British American Tobacco p.l.c. (BTI) Balance Sheet

NYSE: BTIAssets, liabilities, debt and equity over 10 years.

BTI balance sheet, 2025

December 31, 2025 · British pounds

£109.29B assets = £61.15B liabilities + £48.15B equity

Both columns are drawn to the same scale: what BTI owns equals what it owes plus shareholders’ equity. Hover a block for its value.

BTI financial health

Current ratio0.87

Tight · current assets cover current liabilities 0.87×

Debt / equity0.73

Moderate leverage · £0.73 of debt for each $1 of equity

Equity / assets43.9%

Equity-funded · of assets funded by shareholders

Cash / debt11.0%

Low cash cover · cash & short-term investments vs total debt

Goodwill & intangibles79.4%

Mostly intangible · of total assets

Descriptive bands, not a rating. Fiscal 2025.

BTI balance sheet trends, 2016–2025

British American Tobacco p.l.c. balance sheet trends
Metric	Then	Latest	Change
Total assets	£39.77B2016	£109.29B2025	+11.9%/yr
Total liabilities	£31.37B2016	£61.15B2025	+7.7%/yr
Shareholders’ equity	£8.18B2016	£47.93B2025	+21.7%/yr
Cash & short-term investments	£2.22B2016	£3.84B2025	+6.3%/yr
Total debt	£19.50B2016	£35.07B2025	+6.7%/yr
Net cash (debt)	−£17.28B2016	−£31.23B2025	−£14.0B
Working capital	£503.0M2016	−£1.84B2025	−£2.3B
Current ratio	1.042016	0.872025	−0.17
Debt / equity	2.382016	0.732025	−1.65
Shares outstanding	2.26B2016	2.20B2025	−0.3%/yr

Change is the average annual growth (CAGR) or the difference between the first and latest year.

BTI assets

Cash & ST investmentsReceivablesInventoryOther currentPP&EGoodwill & intangiblesLT investmentsOther non-current

BTI liabilities and equity

Current liabilitiesLong-term debtOther long-term liabilitiesEquity

BTI debt vs cash

Total debtCash & ST investmentsNet cash (debt)

Debt includes short- and long-term borrowings and, where reported, lease obligations.

