British American Tobacco (GB:BATS)
LSE:BATS
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British American Tobacco
(LSE:BATS)
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Rating:70Outperform
Price Target:
5,302.00 p
â–²(28.01% Upside)
Action:Reiterated
Date:02/18/26
The score is driven primarily by solid-but-not-clean financial performance (profitability strength offset by leverage and a notable 2025 cash-flow decline). Valuation is supportive due to the high dividend yield and moderate P/E, while technicals are broadly neutral. Earnings-call guidance and capital-return plans help, but are tempered by vapor/illicit pressures and regional weakness.
Positive Factors
High gross margins
Consistently very high gross margins reflect strong pricing power, low incremental production costs and durable brand premiums. Those structural margins support sustained profitability and cash generation even amid volume declines, underpinning long‑term financial resilience.
Negative Factors
Elevated leverage
Sustained high gross debt and a debt/equity band (~0.57–0.76) limit balance‑sheet flexibility. In the event of earnings volatility or slower new‑category conversion, leverage constrains investment capacity, raises refinancing risk and amplifies earnings shocks over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
High gross margins
Consistently very high gross margins reflect strong pricing power, low incremental production costs and durable brand premiums. Those structural margins support sustained profitability and cash generation even amid volume declines, underpinning long‑term financial resilience.
Read all positive factors
British American Tobacco (BATS) vs. iShares MSCI United Kingdom ETF (EWC)
Market Cap
£105.42B
Dividend Yield5.67%
Average Volume (3M)4.42M
Price to Earnings (P/E)7.1
Beta (1Y)0.43
Revenue Growth-0.99%
EPS Growth159.02%
CountryUK
Employees48,989
SectorConsumer Defensive
Sector Strength42
IndustryTobacco
Share Statistics
EPS (TTM)3.51
Shares Outstanding2,168,640,400
10 Day Avg. Volume5,744,689
30 Day Avg. Volume4,420,352
Financial Highlights & Ratios
PEG Ratio0.08
Price to Book (P/B)1.92
Price to Sales (P/S)3.60
P/FCF Ratio21.13
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
£4,955.00Price Target Upside19.63% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering10
EPS Forecast (FY)3.62
Revenue Forecast (FY)£26.32B
British American Tobacco Business Overview & Revenue Model
Company Description
British American Tobacco p.l.c. provides tobacco and nicotine products to consumers worldwide. It offers vapour, tobacco heating, and modern oral nicotine products; combustible products; and traditional oral products, such as snus and moist snuff....
How the Company Makes Money
BAT primarily makes money by selling nicotine and tobacco products to distributors, wholesalers, retailers, and other trade customers, with revenue recognized from product sales across its geographic markets. Its largest revenue stream historicall...
British American Tobacco Earnings Call Summary
Earnings Call Date:Feb 12, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Jul 30, 2026
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.Positive Updates
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.
Negative Updates
Vapor category headwinds and illicit market impact
Vapor revenue declined nearly 9% overall (with H1 mid-teens decline improving in H2); ex-U.S. enforcement remains weak with ~50% of tracked industry volume in some jurisdictions affected by illicit products; U.S. and Canada illicit pressures cited as primary drivers of decline.
Read all updates
Q4-2025 Updates
Positive
Negative
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.
Read all positive updates
Company Guidance
Management guided that 2026 should mark a return to its mid‑term algorithm but at the lower end, targeting 3–5% revenue growth, 4–6% adjusted profit from operations growth and 5–8% adjusted diluted EPS growth, with profit performance expected to be second‑half weighted; they expect low double‑digit new‑category revenue growth led by Velo, continued deleveraging toward a 2.0–2.5x adjusted net debt/EBITDA target (2.55x at end‑2025), a progressive dividend increase of ~2% and a GBP1.3bn share buyback for 2026 (up GBP200m), alongside productivity targets of a further GBP2bn savings by 2030 and Fit‑to‑Win delivering GBP600m annualized incremental savings by 2028 (c. GBP500m by 2027) with ~GBP600m of associated costs over the next two years (c. GBP500m treated as adjusting, ~GBP100m non‑cash), and a continued commitment to generate over GBP50bn of free cash flow by end‑2030.British American Tobacco Financial Statement Overview
Summary
Income Statement
74
Positive
Balance Sheet
63
