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British American Tobacco/$BTI

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About British American Tobacco

The third-largest tobacco company by volume, British American Tobacco sold 465 billion cigarettes in 2025. Its leading brands are Dunhill, Kent, Pall Mall, Lucky Strike, and Rothmans in cigarettes. Its ownership of the Camel, Natural American Spirit, and Newport brands are limited to the US. In next-generation products, the company has the Vuse brand in vaping, glo in heated tobacco, and Velo in modern oral tobacco. The company also owns a 22.9% stake in ITC limited, the largest Indian cigarette company.
Ticker
$BTI
Primary listing
NYSE
Employees
47,797

BTI Metrics

BasicAdvanced
$129B
15.54
$3.89
0.11
$3.20
5.42%

What the Analysts think about BTI

Analyst ratings (Buy, Hold, Sell) for British American Tobacco stock.
Analyst projections of the future price of British American Tobacco stock.

Bulls say / Bears say

New Categories are growing fast enough to support the shift away from cigarettes: first-half revenue rose 18% at constant rates, led by Modern Oral growth of 65.9%. BAT also reported a 54.7% increase in New Category contribution, suggesting the growth is adding profit as well as sales. (British American Tobacco)
Vuse’s US recovery gives BAT another growth lever: first-half US Vapour revenue rose 19.8%, and Vuse’s value share in tracked closed-system channels increased to 55.9%. The company plans further Velo and Vuse launches in the second half of 2026. (British American Tobacco)
Earnings and cash generation are supporting shareholder returns. BAT raised its full-year adjusted EPS growth outlook towards the middle of its 5–8% range after first-half adjusted EPS grew 7.9%, and it remains on track for a £1.3bn share buy-back. (Reuters, British American Tobacco)
The core cigarette business faces a shrinking market and continuing share losses: BAT expects global industry volumes to fall about 3% in 2026, while its own first-half cigarette volumes fell 4.6% and group cigarette volume share slipped 30 basis points. Price and mix may not be enough to offset that pressure indefinitely. (British American Tobacco)
Weakness in APMEA is holding back the group’s growth outlook. First-half regional revenue fell 6.3% at constant rates, and BAT cited a slower-than-expected recovery amid regulatory and tax changes in Asia while keeping full-year revenue and operating-profit growth guidance at the lower end of its ranges. (Reuters, British American Tobacco)
A US appeals court ruling leaves BAT facing class-action claims over whether Natural American Spirit labels misled consumers about the cigarettes’ safety and additives. Consumers in 12 states may pursue the case, creating legal and potential damages risk. (Reuters)
Data summarised monthly by Lightyear AI. Last updated on 11 Oct 2026.

BTI Financial Performance

Revenues and expenses
Income statement
QuarterlyAnnual
Q3 24
QoQ growth
Revenue
Net income
Profit margin

BTI Earnings Performance

Company profitability
Earnings per share
QuarterlyAnnual
Q4 23
Q1 24
Q2 24
Q3 24
Q4 24
Actual
Expected
Surprise
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