British American Tobacco p.l.c. logo BTI - British American Tobacco p.l.c.

Price: -- -- | CONSENSUS: Buy DETAILS
STRONG
BUY 0
BUY 12
HOLD 4
SELL 2
STRONG
SELL 0
| PRICE TARGET: $40.00 DETAILS
HIGH: $40.00
LOW: $40.00
MEDIAN: $40.00
CONSENSUS: $40.00
DOWNSIDE: 38.80%
Annual Quarterly
Metric 2025 Q4 2025 Q2 2024 Q4 2024 Q2 2023 Q4 2023 Q2 2022 Q4 2022 Q2 2021 Q4 2021 Q2 2020 Q4 2020 Q2 2019 Q4 2019 Q2 2018 Q4 2018 Q2 2017 Q4 2017 Q2 2016 Q4 2016 Q2 2015 Q4 2015 Q2 2014 Q4 2014 Q2 2013 Q4 2013 Q2 2012 Q4 2012 Q2 2011 Q4 2011 Q2 2010 Q4 2010 Q2 2009 Q4 2009 Q2 2008 Q4 2008 Q2 2007 Q4 2007 Q2 2006 Q4 2006 Q2 2005 Q4 2005 Q2 2004 Q4 2004 Q2 2003 Q4 2003 Q2 2002 Q4 2002 Q2 2001 Q4 2001 Q2 2000 Q4 2000 Q2 1999 Q4 1999 Q2 1998 Q4 1998 Q2 1997 Q4 1997 Q2 1996 Q4 1996 Q2 1995 Q4 1995 Q2
Revenue
Revenue 13,541 12,069 13,527 12,340 13,842 13,441 14,786 12,869 13,509 12,175 13,505 12,271 13,707 12,170 12,856 11,636 12,146 7,418 7,461 6,669 6,706 6,398 7,173 6,798 7,688 7,572 7,595 7,595 7,699.5 7,699.5 7,441.5 7,441.5 7,104 7,104 3,418 2,916 2,706 2,493 5,022 2,511 2,441 2,292 2,567 5,808 2,061 459 1,899 140 2,435 3,015 2,240 352 4,536 4,536 3,560 3,560 3,576 3,576 3,620.5 3,620.5 3,385.5 3,385.5
Cost of Revenue 2,245 1,981 2,272 2,164 2,647 2,244 2,651 2,153 2,472 2,125 2,448 1,999 2,398 2,063 2,271 2,279 3,093 1,940 2,111 1,622 1,575 1,458 1,567 1,463 1,626 1,617 1,656 1,656 1,713 1,713 1,853.5 1,853.5 1,974 1,974 970 826 748 718 1,406 791 709 599 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Gross Profit 11,296 10,088 11,255 10,176 11,195 11,197 12,135 10,716 11,037 10,050 11,057 10,272 11,309 10,107 10,585 9,357 9,053 5,478 5,350 5,047 5,131 4,940 5,606 5,335 6,062 5,955 5,939 5,939 5,986.5 5,986.5 5,588 5,588 5,130 5,130 2,448 2,090 1,958 1,775 3,616 1,720 1,732 1,693 2,567 5,808 2,061 459 1,899 140 2,435 3,015 2,240 352 4,536 4,536 3,560 3,560 3,576 3,576 3,620.5 3,620.5 3,385.5 3,385.5
Operating Expenses
R&D Expenses 174 174 212 168 214 194 173 150 162 142 170 137 238 138 146 112 191 0 144 0 148 0 154 0 161 0 46.5 46.5 40.5 40.5 41 41 25.5 25.5 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 29 29 22.5 22.5 21 21 18.5 18.5 21.5 21.5
SG&A Expenses 1,662 1,463 2,576 1,375 2,465 1,389 2,549 1,280 2,516 1,292 2,488 1,272 1,441 1,433 1,627 1,373 1,518 1,094 1,143 962 1,046 906 1,095 973 1,252 1,111 7.5 7.5 0 0 0 0 0 0 0 0 0 0 0 0 0 0 (1,964) 0 (303) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Other Expenses 4,532 3,382 9,989 4,375 30,202 3,679 2,568 42 94 102 146 42 134 22 0 0 0 0 0 0 0 0 0 0 0 0 (1,802.5) (1,802.5) (657) (657) (613) (613) (541) (541) 0 (242) 688 (222) 0 (244) 0 (254) 0 62 0 189 0 157 0 107 0 56 0 0 0 0 0 0 0 0 0 0
Operating Expenses 6,368 5,019 12,777 5,918 32,881 5,262 5,290 3,423 5,554 4,934 6,019 4,877 6,379 5,421 5,431 4,619 18,151 2,140 2,252 1,323 2,530 1,192 3,191 2,464 3,072 2,686 3,233 3,233 5,211.5 5,211.5 5,098.5 5,098.5 5,004.5 5,004.5 5,227 1,150 1,301 986 7,224 1,010 3,883 1,090 1,820 4,534 975 (227) 1,402 (530) 1,904 2,385 1,607 (308) 3,578 3,578 2,764 2,764 2,653.5 2,653.5 2,807.5 2,807.5 2,565.5 2,565.5
