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British American Tobacco total debt 1995–2026What is the debt to equity ratio? Debt to equity is a company's total debt divided by its shareholders' equity: how much it has borrowed for each dollar its owners have in the business.
British American Tobacco's total debt was 35.06B GBP on 30 June 2026, down 0.7% on a year before. At the end of fiscal year 2025 it was 35.07B GBP.
Last updated 6 Nov 2026 · Next report 11 Feb 2027
Total debt
Growth
| Fiscal year | Period ending | Total debt | Growth | Cash and short-term investments | Net cash | Debt to equity |
|---|---|---|---|---|---|---|
| Latest half | 30 Jun 2026 | 35.06B | -0.74% | 2.53B | -32.53B | 0.72 |
| FY2025 | 31 Dec 2025 | 35.07B | -5.09% | 3.84B | -31.23B | 0.73 |
| FY2024 | 31 Dec 2024 | 36.95B | -7.00% | 5.81B | -31.14B | 0.74 |
| FY2023 | 31 Dec 2023 | 39.73B | -7.90% | 5.26B | -34.47B | 0.76 |
| FY2022 | 31 Dec 2022 | 43.14B | +8.78% | 4.03B | -39.11B | 0.57 |
| FY2021 | 31 Dec 2021 | 39.66B | -9.80% | 3.27B | -36.39B | 0.59 |
| FY2020 | 31 Dec 2020 | 43.97B | -3.08% | 3.38B | -40.59B | 0.70 |
| FY2019 | 31 Dec 2019 | 45.37B | -4.51% | 2.65B | -42.72B | 0.71 |
| FY2018 | 31 Dec 2018 | 47.51B | -3.93% | 2.78B | -44.73B | 0.73 |
| FY2017 | 31 Dec 2017 | 49.45B | +153.65% | 3.36B | -46.09B | 0.81 |
| FY2016 | 31 Dec 2016 | 19.50B | +14.67% | 2.22B | -17.28B | 2.38 |
| FY2015 | 31 Dec 2015 | 17.00B | +38.69% | 2.00B | -15.00B | 3.47 |
| FY2014 | 31 Dec 2014 | 12.26B | +4.81% | 1.87B | -10.39B | 2.22 |
| FY2013 | 31 Dec 2013 | 11.70B | +9.11% | 2.16B | -9.54B | 1.76 |
| FY2012 | 31 Dec 2012 | 10.72B | +4.31% | 2.11B | -8.61B | 1.43 |
| FY2011 | 31 Dec 2011 | 10.28B | +0.25% | 2.25B | -8.03B | 1.26 |
| FY2010 | 31 Dec 2010 | 10.25B | -7.51% | 2.39B | -7.86B | 1.11 |
| FY2009 | 31 Dec 2009 | 11.08B | -8.87% | 2.22B | -8.86B | 1.46 |
| FY2008 | 31 Dec 2008 | 12.16B | +75.66% | 2.39B | -9.77B | 1.75 |
| FY2007 | 31 Dec 2007 | 6.92B | +4.48% | 1.33B | -5.59B | 1.01 |
| FY2006 | 31 Dec 2006 | 6.63B | -8.73% | 1.58B | -5.04B | 1.03 |
| FY2005 | 31 Dec 2005 | 7.26B | +1.00% | 1.79B | -5.47B | 1.10 |
| FY2004 | 31 Dec 2004 | 7.19B | -5.55% | 1.94B | -5.25B | — |
| FY2003 | 31 Dec 2003 | 7.61B | +143,106.62% | 2.39B | -5.22B | 1.75 |
| FY2002 | 31 Dec 2002 | 5.31M | -99.91% | 1.94M | -3.38M | 1.02 |
| FY2001 | 31 Dec 2001 | 6.15B | -0.02% | 2.30B | -3.85B | 1.29 |
| FY2000 | 31 Dec 2000 | 6.15B | +8.37% | 1.89B | -4.26B | 1.21 |
| FY1999 | 31 Dec 1999 | 5.68B | +52.17% | 2.62B | -3.06B | 1.18 |
| FY1998 | 31 Dec 1998 | 3.73B | -18.84% | 1.16B | -2.58B | 58.28 |
