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Financial statements

British American Tobacco p.l.c. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data British American Tobacco p.l.c. files with the SEC in its annual reports.

In GBP millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

FY2017FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue14,13019,56424,49225,87725,77625,68427,65527,28325,86725,610
Research and development144191258376307304323408380358
Operating income4,6556,4129,3139,0169,96210,23410,523-15,7512,7369,997
Interest expense6811,1971,4491,6861,7951,5211,7332,0811,3492,033
Interest income441036884503592186251214
Pre-tax income6,24529,5278,3517,9128,6729,1639,324-17,0613,5389,859
Income tax1,406-8,1292,1412,0632,1082,1892,478-2,8723572,094
Income from continuing operations4,6556,4129,3139,016
Net income to minority interests1911711781451641731801781131
Net income4,64837,4856,0325,7046,4006,8016,666-14,3673,0687,764
EPS, basic2.5018.342.642.502.802.972.93-6.471.373.51
EPS, diluted2.4918.282.632.492.792.962.92-6.471.363.49

Balance sheet

FY2017FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash and equivalents2,2043,2912,6022,5263,1392,8093,4464,6595,2973,827
Short-term investments178
Receivables3,8844,0533,5884,0933,7213,9514,3673,6213,6043,802
Inventory5,7935,8646,0296,0945,9985,2795,6714,9384,6164,382
Total current assets12,35913,96612,65513,27413,61212,80715,40914,18614,29412,684
Property, plant and equipment3,6614,8825,7765,5185,0604,9534,8674,583
Goodwill11,02344,14746,16344,31643,31943,19447,95641,09141,12938,917
Total assets39,773141,038146,342141,005137,690137,365153,546118,716118,899109,290
Accounts payable7,3358,84710,6319,7279,6939,57710,4499,7009,5509,328
Short-term debt3,0075,4234,2257,5624,0413,9924,4134,3244,3123,362
Total current liabilities11,85615,54416,32918,82315,47815,14417,85315,67318,74314,524
Total liabilities31,36780,05780,65476,84574,73569,96477,83665,78268,90461,145
Total debt19,49549,45047,50945,36643,96839,65843,13939,73036,95035,070
Retained earnings3,33136,98338,55740,23442,04144,21244,08124,53121,61022,929
Shareholders' equity8,18260,80465,44463,90262,67365,41673,68350,88147,95846,033
Minority interests224222244258282300342368352219
Total equity8,40660,98165,68864,16062,95567,40175,71052,93449,99548,145
Total liabilities and equity39,773141,038146,342141,005137,690137,365153,546118,716118,899109,290

Cash flow statement

FY2017FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Net income4,83937,6566,2105,8496,5646,9746,846-14,1893,1817,765
Cash from operations4,6105,34710,2958,9969,7869,71710,39410,71410,1256,342
Capital expenditures-586-791-758-664-511-527-523-460-486-551
Cash from investing-640-18,544-1,021-639-783-1,140-705-2961,3751,387
Debt issued3,47640,9372,1114,2479,8269783,2675,1342,4043,814
Debt repaid-3,840-20,827-5,586-5,640-10,633-4,843-3,044-6,769-4,826-3,932
Share buybacks-139-11700-2,0120-698-1,112
Dividends paid-4,946-5,003
Cash from financing-4,22914,759-9,630-8,593-7,897-8,749-8,878-9,314-10,632-8,762
Exchange rate effect180-391-138-57-253-253431-292-281-76
Net change in cash-791,171-494-293853-4258741,180587-1,317
Free cash flow4,0244,5569,5378,3329,2759,1909,87110,2549,6395,791
Income taxes paid86

Key metrics

Worked out from the statements above. Latest values use fiscal 2025. No valuation: the share price is quoted in a different currency than the statements.

Profitability

MetricValueHow it is calculated
Operating margin39.0%Operating income / revenue.
Pre-tax margin38.5%Pre-tax income / revenue.
Net margin30.3%Net income / revenue.
FCF margin22.6%Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin24.8%Cash from operations / revenue.
Effective tax rate21.2%Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)16.5%Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)6.8%Net income / average total assets.
Return on invested capital (ROIC)10.0%Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue1.4%Research and development expense / revenue.
Capex / revenue2.2%Capital expenditures / revenue.

Growth

MetricValueHow it is calculated
Revenue growth, 1y-1.0%Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y-2.5%Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y-0.1%Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y265.4%Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y-1.7%Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y0.1%Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y153.1%Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y5.2%Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y3.9%Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y156.7%EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y6.1%Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y4.6%Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y-37.4%Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y-15.2%Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y-8.3%Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y-39.9%Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y-16.3%Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y-9.0%Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y-4.0%Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y-14.5%Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y-6.0%Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y-8.1%Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y-10.7%Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y-4.5%Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.

Balance sheet health

MetricValueHow it is calculated
Current ratio0.87xCurrent assets / current liabilities.
Quick ratio0.53x(Cash + short-term investments + receivables) / current liabilities.
Cash ratio0.26x(Cash + short-term investments) / current liabilities.
Debt / equity0.76xTotal debt / shareholders' equity. Not shown when equity is negative.
Debt / assets32.1%Total debt / total assets.
Liabilities / assets55.9%Total liabilities / total assets.
Net debt£31.24BTotal debt - cash - short-term investments. Negative means more cash than debt.
Interest coverage4.92xOperating income / interest expense.
Working capital-£1.84BCurrent assets - current liabilities.
Goodwill and intangibles / assets35.6%(Goodwill + intangible assets) / total assets.
Tangible book value£7.12BShareholders' equity - goodwill - intangible assets.

Efficiency

MetricValueHow it is calculated
Asset turnover0.22xRevenue / average total assets.
Receivables turnover6.92xRevenue / average receivables.
Days sales outstanding53 days365 x average receivables / revenue.
FCF conversion74.6%Free cash flow / net income, when net income is positive.
Capex / operating cash flow8.7%Capital expenditures / cash from operations, when that is positive.

Per share

MetricValueHow it is calculated
EPS, diluted£3.49Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
EPS, basic£3.51Net income per basic share, as reported (split-adjusted).
Buybacks / FCF19.2%Share buybacks / free cash flow, when free cash flow is positive.
What was British American Tobacco p.l.c.'s revenue in fiscal 2025?

British American Tobacco p.l.c. reported revenue of £25.61B for fiscal 2025, 1% lower than the year before.

Was British American Tobacco p.l.c. profitable in fiscal 2025?

Yes. Net income was £7.76B, a net margin of 30.3%.

How much free cash flow did British American Tobacco p.l.c. generate in fiscal 2025?

Cash from operations of £6.34B minus capital expenditures of £551.0M left free cash flow of £5.79B.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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