Basis: Latest reported fiscal quarter. Source: stored company filings and market data; unavailable inputs remain N/A.
Is the operating margin high or low?
The operating margin of 38.21% is 124% above its 5-year average of 17.07%, near the high end of its 5-year range (-156.67%–46.29%).
As of the fiscal period ended Tuesday, June 30, 2026. 1.69% below its 12-month average of 38.87%.
Reported quarterly operating margin; no daily interpolation.
OPERATING MARGIN
38.21%
OPERATING MARGIN AVG TTM
38.87%
OPERATING MARGIN AVG 3Y
3.91%
OPERATING MARGIN AVG 5Y
17.07%
OPERATING MARGIN AVG 10Y
39.57%
OPERATING MARGIN AVG 15Y
38.20%
OPERATING MARGIN AVG 20Y
35.21%
CURRENT VS TTM AVG
-1.69%
CURRENT VS 3Y AVG
+878.12%
CURRENT VS 5Y AVG
+123.86%
CURRENT VS 10Y AVG
-3.43%
CURRENT VS 15Y AVG
+0.03%
CURRENT VS 20Y AVG
+8.51%
SECTOR MEDIAN · CONSUMER DEFENSIVE
11.51%
median of 47 covered companies
CURRENT VS SECTOR MEDIAN
+231.97%
vs the sector median at left
British American Tobacco p.l.c.
Market Cap
$121.24B
Operating Margin
38.21%
TTM Avg
38.87%
3Y Avg
3.91%
5Y Avg
17.07%
Market Cap
$110.35B
Operating Margin
55.95%
TTM Avg
57.37%
3Y Avg
57.17%
5Y Avg
55.93%
Market Cap
$93.48B
Operating Margin
29.16%
TTM Avg
27.47%
3Y Avg
26.85%
5Y Avg
29.22%
Market Cap
$155.43B
Operating Margin
26.38%
TTM Avg
26.14%
3Y Avg
25.23%
5Y Avg
24.48%
Market Cap
$82.26B
Operating Margin
11.42%
TTM Avg
13.40%
3Y Avg
13.32%
5Y Avg
14.00%
Market Cap
$72.88B
Operating Margin
20.65%
TTM Avg
21.56%
3Y Avg
21.08%
5Y Avg
21.73%
Market Cap
$47.87B
Operating Margin
13.36%
TTM Avg
11.89%
3Y Avg
12.15%
5Y Avg
11.22%
| NAME | MARKET CAP | OPERATING MARGIN | TTM | 3Y | 5Y |
|---|---|---|---|---|---|
| British American Tobacco p.l.c. (BTI) | $121.24B | 38.21% | 38.87% | 3.91% | 17.07% |
| Altria Group, Inc. (MO)vs › | $110.35B | 55.95% | 57.37% | 57.17% | 55.93% |
| Monster Beverage Corporation (MNST)vs › | $93.48B | 29.16% | 27.47% | 26.85% | 29.22% |
| Anheuser-Busch InBev SA/NV (BUD)vs › | $155.43B | 26.38% | 26.14% | 25.23% | 24.48% |
| Mondelez International, Inc. (MDLZ)vs › | $82.26B | 11.42% | 13.40% | 13.32% | 14.00% |
| Target Corporation (TGT)vs › | $75.13B | 5.59% | 5.05% | 5.14% | 5.48% |
| Colgate-Palmolive Company (CL)vs › | $72.88B | 20.65% | 21.56% | 21.08% | 21.73% |
| Coca-Cola Europacific Partners PLC (CCEP)vs › | $47.87B | 13.36% | 11.89% | 12.15% | 11.22% |
| PepsiCo, Inc. (PEP)vs › | $195.99B | 14.96% | 14.20% | 13.71% | 13.86% |
| Keurig Dr Pepper Inc. (KDP)vs › | $43.59B | 16.82% | 21.78% | 21.23% | 21.52% |
Gross Margin
83.5%
Operating Margin
38.2%
Operating Margin = Operating Income / Revenue
Operating margin is the percentage of revenue remaining after operating expenses, reflecting operating efficiency.
Expanded definitions: Investopedia, Wikipedia, Corporate Finance Institute
| DATE | OPERATING MARGIN |
|---|---|
| 2026-06-30 | 38.21% |
| 2025-12-31 | 36.39% |
| 2025-06-30 | 42.00% |
| 2024-12-31 | -11.25% |
| 2024-06-30 | 34.51% |
| 2023-12-31 | -156.67% |
| 2023-06-30 | 44.16% |
| 2022-12-31 | 46.29% |
| 2022-06-30 | 28.58% |
| 2021-12-31 | 43.96% |
| 2021-06-30 | 41.58% |
| 2020-12-31 | 43.47% |
| 2020-06-30 | 42.20% |
| 2019-12-31 | 42.50% |
| 2019-06-30 | 37.69% |
| 2018-12-31 | 42.14% |
| 2018-06-30 | 39.65% |
| 2017-12-31 | 36.17% |
| 2017-06-30 | 37.42% |
| 2016-12-31 | 39.28% |
| 2016-06-30 | 35.60% |
| 2015-12-31 | 36.59% |
| 2015-06-30 | 38.76% |
| 2014-12-31 | 33.44% |
| 2014-06-30 | 38.79% |
| 2013-12-31 | 37.41% |
| 2013-06-30 | 38.35% |
| 2012-12-31 | 35.63% |
| 2012-06-30 | 35.63% |
| 2011-12-31 | 30.66% |
| 2011-06-30 | 30.66% |
| 2010-12-31 | 29.01% |
| 2010-06-30 | 29.01% |
| 2009-12-31 | 28.86% |
| 2009-06-30 | 28.86% |
| 2008-12-31 | 25.10% |
| 2008-09-30 | 30.49% |
| 2008-06-30 | 31.45% |
| 2008-03-31 | 31.76% |
| 2007-12-31 | 22.17% |
| 2007-09-30 | 31.39% |
| 2007-06-30 | 32.41% |
| 2007-03-31 | 30.65% |
| 2006-12-31 | 27.00% |
| 2006-09-30 | 0.00% |
| 2006-06-30 | 28.24% |
| 2006-03-31 | 26.82% |
| 2005-12-31 | 21.26% |
| 2005-09-30 | 26.08% |
| 2005-06-30 | 29.28% |
| 2005-03-31 | 27.62% |
| 2004-12-31 | 17.10% |
| 2004-09-30 | 77.95% |
| 2004-06-30 | 22.11% |
| 2003-12-31 | 13.20% |
| 2003-09-30 | 22.04% |
| 2003-06-30 | 82.14% |
| 2003-03-31 | 9.44% |
| 2002-12-31 | 16.54% |
| 2002-09-30 | 24.34% |
| 2002-06-30 | 450.00% |
| 2002-03-31 | 8.98% |
| 2001-12-31 | 15.56% |
| 2001-09-30 | 24.33% |
| 2001-06-30 | 16.25% |
| 2001-03-31 | 19.63% |
| 2000-12-31 | 14.87% |
| 2000-09-30 | 21.54% |
| 2000-06-30 | 157.10% |
| 2000-03-31 | 4.84% |
| 1999-12-31 | 16.30% |
| 1999-06-30 | 16.30% |
| 1998-12-31 | 14.20% |
| 1998-06-30 | 14.20% |
| 1997-12-31 | 18.22% |
| 1997-06-30 | 18.22% |
| 1996-12-31 | 23.67% |
| 1996-06-30 | 23.67% |
| 1995-12-31 | 24.31% |
| 1995-06-30 | 24.31% |
