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British American Tobacco p.l.c. (BTI) earnings and revenue breakdown

Latest: H1 2026 · 6-K filed Jul 30, 2026 · British American Tobacco p.l.c. (BTI) H1 2026 earnings results →

H1 2026 Revenue up 1% year over year to $12.2B · 26¢ of every $1 of revenue kept as net profit · operating margin 33.1%

British American Tobacco p.l.c. made $12.2B in H1 2026 (+1% Y/Y): Combustibles $9.6B, Smokeless $2.4B, Other $252M. Operating margin 33.1%, net earnings $3.2B. See where every dollar goes — costs, profit and cash — as a Sankey from the 6-K filed Jul 30, 2026.

Revenue$12.2B

Year over year+1%

Operating margin33.1%

Net earnings$3.2B

Operating cash flow$3.4B

Drawing the Sankey…

Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF

What changed this quarter

Revenue was £12.2B in H1 2026, up 1% year over year. Combustibles was the largest line at 78% of revenue. Modern Oral added £0.31B year over year (up 67%), 189% of the total change. Other declined 30%.

Operating profit was £4.1B, a 33.1% margin (down 13.1 points year over year). Operating profit fell £1.5B even though revenue rose £0.17B versus a year earlier, so costs grew faster than sales. Total costs grew 26% against revenue growth of 1%. Net earnings were £3.2B, down 29% year over year. The effective tax rate was 20.3%.

Operating cash flow was £3.4B (up 47% year over year), 105% of net earnings. Working capital and other items added £0.17B.

Quarterly history

Quarter	Form	Filed	Revenue	Y/Y	Op. margin	Net earnings	Op. cash flow
H1 2026	6-K	Jul 30, 2026	$12.2B	+1%	33.1%	$3.2B	$3.4B

Charts

Cigarettes; dot size is quarterly revenue; dashed lines are the industry's medians.