British American Tobacco p.l.c. (BTI) quarterly income statement — complete revenue, gross profit & net income 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 |
|---|
| Sales/Revenue | 13.54B | 12.07B | 13.53B | 12.34B | 13.84B | 13.44B | 14.79B | 12.87B | 13.51B | 12.18B | 13.51B | 12.27B | 13.71B | 12.17B | 12.86B | 11.64B | 12.15B | 7.42B | 7.46B | 6.67B |
| Revenue Growth % | 0.1% | -2.2% | -2.28% | -8.19% | -6.38% | 4.44% | 9.45% | 5.7% | 0.03% | -0.78% | -1.47% | 0.83% | 6.62% | 4.59% | 5.85% | 56.86% | 62.79% | 11.23% | 11.26% | 4.24% |
| Cost of Goods Sold | 2.25B | 1.98B | 2.27B | 2.16B | 2.65B | 2.24B | 2.65B | 2.15B | 2.47B | 2.13B | 2.45B | 2B | 2.4B | 2.06B | 2.27B | 2.28B | 3.09B | 1.94B | 2.11B | 1.62B |
| COGS % of Revenue | 16.58% | 16.41% | 16.8% | 17.54% | 19.12% | 16.7% | 17.93% | 16.73% | 18.3% | 17.45% | 18.13% | 16.29% | 17.49% | 16.95% | 17.66% | 19.59% | 25.47% | 26.15% | 28.29% | 24.32% |
| Gross Profit | 11.3B | 10.09B | 11.26B | 10.18B | 11.2B | 11.2B | 12.13B | 10.72B | 11.04B | 10.05B | 11.06B | 10.27B | 11.31B | 10.11B | 10.59B | 9.36B | 9.05B | 5.48B | 5.35B | 5.05B |
| Gross Margin % | 83.42% | 83.59% | 83.2% | 82.46% | 80.88% | 83.3% | 82.07% | 83.27% | 81.7% | 82.55% | 81.87% | 83.71% | 82.51% | 83.05% | 82.34% | 80.41% | 74.53% | 73.85% | 71.71% | 75.68% |
| Gross Profit Growth % | 0.36% | -0.86% | 0.54% | -9.12% | -7.75% | 4.49% | 9.95% | 6.63% | -0.18% | -2.16% | -2.23% | 1.63% | 6.84% | 8.02% | 16.92% | 70.81% | 69.22% | 8.54% | 4.27% | 2.17% |
| Operating Expenses | 6.37B | 5.02B | 12.78B | 5.92B | 32.88B | 5.26B | 5.29B | 3.42B | 5.55B | 4.93B | 6.02B | 4.88B | 6.38B | 5.42B | 5.43B | 4.62B | 18.15B | 2.14B | 2.25B | 1.32B |
| OpEx % of Revenue | 47.03% | 41.59% | 94.46% | 47.96% | 237.55% | 39.15% | 35.78% | 26.6% | 41.11% | 40.53% | 44.57% | 39.74% | 46.54% | 44.54% | 42.24% | 39.7% | 149.44% | 28.85% | 30.18% | 19.84% |
| Selling, General & Admin | 2.74B | 1.46B | 2.58B | 1.38B | 2.46B | 1.39B | 2.55B | 1.28B | 2.52B | 1.29B | 2.49B | 1.27B | 1.44B | 1.43B | 1.63B | 1.37B | 1.52B | 1.09B | 1.14B | 962M |
| SG&A % of Revenue | 20.21% | 12.12% | 19.04% | 11.14% | 17.81% | 10.33% | 17.24% | 9.95% | 18.62% | 10.61% | 18.42% | 10.37% | 10.51% | 11.77% | 12.66% | 11.8% | 12.5% | 14.75% | 15.32% | 14.42% |
| Research & Development | 174M | 174M | 212M | 168M | 214M | 194M | 173M | 150M | 162M | 142M | 170M | 137M | 238M | 138M | 146M | 112M | 191M | 0 | 144M | 0 |
| R&D % of Revenue | 1.29% | 1.44% | 1.57% | 1.36% | 1.55% | 1.44% | 1.17% | 1.17% | 1.2% | 1.17% | 1.26% | 1.12% | 1.74% | 1.13% | 1.14% | 0.96% | 1.57% | - | 1.93% | - |