Operating Income
Operating Income 4,928 5,069 (1,522) 4,258 (21,686) 5,935 6,845 3,678 5,938 5,062 5,870 5,178 5,826 4,587 5,418 4,614 4,393 2,776 2,931 2,374 2,454 2,480 2,399 2,637 2,876 2,904 2,706 2,706 2,360.5 2,360.5 2,159 2,159 2,050.5 2,050.5 858 917 600 808 1,356 709 519 671 439 1,284 272 377 314 630 379 490 333 553 739.5 739.5 505.5 505.5 651.5 651.5 857 857 823 823
Interest Expense 0 764 704 1,802 1,032 903 803 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 252.5 252.5 283.5 283.5 291.5 291.5 301 301 176 118 105 92 236 101 131 119 167 170 182 46 196 47 194 74 290 39 185 185 177.5 177.5 184 184 170 170 153 153
Interest Income 0 0 238 238 101 85 20 376 704 732 958 803 883 821 772 769 704 311 279 0 243 251 181 257 182 278 24.5 24.5 41 41 30 30 42.5 42.5 37 39 40 24 78 31 26 34 115 0 3 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Profitability
EBITDA 6,413 6,194 1,855 5,882 6,751 6,418 7,836 4,234 5,896 5,375 5,299 5,662 5,624 4,957 5,595 4,933 27,645 2,936 2,684 2,609 2,659 2,677 2,615 2,844 3,595 3,211 3,323.5 3,323.5 3,157.5 3,157.5 2,462.5 2,462.5 2,351.5 2,351.5 1,178 1,176 851 1,025 1,624 962 815 954 722 1,508 1,517 619 963 602 1,039 562 565 578 1,045.5 1,045.5 695 695 741 741 1,098.5 1,098.5 993.5 993.5
EBIT 5,447 5,074 374 4,262 6,597 5,938 7,640 4,012 5,343 4,898 4,728 5,143 4,679 4,453 5,015 4,523 27,168 2,596 2,376 2,374 2,454 2,480 2,399 2,637 3,441 2,972 3,086 3,086 2,749 2,749 2,485.5 2,485.5 2,341 2,341 1,030 1,085 747 943 1,598 877 699 839 583 1,338 462 340 585 602 648 489 565 552 870.5 870.5 546.5 546.5 621.5 621.5 983 983 883 883
Income Before Tax 4,285 5,574 (2,062) 5,600 (22,364) 5,303 6,263 3,061 4,779 4,384 4,080 4,592 4,047 3,865 4,382 3,969 26,500 3,027 2,819 3,426 2,358 3,497 2,234 2,614 2,808 2,991 2,824 2,824 2,465.5 2,465.5 2,194 2,194 2,040 2,040 854 967 642 851 1,362 776 568 720 416 1,168 280 294 389 555 454 415 275 513 685.5 685.5 369 369 437.5 437.5 813 813 730 730
Income Tax Expense 1,085 1,009 (684) 1,041 (4,140) 1,268 1,355 1,123 1,134 1,055 1,054 1,054 1,092 971 948 1,193 (8,809) 680 721 685 620 713 727 728 797 803 763 763 778 778 624 624 562 562 250 270 161 221 396 188 143 187 93 376 152 204 149 228 234 210 124 196 336.5 336.5 138.5 138.5 178.5 178.5 260 260 245 245
Net Income 3,252 4,512 (1,424) 4,492 (18,326) 3,959 4,807 1,859 3,539 3,250 2,943 3,457 2,890 2,814 3,342 2,690 35,224 2,261 1,977 2,671 1,645 2,645 1,368 1,747 1,864 2,040 1,920.5 1,920.5 1,547.5 1,547.5 1,439.5 1,439.5 1,356.5 1,356.5 551 650 451 584 898 549 394 501 301 720 89 48 209 287 183 161 110 270 278 278 173 173 206 206 494 494 430 430
Per Share Data
EPS (Basic) 1.46 2.05 -0.66 2.00 -8.23 1.77 2.12 0.81 1.55 1.42 1.29 1.51 1.26 1.25 1.48 1.19 15.63 1.00 0.88 1.19 0.73 1.17 0.61 0.78 0.83 0.91 0.99 0.99 0.79 0.79 0.73 0.73 0.69 0.69 0.63 0.57 0.57 0.45 0.44 0.48 0.42 0.40 0.79 0.34 0.14 0.14 0.26 0.26 0.24 0.16 0.05 0.25 0.13 0.13 0.11 0.11 0.14 0.14 0.32 0.32 0.28 0.28