Positive
Cash Flow
58
Neutral
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 25.61B | 25.87B | 27.28B | 27.66B | 25.68B |
| Gross Profit | 21.38B | 21.43B | 22.39B | 22.85B | 21.09B |
| EBITDA | 14.06B | 7.74B | 8.83B | 12.29B | 11.67B |
| Net Income | 7.76B | 3.07B | -14.37B | 6.67B | 6.80B |
Balance Sheet | |||||
| Total Assets | 109.29B | 118.90B | 118.72B | 153.55B | 137.37B |
| Cash, Cash Equivalents and Short-Term Investments | 3.84B | 5.81B | 5.26B | 4.03B | 3.27B |
| Total Debt | 35.75B | 36.95B | 39.73B | 43.14B | 39.66B |
| Total Liabilities | 61.15B | 68.90B | 65.78B | 77.84B | 69.96B |
| Stockholders Equity | 47.93B | 49.64B | 52.57B | 75.37B | 67.10B |
Cash Flow | |||||
| Free Cash Flow | 4.36B | 9.52B | 10.25B | 9.87B | 9.19B |
| Operating Cash Flow | 4.91B | 10.13B | 10.71B | 10.39B | 9.72B |
| Investing Cash Flow | 1.17B | 1.38B | -296.00M | -705.00M | -1.14B |
| Financing Cash Flow | -7.11B | -10.63B | -9.31B | -8.88B | -8.75B |
British American Tobacco Technical Analysis
Positive
4142.00
Price Trends
4418.79
Positive
4358.84
Positive
4166.63
Positive
Market Momentum
159.54
Negative
63.27
Neutral
56.05
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GB:BATS, the sentiment is Positive. The current price of 4142 is below the 20-day moving average (MA) of 4583.00, below the 50-day MA of 4418.79, and below the 200-day MA of 4166.63, indicating a bullish trend. The MACD of 159.54 indicates Negative momentum. The RSI at 63.27 is Neutral, neither overbought nor oversold. The STOCH value of 56.05 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for GB:BATS.
British American Tobacco Risk Analysis
British American Tobacco disclosed 1 risk factors in its most recent earnings report. British American Tobacco reported the most risks in the "Legal & Regulatory" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
British American Tobacco Peers Comparison
UnderperformOutperform
Sector (62)
GB:BATS
British American Tobacco
4,773.00
1,636.96
52.20%
GB:IMB
Imperial Brands
2,797.00
151.57
5.73%
British American Tobacco Corporate Events
Regulatory Filings and Compliance
British American Tobacco Discloses Director Share Acquisition via Dividend Reinvestment
Neutral
May 27, 2026
British American Tobacco has disclosed a routine director dealing involving non-executive director Serpil Timuray and her closely associated person, Abdurrahman Murat Timuray. The pair jointly acquired 47 ordinary shares in the company through the...
Regulatory Filings and Compliance
BAT CEO Reinvests Dividend Income in Additional Company Shares
Positive
May 26, 2026
British American Tobacco has disclosed that its chief executive, Tadeu Marroco, and his closely associated person, Luciana Franco Do Amaral, jointly acquired 173 ordinary shares in the company through the reinvestment of dividend income. The trans...
Stock BuybackRegulatory Filings and Compliance
BAT Cancels Over 560,000 Shares in Latest Buyback Tranche
Positive
May 26, 2026
British American Tobacco has repurchased and will cancel 562,557 ordinary shares between 18 and 22 May 2026 under its ongoing share buyback programme, using Merrill Lynch International as broker. The move reduces the company’s free-float and...
Business Operations and StrategyExecutive/Board Changes
BAT Non-Executive Director Joins Lanxess Supervisory Board
Positive
May 21, 2026
British American Tobacco has announced that non-executive director Uta Kemmerich-Keil has been appointed to the supervisory board of Lanxess A.G., which is listed on the Frankfurt Stock Exchange. The move underscores the cross-industry governance ...
Regulatory Filings and Compliance
BAT Discloses Share Sale by Chief Corporate Officer Kingsley Wheaton
Neutral
May 18, 2026
British American Tobacco has disclosed a management dealing involving Chief Corporate Officer Kingsley Wheaton, who sold a total of 781 ordinary shares in the company. The transactions, executed on the London Stock Exchange at prices just below &#...
Business Operations and StrategyStock Buyback
British American Tobacco Cancels New Tranche of Shares in Ongoing Buyback
Positive
May 18, 2026
British American Tobacco has continued its ongoing share buyback programme, repurchasing and cancelling a series of ordinary shares between 11 and 15 May 2026 under authority granted at its April annual meeting. The transactions, executed through ...
Regulatory Filings and Compliance
BAT discloses off‑market share transfer by interim CFO Javed Iqbal
Neutral
May 13, 2026
British American Tobacco has disclosed an internal share transfer involving Interim Chief Financial Officer and Director, Digital and Information, Javed Iqbal, in line with regulatory requirements for transactions by senior managers. Iqbal transfe...
