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British American Tobacco free cash flow 1995–2026What is free cash flow (FCF)? Free cash flow is the cash a company's operations bring in minus what it spends on long-term assets (capex): cash left for debt, dividends and buybacks.
British American Tobacco's free cash flow in H1 FY2026, the six months to 30 June 2026, was 2.47B GBP, up 11.8% on the same half a year before. British American Tobacco's free cash flow over the last twelve months was 5.44B GBP, up 4.8% on the twelve months before. In fiscal year 2025 it was 5.79B GBP, down 39.2% on the year before.
Last updated 6 Nov 2026 · Next report 11 Feb 2027
Free cash flow
Free cash flow · +3.2% a year over 10 yearsFree cash flow margin
Growth
| Fiscal year | Period ending | Free cash flow | Growth | Free cash flow margin | Operating cash flow | Capital expenditure | Free cash flow per share |
|---|---|---|---|---|---|---|---|
| TTM | 30 Jun 2026 | 5.44B | +4.79% | 21.04% | 6.03B | -582.99M | 2.49 |
| FY2025 | 31 Dec 2025 | 5.79B | -39.15% | 22.61% | 6.34B | -551.00M | 2.63 |
| FY2024 | 31 Dec 2024 | 9.52B | -7.19% | 36.79% | 10.13B | -608.00M | 4.28 |
| FY2023 | 31 Dec 2023 | 10.25B | +3.88% | 37.58% | 10.71B | -460.00M | 4.60 |
| FY2022 | 31 Dec 2022 | 9.87B | +7.41% | 35.69% | 10.39B | -523.00M | 4.36 |
| FY2021 | 31 Dec 2021 | 9.19B | -0.92% | 35.78% | 9.72B | -527.00M | 4.06 |
| FY2020 | 31 Dec 2020 | 9.28B | +11.32% | 35.98% | 9.79B | -511.00M | 4.10 |
| FY2019 | 31 Dec 2019 | 8.33B | -12.64% | 32.20% | 9.00B | -664.00M | 3.68 |
| FY2018 | 31 Dec 2018 | 9.54B | +109.33% | 38.94% | 10.30B | -758.00M | 4.21 |
| FY2017 | 31 Dec 2017 | 4.56B | +13.22% | 23.29% | 5.35B | -791.00M | 2.01 |
| FY2016 | 31 Dec 2016 | 4.02B | -5.03% | 28.48% | 4.61B | -586.00M | 1.78 |
| FY2015 | 31 Dec 2015 | 4.24B | +32.95% | 33.80% | 4.72B | -483.00M | 1.87 |
| FY2014 | 31 Dec 2014 | 3.19B | -17.48% | 22.81% | 3.72B | -529.00M | 1.41 |
| FY2013 | 31 Dec 2013 | 3.86B | +2.63% | 25.31% | 4.44B | -574.00M | 1.71 |
| FY2012 | 31 Dec 2012 | 3.76B | +13.31% | 24.77% | 4.43B | -664.00M | 1.66 |
| FY2011 | 31 Dec 2011 | 3.32B | -1.01% | 21.57% | 3.94B | -617.00M | 1.47 |
| FY2010 | 31 Dec 2010 | 3.36B | +28.00% | 22.54% | 3.94B | -584.00M | 1.48 |
| FY2009 | 31 Dec 2009 | 2.62B | -8.23% | 18.45% | 3.18B | -554.00M | 1.16 |
| FY2008 | 31 Dec 2008 | 2.86B | +60.45% | 23.56% | 3.40B | -544.00M | 1.26 |
| FY2007 | 31 Dec 2007 | 1.78B | +22.59% | 17.77% | 2.26B | -482.00M | 0.79 |
