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Altria Group Financials

MO
Source SEC Filings (10-K/10-Q) Updated Dec 31, 2025 Currency USD FYE December

This page shows Altria Group (MO) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 19 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Financial Health Signals

Profitability Growth Leverage Liquidity Cash Flow Returns 59 / 100
Financial Profile 59/100

Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores

Profitability
100

Altria Group has an operating margin of 42.5%, meaning the company retains $43 of operating profit per $100 of revenue. This strong profitability earns a score of 100/100, reflecting efficient cost management and pricing power. This is down from 46.8% the prior year.

Growth
28

Altria Group's revenue declined 3.1% year-over-year, from $24.0B to $23.3B. This contraction results in a growth score of 28/100.

Liquidity
7

Altria Group's current ratio of 0.65 means current assets barely cover short-term liabilities. This tight liquidity results in a low score of 7/100, which could limit financial flexibility.

Cash Flow
100

Altria Group converts 39.0% of revenue into free cash flow ($9.1B). This strong cash generation earns a score of 100/100.

Altman Z-Score Safe
4.61

Altria Group scores 4.61, well above the 2.99 safe threshold. This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.

Piotroski F-Score Neutral
6/9

Altria Group passes 6 of 9 financial strength tests. 3 of 4 profitability signals pass, 2 of 3 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.

Earnings Quality Cash-Backed
1.34x

For every $1 of reported earnings, Altria Group generates $1.34 in operating cash flow ($9.3B OCF vs $6.9B net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Interest Coverage Safe
8.4x

Altria Group earns $8.4 in operating income for every $1 of interest expense ($9.9B vs $1.2B). This wide margin provides strong safety for debt servicing, even if earnings decline temporarily.

Key Financial Metrics

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Earnings & Revenue

Revenue
$23.3B
YoY-3.1%
5Y CAGR-2.3%
10Y CAGR-0.9%

Altria Group generated $23.3B in revenue in fiscal year 2025. This represents a decrease of 3.1% from the prior year.

EBITDA
$10.2B
YoY-11.8%
5Y CAGR-1.8%
10Y CAGR+1.7%

Altria Group's EBITDA was $10.2B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 11.8% from the prior year.

Net Income
$6.9B
YoY-38.3%
5Y CAGR+9.2%
10Y CAGR+2.9%

Altria Group reported $6.9B in net income in fiscal year 2025. This represents a decrease of 38.3% from the prior year.

EPS (Diluted)
$4.12
YoY-37.0%
5Y CAGR+11.4%

Altria Group earned $4.12 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 37.0% from the prior year.

Cash & Balance Sheet

Free Cash Flow
$9.1B
YoY+5.4%
5Y CAGR+2.2%
10Y CAGR+4.9%

Altria Group generated $9.1B in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 5.4% from the prior year.

Cash & Debt
$4.5B
YoY+43.1%
5Y CAGR-2.0%
10Y CAGR+6.6%

Altria Group held $4.5B in cash against $24.1B in long-term debt as of fiscal year 2025.

Dividends Per Share
$4.16
YoY+4.0%
5Y CAGR+4.1%
10Y CAGR+6.7%

Altria Group paid $4.16 per share in dividends in fiscal year 2025. This represents an increase of 4.0% from the prior year.

Shares Outstanding
1.67B
YoY-1.1%
5Y CAGR-2.1%
10Y CAGR-1.6%

Altria Group had 1.67B shares outstanding in fiscal year 2025. This represents a decrease of 1.1% from the prior year.

Margins & Returns

Gross Margin
62.5%
YoY+2.7pp
5Y CAGR+12.7pp
10Y CAGR+18.8pp

Altria Group's gross margin was 62.5% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 2.7 percentage points from the prior year.

Operating Margin
42.5%
YoY-4.3pp
5Y CAGR+1.0pp
10Y CAGR+9.7pp

Altria Group's operating margin was 42.5% in fiscal year 2025, reflecting core business profitability. This is down 4.3 percentage points from the prior year.

Net Margin
29.8%
YoY-17.1pp
5Y CAGR+12.8pp
10Y CAGR+9.2pp

Altria Group's net profit margin was 29.8% in fiscal year 2025, showing the share of revenue converted to profit. This is down 17.1 percentage points from the prior year.

Return on Equity
N/A

Capital Allocation

R&D Spending
$195.0M
YoY-6.3%
5Y CAGR+8.3%
10Y CAGR+0.5%

Altria Group invested $195.0M in research and development in fiscal year 2025. This represents a decrease of 6.3% from the prior year.

Share Buybacks
$1.0B
YoY-70.6%
10Y CAGR+6.1%

Altria Group spent $1.0B on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 70.6% from the prior year.

Capital Expenditures
$216.0M
YoY+52.1%
5Y CAGR-1.3%
10Y CAGR-0.6%

Altria Group invested $216.0M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 52.1% from the prior year.