BTI balance sheet in British pounds

British American Tobacco p.l.c. annual balance sheet
	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Assets
Cash & short-term investments	£3.84B	£5.81B	£2.96B	£4.03B	£3.27B	£3.38B	£2.65B	£2.78B	£3.36B	£2.22B
Cash & equivalents	£3.83B	£5.30B	£2.36B	£3.45B	£2.81B	£3.14B	£2.53B	£2.60B	£3.29B	£2.20B
Short-term investments	£16.0M	£513.4M	£601.0M	£579.0M	£456.0M	£242.0M	£123.0M	£178.0M	£65.0M	£15.0M
Receivables	£3.80B	£2.85B	£3.79B	£4.52B	£4.07B	£3.80B	£3.37B	£2.87B	£3.31B	£2.70B
Inventory	£4.38B	£4.62B	£4.94B	£5.67B	£5.28B	£6.00B	£6.09B	£6.03B	£5.86B	£5.79B
Other current assets	£657.0M	£1.01B	£2.49B	£1.20B	£195.0M	£433.0M	£1.16B	£978.0M	£1.44B	£1.65B
Total current assets	£12.68B	£14.29B	£14.19B	£15.41B	£12.81B	£13.61B	£13.27B	£12.65B	£13.97B	£12.36B
Property, plant & equipment (net)	£4.48B	£4.38B	£4.58B	£4.87B	£4.95B	£5.06B	£5.52B	£5.17B	£4.88B	£3.66B
Goodwill & intangible assets	£86.78B	£94.28B	£95.56B	£129.07B	£115.62B	£115.34B	£118.79B	£124.01B	£117.78B	£12.12B
Long-term investments	£0	£0	£0	£0	£0	£0	£23.88B	£15.91B	£24.15B	£60.40B
Other non-current assets	£5.34B	£5.95B	£4.38B	£4.20B	£3.98B	£3.67B	£0	£0	£0	£0
Total assets	£109.29B	£118.90B	£118.72B	£153.55B	£137.37B	£137.69B	£141.00B	£146.34B	£141.04B	£39.77B
Liabilities
Accounts payable	£9.33B	£9.56B	£9.70B	£10.45B	£9.58B	£9.69B	£9.73B	£10.63B	£8.91B	£7.33B
Short-term debt	£3.36B	£4.31B	£4.32B	£4.41B	£3.99B	£4.04B	£7.09B	£3.75B	£4.98B	£3.01B
Deferred revenue	—	—	−£13.0M	−£13.69B	—	—	—	£853.0M	£720.0M	£558.0M
Total current liabilities	£14.52B	£18.74B	£15.67B	£17.85B	£15.14B	£15.48B	£18.82B	£16.33B	£15.54B	£11.86B
Long-term debt	£31.71B	£32.64B	£35.41B	£38.73B	£35.67B	£39.93B	£37.80B	£43.28B	£44.03B	£16.49B
Lease obligations	£529.0M	£585.0M	£498.0M	£517.0M	£446.0M	£475.0M	£0	£0	£0	£0
Other long-term liabilities	£14.91B	£17.52B	£14.70B	£21.26B	£19.15B	£19.33B	£20.22B	£21.04B	£20.44B	£3.02B
Total liabilities	£61.15B	£68.90B	£65.78B	£77.84B	£69.96B	£74.73B	£76.84B	£80.65B	£80.01B	£31.37B
Shareholders' equity
Common stock & paid-in capital	£577.0M	£585.0M	£614.0M	£614.0M	£614.0M	£614.0M	£614.0M	£614.0M	£614.0M	£507.0M
Retained earnings (deficit)	£27.31B	£26.02B	£31.63B	£51.20B	£49.33B	£47.19B	£40.23B	£38.56B	£36.98B	£3.33B
Treasury stock	—	—	—	—	−£5.12B	−£5.15B	−£5.26B	−£5.24B	−£5.20B	−£1000000.00T
Accumulated other comprehensive income	−£2.25B	£27.33B	£27.31B	£30.56B	−£4.42B	£19.82B	£22.87B	−£232.0M	−£3.29B	£31.0M
Minority interest	£219.0M	£352.0M	£368.0M	£342.0M	—	—	£0	£0	£0	£0
Total shareholders' equity	£47.93B	£49.64B	£52.57B	£75.37B	£67.10B	£62.67B	£63.90B	£65.44B	£60.80B	£8.18B
Key figures
Total debt	£35.07B	£36.95B	£39.73B	£43.14B	£39.66B	£43.97B	£45.37B	£47.51B	£49.45B	£19.50B
Net cash (debt)	−£31.23B	−£31.14B	−£36.77B	−£39.11B	−£36.39B	−£40.59B	−£42.72B	−£44.73B	−£46.09B	−£17.28B
Working capital	−£1.84B	−£4.45B	−£1.49B	−£2.44B	−£2.34B	−£1.87B	−£5.55B	−£3.67B	−£1.58B	£503.0M
Tangible book value	−£38.86B	−£44.63B	−£43.00B	−£53.71B	−£48.52B	−£52.67B	−£54.88B	−£58.57B	−£56.98B	−£3.94B
Shares outstanding	2.20B	2.23B	2.23B	2.26B	2.26B	2.26B	2.26B	2.26B	2.26B	2.26B
Current ratio	0.87	0.76	0.91	0.86	0.85	0.88	0.71	0.78	0.90	1.04
Quick ratio	0.53	0.46	0.43	0.48	0.48	0.46	0.32	0.35	0.43	0.41
Debt / equity	0.73	0.74	0.76	0.57	0.59	0.70	0.71	0.73	0.81	2.38
Equity / assets	43.9%	41.8%	44.3%	49.1%	48.8%	45.5%	45.3%	44.7%	43.1%	20.6%