| FY2006 | 31 Dec 2006 | 1.45B | -10.43% | 14.87% | 1.88B | -425.00M | 0.64 |
| FY2005 | 31 Dec 2005 | 1.62B | +61.29% | 17.38% | 2.00B | -381.00M | 0.72 |
| FY2004 | 31 Dec 2004 | 1.01B | +29.01% | 9.33% | 1.34B | -333.00M | 0.44 |
| FY2003 | 31 Dec 2003 | 779.00M | +63.31% | 3.04% | 1.21B | -428.00M | 0.34 |
| FY2002 | 31 Dec 2002 | 477.00M | -33.75% | 1,932.58% | 967.00M | -490.00M | 0.21 |
| FY2001 | 31 Dec 2001 | 720.00M | +0.28% | 6.33% | 1.24B | -515.00M | 0.32 |
| FY2000 | 31 Dec 2000 | 718.00M | -12.65% | 6.58% | 1.08B | -362.00M | 0.32 |
| FY1999 | 31 Dec 1999 | 822.00M | — | 9.06% | 1.02B | -193.00M | 0.36 |
| FY1998 | 31 Dec 1998 | -198.00M | — | -2.78% | 165.00M | -363.00M | -0.09 |
| FY1997 | 31 Dec 1997 | -13.00M | -111.30% | -0.18% | 347.00M | -360.00M | -0.01 |
| FY1996 | 31 Dec 1996 | 115.00M | -37.84% | 1.59% | 475.00M | -360.00M | 0.05 |
| FY1995 | 31 Dec 1995 | 185.00M | — | 2.73% | 546.00M | -361.00M | 0.08 |
| Quarter | Period ending | Free cash flow | Growth on a year before | Free cash flow margin | Operating cash flow | Capital expenditure | Free cash flow per share |
|---|---|---|---|---|---|---|---|
| H1 FY2026 | 30 Jun 2026 | 2.47B | +11.79% | 20.01% | 2.60B | -134.99M | 1.13 |
| H2 FY2025 | 31 Dec 2025 | 2.98B | -0.38% | 21.98% | 3.42B | -448.00M | 1.36 |
| H1 FY2025 | 30 Jun 2025 | 2.21B | -27.65% | 18.28% | 2.31B | -103.00M | 1.00 |
| H2 FY2024 | 31 Dec 2024 | 2.99B | -57.25% | 22.09% | 3.48B | -492.00M | 1.36 |
| H1 FY2024 | 30 Jun 2024 | 3.05B | -6.62% | 24.71% | 3.17B | -116.00M | 1.37 |
| H2 FY2023 | 31 Dec 2023 | 6.99B | +3.56% | 50.49% | 7.34B | -350.00M | 3.13 |
| H1 FY2023 | 30 Jun 2023 | 3.27B | +4.58% | 24.29% | 3.38B | -110.00M | 1.46 |
| H2 FY2022 | 31 Dec 2022 | 6.75B | +9.10% | 45.64% | 7.17B | -424.00M | 2.98 |
| H1 FY2022 | 30 Jun 2022 | 3.12B | +50.17% | 24.26% | 3.22B | -99.00M | 1.37 |
| H2 FY2021 | 31 Dec 2021 | 6.19B | +27.81% | 45.79% | 6.76B | -570.00M | 2.69 |
| H1 FY2021 | 30 Jun 2021 | 2.08B | -37.30% | 17.08% | 2.25B | -175.00M | 0.91 |
| H2 FY2020 | 31 Dec 2020 | 4.84B | -9.74% | 35.84% | 5.43B | -587.00M | 2.11 |
| H1 FY2020 | 30 Jun 2020 | 3.32B | +61.44% | 27.02% | 3.48B | -168.00M | 1.45 |
| H2 FY2019 | 31 Dec 2019 | 5.36B | -8.87% | 39.12% | 5.94B | -581.00M | 2.34 |
| H1 FY2019 | 30 Jun 2019 | 2.05B | -43.77% | 16.88% | 2.29B | -234.00M | 0.91 |
| H2 FY2018 | 31 Dec 2018 | 5.88B | +93.04% | 45.77% | 6.44B | -553.00M | 2.60 |