Business Operations and StrategyPrivate Placements and Financing
BAT Subsidiary Lists €500m Guaranteed Notes on London Stock Exchange
Positive
May 11, 2026
B.A.T. International Finance, a financing subsidiary of British American Tobacco, has admitted to trading on the London Stock Exchange’s main market a €500 million issue of 3.375% guaranteed notes maturing in 2029. The notes form part ...
Business Operations and StrategyStock Buyback
BAT Cancels New Tranche of Shares in Ongoing Buyback
Positive
May 11, 2026
British American Tobacco has continued its share buyback programme, repurchasing and cancelling a total of just over 514,000 ordinary shares between 5 and 8 May 2026 at volume‑weighted average prices ranging from about 4,263p to 4,389p. The ...
DividendsRegulatory Filings and Compliance
BAT executives add shares via dividend reinvestment plan
Positive
May 8, 2026
British American Tobacco disclosed that its Share Incentive Plan trustee reinvested dividend income on 7 May 2026 to acquire small amounts of ordinary shares on behalf of several senior executives, including Chief Executive Tadeu Marroco and other...
Other
BAT executives add shares via dividend reinvestment plan
Neutral
May 8, 2026
British American Tobacco disclosed that several senior executives acquired ordinary shares through dividend reinvestment in a Computershare nominee share plan. The transactions, executed on 7 May 2026 on the London Stock Exchange, involved directo...
Executive/Board ChangesRegulatory Filings and Compliance
BAT CEO Tadeu Marroco Receives Additional Shares via Incentive Schemes
Neutral
May 8, 2026
British American Tobacco has reported that Chief Executive Tadeu Marroco acquired additional ordinary shares in the company through two incentive arrangements. He received quarterly dividend-equivalent shares under both the Deferred Share Bonus Sc...
Regulatory Filings and Compliance
British American Tobacco Reports Insider Share Transfer by Operations Director
Neutral
May 8, 2026
British American Tobacco has disclosed an internal share transfer involving Zafar Khan, Director of Operations, and a person closely associated with him, Mahgul Aslam Khan. The transaction, involving 18,330 ordinary shares of 25p each transferred ...
Regulatory Filings and Compliance
BAT Executives Add Shares Under HMRC-Approved Incentive Plan
Positive
May 8, 2026
British American Tobacco has disclosed that several senior executives, including Chief Executive Tadeu Marroco, Interim Chief Financial Officer Javed Iqbal and other top managers, purchased small volumes of ordinary shares under the company’...
Private Placements and FinancingRegulatory Filings and Compliance
BAT Publishes Final Terms for €500 Million 2029 Note Issue
Positive
May 7, 2026
British American Tobacco has published the final terms for a €500 million 3.375% guaranteed note issue due 2029 under its £25 billion Euro Medium Term Note Programme, through B.A.T. International Finance. The documentation, which sets t...
Business Operations and StrategyStock Buyback
British American Tobacco Cancels Another Tranche of Shares in Ongoing Buyback
Positive
May 5, 2026
British American Tobacco has continued executing its share buyback programme, repurchasing and cancelling just over 517,000 ordinary shares between 27 and 30 April 2026 under authority granted at its April annual meeting. The move reduces the numb...
Regulatory Filings and Compliance
British American Tobacco discloses internal share transfer by senior executive
Neutral
May 5, 2026
British American Tobacco has disclosed an internal share transfer involving James Murphy, its Director of Research and Science, and his closely associated person, Kirsti Nordgard Murphy. The transaction involved the transfer of 12,283 ordinary sha...
Private Placements and Financing
British American Tobacco Issues New Shares Under Employee Sharesave Scheme
Neutral
May 1, 2026
British American Tobacco has issued and allotted 19,950 ordinary shares of 25 pence each between 1 April and 30 April 2026 under its Sharesave Scheme, with the new stock admitted to trading on the London Stock Exchange Main Market under an existin...
Regulatory Filings and Compliance
British American Tobacco Updates Market on Total Voting Rights and Share Capital
Neutral
May 1, 2026
British American Tobacco has reported that, as of 30 April 2026, its issued share capital comprised 2,169,936,467 ordinary shares with voting rights, while an additional 132,661,545 shares were held in treasury. The company noted that this voting ...
Regulatory Filings and Compliance
BAT Discloses Internal Share Transfer by Interim CFO Javed Iqbal
Neutral
Apr 30, 2026
British American Tobacco has disclosed a transaction involving Interim Chief Financial Officer and Director of Digital and Information, Javed Iqbal, under regulatory rules covering dealings by senior managers. The notification identifies him as a ...
Business Operations and StrategyStock BuybackRegulatory Filings and Compliance
British American Tobacco Cancels Newly Repurchased Shares Under Ongoing Buyback
Positive
Apr 27, 2026
British American Tobacco has repurchased 260,511 of its 25 pence ordinary shares on the London Stock Exchange between 23 and 24 April 2026 under its ongoing share buyback programme authorised by shareholders. The company plans to cancel these shar...
