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British American Tobacco (BTI)
NYSE:BTI
Earnings Data
Report Date
Jul 29, 2026Before Open (Confirmed)
Period Ending
2026 (Q2)Consensus EPS Forecast
2.21Last Year’s EPS
2.15Same Quarter Last Year
Based on 0 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
The call conveyed clear positive transformation momentum: top-end-of-guidance delivery, strong Modern Oral outperformance (Modern Oral +48%, Velo Plus >300%), U.S. recovery (U.S. revenue +5.5%, adjusted profit +5.9%), meaningful productivity savings and strengthened shareholder returns (dividend +2%, buyback to GBP 1.3bn). However, material challenges remain—Vapour declines and illicit market pressure, significant APMEA weakness (revenue -7.2%, profit -17.9%), transactional FX headwinds and near-term Fit2Win costs—leading management to guide conservatively for 2026. On balance the positive operational progress, cash generation and category leadership outweigh the regional and category headwinds.Company Guidance
Smokeless Consumer Growth
Added 4.7 million smokeless consumers in 2025, bringing the total to 34.1 million, driven mainly by Modern Oral — the strongest growth acceleration to date and positioning the business for 2026.
Group Results at Top End of Guidance
Delivered 2025 group results at the top end of guidance (constant currency): group revenue +2.1%, adjusted profit +3.4%, adjusted profit from operations +2.3%, and adjusted diluted EPS +3.4%.
Modern Oral Outperformance
New Categories revenue +7%; Modern Oral revenue +48% (global leadership in top markets), Velo Plus >300% growth in the U.S. since launch, Velo Plus reached positive category contribution within its first year and Velo global volume share leadership in Modern Oral.
U.S. Combustibles and Overall U.S. Strength
U.S. revenue +5.5% and adjusted profit +5.9%. U.S. Combustibles revenue +4.6% with value share +30 basis points (volume share down 10 bps). New Category revenue in U.S. nearly +20%; Vuse returned to H2 revenue growth.
New Category Profitability and Contribution
New Categories gross profit rose by over GBP 200 million with category contribution reaching GBP 442 million; since 2021 Category contribution improved by ~GBP 1.4 billion.
Operational Efficiency and Productivity Savings
Delivered GBP 1.2 billion in productivity savings since 2023; targeting a further GBP 2 billion by 2030. Fit2Win expected to deliver GBP 600 million of annualized incremental savings by 2028 (GBP 500m by 2027).
Strong Cash Generation and Shareholder Returns
Announced a 2% dividend increase and raised share buyback to GBP 1.3 billion for 2026 (+GBP 200m). Deleveraged to 2.55x adjusted net debt/EBITDA at end-2025 and on track to 2.0–2.5x by year-end; targeting >GBP 50 billion free cash flow by 2030.
Regional AME Outperformance
AME revenue growth >3% with Combustibles up >2% and New Category revenue +4.3% (Modern Oral +17%); AME adjusted operating profit grew nearly 10% driven by operating leverage and efficiency gains.
BTI Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
BTI Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
Feb 12, 2026 | $60.33 | $60.61 | +0.46% |
Jul 31, 2025 | $51.73 | $52.24 | +0.98% |
Feb 13, 2025 | $40.12 | $37.18 | -7.32% |
Jul 25, 2024 | $30.11 | $31.33 | +4.04% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
FAQ
When does British American Tobacco (BTI) report earnings?
British American Tobacco (BTI) is schdueled to report earning on Jul 29, 2026, Before Open (Confirmed).
What is British American Tobacco (BTI) earnings time?
British American Tobacco (BTI) earnings time is at Jul 29, 2026, Before Open (Confirmed).
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is BTI EPS forecast?
BTI EPS forecast for the fiscal quarter 2026 (Q2) is 2.21.