BAT FY2025 Results: New Categories Contribution Expands as Smokeless Share Reaches 18.2%

Feb.12
BAT FY2025 Results: New Categories Contribution Expands as Smokeless Share Reaches 18.2%
British American Tobacco reported FY2025 revenue of £25.61 billion, down 1.0% on a reported basis but up 2.1% at constant currency. New Categories revenue rose 5.5%, with category contribution increasing 77%. Smokeless products accounted for 18.2% of group revenue.

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.

 

BAT FY2025 Results: New Categories Contribution Expands as Smokeless Share Reaches 18.2%
Figure 1: BAT presentation showing Velo’s volume share progression in the U.S. modern oral nicotine category. The slide indicates continued share gains following the launch of Velo Plus in November 2024, with the brand reaching the No.2 volume and value share position in the U.S. in Q4 2025. Operational metrics including price index, trial conversion and state-level share are also highlighted. | Source: BAT, Preliminary Results 2025 Presentation, February 12, 2026.

 

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.

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