BTI Q4 2025 Earnings Report — British American Tobacco p.l.c. Revenue & Financial Results | Market Cap Arena

British American Tobacco p.l.c.BTI

Q4 2025 Earnings

Reported February 13, 2026

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	Q4 2025	Q3 2025	Q4 2024	QoQ Change	YoY Change
Revenue	$18.3B	—	$18.2B	—	0.1%
Op. Income	$6.6B	—	-$2.1B	—	423.8%
Gross Margin	83.4%	—	83.2%	—	0.2pp
Net Margin	24.0%	—	-10.5%	—	34.5pp
EPS (Diluted)	$1.95	—	$-0.89	—	319.7%
Free Cash Flow	$4.8B	—	$8.7B	—	-44.6%

Revenue Flow

Item	Amount
REVENUE	$18.3B
Cost of Revenue	$3.0B
GROSS PROFIT	$15.2B
R&D Expenses	$235M
Selling & Marketing	$0
General & Administrative	$0
SG&A Expenses	$2.2B
Other Expenses	$6.1B
Operating Expenses	$8.6B
Cost & Expenses	$11.6B
OPERATING INCOME	$6.6B
Interest Income	$0
Interest Expense	$0
Other Income/Expenses	-$867M
INCOME BEFORE TAX	$5.8B
Income Tax Expense	$1.5B
Net Income from Continuing Ops	$4.3B
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$4.4B
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$4.3B
D&A	$1.3B
EBIT	$7.3B
EBITDA	$8.6B
EPS	$2
EPS Diluted	$2

Income Statement

Item	Amount
REVENUE	$18.3B
Cost of Revenue	$3.0B
GROSS PROFIT	$15.2B
R&D Expenses	$235M
Selling & Marketing	$0
General & Administrative	$0
SG&A Expenses	$2.2B
Other Expenses	$6.1B
Operating Expenses	$8.6B
Cost & Expenses	$11.6B
OPERATING INCOME	$6.6B
Interest Income	$0
Interest Expense	$0
Other Income/Expenses	-$867M
INCOME BEFORE TAX	$5.8B
Income Tax Expense	$1.5B
Net Income from Continuing Ops	$4.3B
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$4.4B
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$4.3B
D&A	$1.3B
EBIT	$7.3B
EBITDA	$8.6B
EPS	$2
EPS Diluted	$2

Cash Flow Statement

Item	Amount
Net Income	$4.4B
Depreciation & Amortization	$1.3B
Stock-Based Compensation	$0
Deferred Income Tax	$0
Other Non-Cash Items	$881M
Change in Working Capital	-$2.0B
OPERATING CASH FLOW	$5.4B
Capital Expenditure	-$604M
Acquisitions (Net)	$0
Purchases of Investments	$0
Sales/Maturities of Investments	$0
Other Investing Activities	$964M
NET CASH FROM INVESTING	$360M
Net Debt Issuance	-$813M
Common Stock Repurchased	-$909M
Common Dividends Paid	-$3.6B
Other Financing Activities	$11M
NET CASH FROM FINANCING	-$5.3B
FREE CASH FLOW	$4.8B
Net Change in Cash	-$888M

Balance Sheet

Item	Amount
Cash & Equivalents	$5.2B
Short-Term Investments	$22M
Net Receivables	$5.1B
Inventory	$5.9B
Other Current Assets	$886M
TOTAL CURRENT ASSETS	$17.1B
PP&E (Net)	$6.0B
Goodwill	$52.5B
Intangible Assets	$64.7B
Long-Term Investments	$2.5B
Tax Assets	$2.7B
Other Non-Current Assets	$1.8B
TOTAL NON-CURRENT ASSETS	$130.2B
TOTAL ASSETS	$147.4B
Account Payables	$12.6B
Short-Term Debt	$4.3B
Deferred Revenue	$0
Other Current Liabilities	$951M
TOTAL CURRENT LIABILITIES	$19.6B
Long-Term Debt	$42.2B
Deferred Revenue NC	$0
Deferred Tax Liabilities	$13.9B
Other Non-Current Liabilities	$6.2B
TOTAL NON-CURRENT LIABILITIES	$62.9B
TOTAL LIABILITIES	$82.4B
Common Stock	$778M
Additional Paid-In Capital	$36.0B
Retained Earnings	$30.9B
Treasury Stock	$0
Accum. Other Comp. Income	-$3.0B
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$64.6B
Minority Interest	$295M
TOTAL EQUITY	$64.9B
TOTAL LIABILITIES & EQUITY	$147.4B
Total Debt	$47.3B
Net Debt	$42.1B