Filing Flows › British American Tobacco p.l.c. (BTI) › H1 2025
British American Tobacco p.l.c. (BTI) H1 2025 earnings results (H1 2025)
6-K filed Jul 31, 2025
British American Tobacco p.l.c. (BTI) reported revenue of $12.1B for the H1 2025 (H1 2025), -2% from a year earlier. Operating margin was 46.2%, net earnings $4.5B (37.4% of revenue).
British American Tobacco p.l.c., H1 2025: revenue $12.1B (-2% year over year), operating margin 46.2%, net earnings $4.5B, operating cash flow $2.3B. The chart follows the revenue to costs, profit and cash.
| H1 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $12.1B | — | -2% |
| Operating profit | $5.6B | — | -0.5% |
| Net earnings | $4.5B | — | +0.4% |
| Operating cash flow | $2.3B | — | -27% |
What changed
Revenue was £12.1B in H1 2025, down 2% year over year. Combustibles was the largest line at 79% of revenue. Combustibles lost £0.34B year over year (down 3%), 126% of the total change.
Operating profit was £5.6B, a 46.2% margin (up 0.8 points year over year). Total costs fell 4% while revenue fell 2%. Net earnings were £4.5B, roughly flat year over year. The effective tax rate was 18.1%.
Operating cash flow was £2.3B (down 27% year over year), 51% of net earnings. Working capital and other items used £2.3B.
Questions
What was British American Tobacco p.l.c.'s revenue in the H1 2025?
British American Tobacco p.l.c.
Was British American Tobacco p.l.c. profitable in the H1 2025?
Operating profit was $5.6B (46.2% of revenue) and net earnings $4.5B.