British American Tobacco p.l.c. (BTI) quarterly cash flow statement — complete operating, investing & financing 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 |
|---|
| Cash from Operations | 3.42B | 2.31B | 3.48B | 3.17B | 7.34B | 3.38B | 7.17B | 1.61B | 6.76B | 1.51B | 5.43B | 2.67B | 5.94B | 1.53B | 6.44B | 3.86B | 3.64B | 1.71B | 3.56B | 1.05B |
| Operating CF Margin % | 25.29% | 19.13% | 25.73% | 25.65% | 53.02% | 25.11% | 48.51% | 12.51% | 50.01% | 12.44% | 40.19% | 21.76% | 43.36% | 12.59% | 50.07% | 33.16% | 29.98% | 23% | 47.66% | 15.8% |
| Operating CF Growth % | -1.59% | -27.05% | -52.58% | -6.22% | 2.31% | 109.56% | 6.17% | 6.3% | 24.49% | -43.26% | -8.68% | 74.28% | -7.67% | -60.29% | 76.79% | 126.14% | 2.39% | 61.86% | 5.68% | -22.21% |
| Net Income | 3.25B | 4.51B | -1.42B | 4.49B | -14.19B | 3.96B | 4.81B | 929.5M | 3.54B | 3.25B | 2.94B | 3.46B | 2.89B | 2.81B | 3.34B | 2.69B | 35.22B | 2.26B | 1.98B | 2.67B |
| Depreciation & Amortization | 966M | 1.12B | 614M | 810M | 369M | 480M | 306M | 264M | 553M | 477M | 571M | 519M | 945M | -504M | 390M | 410M | 383M | 340M | 259M | 235M |
| Stock-Based Compensation | 0 | 0 | 0 | 0 | 74M | 0 | 0 | 0 | 0 | 0 | 91M | 0 | 120M | 0 | 123M | 0 | 117M | 0 | 84M | 0 |
| Deferred Taxes | 0 | 0 | 980M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 653.74M | -1.33B | -579.5M | -76M | 19.93B | 1.21B | 1.05B | 873M | 227M | 2.12B | 561M | 2.28B | 697M | -1.8B | 1.03B | 842M | -31.34B | -1.04B | 2.18B | -2B |
| Working Capital Changes | -1.45B | -1.99B | 3.89B | -2.06B | 1.16B | -2.27B | 1.01B | -456M | 2.08B | -2.14B | 1.71B | -1.6B | 1.86B | -1.55B | 1.55B | -84M | -744M | 148M | -941M | 144M |
| Change in Receivables | -294M | -1M | -500K | -268M | -62M | -425M | -83M | 20.5M | -68M | -325M | 668M | -368M | 105M | -368M | 580M | -78M | -581M | -151M | -132M | 219M |
| Change in Inventory | 808M | -696M | 641M | -606M | 622M | -357M | 191M | -218.5M | 1.03B | -600M | 430M | -574M | 295M | -666M | 390M | -582M | 870M | 539M | -756M | 118M |
| Change in Payables | 0 | 0 | -642M | 0 | 0 | 694M | 174M | -84M | 497M | -314M | -316M | -4M | 1.04B | -309M | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | 266.71M | 1.01B | -58M | 2.7B | -337M | 41M | -497M | -104M | -767M | -405M | -580M | -234M | -471M | -228M | -736M | -285M | -18.25B | -297M | -420M | -220M |
| Capital Expenditures | -448M | -103M | -370M | -116M | -350M | -110M | -424M | -49.5M | -570M | -175M | -587M | -168M | -581M | -234M | -553M | -205M | -593M | -198M | -466M | -120M |
| CapEx % of Revenue | 3.31% | 0.85% | 2.74% | 0.94% | 2.53% | 0.82% | 2.87% | 0.38% | 4.22% | 1.44% | 4.35% | 1.37% | 4.24% | 1.92% | 4.3% | 1.76% | 4.88% | 2.67% | 6.25% | 1.8% |
