London, Feb 2, 2026, 08:02 GMT — Regular session
- Shares of British American Tobacco ticked up in early trading following a new update on its buyback program.
- On Jan. 30, the company bought 125,526 shares and announced plans to cancel them.
- Investors are eyeing a dividend payout on Feb. 4 and the full-year earnings report set for Feb. 12.
Shares of British American Tobacco ticked up early Monday following the company’s announcement of yet another round of share buybacks, continuing a steady stream of cash-return moves ahead of its annual results.
This matters now as income investors brace for two key events in the coming weeks: the quarterly dividend payout and the group’s preliminary 2025 results.
Buybacks reduce the number of shares, potentially boosting earnings per share even when profits barely grow. In tobacco, though, that boost faces tougher headwinds from the volatile new nicotine product market.
Shares climbed 0.85% to 4,413 pence in early trading, after closing at 4,376 pence previously. During the session, they fluctuated between 4,388 and 4,413 pence.
A filing on Monday revealed the company repurchased 125,526 shares on Jan. 30, paying a volume-weighted average price of 4,355.1405 pence. Prices fluctuated between 4,307 and 4,387 pence. The shares came from UBS and will be cancelled, the company stated, leaving 2,176,888,705 shares outstanding excluding treasury stock.
BAT will pay a quarterly dividend of 60.06 pence per share on Feb. 4, as per its dividend schedule. The record date for eligibility was Dec. 30.
The company plans to release preliminary results for the year ended Dec. 31, 2025, on Feb. 12. A webcast will start at 09:30 GMT, featuring Chief Executive Tadeu Marroco alongside executives Javed Iqbal and Victoria Buxton.
BAT’s Dec. 9 trading update forecasted roughly 2% revenue growth for 2025, alongside about 2% growth in adjusted profit from operations—excluding certain one-offs. The company expects 2026 results to land at the lower end of its mid-term targets and announced a £1.3 billion buyback for that year. Marroco added: “Full-year delivery remains on track.” Bat
Peers like Imperial Brands and Philip Morris International are grappling with a familiar challenge: declining cigarette sales, revenue driven by price hikes, and a shift toward vapes, heated tobacco, and nicotine pouches. Altria finds itself in a similar spot on the U.S. front.
The buyback tranche revealed Monday was modest, and routine repurchases don’t answer the bigger issue: can cash flow remain robust enough to cover dividends and buybacks if tougher competition and regulation hit nicotine alternatives?
The next key date is the Feb. 4 dividend payment. After that, eyes shift to Feb. 12, when investors expect updates on 2026 guidance, share buyback activity, and any shifts in commentary about newer nicotine products.