Business Operations and StrategyStock BuybackShareholder Meetings
BAT Cancels New Tranche of Shares Under Ongoing Buyback
Positive
Apr 23, 2026
British American Tobacco has continued executing its share buyback programme, repurchasing 165,340 ordinary shares on 22 April 2026 from Banco Santander on the London Stock Exchange at a volume-weighted average price of 4,103.8172 pence. The compa...
Stock Buyback
BAT Cancels New Tranche of Shares After Latest Buyback
Neutral
Apr 22, 2026
British American Tobacco has repurchased 165,639 ordinary shares from Banco Santander under its ongoing buyback programme, paying a volume-weighted average price of 4,165.6818 pence and intending to cancel the stock. Following this latest transact...
Business Operations and StrategyStock BuybackRegulatory Filings and Compliance
BAT Launches New Phase of Share Buyback and Shifts to Weekly Reporting
Positive
Apr 22, 2026
British American Tobacco has entered into a new agreement with Merrill Lynch International to repurchase and cancel its ordinary shares between 23 April and 29 June 2026, as part of its ongoing capital reduction buyback programme. Merrill Lynch wi...
Business Operations and StrategyStock BuybackRegulatory Filings and Compliance
BAT Extends Share Buyback With Merrill Lynch and Adopts Weekly Reporting
Positive
Apr 22, 2026
British American Tobacco has entered a new agreement with Merrill Lynch International to continue its share buyback programme between 23 April and 29 June 2026, with all repurchased ordinary shares to be cancelled to reduce the company’s sha...
Stock BuybackRegulatory Filings and Compliance
BAT Cancels Further Shares After Latest Buyback Tranche
Positive
Apr 21, 2026
British American Tobacco has bought back 163,992 ordinary shares from Banco Santander under its existing share repurchase programme, paying a volume‑weighted average price of 4,207.5002 pence per share. The company plans to cancel these shar...
Regulatory Filings and Compliance
BAT Discloses Internal Share Transfer by Director of Operations
Neutral
Apr 17, 2026
British American Tobacco disclosed a transaction involving Zafar Khan, its Director of Operations, under regulatory requirements for persons discharging managerial responsibilities. The filing reports an internal transfer of 18,330 ordinary shares...
Stock BuybackRegulatory Filings and Compliance
BAT Cancels Newly Repurchased Shares as Buyback Programme Advances
Positive
Apr 17, 2026
British American Tobacco has continued its share buyback programme, repurchasing 165,202 ordinary shares on 16 April 2026 from Banco Santander at a volume-weighted average price of 4,176.6984 pence. The company intends to cancel these shares, redu...
Stock BuybackRegulatory Filings and Compliance
BAT Cancels New Batch of Shares After Fresh Buyback
Positive
Apr 16, 2026
British American Tobacco has repurchased 163,967 ordinary shares from Banco Santander under its ongoing buyback programme authorised at the 15 April 2026 AGM. The shares, bought at a volume‑weighted average price of 4,208.1631p, will be canc...
Business Operations and StrategyExecutive/Board ChangesStock BuybackShareholder Meetings
BAT secures strong shareholder backing for all resolutions at 2026 AGM
Positive
Apr 15, 2026
British American Tobacco shareholders backed all 19 resolutions at the company’s 2026 annual general meeting, with voting representing just over three quarters of the issued share capital and strong support recorded for the 2025 accounts, di...
Business Operations and StrategyExecutive/Board ChangesStock BuybackDividendsFinancial DisclosuresShareholder Meetings
BAT Chair Extends Tenure as Group Deepens Smokeless Transformation and Reaffirms Growth Targets
Positive
Apr 15, 2026
British American Tobacco’s chair used the 2026 AGM to defend a two‑year extension to his tenure beyond the UK Corporate Governance Code’s nine‑year guideline, arguing continuity is needed as the group navigates a critical p...
Business Operations and StrategyStock Buyback
BAT Cancels New Share Buyback Tranche, Tightening Free Float
Positive
Apr 15, 2026
British American Tobacco has repurchased 163,293 ordinary shares on 14 April 2026 from Banco Santander under its ongoing buyback programme, paying a volume-weighted average price of 4,225.5206p per share. The company plans to cancel these shares, ...
Stock BuybackRegulatory Filings and Compliance
British American Tobacco Cancels Latest Tranche of Share Buybacks
Positive
Apr 14, 2026
British American Tobacco has repurchased 157,367 of its 25 pence ordinary shares on 13 April 2026 from Banco Santander as part of its ongoing share buyback programme approved by shareholders and launched in March 2024. The company intends to cance...
