British American Tobacco P.l.c. balance sheet

At the end of fiscal 2025, British American Tobacco P.l.c. had total assets of $146.96bn and shareholders' equity of $61.90bn. It held $5.15bn in cash against $47.16bn of debt: net debt of $42.01bn.

Balance sheet

US$ billions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

British American Tobacco P.l.c.: balance sheet, annual
Fiscal year	2015Dec 2015	2016Dec 2016	2017Dec 2017	2018Dec 2018	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025
Cash and equivalents	—	2.7	4.5	3.3	3.4	4.3	3.8	4.2	5.9	6.6	5.1
Receivables	—	4.8	5.5	4.6	5.4	5.1	5.3	5.3	4.6	4.5	5.1
Inventory	—	7.1	7.9	7.7	8.1	8.2	7.1	6.8	6.3	5.8	5.9
Total current assets	—	15.2	18.9	16.2	17.6	18.6	17.3	18.6	18.1	17.9	17.1
Goodwill	13.7	13.6	59.7	58.9	58.8	59.2	58.3	57.9	52.4	51.5	52.3
Total assets	—	49.1	190.8	186.8	187.1	188.1	185.4	185.4	151.3	148.9	147.0
Total current liabilities	—	14.6	21.0	20.8	25.0	21.1	20.4	21.6	20.0	23.5	19.5
Short-term debt	—	3.7	7.3	5.4	10.0	5.5	5.4	5.3	5.5	5.4	4.5
Long-term debt	—	20.3	59.6	55.2	50.2	54.5	48.1	46.8	45.1	40.9	42.6
Total debt	—	24.1	66.9	60.6	60.2	60.1	53.5	52.1	50.6	46.3	47.2
Shareholders' equity	7.4	10.1	82.3	83.5	84.8	85.6	88.3	89.0	64.8	60.0	61.9
Net debt (negative = net cash)	—	21.3	62.4	57.3	56.8	55.8	49.7	47.9	44.7	39.6	42.0

Balances at each fiscal year end (quarter end in the quarterly view). Total debt is short- plus long-term borrowings, including lease debt where the company reports it within debt. Where assets do not equal liabilities plus shareholders' equity, the difference (non-controlling interests, redeemable preferred shares) is shown on its own line.

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Figures from British American Tobacco P.l.c.'s SEC filings (10-K and 10-Q), retrieved November 2, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to British American Tobacco P.l.c.