British American Tobacco (BTI) Company Report

Analyst Coverage

Research analysts who have asked questions during British American Tobacco earnings calls.

Andrei Andon-Ionita

Jefferies

1 question for BTI

Damian McNeela

Deutsche Numis

1 question for BTI

Also covers: MO, PM

Faham Baig

UBS Group

1 question for BTI

Also covers: MO, PM

Gaurav Jain

Barclays

1 question for BTI

Also covers: MO, PM, SW

Rey Wium

Anchor Stockbrokers

1 question for BTI

Also covers: CFRUY

Simon Hales

Citigroup Inc.

1 question for BTI

Also covers: BUD, CCEP, DEO

Latest news

Recent press releases and 8-K filings for BTI.

BAT Reaffirms 2026 Full-Year Guidance

BTI

Guidance Update

New Projects/Investments

Earnings

British American Tobacco (BAT) reaffirms its FY26 guidance, expecting performance at the lower end of constant-currency ranges: 3-5% revenue growth, 4-6% adjusted profit from operations growth, and 5-8% adjusted diluted EPS growth.
As of December 31, 2025, BAT's smokeless brands were used by over 31 million adult consumers and accounted for 18.2% of Group revenue.
The company aims for its smokeless products to reach 50 million adult consumers by 2030 and to deliver 50% of Group revenue by 2035.
In 2025, BAT generated £25.6bn in revenue.

Feb 18, 2026, 4:40 PM

6-K

British American Tobacco Outlines Strategic Shift to Smokeless Business and Mid-Term Financial Targets at CAGNY 2026

BTI

New Projects/Investments

Guidance Update

Revenue Acceleration/Inflection

British American Tobacco (BAT) is pursuing an ambition to become a predominantly smokeless business by 2035, emphasizing a multi-category portfolio and anticipating double-digit growth in new categories.
The company set a mid-term financial algorithm aiming for 3%-5% revenue growth, 4%-6% adjusted Profit from Operations growth, and 5%-8% adjusted diluted EPS growth.
BAT's U.S. business, Reynolds American, reported 5.5% revenue growth and 5.9% profit growth in 2025, with its total nicotine volume share increasing by over 100 basis points between December 2024 and December 2025.
Reynolds American plans to invest GBP 2.5 billion by 2030 in U.S. growth, having already invested GBP 150 million in 2025 and created 1,000 new jobs.
Reynolds has improved its gross margin by approximately eight percentage points over the last four years, with a target to reach between 75% and 78% by the end of the decade.

Feb 18, 2026, 4:00 PM

Transcript

British American Tobacco outlines smokeless transformation strategy and financial targets at CAGNY 2026

BTI

New Projects/Investments

Guidance Update

Revenue Acceleration/Inflection

British American Tobacco (BAT) is pursuing an ambition to become a predominantly smokeless business by 2035, driven by its global multi-category portfolio and significant investments in new categories.
The company's new categories are demonstrating strong performance, with VELO achieving global volume share leadership in top markets in Q4 2025 and Vuse maintaining its position as the global value share leader with 39% share. In the U.S., Reynolds American is committing GBP 2.5 billion by 2030 to support growth, contributing to a total nicotine volume share increase of over 100 basis points between December 2024 and December 2025 for Reynolds.
BAT targets a mid-term financial algorithm of 3%-5% revenue growth, 4%-6% Adjusted Profit from Operations growth, and 5%-8% Adjusted Diluted EPS growth, while continuing to generate strong free cash flow and return cash to shareholders through dividends and share buybacks.

Feb 18, 2026, 4:00 PM

Transcript

British American Tobacco outlines U.S. strategy and new category growth at CAGNY 2026

BTI

New Projects/Investments

Guidance Update

Revenue Acceleration/Inflection

British American Tobacco (BAT) is transforming with an ambition to be a predominantly smokeless business by 2035, with the U.S. market serving as the cornerstone of its strategy.
The total nicotine industry revenue in addressable markets is expected to grow at a 4% CAGR over the next five years, driven by double-digit growth in new categories. The U.S. nicotine revenue pool, estimated at GBP 42 billion in 2025, is projected to grow above a 4% CAGR through to 2030.
Nicotine pouches are expected to almost triple in revenue by 2030. In the U.S., VELO+ delivered 290% volume growth year-on-year and reached 24% national volume share in 2025, becoming the second largest nicotine pouch brand. Vuse is the global value share leader in vapor with 39% share.
Reynolds American, BAT's U.S. business, delivered 5.5% revenue growth and 5.9% profit growth in 2025. The company is committing GBP 2.5 billion by 2030 to support U.S. growth and expects to achieve a gross margin between 75% and 78% by the end of the decade.

Feb 18, 2026, 4:00 PM

Transcript

British American Tobacco p.l.c. Publishes 2025 Annual Report and Files Form 20-F

BTI

Earnings

M&A

British American Tobacco p.l.c. announced the publication of its Annual Report for the Year Ended 31 December 2025, which includes the Combined Annual and Sustainability Report 2025 and the Annual Report on Form 20-F 2025.
The Form 20-F, containing audited financial statements for 2025, was filed with the U.S. Securities and Exchange Commission on February 13, 2026.
The company completed the divestment of 10% of its equity stake in ITC on May 28, 2025, generating net proceeds of INR121.0 billion (£1.0 billion), following a 12% divestment in March 2024.
Other income from related parties increased to £945 million in 2025 from £448 million in 2024, partly due to £533 million from ITC received in the form of shares in ITC Hotels.
The document also details Group Principal Risks, including competition from illicit trade, geopolitical tensions, and regulatory changes, which were robustly assessed by the Directors during the year.

