British American Tobacco

Website: British American Tobacco
Index: FTSE 100
EPIC: BATS
Supersector: Personal and Household Goods
Sector: Tobacco
Subsector: Tobacco
Market Cap: £85.05B
Payout Frequency: Quarterly

British American Tobacco Dividend Analysis and Summary

Dividend timetable and key terms
  • Dividend type: Quarterly instalment of the FY2024 interim dividend
  • Amount per share: 60.06p (one of four equal payments totalling 240.24p for FY2024; +2.0% YoY)
  • Ex-dividend date (LSE): 29/12/2025
  • Record date: 30/12/2025
  • Payment date (LSE/JSE): 04/02/2026 (ADS payment date: 09/02/2026)
  • Payout ratio: 66.3% of 2024 adjusted diluted EPS
  • Policy: “Progressive dividend” guided by c.65% of long-term sustainable earnings
  • Other 2025 quarterly ex-dates (LSE): 27 March, 26 June, 2 October (payments: 7 May, 1 August, 7 November)
Dividend sustainability and growth
  • Cash cover: Strong — 2024 free cash flow before dividends £7.9bn; operating cash conversion 101%. Management targets >90% in 2025.
  • Earnings support: Adjusted organic diluted EPS up +3.6% at constant FX; payout set against adjusted earnings. FY2024 annual dividend up +2.0%, consistent with “progressive” framework.
  • Balance sheet: Leverage improved to 2.44x adjusted net debt/EBITDA (or 2.75x excluding Canada cash/EBITDA), within the 2.0–2.5x target by 2026.
  • Capital allocation: Dividend complemented by a planned £900m 2025 buyback, funded in part by the 2024 partial monetisation of the ITC stake and ongoing strong cash generation.
  • Outlook: 2025 guidance for constant-currency revenue ~+1% and adjusted PFO +1.5–2.5% (ex-Canada impact) supports continued dividend progression in sterling.
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British American Tobacco Annual Dividend Yield - 6.12%

Dividends Used in Calculation:

Ex-Dividend Date Payment Date Type Amount Currency
19/12/2024 03/02/2025 Q4 58.88p GBX
27/03/2025 07/05/2025 Q1 60.06p GBX
26/06/2025 01/08/2025 Q2 60.06p GBX
02/10/2025 07/11/2025 Q3 60.06p GBX

Total (Annual Dividends Per Share): 239.06p

Dividend Yield = Annual Dividends Per Share (239.06p) ÷ Share Price (3904p) = 6.12%