| H1 FY2018 | 30 Jun 2018 | 3.65B | +142.24% | 31.39% | 3.86B | -205.00M | 1.61 |
| H2 FY2017 | 31 Dec 2017 | 3.05B | -1.36% | 25.09% | 3.64B | -593.00M | 1.35 |
| H1 FY2017 | 30 Jun 2017 | 1.51B | +61.46% | 20.33% | 1.71B | -198.00M | 0.67 |
| H2 FY2016 | 31 Dec 2016 | 3.09B | +1.78% | 41.42% | 3.56B | -466.00M | 1.36 |
| H1 FY2016 | 30 Jun 2016 | 934.00M | -22.23% | 14.01% | 1.05B | -120.00M | 0.41 |
| H2 FY2015 | 31 Dec 2015 | 3.04B | +38.76% | 45.27% | 3.37B | -329.00M | 1.34 |
| H1 FY2015 | 30 Jun 2015 | 1.20B | +20.22% | 18.77% | 1.36B | -154.00M | 0.53 |
| H2 FY2014 | 31 Dec 2014 | 2.19B | -18.78% | 30.50% | 2.55B | -358.00M | 0.97 |
| H1 FY2014 | 30 Jun 2014 | 999.00M | -14.47% | 14.70% | 1.17B | -171.00M | 0.44 |
| H2 FY2013 | 31 Dec 2013 | 2.69B | +43.18% | 35.04% | 3.12B | -423.00M | 1.19 |
| H1 FY2013 | 30 Jun 2013 | 1.17B | -37.92% | 15.43% | 1.32B | -151.00M | 0.52 |
| H2 FY2012 | 31 Dec 2012 | 1.88B | +13.31% | 24.77% | 2.21B | -332.00M | 0.83 |
| H1 FY2012 | 30 Jun 2012 | 1.88B | +13.31% | 24.77% | 2.21B | -332.00M | 0.83 |
| H2 FY2011 | 31 Dec 2011 | 1.66B | -1.01% | 21.57% | 1.97B | -308.50M | 0.73 |
| H1 FY2011 | 30 Jun 2011 | 1.66B | -1.01% | 21.57% | 1.97B | -308.50M | 0.73 |
| H2 FY2010 | 31 Dec 2010 | 1.68B | +28.00% | 22.54% | 1.97B | -292.00M | 0.74 |
| H1 FY2010 | 30 Jun 2010 | 1.68B | +28.00% | 22.54% | 1.97B | -292.00M | 0.74 |
| H2 FY2009 | 31 Dec 2009 | 1.31B | -57.35% | 18.45% | 1.59B | -277.00M | 0.58 |
| H1 FY2009 | 30 Jun 2009 | 1.31B | +11.15% | 18.45% | 1.59B | -277.00M | 0.58 |
| H2 FY2008 | 31 Dec 2008 | 3.07B | +55.44% | 89.91% | 3.07B | 0.00 | 0.90 |
| H3 FY2008 | 30 Sept 2008 | -1.18B | — | -36.31% | -1.18B | 0.00 | — |
| H1 FY2008 | 30 Jun 2008 | 1.18B | +23.33% | 40.43% | 1.18B | 0.00 | 0.26 |
| H2 FY2007 | 31 Dec 2007 | 1.98B | +22.26% | 73.06% | 1.98B | 0.00 | 0.44 |
| H1 FY2007 | 30 Jun 2007 | 956.00M | +78.36% | 38.35% | 956.00M | 0.00 | 0.21 |
| H2 FY2006 | 31 Dec 2006 | 1.62B | -10.47% | 32.20% | 1.62B | 0.00 | 0.71 |
| H3 FY2006 | 30 Sept 2006 | -536.00M | — | — | -536.00M | 0.00 | — |
| H1 FY2006 | 30 Jun 2006 | 536.00M | +325.40% | 21.35% | 536.00M | 0.00 | 0.24 |
| H2 FY2005 | 31 Dec 2005 | 1.81B | +311.39% | 73.99% | 1.81B | 0.00 | 0.40 |
| H3 FY2005 | 30 Sept 2005 | -708.00M | -134.12% | -28.49% | -708.00M | 0.00 | — |
| H1 FY2005 | 30 Jun 2005 | 126.00M | -80.37% | 5.50% | 126.00M | 0.00 | 0.03 |
| H2 FY2004 | 31 Dec 2004 | 439.00M | +61.40% | 17.10% | 439.00M | 0.00 | 0.19 |