Feb 13, 2026, 6:29 PM

6-K

British American Tobacco p.l.c. Reports Full Year 2025 Results

BTI

Earnings

Dividends

Share Buyback

British American Tobacco p.l.c. reported £25,610 million in revenue and £9,997 million in profit from operations for the year ended December 31, 2025. Diluted earnings per share (EPS) was 349.1p.
The company's dividend per share increased to 245.04p , and it executed a £1.1 billion share buy-back program in 2025, with an additional £1.3 billion planned for 2026. Total borrowings stood at £35,070 million with a leverage ratio of 2.55x at year-end 2025.
Revenue from New Categories grew by 16.1% to £1,251 million in 2025. The company also completed the divestment of a 10% equity stake in ITC, generating £1.0 billion in net proceeds.

Feb 13, 2026, 1:10 PM

6-K

British American Tobacco p.l.c. Reports FY 2025 Preliminary Results

BTI

Earnings

Guidance Update

Share Buyback

British American Tobacco p.l.c. reported FY 2025 revenue of £25,610 million, a 1.0% decrease (up 2.1% at constant FX), and reported profit from operations increased 265% to £9,997 million. Adjusted profit from operations (as adjusted for Canada at constant currency) grew 2.3% to £11,628 million.
Reported diluted EPS rose 157% to 349.1p, while adjusted diluted EPS (as adjusted for Canada at constant currency) increased 3.4% to 352.8p for FY 2025.
New Categories revenue grew 7.0% for FY 2025, accelerating to double-digits in H2, with their contribution increasing 77.1% to £442 million. Smokeless products now constitute 18.2% of Group revenue.
The company announced a 2.0% dividend growth to 245.04p and a £1.3 billion share buy-back for 2026. For 2026, performance is anticipated at the lower end of medium-term guidance ranges, including 3-5% revenue growth and 5-8% adjusted diluted EPS growth (at constant rates and as adjusted for Canada).

Feb 12, 2026, 12:25 PM

6-K

British American Tobacco Reports Strong Full Year 2025 Results and Confident 2026 Outlook

BTI

Earnings

Guidance Update

Share Buyback

British American Tobacco delivered Full Year 2025 results at the top end of guidance, with group revenue increasing by 2.1% and adjusted diluted EPS up 3.4%.
The U.S. business returned to revenue and profit growth for the first time since 2022, and new categories revenue grew 7%, primarily driven by Modern Oral, which was up 48%.
The company is confident in returning to its Midterm Algorithm in 2026, targeting 3%-5% revenue growth and 5%-8% adjusted diluted EPS growth, though 2026 is expected to be at the lower end of these ranges.
British American Tobacco announced an increase to its share buyback to GBP 1.3 billion for 2026 and remains on track to generate more than GBP 50 billion in free cash flow by 2030.

Feb 12, 2026, 9:30 AM

Transcript

British American Tobacco Reports Strong Full Year 2025 Results and Increases Share Buyback

BTI

Earnings

Guidance Update

Share Buyback

British American Tobacco (BTI) delivered full year 2025 results at the top end of guidance, with group revenue increasing 2.1% and adjusted diluted EPS up 3.4% on a constant currency basis.
The company added 4.7 million smokeless consumers, bringing the total to 34.1 million, primarily driven by 48% growth in Modern Oral revenue. The U.S. business returned to revenue and profit growth, with overall U.S. revenue up 5.5% and adjusted profit up 5.9% in 2025.
BTI announced a 2% increase in its dividend and raised its share buyback program to GBP 1.3 billion for 2026. The company also targets a further GBP 2 billion in productivity savings by 2030.
Looking ahead, BTI is confident in returning to its Midterm Algorithm in 2026, projecting 3%-5% revenue growth, 4%-6% adjusted profit from operations growth, and 5%-8% adjusted diluted EPS growth, with 2026 expected at the lower end of these ranges.

Feb 12, 2026, 9:30 AM

Transcript

British American Tobacco Reports Strong Full-Year 2025 Results and Raises 2026 Share Buyback

BTI

Earnings

Guidance Update

Share Buyback

British American Tobacco (BTI) delivered full-year 2025 results at the top end of guidance, with group revenue increasing by 2.1% and adjusted diluted EPS up 3.4%.
The company achieved a return to revenue and profit growth in the U.S. for the first time since 2022, driven by strong combustibles performance and growth in modern oral.
New category revenue grew 7% in 2025, primarily from 48% growth in Modern Oral, and BTI reached global volume share leadership in Modern Oral.
BTI is confident in returning to its Midterm Algorithm in 2026, targeting 3%-5% revenue growth, 4%-6% adjusted profit from operations growth, and 5%-8% adjusted diluted EPS growth, though 2026 is expected to be at the lower end of these ranges.
Shareholder returns were enhanced with a 2% increase in dividend and an increased share buyback program of GBP 1.3 billion for 2026.