Filing Flows › British American Tobacco p.l.c. (BTI) › H1 2026 › vs H2 2025
British American Tobacco p.l.c. (BTI) H1 2026 vs H2 2025 (quarter over quarter)
British American Tobacco p.l.c.'s revenue fell $1.3B (-10%) from $13.5B in H2 2025 to $12.2B in H1 2026. Operating margin 33.1% against 31.6% (+1.5 pts).
British American Tobacco p.l.c., H1 2026: revenue $12.2B (+1% year over year), operating margin 33.1%, net earnings $3.2B, operating cash flow $3.4B. The chart draws each line against H2 2025, the increases inside each band.
Margins
| H1 2026 | H2 2025 | Change | |
|---|---|---|---|
| Operating margin | 33.1% | 31.6% | +1.5 pts |
| Net margin | 26.1% | 24.0% | +2.1 pts |
Every line
| Line | H1 2026 | H2 2025 | Change | % |
|---|---|---|---|---|
| Revenue | $12.2B | $13.5B | −$1.3B | -10% |
| Operating profit | $4.1B | $4.3B | −$233M | -5% |
| Costs & expenses | $8.2B | $9.3B | −$1.1B | -12% |
| Pre-tax earnings | $4.1B | $4.3B | −$233M | -5% |
| Net earnings | $3.2B | $3.3B | −$62.0M | -2% |
| Minority interests | $38.0M | −$52.0M | $90.0M | — |
| Income tax | $824M | $1.1B | −$261M | -24% |
| Working capital & other | $212M | $781M | −$569M | -73% |
| Operating cash flow | $3.4B | $4.0B | −$631M | -16% |
Questions
How much did British American Tobacco p.l.c.'s revenue grow quarter over quarter in H1 2026?
British American Tobacco p.l.c.'s revenue fell $1.3B (-10%) from $13.5B in H2 2025 to $12.2B in H1 2026. Operating margin 33.1% against 31.6% (+1.5 pts).