BT Group (CHIX:BTL) Operating Income: £3,531 Mil (TTM As of Mar. 2026)


CHIX:BTL BT Group PLC CHIX:BTL
66 GF Score
Price £1.90
GF Value £1.38
Valuation Significantly Overvalued
! 6 Warning Signs
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What is BT Group Operating Income?

BT Group CHIX:BTL +1.56% 66 Operating Income is £3,531 Mil as of Mar. 2026. GuruFocus rates CHIX:BTL with a GF Score™ of 66/100 and a GF Value™ of £1.38 (Significantly Overvalued). The stock has 6 warning signs investors should review.

BT Group's Operating Income for the six months ended in Mar. 2026 was £1,729 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Mar. 2026 was £3,531 Mil.

Operating Margin % is calculated as Operating Income divided by its Revenue. BT Group's Operating Income for the six months ended in Mar. 2026 was £1,729 Mil. BT Group's Revenue for the six months ended in Mar. 2026 was £9,844 Mil. Therefore, BT Group's Operating Margin % for the quarter that ended in Mar. 2026 was 17.56%.

Good Sign:

BT Group PLC operating margin is expanding. Margin expansion is usually a good sign.

BT Group's 5-Year average Growth Rate for Operating Margin % was 3.40% per year.

Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. BT Group's annualized ROC % for the quarter that ended in Mar. 2026 was 5.53%. BT Group's annualized ROC (Joel Greenblatt) % for the quarter that ended in Mar. 2026 was 8.13%.

BT Group  (CHIX:BTl) Operating Income Explanation

1. Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition.

BT Group's annualized ROC % for the quarter that ended in Mar. 2026 is calculated as:

ROC % (Q: Mar. 2026 )
=NOPAT/Average Invested Capital
=Operating Income * ( 1 - Tax Rate % )/( (Invested Capital (Q: Sep. 2025 ) + Invested Capital (Q: Mar. 2026 ))/ count )
=3458 * ( 1 - 25.78% )/( (46535 + 46301)/ 2 )
=2566.5276/46418
=5.53 %

where

Invested Capital(Q: Sep. 2025 )
=Total Assets - Accounts Payable & Accrued Expense - Excess Cash
=Total Assets - Accounts Payable & Accrued Expense - ( Cash, Cash Equivalents, Marketable Securities - max(0, Total Current Liabilities - Total Current Assets+Cash, Cash Equivalents, Marketable Securities))
=50321 - 5499 - ( 1990 - max(0, 9297 - 7584+1990))
=46535

Invested Capital(Q: Mar. 2026 )
=Total Assets - Accounts Payable & Accrued Expense - Excess Cash
=Total Assets - Accounts Payable & Accrued Expense - ( Cash, Cash Equivalents, Marketable Securities - max(0, Total Current Liabilities - Total Current Assets+Cash, Cash Equivalents, Marketable Securities))
=49976 - 4969 - ( 1718 - max(0, 8409 - 7115+1718))
=46301

Note: The Operating Income data used here is two times the semi-annual (Mar. 2026) data.

2. Joel Greenblatt's definition of Return on Capital:

BT Group's annualized ROC (Joel Greenblatt) % for the quarter that ended in Mar. 2026 is calculated as:

ROC (Joel Greenblatt) %(Q: Mar. 2026 )
=EBIT/Average of (Net fixed Assets + Net Working Capital)
=EBIT/Average of (Property, Plant and Equipment+Net Working Capital)
     Q: Sep. 2025  Q: Mar. 2026
=EBIT/( ( (Property, Plant and Equipment + Net Working Capital) + (Property, Plant and Equipment + Net Working Capital) )/ count )
=2228/( ( (27143 + max(-2321, 0)) + (27682 + max(-3372, 0)) )/ 2 )
=2228/( ( 27143 + 27682 )/ 2 )
=2228/27412.5
=8.13 %

where Working Capital is:

Working Capital(Q: Sep. 2025 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(3091 + 360 + 1082) - (5499 + 0 + 1355)
=-2321

Working Capital(Q: Mar. 2026 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(1442 + 366 + 2030) - (4969 + 0 + 2241)
=-3372

When net working capital is negative, 0 is used.

Note: The EBIT data used here is two times the semi-annual (Mar. 2026) EBIT data.

3. Operating Income is also linked to Operating Margin %:

BT Group's Operating Margin % for the quarter that ended in Mar. 2026 is calculated as:

Operating Margin %=Operating Income (Q: Mar. 2026 )/Revenue (Q: Mar. 2026 )
=1729/9844
=17.56 %

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

4. Please click Growth Rate Calculation Example (GuruFocus) to see how GuruFocus calculates Wal-Mart Stores Inc (WMT)'s revenue growth rate. You can apply the same method to get the Operating Income growth rate using Operating Income per share data.

Be Aware

Compared with a company's EBITDA margin, Operating Margin can be manipulated by adjusting the rate of depreciation, depletion and amortization (DDA).

