British American Tobacco is expected to report H1 2026 revenue of £12.18 billion and adjusted EPS of 162.8p, while the stock currently trades at $34.15 against an analyst target of $40.50.
Investors are primarily focused on the growth trajectory of 'New Categories' revenue, as the company seeks to reach its £5 billion profitability target for non-combustibles by 2025.
Performance has been challenged by the proliferation of illicit flavored vapes in the U.S. market, which continues to impact legal cigarette and vapor volumes.
Analysts are also monitoring updates on the company's £700 million share buyback program and progress toward a 2.0x net debt-to-EBITDA leverage ratio.