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.

PeriodRangeOrderChangeYoYQoQAs-reported fiscal years.

Line item	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 YoY+2.3%	33.1B YoY-2.5%	33.9B YoY-0.5%	34.1B YoY-3.5%	35.3B YoY+6.8%
Research & development	473M YoY-2.7%	486M YoY-4.3%	507M YoY+27.4%	398M YoY-4.8%	418M YoY+6.2%
Operating income	13.2B YoY+277.5%	3.50B YoY+117.9%	-19.6B YoY-250.9%	13.0B YoY-7.8%	14.1B YoY+10.1%
Interest expense	2.68B YoY+55.7%	1.72B YoY-33.4%	2.59B YoY+21.1%	2.14B YoY+2.1%	2.09B YoY-9.1%
Pre-tax income	13.0B YoY+187.9%	4.52B YoY+121.3%	-21.2B YoY-284.5%	11.5B YoY-8.8%	12.6B YoY+13.3%
Income tax	2.76B YoY+506.0%	456M YoY+112.8%	-3.57B YoY-216.9%	3.06B YoY+1.5%	3.01B YoY+11.3%
	10.3B YoY+152.2%	4.07B YoY+123.0%	-17.6B YoY-309.0%	8.44B YoY-12.0%	9.59B YoY+13.9%
Net income to common	10.2B YoY+161.4%	3.92B YoY+121.9%	-17.9B YoY-317.3%	8.22B YoY-12.1%	9.35B YoY+13.9%
	$4.61 YoY+165.2%	$1.74 YoY+121.6%	-$8.04 YoY-323.4%	$3.60 YoY-11.5%	$4.07 YoY+13.6%
EPS (basic)	$4.63 YoY+165.3%	$1.75 YoY+121.7%	-$8.04 YoY-322.3%	$3.62 YoY-11.5%	$4.08 YoY+13.7%
	2.19B YoY-1.2%	2.21B YoY-0.7%	2.23B YoY-1.2%	2.26B YoY-1.4%	2.29B YoY+0.0%
	2.20B YoY-1.2%	2.23B YoY-0.2%	2.23B YoY-1.7%	2.27B YoY-1.3%	2.30B YoY+0.1%
Dividends per share	$3.23 YoY+5.4%	$3.07 YoY+4.8%	$2.93 YoY+2.9%	$2.85 YoY-5.0%	$3.00 YoY+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 YoY-4.8%	17.9B YoY-0.7%	18.1B YoY-2.8%	18.6B YoY+7.5%	17.3B YoY-6.8%
Cash & equivalents	5.15B YoY-22.5%	6.65B YoY+12.0%	5.93B YoY+42.8%	4.15B YoY+9.6%	3.79B YoY-11.4%
Accounts receivable	5.12B YoY+13.2%	4.52B YoY-1.9%	4.61B YoY-12.4%	5.26B YoY-1.3%	5.33B YoY+5.2%
Inventory	5.90B YoY+1.9%	5.79B YoY-7.9%	6.29B YoY-8.0%	6.84B YoY-4.1%	7.13B YoY-12.8%
	147B YoY-1.4%	149B YoY-1.3%	151B YoY-18.3%	185B YoY-0.2%	185B YoY-1.2%
Property, plant & equipment	—	—	5.84B YoY-0.5%	5.87B YoY-12.2%	6.69B YoY-3.1%
Goodwill	52.4B YoY+1.5%	51.6B YoY-1.4%	52.3B YoY-9.5%	57.8B YoY-0.8%	58.3B YoY-1.3%
Total non-current assets	130B YoY-0.9%	131B YoY-1.4%	133B YoY-20.1%	167B YoY-0.9%	168B YoY-0.6%
	19.6B YoY-16.8%	23.5B YoY+17.9%	20.0B YoY-7.3%	21.5B YoY+5.3%	20.4B YoY-3.1%
Short-term & current debt	4.53B YoY-16.3%	5.41B YoY-1.7%	5.51B YoY+3.5%	5.32B YoY-1.3%	5.39B YoY-2.2%
Long-term debt	42.7B YoY+4.3%	41.0B YoY-9.2%	45.1B YoY-3.4%	46.7B YoY-3.0%	48.1B YoY-11.5%
	62.0B YoY+3.0%	60.2B YoY-7.1%	64.8B YoY-27.1%	88.8B YoY+0.6%	88.3B YoY+3.4%
Total equity incl. non-controlling	64.8B YoY+3.3%	62.7B YoY-6.9%	67.4B YoY-26.2%	91.3B YoY+0.3%	91.0B YoY+6.0%
	2.31B YoY-1.4%	2.35B YoY-4.5%	2.46B YoY+0.0%	2.46B YoY+0.0%	2.46B YoY+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 YoY-35.3%	12.9B YoY-2.9%	13.3B YoY+3.9%	12.8B YoY-4.1%	13.4B YoY+6.5%
Acquisitions	0.00	0.00	0.00	0.00	0.00
Long-term debt issued	5.04B YoY+63.9%	3.07B YoY-51.9%	6.38B YoY+58.5%	4.03B YoY+199.4%	1.35B YoY-89.3%
Long-term debt repaid	5.19B YoY-15.8%	6.17B YoY-26.7%	8.42B YoY+124.2%	3.75B YoY-43.7%	6.66B YoY-51.2%
Common stock issued	0.00	0.00	0.00	0.00	0.00
Common stock repurchased	80.5M YoY-33.0%	120M YoY-12.2%	137M YoY+38.7%	98.6M	0.00
Dividends paid	6.92B YoY+3.8%	6.66B YoY+6.0%	6.28B YoY+3.7%	6.06B YoY-10.2%	6.75B YoY+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 YoY+54.1%	80.8B YoY+21.7%	66.4B YoY-27.7%	91.8B YoY+6.9%	85.9B YoY-0.1%
P/E	12.1× YoY-38.9%	19.9× YoY+152.7%	7.9× YoY-17.8%	9.6× YoY+6.9%	9.0× YoY-12.3%
P/S	3.7× YoY+50.6%	2.4× YoY+25.5%	1.9× YoY-25.1%	2.6× YoY+6.9%	2.4× YoY-6.5%
P/B	2.0× YoY+49.6%	1.3× YoY+79.6%	0.7× YoY-28.1%	1.0× YoY+6.9%	1.0× YoY-3.4%
	8.2% YoY+63.7%	5.0% YoY-60.4%	12.7% YoY+21.7%	10.4% YoY-6.4%	11.2% YoY+14.1%
	5.7% YoY-32.4%	8.5% YoY-15.4%	10.0% YoY+40.4%	7.1% YoY-11.1%	8.0% YoY+8.5%
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.