British American Tobacco p.l.c. (BTI) Cash Flow Statement
Where BTI’s cash came from and went, 2025
December 31, 2025 · British pounds- Cash from operations
- £6.34B −37.4% vs 2024
- Capital expenditures
- £551.0M 2.2% of revenue
- Free cash flow
- £5.79B 22.6% margin
- Returned to shareholders
- £6.27B 108% of free cash flow
- Change in cash
- −£1.32B cash at year-end £3.79B
Drawn to scale: where the cash came from and how it was used. Hover for values.
BTI operating cash flow, capex and free cash flow
BTI cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | £4.61B2016 | £6.34B2025 | +3.6%/yr | |
| Capital expenditures | £586.0M2016 | £551.0M2025 | −0.7%/yr | |
| Free cash flow | £4.02B2016 | £5.79B2025 | +4.1%/yr | |
| Free cash flow margin | 28.5%2016 | 22.6%2025 | −5.9 pts | |
| Operating cash flow / net income | 0.992016 | 0.822025 | −0.18 | |
| Stock-based compensation | £84.0M2016 | £5.68B2023 | +82.6%/yr | |
| Dividends paid | £2.91B2016 | £5.12B2025 | +6.5%/yr | |
| Share buybacks (net) | £64.0M2016 | £1.15B2025 | +37.8%/yr | |
| Capex / revenue | 4.1%2016 | 2.2%2025 | −2.0 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
BTI cash flow by activity
BTI net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
BTI cash flow statement in British pounds
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | £7.76B | £3.18B | −£14.19B | £6.85B | £6.97B | £9.96B | £9.02B | £6.03B | £37.48B | £4.65B |
| Depreciation & amortization | £2.27B | £3.10B | £24.00B | £1.30B | £1.08B | £1.45B | £1.51B | £1.04B | £812.3M | £549.7M |
| Stock-based compensation | — | — | £5.68B | £102.8M | £105.5M | £124.4M | £159.0M | £123.0M | £117.0M | £84.0M |
| Change in working capital | −£3.44B | £5.78B | −£469.0M | £103.0M | −£62.0M | £109.0M | £314.0M | £1.47B | −£596.0M | −£797.0M |
| Other non-cash items | −£255.0M | −£1.93B | −£4.31B | £2.04B | £1.62B | −£1.86B | −£2.00B | £1.64B | −£32.47B | £125.3M |
| Cash from operating activities | £6.34B | £10.12B | £10.71B | £10.39B | £9.72B | £9.79B | £9.00B | £10.29B | £5.35B | £4.61B |
| Investing activities | ||||||||||
| Capital expenditures | −£551.0M | −£608.0M | −£460.0M | −£656.0M | −£745.0M | −£755.0M | −£815.0M | −£758.0M | −£791.0M | −£586.0M |
| Investments (net) | £794.0M | £1.38B | −£296.0M | −£705.0M | −£361.0M | −£783.0M | −£639.0M | −£1.02B | −£18.54B | −£640.0M |
| Acquisitions & other investing | £1.14B | £608.0M | £460.0M | £656.0M | −£34.0M | £755.0M | £815.0M | £758.0M | £791.0M | £586.0M |
| Cash from investing activities | £1.39B | £1.38B | −£296.0M | −£705.0M | −£1.14B | −£783.0M | −£639.0M | −£1.02B | −£18.54B | −£640.0M |
| Financing activities | ||||||||||
| Dividends paid | −£5.12B | −£5.21B | −£5.11B | −£4.92B | −£4.90B | −£4.75B | −£4.60B | −£4.35B | −£3.46B | −£2.91B |
| Share repurchases & issuance (net) | −£1.15B | −£792.0M | −£110.0M | −£2.09B | −£82.0M | −£18.0M | −£117.0M | −£139.0M | −£205.0M | −£64.0M |
