British American Tobacco Plc ADR's income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), British American Tobacco Plc ADR reported revenue of $25.6B (-1.0% year on year).
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Revenue | $25.6B | $25.9B | $27.3B | $27.7B |
| Raw materials and consumables used | ($4.5B) | ($4.6B) | ($4.5B) | ($4.8B) |
| Changes in inventories of finished goods and work in progress | $239.0M | $129.0M | ($96.0M) | $227.0M |
| Employee benefit costs | ($3.1B) | ($2.8B) | ($2.7B) | ($3.0B) |
| Depreciation, amortisation and impairment costs | ($2.5B) | ($3.1B) | ($28.6B) | ($1.3B) |
| Other operating income | $192.0M | $340.0M | $432.0M | $722.0M |
| Loss on reclassification from amortised cost to fair value | ($12.0M) | ($10.0M) | ($9.0M) | ($5.0M) |
| Other operating expenses | ($5.9B) | ($13.1B) | ($7.5B) | ($9.0B) |
| Profit/(loss) from operations | $10.0B | $2.7B | ($15.8B) | $10.5B |
| Net finance costs | ($1.8B) | ($1.1B) | ($1.9B) | ($1.6B) |
| Share of post-tax results of associates and joint ventures | $1.7B | $1.9B | $585.0M | $442.0M |
| Profit/(loss) before taxation | $9.9B | $3.5B | ($17.1B) | $9.3B |
| Taxation on ordinary activities | ($2.1B) | ($357.0M) | $2.9B | ($2.5B) |
| Owners of the parent | $7.8B | $3.1B | ($14.4B) | $6.7B |
| Non-controlling interests | $1.0M | $113.0M | $178.0M | $180.0M |
| Profit/(loss) for the year | $7.8B | $3.2B | ($14.2B) | $6.8B |
| Basic (loss)/earnings (in GBP per share) | $3.51 | $1.37 | -$6.47 | $2.93 |
| Diluted (loss)/earnings per share (in GBP per share) | $3.49 | $1.36 | -$6.47 | $2.92 |
| Line item | Jun 30, 2026 · YTD | Jun 30, 2025 · YTD | Jun 30, 2024 · YTD | Jun 30, 2023 · YTD |
|---|---|---|---|---|
| Revenue | $12.2B | $12.1B | $12.3B | $13.4B |
| Raw materials and consumables used | ($2.1B) | ($2.2B) | ($2.3B) | ($2.3B) |
| Changes in inventories of finished goods and work in progress | $119.0M | $185.0M | $140.0M | $7.0M |
| Employee benefit costs | ($1.7B) | ($1.5B) | ($1.4B) | ($1.4B) |
| Depreciation, amortisation and impairment costs | ($1.4B) | ($1.2B) | ($1.6B) | ($480.0M) |
| Other operating income | $92.0M | $54.0M | $223.0M | $239.0M |
| Loss on reclassification from amortised cost to fair value | ($5.0M) | ($5.0M) | ($4.0M) | ($3.0M) |
| Other operating expenses | ($3.0B) | ($2.4B) | ($3.1B) | ($3.6B) |
| Profit from operations | $4.3B | $5.1B | $4.3B | $5.9B |
| Net finance costs | ($403.0M) | ($969.0M) | ($305.0M) | ($921.0M) |
| Profit before taxation | $4.1B | $5.6B | $5.6B | $5.3B |
| Taxation on ordinary activities | ($824.0M) | ($1.0B) | ($1.0B) | ($1.3B) |
| Owners of the parent | $3.2B | $4.5B | $4.5B | $4.0B |
| Non-controlling interests | $38.0M | $53.0M | $67.0M | $76.0M |
| Profit for the period | $3.2B | $4.6B | $4.6B | $4.0B |
| Basic (in GBP per share) | $1.46 | $2.05 | $2.01 | $1.77 |
| Diluted (in GBP per share) | $1.45 | $2.04 | $2.00 | $1.76 |
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2021 · FY |
|---|---|---|---|---|
| Intangible assets | $86.9B | $94.3B | $95.6B | $115.6B |
| Property, plant and equipment | $4.5B | $4.4B | $4.6B | $5.0B |
| Investments in associates and joint ventures | $1.5B | $1.9B | $2.0B | $1.9B |
