British American Tobacco p.l.c. (BTI) Revenue History
Annual and quarterly revenue from 2013 to 2024
Compound Annual Growth Rate (CAGR)
Loading revenue history...
BTI Revenue Growth
Revenue Breakdown (FY 2022)
BTI's revenue distribution by segment and geography for fiscal year 2022
By Product/Segment
By Geography
BTI Revenue Analysis (2013–2024)
As of May 8, 2026, British American Tobacco p.l.c. (BTI) generated trailing twelve-month (TTM) revenue of $51.78 billion, reflecting slight decline in growth of -2.2% year-over-year. The most recent quarter (Q2 2025) recorded $12.07 billion in revenue, down 10.8% sequentially.
Looking at the longer-term picture, BTI's 5-year compound annual growth rate (CAGR) stands at -0.0%, indicating revenue contraction over this period. The company achieved its highest annual revenue of $27.66 billion in 2022.
Revenue diversification analysis shows BTI's business is primarily driven by Combustibles (93%), Traditional Oral (5%), and Others (2%). With over half of revenue concentrated in Combustibles, the company maintains significant focus in this area while developing other growth vectors.
When 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 terms of 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 | $51.8B | -2.2% | -0.0% | 10.6% | |
 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 | -32.0% | +9.1% | 8.3% | |
 XXII | $18M | +75.4% | -9.0% | -64.9% |
BTI Historical Revenue Data (2013–2024)
| Year | Revenue | YoY % | Gross Profit | Gross Margin | Op. Income | Op. Margin |
|---|---|---|---|---|---|---|
| 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% |
Full BTI Stock Analysis
Analyst consensus, bull case, AI-generated risk factors, and peer comparison — all in one place.
See BTI's True Return
Price is only half the story. See total return with reinvested dividends.
Launch CalculatorIs BTI Undervalued?
DCF intrinsic value, peer multiples, and analyst estimates — see what the stock is really worth.
View ValuationCompare BTI vs WMT
Side-by-side business, growth, and profitability comparison vs Walmart Inc..
Start ComparisonBTI — 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 slowed to -2.2%, below the 5-year CAGR of -0.0%. TTM revenue is $51.8B. The deceleration marks a shift from historical growth rates.
What is BTI's long-term revenue growth rate?
British American Tobacco p.l.c.'s 5-year revenue CAGR of -0.0% reflects the variable expansion pattern. Current YoY growth of -2.2% is near this long-term average.
How is BTI's revenue distributed by segment?
BTI reports revenue by product line and geographic region. Annual and quarterly breakdowns from 2013-2024 are available for download. Segment mix reveals concentration and diversification trends.