| H3 FY2004 | 30 Sept 2004 | 2.08B | +222.20% | 77.95% | 2.08B | 0.00 | — |
| H1 FY2004 | 30 Jun 2004 | 642.00M | +70.29% | 11.05% | 642.00M | 0.00 | 0.28 |
| H2 FY2003 | 31 Dec 2003 | 272.00M | -13.38% | 13.20% | 272.00M | 0.00 | 0.12 |
| H3 FY2003 | 30 Sept 2003 | 644.00M | -12.97% | 22.04% | 644.00M | 0.00 | — |
| H1 FY2003 | 30 Jun 2003 | 377.00M | -40.16% | 82.14% | 377.00M | 0.00 | 0.17 |
| H2 FY2002 | 31 Dec 2002 | 314.00M | -17.15% | 16.54% | 314.00M | 0.00 | 0.14 |
| H3 FY2002 | 30 Sept 2002 | 740.00M | -1.20% | 24.34% | 740.00M | 0.00 | — |
| H1 FY2002 | 30 Jun 2002 | 630.00M | +28.57% | 450.00% | 630.00M | 0.00 | 0.28 |
| H2 FY2001 | 31 Dec 2001 | 379.00M | +8.60% | 15.56% | 379.00M | 0.00 | 0.08 |
| H3 FY2001 | 30 Sept 2001 | 749.00M | +17.21% | 24.33% | 749.00M | 0.00 | — |
| H1 FY2001 | 30 Jun 2001 | 490.00M | -11.39% | 16.25% | 490.00M | 0.00 | 0.11 |
| H2 FY2000 | 31 Dec 2000 | 349.00M | -15.09% | 15.58% | 349.00M | 0.00 | 0.15 |
| H3 FY2000 | 30 Sept 2000 | 639.00M | — | 21.54% | 639.00M | 0.00 | — |
| H1 FY2000 | 30 Jun 2000 | 553.00M | +34.55% | 157.10% | 553.00M | 0.00 | 0.24 |
| H2 FY1999 | 31 Dec 1999 | 411.00M | — | 9.06% | 507.50M | -96.50M | 0.18 |
| H1 FY1999 | 30 Jun 1999 | 411.00M | — | 9.06% | 507.50M | -96.50M | 0.18 |
| H2 FY1998 | 31 Dec 1998 | -99.00M | — | -2.78% | 82.50M | -181.50M | -0.04 |
| H1 FY1998 | 30 Jun 1998 | -99.00M | — | -2.78% | 82.50M | -181.50M | -0.04 |
| H2 FY1997 | 31 Dec 1997 | -6.50M | -111.30% | -0.18% | 173.50M | -180.00M | -0.00 |
| H1 FY1997 | 30 Jun 1997 | -6.50M | -111.30% | -0.18% | 173.50M | -180.00M | -0.00 |
| H2 FY1996 | 31 Dec 1996 | 57.50M | -37.84% | 1.59% | 237.50M | -180.00M | 0.03 |
| H1 FY1996 | 30 Jun 1996 | 57.50M | -37.84% | 1.59% | 237.50M | -180.00M | 0.03 |
| H2 FY1995 | 31 Dec 1995 | 92.50M | — | 2.73% | 273.00M | -180.50M | 0.04 |
| H1 FY1995 | 30 Jun 1995 | 92.50M | — | 2.73% | 273.00M | -180.50M | 0.04 |
Figures in GBP. Free cash flow is operating cash flow less capital expenditure; owner earnings take off only the spending that keeps the business as it is, not the spending to grow it (an estimate by Financial Modeling Prep). Quarterly growth is on the same quarter a year before; TTM is the last four quarters.
See also:Revenue,Net income,EPS,Shares outstanding,Operating income,Cash on hand,Total debt,Stock buybacks,Cash flow
Common questions about British American Tobacco's free cash flow
Source: Financial Modeling Prep