British American Tobacco p.l.c. (BTI) Income Statement
BTI 2025 at a glance
Fiscal year ended December 31, 2025 · British poundsBTI revenue and net income
Where BTI's revenue goes
2025Each bar shows an amount and its share of revenue. BTI kept 30.3% of revenue as net income.
BTI profit margins
BTI growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | −1.0% | −2.5% | −0.1% | +7.4% |
| Gross profit | −0.2% | −2.2% | +0.1% | +8.4% |
| Operating income | +265.4% | −1.7% | +0.1% | +7.3% |
| Net income | +153.1% | +5.2% | +3.9% | +6.1% |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
BTI income statement in British pounds
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | £25.61B | £25.87B | £27.28B | £27.66B | £25.68B | £25.78B | £25.88B | £24.49B | £19.56B | £14.13B |
| Cost of revenue | £4.23B | £4.44B | £4.89B | £4.80B | £4.60B | £4.45B | £4.46B | £4.60B | £5.03B | £3.73B |
| Gross profit | £21.38B | £21.43B | £22.39B | £22.85B | £21.09B | £21.33B | £21.42B | £19.89B | £14.53B | £10.40B |
| Research & development | £133.0M | £380.0M | £408.0M | £323.0M | £304.0M | £307.0M | £376.0M | £105.0M | £191.0M | £144.0M |
| Sales, general & admin | £1.12B | £3.95B | £3.86B | £3.83B | £3.81B | £3.76B | £2.87B | £3.00B | £2.61B | £2.10B |
| Total operating expenses | £11.39B | £18.56B | £38.14B | £12.33B | £10.85B | £11.37B | £11.80B | £9.98B | £16.01B | £3.58B |
| Operating income | £10.00B | £2.74B | −£15.75B | £10.52B | £10.23B | £9.96B | £10.41B | £10.03B | £7.17B | £5.26B |
| Interest income | £45.0M | £309.0M | £186.0M | £92.0M | £35.0M | £50.0M | £1.01B | £953.0M | £36.0M | £780.0M |
| Interest expense | £1.93B | £1.10B | £1.89B | £1.66B | £1.49B | £1.78B | £1.81B | £1.48B | £1.20B | £681.0M |
| Income before taxes | £9.86B | £3.54B | −£17.06B | £9.32B | £9.16B | £8.67B | £7.91B | £8.35B | £29.53B | £6.25B |
| Income taxes | £2.09B | £357.0M | −£2.87B | £2.48B | £2.19B | £2.11B | £2.06B | £2.14B | −£8.13B | £1.41B |
| Net income | £7.76B | £3.07B | −£14.37B | £6.67B | £6.80B | £6.40B | £5.70B | £6.03B | £37.53B | £4.65B |
| EBITDA | £12.03B | £7.74B | £36.64B | £12.58B | £11.19B | £11.80B | £10.08B | £10.58B | £30.51B | £5.24B |
| Gross margin | 83.5% | 82.9% | 82.1% | 82.6% | 82.1% | 82.7% | 82.8% | 81.2% | 74.3% | 73.6% |
| Operating margin | 39.0% | 10.6% | −57.7% | 38.1% | 39.8% | 38.6% | 40.2% | 41.0% | 36.6% | 37.2% |
| Net margin | 30.3% | 11.9% | −52.7% | 24.1% | 26.5% | 24.8% | 22.0% | 24.6% | 191.8% | 32.9% |
| Jun '26 | Dec '25 | Jun '25 | Dec '24 | Jun '24 | Dec '23 | Sep '23 | Jun '23 | Mar '23 | Dec '22 | Sep '22 | Jun '22 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | £12.33B | £13.54B | £12.07B | £13.53B | £12.34B | £13.84B | £6.92B | £13.44B | £6.72B | £7.39B | £7.39B | £6.43B |
| Cost of revenue | £5.04B | £2.25B | £1.98B | £2.27B | £2.16B | £2.65B | £1.32B | £2.24B | £1.12B | £4.31B | £1.48B | £1.31B |
| Gross profit | £7.28B | £11.30B | £10.09B | £11.26B | £10.18B | £11.20B | £5.60B | £11.20B | £5.60B | £10.48B | £6.78B | £6.52B |
| Research & development | — | £174.0M | £174.0M | £212.0M | £168.0M | £214.0M | £107.0M | £194.0M | £97.0M | £104.6M | £96.6M | £91.3M |
| Sales, general & admin | — | £2.74B | £1.45B | £2.58B | £1.38B | £2.46B | £1.23B | £1.39B | — | £5.45B | £775.6M | £1.28B |
