British American Tobacco p.l.c. (BTI) quarterly balance sheet — complete assets, liabilities & equity history
| Metric | Q4'25 | Q2'25 | Q4'24 | Q2'24 | Q4'23 | Q2'23 | Q4'22 | Q2'22 | Q4'21 | Q2'21 | Q4'20 | Q2'20 | Q4'19 | Q2'19 | Q4'18 | Q2'18 | Q4'17 | Q2'17 | Q4'16 | Q2'16 |
|---|
| Total Current Assets | 12.68B | 13.88B | 14.29B | 15.87B | 14.19B | 15.09B | 15.41B | 14.71B | 12.81B | 14.35B | 13.61B | 16.57B | 13.27B | 14.42B | 12.65B | 12.94B | 13.97B | 11.47B | 12.36B | 10.69B |
| Cash & Short-Term Investments | 3.84B | 4.89B | 5.81B | 6.63B | 2.96B | 4.13B | 4.03B | 4.14B | 3.27B | 3.35B | 3.38B | 4.97B | 2.65B | 3.48B | 2.61B | 2.31B | 3.2B | 2.04B | 2.06B | 1.94B |
| Cash Only | 3.83B | 4.4B | 5.3B | 5.93B | 2.36B | 3.68B | 3.45B | 3.57B | 2.81B | 3.01B | 3.14B | 4.78B | 2.53B | 3.31B | 2.43B | 2.13B | 3.13B | 2.02B | 2.05B | 1.88B |
| Short-Term Investments | 16M | 489M | 513.4M | 696M | 601M | 451M | 579M | 571M | 456M | 336M | 242M | 183M | 123M | 167M | 178M | 188M | 65M | 26M | 15M | 61M |
| Accounts Receivable | 3.8B | 3.48B | 2.85B | 3.64B | 3.79B | 5.57B | 4.52B | 4.61B | 4.07B | 5.64B | 3.8B | 5.67B | 3.37B | 5.15B | 2.87B | 4.04B | 0 | 3.83B | 2.7B | 3.39B |
| Days Sales Outstanding | 24.52 | 23.93 | 21.9 | 27.47 | 30.85 | 34.23 | 28.15 | 30.76 | 32.78 | 35.36 | 32.01 | 33.62 | 28.35 | 30.06 | 24.51 | 31.67 | - | 40.16 | 37.22 | 39.3 |
| Inventory | 4.38B | 5.09B | 4.62B | 5.33B | 4.94B | 5.63B | 5.67B | 5.95B | 5.28B | 6.41B | 6B | 6.8B | 6.09B | 6.71B | 6.03B | 6.34B | 5.86B | 5.18B | 5.79B | 4.72B |
| Days Inventory Outstanding | 192.46 | 223.5 | 199.81 | 216.57 | 182.22 | 229.85 | 200.04 | 238 | 215.7 | 266.36 | 238.45 | 294.2 | 243.59 | 281.71 | 248.48 | 244.3 | 162.87 | 257.99 | 227.33 | 252.37 |
| Other Current Assets | 657M | 419M | 1.01B | 271M | 195M | 1.11B | 1.2B | 969M | 195M | 659M | 433M | 321M | 1.16B | 280M | 978M | 246M | 1.44B | 419M | 1.65B | 631M |
| Total Non-Current Assets | 96.61B | 96.35B | 104.61B | 103.5B | 104.53B | 130.98B | 138.14B | 137.16B | 124.56B | 122.64B | 124.08B | 136.11B | 127.73B | 133.7B | 133.69B | 129.56B | 127.07B | 27.71B | 27.41B | 25.55B |
| Property, Plant & Equipment | 4.48B | 4.16B | 4.38B | 4.43B | 4.58B | 4.52B | 4.87B | 4.73B | 4.95B | 4.87B | 5.06B | 5.44B | 5.52B | 5.68B | 5.17B | 4.85B | 4.88B | 3.64B | 3.66B | 3.27B |