EPS (Diluted) 1.45 2.04 -0.66 2.00 -8.23 1.76 2.11 0.81 1.54 1.42 1.28 1.51 1.26 1.24 1.48 1.19 15.55 1.00 0.87 1.18 0.73 1.17 0.60 0.77 0.82 0.90 0.99 0.99 0.78 0.78 0.72 0.72 0.68 0.68 0.63 0.60 0.60 0.44 0.44 0.47 0.42 0.40 0.79 0.34 0.14 0.14 0.25 0.25 0.24 0.20 0.05 0.10 0.13 0.13 0.11 0.11 0.13 0.13 0.32 0.32 0.28 0.28
Shares Outstanding 2,237.5 2,216.1 2,202.4 2,232.2 2,230.5 2,229 2,253.7 2,262 2,288.4 2,287 2,286 2,286 2,285.6 2,253.7 2,253.7 2,253.7 2,253.7 2,253.7 2,253.7 2,253.7 2,253.7 2,253.7 2,253.7 2,253.7 2,253.7 2,253.7 2,253.7 2,253.7 2,253.7 2,253.7 2,253.7 2,253.7 2,253.7 2,253.7 3,380.5 4,507.3 4,507.3 4,507.3 2,253.7 2,253.7 4,507.3 4,507.3 2,253.7 2,253.7 2,253.7 2,253.7 2,253.7 2,253.7 4,507.3 4,507.3 2,253.7 2,253.7 2,253.7 2,253.7 2,253.7 2,253.7 2,253.7 2,253.7 2,253.7 2,253.7 2,253.7 2,253.7
Metric 2025 Q4 2025 Q2 2024 Q4 2024 Q2 2023 Q4 2023 Q2 2022 Q4 2022 Q2 2021 Q4 2021 Q2 2020 Q4 2020 Q2 2019 Q4 2019 Q2 2018 Q4 2018 Q2 2017 Q4 2017 Q2 2016 Q4 2016 Q2 2010 Q2 2009 Q4 2009 Q2 2004 Q2 2003 Q4 2003 Q2 2002 Q4 2001 Q2 2000 Q4 2000 Q2 1999 Q4 1999 Q2 1998 Q4 1998 Q2 1997 Q4 1997 Q2 1996 Q4 1996 Q2 1995 Q4
Current Assets
Cash & Cash Equivalents 3,827 4,404 5,297 5,934 2,363 3,681 3,446 3,568 2,809 3,014 3,139 4,784 2,526 3,308 2,432 2,125 3,131 2,019 2,047 1,882 1,497 2,161 1,304 1,574 2,283 1,191 1,772 1,461 1,667 2,020 1,853 1,411.5 970 1,140 1,310 1,354.5 1,399 1,315 1,231
Short-Term Investments 16 489 513.4 696 601 451 579 571 456 336 242 183 123 167 178 188 65 26 15 61 58 57 80 91 108 177 163 318 221 341 768 476.5 185 175.5 166 229.5 293 257 221
Net Receivables 3,802 3,475 2,855 3,637 3,793 5,567.2 4,516 4,607.6 4,068 5,636.3 3,800 5,673.9 3,369 5,149.3 2,868 4,039 0 3,833 2,696 3,390 2,465 2,267 2,237 0 2,280 0 1,822 0 1,941 0 1,634 1,313 992 1,427.5 1,863 1,759 1,655 1,634.5 1,614
Inventory 4,382 5,088 4,616 5,334 4,938 5,634 5,671 5,952 5,279 6,408 5,998 6,796 6,094 6,709 6,029 6,339 5,864 5,177 5,793 4,725 3,522 3,261 3,451 2,598 2,582 2,674 2,599 3,004 3,053 3,351 2,850 2,507.5 2,165 2,169 2,173 2,129.5 2,086 2,134 2,182
Other Current Assets 657 419 1,013 271 195 1,107 1,197 969 195 659 433 321 1,162 280 978 246 1,440 419 1,651 631 417 186 401 42 0 2,213 0 2,224 57 2,323 123 61.5 0 0 0 0 0 0 0
Total Current Assets 12,684 13,875 14,294 15,872 14,186 15,092 15,409 14,709 12,807 14,351 13,612 16,568 13,274 14,416 12,655 12,937 13,966 11,474 12,359 10,689 7,959 8,106 7,473 6,034 7,544 6,255 6,616 7,007 7,251 8,035 7,594 6,203.5 4,813 5,359 5,905 5,815.5 5,726 5,595 5,464
Non-Current Assets
Property, Plant & Equipment 4,483 4,159 4,379 4,427 4,583 4,521 4,867 4,728 4,953 4,866 5,060 5,444 5,518 5,683 5,166 4,849 4,882 3,636 3,661 3,274 2,939 3,010 2,796 3,090 2,578 2,396 2,602 2,704 2,600 2,645 2,456 2,252 2,048 2,040.5 2,033 1,933 1,833 1,856 1,879
Goodwill 38,917 0 41,129 0 41,091 0 47,956 0 43,194 0 43,319 0 44,316 0 46,163 0 44,147 0 11,023 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Intangible Assets 48,017 86,223 53,147 94,700 54,471 122,126 81,119 128,026 72,431 113,827 72,024 126,764 74,471 124,087 77,850 120,006 73,638 12,177 1,094 11,780 12,209 12,232 11,437 7,893 8,012 6,610 6,248 7,332 7,158 7,466 5,338 2,669 0 0 0 0 0 0 0