Business Operations and StrategyStock Buyback
BAT Cancels New Share Buyback Tranche, Trimming Share Count
Positive
Apr 13, 2026
British American Tobacco has repurchased 157,969 of its 25p ordinary shares on 10 April 2026 from Banco Santander under its ongoing buyback programme, paying a volume-weighted average price of 4,367.9449p per share. The company plans to cancel the...
Regulatory Filings and Compliance
British American Tobacco discloses no-cost insider share transfer between senior executive and spouse
Neutral
Apr 10, 2026
British American Tobacco has disclosed an internal share transfer involving its Chief Corporate Officer, Kingsley Wheaton, in line with regulatory requirements for transactions by senior managers. The filing reports that Wheaton transferred 26,226...
Business Operations and StrategyStock Buyback
British American Tobacco Cancels New Tranche of Shares After Buyback
Positive
Apr 10, 2026
British American Tobacco has repurchased 158,190 ordinary shares on 9 April 2026 from Banco Santander as part of its ongoing share buyback programme authorised by shareholders. The company intends to cancel these shares, reducing the free-float an...
Executive/Board ChangesRegulatory Filings and Compliance
British American Tobacco Reports Management Share Award Release and Tax-Related Sale
Neutral
Apr 9, 2026
British American Tobacco disclosed that 112 ordinary shares granted in 2023 under its International Share Reward Scheme were released to Fred Monteiro, Regional Director for the Americas and Europe, including associated dividend-equivalent shares,...
Business Operations and StrategyStock Buyback
British American Tobacco Cancels New Tranche of Buyback Shares
Positive
Apr 9, 2026
British American Tobacco has repurchased 157,672 of its own ordinary shares on 8 April 2026 from Banco Santander under its ongoing share buyback programme. The shares, bought at a volume-weighted average price of 4,376.1521 pence, will be cancelle...
Business Operations and StrategyExecutive/Board Changes
BAT Brings Back Industry Veteran as CFO to Steer Smokeless Transition
Positive
Apr 9, 2026
British American Tobacco has appointed Dragos Constantinescu as Chief Financial Officer and Executive Director, effective 1 September 2026, bringing him back to the group after senior roles at Asahi Breweries and a prior 16‑year career at BA...
Stock Buyback
British American Tobacco Cancels 155,000 Shares in Ongoing Buyback
Positive
Apr 8, 2026
British American Tobacco has repurchased 155,252 of its 25‑pence ordinary shares from Banco Santander as part of the share buyback programme authorised by shareholders and announced in 2024. The company intends to cancel the shares, reducing...
Other
BAT Executives Buy Shares Under HMRC-Approved Incentive Plan
Neutral
Apr 2, 2026
British American Tobacco disclosed that several senior executives, including Chief Executive Tadeu Marroco and interim Chief Financial Officer Javed Iqbal, acquired small numbers of ordinary shares under the company’s HMRC-approved Share Inc...
Executive/Board Changes
British American Tobacco Grants Routine Share Awards to Senior Executives
Neutral
Apr 2, 2026
British American Tobacco has granted small share awards to several senior executives under its Share Reward Scheme and International Share Reward Scheme. On 1 April 2026, Chief Executive Tadeu Marroco and other top managers, including leaders in f...
Business Operations and StrategyStock BuybackRegulatory Filings and Compliance
BAT Cancels 159,155 Shares in Latest Buyback Tranche
Positive
Apr 2, 2026
British American Tobacco has repurchased 159,155 of its 25 pence ordinary shares on 1 April 2026 from Banco Santander as part of the buyback programme first announced in March 2024. The shares, bought at a volume-weighted average price of 4,335.37...
Regulatory Filings and Compliance
British American Tobacco Updates Total Voting Rights After Sharesave Issuance
Neutral
Apr 1, 2026
British American Tobacco has issued and allotted 604 new ordinary shares under its Sharesave employee share scheme between 17 and 31 March 2026, with the new shares admitted to trading on the London Stock Exchange under an existing block admission...
Regulatory Filings and Compliance
BAT CEO and Associate Reorganise Joint Shareholdings
Neutral
Apr 1, 2026
British American Tobacco has reported internal share transfers involving Chief Executive Tadeu Marroco and his closely associated person, Luciana Franco Do Amaral. The transactions, completed on 31 March 2026 outside a trading venue, involved movi...
Regulatory Filings and Compliance
BAT discloses internal share transfer by senior research director
Neutral
Apr 1, 2026
British American Tobacco has disclosed a transaction involving James Murphy, its Director of Research and Science, under regulatory rules for persons discharging managerial responsibilities. The filing records an internal transfer of 12,283 ordina...