| Fixed Asset Turnover | 3.13x | 2.83x | 3.07x | 2.74x | 3.04x | 2.86x | 3.08x | 2.66x | 2.75x | 2.45x | 2.57x | 2.24x | 2.45x | 2.24x | 2.57x | 2.39x | 2.85x | 2.03x | 2.15x | 2.12x |
| Goodwill | 38.92B | 0 | 41.13B | 0 | 41.09B | 0 | 47.96B | 0 | 43.19B | 0 | 43.32B | 0 | 44.32B | 0 | 46.16B | 0 | 44.15B | 0 | 11.02B | 0 |
| Intangible Assets | 48.02B | 86.22B | 53.15B | 94.7B | 54.47B | 122.13B | 81.12B | 128.03B | 72.43B | 113.83B | 72.02B | 126.76B | 74.47B | 124.09B | 77.85B | 120.01B | 73.64B | 12.18B | 1.09B | 11.78B |
| Long-Term Investments | 1.85B | 2.27B | 2.05B | 2.06B | 1.49B | 1.72B | 1.56B | 1.54B | 1.54B | 1.64B | 1.58B | 1.98B | 1.75B | 1.91B | 1.6B | 1.64B | 1.55B | 9.46B | 9.54B | 8.71B |
| Other Non-Current Assets | 1.3B | 1.26B | 3.9B | 1.36B | 1.99B | 1.89B | 1.95B | 2.25B | 1.83B | 1.69B | 1.56B | 1.5B | 1.25B | 1.51B | 2.57B | 2.65B | 2.53B | 1.98B | 1.67B | 1.41B |
| Total Assets | 109.29B | 110.23B | 118.9B | 119.37B | 118.72B | 146.07B | 153.55B | 151.87B | 137.37B | 137B | 137.69B | 152.68B | 141B | 148.11B | 146.34B | 142.5B | 141.04B | 39.19B | 39.77B | 36.24B |
| Asset Turnover | 0.12x | 0.11x | 0.11x | 0.10x | 0.10x | 0.09x | 0.10x | 0.09x | 0.10x | 0.09x | 0.09x | 0.08x | 0.09x | 0.08x | 0.09x | 0.08x | 0.13x | 0.19x | 0.20x | 0.20x |
| Asset Growth % | -8.08% | -7.66% | 0.15% | -18.28% | -22.68% | -3.82% | 11.78% | 10.86% | -0.24% | -10.27% | -2.35% | 3.08% | -3.65% | 3.94% | 3.76% | 263.65% | 254.61% | 8.13% | 26.2% | 26.38% |
| Total Current Liabilities | 14.52B | 16B | 18.74B | 18.04B | 15.67B | 16.19B | 17.85B | 16.73B | 15.14B | 18.42B | 15.48B | 18.53B | 18.82B | 19.79B | 16.33B | 16.05B | 15.54B | 13.2B | 11.86B | 11.79B |
| Accounts Payable | 9.33B | 8.24B | 9.56B | 9.02B | 9.7B | 9.22B | 10.45B | 8.82B | 9.58B | 8.5B | 9.69B | 9.54B | 9.73B | 9.76B | 10.63B | 9.5B | 8.85B | 5.95B | 7.33B | 5.08B |
| Days Payables Outstanding | 357.09 | 409.97 | 373 | 394.62 | 326.06 | 399.85 | 331.68 | 389.92 | 333.72 | 390.7 | 358.37 | 439.63 | 370.8 | 451.01 | 404.4 | 367.26 | 218.24 | 312.39 | 268.33 | 309.9 |
| Short-Term Debt | 3.21B | 3.3B | 4.17B | 7.32B | 4.19B | 5.03B | 4.27B | 5.15B | 3.87B | 8.65B | 3.9B | 7.07B | 7.09B | 8.71B | 3.75B | 5.29B | 0 | 5.82B | 0 | 5.34B |
