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British American Tobacco p.l.c. vs Philip Morris International: BTI and PM compared
British American Tobacco p.l.c. is the larger company: $12.2B of revenue in its latest quarter (H1 2026) against $11.4B for Philip Morris International (Q3 2026). Philip Morris International is growing faster (+6% against +1% a year earlier). Philip Morris International is more profitable, with an operating margin of 42.5% against 33.1%.
Where the money goes: BTI and PM
British American Tobacco p.l.c. (BTI) · H1 2026
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.
Philip Morris International (PM) · Q3 2026
Philip Morris International, Q3 2026: revenue $11.4B (+6% year over year), operating margin 42.5%, net earnings $3.3B, operating cash flow $5.4B. The chart follows the revenue to costs, profit and cash.
| British American Tobacco p.l.c. (BTI) | Philip Morris International (PM) | |
|---|---|---|
| Latest quarter | H1 2026 | Q3 2026 |
| Revenue | $12.2B | $11.4B |
| Revenue growth, Y/Y | +1% | +6% |
| Gross margin | — | 68.7% |
| Operating margin | 33.1% | 42.5% |
| Net earnings | $3.2B | $3.3B |
| Net margin | 26.1% | 29.0% |
| Operating cash flow | $3.4B | $5.4B |
| Free cash flow | — | $5.0B |
| Market value | — | $314.3B |
| P/E | — | 29.5× |
| Analysts’ mean target | — | $213.27 |
Where the revenue comes from
British American Tobacco p.l.c.
- Combustibles: $9.6B (78%)
- Smokeless: $2.4B (20%)
- Other: $252M (2%)
Philip Morris International
- International Combustibles: $6.7B (59%)
- International Smoke-Free: $3.9B (34%)
- U.S.: $845M (7%)
Questions
Which is bigger, British American Tobacco p.l.c. or Philip Morris International?
British American Tobacco p.l.c. is the larger company: $12.2B of revenue in its latest quarter (H1 2026) against $11.4B for Philip Morris International (Q3 2026).
Is British American Tobacco p.l.c. or Philip Morris International growing faster?
Philip Morris International is growing faster (+6% against +1% a year earlier).
Which is more profitable, British American Tobacco p.l.c. or Philip Morris International?
Philip Morris International is more profitable, with an operating margin of 42.5% against 33.1%.
More: British American Tobacco p.l.c. earnings · how British American Tobacco p.l.c. makes money · Philip Morris International earnings · how Philip Morris International makes money
From the companies' latest 10-Q, 10-K or earnings release (6-K filed Jul 30, 2026; 10-Q filed Oct 23, 2026). Fiscal quarters can end on different dates. Not investment advice.