British American Tobacco p.l.c.

BTINYSEConsumer Defensive● Active

$59.69

$-0.03(-0.05%)

Market Cap$129.0B

P/E Ratio—

52W High$67.3

52W Low$46.38

Avg Volume4.3M

Open$60.16

Beta0.13

Free Cash Flow Financials Revenue

British American Tobacco p.l.c. (BTI) Free Cash Flow & Analysis

Annual & trailing free cash flow, FCF margin, YoY change, valuation ratios, and peer context.

BTI · free cash flow · updated Jun 8, 2026

Core FCF metrics

BTI · FCF · TTM · margin & CAGR

Free cash flow was $5.79B for FY2025 (fiscal year ending 2025-12-31), down 39.2% year-over-year The FCF margin was 22.6%. Five-year CAGR stands at -9.0%.

FY2025 Free Cash Flow$5.79B▼ -39.2% YoY

Trailing 12M (TTM)$15.31Btrailing 4 quarters sum

FCF Margin22.6%$5.79B ÷ revenue

3-Year CAGR-16.3%FY2022 → FY2025

5-Year CAGR-9.0%FY2020 → FY2025

FormulaFCF = Operating Cash Flow − Capital ExpendituresTTM = trailing 4 quarters sumCAGR → N/A if either endpoint ≤ 0

Source: FMP /cash-flow-statement · SEC 10-K / 10-Q · USDUpdated: Jun 8, 2026

Annual free cash flow history

FCF ($B, upper) · YoY Growth % (lower)

Positive FCFNegative FCF

Free Cash Flow

YoY Growth %

Annual free cash flow data

BTI · free cash flow history · annual / quarterly

Fiscal YearOperating CFCapExFree Cash FlowYoY ChangeFCF Margin

FY2025Latest$6.34B(551M)$5.79B▼ 39.2%22.6%

FY2024$10.13B(608M)$9.52B▼ 7.2%36.8%

FY2023$10.71B(460M)$10.25B▲ +3.9%37.6%

FY2022$10.39B(523M)$9.87B▲ +7.4%35.7%

FY2021$9.72B(527M)$9.19B▼ 0.9%35.8%

FCF = Operating Cash Flow − Capital Expenditures · CapEx shown as (negative) · Source: SEC filings via FMP

FCF valuation metrics

BTI · P/FCF · FCF yield · FCF per share

British American Tobacco p.l.c. (BTI) trades at a FCF yield of 4.51% and a price-to-free-cash-flow ratio of 8.5x. FCF per share stands at $7.00, calculated using trailing twelve-month FCF divided by basic weighted-average shares outstanding.

FCF Yield (TTM)

4.51%

Free Cash Flow ÷ Market Cap

per FMP freeCashFlowYieldTTM definition

FCF per Share (TTM)

$7.00

TTM FCF ÷ Shares Outstanding

Price / FCF

x8.5

Share Price ÷ FCF per Share

EV / FCF (TTM)

x29.5

Enterprise Value basis

Source: FMP /key-metrics-ttm · /cash-flow-statement Q · /income-statementFY2025 · 2025-12-31

Cash flow statement summary

BTI · cash flow statement · operating / investing / financing

For FY2025, British American Tobacco p.l.c. generated $6.34B in operating cash flow and spent 551M in capital expenditures, yielding $5.79B in free cash flow.

Operating Activities

+$6.34B

Cash from core business operations

2025-12-31

Investing Activities

+$1.39B

CapEx, acquisitions & investments

2025-12-31

Financing Activities

−$8.76B

Buybacks, dividends & debt

2025-12-31

FCF FormulaOperating CF ($6.34B) − |CapEx| (551M) = FCF ($5.79B)

For the complete Operating / Investing / Financing line-item breakdown:

View Full Cash Flow Statement →

Free cash flow vs peers (Consumer Defensive)

BTI vs peers · FCF

#CompanyFree Cash FlowYoYFCF MarginRelative

British American Tobacco p.l.c.YOU

BTI

$5.79B-39.2%22.6%

39%

The Procter & Gamble Company

$14.04B-15.0%16.7%

94%

Philip Morris International Inc.

$10.66B-1.0%26.2%

71%

Costco Wholesale Corporation

COST

$7.84B+18.2%2.8%

53%

The Coca-Cola Company

$5.30B+11.7%11.0%

35%

Consumer Defensive · Sorted by FCF · FMP /cash-flow-statementFull FCF Rankings →

About Free Cash Flow & Methodology

British American Tobacco p.l.c. (BTI) reported free cash flow of $5.79B for FY2025 (fiscal year ending 2025-12-31), down 39.2% year-over-year. The FCF margin was 22.6%.

Based on available data, British American Tobacco p.l.c. has maintained positive free cash flow for at least 15 fiscal year(s). FCF peaked at $10.25B in FY2023. The 5-year CAGR stands at -9.0%.

British American Tobacco p.l.c.'s FCF yield is 4.51% and price-to-FCF ratio is 8.5x for FY2025, based on the latest available data.

Data sourced from FMP /cash-flow-statement · SEC 10-K / 10-Q · USD.

Q&A and summaries align with SEC 10-K/10-Q cash flow disclosures and FMP /cash-flow-statement where noted.

Revenue Financial statements Net income Earnings Forecast Price history Market cap Cash on hand P/E ratio

Frequently asked questions

BTI free cash flow · 8 questions

British American Tobacco p.l.c. free cash flow was $5.79B for FY2025, down 39.2% year-over-year. On a trailing twelve-month (TTM) basis, free cash flow stands at $15.31B.

BTI free cash flowBTI FCFBTI FCF 2025BTI free cash flow TTM

▸ Source: FMP /cash-flow-statement · US GAAP · British American Tobacco p.l.c. · British American Tobacco p.l.c. SEC 10-K & 10-Q filings · US GAAP · Last updated: Jun 8, 2026