| Acquisitions | 1.04B | -2.59M | 2.13B | 32.88M | 240.3M | -32M | -32M | 7M | -88M | -111M | 80M | 20M | 10M | -42M | 0 | 0 | -17.66B | 0 | -57M | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 1.42M | 1.11B | 13M | 2.81B | 13M | 151M | -73M | -54.5M | -351M | -262M | -161M | -111M | 55M | -30M | -183M | -80M | 3M | -99M | 103M | -100M |
| Cash from Financing | -3.95B | -4.12B | -7.27B | -3.36B | -6.29B | -3.02B | -6.49B | -1.19B | -6.24B | -1.03B | -6.05B | -131M | -5.82B | -1.19B | -5.14B | -4.49B | 16.27B | -1.51B | -3.18B | -1.05B |
| Debt Issued (Net) | -603.26M | 410M | -4.16B | 1.74B | -3.29B | 2.01B | -3.7B | 2.08B | -5.7B | 1.83B | -3.2B | 2.39B | -2.76B | 1.37B | -2.07B | -1.42B | 18.64B | 1.47B | -1.68B | 0 |
| Equity Issued (Net) | -674.01M | -511M | 126M | -918M | -2.2M | -220M | -1.51B | -1.34B | 1.68B | -82M | -1M | -17M | 0 | -117M | 4M | -143M | 10M | -215M | -1M | 0 |
| Dividends Paid | -2.68B | -2.61B | -1.33B | -2.6B | -2.63B | -4.96B | -4.88B | -1.24B | -2.46B | -2.44B | -2.4B | -2.35B | -2.32B | -2.28B | -2.23B | -2.11B | -1.29B | -2.18B | -960M | -1.95B |
| Share Repurchases | -674.01M | -511M | 126M | -918M | -2.2M | -220M | -1.51B | -1.34B | 2.14M | -82M | -1M | -17M | 0 | -117M | 4M | -143M | 10M | -215M | 0 | -65M |
| Other Financing | 8.22M | -1.41B | -1.91B | -1.57B | -3.66B | 147M | -3.6B | 542.5M | -993.5M | -335M | -1.65B | -161M | 1.77B | 41M | -22M | -67M | -1.09B | -212M | -219M | 899M |
| Net Change in Cash | -658.68M | 4.16B | -830M | 5.69B | 978M | 235M | -122M | 759M | -205M | -125M | -1.65B | 2.26B | 140M | 58M | 574M | -1.07B | 1.41B | -241M | 191M | -270M |
| Free Cash Flow | 3.58B | 2.21B | 6.47B | 3.05B | 6.99B | 3.27B | 6.75B | 1.56B | 6.19B | 1.34B | 4.84B | 2.5B | 5.36B | 1.3B | 5.88B | 3.65B | 3.05B | 1.51B | 3.09B | 934M |
| FCF Margin % | 26.48% | 18.28% | 47.82% | 24.71% | 50.49% | 24.29% | 45.64% | 12.13% | 45.79% | 11.01% | 35.84% | 20.39% | 39.12% | 10.67% | 45.77% | 31.39% | 25.09% | 20.33% | 41.42% | 14.01% |
| FCF Growth % | -44.57% | -27.65% | -7.45% | -6.62% | 3.56% | 109.16% | 9.1% | 16.49% | 27.81% | -46.44% | -9.74% | 92.76% | -8.87% | -64.47% | 93.04% | 142.24% | -1.36% | 61.46% | 1.78% | -22.23% |
| FCF per Share | 1.63 | 1.00 | 2.94 | 1.37 | 3.13 | 1.46 | 2.98 | 0.69 | 2.69 | 0.58 | 2.11 | 1.09 | 2.34 | 0.57 | 2.60 | 1.61 | 1.35 | 0.67 | 1.36 | 0.41 |
| FCF Conversion (FCF/Net Income) | 1.05x | 0.51x | -2.44x | 0.70x | -0.40x | 0.85x | 1.49x | 0.87x | 1.91x | 0.47x | 1.84x | 0.77x | 2.06x | 0.54x | 1.93x | 1.43x | 0.10x | 0.75x | 1.80x | 0.39x |
| Interest Paid | 771M | 900M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |