British American Tobacco p.l.c. (BATS.L)

British American Tobacco's adjusted EPS beat while revenue came in slightly below consensus in the first half of fiscal 2026, reported July 30, 2026. Revenue rose 1.4% to about GBP 12.2 billion from about GBP 12.1 billion a year ago, while gross margin stayed near 59% and operating margin held around 38%; operating income reached roughly GBP 4.7 billion. Adjusted EPS of GBP 1.68 topped the GBP 1.65 estimate by +1.8% but was down 24% from GBP 2.22 a year earlier, and revenue of about GBP 12.2 billion versus the about GBP 12.3 billion estimate, or -0.2%. Net income fell 29% to about GBP 3.2 billion from about GBP 4.5 billion a year ago. Operating cash flow came in at about GBP 2.6 billion, and the company paid about GBP 2.6 billion in dividends. Consensus for the next period calls for EPS of GBP 1.98 on revenue of GBP 13.99 billion.