Long-Term Investments 1,854 2,270 2,048 2,059 1,487 1,721 1,562 1,539 1,542 1,640 1,576 1,978 1,749 1,910 1,598 1,637 1,554 9,456 9,535 8,707 2,707 2,490 2,307 312 737 765 657 454 201 141 636 554 472 493 514 479 444 532.5 621
Other Non-Current Assets 1,303 1,265 3,902 1,358 1,987 1,892 1,951 2,250 1,827 1,689 1,565 1,504 1,253 1,509 2,566 2,649 2,534 1,975 1,665 1,406 505 426 459 91 (2,175) 177 (1,609) 772 (1,140) 482 (1,643) (1,306.5) (970) (1,140) (1,310) (1,354.5) (1,399) (1,315) (1,231)
Total Non-Current Assets 96,606 96,351 104,605 103,497 104,530 130,980 138,137 137,162 124,558 122,644 124,078 136,109 127,731 133,696 133,687 129,564 127,072 27,712 27,414 25,550 18,718 18,508 17,352 11,386 11,435 9,948 9,670 10,808 10,486 10,593 8,640 5,639.5 2,639 2,642 2,645 2,505.5 2,366 2,481 2,596
Total Assets 109,290 110,226 118,899 119,369 118,716 146,072 153,546 151,871 137,365 136,995 137,690 152,677 141,005 148,112 146,342 142,501 141,038 39,186 39,773 36,239 26,677 26,614 24,825 17,420 18,979 16,203 16,286 17,815 17,737 18,628 16,234 11,843 7,452 8,001 8,550 8,321 8,092 8,076 8,060
Current Liabilities
Account Payables 9,328 8,243 9,557.5 9,017 9,700 9,217 10,449 8,823 9,577 8,504 9,693 9,535 9,727 9,762 10,631 9,498 8,847 5,948 7,335 5,080 4,572 650 4,377 3,740 649 0 484 0 528 0 456 412 368 346.5 325 340 355 325.5 296
Short-Term Debt 3,209 3,304 4,171 7,316 4,193 5,029 4,271 5,151 3,866 8,649 3,904 7,066 7,088 8,711 3,755 5,287 0 5,822 0 5,343 2,138 1,370 2,522 759 1,521 5,464 696 6,333 1,085 7,110 1,033 1,314 1,595 2,561.5 3,528 2,319 1,110 1,061 1,012
Deferred Revenue 0 0 0 0 (13) 0 0 0 0 776 868 1,295 683 792 853 739 720 622 558 396 434 364 323 414 438 0 339 0 (864) 0 (265) (837.5) (1,410) (2,386) (3,362) (2,089.5) (817) (804) (791)
Other Current Liabilities 705 3,277 3,180.2 525 657 1,040 1,942 1,864 696 489 876 638 1,311 528 1,073 526 5,608 804 3,963 968 415 1,398 407 237 725 3,847 652 4,400 889 4,091 790 634.5 479 451.5 424 409.5 395 404 413
Total Current Liabilities 14,524 15,996 18,743 18,042 15,673 16,191 17,853 16,726 15,144 18,418 15,478 18,534 18,823 19,793 16,329 16,050 15,544 13,196 11,856 11,787 7,559 6,916 7,629 5,150 6,454 9,311 4,716 10,733 5,502 11,201 4,900 4,465 4,030 5,182 6,334 5,111.5 3,889 3,786 3,683
Non-Current Liabilities
Long-Term Debt 31,332 31,485 32,194 32,529 35,039 37,140 38,351 39,724 35,346 36,361 39,589 43,395 37,804 41,581 43,277 43,225 44,027 15,085 16,488 15,286 8,656 9,712 8,369 6,344 6,089 0 4,618 0 5,066 0 4,643 3,389 2,135 1,601.5 1,068 1,697.5 2,327 2,436.5 2,546
Deferred Tax Liabilities 10,343 10,432 11,679 11,878 12,192 17,389 18,428 18,361 16,462 16,245 16,314 18,104 17,050 17,703 17,776 17,612 17,129 659 652 657 494 527 543 219 198 0 257 0 248 0 170 108.5 47 53 59 48 37 40 43
Other Non-Current Liabilities 4,570 4,711.4 5,844 1,911 2,511 2,724 2,829 2,991 2,692 2,797 3,016 3,219 2,743 3,499 3,265 2,995 20,429 2,337 3,007 2,914 1,264 1,547 1,291 261 1,530 1,524 1,243 1,413 1,405 1,512 1,245 784 323 583.5 844 585.5 327 345.5 364