Executive/Board ChangesRegulatory Filings and Compliance
BAT Discloses CEO Share Vesting and Sale to Cover LTIP Tax
Neutral
Apr 1, 2026
British American Tobacco disclosed that its group employee trust released 43,936 ordinary shares to chief executive Tadeu Marroco on March 30, 2026, under the company’s 2016 Long Term Incentive Plan. As part of the same event, 20,652 of thes...
Business Operations and StrategyStock BuybackRegulatory Filings and Compliance
BAT Cancels Latest Tranche of Shares in Ongoing Buyback
Positive
Apr 1, 2026
British American Tobacco has repurchased 155,899 of its own ordinary shares on 31 March 2026 from Banco Santander as part of its ongoing share buyback programme. The company plans to cancel these shares, leaving 2,172,684,365 ordinary shares in is...
Business Operations and StrategyStock Buyback
British American Tobacco Cancels Newly Repurchased Shares in Ongoing Buyback
Positive
Mar 31, 2026
British American Tobacco has repurchased 156,919 ordinary shares of 25 pence each from Banco Santander as part of its ongoing share buyback programme, paying a volume-weighted average price of 4,397.1476 pence per share. The company plans to cance...
Regulatory Filings and Compliance
BAT Discloses Nil-Cost Internal Share Transfer by Chief Corporate Officer
Neutral
Mar 30, 2026
British American Tobacco has disclosed a share transaction involving Chief Corporate Officer Kingsley Wheaton, in line with regulatory requirements for senior management dealings. The filing reports an internal transfer of 26,226 ordinary shares b...
Stock BuybackRegulatory Filings and Compliance
BAT Cancels 159,551 Shares in Latest Buyback Tranche
Positive
Mar 30, 2026
British American Tobacco has repurchased 159,551 ordinary shares of 25 pence each on 27 March 2026 from Banco Santander as part of its ongoing share buyback programme. The shares, acquired at a volume-weighted average price of 4,324.6096p, will be...
Business Operations and StrategyStock Buyback
British American Tobacco Cancels 105,901 Shares in Ongoing Buyback
Positive
Mar 26, 2026
British American Tobacco has repurchased 105,901 of its ordinary shares from Banco Santander on 25 March 2026, under the shareholder-authorised buyback programme initiated in March 2024. The shares, bought at a volume-weighted average price of 4,3...
Regulatory Filings and Compliance
BAT executives sell shares after 2023 restricted awards vest
Neutral
Mar 25, 2026
British American Tobacco has disclosed a series of share transactions involving senior executives following the vesting of awards under its 2023 Restricted Share Plan. Directors and top managers, including the interim chief financial officer and t...
Executive/Board ChangesRegulatory Filings and Compliance
BAT discloses executive share deals after 2023 incentive plan vests
Neutral
Mar 25, 2026
British American Tobacco has disclosed a series of share transactions by senior executives following the vesting of awards under its 2023 Long-Term Incentive Plan. Directors and top managers, including the interim chief financial officer, chief ma...
Executive/Board ChangesRegulatory Filings and Compliance
BAT Executives Receive and Sell Deferred Bonus Shares to Cover Tax
Neutral
Mar 25, 2026
British American Tobacco disclosed that its independent employee trust has released deferred share awards to several senior executives, including Chief Executive Tadeu Marroco, under the 2023 Deferred Share Bonus Scheme. The awards, delivered as o...
Business Operations and StrategyStock Buyback
British American Tobacco Cancels Nearly 100,000 Shares in Ongoing Buyback
Positive
Mar 25, 2026
British American Tobacco has repurchased 99,844 of its 25p ordinary shares from Banco Santander as part of its ongoing share buyback programme, paying a volume-weighted average price of 4,316.7189p per share. The company plans to cancel these shar...
Regulatory Filings and Compliance
BAT CEO restructures personal shareholding with joint account transfer
Neutral
Mar 24, 2026
British American Tobacco disclosed that Chief Executive Tadeu Marroco transferred 90,972 ordinary shares from his own account to a jointly held account with Luciana Franco Do Amaral for no consideration. The transaction, conducted outside a tradin...
Business Operations and StrategyStock BuybackRegulatory Filings and Compliance
British American Tobacco Cancels 101,204 Shares in Ongoing Buyback
Positive
Mar 24, 2026
British American Tobacco has repurchased 101,204 of its own ordinary shares from Banco Santander as part of its ongoing share buyback programme, paying a volume‑weighted average price of 4,258.7007p. The company plans to cancel these shares,...
Business Operations and StrategyStock Buyback
British American Tobacco Cancels New Tranche of Buyback Shares
Positive
Mar 23, 2026
British American Tobacco has repurchased 128,140 of its 25‑pence ordinary shares on 20 March 2026 from Banco Santander as part of the ongoing share buyback programme first announced in March 2024. The shares were bought at a volume‑wei...