If a company is facing competition, its Operating Margin may decline. Often the Operating Margin declines well before the company's revenue or even profit decline. Therefore, Operating Margin is a very important indicator of whether the company is facing problems.

For instance, by 2012, Nokia (NOK)'s problems were well known and its stock had lost more than 90% of its market value since 2007. But Nokia's Operating Margin had already been in decline since 2002, although its earnings per share were still rising. Investors who paid attention to Operating Margin would have avoided this huge loss. The same can be said for Research-in-Motion (RIMM).

Therefore, Operating Margin is a very important screening filter for GuruFocus. GuruFocus's Buffett-Munger screener requires that the profit margin is either consistent or expanding. The Model Portfolio of the Buffett-Munger screener has outperformed the market every year since inception in 2009.

BT Group Operating Income Related Terms

BT Group Operating Income Historical Data

* Premium members only.

The historical data trend for BT Group's Operating Income can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

BT Group Operating Income Chart

BT Group Annual Data
Trend Mar17 Mar18 Mar19 Mar20 Mar21 Mar22 Mar23 Mar24 Mar25 Mar26
Operating Income
Get a 7-Day Free Trial Premium Member Only Premium Member Only 3,315.00 3,346.00 3,435.00 3,485.00 3,531.00

BT Group Semi-Annual Data
Sep16 Mar17 Sep17 Mar18 Sep18 Mar19 Sep19 Mar20 Sep20 Mar21 Sep21 Mar22 Sep22 Mar23 Sep23 Mar24 Sep24 Mar25 Sep25 Mar26
Operating Income Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 1,625.00 1,844.00 1,641.00 1,802.00 1,729.00
CHIX:BTL
66GF Score
BT Group PLC CHIX:BTL
Operating Income is just one metric. See GF Score™, valuation, warning signs, and more.
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BT Group Operating Income Calculation

Operating Income, is the profit a company earned through operations. All expenses, including cash expenses such as cost of goods sold (COGS), research & development, wages, and non-cash expenses, such as depreciation, depletion and amortization, have been deducted from the sales.

Operating Income for the trailing twelve months (TTM) ended in Mar. 2026 adds up the semi-annually data reported by the company within the most recent 12 months, which was £3,531 Mil.

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

Frequently Asked Questions Learn more about Operating Income →
What does a Operating Income of £3,531 Mil mean?
BT Group (CHIX:BTL) has a Operating Income of £3,531 Mil as of Mar. 2026. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on BT Group and its competitors.
Is BT Group's Operating Income too high?
BT Group's current Operating Income is £3,531 Mil. Overall, BT Group has a GF Score™ of 66/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does BT Group's Operating Income compare to TMUS and VZ?
BT Group's Operating Income of £3,531 Mil can be compared against companies in the Telecommunication Services industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Operating Income for a Telecommunication Services company?
A good Operating Income depends on the Telecommunication Services industry context. However, Operating Income should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Operating Income mean?
A high Operating Income can signal that a stock is expensive relative to its fundamentals. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on BT Group and its competitors. BT Group's current Operating Income is £3,531 Mil. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is BT Group stock overvalued right now?
Based on GuruFocus' analysis, BT Group (CHIX:BTL) is currently considered Significantly Overvalued. The stock's GF Value™ is £1.38, compared to a current price of £1.90 — trading 37.6% above its estimated fair value. The current Operating Income is £3,531 Mil. BT Group's overall GF Score™ is 66/100 with 6 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Operating Income calculated?
Operating Income is calculated from a company's financial statements. For BT Group (CHIX:BTL), the current Operating Income is £3,531 Mil as of Mar. 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.

Is BT Group (CHIX:BTL) Overvalued in 2026?

Based on GuruFocus' analysis, BT Group stock appears to be overvalued. The current stock price of £1.90 is trading 37.6% above its estimated GF Value™ of £1.38. GuruFocus considers BT Group to be Significantly Overvalued.

Key valuation signals for CHIX:BTL:

  • Operating Income: £3,531 Mil
  • GF Value™: £1.38 vs. price of £1.90 (37.6% above fair value)
  • GF Score™: 66/100 with 6 warning signs

No single metric tells the full story. See the CHIX:BTL stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

BT Group Business Description

Other Exchanges BTGOF:USABT.A:UKBTQ:Germany
Address 1 Braham Street, London, GBR, E1 8EE
BT Group is the incumbent telecommunications operator in the UK. BT is the owner of Openreach, the largest fixed-line network in the country. Openreach operates as a separate entity due to regulatory requirements, but is still 100% owned by BT. Openreach has accelerated its fiber investments and expects to have 90% of the UK covered with FTTH by 2026. In the consumer division, BT has approximately 30% market share in broadband and mobile services. The enterprise segment serves large corporations, while the global services division provides communications consultancy services.
66GF Score

Get the complete analysis for CHIX:BTL

Operating Income is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

£1.90
Price
£1.38
GF Value