| Retirement benefit assets | $880.0M | $937.0M | $956.0M | $918.0M |
| Deferred tax assets | $2.0B | $2.6B | $911.0M | $611.0M |
| Trade and other receivables | $288.0M | $282.0M | $321.0M | $210.0M |
| Investments held at fair value | $333.0M | $146.0M | $118.0M | $50.0M |
| Derivative financial instruments | $135.0M | $110.0M | $109.0M | $243.0M |
| Total non-current assets | $96.6B | $104.6B | $104.5B | $124.6B |
| Inventories | $4.4B | $4.6B | $4.9B | $5.3B |
| Income tax receivable | $470.0M | $67.0M | $172.0M | $117.0M |
| Trade and other receivables | $3.8B | $3.6B | $3.6B | $4.0B |
| Investments held at fair value | $16.0M | $513.0M | $601.0M | $456.0M |
| Derivative financial instruments | $162.0M | $186.0M | $181.0M | $182.0M |
| Cash and cash equivalents | $3.8B | $5.3B | $4.7B | $2.8B |
| Total current assets other than non-current assets classified as held for sale | $12.7B | $14.3B | $14.2B | $12.8B |
| Assets classified as held-for-sale | $25.0M | $11.0M | $14.0M | $13.0M |
| Total current assets | $12.7B | $14.3B | $14.2B | $12.8B |
| Total assets | $109.3B | $118.9B | $118.7B | $137.4B |
| Share capital | $577.0M | $585.0M | $614.0M | $614.0M |
| Share premium, capital redemption and merger reserves | $26.7B | $26.7B | $26.6B | $26.6B |
| Other reserves | ($4.1B) | ($902.0M) | ($894.0M) | ($6.0B) |
| Retained earnings | $22.9B | $21.6B | $24.5B | $44.2B |
| Owners of the parent | $46.0B | $48.0B | $50.9B | $65.4B |
| Perpetual hybrid bonds | $1.9B | $1.7B | $1.7B | $1.7B |
| Non-controlling interests | $219.0M | $352.0M | $368.0M | $300.0M |
| Total equity | $48.1B | $50.0B | $52.9B | $67.4B |
| Borrowings | $31.7B | $32.6B | $35.4B | $35.7B |
| Retirement benefit liabilities | $801.0M | $820.0M | $881.0M | $1.2B |
| Deferred tax liabilities | $10.3B | $11.7B | $12.2B | $16.5B |
| Other provisions for liabilities | $3.2B | $4.1B | $531.0M | $392.0M |
| Trade and other payables | $484.0M | $685.0M | $893.0M | $982.0M |
| Derivative financial instruments | $124.0M | $268.0M | $206.0M | $79.0M |
| Total non-current liabilities | $46.6B | $50.2B | $50.1B | $54.8B |
| Borrowings | $3.4B | $4.3B | $4.3B | $4.0B |
| Income tax payable | $1.1B | $1.7B | $992.0M | $879.0M |
| Other provisions for liabilities | $608.0M | $3.0B | $468.0M | $461.0M |
| Trade and other payables | $9.3B | $9.6B | $9.7B | $9.6B |
| Derivative financial instruments | $91.0M | $156.0M | $189.0M | $235.0M |
| Current liabilities other than liabilities included in disposal groups classified as held for sale | $14.5B | — | $15.7B | — |
| Liabilities associated with assets classified as held-for-sale | $6.0M | — | $0 | — |
| Total current liabilities | $14.5B | $18.7B | $15.7B | $15.1B |
| Total equity and liabilities | $109.3B | $118.9B | $118.7B | $137.4B |
| Line item | Jun 30, 2026 | Jun 30, 2025 | Jun 30, 2024 | Jun 30, 2023 |
|---|---|---|---|---|
| Intangible assets | $87.1B | $86.2B | $94.7B | $122.1B |
| Property, plant and equipment | $4.2B | $4.2B | $4.4B | $4.5B |
| Investments in associates and joint ventures | $1.6B | $1.5B | $1.9B | $2.1B |
| Retirement benefit assets | $919.0M | $841.0M | $940.0M | $1.0B |
| Deferred tax assets | $2.1B | $2.4B | $953.0M | $720.0M |
| Trade and other receivables | $323.0M | $283.0M | $318.0M | $284.0M |