| Other Operating Expenses | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | 4.93B | 5.07B | -1.52B | 4.26B | -21.69B | 5.93B | 6.84B | 3.68B | 5.94B | 5.06B | 5.87B | 5.18B | 5.83B | 4.59B | 5.42B | 4.61B | 4.39B | 2.78B | 2.93B | 2.37B |
| Operating Margin % | 36.39% | 42% | -11.25% | 34.51% | -156.67% | 44.16% | 46.29% | 28.58% | 43.96% | 41.58% | 43.47% | 42.2% | 42.5% | 37.69% | 42.14% | 39.65% | 36.17% | 37.42% | 39.28% | 35.6% |
| Operating Income Growth % | 423.78% | 19.05% | 92.98% | -28.26% | -416.82% | 61.36% | 15.27% | -27.34% | 1.16% | -2.24% | 0.76% | 12.88% | 7.53% | -0.59% | 23.33% | 66.21% | 49.88% | 16.93% | 19.44% | -4.27% |
| EBITDA | 5.89B | 6.19B | -41M | 5.88B | -21.53B | 6.42B | 7.04B | 4.21B | 6.49B | 5.54B | 6.44B | 5.7B | 6.77B | 5.09B | 5.81B | 5.02B | 4.78B | 3.12B | 3.19B | 2.61B |
| EBITDA Margin % | 43.53% | 51.28% | -0.3% | 47.63% | -155.56% | 47.73% | 47.62% | 32.68% | 48.05% | 45.49% | 47.69% | 46.43% | 49.4% | 41.83% | 45.18% | 43.18% | 39.32% | 42.01% | 42.76% | 39.12% |
| EBITDA Growth % | 14475.61% | 5.29% | 99.81% | -8.37% | -405.81% | 52.52% | 8.47% | -24.07% | 0.78% | -2.77% | -4.87% | 11.9% | 16.58% | 1.33% | 21.61% | 61.23% | 49.72% | 19.43% | 19.97% | -2.54% |
| D&A (Non-Cash Add-back) | 966M | 1.12B | 1.48B | 1.62B | 154M | 480M | 196M | 528M | 553M | 477M | 571M | 519M | 945M | 504M | 390M | 410M | 383M | 340M | 259M | 235M |
| EBIT | 5.45B | 5.07B | 374M | 4.26B | 6.6B | 5.94B | 7.64B | 4.01B | 5.34B | 4.9B | 4.73B | 5.14B | 4.68B | 4.45B | 5.01B | 4.52B | 27.17B | 2.6B | 2.38B | 2.37B |
| Net Interest Income | -732.46M | -764M | -466M | -1.56B | -931M | -818M | -783M | 376M | 704M | 732M | 958M | 803M | 883M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 98.39M | 149.12M | 238M | 238M | 101M | 85M | 20M | 376M | 704M | 732M | 958M | 803M | 883M | 821M | 772M | 769M | 704M | 311M | 279M | 0 |
| Interest Expense | 830.85M | 764M | 704M | 1.8B | 1.03B | 903M | 803M | 1.1B | 1.02B | 1.04B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -643M | 505M | -540M | 1.34B | -678M | -632M | -582M | -617M | -896M | -934M | 971M | -887M | 894M | -1.19B | 1.49B | -809M | 22.11B | -460M | 621.5M | 2.24B |
| Pretax Income | 4.29B | 5.57B | -2.06B | 5.6B | -22.36B | 5.3B | 6.26B | 3.06B | 4.78B | 4.38B | 4.08B | 4.59B | 4.05B | 3.87B | 4.38B | 3.97B | 26.5B | 3.03B | 2.82B | 3.43B |
