British American Tobacco p.l.c. (BTI) Financial Statements & Analysis

British American Tobacco p.l.c. (BTI) Income Statement

British American Tobacco p.l.c. reported revenue of GBP 25.61B in fiscal 2025 (fiscal year ended Dec 31, 2025), down 1.0% from GBP 25.87B a year earlier. Net income was GBP 7.76B, up 153.1% year over year, a net margin of 30.3%. Gross margin was 83.5% and operating margin 39.0%. In the most recent quarter, Q2 fiscal 2026 (ended Jun 30, 2026), revenue was GBP 12.33B, up 2.1% from the same quarter a year earlier.

British American Tobacco p.l.c. Income Statement Analysis

Values in billions GBP

Income Statement Balance Sheet Cash Flow Ratios

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British American Tobacco p.l.c. income statement - Annual data in billions GBP
Breakdown	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019	FY 2018	FY 2017
Period ending	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020	Dec 2019	Dec 2018	Dec 2017
Revenue & Gross Profit
Revenue	25.61	25.87	27.28	27.66	25.68	25.78	25.88	24.49	19.56
Cost of Revenue	4.23	4.57	4.64	4.80	4.60	4.45	4.46	4.60	5.03
Gross Profit	21.38	21.43	22.64	22.85	21.09	21.33	21.42	19.90	14.53
Operating Expenses
Research & Development	0.13	0.38	0.18	0.32	0.30	0.31	0.38	0.11	0.19
Selling, General & Administrative	1.12	3.95	1.18	3.83	3.81	3.76	2.87	3.00	2.61
Operating Expenses	11.39	18.70	31.18	12.33	10.85	11.37	11.80	9.98	16.01
Operating Income	10.00	2.74	-8.53	10.52	10.23	9.96	10.41	10.03	7.17
Other Income/Expense
Interest Income	0.21	0.25	0.19	0.09	0.04	0.05	1.70	1.57	1.02
Interest Expense	1.93	-1.77	1.89	1.66	1.49	1.78	1.81	1.48	1.20
Other Income/Expense	-0.14	0.80	-0.01	-1.20	-1.07	-1.29	-2.50	-1.68	22.36
Income
Income Before Tax	9.86	3.54	-17.06	9.32	9.16	8.67	7.91	8.35	29.53
Income Tax Expense	2.09	0.36	-2.87	2.48	2.19	2.11	2.06	2.14	-8.13
Net Income	7.76	3.07	-14.37	6.67	6.80	6.40	5.70	6.03	37.53
Net Income - Continuous Operations	7.76	3.07	-14.19	6.67	6.80	6.40	5.70	6.03	37.53
Net Income - Discontinued Operations	-	-	-	-	-	-	-	-	-
EBITDA	11.76	11.82	8.83	12.23	11.19	11.78	10.06	10.53	30.52
EBIT	11.79	9.80	-15.17	10.99	10.91	-	-	-	-
Depreciation & Amortization	2.00	2.03	24.00	0.72	0.95	0.83	0.93	0.99	0.82
Earnings Per Share
Basic EPS	4.00	1.00	-6.00	3.00	3.00	3.00	3.00	3.00	18.00
Diluted EPS	3.00	1.00	-6.00	3.00	3.00	3.00	2.00	3.00	18.00
Basic Shares Outstanding	2.19	2.21	2.23	2.25	2.25	2.25	2.25	2.25	2.25
Diluted Shares Outstanding	2.20	2.23	2.23	2.26	2.26	2.26	2.26	2.26	2.26

Source: Company financial statements from annual and quarterly filings. Data as of Jun 30, 2026. Data sources and methodology

Frequently Asked Questions About British American Tobacco p.l.c. Financial Statements

What was British American Tobacco p.l.c.'s revenue in fiscal 2025?

British American Tobacco p.l.c. reported revenue of GBP 25.61B in fiscal 2025 (fiscal year ended Dec 31, 2025). That was down 1.0% from GBP 25.87B a year earlier.

Is British American Tobacco p.l.c. profitable?

Yes. British American Tobacco p.l.c. earned net income of GBP 7.76B in fiscal 2025, a net margin of 30.3%. In fiscal 2024 it earned GBP 3.07B.

What is British American Tobacco p.l.c.'s operating margin?

British American Tobacco p.l.c.'s operating income was GBP 10.00B on revenue of GBP 25.61B in fiscal 2025, an operating margin of 39.0%, compared with 10.6% a year earlier.

What is net profit margin?

Net profit margin is net income divided by revenue. It shows how much of each dollar of sales a company keeps as profit after all costs, interest and taxes. Full definition