Business Operations and StrategyExecutive/Board Changes
BAT grants three-year restricted share awards to senior executives
Positive
Mar 20, 2026
British American Tobacco has granted share awards under its Restricted Share Plan to a group of senior executives, including its interim chief financial officer, chief marketing officer and several regional and functional directors. The awards, ma...
Business Operations and StrategyExecutive/Board Changes
BAT Grants Long-Term Performance Share Awards to Senior Leadership
Neutral
Mar 20, 2026
British American Tobacco has granted share awards under its Performance Share Plan to chief executive Tadeu Marroco and several senior executives, including leaders in finance, marketing, operations, people and legal. The awards, priced at 4,500 p...
Business Operations and StrategyExecutive/Board Changes
BAT grants three-year deferred share awards to top executives
Positive
Mar 20, 2026
British American Tobacco has awarded deferred share bonuses to Chief Executive Tadeu Marroco and several senior executives under its Deferred Share Bonus Scheme. The awards, made on 19 March 2026 at an award price of 4,500 pence per ordinary share...
Stock BuybackRegulatory Filings and Compliance
British American Tobacco Cancels Newly Repurchased Shares in Ongoing Buyback
Positive
Mar 20, 2026
British American Tobacco has repurchased 127,766 of its 25 pence ordinary shares on 19 March 2026 from Banco Santander as part of its ongoing share buyback programme. The company will cancel the shares, reducing the number of voting shares in issu...
Business Operations and StrategyStock Buyback
British American Tobacco Cancels New Batch of Buyback Shares
Positive
Mar 19, 2026
British American Tobacco has repurchased 125,797 ordinary shares on 18 March 2026 from Banco Santander as part of its previously announced buyback programme, paying a volume‑weighted average price of 4,416.2721p per share. The company plans ...
Business Operations and StrategyPrivate Placements and FinancingRegulatory Filings and Compliance
BAT updates £25bn euro note programme with new FCA-approved prospectus
Neutral
Mar 18, 2026
British American Tobacco has published an FCA-approved base prospectus for a £25 billion Euro Medium Term Note Programme involving B.A.T. International Finance, B.A.T. Capital Corporation and B.A.T. Netherlands Finance as issuers of senior no...
Stock BuybackRegulatory Filings and Compliance
BAT cancels latest tranche of share buyback, trimming share count
Positive
Mar 18, 2026
British American Tobacco has repurchased 121,677 ordinary shares from Banco Santander on 17 March 2026 under its existing buyback programme, paying a volume‑weighted average price of 4,565.8022 pence per share. The company intends to cancel ...
Business Operations and StrategyRegulatory Filings and Compliance
British American Tobacco updates share capital after Sharesave issuance
Neutral
Mar 17, 2026
British American Tobacco has issued and allotted 3,599 new ordinary shares of 25 pence each under its employee Sharesave Scheme between 19 January and 16 March 2026, with the new stock admitted to trading on the London Stock Exchange under an exis...
Stock Buyback
British American Tobacco Cancels Latest Tranche of Share Buyback
Positive
Mar 17, 2026
British American Tobacco has repurchased 121,379 of its 25 pence ordinary shares on 16 March 2026 from Banco Santander as part of its ongoing £ buyback programme, paying a volume-weighted average price of 4,577.0247 pence per share. The compa...
Dividends
British American Tobacco Sets Rand Dividend Rate and Tax Details for May 2026 Payout
Neutral
Mar 17, 2026
British American Tobacco confirmed final details for the first quarterly instalment of its 2025 dividend, with the May 2026 payment of 61.26p per ordinary share due on 7 May 2026 to shareholders on the UK main register and South Africa branch regi...
Business Operations and StrategyDividendsFinancial Disclosures
BAT sets rand dividend terms and tax treatment for South African shareholders
Positive
Mar 17, 2026
British American Tobacco confirmed the details of its previously announced interim dividend of 245.04p per share for the 2025 financial year, to be paid in four equal quarterly instalments of 61.26p, with the first payment due on 7 May 2026 to sha...
Business Operations and StrategyStock BuybackRegulatory Filings and Compliance
British American Tobacco Cancels New Batch of Repurchased Shares
Positive
Mar 16, 2026
British American Tobacco has repurchased 123,647 of its ordinary shares from Banco Santander as part of an ongoing share buyback programme authorised by shareholders and originally announced in March 2024. The company plans to cancel these shares,...
Stock BuybackRegulatory Filings and Compliance
British American Tobacco Cancels 125,855 Shares in Ongoing Buyback
Positive
Mar 13, 2026
British American Tobacco has repurchased 125,855 of its ordinary shares from Banco Santander as part of its existing buyback programme, paying a volume‑weighted average price of 4,414.2424p per share. The company plans to cancel these shares...