Total Non-Current Liabilities 46,621 47,053 50,161 46,858 50,109 57,253 59,983 61,076 54,820 55,403 59,257 64,718 58,022 62,783 64,325 63,832 64,468 18,081 19,511 18,200 10,414 11,786 10,203 7,041 7,817 1,524 6,118 1,413 6,719 1,512 6,058 4,546.5 3,035 2,503 1,971 2,573 3,175 3,342.5 3,510
Total Liabilities 61,145 63,049 68,904 64,900 65,782 73,444 77,836 77,802 69,964 73,821 74,735 83,252 76,845 82,576 80,654 79,882 80,012 31,277 31,367 29,987 17,973 18,702 17,832 12,191 14,271 10,835 10,834 12,146 12,221 12,713 10,958 9,011.5 7,065 7,685 8,305 7,684.5 7,064 7,128.5 7,193
Stockholders' Equity
Common Stock 577 581 585 589 614 614 614 614 614 614 614 614 614 614 614 614 614 507 507 507 506 506 506 0 550 0 576 0 575 0 605 499 393 390.5 388 581.5 775 773.5 772
Retained Earnings 22,929 22,994 26,018 26,025 31,627 45,591 51,197 42,558 49,334 43,022 47,191 41,422 40,234 38,322 38,557 37,608 36,983 3,388 3,331 2,023 2,319 2,168 1,622 0 (470) 0 6 0 (501) 0 (1,017) (915) (813) (864) (915) (506.5) (98) (190.5) (283)
Accumulated Other Comprehensive Income (2,255) 23,176 27,327 838 27,306 (536) 30,560 3,956 (4,425) (7,361) 19,825 490 22,870 (261) 26,092 (2,426) 23,033 (111) 4,172 (349) 0 0 0 0 0 0 0 0 (2,628) 0 (2,497) (2,175.5) (1,854) (1,765.5) (1,677) (1,601.5) (1,526) (1,578.5) (1,631)
Total Stockholders' Equity 47,926 46,874 49,643 54,111 52,566 72,298 75,368 73,755 67,101 62,897 62,673 69,143 63,902 65,282 65,444 62,401 60,804 7,717 8,182 6,110 8,366 7,613 6,682 4,093 4,483 5,145 5,185 5,287 5,097 5,449 4,821 2,442.5 64 154.5 245 473 701 602 503
Total Liabilities & Equity 109,290 110,226 118,899 119,369 118,716 146,072 153,546 151,871 137,365 136,995 137,690 152,677 141,005 148,112 146,342 142,501 141,038 39,186 39,773 36,239 26,677 26,614 24,825 16,506 18,979 16,203 16,286 17,815 17,737 18,628 16,234 11,843 7,452 8,001 8,550 8,321 8,092 8,076 8,060
Debt Metrics
Total Debt 35,070 35,325 36,950 40,385 39,730 42,169 43,139 44,875 39,658 45,010 43,968 50,461 45,366 50,292 47,509 48,512 49,450 20,907 19,495 20,231 10,794 11,082 10,891 7,103 7,610 5,464 5,314 6,333 6,151 7,110 5,676 4,703 3,730 4,163 4,596 4,016.5 3,437 3,497.5 3,558
Net Debt 31,243 30,921 31,653 34,451 37,367 38,488 39,693 41,307 36,849 41,996 40,829 45,677 42,840 46,984 45,077 46,387 46,319 18,888 17,448 18,349 9,297 8,921 9,587 5,529 5,327 4,273 3,542 4,872 4,484 5,090 3,823 3,291.5 2,760 3,023 3,286 2,662 2,038 2,182.5 2,327
Metric 2025 Q4 2025 Q2 2024 Q4 2024 Q2 2023 Q4 2023 Q2 2022 Q4 2022 Q2 2021 Q4 2021 Q2 2020 Q4 2020 Q2 2019 Q4 2019 Q2 2018 Q4 2018 Q2 2017 Q4 2017 Q2 2016 Q4 2016 Q2 2008 Q3 2006 Q3 2005 Q3 2005 Q2 2004 Q3 2004 Q2 2003 Q4 2003 Q3 2003 Q2 2002 Q4 2002 Q3 2002 Q2 2001 Q4 2001 Q3 2001 Q2 2000 Q4 2000 Q3 2000 Q2 1999 Q4 1999 Q2 1998 Q4 1998 Q2 1997 Q4 1997 Q2 1996 Q4 1996 Q2 1995 Q4 1995 Q2
Operating Activities
Net Income 3,252 4,512 (1,424) 4,492 (14,189) 3,959 4,807 929.5 3,539 3,250 2,943 3,457 2,890 2,814 3,342 2,690 35,224 2,261 1,977 2,671 990 619 555 764 2,075 642 272 644 377 314 740 630 379 749 490 349 639 553 739.5 739.5 505.5 505.5 651.5 651.5 858 858 864 864
