BTI on NYSE

British American Tobacco

Logo: Unknown author Unknown author, Public domain, via Wikimedia Commons4

British multinational tobacco company

British American Tobacco p.l.c. (BAT) is a British-American multinational company that manufactures and sells cigarettes, tobacco and other nicotine products including electronic cigarettes.3 From Wikipedia, CC BY-SA 4.0

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Last updated Oct 16, 2026.

Overview

25.6BRevenue, fiscal 20255
7.8BNet income, fiscal 20255
Sep 1902Founded1

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  • TickerBTI on NYSE1
  • Industryfood and tobacco industry, tobacco industry1
  • HeadquartersLondon1
  • Founded inLondon1
  • Websitebat.com
  • Legal formpublic limited company1
  • Listed onJohannesburg Stock Exchange (BTI), London Stock Exchange (BATS), New York Stock Exchange (BTI)1
  • Business addressGlobe House, 4 Temple Place, London6
  • Filer categoryLarge accelerated filer6

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British American Tobacco Headquarters
Photo: H005, CC BY-SA 3.0, via Wikimedia Commons7

British American Tobacco p.l.c. (BAT) is a British-American multinational company that manufactures and sells cigarettes, tobacco and other nicotine products including electronic cigarettes. The company, established in 1902, is headquartered in London, England. As of 2025, it is the second-largest tobacco company in the world based on net sales.3

Financials

From the company’s reports to the SEC. Every number links to the filing it came from. Figures are in GBP, the currency the company reports in.

Key numbers, fiscal 2025

39.0%Operating margin5
30.3%Net margin5
-1.0%Revenue growth, 20255
16.1%Return on equity5
5.8B GBPFree cash flow5

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Products and services

Combustibles brought in 79% of the revenue British American Tobacco broke down this way in fiscal 2025.

  1. Combustibles20.2B GBP579%down 2% from 2024
  2. New Categories3.6B GBP514%up 6% from 2024
  3. Traditional Oral1.0B GBP54%down 4% from 2024
  4. Others745.0M GBP53%up 13% from 2024
Products and services by year
Products and services202320242025
Combustibles22.1B GBP20.7B GBP20.2B GBP
New Categories3.3B GBP3.4B GBP3.6B GBP
Traditional Oral1.2B GBP1.1B GBP1.0B GBP
Others665.0M GBP658.0M GBP745.0M GBP

Regions

Foreign countries [member] brought in 99% of the revenue British American Tobacco broke down this way in fiscal 2025.

  1. Foreign countries [member]25.3B GBP599%down 1% from 2024
  2. United Kingdom268.0M GBP51%up 6% from 2024
Regions by year
Regions202320242025
Foreign countries [member]27.0B GBP25.6B GBP25.3B GBP
United Kingdom255.0M GBP254.0M GBP268.0M GBP

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Other costs70¢17.8B GBP
  • Profit30¢7.8B GBP

Out of 25.6B GBP in revenue.5

Where each dollar of operating cash went, fiscal 2025

  • Capital spending9¢551.0M GBP
  • Kept or used elsewhere91¢5.8B GBP

Out of 6.3B GBP of cash from operations.5

Financial statements

Revenue89101112525.6B GBP in 2025+5% since 2018
010.0B GBP20.0B GBP30.0B GBP2018: 24.5B GBP24.5B GBP20182019: 25.9B GBP25.9B GBP2019+6%2020: 25.8B GBP25.8B GBP2020−0%2021: 25.7B GBP25.7B GBP2021−0%2022: 27.7B GBP27.7B GBP2022+8%2023: 27.3B GBP27.3B GBP2023−1%2024: 25.9B GBP25.9B GBP2024−5%2025: 25.6B GBP25.6B GBP2025−1%
Operating income89101112510.0B GBP in 2025+7% since 2018
-20.0B GBP-10.0B GBP010.0B GBP20.0B GBP2018: 9.3B GBP9.3B GBP20182019: 9.0B GBP9.0B GBP2019−3%2020: 10.0B GBP10.0B GBP2020+10%2021: 10.2B GBP10.2B GBP2021+3%2022: 10.5B GBP10.5B GBP2022+3%2023: -15.8B GBP-15.8B GBP20232024: 2.7B GBP2.7B GBP20242025: 10.0B GBP10.0B GBP2025+265%
Net income8910111257.8B GBP in 2025+25% since 2018
-20.0B GBP-10.0B GBP010.0B GBP2018: 6.2B GBP6.2B GBP20182019: 5.8B GBP5.8B GBP2019−6%2020: 6.6B GBP6.6B GBP2020+12%2021: 7.0B GBP7.0B GBP2021+6%2022: 6.8B GBP6.8B GBP2022−2%2023: -14.2B GBP-14.2B GBP20232024: 3.2B GBP3.2B GBP20242025: 7.8B GBP7.8B GBP2025+144%

