British American Tobacco p.l.c. (BTI) Revenue History
Annual and quarterly revenue from 1995 to present
BTI Revenue Over Time (1995–2025)
BTI Revenue Growth History
17 of 30 years with positive growth- FY1995 revenue growth
- N/A
- FY1996 revenue growth
- +6.9%
- FY1997 revenue growth
- -1.2%
- FY1998 revenue growth
- -0.4%
- FY1999 revenue growth
- +27.4%
- FY2000 revenue growth
- +20.3%
- FY2001 revenue growth
- +4.2%
- FY2002 revenue growth
- -99.8%
- FY2003 revenue growth
- +103708.4%
- FY2004 revenue growth
- -58.0%
- FY2005 revenue growth
- -13.4%
- FY2006 revenue growth
- +4.7%
- FY2007 revenue growth
- +2.6%
- FY2008 revenue growth
- +21.0%
- FY2009 revenue growth
- +17.2%
- FY2010 revenue growth
- +4.8%
- FY2011 revenue growth
- +3.5%
- FY2012 revenue growth
- -1.4%
- FY2013 revenue growth
- +0.5%
- FY2014 revenue growth
- -8.4%
- FY2015 revenue growth
- -10.3%
- FY2016 revenue growth
- +12.7%
- FY2017 revenue growth
- +38.5%
- FY2018 revenue growth
- +25.2%
- FY2019 revenue growth
- +5.7%
- FY2020 revenue growth
- -0.4%
- FY2021 revenue growth
- -0.4%
- FY2022 revenue growth
- +7.7%
- FY2023 revenue growth
- -1.3%
- FY2024 revenue growth
- -5.2%
- FY2025 revenue growth
- -1.0%
| Quarter | Revenue | YoY |
|---|---|---|
| Q4 2025 | $13.54B | +0.1% |
| Q2 2025 | $12.07B | -2.2% |
| Q4 2024 | $13.53B | -2.3% |
| Q2 2024 | $12.34B | -8.2% |
| Q4 2023 | $13.84B | -6.4% |
| Q2 2023 | $13.44B | +4.4% |
| Q4 2022 | $14.79B | +9.5% |
| Q2 2022 | $12.87B | +5.7% |
Revenue Breakdown (FY 2025)
BTI's revenue distribution by segment and geography for fiscal year 2025
By Product/Segment
By Geography
BTI Revenue Analysis (1995–2025)
Current Revenue & Growth
As of June 29, 2026, British American Tobacco p.l.c. (BTI) generated trailing twelve-month (TTM) revenue of $51.48 billion, reflecting modest growth of +0.1% year-over-year. The most recent quarter (Q4 2025) recorded $13.54 billion in revenue, up 12.2% sequentially.
Historical Growth Trajectory
BTI's 5-year compound annual growth rate (CAGR) stands at -0.1%, indicating revenue contraction over this period. The 3-year CAGR of -2.5% is below the 5-year average, signalling a growth deceleration in recent years. British American Tobacco p.l.c.'s highest annual revenue of $27.66 billion was recorded in 2022.
Revenue by Segment
BTI's revenue is primarily driven by Combustibles (92%), Traditional Oral (5%), and Others (3%). With over half of revenue concentrated in Combustibles, the company has a focused business model while developing other growth vectors.