Depreciation & Amortization 966 1,120 614 810 369 480 306 264 553 477 571 519 945 (504) 390 410 383 340 259 235 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 175 175 148.5 148.5 119.5 119.5 115.5 115.5 110.5 110.5
Stock-Based Compensation 0 0 0 0 74 0 0 0 0 0 91 0 120 0 123 0 117 0 84 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Change in Working Capital (1,447) (1,991) 3,889.5 (2,061) 1,160 (2,269) 1,012 (456) 2,081 (2,143) 1,712 (1,603) 1,862 (1,548) 1,551 (84) (744) 148 (941) 144 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 269 269 67 67 87 87 (61) (61) (54.5) (54.5)
Other Non-Cash Items 653.7 (1,332) (579.5) (76) 19,925 1,205 1,048 873 227 2,124 561 2,281 697 (1,804) 1,031 842 (31,339) (1,043) 2,177 (1,996) (2,169) (1,155) (1,263) (638) (2,075) (642) (272) (644) (377) (314) (740) (630) (379) (749) (490) (349) (639) (553) (676) (676) (638.5) (638.5) (684.5) (684.5) (675) (675) (647) (647)
Operating Cash Flow 4,033 2,309 6,960 3,165 7,339 3,375 7,173 1,610.5 6,756 1,515 5,427 2,670 5,943 1,532 6,437 3,858 3,641 1,706 3,556 1,054 (1,179) (536) (708) 126 2,075 642 272 644 377 314 740 630 379 749 490 349 639 553 507.5 507.5 82.5 82.5 173.5 173.5 237.5 237.5 273 273
Investing Activities
Capital Expenditure (448) (103) (492) (116) (350) (110) (424) (49.5) (570) (175) (587) (168) (581) (234) (553) (205) (593) (198) (466) (120) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 (96.5) (96.5) (181.5) (181.5) (180) (180) (180) (180) (180.5) (180.5)
Acquisitions 0 0 0 0 0 (32) (32) 7 (88) (111) 80 20 10 (42) 0 0 (17,657) 0 (57) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 (138) (138) 326 326 (514) (514) 78 78 (1) (1)
Purchases of Investments 0 0 0 0 0 (866) (166) (174) (149) (220) (160) (183) (121) (70) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 (15) (15) (15) (15) (9) (9) (6.5) (6.5) (9.5) (9.5)
Sales/Maturities of Investments 0 0 299 0 0 1,086 94 81 40 101 87 97 221 118 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 3.5 3.5 4 4 9 9 1.5 1.5
Other Investing Activities 714.7 1,115 13 2,814 13 151 (73) (54.5) (351) (262) (161) (111) 55 (30) (183) (80) 3 (99) 103 (100) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 (670) (670) 247 247 217.5 217.5 (185) (185) (114.5) (114.5)
Investing Cash Flow 266.7 1,012 (58) 2,698 (337) 41 (497) (104) (767) (405) (580) (234) (471) (228) (736) (285) (18,247) (297) (420) (220) 888 131 (40) 40 103 (103) (2,588) (413) 413 (537) (120) 120 (1,082) 47 (47) 503 (330) 330 (918.5) (918.5) 380 380 (481.5) (481.5) (284.5) (284.5) (304) (304)
Financing Activities
Net Debt Issuance (603.3) 410 (4,158) 1,736 0 2,008 (3,704) 2,075 (5,698) 1,833 (3,200) 2,393 (2,762) 1,369 (2,068) (1,417) 18,636 1,474 (1,675) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 426.5 426.5 (412) (412) 397 397 71 71 (9.5) (9.5)
