BT earnings
BT’s next results are expected on November 5, 2026. Watch whether BT can turn operating milestones into actual savings and cash.
What has BT guided for the year?
Management guides to £2,000 million of normalised free cash flow in FY27 and roughly £3 billion by the end of the decade. Openreach targets 25 million FTTP premises by December 2026. FTTP means fibre-optic cables running all the way to a home or business. It also targets 800,000 broadband line losses in FY27. BT expects low-to-middle single-digit annual dividend growth; larger payments depend on stronger credit metrics and residual cash. TalkTalk is expected to have a £400 million FY27 cash impact, excluded from the existing free-cash-flow target.
EBITDA rises from £8,225m in October 2027 to £8,550m in October 2029. The bear path falls to £7,725m before a modest recovery, while the bull path reaches £8,950m. The base begins near FY27 guidance, which is £8,100m–£8,200m, and assumes fibre mix and savings gradually offset line losses and TalkTalk. Consumer EBITDA fell from £2,672m to £2,602m, but Openreach rose from £3,827m to £4,225m, supporting moderate improvement rather than a sharp decline. The 825,000 FY26 line losses and 800,000 FY27 guide explain the downside.
| Period | Low | High | Given on | |
|---|---|---|---|---|
| Adjusted EBITDA | Year to Mar 2027 | 8,100 | 8,200 | Oct 5, 2026 |
| Normalised free cash flow | Year to Mar 2027 | 2,000 | 2,000 | Oct 5, 2026 |
| Dividend growth | Year to Mar 2027 | Oct 5, 2026 | ||
| FTTP build target (million premises) | Dec 2026 | 25 | 25 | Jul 23, 2026 |
| Openreach broadband line losses (thousand) | Year to Mar 2027 | 800 | 800 | Jul 23, 2026 |
| Total cash impact of the acquisition | Year to Mar 2027 | 400 | 400 | Oct 5, 2026 |
What this means. The revenue and cash forecasts leave out the international business and the effects of the TalkTalk acquisition.
Has BT kept its past promises?
In May 2025, Kirkby increased planned fibre construction and later reported that Openreach had delivered the accelerated programme. That shows execution, but building the network is not the same as earning a good return from it.
BT also reported £913 million of gross annualised savings during FY25 and £1.2 billion cumulatively after eighteen months. Annualised means the estimated yearly benefit once changes are fully in place, not necessarily the cash saved during that year. The savings support management’s execution record, but they matter to shareholders only if they endure without shifting costs into weaker service.
What have BT’s revenue and profit done?
That explains the contrast between network progress and group revenue. Openreach full-fibre connections rose from 1.8 million in March 2022 to 8.8 million in March 2026, while group revenue fell from £20,850 million to £19,654 million over the same period. International revenue fell partly because BT sold businesses, while UK service revenue declined as traditional voice services shrank. Fewer handset sales also reduced turnover.