| Total operating expenses | £2.57B | £6.37B | £5.02B | £12.78B | £5.92B | £32.88B | £16.35B | £5.26B | £2.54B | £9.59B | −£2.82B | −£4.20B |
| Operating income | £4.71B | £4.93B | £5.07B | −£1.52B | £4.26B | −£21.69B | £3.35B | £5.93B | £2.97B | £5.20B | £3.74B | £3.02B |
| Interest income | — | £643.0M | £505.0M | £540.0M | £1.34B | £809.0M | — | £632.0M | — | £582.0M | — | £617.0M |
| Interest expense | £833.1M | £830.8M | £764.0M | £704.0M | £1.80B | £1.03B | — | £903.0M | — | £905.5M | £455.6M | £457.7M |
| Income before taxes | £4.08B | £4.29B | £5.57B | −£2.06B | £5.60B | −£22.36B | −£11.18B | £5.30B | £2.65B | £6.02B | £3.50B | £1.86B |
| Income taxes | £830.1M | £1.08B | £1.01B | −£684.0M | £1.04B | −£4.14B | £2.07B | £1.27B | £634.0M | £1.35B | £756.6M | £683.5M |
| Net income | £3.21B | £3.25B | £4.51B | −£1.42B | £4.49B | −£18.33B | −£9.17B | £3.96B | £1.97B | £4.76B | £2.74B | £1.18B |
| EBITDA | £6.08B | £6.41B | £6.19B | £1.01B | £5.89B | £6.99B | £3.43B | £6.42B | £3.21B | £6.94B | £4.27B | £3.31B |
| Gross margin | 59.1% | 83.4% | 83.6% | 83.2% | 82.5% | 80.9% | 80.9% | 83.3% | 83.3% | 141.7% | 91.6% | 101.4% |
| Operating margin | 38.2% | 36.4% | 42.0% | −11.3% | 34.5% | −156.7% | 48.4% | 44.2% | 44.2% | 70.3% | 50.5% | 47.0% |
| Net margin | 26.1% | 24.0% | 37.4% | −10.5% | 36.4% | −132.4% | −132.6% | 29.5% | 29.3% | 64.4% | 37.1% | 18.3% |
Quarterly columns are labeled by the month the quarter ended. Figures in British pounds as reported in BTI's financial statements (latest annual report filed February 13, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
BTI financial results
In fiscal year 2025 (ended December 31, 2025), British American Tobacco p.l.c. reported revenue of £25.6 billion, down 1.0% from the year before. It had net income of £7.8 billion (up 153.1%), a net profit margin of 30.3%. Over five years revenue grew at an average rate of −0.1% a year. Figures are in British pounds, the currency of its financial statements.
See the BTI stock overview for the latest quote and news, or the BTI chart for price history and technical indicators.
BTI income statement FAQ
What is British American Tobacco p.l.c.'s annual revenue?
British American Tobacco p.l.c. reported total revenue of £25.6 billion for fiscal year 2025, which ended on December 31, 2025. That was down 1.0% from £25.9 billion the previous year.
Is British American Tobacco p.l.c. profitable?
Yes. British American Tobacco p.l.c. reported net income of £7.8 billion in fiscal 2025, a net profit margin of 30.3%; its operating margin was 39.0%.
What is British American Tobacco p.l.c.'s gross margin?
British American Tobacco p.l.c.'s gross margin was 83.5% in fiscal 2025: for every $100 of revenue, British American Tobacco p.l.c. kept $83 after the direct cost of its products and services.
How much does British American Tobacco p.l.c. spend on research and development?
British American Tobacco p.l.c. spent £133.0 million on research and development in fiscal 2025, 0.5% of revenue.
How fast is British American Tobacco p.l.c. growing?
Revenue grew −0.1% a year on average over the last five fiscal years, from £25.8 billion to £25.6 billion.
When does British American Tobacco p.l.c.'s fiscal year end?
British American Tobacco p.l.c.'s fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 13, 2026.