Peer Comparison
Compared to Consumer Defensive sector peers — including MO (+7.7% YoY), PM (+8.1% YoY), and TPB (+25.2% YoY) — BTI has underperformed the peer group in revenue growth. Compare BTI vs MO →
BTI Revenue vs Peers
Revenue metrics vs comparable public companies
| Company | TTM Revenue | YoY Growth | 5Y CAGR | Op. Margin | Compare |
|---|---|---|---|---|---|
| BTICurrent | $51.5B | +0.1% | -0.1% | 39.0% | |
 MO | $20.1B | +7.7% | -0.7% | 74.8% | |
 PM | $40.6B | +8.1% | +7.2% | 36.7% | |
 TPB | $463M | +25.2% | +2.7% | 20.6% | |
 UVV | $2.9B | -0.8% | +8.1% | 7.2% | |
 XXII | $7M | -19.8% | -24.2% | -162.0% |
BTI Historical Revenue Data (1995–2025)
| Year | Revenue | YoY % | Gross Profit | Gross Margin | Op. Income | Op. Margin |
|---|---|---|---|---|---|---|
| 2025 | $25.61B | -1.0% | $21.38B | 83.5% | $10.00B | 39.0% |
| 2024 | $25.87B | -5.2% | $21.43B | 82.9% | $2.74B | 10.6% |
| 2023 | $27.28B | -1.3% | $22.39B | 82.1% | $-15,751,000,000 | -57.7% |
| 2022 | $27.66B | +7.7% | $22.85B | 82.6% | $10.52B | 38.1% |
| 2021 | $25.68B | -0.4% | $21.09B | 82.1% | $10.23B | 39.8% |
| 2020 | $25.78B | -0.4% | $21.33B | 82.7% | $9.96B | 38.6% |
| 2019 | $25.88B | +5.7% | $21.42B | 82.8% | $10.41B | 40.2% |
| 2018 | $24.49B | +25.2% | $19.89B | 81.2% | $10.03B | 41.0% |
| 2017 | $19.56B | +38.5% | $14.53B | 74.3% | $7.17B | 36.6% |
| 2016 | $14.13B | +12.7% | $10.40B | 73.6% | $5.26B | 37.2% |
| 2015 | $12.54B | -10.3% | $9.50B | 75.8% | $4.93B | 39.4% |
| 2014 | $13.97B | -8.4% | $10.94B | 78.3% | $5.04B | 36.0% |
| 2013 | $15.26B | +0.5% | $12.02B | 78.7% | $5.78B | 37.9% |
| 2012 | $15.19B | -1.4% | $11.88B | 78.2% | $5.41B | 35.6% |
| 2011 | $15.40B | +3.5% | $11.97B | 77.8% | $4.72B | 30.7% |
Intrinsic Valuation
DCF models, multiple analysis, and analyst estimates.
Historical Returns
31+ years return with dividends reinvested.
DCA Calculator
See how regular investing compounds over time.
Peer Comparison
Compare growth, multiples, and margins vs sector.
BTI — Frequently Asked Questions
Quick answers to the most common questions about buying BTI stock.
Is BTI's revenue growth accelerating or slowing?
BTI revenue growth is slowing. TTM revenue is $51.5B, up +0.1% year-over-year — below the 5-year CAGR of -0.1%. The deceleration suggests maturing end-markets or increased competition.
What is BTI's revenue history from 1995 to 2026?
British American Tobacco p.l.c. (BTI) revenue history spans 1995 to 2026. TTM revenue as of 2026 is $51.5B, growing at +0.1% YoY. The 5-year CAGR is -0.1%. Complete annual and quarterly revenue figures are available on this page, including gross profit, operating income, and margin trends.
What is BTI's long-term revenue growth rate (CAGR)?
British American Tobacco p.l.c.'s 5-year revenue CAGR of -0.1% reflects the variable nature of its business expansion. As of 2026, the current YoY growth rate of +0.1% is below this long-term average. CAGR is the most reliable measure of sustained revenue momentum for BTI.
Why does BTI's quarterly revenue fluctuate?
BTI quarterly revenue can fluctuate significantly between periods. A quarter-over-quarter (QoQ) change does not always indicate a trend; comparing the same quarter year-over-year (YoY) is a more reliable signal for underlying growth. British American Tobacco p.l.c.'s revenue data from 1995 to 2026 shows full historical quarterly detail on this page.
How is BTI's revenue distributed by segment?
BTI reports revenue broken down by product line and geographic region. The segment breakdown on this page shows which business units contribute the most to total revenue as of the latest fiscal year. Concentration in a single segment above 50% indicates category dependence, while a diversified mix signals more resilient revenue streams.
How does BTI's revenue compare to industry peers?
British American Tobacco p.l.c. (BTI) with TTM revenue of $51.5B and +0.1% YoY growth can be benchmarked against sector peers using the comparison table on this page. Revenue growth relative to peers indicates market share gains or losses. The peer section shows TTM revenue, YoY growth, and operating margin for direct comparisons.