Key Points
- Revenue: £25,610m (≈ USD 33.78bn)
- Reported change: -1.0%
- Constant currency growth: +2.1%
- Operating Profit: £9,997m (≈ USD 13.18bn)
- Adjusted Operating Profit: £11,572m
- Diluted EPS: 349.1p
- Dividend per Share: 245.04p (+2.0%)
- New Categories Revenue: £3,621m (≈ USD 4.78bn)
- New Categories Category Contribution: £427m
- Smokeless Revenue Share: 18.2%
- Smokeless Consumers: 34.1 million
USD conversions are based on the FY2025 average exchange rate disclosed by the company (1 GBP = 1.319 USD).
2Firsts, February 12, 2026
British American Tobacco (BAT) on Thursday afternoon reported full-year 2025 revenue of £25.61 billion, equivalent to approximately USD 33.78 billion based on the company’s disclosed 2025 average exchange rate of 1 GBP = 1.319 USD. Revenue declined 1.0% on a reported basis but increased 2.1% at constant exchange rates.
Profit from operations reached £9.997 billion (approximately USD 13.18 billion). The reported increase reflects the prior-year impairment base effect. Adjusted operating profit rose modestly on a constant currency basis. Adjusted diluted earnings per share increased 0.7% at constant rates, while dividend per share rose 2.0% to 245.04 pence.
New Categories—comprising vapour, heated products and modern oral—generated £3.62 billion (approximately USD 4.78 billion) in revenue, up 5.5% on a reported basis and 7.0% at constant currency. Category contribution increased 77.1% to £427 million, with margin expanding to 11.8%.
Modern Oral revenue reached £1.17 billion, growing 47.4% on a reported basis. Vapour revenue declined 10.4%, while heated products were broadly stable year-on-year on a reported basis and increased slightly at constant currency.
Smokeless products accounted for 18.2% of group revenue, an increase of 70 basis points. Smokeless consumers totaled 34.1 million, up 4.7 million year-on-year.
Combustibles revenue totaled £20.20 billion, down 2.3% on a reported basis but up 1.0% at constant exchange rates.
BAT stated that New Categories returned to double-digit growth in the second half of the year, supported by performance in modern oral and recent premium launches including Vuse Ultra, glo Hilo and Velo Shift.
Further coverage and analysis will follow from 2Firsts.
Cover image: BAT, Preliminary Results 2025 Presentation, February 12, 2026.
