BMT Balance Sheet - British American Tobacco plc

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Price: 53.8 EUR -1.28% Market Closed

Market Cap: €120.3B

Financial profile · Q2 FY2026

A cash-generative tobacco franchise funding a measured smokeless transition

BAT’s multi-year history shows a mature, broadly stable revenue base, substantial operating profitability, and periodic reported-earnings distortion from large non-recurring items. Operating cash generation materially exceeds capital spending, supporting sustained distributions while the balance sheet remains debt-funded.

What is developing

The latest comparable period preserves the cash-generative model and shows continued progress in smokeless categories, but reported profitability remains volatile because of one-off and financing effects. The underlying financial model appears intact even as quarterly earnings and cash conversion diverge.

What matters next

Whether TTM operating cash flow recovers toward the company’s stated 95%+ conversion objective without renewed working-capital pressure.

Metric	FY2016 Dec 2016	FY2017 Dec 2017	FY2018 Dec 2018	FY2019 Dec 2019	FY2020 Dec 2020	FY2021 Dec 2021	FY2022 Dec 2022	FY2023 Dec 2023	FY2024 Dec 2024	FY2025 Dec 2025
Cash & Cash Equivalents	2.2B	3.3B	2.6B	2.5B	3.1B	2.8B	3.4B	4.7B	5.3B	3.8B
Cash	1.6B	2B	2.1B	2.3B	2.9B	2.5B	3.1B	3.2B	3.4B	1.9B
Cash Equivalents	576m	1.3B	533m	270m	199m	280m	330m	1.4B	1.9B	1.9B
Short-Term Investments	15m	65m	178m	123m	242m	456m	579m	601m	513m	16m
Total Receivables	4B	4.5B	3.7B	4.2B	3.8B	4.1B	4.5B	3.8B	3.7B	4.3B
Accounts Receivables	3.9B	4.1B	3.6B	4.1B	3.7B	4B	4.4B	3.6B	3.6B	3.8B
Other Receivables	69m	460m	74m	122m	79m	117m	149m	172m	67m	470m
Inventory	5.8B	5.9B	6B	6.1B	6B	5.3B	5.7B	4.9B	4.6B	4.4B
Other Current Assets	394m	233m	184m	316m	433m	195m	1.2B	195m	197m	187m
Total Current Assets	12.4B	14B	12.7B	13.3B	13.6B	12.8B	15.4B	14.2B	14.3B	12.7B
PP&E Net	3.7B	4.9B	5.2B	5.5B	5.1B	5B	4.9B	4.6B	4.4B	4.5B
PP&E Gross	3.7B	4.9B	5.2B	5.5B	5.1B	5B	4.9B	4.6B	4.4B	4.5B
Accumulated Depreciation	(3.5B)	(3.3B)	(3.5B)	(3.7B)	(4B)	(4B)	(4.6B)	(4.5B)	(4.5B)	(4.8B)
Intangible Assets	1.1B	73.6B	77.9B	74.5B	72B	72.4B	81.1B	54.5B	53.1B	48B
Goodwill	11B	44.1B	46.2B	44.3B	43.3B	43.2B	48B	41.1B	41.1B	38.9B
Note Receivable	599m	756m	685m	248m	242m	210m	241m	321m	282m	288m
Long-Term Investments	9.6B	1.6B	1.8B	1.9B	1.8B	2B	2.1B	2.1B	2B	1.9B
Other Long-Term Assets	1.5B	2B	2B	1.3B	1.6B	1.8B	1.8B	2B	3.6B	3B
Other Assets	11B	44.1B	46.2B	44.3B	43.3B	43.2B	48B	41.1B	41.1B	38.9B
Total Assets	39.8B	141.1B	146.3B	141B	137.7B	137.4B	153.5B	118.7B	118.9B	109.3B
Accounts Payable	7.3B	8.9B	10.6B	9.7B	9.7B	9.6B	10.4B	9.7B	9.6B	9.3B
Accrued Liabilities	27m	469m	487m	488m	522m	474m	548m	586m	576m	582m
Short-Term Debt	807m	1.7B	810m	1.5B	249m	615m	133m	103m	138m	37m
Current Portion of Long-Term Debt	2.2B	3.3B	2.9B	5.5B	3.3B	2.9B	3.8B	3.6B	3.6B	2.8B
Other Current Liabilities	1.5B	1.3B	1.5B	1.5B	1.7B	1.6B	3B	1.6B	4.9B	1.8B
Total Current Liabilities	11.9B	15.6B	16.3B	18.8B	15.5B	15.1B	17.9B	15.7B	18.7B	14.5B
Long-Term Debt	16.5B	44B	43.3B	37.8B	39.9B	35.7B	38.7B	35.4B	32.6B	31.7B
Deferred Income Tax	652m	17.1B	17.8B	17.1B	16.3B	16.5B	18.4B	12.2B	11.7B	10.3B
Minority Interest	224m	222m	244m	258m	282m	300m	342m	368m	352m	219m
Other Liabilities	2.4B	3.3B	3.3B	3.2B	3B	2.7B	2.8B	2.5B	5.8B	4.6B
Total Liabilities	31.6B	80.3B	80.9B	77.1B	75B	70.3B	78.2B	66.2B	69.3B	61.4B
Common Stock	507m	614m	614m	614m	614m	614m	614m	614m	585m	577m
Retained Earnings	7.6B	69.2B	70.9B	72.6B	74.3B	76.4B	78.3B	58.7B	53.1B	54.4B
Additional Paid In Capital	82m	87m	91m	94m	103m	107m	113m	115m	121m	123m
Unrealized Security Profit/Loss	—	196m	185m	192m	161m	185m	209m	197m	224m	214m
Treasury Stock	—	(5.2B)	(5.2B)	(5.3B)	(5.2B)	(5.1B)	(7.1B)	(7.1B)	(4.4B)	(4.4B)
Other Equity	—	(4.2B)	(1.1B)	(4.3B)	(7.3B)	(5.1B)	3.3B	21m	(14m)	(3B)
Total Equity	8.2B	60.8B	65.4B	63.9B	62.7B	67.1B	75.4B	52.6B	49.6B	47.9B
Total Liabilities & Equity	39.8B	141.1B	146.3B	141B	137.7B	137.4B	153.5B	118.7B	118.9B	109.3B
Common Shares Outstanding	1.9B	2.3B	2.3B	2.3B	2.3B	2.3B	2.2B	2.2B	2.2B	2.2B