Every line of the income statement in the latest annual report, as filed.5

Period ending2025-12-312024-12-312023-12-31
Revenue25.6B GBP25.9B GBP27.3B GBP
Raw materials and consumables used-4.5B GBP-4.6B GBP-4.5B GBP
Changes in inventories of finished goods and work in progress239.0M GBP129.0M GBP-96.0M GBP
Employee benefit costs-3.1B GBP-2.8B GBP-2.7B GBP
Depreciation, amortisation and impairment costs-2.5B GBP-3.1B GBP-28.6B GBP
Other operating income192.0M GBP340.0M GBP432.0M GBP
Loss on reclassification from amortised cost to fair value-12.0M GBP-10.0M GBP-9.0M GBP
Other operating expenses-5.9B GBP-13.1B GBP-7.5B GBP
Profit/(loss) from operations10.0B GBP2.7B GBP-15.8B GBP
Net finance costs-1.8B GBP-1.1B GBP-1.9B GBP
Share of post-tax results of associates and joint ventures1.7B GBP1.9B GBP585.0M GBP
Profit/(loss) before taxation9.9B GBP3.5B GBP-17.1B GBP
Taxation on ordinary activities-2.1B GBP-357.0M GBP2.9B GBP
Profit/(loss) for the year7.8B GBP3.2B GBP-14.2B GBP
Owners of the parent7.8B GBP3.1B GBP-14.4B GBP
Non-controlling interests1.0M GBP113.0M GBP178.0M GBP
Basic (loss)/earnings (in GBP per share)3.51 GBP1.37 GBP-6.47 GBP
Diluted (loss)/earnings per share (in GBP per share)3.49 GBP1.36 GBP-6.47 GBP
Duty excise and other taxes levied on tobacco and tobacco related products32.2B GBP33.8B GBP36.9B GBP

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The story

Founded by James Buchanan Duke on Sep 1902, in London.1

Leadership

Who has led British American Tobacco, and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Jack Bowles2019–now

Chair

  1. Richard Burrows2009–2021
197019801990200020102020

Subsidiaries and ownership

Subsidiaries

  • BAT Brasil
  • Bentoel Group
  • British American Tobacco (Canada)
  • British American Tobacco (Czech Republic)
  • British American Tobacco (Germany)
  • British American Tobacco (Japan)
  • British American Tobacco (Suisse)
  • British American Tobacco Co. (Holland) LTD
  • British American Tobacco Denmark
  • British American Tobacco Finland Oy
  • British American Tobacco Zaïre
  • British Tobacco Company (Australia)
  • Ceylon Tobacco Company
  • Imperial Tobacco Company of Canada Ltd.
  • Pécsi Dohánygyár
  • Rothmans International
  • Tekel
  • Tobacco Securities Trust
  • Tobacco factory in Saratov
  • United Tobacco Companies (South)
  • Turkish-Macedonian Tobacco Company since 1999

Also owns

  • Imasco
  • Ten Motives
  • Vogue

From Wikidata.1

Acquisitions

  1. 1999Acquired Turkish-Macedonian Tobacco Company1

Employees over time

  • 202055,0001

Timeline

  1. Apr 1, 2019New chief executive Jack Bowles becomes CEO1
  2. Sep 1902Founded Founded in London1

Recent filings

  1. Oct 9, 20266-K REPORT OF FOREIGN PRIVATE ISSUER
  2. Oct 7, 20266-K REPORT OF FOREIGN PRIVATE ISSUER
  3. Oct 2, 20266-K REPORT OF FOREIGN PRIVATE ISSUER
  4. Oct 1, 20266-K REPORT OF FOREIGN PRIVATE ISSUER
  5. Sep 29, 20266-K REPORT OF FOREIGN PRIVATE ISSUER
  6. Sep 9, 20266-K REPORT OF FOREIGN PRIVATE ISSUER
  7. Sep 8, 202625-NSE
  8. Sep 3, 20266-K REPORT OF FOREIGN PRIVATE ISSUER
  9. Sep 2, 20266-K REPORT OF FOREIGN PRIVATE ISSUER
  10. Sep 1, 20266-K REPORT OF FOREIGN PRIVATE ISSUER
  11. Aug 28, 20266-K REPORT OF FOREIGN PRIVATE ISSUER
  12. Aug 26, 20266-K PRESS RELEASE
  13. Aug 20, 20266-K REPORT OF FOREIGN PRIVATE ISSUER
  14. Aug 18, 20266-K REPORT OF FOREIGN PRIVATE ISSUER
  15. Aug 11, 2026CERT NYSE CERTIFICATION

Every filing from the last three years, summarized. The full record is on SEC EDGAR.2

Sources

The numbers on this page point here. Each one links to the record it came from.

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