Imperial earnings date and guidance
Imperial's next results are due on November 17, 2026. Watch whether the second-half recovery produces the expected profit and cash.
What has Imperial guided for FY2026?
Imperial’s share could reach 3,063.61p in October 2027 and 3,874.76p by October 2029 if pricing, cash generation and transition execution sustain the earnings base. Management reaffirmed 3%–5% constant-currency adjusted operating-profit growth for FY2026, with low-single-digit tobacco net-revenue growth, double-digit NGP growth, high-single-digit adjusted EPS growth and more than £2,200 million of free cash flow.
| Period | Low | High | Given on | |
|---|---|---|---|---|
| Group adjusted operating profit growth, constant currency | Years to Sep 2027 and Sep 2028 | 3.0% | 5.0% | May 12, 2026 |
| Tobacco net revenue growth, constant currency: low-single digit | Years to Sep 2027 and Sep 2028 | May 12, 2026 | ||
| NGP net revenue growth, constant currency: double-digit | Years to Sep 2027 and Sep 2028 | May 12, 2026 | ||
| Adjusted EPS growth, constant currency: high-single digit | Years to Sep 2027 and Sep 2028 | May 12, 2026 | ||
| Free cash flow, more than (FY2026) | Year to Sep 2026 | 2,200 | Oct 8, 2026 |
What this means. The rows for the year ended September 2026 are still estimates because the company has not yet released its November 17 results.
Has Imperial kept its past promises?
The consensus predates the October reaffirmation and the FY2027 buyback announcement, so it is a dated snapshot rather than a complete picture of current expectations. Imperial has also produced two small recent full-year beats: FY2024 operating-profit growth was 4.6% against 4.3% expected, while FY2025 operating profit was about £3.99bn against £3.98bn expected.
What has Imperial's revenue and profit trend been?
In the six months to March 2026, revenue rose 0.8%, but operating income fell 36.5%. Net income fell 41.2%, and diluted EPS fell 38.1%. The decline directs attention below gross profit, toward legal costs, restructuring, financing and tax.
| 6 months to Mar 2026 | 6 months to Sep 2025 | 6 months to Mar 2025 | 6 months to Sep 2024 | 6 months to Mar 2024 | 6 months to Sep 2023 | 6 months to Mar 2023 | 6 months to Sep 2022 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | 14,719 | 17,567 | 14,604 | 17,347 | 15,064 | 17,064 | 15,411 | 17,189 |
| Operating income | 925 | 2,034 | 1,456 | 2,060 | 1,494 | 1,868 | 1,534 | 1,482 |
| Net income | 475 | 1,263 | 808 | 1,767 | 846 | 1,234 | 1,094 | 575 |
| EPS, diluted | 59.50 | 153.10 | 96.20 | 203.40 | 95.60 | 134.70 | 116.10 | 59.90 |
What this means. Free cash flow is lower than cash from operations because we also subtract spending on equipment, lease payments, and interest paid.
What should I watch in Imperial's next results?
Imperial reports the year ended September on 17 November 2026. Investors should begin with second-half profit and earnings, then follow the cash reconciliation. The accounts will show whether trading improved as management expected and how restructuring, legal payments and shareholder returns changed debt.
July 2027 will test the Langenhagen exit, while FY2027 and FY2028 will test whether transformation spending produces the promised efficiencies. The real measure is the movement from announcement, to accounting cost, to cash payment, to completed saving.