| Net borrowing (repayment) | −£118.0M | −£2.42B | −£1.64B | £2.0M | −£4.02B | −£971.0M | −£1.55B | −£3.48B | £20.10B | −£364.0M |
| Shares issued | £0 | £0 | £0 | £0 | £0 | £0 | £0 | £0 | £0 | £0 |
| Other financing | −£2.37B | −£2.21B | −£2.46B | −£1.87B | £256.0M | −£2.16B | −£2.33B | −£1.66B | −£1.67B | −£891.0M |
| Cash from financing activities | −£8.76B | −£10.63B | −£9.31B | −£8.88B | −£8.75B | −£7.90B | −£8.59B | −£9.63B | £14.76B | −£4.23B |
| Summary | ||||||||||
| Net change in cash | −£1.32B | £587.0M | £1.18B | £874.0M | −£425.0M | £853.0M | −£293.0M | −£494.0M | £1.17B | −£79.0M |
| Cash at end of period | £3.79B | £5.10B | £4.52B | £3.34B | £2.46B | £2.89B | £2.04B | £2.33B | £2.82B | £1.65B |
| Free cash flow | £5.79B | £9.52B | £10.25B | £9.74B | £8.97B | £9.03B | £8.18B | £9.54B | £4.56B | £4.02B |
| Free cash flow margin | 22.6% | 36.8% | 37.6% | 35.2% | 34.9% | 35.0% | 31.6% | 38.9% | 23.3% | 28.5% |
| Capex / revenue | 2.2% | 2.4% | 1.7% | 2.4% | 2.9% | 2.9% | 3.1% | 3.1% | 4.0% | 4.1% |
| Operating cash flow / net income | 0.82 | 3.18 | — | 1.52 | 1.39 | 0.98 | 1.00 | 1.71 | 0.14 | 0.99 |
| Jun '26 | Dec '25 | Jun '25 | Dec '24 | Jun '24 | Dec '23 | Sep '23 | Jun '23 | Mar '23 | Dec '22 | Sep '22 | Jun '22 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | £3.19B | £3.25B | £4.51B | −£1.42B | £4.49B | −£14.19B | −£9.16B | £3.96B | £1.98B | £2.91B | £2.68B | £1.13B |
| Depreciation & amortization | £1.37B | £966.0M | £1.12B | £639.1M | £1.63B | £394.5M | £124.5M | £480.0M | £240.0M | £580.9M | £536.6M | −£261.7M |
| Stock-based compensation | — | — | — | — | — | £74.0M | — | — | — | £51.4M | £47.5M | — |
| Change in working capital | −£1.38B | −£1.45B | −£1.99B | £3.89B | −£2.06B | £1.16B | £580.0M | −£2.27B | −£1.13B | £65.3M | £60.3M | −£241.0M |
| Other non-cash items | −£582.3M | £653.7M | −£1.33B | £375.4M | −£898.3M | £19.90B | £12.13B | £1.21B | £602.5M | £732.6M | £676.7M | £1.33B |
| Cash from operating activities | £2.60B | £3.42B | £2.31B | £3.48B | £3.17B | £7.34B | £3.67B | £3.38B | £1.69B | £4.34B | £4.01B | £1.96B |
| Investing activities | ||||||||||||
| Capital expenditures | −£135.0M | −£448.0M | −£103.0M | −£492.0M | −£116.0M | −£350.0M | −£175.0M | −£110.0M | −£55.0M | −£256.3M | −£236.7M | −£60.3M |
| Investments (net) | — | — | — | — | — | — | — | — | — | −£35.0M | −£35.0M | −£49.0M |
| Acquisitions & other investing | −£252.9M | £714.7M | £1.11B | £434.0M | £2.81B | £13.0M | — | £151.0M | — | −£413.7M | £23.2M | £5.3M |
| Cash from investing activities | −£387.8M | £266.7M | £1.01B | −£58.0M | £2.70B | −£337.0M | — | £41.0M | — | −£705.0M | −£248.5M | −£104.0M |
| Financing activities | ||||||||||||
| Dividends paid | −£2.65B | −£2.68B | −£2.61B | −£1.33B | −£2.60B | −£2.63B | −£1.32B | −£4.96B | −£1.24B | −£1.47B | −£1.36B | −£1.51B |
| Share repurchases & issuance (net) | −£756.5M | −£674.0M | −£511.0M | £126.0M | −£918.0M | −£2.2M | — | −£220.0M | −£55.0M | −£457.0M | −£422.1M | −£813.1M |