Business Operations and StrategyStock Buyback
British American Tobacco Cancels New Share Buyback Tranche
Positive
Mar 12, 2026
British American Tobacco has repurchased 126,605 of its 25 pence ordinary shares on 11 March 2026 from Banco Santander as part of its ongoing buyback programme, paying a volume‑weighted average price of 4,388.0657 pence per share. The shares...
Stock BuybackRegulatory Filings and Compliance
British American Tobacco Cancels New Buyback Tranche of 126,437 Shares
Positive
Mar 11, 2026
British American Tobacco has repurchased 126,437 of its ordinary shares on 10 March 2026 from Banco Santander as part of its ongoing share buyback programme, paying a volume-weighted average price of 4,393.9183 pence per share. The company plans t...
Regulatory Filings and ComplianceShareholder Meetings
BAT Publishes AGM 2026 Notice and Key Shareholder Documents
Neutral
Mar 10, 2026
British American Tobacco has published its 2026 Notice of Annual General Meeting and related shareholder documents, including the 2025 Combined Annual and Sustainability Report, ahead of its AGM scheduled for 15 April 2026. The materials, which co...
Business Operations and StrategyStock BuybackRegulatory Filings and Compliance
British American Tobacco Cancels New Tranche of Share Buybacks
Positive
Mar 10, 2026
British American Tobacco has repurchased 129,159 of its 25 pence ordinary shares on 9 March 2026 from Banco Santander under its ongoing share buyback programme, paying a volume‑weighted average price of 4,301.3062 pence. The company will can...
Business Operations and StrategyStock BuybackRegulatory Filings and Compliance
British American Tobacco Cancels Newly Repurchased Shares in Ongoing Buyback
Positive
Mar 9, 2026
British American Tobacco has repurchased 100,227 ordinary shares from Banco Santander on 6 March 2026 as part of its ongoing share buyback programme, paying a volume-weighted average price of 4,300.2148p per share. The company plans to cancel thes...
Business Operations and StrategyStock BuybackRegulatory Filings and Compliance
British American Tobacco Cancels New Share Buyback Tranche
Positive
Mar 6, 2026
British American Tobacco has repurchased 96,992 of its 25 pence ordinary shares on 5 March 2026 from Banco Santander as part of its ongoing share buyback programme. The shares, bought at a volume-weighted average price of 4,443.6451p and earmarked...
Executive/Board ChangesRegulatory Filings and Compliance
BAT Executives Add Shares Through Routine Incentive Plan Purchases
Positive
Mar 5, 2026
British American Tobacco disclosed that several senior executives, including Chief Executive Tadeu Marroco and Interim Chief Financial Officer Javed Iqbal, acquired small numbers of ordinary shares under the company’s HMRC-approved Share Inc...
Business Operations and StrategyStock Buyback
British American Tobacco Cancels New Tranche of Buyback Shares
Positive
Mar 5, 2026
British American Tobacco has repurchased 95,178 of its own ordinary shares as part of the ongoing share buyback programme authorised by shareholders and initiated in March 2024. The shares, bought on 4 March 2026 at a volume-weighted average price...
Business Operations and StrategyStock Buyback
British American Tobacco Cancels New Tranche of Buyback Shares
Positive
Mar 4, 2026
British American Tobacco has repurchased 94,660 of its 25 pence ordinary shares from Banco Santander as part of its ongoing share buyback programme, paying a volume-weighted average price of 4,553.1176p per share. The company plans to cancel these...
Stock BuybackRegulatory Filings and Compliance
British American Tobacco Cancels New Tranche of Buyback Shares
Neutral
Mar 3, 2026
British American Tobacco has repurchased 92,891 of its 25 pence ordinary shares on 2 March 2026 from Banco Santander as part of the buyback programme launched in March 2024, paying a volume‑weighted average price of 4,639.8420p per share. Th...
Regulatory Filings and Compliance
BAT updates market on share capital and voting rights
Neutral
Mar 2, 2026
British American Tobacco has reported that, as of 27 February 2026, its issued share capital comprised 2,174,922,198 ordinary shares of 25p each with voting rights, defining the total voting rights figure for the company. The group also disclosed ...
Stock BuybackRegulatory Filings and Compliance
BAT Cancels Newly Repurchased Shares in Ongoing Buyback Programme
Positive
Mar 2, 2026
British American Tobacco has repurchased 93,337 of its own ordinary shares on 27 February 2026 from Banco Santander as part of the ongoing share buyback programme authorised by shareholders in April 2025. The company plans to cancel these shares, ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.