| Deferred Revenue (Current) | 0 | 0 | 0 | 0 | -13M | 0 | 0 | 0 | 0 | 776M | 868M | 1.29B | 683M | 792M | 853M | 739M | 720M | 622M | 558M | 396M |
| Other Current Liabilities | 705M | 3.28B | 3.18B | 525M | 657M | 1.04B | 1.94B | 1.86B | 696M | 489M | 876M | 638M | 1.31B | 528M | 1.07B | 526M | 5.61B | 804M | 3.96B | 968M |
| Current Ratio | 0.87x | 0.87x | 0.76x | 0.88x | 0.91x | 0.93x | 0.86x | 0.88x | 0.85x | 0.78x | 0.88x | 0.89x | 0.71x | 0.73x | 0.78x | 0.81x | 0.90x | 0.87x | 1.04x | 0.91x |
| Quick Ratio | 0.57x | 0.55x | 0.52x | 0.58x | 0.59x | 0.58x | 0.55x | 0.52x | 0.50x | 0.43x | 0.49x | 0.53x | 0.38x | 0.39x | 0.41x | 0.41x | 0.52x | 0.48x | 0.55x | 0.51x |
| Cash Conversion Cycle | -140.12 | -162.54 | -151.29 | -150.58 | -112.99 | -135.77 | -103.49 | -121.16 | -85.24 | -88.97 | -87.91 | -111.81 | -98.86 | -139.24 | -131.41 | -91.29 | - | -14.24 | -3.78 | -18.22 |
| Total Non-Current Liabilities | 46.62B | 47.05B | 50.16B | 46.86B | 50.11B | 57.25B | 59.98B | 61.08B | 54.82B | 55.4B | 59.26B | 64.72B | 58.02B | 62.78B | 64.33B | 63.83B | 64.47B | 18.08B | 19.51B | 18.2B |
| Long-Term Debt | 31.33B | 31.48B | 32.19B | 32.53B | 35.04B | 37.14B | 38.35B | 39.72B | 35.35B | 36.36B | 39.59B | 43.4B | 37.8B | 41.58B | 43.28B | 43.23B | 44.03B | 15.09B | 16.49B | 15.29B |
| Capital Lease Obligations | 376M | 536M | 444M | 540M | 367M | 0 | 375M | 0 | 320M | 439M | 338M | 0 | 425M | 0 | 7M | 0 | 12M | 0 | 16M | 0 |
| Deferred Tax Liabilities | 10.34B | 10.43B | 11.68B | 11.88B | 12.19B | 17.39B | 18.43B | 18.36B | 16.46B | 16.25B | 16.31B | 18.1B | 17.05B | 17.7B | 17.78B | 17.61B | 17.13B | 659M | 652M | 657M |
| Other Non-Current Liabilities | 4.57B | 4.71B | 5.84B | 1.91B | 2.51B | 2.72B | 2.83B | 2.99B | 2.69B | 2.8B | 3.02B | 3.22B | 2.74B | 3.5B | 3.27B | 3B | 20.43B | 2.34B | 3.01B | 2.91B |
| Total Liabilities | 61.15B | 63.05B | 68.9B | 64.9B | 65.78B | 73.44B | 77.84B | 77.8B | 69.96B | 73.82B | 74.73B | 83.25B | 76.84B | 82.58B | 80.65B | 79.88B | 80.01B | 31.28B | 31.37B | 29.99B |
| Total Debt | 35.07B | 35.33B | 36.95B | 40.38B | 39.73B | 42.17B | 43.14B | 44.88B | 39.66B | 45.01B | 43.97B | 50.46B | 45.37B | 50.29B | 47.51B | 48.51B | 49.45B | 20.91B | 19.5B | 20.23B |
| Net Debt | 31.24B | 30.92B | 31.65B | 34.45B | 37.37B | 38.49B | 39.69B | 41.31B | 36.85B | 42B | 40.83B | 45.68B | 42.84B | 46.98B | 45.08B | 46.39B | 46.32B | 18.89B | 17.45B | 18.35B |