Stock Repurchased (674.0) (511) 126 (918) 0 (220) (1,512) (1,336) 0 (82) (1) (17) 0 (117) 4 (143) 10 (215) 0 (65) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Dividends Paid (2,683) (2,609) (1,332) (2,605) (2,635) (4,958) (4,878) (1,238) (2,461) (2,443) (2,399) (2,346) (2,321) (2,277) (2,233) (2,114) (1,286) (2,179) (960) (1,950) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Other Financing Activities 8.2 (1,407) (1,910) (1,571) (3,656) 147 (3,599) 542.5 (993.5) (335) (1,645.5) (161) 1,770.5 41 (22) (67) (1,090) (212) (219) 899 (780) 247 718 (718) 559 (559) 1,507 325 (325) (653) 466 (466) 40 (30) 30 (1,607) 366 (366) 0 0 (10.5) (10.5) (9) (9) (12.5) (12.5) (6) (6)
Financing Cash Flow (3,952.0) (4,117) (7,274) (3,358) (6,291) (3,023) (6,489) (1,194.5) (6,244) (1,027) (6,046) (131) (5,820) (1,192) (5,137) (4,493) 16,270 (1,511) (3,178) (1,051) (780) 247 718 (718) 559 (559) 1,507 325 (325) (653) 466 (466) 40 (30) 30 (1,607) 366 (366) 428 428 (401.5) (401.5) 397.5 397.5 65 65 (11) (11)
Cash Position
Net Change in Cash (658.7) 4,164 (830) 5,694 978 235 (122) 759 (205) (125) (1,645) 2,258 140 58 574 (1,068) 1,412 (241) 191 (270) (1,071) (158) (30) (552) 2,737 (20) (809) 556 465 (876) 1,086 284 (663) 766 473 (755) 675 517 34 34 162 162 179 179 36 36 (84) (84)
Cash at Beginning 4,479.0 0 5,934 0 3,681 3,446 3,568 2,809 3,014 3,139 4,784 2,526 2,386 2,328 1,754 2,822 1,410 1,651 1,460 1,730 0 0 0 2,339 584 1,502 (4,410) 949 (4,561) 876.5 780 (4,320) 1,454 1,031 (5,027) 1,615 776 (5,266) 1,677 1,677 (602) (602) (2,231) (2,231) 253 253 303 303
Cash at End 3,820.3 4,164 5,104 5,694 4,659 3,681 3,446 3,568 2,809 3,014 3,139 4,784 2,526 2,386 2,328 1,754 2,822 1,410 1,651 1,460 (1,071) (158) (30) 1,787 3,321 1,482 (5,219) 1,505 (4,096) 0.5 1,866 (4,036) 791 1,797 (4,554) 860 1,451 (4,749) 1,711 1,711 (440) (440) (2,052) (2,052) 289 289 219 219
Free Cash Flow 3,585 2,206 6,468 3,049 6,989 3,265 6,749 1,561 6,186 1,340 4,840 2,502 5,362 1,298 5,884 3,653 3,048 1,508 3,090 934 (1,179) (536) (708) 126 2,075 642 272 644 377 314 740 630 379 749 490 349 639 553 411 411 (99) (99) (6.5) (6.5) 57.5 57.5 92.5 92.5
Key Metrics 2025 Q4 2025 Q2 2024 Q4 2024 Q2 2023 Q4 2023 Q2 2022 Q4 2022 Q2 2021 Q4 2021 Q2 2020 Q4 2020 Q2 2019 Q4 2019 Q2 2018 Q4 2018 Q2 2017 Q4 2017 Q2 2016 Q4 2016 Q2 2015 Q4 2015 Q2 2014 Q4 2014 Q2 2013 Q4 2013 Q2 2012 Q4 2012 Q2 2011 Q4 2011 Q2 2010 Q4 2010 Q2 2009 Q4 2009 Q2 2008 Q4 2008 Q2 2007 Q4 2007 Q2 2006 Q4 2006 Q2 2005 Q4 2005 Q2 2004 Q4 2004 Q2 2003 Q4 2003 Q2 2002 Q4 2002 Q2 2001 Q4 2001 Q2 2000 Q4 2000 Q2 1999 Q4 1999 Q2 1998 Q4 1998 Q2 1997 Q4 1997 Q2 1996 Q4 1996 Q2 1995 Q4 1995 Q2
Income Statement
Revenue 13,541 12,069 13,527 12,340 13,842 13,441 14,786 12,869 13,509 12,175 13,505 12,271 13,707 12,170 12,856 11,636 12,146 7,418 7,461 6,669 6,706 6,398 7,173 6,798 7,688 7,572 7,595 7,595 7,699.5 7,699.5 7,441.5 7,441.5 7,104 7,104 3,418 2,916 2,706 2,493 5,022 2,511 2,441 2,292 2,567 5,808 2,061 459 1,899 140 2,435 3,015 2,240 352 4,536 4,536 3,560 3,560 3,576 3,576 3,620.5 3,620.5 3,385.5 3,385.5
Gross Profit 11,296 10,088 11,255 10,176 11,195 11,197 12,135 10,716 11,037 10,050 11,057 10,272 11,309 10,107 10,585 9,357 9,053 5,478 5,350 5,047 5,131 4,940 5,606 5,335 6,062 5,955 5,939 5,939 5,986.5 5,986.5 5,588 5,588 5,130 5,130 2,448 2,090 1,958 1,775 3,616 1,720 1,732 1,693 2,567 5,808 2,061 459 1,899 140 2,435 3,015 2,240 352 4,536 4,536 3,560 3,560 3,576 3,576 3,620.5 3,620.5 3,385.5 3,385.5