British American Tobacco p.l.c. quarterly balance sheet
	Jun '26	Dec '25	Jun '25	Dec '24	Jun '24	Mar '24	Dec '23	Sep '23	Jun '23	Mar '23	Dec '22	Sep '22
Assets
Cash & short-term investments	£2.53B	£3.84B	£4.89B	£5.81B	£6.63B	£6.63B	£2.96B	£5.26B	£4.13B	£4.13B	£4.03B	£4.03B
Cash & equivalents	£2.52B	£3.83B	£4.40B	£5.30B	£5.93B	£5.93B	£2.36B	£4.66B	£3.68B	£3.68B	£3.45B	£3.45B
Short-term investments	£15.0M	£16.0M	£489.0M	£513.4M	£696.0M	£696.0M	£601.0M	£601.0M	£451.0M	£451.0M	£579.0M	£579.0M
Receivables	£3.85B	£3.80B	£3.48B	£2.85B	£3.64B	£3.64B	£3.79B	£2.89B	£5.57B	£4.22B	£4.52B	£2.61B
Inventory	£4.84B	£4.38B	£5.09B	£4.62B	£5.33B	£5.33B	£4.94B	£4.94B	£5.63B	£5.63B	£5.67B	£5.67B
Other current assets	£700.0M	£657.0M	£419.0M	£1.01B	£271.0M	£271.0M	£2.49B	£1.10B	£0	£1.11B	£1.20B	£3.10B
Total current assets	£11.92B	£12.68B	£13.88B	£14.29B	£15.87B	£15.87B	£14.19B	£14.19B	£15.09B	£15.09B	£15.41B	£15.41B
Property, plant & equipment (net)	£4.22B	£4.48B	£4.16B	£4.38B	£4.43B	£4.43B	£4.58B	£4.58B	£4.52B	£4.52B	£4.87B	£4.87B
Goodwill & intangible assets	£86.56B	£86.93B	£86.22B	£94.28B	£94.70B	£94.70B	£95.56B	£95.56B	£122.13B	£122.13B	£129.07B	£129.07B
Long-term investments	£0	£0	£0	£0	£0	£0	£0	£0	£0	£0	£0	£0
Other non-current assets	£5.68B	£5.19B	£5.97B	£5.95B	£4.37B	£4.37B	£4.38B	£4.38B	£4.33B	£4.33B	£4.20B	£4.20B
Total assets	£108.39B	£109.29B	£110.23B	£118.90B	£119.37B	£119.37B	£118.72B	£118.72B	£146.07B	£146.07B	£153.55B	£153.55B
Liabilities
Accounts payable	£8.58B	£9.33B	£8.24B	£9.56B	£9.02B	£9.02B	£9.70B	£1.71B	£9.22B	£9.22B	£10.45B	£1.86B
Short-term debt	£4.02B	£3.36B	£3.30B	£4.31B	£7.32B	£7.32B	£4.32B	£4.32B	£5.03B	£5.03B	£4.41B	£4.29B
Deferred revenue	—	—	—	—	£1.18B	—	−£13.0M	—	—	—	−£13.69B	—
Total current liabilities	£14.28B	£14.52B	£16.00B	£18.74B	£18.04B	£18.04B	£15.67B	£15.67B	£16.19B	£16.19B	£17.85B	£17.85B
Long-term debt	£0	£31.33B	£31.90B	£32.64B	£32.85B	£0	£35.41B	£0	£37.14B	£0	£38.73B	£0
Lease obligations	—	£529.0M	—	£585.0M	—	—	£498.0M	—	—	—	£517.0M	—
Other long-term liabilities	£45.52B	£15.29B	£15.15B	£17.52B	£14.01B	£46.86B	£14.70B	£50.11B	£20.11B	£57.25B	£21.26B	£59.98B
Total liabilities	£59.79B	£61.15B	£63.05B	£68.90B	£64.90B	£64.90B	£65.78B	£65.78B	£73.44B	£73.44B	£77.84B	£77.84B
Shareholders' equity
Common stock & paid-in capital	£573.0M	£577.0M	£581.0M	£585.0M	£589.0M	£589.0M	£614.0M	£614.0M	£614.0M	£614.0M	£614.0M	£614.0M
Retained earnings (deficit)	£22.81B	£22.93B	£22.99B	£26.02B	£26.02B	£26.02B	£31.63B	£31.63B	£45.59B	£45.59B	£51.20B	£51.20B
Accumulated other comprehensive income	£24.42B	−£2.25B	£23.18B	£27.33B	£838.0M	£838.0M	£27.31B	£27.31B	−£536.0M	−£536.0M	£30.56B	£30.56B
Minority interest	£216.0M	£219.0M	£303.0M	£352.0M	—	—	—	—	—	—	—	—
Total shareholders' equity	£48.38B	£47.93B	£46.87B	£49.64B	£54.11B	£54.11B	£52.57B	£52.57B	£72.30B	£72.30B	£75.37B	£75.37B
Key figures
Total debt	£35.06B	£35.07B	£35.33B	£36.95B	£40.38B	£40.38B	£39.73B	£39.79B	£42.17B	£42.17B	£43.14B	£43.45B
Net cash (debt)	−£32.53B	−£31.23B	−£30.43B	−£31.14B	−£33.76B	−£33.76B	−£36.77B	−£34.53B	−£38.04B	−£38.04B	−£39.11B	−£39.42B
Working capital	−£2.35B	−£1.84B	−£2.12B	−£4.45B	−£2.17B	−£2.17B	−£1.49B	−£1.49B	−£1.10B	−£1.10B	−£2.44B	−£2.44B
Tangible book value	−£38.18B	−£39.01B	−£39.35B	−£44.63B	−£40.59B	−£40.59B	−£43.00B	−£43.00B	−£49.83B	−£49.83B	−£53.71B	−£53.71B
Shares outstanding	2.18B	2.19B	2.21B	2.20B	2.23B	—	2.23B	2.23B	2.24B	2.24B	2.26B	2.26B
Current ratio	0.84	0.87	0.87	0.76	0.88	0.88	0.91	0.91	0.93	0.93	0.86	0.86
Quick ratio	0.45	0.53	0.52	0.46	0.57	0.57	0.43	0.52	0.60	0.52	0.48	0.37
Debt / equity	0.72	0.73	0.75	0.74	0.75	0.75	0.76	0.76	0.58	0.58	0.57	0.58
Equity / assets	44.6%	43.9%	42.5%	41.8%	45.3%	45.3%	44.3%	44.3%	49.5%	49.5%	49.1%	49.1%

