InsiderClue
Stocks · Consumer staples · Cigarettes

British American Tobacco p.l.c.

BTI Clue Score46
CIK 0001303523
$55.62 +0.22% Close, 12 Oct 2026
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Price $55.62 +60.10% Close, 12 Oct 2026

Closing prices at the end of each trading day, from 13 Oct 2016. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2016Revenue14.13Operating income4.66Net income4.65EPS, diluted2.49Fiscal year 2017Revenue19.56 +38.5%Operating income6.41Net income37.49 +706.5%EPS, diluted18.28 +633.4%Fiscal year 2018Revenue24.49 +25.2%Operating income9.31Net income6.03 −83.9%EPS, diluted2.63 −85.6%Fiscal year 2019Revenue25.88 +5.7%Operating income9.02Net income5.70 −5.4%EPS, diluted2.49 −5.4%Fiscal year 2020Revenue25.78 −0.4%Operating income9.96Net income6.40 +12.2%EPS, diluted2.79 +12.0%Fiscal year 2021Revenue25.68 −0.4%Operating income10.23Net income6.80 +6.3%EPS, diluted2.96 +6.0%Fiscal year 2022Revenue27.66 +7.7%Operating income10.52Net income6.67 −2.0%EPS, diluted2.92 −1.3%Fiscal year 2023Revenue27.28 −1.3%Operating income−15.75Net income−14.37 −315.5%EPS, diluted−6.47 −321.5%Fiscal year 2024Revenue25.87 −5.2%Operating income2.74Net income3.07EPS, diluted1.36Fiscal year 2025Revenue25.61 −1.0%Operating income10.00Net income7.76 +153.1%EPS, diluted3.49 +156.7%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue 14.13 19.56 24.49 25.88 25.78 25.68 27.66 27.28 25.87 25.61
Growth +38.5% +25.2% +5.7% −0.4% −0.4% +7.7% −1.3% −5.2% −1.0%
Operating income 4.66 6.41 9.31 9.02 9.96 10.23 10.52 −15.75 2.74 10.00
Net income 4.65 37.49 6.03 5.70 6.40 6.80 6.67 −14.37 3.07 7.76
Growth +706.5% −83.9% −5.4% +12.2% +6.3% −2.0% −315.5% +153.1%
EPS, diluted 2.49 18.28 2.63 2.49 2.79 2.96 2.92 −6.47 1.36 3.49
Growth +633.4% −85.6% −5.4% +12.0% +6.0% −1.3% −321.5% +156.7%

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Operating marginNet margin
Fiscal year 2016Operating margin32.9%Net margin32.9%Free cash flow margin28.5%Fiscal year 2017Operating margin32.8%Net margin191.6%Free cash flow margin23.3%Fiscal year 2018Operating margin38.0%Net margin24.6%Free cash flow margin38.9%Fiscal year 2019Operating margin34.8%Net margin22.0%Free cash flow margin32.2%Fiscal year 2020Operating margin38.6%Net margin24.8%Free cash flow margin36.0%Fiscal year 2021Operating margin39.8%Net margin26.5%Free cash flow margin35.8%Fiscal year 2022Operating margin38.1%Net margin24.1%Free cash flow margin35.7%Fiscal year 2023Operating margin−57.7%Net margin−52.7%Free cash flow margin37.6%Fiscal year 2024Operating margin10.6%Net margin11.9%Free cash flow margin37.3%Fiscal year 2025Operating margin39.0%Net margin30.3%Free cash flow margin22.6%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating margin 32.9% 32.8% 38.0% 34.8% 38.6% 39.8% 38.1% −57.7% 10.6% 39.0%
Net margin 32.9% 191.6% 24.6% 22.0% 24.8% 26.5% 24.1% −52.7% 11.9% 30.3%
Free cash flow margin 28.5% 23.3% 38.9% 32.2% 36.0% 35.8% 35.7% 37.6% 37.3% 22.6%

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2016Operating cash flow4.61Capital expenditure−0.59Free cash flow4.02Fiscal year 2017Operating cash flow5.35Capital expenditure−0.79Free cash flow4.56 +13.2%Fiscal year 2018Operating cash flow10.30Capital expenditure−0.76Free cash flow9.54 +109.3%Buybacks−0.14Fiscal year 2019Operating cash flow9.00Capital expenditure−0.66Free cash flow8.33 −12.6%Buybacks−0.12Fiscal year 2020Operating cash flow9.79Capital expenditure−0.51Free cash flow9.28 +11.3%Buybacks0.00Dividends paid−4.95Fiscal year 2021Operating cash flow9.72Capital expenditure−0.53Free cash flow9.19 −0.9%Buybacks0.00Dividends paid−5.00Fiscal year 2022Operating cash flow10.39Capital expenditure−0.52Free cash flow9.87 +7.4%Buybacks−2.01Fiscal year 2023Operating cash flow10.71Capital expenditure−0.46Free cash flow10.25 +3.9%Buybacks0.00Fiscal year 2024Operating cash flow10.13Capital expenditure−0.49Free cash flow9.64 −6.0%Buybacks−0.70Fiscal year 2025Operating cash flow6.34Capital expenditure−0.55Free cash flow5.79 −39.9%Buybacks−1.11
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow 4.61 5.35 10.30 9.00 9.79 9.72 10.39 10.71 10.13 6.34
Capital expenditure −0.59 −0.79 −0.76 −0.66 −0.51 −0.53 −0.52 −0.46 −0.49 −0.55
Free cash flow 4.02 4.56 9.54 8.33 9.28 9.19 9.87 10.25 9.64 5.79
Growth +13.2% +109.3% −12.6% +11.3% −0.9% +7.4% +3.9% −6.0% −39.9%
Buybacks n/a n/a −0.14 −0.12 0.00 0.00 −2.01 0.00 −0.70 −1.11
Dividends paid n/a n/a n/a n/a −4.95 −5.00 n/a n/a n/a n/a

