BTI financial statements
The full income statement, balance sheet, and cash-flow statement for British American Tobacco p.l.c. (ADR) (BTI), plus valuation ratios — straight from SEC filings. Switch between annual, quarterly, and trailing-twelve-month figures, pick how far back to look, and flip the time order. Every line has a trend sparkline.
Shares outstanding (point-in-time)
SEC-filed end-of-period counts (cover pages and balance sheets, split-adjusted) — the series realized buyback yield is computed from. The weighted-average share lines in the statements below lag these by design: an average over the year sits near the midpoint of an ongoing buyback.
| Line item | Trend | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Income Statement | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 31 ’23 | as ofDec 31 ’22 | as ofDec 31 ’21 | |
| Revenue | 33.8B+2.3% | 33.1B-2.6% | 33.9B-0.5% | 34.1B-3.5% | 35.3B+6.9% | |
| Research & development | 473M-2.7% | 486M-4.3% | 507M+27.4% | 398M-4.8% | 418M+6.2% | |
| Operating income | 13.2B+277.5% | 3.50B+117.9% | -19.6B-250.9% | 13.0B-7.9% | 14.1B+10.2% | |
| Interest expense | 2.68B+55.7% | 1.72B-33.4% | 2.59B+21.1% | 2.14B+2.1% | 2.09B-9.1% | |
| Pre-tax income | 13.0B+187.9% | 4.52B+121.3% | -21.2B-284.5% | 11.5B-8.8% | 12.6B+13.3% | |
| Income tax | 2.76B+506.0% | 456M+112.8% | -3.57B-216.9% | 3.05B+1.4% | 3.01B+11.4% | |
| 10.3B+152.2% | 4.06B+123.0% | -17.6B-309.0% | 8.44B-12.0% | 9.59B+13.9% | ||
| Net income to common | 10.2B+161.5% | 3.92B+121.9% | -17.9B-317.3% | 8.22B-12.2% | 9.36B+14.0% | |
| $4.61+165.2% | $1.74+121.6% | -$8.04-323.4% | $3.60-11.5% | $4.07+13.7% | ||
| EPS (basic) | $4.63+165.3% | $1.75+121.7% | -$8.04-322.3% | $3.62-11.5% | $4.08+13.7% | |
| Weighted-avg shares (basic) | 2.19B-1.2% | 2.21B-0.7% | 2.23B-1.2% | 2.26B-1.4% | 2.29B+0.0% | |
| Weighted-avg shares (diluted) | 2.20B-1.2% | 2.23B-0.2% | 2.23B-1.7% | 2.27B-1.3% | 2.30B+0.1% | |
| Dividends per share | $3.23+5.4% | $3.07+4.8% | $2.93+2.9% | $2.85-5.0% | $3.00+8.3% | |
| Balance Sheet | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 31 ’23 | as ofDec 31 ’22 | as ofDec 31 ’21 | |
| 17.1B-5.0% | 18.0B-0.5% | 18.1B-2.8% | 18.6B+7.5% | 17.3B-5.9% | ||
| Cash & equivalents | 5.15B-22.7% | 6.66B+12.3% | 5.93B+42.8% | 4.15B+9.6% | 3.79B-10.5% | |
| Accounts receivable | 5.12B+12.9% | 4.53B-1.7% | 4.61B-12.4% | 5.26B-1.3% | 5.33B+6.2% | |
| Inventory | 5.90B+1.6% | 5.81B-7.7% | 6.29B-8.0% | 6.84B-4.1% | 7.13B-12.0% | |
| 147B-1.6% | 150B-1.1% | 151B-18.3% | 185B-0.2% | 185B-0.2% | ||
| Property, plant & equipment | — | — | 5.84B-0.5% | 5.87B-12.2% | 6.69B-2.1% | |
| Goodwill | 52.4B+1.3% | 51.7B-1.1% | 52.3B-9.5% | 57.8B-0.8% | 58.3B-0.3% | |
| Total non-current assets | 130B-1.1% | 132B-1.1% | 133B-20.1% | 167B-0.9% | 168B+0.4% | |
| 19.6B-17.1% | 23.6B+18.1% | 20.0B-7.3% | 21.5B+5.3% | 20.4B-2.2% | ||
| Short-term & current debt | 4.53B-16.5% | 5.42B-1.5% | 5.51B+3.5% | 5.32B-1.3% | 5.39B-1.2% | |
| Long-term debt | 42.7B+4.0% | 41.1B-8.9% | 45.1B-3.4% | 46.7B-3.0% | 48.1B-10.7% | |
| 62.0B+2.7% | 60.3B-6.9% | 64.8B-27.1% | 88.8B+0.6% | 88.3B+4.4% | ||
| Total equity incl. non-controlling | 64.8B+3.1% | 62.9B-6.7% | 67.4B-26.2% | 91.3B+0.3% | 91.0B+7.1% | |
| Shares outstanding (cover) | 2.31B-1.4% | 2.35B-4.5% | 2.46B+0.0% | 2.46B+0.0% | 2.46B+0.0% | |
| Cash Flow | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 31 ’23 | as ofDec 31 ’22 | as ofDec 31 ’21 | |
| Cash from operations | 8.37B-35.3% | 12.9B-2.9% | 13.3B+3.9% | 12.8B-4.1% | 13.4B+6.5% | |
| Acquisitions | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Long-term debt issued | 5.04B+63.9% | 3.07B-51.9% | 6.38B+58.5% | 4.03B+199.3% | 1.35B-89.3% | |
| Long-term debt repaid | 5.19B-15.8% | 6.17B-26.7% | 8.42B+124.3% | 3.75B-43.7% | 6.66B-51.2% | |
| Common stock issued | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Common stock repurchased | 80.5M-33.0% | 120M-12.2% | 137M+38.7% | 98.6M | 0.00 | |
| Dividends paid | 6.91B+3.8% | 6.66B+6.0% | 6.28B+3.7% | 6.06B-10.2% | 6.75B+10.8% | |
| Valuation Ratios | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 31 ’23 | as ofDec 31 ’22 | as ofDec 31 ’21 | |
| Market cap | 125B+54.1% | 80.8B+21.7% | 66.4B-27.7% | 91.8B+6.9% | 85.9B-0.1% | |
| P/E | 12.1×-38.9% | 19.9×+152.7% | 7.9×-17.8% | 9.6×+6.9% | 9.0×-12.3% | |
| P/S | 3.7×+50.6% | 2.4×+25.5% | 1.9×-25.1% | 2.6×+6.9% | 2.4×-6.5% | |
| P/B | 2.0×+50.0% | 1.3×+79.2% | 0.7×-28.1% | 1.0×+6.9% | 1.0×-4.3% | |
| Earnings yield | 8.2%+63.7% | 5.0%-60.4% | 12.7%+21.7% | 10.4%-6.4% | 11.2%+14.1% | |
| Dividend yield | 5.7%-32.4% | 8.5%-15.5% | 10.0%+40.4% | 7.1%-11.1% | 8.0%+8.6% | |
| Source filing | 20-F | 20-F | 20-F | 20-F | 20-F |
About this data
Source: BTI’s SEC filings (10-K / 10-Q). Annual columns are as-reported fiscal years; quarterly columns are as-reported fiscal quarters (Q4 derived as full-year minus the first three quarters where a company doesn’t file a standalone Q4); TTM (quarterly) rolls the trailing four quarters at every quarter end, TTM (yearly) samples that one year apart; balance-sheet rows show the period-end balance. Valuation ratios are sampled as of each period end. View all BTI filings on SEC EDGAR → Not investment advice.