Quarterly columns are labeled by the month the quarter ended. Figures in British pounds as reported (latest annual report filed February 13, 2026); data from EODHD.

BTI financial position

At the end of fiscal 2025 (December 31, 2025), British American Tobacco p.l.c. had total assets of £109.3 billion (down 8.1% from a year earlier), total liabilities of £61.1 billion and shareholders' equity of £47.9 billion. It held £3.8 billion in cash and short-term investments against £35.1 billion of debt, net debt of £31.2 billion. Its current ratio was 0.87. In the latest quarter (ended June 30, 2026) total assets were £108.4 billion and equity £48.4 billion.

Related: BTI income statement, BTI cash flow statement, BTI key metrics. See the BTI stock overview for the latest quote and news.

BTI balance sheet FAQ

What are British American Tobacco p.l.c.'s total assets?

British American Tobacco p.l.c. reported total assets of £109.3 billion at the end of fiscal 2025 (December 31, 2025), compared with £118.9 billion a year earlier.

How much debt does British American Tobacco p.l.c. have?

British American Tobacco p.l.c. had £35.1 billion of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 0.73.

How much cash does British American Tobacco p.l.c. have?

British American Tobacco p.l.c. held £3.8 billion in cash and short-term investments at the end of fiscal 2025; with £35.1 billion of debt that is net debt of £31.2 billion.

What is British American Tobacco p.l.c.'s book value?

British American Tobacco p.l.c.'s shareholders' equity (book value) was £47.9 billion at the end of fiscal 2025.

What is British American Tobacco p.l.c.'s current ratio?

British American Tobacco p.l.c. had current assets of £12.7 billion and current liabilities of £14.5 billion, a current ratio of 0.87 (current liabilities exceed current assets).

How much goodwill does British American Tobacco p.l.c. have?

British American Tobacco p.l.c. carried £86.8 billion of goodwill and intangible assets, 79.4% of total assets, at the end of fiscal 2025.