Filing Flows › British American Tobacco p.l.c. (BTI) › H2 2025
British American Tobacco p.l.c. (BTI) H2 2025 earnings results (H2 2025)
20-F filed Feb 13, 2026
British American Tobacco p.l.c. (BTI) reported revenue of $13.5B for the H2 2025 (H2 2025) and +12% from the quarter before. Operating margin was 31.6%, net earnings $3.3B (24.0% of revenue).
British American Tobacco p.l.c., H2 2025: revenue $13.5B, operating margin 31.6%, net earnings $3.3B, operating cash flow $4.0B. The chart follows the revenue to costs, profit and cash.
| H2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $13.5B | +12% | — |
| Operating profit | $4.3B | -23% | — |
| Net earnings | $3.3B | -28% | — |
| Operating cash flow | $4.0B | +75% | — |
What changed
Revenue was £13.5B in H2 2025, up 12% from the previous half.
Operating profit was £4.3B, a 31.6% margin. Net earnings were £3.3B (£3.2B including minority interests, which bore £0.05B of losses). The effective tax rate was 25.3%.
Operating cash flow was £4.0B, 126% of net earnings. Working capital and other items added £0.83B.
Questions
What was British American Tobacco p.l.c.'s revenue in the H2 2025?
British American Tobacco p.l.c.
Was British American Tobacco p.l.c. profitable in the H2 2025?
Operating profit was $4.3B (31.6% of revenue) and net earnings $3.3B.