| Net borrowing (repayment) | — | — | — | — | — | — | — | — | — | −£1.00B | −£1.00B | £1.00B |
| Shares issued | £0 | £0 | £0 | £0 | £0 | £0 | £0 | £0 | £0 | £0 | £0 | £0 |
| Other financing | −£375.8M | −£595.0M | −£997.0M | −£6.07B | £165.0M | −£3.65B | −£1.83B | £2.15B | −£217.0M | −£990.0M | −£838.2M | −£135.9M |
| Cash from financing activities | −£3.79B | −£3.95B | −£4.12B | −£7.27B | −£3.36B | −£6.29B | −£3.15B | −£3.02B | −£1.51B | −£3.92B | −£3.62B | −£1.45B |
| Summary | ||||||||||||
| Net change in cash | −£1.35B | −£658.7M | £4.16B | −£830.0M | £5.69B | £978.0M | −£3.27B | £235.0M | £111.0M | £149.3M | £137.9M | £605.6M |
| Cash at end of period | £2.50B | £3.82B | £4.16B | £5.10B | £5.69B | £4.66B | £295.0M | £3.68B | £111.0M | £149.3M | £137.9M | £605.6M |
| Free cash flow | £2.47B | £3.58B | £2.21B | £6.47B | £3.05B | £6.99B | £3.49B | £3.27B | £1.63B | £4.08B | £3.77B | £1.90B |
| Free cash flow margin | 20.0% | 26.5% | 18.3% | 47.8% | 24.7% | 50.5% | 50.5% | 24.3% | 24.3% | 55.2% | 51.0% | 29.5% |
| Capex / revenue | 1.1% | 3.3% | 0.9% | 3.6% | 0.9% | 2.5% | 2.5% | 0.8% | 0.8% | 3.5% | 3.2% | 0.9% |
| Operating cash flow / net income | 0.82 | 1.05 | 0.51 | — | 0.70 | — | — | 0.85 | 0.85 | 1.49 | 1.49 | 1.73 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in British pounds as reported; data from EODHD.
BTI cash generation
In fiscal 2025 (ended December 31, 2025), British American Tobacco p.l.c. generated £6.3 billion of cash from operations (down 37.4%) and spent £551.0 million on capital expenditures, leaving free cash flow of £5.8 billion, 22.6% of revenue. It returned £6.3 billion to shareholders through dividends (£5.1 billion) and net share buybacks (£1.1 billion). Cash and equivalents fell by £1.3 billion over the year.
Related: BTI income statement, BTI balance sheet, BTI dividend history. See the BTI stock overview for the latest quote and news.
BTI cash flow FAQ
What is British American Tobacco p.l.c.'s free cash flow?
British American Tobacco p.l.c.'s free cash flow was £5.8 billion in fiscal 2025: £6.3 billion of operating cash flow minus £551.0 million of capital expenditures It was £9.5 billion a year earlier..
How much cash does British American Tobacco p.l.c. generate from operations?
British American Tobacco p.l.c. generated £6.3 billion of cash from operating activities in fiscal 2025, 0.82 times its net income of £7.8 billion.
How much does British American Tobacco p.l.c. spend on capital expenditures?
British American Tobacco p.l.c. spent £551.0 million on capital expenditures in fiscal 2025, 2.2% of revenue, compared with £608.0 million the year before.
How much stock does British American Tobacco p.l.c. buy back?
British American Tobacco p.l.c. spent £1.1 billion on net share repurchases in fiscal 2025.
How much does British American Tobacco p.l.c. pay in dividends?
British American Tobacco p.l.c. paid £5.1 billion in dividends in fiscal 2025, 88.5% of free cash flow.