British American Tobacco p.l.c. (LON:BATS)
London · Delayed Price · Currency is GBP · Price in GBX 4,570.00
+4.00 (0.09%)
Jul 31, 2026, 4:38 PM GMT
LON:BATS Cash Flow Statement
Financials in millions GBP. Fiscal year is January - December.
Millions GBP. Fiscal year is Jan - Dec.
Operating Activities
Fiscal Year | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
Period Ending | Jun '26 Jun 30, 2026 | Dec '25 Dec 31, 2025 | Dec '24 Dec 31, 2024 | Dec '23 Dec 31, 2023 | Dec '22 Dec 31, 2022 | Dec '21 Dec 31, 2021 |
Net Income | 6,442 | 7,764 | 3,068 | -14,367 | 6,666 | 6,801 |
Depreciation & Amortization | 2,339 | 2,095 | 2,114 | 23,836 | 943 | 901 |
Other Amortization | 119 | 119 | 120 | 125 | 142 | 129 |
Asset Writedown & Restructuring Costs | 261 | 333 | 867 | 4,653 | 220 | 46 |
Loss (Gain) on Equity Investments | -396 | -1,681 | -1,900 | -585 | -442 | -415 |
Other Operating Activities | 1,125 | 1,357 | 120 | -2,915 | 2,762 | 2,317 |
Change in Accounts Receivable | -396 | -295 | -269 | -487 | -42 | -393 |
Change in Inventory | 360 | 112 | 35 | 265 | -246 | 433 |
Change in Accounts Payable | 198 | -207 | 58 | 640 | 3 | 183 |
Change in Other Net Operating Assets | -2,617 | -3,255 | 5,912 | -451 | 388 | -285 |
Operating Cash Flow | 7,435 | 6,342 | 10,125 | 10,714 | 10,394 | 9,717 |
Operating Cash Flow Growth | 17.23% | -37.36% | -5.50% | 3.08% | 6.97% | -0.70% |
Investing Activities
Fiscal Year | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
Period Ending | Jun '26 Jun 30, 2026 | Dec '25 Dec 31, 2025 | Dec '24 Dec 31, 2024 | Dec '23 Dec 31, 2023 | Dec '22 Dec 31, 2022 | Dec '21 Dec 31, 2021 |
Capital Expenditures | -582 | -551 | -486 | -460 | -523 | -527 |
Sale of Property, Plant & Equipment | 24 | 37 | 145 | 54 | 31 | 31 |
Divestitures | -188 | 4 | - | 159 | - | -98 |
Sale (Purchase) of Intangibles | -120 | -122 | -83 | -114 | -130 | -218 |
Investment in Securities | 739 | 1,817 | 1,612 | -80 | -168 | -361 |
Other Investing Activities | 202 | 202 | 187 | 145 | 85 | 33 |
Investing Cash Flow | 75 | 1,387 | 1,375 | -296 | -705 | -1,140 |
Financing Activities
Fiscal Year | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
Period Ending | Jun '26 Jun 30, 2026 | Dec '25 Dec 31, 2025 | Dec '24 Dec 31, 2024 | Dec '23 Dec 31, 2023 | Dec '22 Dec 31, 2022 | Dec '21 Dec 31, 2021 |
Long-Term Debt Issued | - | 3,814 | 2,404 | 5,134 | 3,267 | 978 |
Long-Term Debt Repaid | - | -4,109 | -4,991 | -6,931 | -3,205 | -4,997 |
Net Debt Issued (Repaid) | -947 | -295 | -2,587 | -1,797 | 62 | -4,019 |
Issuance of Common Stock | 1,050 | 1,050 | - | - | - | 1,681 |
Repurchase of Common Stock | -2,296 | -2,056 | -792 | -110 | -2,092 | -82 |
Common Dividends Paid | -5,323 | -5,292 | -5,269 | -5,114 | -4,975 | -4,910 |
Other Financing Activities | -1,792 | -2,169 | -1,984 | -2,293 | -1,873 | -1,419 |
Financing Cash Flow | -9,308 | -8,762 | -10,632 | -9,314 | -8,878 | -8,749 |
Net Cash Flow
Fiscal Year | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
Period Ending | Jun '26 Jun 30, 2026 | Dec '25 Dec 31, 2025 | Dec '24 Dec 31, 2024 | Dec '23 Dec 31, 2023 | Dec '22 Dec 31, 2022 | Dec '21 Dec 31, 2021 |
Foreign Exchange Rate Adjustments | 102 | -76 | -281 | -292 | 431 | -253 |
Miscellaneous Cash Flow Adjustments | - | -208 | - | 368 | -368 | - |
Net Cash Flow | -1,696 | -1,317 | 587 | 1,180 | 874 | -425 |
Free Cash Flow
Fiscal Year | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
Period Ending | Jun '26 Jun 30, 2026 | Dec '25 Dec 31, 2025 | Dec '24 Dec 31, 2024 | Dec '23 Dec 31, 2023 | Dec '22 Dec 31, 2022 | Dec '21 Dec 31, 2021 |
Free Cash Flow | 6,853 | 5,791 | 9,639 | 10,254 | 9,871 | 9,190 |
Free Cash Flow Growth | 18.34% | -39.92% | -6.00% | 3.88% | 7.41% | -0.92% |
Free Cash Flow Margin | 26.59% | 22.61% | 37.26% | 37.58% | 35.69% | 35.78% |
Free Cash Flow Per Share | 3.14 | 2.63 | 4.33 | 4.60 | 4.35 | 4.00 |
Levered Free Cash Flow | 3,525 | 2,994 | 10,278 | 16,090 | 7,121 | 6,587 |
Unlevered Free Cash Flow | 4,602 | 4,103 | 11,386 | 17,235 | 8,138 | 7,507 |
Additional Metrics
Fiscal Year | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
Period Ending | Jun '26 Jun 30, 2026 | Dec '25 Dec 31, 2025 | Dec '24 Dec 31, 2024 | Dec '23 Dec 31, 2023 | Dec '22 Dec 31, 2022 | Dec '21 Dec 31, 2021 |
Cash Interest Paid | 1,695 | 1,671 | 1,740 | 1,712 | 1,603 | 1,502 |
Cash Income Tax Paid | 2,574 | 2,926 | 1,854 | 2,622 | 2,537 | 2,314 |
Change in Working Capital | -2,455 | -3,645 | 5,736 | -33 | 103 | -62 |