Operating Income 4,928 5,069 (1,522) 4,258 (21,686) 5,935 6,845 3,678 5,938 5,062 5,870 5,178 5,826 4,587 5,418 4,614 4,393 2,776 2,931 2,374 2,454 2,480 2,399 2,637 2,876 2,904 2,706 2,706 2,360.5 2,360.5 2,159 2,159 2,050.5 2,050.5 858 917 600 808 1,356 709 519 671 439 1,284 272 377 314 630 379 490 333 553 739.5 739.5 505.5 505.5 651.5 651.5 857 857 823 823
Net Income 3,252 4,512 (1,424) 4,492 (18,326) 3,959 4,807 1,859 3,539 3,250 2,943 3,457 2,890 2,814 3,342 2,690 35,224 2,261 1,977 2,671 1,645 2,645 1,368 1,747 1,864 2,040 1,920.5 1,920.5 1,547.5 1,547.5 1,439.5 1,439.5 1,356.5 1,356.5 551 650 451 584 898 549 394 501 301 720 89 48 209 287 183 161 110 270 278 278 173 173 206 206 494 494 430 430
EPS (Diluted) 1.45 2.04 -0.66 2.00 -8.23 1.76 2.11 0.81 1.54 1.42 1.28 1.51 1.26 1.24 1.48 1.19 15.55 1.00 0.87 1.18 0.73 1.17 0.60 0.77 0.82 0.90 0.99 0.99 0.78 0.78 0.72 0.72 0.68 0.68 0.63 0.60 0.60 0.44 0.44 0.47 0.42 0.40 0.79 0.34 0.14 0.14 0.25 0.25 0.24 0.20 0.05 0.10 0.13 0.13 0.11 0.11 0.13 0.13 0.32 0.32 0.28 0.28
Balance Sheet
Cash & Equivalents 3,827 4,404 5,297 5,934 2,363 3,681 3,446 3,568 2,809 3,014 3,139 4,784 2,526 3,308 2,432 2,125 3,131 2,019 2,047 1,882 1,497 2,161 1,304 1,574 2,283 1,191 1,772 1,461 1,667 2,020 1,853 1,411.5 970 1,140 1,310 1,354.5 1,399 1,315 1,231
Total Assets 109,290 110,226 118,899 119,369 118,716 146,072 153,546 151,871 137,365 136,995 137,690 152,677 141,005 148,112 146,342 142,501 141,038 39,186 39,773 36,239 26,677 26,614 24,825 17,420 18,979 16,203 16,286 17,815 17,737 18,628 16,234 11,843 7,452 8,001 8,550 8,321 8,092 8,076 8,060
Total Debt 35,070 35,325 36,950 40,385 39,730 42,169 43,139 44,875 39,658 45,010 43,968 50,461 45,366 50,292 47,509 48,512 49,450 20,907 19,495 20,231 10,794 11,082 10,891 7,103 7,610 5,464 5,314 6,333 6,151 7,110 5,676 4,703 3,730 4,163 4,596 4,016.5 3,437 3,497.5 3,558
Stockholders' Equity 47,926 46,874 49,643 54,111 52,566 72,298 75,368 73,755 67,101 62,897 62,673 69,143 63,902 65,282 65,444 62,401 60,804 7,717 8,182 6,110 8,366 7,613 6,682 4,093 4,483 5,145 5,185 5,287 5,097 5,449 4,821 2,442.5 64 154.5 245 473 701 602 503
Cash Flow
Operating Cash Flow 4,033 2,309 6,960 3,165 7,339 3,375 7,173 1,610.5 6,756 1,515 5,427 2,670 5,943 1,532 6,437 3,858 3,641 1,706 3,556 1,054 (1,179) (536) (708) 126 2,075 642 272 644 377 314 740 630 379 749 490 349 639 553 507.5 507.5 82.5 82.5 173.5 173.5 237.5 237.5 273 273
Capital Expenditure (448) (103) (492) (116) (350) (110) (424) (49.5) (570) (175) (587) (168) (581) (234) (553) (205) (593) (198) (466) (120) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 (96.5) (96.5) (181.5) (181.5) (180) (180) (180) (180) (180.5) (180.5)
Free Cash Flow 3,585 2,206 6,468 3,049 6,989 3,265 6,749 1,561 6,186 1,340 4,840 2,502 5,362 1,298 5,884 3,653 3,048 1,508 3,090 934 (1,179) (536) (708) 126 2,075 642 272 644 377 314 740 630 379 749 490 349 639 553 411 411 (99) (99) (6.5) (6.5) 57.5 57.5 92.5 92.5