| Investments held at fair value | $263.0M | $737.0M | $122.0M | $111.0M |
| Derivative financial instruments | $4.0M | $141.0M | $100.0M | $130.0M |
| Total non-current assets | $96.5B | $96.4B | $103.5B | $131.0B |
| Inventories | $4.8B | $5.1B | $5.3B | $5.6B |
| Income tax receivable | $465.0M | $108.0M | $100.0M | $160.0M |
| Trade and other receivables | $3.8B | $3.5B | $3.6B | $4.2B |
| Investments held at fair value | $15.0M | $489.0M | $696.0M | $451.0M |
| Derivative financial instruments | $235.0M | $302.0M | $159.0M | $413.0M |
| Cash and cash equivalents | $2.5B | $4.4B | $5.9B | $3.7B |
| Total current assets other than non-current assets classified as held for sale | $11.9B | $13.9B | $15.9B | $14.6B |
| Assets classified as held-for-sale | $0 | $9.0M | $12.0M | $534.0M |
| Total current assets | $11.9B | $13.9B | $15.9B | $15.1B |
| Total assets | $108.4B | $110.2B | $119.4B | $146.1B |
| Share capital | $573.0M | $581.0M | $589.0M | $614.0M |
| Share premium, capital redemption and merger reserves | $26.7B | $26.7B | $26.7B | $26.6B |
| Other reserves | ($3.6B) | ($5.1B) | ($847.0M) | ($1.7B) |
| Retained earnings | $22.8B | $23.0B | $26.0B | $45.6B |
| Owners of the parent | $46.5B | $45.2B | $52.4B | $70.6B |
| Perpetual hybrid bonds | $1.9B | $1.7B | $1.7B | $1.7B |
| Non-controlling interests | $216.0M | $303.0M | $358.0M | $330.0M |
| Total equity | $48.6B | $47.2B | $54.5B | $72.6B |
| Borrowings | $31.0B | $31.9B | $32.9B | $37.1B |
| Retirement benefit liabilities | $787.0M | $769.0M | $852.0M | $881.0M |
| Deferred tax liabilities | $10.4B | $10.4B | $11.9B | $17.4B |
| Other provisions for liabilities | $3.1B | $3.2B | $271.0M | $469.0M |
| Trade and other payables | $35.0M | $586.0M | $788.0M | $944.0M |
| Derivative financial instruments | $156.0M | $150.0M | $217.0M | $430.0M |
| Total non-current liabilities | $45.5B | $47.1B | $46.9B | $57.3B |
| Borrowings | $4.0B | $3.3B | $7.3B | $5.0B |
| Income tax payable | $1.0B | $1.2B | $1.2B | $905.0M |
| Other provisions for liabilities | $599.0M | $3.1B | $416.0M | $483.0M |
| Trade and other payables | $8.6B | $8.2B | $9.0B | $9.2B |
| Derivative financial instruments | $81.0M | $188.0M | $119.0M | $251.0M |
| Current liabilities other than liabilities included in disposal groups classified as held for sale | $14.3B | — | $18.0B | $15.9B |
| Liabilities associated with assets classified as held-for-sale | $0 | — | $0 | $306.0M |
| Total current liabilities | $14.3B | $16.0B | $18.0B | $16.2B |
| Total equity and liabilities | $108.4B | $110.2B | $119.4B | $146.1B |
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Profit/(loss) for the year | $7.8B | $3.2B | ($14.2B) | $6.8B |
| Taxation on ordinary activities | $2.1B | $357.0M | ($2.9B) | $2.5B |
| Share of post-tax results of associates and joint ventures | ($1.7B) | ($1.9B) | ($585.0M) | ($442.0M) |
| Net finance costs | $1.8B | $1.1B | $1.9B | $1.6B |
| Profit from operations | $10.0B | $2.7B | ($15.8B) | $10.5B |
| – depreciation, amortisation and impairment costs | $2.5B | $3.1B | $28.6B | $1.3B |
| – decrease in inventories | $112.0M | $35.0M | $265.0M | ($246.0M) |
| – increase in trade and other receivables | ($295.0M) | ($269.0M) | ($487.0M) | ($42.0M) |