British American Tobacco Dividend History

Ex Dividend DatePayment DateTypeAmountCurrency
02/10/202507/11/2025Q360.06pGBX
26/06/202501/08/2025Q260.06pGBX
27/03/202507/05/2025Q160.06pGBX
19/12/202403/02/2025Q458.88pGBX
26/09/202401/11/2024Q358.88pGBX
27/06/202402/08/2024Q258.88pGBX
21/03/202402/05/2024Q158.88pGBX
21/12/202301/02/2024Q457.72pGBX
28/09/202303/11/2023Q357.72pGBX
13/07/202318/08/2023Q257.72pGBX
23/03/202303/05/2023Q157.72pGBX
22/12/202202/02/2023Q454.45pGBX
29/09/202210/11/2022Q354.45pGBX
07/07/202217/08/2022Q254.45pGBX
24/03/202204/05/2022Q154.45pGBX
23/12/202109/02/2022Q453.90pGBX
30/09/202111/11/2021Q353.90pGBX
08/07/202119/08/2021Q253.90pGBX
25/03/202112/05/2021Q153.90pGBX
17/12/202003/02/2021Q452.60pGBX
01/10/202012/11/2020Q352.60pGBX
09/07/202019/08/2020Q252.60pGBX
26/03/202013/05/2020Q152.60pGBX
24/12/201906/02/2020Q450.75pGBX
03/10/201914/11/2019Q350.75pGBX
27/06/201908/08/2019Q250.75pGBX
21/03/201908/05/2019Q150.75pGBX
27/12/201807/02/2019Q448.80pGBX
04/10/201815/11/2018Q348.80pGBX
28/06/201808/08/2018Q248.80pGBX
22/03/201809/05/2018Q148.80pGBX
28/12/201708/02/20182nd Interim43.60pGBX
17/08/201728/09/2017Interim56.50pGBX
16/03/201704/05/2017Final118.10pGBX
18/08/201628/09/2016Interim51.30pGBX
17/03/201605/05/2016Final104.60pGBX
20/08/201530/09/2015Interim49.40pGBX
19/03/201507/05/2015Final100.60pGBX
20/08/201430/09/2014Interim47.50pGBX
12/03/201408/05/2014Final97.40pGBX
21/08/201330/09/2013Interim45.00pGBX
13/03/201308/05/2013Final93.00pGBX
15/08/201226/09/2012Interim42.00pGBX
07/03/201203/05/2012Final88.00pGBX
17/08/201128/09/2011Interim38.00pGBX
09/03/201105/05/2011Final81.00pGBX
18/08/201029/09/2010Interim33.00pGBX
10/03/201006/05/2010Final72.00pGBX
19/08/200929/09/2009Interim28.00pGBX
11/03/200906/05/2009Final62.00pGBX
06/08/200817/09/2008Interim22.00pGBX
05/03/200807/05/2008Final48.00pGBX
01/08/200712/09/2007Interim19.00pGBX
07/03/200703/05/2007Final40.00pGBX
02/08/200613/09/2006Interim16.00pGBX
08/03/200604/05/2006Final33.00pGBX
03/08/200514/09/2005Interim14.00pGBX
09/03/200504/05/2005Final29.00pGBX
04/08/200415/09/2004Interim13.00pGBX
03/03/200427/04/2004Final27.00pGBX
06/08/200315/09/2003Interim12.00pGBX
05/03/200322/04/2003Final24.00pGBX
07/08/200216/09/2002Interim11.00pGBX
06/03/200219/04/2002Final22.00pGBX
08/08/200117/09/2001Interim9.70pGBX
07/03/200108/05/2001Final20.00pGBX
07/08/200018/09/2000Interim9.00pGBX
13/03/200003/05/2000Final18.00pGBX
09/08/199927/09/1999Interim4.30pGBX
29/03/199901/07/1999Special4.00pGBX
29/03/199901/07/1999Final16.00pGBX
02/11/199805/01/1999Interim8.00pGBX
YearInterimFinalSpecialCurrencyTotalChange (%)
2024   GBX235.5202.00
2023   GBX230.8806.00
2022   GBX217.8001.02
2021   GBX215.6002.47
2020   GBX210.4003.64
2019   GBX203.0003.99
2018   GBX195.20095.00
201756.500  GBX100.100-40.90
201651.300118.100 GBX169.40010.00
201549.400104.600 GBX154.0003.98
201447.500100.600 GBX148.1004.00
201345.00097.400 GBX142.4005.48
201242.00093.000 GBX135.0007.14
201138.00088.000 GBX126.00010.52
201033.00081.000 GBX114.00014.00
200928.00072.000 GBX100.00019.04
200822.00062.000 GBX84.00025.37
200719.00048.000 GBX67.00019.64
200616.00040.000 GBX56.00019.14
200514.00033.000 GBX47.00011.90
200413.00029.000 GBX42.0007.69
200312.00027.000 GBX39.00011.42
200211.00024.000 GBX35.00010.41
20019.70022.000 GBX31.7009.31
20009.00020.000 GBX29.00010.26
19994.30018.0004.000GBX26.3009.58
19988.00016.000 GBX24.000 

British American Tobacco Dividend Calculator

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British American Tobacco Dividend Growth

Dividend Growth (1Y) 2%
Dividend CAGR (5Y) 2.69%
Years of Growth 6
Payout Ratio 170.76%
Buyback Yield 0.65%
Shareholder Yield 6.8%

British American Tobacco Valuation & Profitability

P/E Ratio (TTM) 28.36
Forward P/E 11.15
P/FCF 9.66
Earnings Yield 3.58%
FCF Yield 10.35%
ROE 6.27%
ROCE 10.9%
Profit Margin 12.06%
Operating Margin 40.12%
Gross Margin 82.86%