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British American Tobacco (DE:BMT)
XETRA:BMT
Earnings Data
Report Date
Jul 29, 2026Before Open (Confirmed)
Period Ending
2026 (Q2)Consensus EPS Forecast
1.85Last Year’s EPS
1.85Same Quarter Last Year
Moderate Buy
Based on 11 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
The call communicated clear positive momentum: top‑end guidance delivery, broad-based adjusted profit and EPS growth, strong U.S. and AME performances, standout success in modern oral (Velo Plus) and meaningful productivity savings and shareholder returns. These positives are tempered by significant challenges in vapor (illicit competition), a material profit and revenue decline in APMEA driven by Bangladesh and Australia, near-term Fit to Win costs and transactional FX headwinds. On balance the company emphasized recovery paths, product innovation, disciplined capital allocation and confidence in returning to its midterm algorithm.Company Guidance
Smokeless Consumer Growth
Added 4.7 million smokeless consumers in 2025, bringing the total to 34.1 million, driven mainly by strong performance in modern oral and described as the company's strongest growth acceleration to date.
Group results at top end of guidance
Delivered 2025 group results at the top end of guidance: group revenue increased 2.1% (constant currency), adjusted profit rose 3.4%, adjusted profit from operations grew 2.3%, and adjusted diluted EPS was up 3.4%.
Modern Oral outperformance
New categories revenue up 7% with modern oral up 48%; Velo Plus delivered over 300% growth in the U.S., doubled its consumer base, reached #2 in U.S. volume and value share gains (~+18 pp volume, ~+14 pp value), and Velo achieved global modern oral volume share leadership across top markets.
Improved new category profitability and scale
Gross profit in new categories increased by over GBP 200 million and category contribution reached GBP 442 million; company reports a GBP 1.4 billion improvement in category contribution since 2021 and new category contribution growth up 77% for the full year (constant rates).
Combustible resilience and U.S. strength
Combustible revenue grew 1% with gross profit and category contribution up 2.5%; U.S. combustibles revenue rose 4.6%, total U.S. revenue increased 5.5%, and U.S. adjusted profit grew 5.9%; gained 30 basis points of U.S. combustibles value share.
Regional outperformance in AME
AME delivered robust results with revenue growth of over 3%, combustible up >2%, new category revenue up 4.3% and modern oral up >17%; AME adjusted operating profit grew nearly 10% driven by operating leverage and efficiency gains.
Strong cash generation and returns to shareholders
Declared a 2% increase in dividend and increased share buyback to GBP 1.3 billion (up GBP 200 million); company returned GBP 34 billion of cash to shareholders since 2020 and remains on track to generate over GBP 50 billion of free cash flow by 2030.
Productivity and margin actions
Delivered GBP 1.2 billion in productivity savings since 2023, absorbed around GBP 300 million of inflationary cost increases in 2025, and expects a further GBP 2 billion in productivity savings by 2030; group operating margin broadly flat at 44% with ~10 basis points expansion at current rates.
Fit to Win program and transformation investment
Fit to Win expanded, targeting GBP 600 million of annualized incremental savings by 2028 (around GBP 500 million by 2027); program expected to incur around GBP 600 million of associated costs over the next two years, with GBP 500 million treated as adjusting.
Vapor H2 recovery and regulatory progress
Vuse returned to revenue growth in H2 2025 in the U.S. supported by early enforcement activity and competitor exits; favourable ITC developments (partial monetization gain ~GBP 900 million noted) and FDA pilot program for nicotine pouches seen as positive steps for regulated market recovery.
DE:BMT 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
DE:BMT Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
Feb 12, 2026 | €51.00 | €50.70 | -0.59% |
Jul 31, 2025 | €44.85 | €45.33 | +1.08% |
Feb 13, 2025 | €38.16 | €34.78 | -8.86% |
Jul 25, 2024 | €27.58 | €28.93 | +4.89% |
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 (DE:BMT) report earnings?
British American Tobacco (DE:BMT) is schdueled to report earning on Jul 29, 2026, Before Open (Confirmed).
What is British American Tobacco (DE:BMT) earnings time?
British American Tobacco (DE:BMT) 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 the P/E ratio of British American Tobacco stock?
The P/E ratio of British American Tobacco is N/A.
What is DE:BMT EPS forecast?
DE:BMT EPS forecast for the fiscal quarter 2026 (Q2) is 1.85.