax Assets	$920M
Other Non-Current Assets	$2.6B
TOTAL NON-CURRENT ASSETS	$186.2B
TOTAL ASSETS	$207.0B
Account Payables	$14.1B
Short-Term Debt	$5.8B
Deferred Revenue	$0
Other Current Liabilities	$2.6B
TOTAL CURRENT LIABILITIES	$24.1B
Long-Term Debt	$51.7B
Deferred Revenue NC	$0
Deferred Tax Liabilities	$24.8B
Other Non-Current Liabilities	$3.8B
TOTAL NON-CURRENT LIABILITIES	$80.9B
TOTAL LIABILITIES	$104.9B
Common Stock	$828M
Additional Paid-In Capital	$152M
Retained Earnings	$69.0B
Treasury Stock	-$9.6B
Accum. Other Comp. Income	$41.2B
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$101.6B
Minority Interest	$461M
TOTAL EQUITY	$102.1B
TOTAL LIABILITIES & EQUITY	$207.0B
Total Debt	$58.2B
Net Debt	$53.5B