Also trades as: BATS.L (LSE) · $vol 207M · BMT.DE (XETRA) · $vol 4M · BTAFF (OTC) · $vol 0M

$59.83

-0.27 (-0.45%)

Weekly Expected Move ±3.9%

$55 $57 $60 $62 $64

NYSE · Consumer Defensive · Tobacco · Tech Score Strong Buy · Power 71 · $128.6B mcap · 2.15B float · 0.222% daily turnover · Short 57% of daily vol

Credit Risk of going bust: lower than 74% of companies Debt: 26.6% of company value Bonds: $32.3M held by 20 funds → details ▾

If the stock fell to about $1.28 (down 98%), British American Tobacco p.l.c. would be worth roughly what it owes.
Total debt $46.67B against a stock market value of $128.62B.
Distance to default 8.35 (Merton model): prices to 2026-10-27, balance sheet 2026-06-30, debt counted $25.67B (short-term plus half of long-term), stock volatility 25.8%; Altman Z'' 2.02. A ranking and a back-test, not a forecast.
Bond figures are fund-reported marks (SEC N-PORT) as of Jul 2026. How these are computed.

Overview Chart Smart Money Financials Income Statement Cash Flow Balance Sheet Earnings

Analysis Technicals Weather Peers ESG Institutions ETF Exposure Dark Pool Short Interest

Revenue Segmentation

By Product / Service

By Geography

Revenue by Segment (5-Year Trend)

Income Trends

Revenue

$25.6B -1.0% ▼

5Y CAGR: -0.1%

Gross Profit

$21.4B -0.2% ▼

5Y CAGR: +0.1%

Operating Income

$10.0B +265.4% ▲

5Y CAGR: +0.1%

Net Income

$7.8B +153.1% ▲

5Y CAGR: +3.9%

EPS (Diluted)

$3.49 +156.6% ▲

5Y CAGR: +4.6%

EBITDA

$11.8B +52.0% ▲

5Y CAGR: -0.0%

Profit Margins

Year-over-Year Growth

View Full Income Statement

Line Item	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	$25.7B	$27.7B	$27.3B	$25.9B	$25.6B
YoY Growth	-0.4%	+7.7%	-1.3%	-5.2%	-1.0%
Cost of Revenue	$4.6B	$4.8B	$4.9B	$4.4B	$4.2B
Gross Profit	$21.1B	$22.9B	$22.4B	$21.4B	$21.4B
Gross Margin	82.1%	82.6%	82.1%	82.9%	83.5%
R&D Expenses	$304M	$323M	$408M	$380M	$0
SG&A Expenses	$3.8B	$3.8B	$3.9B	$4.0B	$1.1B
Operating Expenses	$10.9B	$12.3B	$38.1B	$18.6B	$11.4B
Operating Income	$10.2B	$10.5B	-$15.8B	$2.7B	$10.0B
Operating Margin	39.8%	38.1%	-57.7%	10.6%	39.0%
Interest Expense	$1.5B	$1.7B	$1.9B	$1.1B	$1.8B
Income Before Tax	$9.2B	$9.3B	-$17.1B	$3.5B	$9.9B
Tax Expense	$2.2B	$2.5B	-$2.9B	$357M	$2.1B
Net Income	$6.8B	$6.7B	-$14.4B	$3.1B	$7.8B
Net Margin	26.5%	24.1%	-52.7%	11.9%	30.3%
EPS (Diluted)	$2.96	$2.92	$-6.47	$1.36	$3.49
EBITDA	$11.2B	$12.2B	$13.3B	$7.7B	$11.8B
Shares Outstanding	2.26B	2.26B	2.23B	2.23B	2.20B

Line Item	FY2022 Q4	FY2023 Q2	FY2023 Q4	FY2024 Q2	FY2024 Q4	FY2025 Q2	FY2025 Q4	FY2026 Q2
Revenue	$14.8B	$13.4B	$13.8B	$12.3B	$13.5B	$12.1B	$13.5B	$12.3B
Cost of Revenue	$2.7B	$2.2B	$2.6B	$2.2B	$2.3B	$2.0B	$2.2B	$5.0B
Gross Profit	$12.1B	$11.2B	$11.2B	$10.2B	$11.3B	$10.1B	$11.3B	$7.3B
Gross Margin	82.1%	83.3%	80.9%	82.5%	83.2%	83.6%	83.4%	59.1%
R&D Expenses	$173M	$194M	$214M	$168M	$212M	$174M	$174M	$0
SG&A Expenses	$2.5B	$1.4B	$2.5B	$1.4B	$2.6B	$1.5B	$2.7B	$2.7B
Operating Expenses	$5.3B	$5.3B	$32.9B	$5.9B	$12.8B	$5.0B	$6.4B	$2.6B
Operating Income	$6.8B	$5.9B	-$21.7B	$4.3B	-$1.5B	$5.1B	$4.9B	$4.7B
Operating Margin	46.3%	44.2%	-156.7%	34.5%	-11.3%	42.0%	36.4%	38.2%
Interest Expense	$803M	$903M	$1.0B	$1.8B	$704M	$764M	$831M	$833M
Income Before Tax	$6.3B	$5.3B	-$22.4B	$5.6B	-$2.1B	$5.6B	$4.3B	$4.1B
Tax Expense	$1.4B	$1.3B	-$4.1B	$1.0B	-$684M	$1.0B	$1.1B	$830M
Net Income	$4.8B	$4.0B	-$18.3B	$4.5B	-$1.4B	$4.5B	$3.3B	$3.2B
Net Margin	32.5%	29.5%	-132.4%	36.4%	-10.5%	37.4%	24.0%	26.1%
EPS (Diluted)	$2.11	$1.76	$-8.23	$2.00	$-0.66	$2.04	$1.45	$1.46
EBITDA	$7.8B	$6.4B	$6.8B	$5.9B	$1.9B	$6.2B	$6.4B	$6.1B
Shares Outstanding	2.26B	2.24B	2.23B	2.23B	2.20B	2.21B	2.19B	2.18B

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