MO Income Statement

Metric Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24 Q1'24
Revenue $5.8B-3.7% $6.1B-0.5% $6.1B+16.0% $5.3B-12.0% $6.0B-4.6% $6.3B+0.8% $6.2B+11.4% $5.6B
Cost of Revenue $1.4B+0.6% $1.4B-0.1% $1.4B+13.4% $1.3B-15.4% $1.5B-2.2% $1.5B-4.1% $1.6B+11.5% $1.4B
Gross Profit $3.6B-4.7% $3.8B-1.0% $3.9B+18.5% $3.2B-9.9% $3.6B-5.4% $3.8B+3.6% $3.7B+12.0% $3.3B
R&D Expenses N/A N/A N/A N/A N/A N/A N/A N/A
SG&A Expenses N/A N/A N/A N/A N/A N/A N/A N/A
Operating Income $1.7B-48.9% $3.2B0.0% $3.2B+80.6% $1.8B-38.0% $2.9B-8.6% $3.2B+24.4% $2.5B-5.3% $2.7B
Interest Expense N/A N/A N/A N/A N/A N/A N/A -$254.0M
Income Tax $396.0M-43.4% $700.0M-5.4% $740.0M+22.1% $606.0M+331.3% -$262.0M-135.7% $733.0M-44.2% $1.3B+115.2% $610.0M
Net Income $1.1B-53.0% $2.4B-0.1% $2.4B+120.8% $1.1B-64.6% $3.0B+32.5% $2.3B-39.7% $3.8B+78.6% $2.1B
EPS (Diluted) N/A $1.410.0% $1.41+123.8% $0.63 N/A $1.34-39.4% $2.21+82.6% $1.21

MO Balance Sheet

Metric Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24 Q1'24
Total Assets $35.0B0.0% $35.0B+8.3% $32.3B-9.6% $35.8B+1.7% $35.2B+3.0% $34.2B-0.6% $34.4B-5.7% $36.5B
Current Assets $5.9B+15.9% $5.1B+94.5% $2.6B-56.7% $6.1B+34.7% $4.5B+29.0% $3.5B-1.2% $3.5B-31.9% $5.2B
Cash & Equivalents $4.5B+28.9% $3.5B+169.8% $1.3B-72.8% $4.7B+51.1% $3.1B+64.8% $1.9B+5.4% $1.8B-50.1% $3.6B
Inventory $1.1B+0.5% $1.1B+4.8% $1.0B-4.3% $1.1B-1.7% $1.1B-1.9% $1.1B-6.2% $1.2B-5.4% $1.2B
Accounts Receivable N/A N/A N/A N/A N/A N/A N/A N/A
Goodwill $5.8B-4.7% $6.1B0.0% $6.1B0.0% $6.1B-12.6% $6.9B0.0% $6.9B0.0% $6.9B0.0% $6.9B
Total Liabilities $38.5B+2.3% $37.6B+5.8% $35.5B-9.4% $39.2B+5.0% $37.4B-0.6% $37.6B+0.6% $37.4B-10.1% $41.5B
Current Liabilities $9.2B+10.5% $8.3B+22.1% $6.8B-36.3% $10.7B+21.3% $8.8B+9.8% $8.0B+2.7% $7.8B-28.8% $10.9B
Long-Term Debt $24.1B0.0% $24.1B+2.0% $23.7B+1.0% $23.4B+0.1% $23.4B-0.7% $23.6B+0.4% $23.5B-6.3% $25.0B
Total Equity -$3.5B-32.4% -$2.6B+18.7% -$3.3B+7.2% -$3.5B-56.8% -$2.2B+35.5% -$3.5B-15.0% -$3.0B+41.0% -$5.1B
Retained Earnings $35.5B-1.8% $36.1B+1.7% $35.5B+1.9% $34.9B-1.8% $35.5B+3.8% $34.2B+1.6% $33.7B+6.7% $31.5B

MO Cash Flow Statement

Metric Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24 Q1'24
Operating Cash Flow $3.3B+5.7% $3.1B+1409.3% $205.0M-92.5% $2.7B-18.6% $3.3B+27.9% $2.6B+3581.3% -$75.0M-102.6% $2.9B
Capital Expenditures $92.0M+70.4% $54.0M+68.8% $32.0M-15.8% $38.0M-19.1% $47.0M+51.6% $31.0M+6.9% $29.0M-17.1% $35.0M
Free Cash Flow $3.2B+4.6% $3.0B+1657.2% $173.0M-93.5% $2.7B-18.6% $3.3B+27.6% $2.6B+2580.8% -$104.0M-103.7% $2.8B
Investing Cash Flow -$202.0M-236.7% -$60.0M-66.7% -$36.0M+16.3% -$43.0M+31.7% -$63.0M-53.7% -$41.0M-10.8% -$37.0M-101.6% $2.3B
Financing Cash Flow -$2.1B-144.2% -$849.0M+76.5% -$3.6B-232.5% -$1.1B+47.0% -$2.0B+17.4% -$2.5B-45.9% -$1.7B+67.8% -$5.3B
Dividends Paid $1.8B+3.7% $1.7B-0.2% $1.7B-0.3% $1.7B-0.4% $1.7B+2.9% $1.7B+0.1% $1.7B-2.7% $1.7B
Share Buybacks $288.0M+157.1% $112.0M-59.1% $274.0M-16.0% $326.0M+5.2% $310.0M-54.4% $680.0M+6700.0% $10.0M-99.6% $2.4B

