Altria Group (MO) financial statements
Altria Group reported revenue of $23.3B in fiscal 2025, down 1.1% a year over 9 years.
Net income was $6.9B and the operating margin 42.5%, against 34.0% in 2016.
Free cash flow was $9.1B, and the company returned $7.0B in dividends and $1.0B in net buybacks.
The diluted share count fell 14% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Altria Group's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $25.7B | $25.6B | $25.4B | $25.1B | $26.2B | $26.0B | $25.1B | $24.5B | $24.0B | $23.3B |
| Cost of revenue | $7.8B | $7.5B | $7.4B | $7.1B | $7.8B | $7.1B | $6.4B | $6.2B | $6.1B | $5.6B |
| Gross profit | $11.6B | $12.0B | $12.3B | $12.7B | $13.0B | $14.0B | $14.2B | $14.3B | $14.4B | $14.5B |
| Research and development | $203M | $241M | $252M | $168M | $131M | $145M | $162M | $220M | $208M | $195M |
| Operating income | $8.8B | $9.6B | $9.1B | $10.3B | $10.9B | $11.6B | $11.9B | $11.5B | $11.2B | $9.9B |
| Interest expense | $754M | $736M | $697M | $1.3B | $1.2B | $1.2B | $1.1B | $1.1B | $1.1B | $1.2B |
| Pre-tax income | $21.9B | $9.8B | $9.3B | $766M | $6.9B | $3.8B | $7.4B | $10.9B | $13.7B | $9.4B |
| Income tax | $7.6B | -$399M | $2.4B | $2.1B | $2.4B | $1.3B | $1.6B | $2.8B | $2.4B | $2.4B |
| Net income | $14.2B | $10.2B | $7.0B | -$1.3B | $4.5B | $2.5B | $5.8B | $8.1B | $11.3B | $6.9B |
| EPS (diluted) | $7.28 | $5.31 | $3.68 | -$0.70 | $2.40 | $1.34 | $3.19 | $4.57 | $6.54 | $4.12 |
| Diluted shares | 1.95B | 1.92B | 1.89B | 1.87B | 1.86B | 1.84B | 1.80B | 1.78B | 1.72B | 1.68B |
| Gross margin | 45.0% | 46.8% | 48.3% | 50.6% | 49.8% | 53.8% | 56.8% | 58.3% | 59.8% | 62.5% |
| Operating margin | 34.0% | 37.5% | 35.9% | 41.1% | 41.6% | 44.4% | 47.5% | 47.2% | 46.8% | 42.5% |
| Net margin | 55.3% | 40.0% | 27.5% | -5.1% | 17.1% | 9.5% | 23.0% | 33.2% | 46.9% | 29.8% |
Balance sheet
Fiscal years, from Altria Group's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $4.6B | $1.3B | $1.3B | $2.1B | $4.9B | $4.5B | $4.0B | $3.7B | $3.1B | $4.5B |
| Receivables | $151M | $142M | $142M | $152M | $137M | $47M | $48M | $71M | $177M | $263M |
| Inventory | $2.1B | $2.2B | $2.3B | $2.3B | $2.0B | $1.2B | $1.2B | $1.2B | $1.1B | $1.1B |
| Total current assets | $7.3B | $4.3B | $4.3B | $4.8B | $7.1B | $6.1B | $7.2B | $5.6B | $4.5B | $5.9B |
| Property, plant and equipment | $2.0B | $1.9B | $1.9B | $2.0B | $2.0B | $1.6B | $1.6B | $1.7B | $1.6B | $1.7B |
| Goodwill | $5.3B | $5.3B | $5.2B | $5.2B | $5.2B | $5.2B | $5.2B | $6.8B | $6.9B | $5.8B |
| Total assets | $45.9B | $43.2B | $55.5B | $49.3B | $47.4B | $39.5B | $37.0B | $38.6B | $35.2B | $35.0B |
| Total current liabilities | $7.4B | $6.8B | $21.2B | $8.2B | $9.1B | $8.6B | $8.6B | $11.3B | $8.8B | $9.2B |
| Long-term debt | $13.9B | $13.0B | $11.9B | $27.0B | $28.0B | $26.9B | $25.1B | $25.1B | $23.4B | $24.1B |
| Total liabilities | $33.1B | $27.8B | $40.6B | $42.9B | $44.4B | $41.1B | $40.9B | $42.1B | $37.4B | $38.5B |
| Shareholders' equity | $12.8B | $15.4B | $14.8B | $6.2B | $2.8B | -$1.6B | -$4.0B | -$3.5B | -$2.2B | -$3.5B |
| Net debt | $9.3B | $12.6B | $11.7B | $25.9B | $24.5B | $23.5B | $22.6B | $22.5B | $21.8B | $21.2B |
Cash flow
Fiscal years, from Altria Group's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $3.8B | $4.9B | $8.4B | $7.8B | $8.4B | $8.4B | $8.3B | $9.3B | $8.8B | $9.3B |
| Capital spending | $189M | $199M | $238M | $246M | $231M | $169M | $205M | $196M | $142M | $216M |
| Free cash flow | $3.6B | $4.7B | $8.2B | $7.6B | $8.2B | $8.2B | $8.1B | $9.1B | $8.6B | $9.1B |
| Dividends paid | $4.5B | $4.8B | $5.4B | $6.1B | $6.3B | $6.4B | $6.6B | $6.8B | $6.8B | $7.0B |
| Share buybacks (net) | -$1.0B | -$2.9B | -$1.7B | -$845M | $0 | -$1.7B | -$1.8B | -$1.0B | -$3.4B | -$1.0B |
| Net borrowing | $1.0B | $0 | -$864M | $15.1B | $993M | -$1.1B | -$1.1B | -$568M | -$1.1B | $385M |
| Free cash flow margin | 14.1% | 18.4% | 32.1% | 30.2% | 31.2% | 31.7% | 32.1% | 37.1% | 35.9% | 39.0% |
| Dividends per share | $2.31 | $2.50 | $2.87 | $3.25 | $3.38 | $3.49 | $3.66 | $3.81 | $3.98 | $4.14 |
Questions
What was Altria Group's revenue in 2025?
$23.3B in fiscal 2025, from its 10-K filing.
How much free cash flow does Altria Group generate?
$9.1B in fiscal 2025 (operating cash flow minus capital spending).
From Altria Group's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.