| Debt / Equity | 0.73x | 0.75x | 0.74x | 0.74x | 0.75x | 0.58x | 0.57x | 0.61x | 0.59x | 0.71x | 0.70x | 0.73x | 0.71x | 0.77x | 0.72x | 0.77x | 0.81x | 2.64x | 2.32x | 3.24x |
| Debt / EBITDA | 5.95x | 5.71x | - | 6.87x | - | 6.57x | 6.13x | 10.67x | 6.11x | 8.13x | 6.83x | 8.86x | 6.70x | 9.88x | 8.18x | 9.66x | 10.35x | 6.71x | 6.11x | 7.75x |
| Net Debt / EBITDA | 5.30x | 5.00x | - | 5.86x | - | 6.00x | 5.64x | 9.82x | 5.68x | 7.58x | 6.34x | 8.02x | 6.33x | 9.23x | 7.76x | 9.23x | 9.70x | 6.06x | 5.47x | 7.03x |
| Interest Coverage | 6.56x | 6.64x | 0.53x | 2.37x | 6.39x | 6.58x | 9.51x | 3.66x | 5.26x | 4.72x | - | - | - | - | - | - | - | - | - | - |
| Total Equity | 48.15B | 47.18B | 49.99B | 54.47B | 52.93B | 72.63B | 75.71B | 74.07B | 67.4B | 63.17B | 62.95B | 69.42B | 64.16B | 65.54B | 65.69B | 62.62B | 61.03B | 7.91B | 8.41B | 6.25B |
| Equity Growth % | -3.7% | -13.39% | -5.55% | -25% | -30.08% | -1.95% | 12.33% | 17.25% | 7.06% | -9% | -1.88% | 5.93% | -2.33% | 4.66% | 7.64% | 691.74% | 625.98% | 26.5% | 67.05% | 0.06% |
| Book Value per Share | 21.95 | 21.40 | 22.70 | 24.40 | 23.73 | 32.47 | 33.49 | 32.59 | 29.33 | 27.51 | 27.42 | 30.26 | 28.01 | 28.94 | 29.01 | 27.65 | 26.95 | 3.49 | 3.71 | 2.76 |
| Total Shareholders' Equity | 47.93B | 46.87B | 49.64B | 54.11B | 52.57B | 72.3B | 75.37B | 73.75B | 67.1B | 62.9B | 62.67B | 69.14B | 63.9B | 65.28B | 65.44B | 62.4B | 60.8B | 7.72B | 8.18B | 6.11B |
| Common Stock | 577M | 581M | 585M | 589M | 614M | 614M | 614M | 614M | 614M | 614M | 614M | 614M | 614M | 614M | 614M | 614M | 614M | 507M | 507M | 507M |
| Retained Earnings | 22.93B | 22.99B | 26.02B | 26.02B | 31.63B | 45.59B | 51.2B | 42.56B | 49.33B | 43.02B | 47.19B | 41.42B | 40.23B | 38.32B | 38.56B | 37.61B | 36.98B | 3.39B | 3.33B | 2.02B |
| Treasury Stock | 0 | 0 | -4.41B | 0 | -7.1B | 0 | -7.12B | 0 | -5.12B | 0 | -5.15B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | -2.25B | 23.18B | 27.33B | 838M | 27.31B | -536M | 30.56B | 3.96B | -4.42B | -7.36B | 19.82B | 490M | 22.87B | -261M | 26.09B | -2.43B | 23.03B | -111M | 4.17B | -349M |
| Minority Interest | 219M | 303M | 352M | 358M | 368M | 330M | 342M | 314M | 300M | 277M | 282M | 282M | 258M | 254M | 244M | 218M | 222M | 192M | 224M | 142M |