British American Tobacco p.l.c. (BTI) Balance Sheet: Assets & Liabilities

British American Tobacco p.l.c. (BTI) Balance Sheet

As of Dec 31, 2025 (end of fiscal 2025), British American Tobacco p.l.c. reported total assets of GBP 109.29B and total liabilities of GBP 61.15B. Shareholders' equity was GBP 47.93B, down 3.5% from GBP 49.64B a year earlier. Total debt stood at GBP 34.54B against GBP 3.51B in cash and short-term investments, a net debt position of GBP 31.03B. That puts debt-to-equity at 0.72, compared with 0.73 a year earlier.

British American Tobacco p.l.c. Balance Sheet Analysis

Values in billions GBP

Income Statement Balance Sheet Cash Flow Ratios

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Balance sheet showing assets, liabilities, and shareholders' equity for British American Tobacco p.l.c. (BTI) - 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
Current Assets
Cash and Cash Equivalents	3.49	2.89	2.36	3.45	2.81	3.14	2.53	2.60	3.29
Short-Term Investments	0.02	0.51	0.60	0.58	0.46	0.24	0.12	0.18	0.07
Cash & Short-Term Investments	3.51	3.40	2.96	4.03	3.27	3.38	2.65	2.78	3.36
Accounts Receivable	3.80	3.60	3.79	4.37	3.95	3.80	3.37	2.87	3.31
Inventory	4.38	4.62	4.94	5.67	5.28	6.00	6.09	6.03	5.86
Other Current Assets	0.03	1.01	2.49	0.77	0.01	0.43	1.16	0.98	1.44
Total Current Assets	12.68	14.29	14.19	15.41	12.81	13.61	13.27	12.66	13.97
Non-Current Assets
Property, Plant & Equipment (Net)	4.48	4.38	4.58	4.87	4.95	5.06	5.52	5.17	4.88
Long-Term Investments	1.52	1.90	1.49	2.72	2.45	1.58	1.75	1.60	1.55
Goodwill	38.92	41.13	41.09	47.96	43.19	43.32	44.32	46.16	44.15
Intangible Assets	48.02	53.15	54.47	81.12	72.43	72.02	74.47	77.85	73.64
Other Non-Current Assets	3.50	3.90	1.99	2.48	2.16	1.57	1.25	2.57	2.53
Total Non-Current Assets	96.61	104.61	104.53	138.14	124.56	124.08	127.73	133.69	127.07
Total Assets	109.29	118.90	118.72	153.55	137.37	137.69	141.01	146.34	141.04
Current Liabilities
Accounts Payable	9.33	9.55	9.70	10.45	9.58	9.69	9.73	10.63	8.91
Short-Term Debt	3.21	4.17	4.32	38.73	35.67	4.04	7.09	3.76	4.98
Current Portion of Long-Term Debt	3.17	4.03	4.09	4.29	3.52	-	-	-	-
Accrued Liabilities	0.01	0.01	0.01	0.01	0.01	-	-	-	-
Deferred Revenue	0.00	0.00	-0.01	0.00	0.00	0.00	0.00	0.85	0.72
Other Current Liabilities	1.83	3.19	0.67	2.99	1.58	0.88	1.33	1.09	1.00
Total Current Liabilities	14.52	18.74	15.67	17.85	15.14	15.48	18.82	16.33	15.54
Non-Current Liabilities
Long-Term Debt	31.33	32.19	35.41	38.73	35.67	39.93	38.23	43.28	44.04
Deferred Tax Liabilities	10.34	11.68	12.19	18.43	16.46	16.31	17.05	17.78	17.13
Other Non-Current Liabilities	14.91	5.84	2.51	21.26	19.15	3.02	2.74	3.27	3.30
Total Non-Current Liabilities	46.62	50.16	50.11	59.98	54.82	59.26	58.02	64.33	64.47
Total Liabilities	61.15	68.90	65.78	77.84	69.96	74.74	76.85	80.65	80.01
Stockholders' Equity
Common Stock	0.58	0.59	0.61	0.61	0.61	0.61	0.61	0.61	0.61
Retained Earnings	27.31	26.02	31.63	44.08	44.21	47.19	40.23	38.56	36.98
Accumulated Other Comprehensive Income	-4.15	27.33	27.31	2.36	-6.03	19.83	22.87	-0.23	-3.29
Treasury Stock	4.38	4.41	7.10	7.12	-	-	-	-	-
Additional Paid-in Capital	0.26	0.25	-6.98	-7.00	17.15	-5.05	0.09	-31.57	-31.52
Minority Interest	0.22	0.35	0.37	0.34	0.30	0.28	0.26	0.24	0.22
Shares Outstanding	2.17	2.20	2.23	2.23	-	-	-	-	-
Total Stockholders' Equity	47.93	49.64	52.57	75.71	67.40	62.67	63.90	65.44	60.80
Total Liabilities & Equity	109.29	118.90	118.72	153.55	137.37	137.69	141.01	146.34	141.04

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. Balance Sheet

How much debt does British American Tobacco p.l.c. have?

British American Tobacco p.l.c. had total debt of GBP 34.54B as of Dec 31, 2025, against GBP 3.51B in cash and short-term investments. Its debt-to-equity ratio was 0.72. Total debt was GBP 36.37B a year earlier.

What are British American Tobacco p.l.c.'s total assets?

British American Tobacco p.l.c. reported total assets of GBP 109.29B as of Dec 31, 2025, down 8.1% from GBP 118.90B a year earlier. Total liabilities were GBP 61.15B.

What is British American Tobacco p.l.c.'s shareholders' equity?

British American Tobacco p.l.c.'s shareholders' equity was GBP 47.93B as of Dec 31, 2025, or about GBP 22.05 of book value per share.

What is the debt-to-equity ratio?

The debt-to-equity ratio divides a company's total debt by its shareholders' equity. It shows how much of the business is financed with borrowed money; normal levels vary widely by industry. Full definition