British American Tobacco’s underlying revenue grew by 2.1% to £25.6bn in 2025, in line with guidance. New category growth was 7.0% led by modern oral products. Combustible revenue grew in all regions except Asia-Pacific, Middle East and Africa.
Underlying operating profit grew by 2.3% to £11.3bn. Free cash flow fell 48.8% to $4.0bn, impacted by a $2.6bn payment in respect of healthcare-related settlements in Canada. Underlying net debt was $31.4bn.
2026 guidance points to the lower end of medium-term targets, which are 3-5% for revenue and 4-6% for underlying operating profit.
The 2025 dividend has been raised 2% to 245.04p, to be paid in four instalments. There’s been no changes to the planned £1.3bn buyback programme for this year.
The shares were down 1.5% in early trading
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British American Tobacco key facts
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