British American Tobacco p.l.c. (BTI) Presents at Consumer Analyst Group of New York Conference 2026 Prepared Remarks Transcript
British American Tobacco p.l.c. (BTI) Presents at Consumer Analyst Group of New York Conference 2026 Prepared Remarks Transcript
British American Tobacco 2025 Earnings: Battleground United States
British American Tobacco p.l.c. reported 2025 adjusted EPS up 3.4% and net revenues of £25.6B, with currency-neutral growth of 2.1%. The article offers a fresh look at the company and includes details on its cigarette business and its efforts in the area of smoke-free products. I will discuss the reasons for the 37% year-over-year decline in BTI's operating cash flow, particularly in relation to the company's ability to continue to pay a growing dividend.
British American Tobacco: I Was Wrong, Growth Is Back (Rating Upgrade)
British American Tobacco p.l.c. is upgraded to a buy, driven by stronger-than-expected FY2025 results and renewed growth in its New Category segment. BTI's New Category revenue grew 7% in FY2025, with guidance for low double-digit growth in FY2026, supported by strong US performance and Vuse recovery. Operational efficiencies, including £2bn in expected savings by 2030 and AI-driven productivity initiatives, are boosting profitability and return on investment.
British American Tobacco edges past forecasts as smokeless growth gathers pace
British American Tobacco PLC announced an increased £1.3 billion share buyback for 2026 as results for last year beat City forecasts by a cigarette paper, but growth expectations for the coming year were dampened down. Adjusted operating profit rose 2.3% to £11.57 billion in the 2025 calendar year, just ahead of market expectations of £11.45 billion.
British American Tobacco Posts Pretax Profit Jump
British American Tobacco posted a jump in pretax profit as demand for vapor and other smokeless products continued to grow.
British American Tobacco: Repricing A Legacy Business
British American Tobacco has rebounded sharply, driven by profitable growth in its modern product portfolio and improving revenue outlook. BTI now guides for 2% FY2025 revenue growth, with mid-term targets of 3–5%, reflecting a positive shift from prior stagnation. Free cash flow remains robust, supporting ongoing deleveraging, dividend payouts below 50% of FCF, and renewed share buybacks.
British American Tobacco Keeps Luc Jobin as Chair
The tobacco company said the board had evaluated various candidates but decided to give Jobin up to two more years in the role.
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British American Tobacco: FY26 Outlook Points To 10%+ Total Shareholder Yield
British American Tobacco (BTI) reaffirms 2026 guidance, targeting 3–5% revenue and 5–8% adjusted EPS growth. BTI's capital allocation strategy includes a £1.3bn buyback for FY26 and progressive dividends, implying a 7.16% combined yield already. Deleveraging will continue, with net debt reduction expected to add a 3.41% yield, pushing total shareholder yield above 10%.
British American Tobacco: The Case For Its Smokeless Future
British American Tobacco is positioned for growth through its smokeless transformation, notably with VELO's rapid US market share gains. BTI maintains robust cash flow conversion, supports a 5.4% dividend yield, and is expanding its share buyback program to £1.3B for FY2026. Despite legacy cigarette volume declines, BTI leverages pricing power and premium brands to sustain revenue and fund new category expansion.
British American Tobacco: Deleveraging, Buybacks, 5% Yield Fuel Next Leg Of The Bull Run
I anchor my bull thesis on British American Tobacco's third FY25 revenue upgrade, 95% cash-flow conversion, planned 2.0–2.5x leverage, and an increased £1.3bn 2026 buyback despite deleveraging. H1 2025 US revenue grew 3.7% despite a 7.6% combustibles volume decline, with pricing lifting combustibles revenue 11.4% and Velo Plus lifting the modern oral segment. I also see vapour and heated products as headwinds. Vuse revenue faces a high-single-digit FY25 decline, glo revenue is flat, and heated share is down 1.2 ppt.
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