| FY1997 | 31 Dec 1997 | 4.60B | +33.72% | 1.48B | -3.12B | 18.76 |
| FY1996 | 31 Dec 1996 | 3.44B | -3.40% | 1.69B | -1.75B | 4.90 |
| FY1995 | 31 Dec 1995 | 3.56B | — | 1.45B | -2.11B | 7.07 |
| Quarter | Period ending | Total debt | Growth on a year before | Cash and short-term investments | Net cash | Debt to equity |
|---|---|---|---|---|---|---|
| H1 FY2026 | 30 Jun 2026 | 35.06B | -0.74% | 2.53B | -32.53B | 0.72 |
| H2 FY2025 | 31 Dec 2025 | 35.07B | -5.09% | 3.84B | -31.23B | 0.73 |
| H1 FY2025 | 30 Jun 2025 | 35.33B | -12.53% | 4.89B | -30.43B | 0.75 |
| H2 FY2024 | 31 Dec 2024 | 36.95B | -7.00% | 5.81B | -31.14B | 0.74 |
| H1 FY2024 | 30 Jun 2024 | 40.39B | -4.23% | 6.63B | -33.76B | 0.75 |
| H2 FY2023 | 31 Dec 2023 | 39.73B | -7.90% | 5.26B | -34.47B | 0.76 |
| H1 FY2023 | 30 Jun 2023 | 42.17B | -6.03% | 4.13B | -38.04B | 0.58 |
| H2 FY2022 | 31 Dec 2022 | 43.14B | +8.78% | 4.03B | -39.11B | 0.57 |
| H1 FY2022 | 30 Jun 2022 | 44.88B | -0.30% | 4.14B | -40.74B | 0.61 |
| H2 FY2021 | 31 Dec 2021 | 39.66B | -9.80% | 3.27B | -36.39B | 0.59 |
| H1 FY2021 | 30 Jun 2021 | 45.01B | -10.80% | 3.35B | -41.66B | 0.72 |
| H2 FY2020 | 31 Dec 2020 | 43.97B | -3.08% | 3.38B | -40.59B | 0.70 |
| H1 FY2020 | 30 Jun 2020 | 50.46B | +0.34% | 4.97B | -45.49B | 0.73 |
| H2 FY2019 | 31 Dec 2019 | 45.37B | -4.51% | 2.65B | -42.72B | 0.71 |
| H1 FY2019 | 30 Jun 2019 | 50.29B | +3.67% | 3.48B | -46.82B | 0.77 |
| H2 FY2018 | 31 Dec 2018 | 47.51B | -3.93% | 2.78B | -44.73B | 0.73 |
| H1 FY2018 | 30 Jun 2018 | 48.51B | +132.04% | 2.31B | -46.20B | 0.78 |
| H2 FY2017 | 31 Dec 2017 | 49.45B | +153.65% | 3.36B | -46.09B | 0.81 |
| H1 FY2017 | 30 Jun 2017 | 20.91B | +3.34% | 2.05B | -18.86B | 2.71 |
| H2 FY2016 | 31 Dec 2016 | 19.50B | +14.67% | 2.22B | -17.28B | 2.38 |
| H1 FY2016 | 30 Jun 2016 | 20.23B | +30.76% | 1.94B | -18.29B | 3.31 |
| H2 FY2015 | 31 Dec 2015 | 17.00B | +38.69% | 1.83B | -15.17B | 3.47 |
| H1 FY2015 | 30 Jun 2015 | 15.47B | +21.69% | 1.47B | -14.01B | 2.58 |
| H2 FY2014 | 31 Dec 2014 | 12.26B | +4.81% | 1.68B | -10.58B | 2.22 |
| H1 FY2014 | 30 Jun 2014 | 12.71B | +2.09% | 1.62B | -11.09B | 2.33 |
| H2 FY2013 | 31 Dec 2013 | 11.70B | +9.11% | 2.00B | -9.69B | 1.76 |
| H1 FY2013 | 30 Jun 2013 | 12.45B | +9.61% | 1.77B | -10.68B | 1.79 |
| H2 FY2012 | 31 Dec 2012 | 10.72B | +4.31% | 1.96B | -8.76B | 1.43 |
| H1 FY2012 | 30 Jun 2012 | 11.36B | +3.14% | 1.79B | -9.57B | 1.57 |
| H2 FY2011 | 31 Dec 2011 | 10.28B | +0.25% | 2.25B | -8.03B | 1.26 |
| H1 FY2011 | 30 Jun 2011 | 11.02B | +2.06% | 1.76B | -9.25B | 1.27 |