| Pretax Margin % | 31.64% | 46.18% | -15.24% | 45.38% | -161.57% | 39.45% | 42.36% | 23.79% | 35.38% | 36.01% | 30.21% | 37.42% | 29.53% | 31.76% | 34.09% | 34.11% | 218.18% | 40.81% | 37.78% | 51.37% |
| Income Tax | 1.08B | 1.01B | -684M | 1.04B | -4.14B | 1.27B | 1.35B | 1.12B | 1.13B | 1.05B | 1.05B | 1.05B | 1.09B | 971M | 948M | 1.19B | -8.81B | 680M | 721M | 685M |
| Effective Tax Rate % | 25.32% | 18.1% | 33.17% | 18.59% | 18.51% | 23.91% | 21.63% | 36.69% | 23.73% | 24.06% | 25.83% | 22.95% | 26.98% | 25.12% | 21.63% | 30.06% | -33.24% | 22.46% | 25.58% | 19.99% |
| Net Income | 3.25B | 4.51B | -1.42B | 4.49B | -18.33B | 3.96B | 4.81B | 1.86B | 3.54B | 3.25B | 2.94B | 3.46B | 2.89B | 2.81B | 3.34B | 2.69B | 35.22B | 2.26B | 1.98B | 2.67B |
| Net Margin % | 24.02% | 37.39% | -10.53% | 36.4% | -132.39% | 29.45% | 32.51% | 14.45% | 26.2% | 26.69% | 21.79% | 28.17% | 21.08% | 23.12% | 26% | 23.12% | 290% | 30.48% | 26.5% | 40.05% |
| Net Income Growth % | 328.37% | 0.45% | 92.23% | 13.46% | -481.24% | 112.96% | 35.83% | -42.8% | 20.25% | -5.99% | 1.83% | 22.85% | -13.52% | 4.61% | -90.51% | 18.97% | 1681.69% | -15.35% | 20.18% | 0.98% |
| Net Income (Continuing) | 3.2B | 4.57B | -1.38B | 4.56B | -18.22B | 3.75B | 4.91B | 1.74B | 3.46B | 3.1B | 2.85B | 3.26B | 2.71B | 2.64B | 3.25B | 2.54B | 35.21B | 1.57B | 1.32B | 2.67B |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 219M | 303M | 352M | 358M | 368M | 330M | 342M | 314M | 300M | 277M | 282M | 282M | 258M | 254M | 244M | 218M | 222M | 192M | 224M | 142M |
| EPS (Diluted) | 1.45 | 2.04 | -0.66 | 2.00 | -8.23 | 1.76 | 2.11 | 0.81 | 1.54 | 1.42 | 1.28 | 1.51 | 1.26 | 1.24 | 1.48 | 1.19 | 15.55 | 1.00 | 0.87 | 1.18 |
| EPS Growth % | 319.7% | 2% | 91.98% | 13.64% | -490.05% | 117.28% | 37.01% | -42.96% | 20.31% | -5.96% | 1.59% | 21.77% | -14.86% | 4.2% | -90.48% | 19% | 1687.36% | -15.25% | 19.18% | 0.85% |
| EPS (Basic) | 1.45 | 2.05 | -0.66 | 2.00 | -8.23 | 1.77 | 2.12 | 0.81 | 1.55 | 1.42 | 1.29 | 1.51 | 1.26 | 1.25 | 1.48 | 1.19 | 15.63 | 1.00 | 0.88 | 1.19 |
| Diluted Shares Outstanding | 2.19B | 2.21B | 2.2B | 2.23B | 2.23B | 2.24B | 2.26B | 2.27B | 2.3B | 2.3B | 2.3B | 2.29B | 2.29B | 2.26B | 2.26B | 2.26B | 2.26B | 2.26B | 2.26B | 2.26B |
| Basic Shares Outstanding | 2.24B | 2.22B | 2.2B | 2.23B | 2.23B | 2.23B | 2.25B | 2.26B | 2.29B | 2.29B | 2.29B | 2.29B | 2.29B | 2.25B | 2.25B | 2.25B | 2.25B | 2.25B | 2.25B | 2.25B |
| Dividend Payout Ratio | 82.5% | 57.82% | - | 57.99% | - | 125.23% | 101.48% | 133.19% | 69.54% | 75.17% | 81.52% | 67.86% | 80.31% | 80.92% | 66.82% | 78.59% | 3.65% | 96.37% | 48.56% | 73.01% |