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
CashTotal debt
Fiscal year 2016Cash2.20Total debt16.49Net cash (debt)−14.28Shareholders’ equity8.18Debt to equity2.02Fiscal year 2017Cash3.29Total debt44.03Net cash (debt)−40.74Shareholders’ equity60.80Debt to equity0.72Fiscal year 2018Cash2.60Total debt43.28Net cash (debt)−40.68Shareholders’ equity65.44Debt to equity0.66Fiscal year 2019Cash2.53Total debt37.80Net cash (debt)−35.28Shareholders’ equity63.90Debt to equity0.59Fiscal year 2020Cash3.14Total debt39.93Net cash (debt)−36.79Shareholders’ equity62.67Debt to equity0.64Fiscal year 2021Cash2.81Total debt35.67Net cash (debt)−32.86Shareholders’ equity65.42Debt to equity0.55Fiscal year 2022Cash3.45Total debt38.73Net cash (debt)−35.28Shareholders’ equity73.68Debt to equity0.53Fiscal year 2023Cash4.66Total debt35.41Net cash (debt)−30.75Shareholders’ equity50.88Debt to equity0.70Fiscal year 2024Cash5.30Total debt32.64Net cash (debt)−27.34Shareholders’ equity47.96Debt to equity0.68Fiscal year 2025Cash3.83Total debt31.71Net cash (debt)−27.88Shareholders’ equity46.03Debt to equity0.69
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash 2.20 3.29 2.60 2.53 3.14 2.81 3.45 4.66 5.30 3.83
Total debt 16.49 44.03 43.28 37.80 39.93 35.67 38.73 35.41 32.64 31.71
Net cash (debt) −14.28 −40.74 −40.68 −35.28 −36.79 −32.86 −35.28 −30.75 −27.34 −27.88
Shareholders’ equity 8.18 60.80 65.44 63.90 62.67 65.42 73.68 50.88 47.96 46.03
Debt to equity 2.02 0.72 0.66 0.59 0.64 0.55 0.53 0.70 0.68 0.69

In billions of GBP, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Ratios

Percentages worked out from the filed figures; debt to equity in times. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2016 31 Dec 2016 FY2017 31 Dec 2017 FY2018 31 Dec 2018 FY2019 31 Dec 2019 FY2020 31 Dec 2020 FY2021 31 Dec 2021 FY2022 31 Dec 2022 FY2023 31 Dec 2023 FY2024 31 Dec 2024 FY2025 31 Dec 2025
Margins
32.9% 32.8% 38.0% 34.8% 38.6% 39.8% 38.1% −57.7% 10.6% 39.0%
44.2% 150.9% 34.1% 30.6% 33.6% 35.7% 33.7% −62.5% 13.7% 38.5%
32.9% 191.6% 24.6% 22.0% 24.8% 26.5% 24.1% −52.7% 11.9% 30.3%
28.5% 23.3% 38.9% 32.2% 36.0% 35.8% 35.7% 37.6% 37.3% 22.6%
Spending
1.0% 1.0% 1.1% 1.5% 1.2% 1.2% 1.2% 1.5% 1.5% 1.4%
4.1% 4.0% 3.1% 2.6% 2.0% 2.1% 1.9% 1.7% 1.9% 2.2%
22.5% −27.5% 25.6% 26.1% 24.3% 23.9% 26.6% n/a 10.1% 21.2%
Returns
56.8% 61.6% 9.2% 8.9% 10.2% 10.4% 9.0% −28.2% 6.4% 16.9%
11.7% 26.6% 4.1% 4.0% 4.6% 5.0% 4.3% −12.1% 2.6% 7.1%
Balance and payout
2.02 0.72 0.66 0.59 0.64 0.55 0.53 0.70 0.68 0.69
n/a n/a n/a n/a 77.3% 73.6% n/a n/a n/a n/a
n/a n/a 1.5% 1.4% 53.3% 54.4% 20.4% 0.0% 7.2% 19.2%

Shown in GBP as filed; the screener converts to dollars.