| – decrease in Master Settlement Agreement payable | ($79.0M) | ($294.0M) | ($287.0M) | — |
| – (decrease)/increase in trade and other payables | ($207.0M) | $58.0M | $640.0M | $3.0M |
| – decrease in net retirement benefit liabilities | ($31.0M) | ($76.0M) | ($111.0M) | ($110.0M) |
| – (decrease)/increase in other provisions for liabilities | ($3.4B) | $6.3B | ($489.0M) | — |
| – other non-cash items | $264.0M | ($40.0M) | $436.0M | $606.0M |
| Cash generated from operating activities | $8.9B | $11.6B | $12.8B | $12.5B |
| Dividends received from associates | $369.0M | $406.0M | $506.0M | $394.0M |
| Tax paid | ($2.9B) | ($1.9B) | ($2.6B) | ($2.5B) |
| Net cash generated from operating activities | $6.3B | $10.1B | $10.7B | $10.4B |
| Interest received | $201.0M | $187.0M | $145.0M | $85.0M |
| Dividends received | $1.0M | — | — | — |
| Purchases of property, plant and equipment | ($551.0M) | ($486.0M) | ($460.0M) | ($523.0M) |
| Proceeds on disposal of property, plant and equipment | $37.0M | $145.0M | $54.0M | $31.0M |
| Purchases of intangibles | ($153.0M) | ($122.0M) | ($141.0M) | ($133.0M) |
| Proceeds on disposals of intangibles | $31.0M | $39.0M | $27.0M | $3.0M |
| Purchases of investments | ($54.0M) | ($216.0M) | ($448.0M) | ($257.0M) |
| Proceeds on disposals of investments | $848.0M | $299.0M | $405.0M | $128.0M |
| Investment in associates and acquisitions of other subsidiaries net of cash acquired | ($29.0M) | ($48.0M) | ($37.0M) | ($39.0M) |
| Proceeds from disposal of shares in associate, net of tax | 1.1B | 1.6B | — | — |
| Disposal of subsidiary, net of cash disposed of | $4.0M | $0 | $159.0M | $0 |
| Net cash generated from/(used in) investing activities | $1.4B | $1.4B | ($296.0M) | ($705.0M) |
| Interest paid on borrowings and financing related activities | ($1.6B) | ($1.7B) | ($1.7B) | ($1.6B) |
| Interest element of lease liabilities | ($40.0M) | ($37.0M) | ($30.0M) | ($25.0M) |
| Capital element of lease liabilities | ($177.0M) | ($165.0M) | ($162.0M) | ($161.0M) |
| Proceeds from increases in and new borrowings | $3.8B | $2.4B | $5.1B | $3.3B |
| Reductions in and repayments of borrowings | ($3.9B) | ($4.8B) | ($6.8B) | ($3.0B) |
| Outflows relating to derivative financial instruments | ($380.0M) | ($128.0M) | — | — |
| Purchases of own shares - share buy-back programme | -1.1B | -698.0M | 0 | -2.0B |
| Purchases of own shares held in employee share ownership trusts | -61.0M | -94.0M | -110.0M | -80.0M |
| Proceeds from the issue of perpetual hybrid bonds, net of issuance costs | $1.1B | — | $0 | $0 |
| Redemption of perpetual hybrid bonds, net of costs | ($883.0M) | — | — | — |
| Coupon paid on perpetual hybrid bonds | ($54.0M) | ($56.0M) | ($59.0M) | ($60.0M) |
| Dividends paid to owners of the parent | ($5.2B) | ($5.2B) | ($5.1B) | ($4.9B) |
| Investments in relation to non-controlling interests | ($19.0M) | — | — | — |
| Dividends paid to non-controlling interests | ($100.0M) | ($121.0M) | ($105.0M) | ($158.0M) |
| Other | $1.0M | $5.0M | $4.0M | $6.0M |
| Net cash used in financing activities | ($8.8B) | ($10.6B) | ($9.3B) | ($8.9B) |
| Line item | Jun 30, 2026 · YTD | Jun 30, 2025 · YTD | Jun 30, 2024 · YTD | Jun 30, 2023 · YTD |
