British American Tobacco p.l.c. (BTI) Cash Flow: Operating & Free Cash Flow

British American Tobacco p.l.c. (BTI) Cash Flow Statement

In fiscal 2025 (fiscal year ended Dec 31, 2025), British American Tobacco p.l.c. generated GBP 6.34B of operating cash flow and spent GBP 551.00M on capital expenditures. That left free cash flow of GBP 5.79B, down 39.9% from GBP 9.64B a year earlier, or 22.6% of revenue. It returned GBP 6.41B to shareholders through GBP 5.24B in dividends and GBP 1.17B in share buybacks.

British American Tobacco p.l.c. Cash Flow Statement Analysis

Values in billions GBP

Income Statement Balance Sheet Cash Flow Ratios

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Cash flow statement showing operating, investing, and financing activities 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
Operating Activities
Net Income	7.77	3.18	-14.19	6.67	6.97	6.40	5.70	6.03	37.49
Depreciation & Amortization	2.55	3.10	28.61	0.83	1.08	0.96	0.99	0.80	0.72
Stock Based Compensation	0.00	0.00	0.00	0.00	0.00	0.00	0.12	0.12	0.12
Change in Working Capital	-3.65	5.74	-0.03	0.10	-0.06	0.43	-0.42	1.47	-0.60
Change in Accounts Receivable	-0.30	-0.27	-0.49	-0.04	-0.39	0.30	-0.70	0.50	-0.73
Change in Inventory	0.11	0.04	0.27	-0.25	0.43	-0.14	-0.37	-0.19	1.41
Change in Accounts Payable	-0.21	0.06	0.64	0.00	0.18	0.00	0.73	0.12	-0.69
Change in Other Working Capital	-3.15	6.36	-0.38	0.39	0.07	0.27	0.00	1.16	-1.27
Other Operating Activities	2.50	-0.49	-1.13	2.79	3.69	2.00	2.59	1.87	-32.38
Net Cash from Operating Activities	6.34	10.13	10.71	10.39	9.72	9.79	9.00	10.30	5.35
Investing Activities
Capital Expenditures	-0.55	-0.49	-0.46	-0.52	-0.53	-0.51	-0.66	-0.76	-0.79
Acquisitions	-0.03	-0.05	-0.04	-0.04	-0.13	0.10	-0.03	0.01	-17.66
Purchases of Investments	-0.05	-0.22	-0.45	-0.26	-0.37	-0.34	-0.19	-0.32	-0.17
Sales/Maturities of Investments	0.85	0.30	0.41	0.13	0.14	0.00	0.34	0.17	0.16
Other Investing Activities	0.20	0.19	0.15	-0.01	0.03	-0.03	-0.09	-0.26	-0.10
Net Cash from Investing Activities	1.39	1.38	-0.30	-0.71	-1.14	-0.78	-0.64	-1.02	-18.54
Financing Activities
Debt Repayment	-4.99	-4.99	-6.93	0.22	-5.00	-0.81	-1.39	-3.49	20.11
Common Stock Issued	1.05	0.00	0.00	0.00	1.68	0.00	0.00	0.00	0.00
Common Stock Repurchased	-1.17	-0.79	-0.11	-2.09	-0.08	-0.02	-0.12	-0.14	-0.21
Dividends Paid	-5.24	-5.21	-5.06	-4.92	-4.90	-4.75	-4.60	-4.35	-3.47
Other Financing Activities	-2.17	-1.98	-2.29	-2.09	-1.42	-2.33	-2.49	-1.66	-1.68
Net Cash from Financing Activities	-8.76	-10.63	-9.31	-8.88	-8.75	-7.90	-8.59	-9.63	14.76
Summary
Effect of Forex Changes on Cash	-0.08	-0.28	-0.29	0.43	-0.25	-0.25	-0.06	-0.14	-0.39
Net Change in Cash	-1.32	0.59	1.18	0.87	-0.43	0.85	-0.29	-0.49	1.17
Cash at Beginning of Period	5.10	4.52	3.34	2.46	2.89	2.04	2.33	2.82	1.65
Cash at End of Period	3.79	5.10	4.52	3.34	2.46	2.89	2.04	2.33	2.82
Free Cash Flow	5.79	9.64	10.25	9.87	9.19	9.28	8.33	9.54	4.56
Supplemental Disclosures
Interest Paid	1.67	1.74	1.71	1.60	1.50	-	-	-	-
Income Taxes Paid	2.93	1.85	2.62	2.54	2.31	-	-	-	-

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. Cash Flow

What is British American Tobacco p.l.c.'s free cash flow?

British American Tobacco p.l.c. generated free cash flow of GBP 5.79B in fiscal 2025 (fiscal year ended Dec 31, 2025), operating cash flow of GBP 6.34B minus GBP 551.00M of capital expenditures. That was down 39.9% from GBP 9.64B a year earlier. Free cash flow equaled 22.6% of revenue.

How much does British American Tobacco p.l.c. spend on capital expenditures?

British American Tobacco p.l.c. spent GBP 551.00M on capital expenditures in fiscal 2025, compared with GBP 486.00M a year earlier. That equals 8.7% of operating cash flow.

Does British American Tobacco p.l.c. pay dividends or buy back shares?

Yes. In fiscal 2025 British American Tobacco p.l.c. returned GBP 5.24B in dividends and GBP 1.17B in share buybacks to shareholders, according to its cash flow statement.

What is free cash flow?

Free cash flow is operating cash flow minus capital expenditures. It is the cash a company has left for dividends, buybacks, debt repayment or acquisitions after funding its operations and investment. Full definition