Filing Flows › British American Tobacco p.l.c. (BTI) › H1 2026
British American Tobacco p.l.c. (BTI) H1 2026 earnings results (H1 2026)
6-K filed Jul 30, 2026
British American Tobacco p.l.c. (BTI) reported revenue of $12.2B for the H1 2026 (H1 2026), +1% from a year earlier. Operating margin was 33.1%, net earnings $3.2B (26.1% of revenue).
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 follows the revenue to costs, profit and cash.
| H1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $12.2B | — | +1% |
| Operating profit | $4.1B | — | -27% |
| Net earnings | $3.2B | — | -29% |
| Operating cash flow | $3.4B | — | +47% |
What changed
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.
Questions
What was British American Tobacco p.l.c.'s revenue in the H1 2026?
British American Tobacco p.l.c.
Was British American Tobacco p.l.c. profitable in the H1 2026?
Operating profit was $4.1B (33.1% of revenue) and net earnings $3.2B.