| H2 FY2010 | 31 Dec 2010 | 10.25B | -7.51% | 2.39B | -7.86B | 1.11 |
| H1 FY2010 | 30 Jun 2010 | 10.79B | -0.89% | 1.56B | -9.24B | 1.29 |
| H2 FY2009 | 31 Dec 2009 | 11.08B | -8.87% | 2.22B | -8.86B | 1.46 |
| H1 FY2009 | 30 Jun 2009 | 10.89B | +12.80% | 1.38B | -9.51B | 1.63 |
| H2 FY2008 | 31 Dec 2008 | 12.16B | +75.66% | 2.39B | -9.77B | 1.75 |
| H1 FY2008 | 30 Jun 2008 | 9.66B | +45.54% | 2.40B | -7.25B | 1.46 |
| H2 FY2007 | 31 Dec 2007 | 6.92B | +4.48% | 1.33B | -5.59B | 1.01 |
| H1 FY2007 | 30 Jun 2007 | 6.63B | -15.84% | 1.24B | -5.40B | 1.03 |
| H2 FY2006 | 31 Dec 2006 | 6.63B | -8.73% | 1.58B | -5.04B | 1.03 |
| H1 FY2006 | 30 Jun 2006 | 7.88B | +4.19% | 2.05B | -5.83B | 1.24 |
| H2 FY2005 | 31 Dec 2005 | 7.26B | +1.00% | 1.89B | -5.37B | 1.10 |
| H1 FY2005 | 30 Jun 2005 | 7.57B | +6.52% | 1.97B | -5.60B | 1.26 |
| H2 FY2004 | 31 Dec 2004 | 7.19B | -5.55% | 1.94B | -5.25B | 1.21 |
| H1 FY2004 | 30 Jun 2004 | 7.10B | +30.00% | 1.67B | -5.44B | 1.74 |
| H2 FY2003 | 31 Dec 2003 | 7.61B | +43.21% | 2.39B | -5.22B | 1.70 |
| H1 FY2003 | 30 Jun 2003 | 5.46B | -4.01% | 1.37B | -4.10B | 1.06 |
| H2 FY2002 | 31 Dec 2002 | 5.31B | -13.59% | 1.94B | -3.38B | 1.02 |
| H1 FY2002 | 30 Jun 2002 | 5.69B | -10.12% | 1.66B | -4.04B | 1.11 |
| H2 FY2001 | 31 Dec 2001 | 6.15B | -0.02% | 2.30B | -3.85B | 1.29 |
| H1 FY2001 | 30 Jun 2001 | 6.33B | -10.93% | 1.78B | -4.55B | 1.20 |
| H2 FY2000 | 31 Dec 2000 | 6.15B | +8.37% | 1.89B | -4.26B | 1.21 |
| H1 FY2000 | 30 Jun 2000 | 7.11B | +51.18% | 2.36B | -4.75B | 1.30 |
| H2 FY1999 | 31 Dec 1999 | 5.68B | +52.17% | 2.62B | -3.06B | 1.18 |
| H1 FY1999 | 30 Jun 1999 | 4.70B | +12.97% | 1.89B | -2.82B | 1.93 |
| H2 FY1998 | 31 Dec 1998 | 3.73B | -18.84% | 1.16B | -2.58B | 58.28 |
| H1 FY1998 | 30 Jun 1998 | 4.16B | +3.65% | 1.32B | -2.85B | 26.94 |
| H2 FY1997 | 31 Dec 1997 | 4.60B | +33.72% | 1.48B | -3.12B | 18.76 |
| H1 FY1997 | 30 Jun 1997 | 4.02B | +14.84% | 1.58B | -2.43B | 8.49 |
| H2 FY1996 | 31 Dec 1996 | 3.44B | -3.40% | 1.69B | -1.75B | 4.90 |
| H1 FY1996 | 30 Jun 1996 | 3.50B | — | 1.57B | -1.93B | 5.81 |
| H2 FY1995 | 31 Dec 1995 | 3.56B | — | 1.45B | -2.11B | 7.07 |
Figures in GBP at the end of each period. Net cash is cash and short-term investments less total debt; book value per share is on the diluted share count. The latest column is the most recent quarter.
Total debt counts commercial paper, term debt and lease liabilities.
See also:Revenue,Net income,EPS,Shares outstanding,Operating income,Cash on hand,Free cash flow,Stock buybacks,Balance sheet
Common questions about British American Tobacco's debt
Source: Financial Modeling Prep