MO Financial Ratios

Metric Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24 Q1'24
Gross Margin 62.1%-0.7pp 62.8%-0.3pp 63.1%+1.3pp 61.8%+1.5pp 60.3%-0.5pp 60.8%+1.7pp 59.2%+0.4pp 58.8%
Operating Margin 28.2%-25.0pp 53.2%+0.3pp 52.9%+18.9pp 34.0%-14.2pp 48.2%-2.1pp 50.4%+9.6pp 40.8%-7.2pp 48.0%
Net Margin 19.1%-20.0pp 39.1%+0.1pp 39.0%+18.5pp 20.5%-30.4pp 50.9%+14.2pp 36.6%-24.6pp 61.3%+23.1pp 38.2%
Return on Equity N/A N/A N/A N/A N/A N/A N/A N/A
Return on Assets 3.2%-3.6pp 6.8%-0.6pp 7.3%+4.3pp 3.0%-5.6pp 8.6%+1.9pp 6.7%-4.3pp 11.1%+5.2pp 5.8%
Current Ratio 0.65+0.0 0.62+0.2 0.39-0.2 0.57+0.1 0.51+0.1 0.44-0.0 0.45-0.0 0.48
Debt-to-Equity -6.89+2.2 -9.12-1.9 -7.26-0.6 -6.67+3.8 -10.46-3.7 -6.80+1.0 -7.78-2.9 -4.90
FCF Margin 54.4%+4.3pp 50.1%+47.2pp 2.8%-48.2pp 51.0%-4.1pp 55.1%+13.9pp 41.2%+42.9pp -1.7%-52.6pp 51.0%

Note: Shareholder equity is negative (-$3.5B), which causes debt-to-equity and return on equity ratios to appear negative or not meaningful. This can occur from accumulated losses or large share buyback programs.

Note: The current ratio is below 1.0 (0.65), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.

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Frequently Asked Questions

Altria Group (MO) reported $23.3B in total revenue for fiscal year 2025. This represents a -3.1% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

Altria Group (MO) revenue declined by 3.1% year-over-year, from $24.0B to $23.3B in fiscal year 2025.

Yes, Altria Group (MO) reported a net income of $6.9B in fiscal year 2025, with a net profit margin of 29.8%.

Altria Group (MO) reported diluted earnings per share of $4.12 for fiscal year 2025. This represents a -37.0% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Altria Group (MO) had EBITDA of $10.2B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

As of fiscal year 2025, Altria Group (MO) had $4.5B in cash and equivalents against $24.1B in long-term debt.

Altria Group (MO) had a gross margin of 62.5% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.

Altria Group (MO) had an operating margin of 42.5% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

Altria Group (MO) had a net profit margin of 29.8% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

Yes, Altria Group (MO) paid $4.16 per share in dividends during fiscal year 2025.

Altria Group (MO) generated $9.1B in free cash flow during fiscal year 2025. This represents a 5.4% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

Altria Group (MO) generated $9.3B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

Altria Group (MO) had $35.0B in total assets as of fiscal year 2025, including both current and long-term assets.

Altria Group (MO) invested $216.0M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

Altria Group (MO) invested $195.0M in research and development during fiscal year 2025.

Yes, Altria Group (MO) spent $1.0B on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

Altria Group (MO) had 1.67B shares outstanding as of fiscal year 2025.

Altria Group (MO) had a current ratio of 0.65 as of fiscal year 2025, which is below 1.0, which may suggest potential liquidity concerns.

Altria Group (MO) had a debt-to-equity ratio of -6.89 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

Altria Group (MO) had a return on assets of 19.8% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

Altria Group (MO) has negative shareholder equity of -$3.5B as of fiscal year 2025, which causes the debt-to-equity ratio to appear negative or not meaningful. This can occur when accumulated losses exceed invested capital, or after large share buyback programs. Other solvency metrics like the current ratio or interest coverage may be more informative.

Altria Group (MO) has an Altman Z-Score of 4.61, placing it in the Safe Zone (low bankruptcy risk). The Z-Score combines five financial ratios—working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets—to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.

Altria Group (MO) has a Piotroski F-Score of 6 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Altria Group (MO) has an earnings quality ratio of 1.34x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Altria Group (MO) has an interest coverage ratio of 8.4x, meaning it can comfortably cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

Altria Group (MO) scores 59 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.

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