|---|---|---|---|---|
| Cash generated from operating activities | $4.5B | $3.7B | $4.1B | $4.5B |
| Dividends received from associates | $139.0M | $168.0M | $196.0M | $202.0M |
| Tax paid | ($1.2B) | ($1.6B) | ($1.2B) | ($1.3B) |
| Net cash generated from operating activities | $3.4B | $2.3B | $3.2B | $3.4B |
| Interest received | $83.0M | $85.0M | $84.0M | $78.0M |
| Dividends received | $2.0M | — | — | — |
| Purchases of property, plant and equipment | ($134.0M) | ($103.0M) | ($116.0M) | ($110.0M) |
| Proceeds on disposal of property, plant and equipment | $8.0M | $21.0M | $50.0M | $22.0M |
| Purchases of intangibles | ($34.0M) | ($42.0M) | ($31.0M) | ($21.0M) |
| Proceeds on disposal of intangibles | $2.0M | $8.0M | — | $0 |
| Purchases of investments | ($27.0M) | ($59.0M) | ($206.0M) | ($433.0M) |
| Proceeds on disposals of investments | $37.0M | $73.0M | $99.0M | $543.0M |
| Investment in associates and acquisitions of other subsidiaries net of cash acquired | ($45.0M) | ($23.0M) | ($24.0M) | ($38.0M) |
| Net proceeds from disposal of shares in associate, net of tax | 0 | 1.1B | 1.6B | — |
| Disposal of subsidiary, net of cash disposed of | ($192.0M) | — | — | — |
| Net cash (used in)/generated from investing activities | ($300.0M) | $1.0B | $1.4B | $41.0M |
| Interest paid on borrowings and financing related activities | ($905.0M) | ($879.0M) | ($889.0M) | ($855.0M) |
| Interest element of lease liabilities | ($19.0M) | ($21.0M) | ($18.0M) | ($14.0M) |
| Capital element on lease liabilities | ($91.0M) | ($95.0M) | ($83.0M) | ($80.0M) |
| Proceeds from increases in and new borrowings | $1.1B | $3.6B | $2.4B | $2.1B |
| Reductions in and repayments of borrowings | ($1.2B) | ($3.0B) | ($1.5B) | ($1.1B) |
| Outflows relating to derivative financial instruments | ($39.0M) | ($445.0M) | ($115.0M) | ($429.0M) |
| Purchases of own shares - share buy-back programme | -649.0M | -450.0M | -366.0M | 0 |
| Purchases of own shares held in employee share ownership trusts | -102.0M | -61.0M | -93.0M | -110.0M |
| Payment Of Coupons | ($6.0M) | — | — | — |
| Dividends paid to owners of the parent | ($2.6B) | ($2.6B) | ($2.6B) | ($2.5B) |
| Dividends paid to non-controlling interests | ($70.0M) | ($63.0M) | ($62.0M) | ($59.0M) |
| Other | $3.0M | $1.0M | $5.0M | ($1.0M) |
| Net cash used in financing activities | ($4.7B) | ($4.1B) | ($3.4B) | ($3.0B) |
| Net cash flows used in operating, investing and financing activities | ($1.6B) | ($796.0M) | $1.2B | $393.0M |
| Transferred from held-for-sale | $208.0M | — | $0 | $4.0M |
| Differences on exchange | $34.0M | ($144.0M) | ($63.0M) | ($171.0M) |
| Decrease in net cash and cash equivalents in the period | ($1.3B) | ($940.0M) | $1.2B | $226.0M |
| Net cash and cash equivalents at 1 January | $3.8B | $5.1B | $4.5B | $3.3B |
| Cash and cash equivalents per balance sheet | $2.5B | $4.4B | $5.9B | $3.7B |
| Overdrafts and accrued interest | ($50.0M) | ($240.0M) | ($240.0M) | ($118.0M) |
| Net cash and cash equivalents at period end | $2.5B | $4.2B | $5.7B | $3.6B |
British American Tobacco Plc ADR score and earnings-call analysis · All covered companies
Figures as reported in SEC filings. General information, not investment advice.