Altria Group Financials
Financial Health Signals
Based on FY2024 annual data. Scores normalized against common benchmarks. How we calculate these scores
Altria Group has an operating margin of 46.8%, meaning the company retains $47 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 47.2% the prior year.
Altria Group's revenue declined 1.9% year-over-year, from $24.5B to $24.0B. This contraction results in a growth score of 23/100.
Altria Group's current ratio of 0.51 means current assets barely cover short-term liabilities. This tight liquidity results in a low score of 1/100, which could limit financial flexibility.
Altria Group converts 35.9% of revenue into free cash flow ($8.6B). This strong cash generation earns a score of 100/100.
Altria Group scores 4.81, well above the 2.99 safe threshold. This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.
Altria Group passes 7 of 9 financial strength tests. 3 of 4 profitability signals pass, 2 of 3 leverage/liquidity signals pass, both operating efficiency signals pass.
For every $1 of reported earnings, Altria Group generates $0.78 in operating cash flow ($8.8B OCF vs $11.3B net income). This mixed ratio suggests some earnings may rely on non-cash accounting items.
Altria Group earns $10.0 in operating income for every $1 of interest expense ($11.2B vs $1.1B). This wide margin provides strong safety for debt servicing, even if earnings decline temporarily.
This page shows Altria Group (MO) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 18 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).
Key Financial Metrics
Altria Group generated $24.0B in revenue in fiscal year 2024. This represents a decrease of 1.9% from the prior year.
Altria Group's EBITDA was $11.5B in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 2.5% from the prior year.
Altria Group generated $8.6B in free cash flow in fiscal year 2024, representing cash available after capex. This represents a decrease of 5.3% from the prior year.
Altria Group reported $11.3B in net income in fiscal year 2024. This represents an increase of 38.5% from the prior year.
Altria Group earned $6.54 per diluted share (EPS) in fiscal year 2024. This represents an increase of 43.1% from the prior year.
Altria Group held $3.1B in cash against $23.4B in long-term debt as of fiscal year 2024.
Altria Group paid $4.00 per share in dividends in fiscal year 2024. This represents an increase of 4.2% from the prior year.
Altria Group had 1.69B shares outstanding in fiscal year 2024. This represents a decrease of 4.1% from the prior year.
Altria Group's gross margin was 59.8% in fiscal year 2024, indicating the percentage of revenue retained after direct costs. This is up 1.5 percentage points from the prior year.
Altria Group's operating margin was 46.8% in fiscal year 2024, reflecting core business profitability. This is down 0.4 percentage points from the prior year.
Altria Group's net profit margin was 46.9% in fiscal year 2024, showing the share of revenue converted to profit. This is up 13.7 percentage points from the prior year.
Altria Group invested $208.0M in research and development in fiscal year 2024. This represents a decrease of 5.5% from the prior year.
Altria Group spent $3.4B on share buybacks in fiscal year 2024, returning capital to shareholders by reducing shares outstanding. This represents an increase of 240.0% from the prior year.
Altria Group invested $142.0M in capex in fiscal year 2024, funding long-term assets and infrastructure. This represents a decrease of 27.6% from the prior year.
MO Income Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $6.1B-0.5% | $6.1B+16.0% | $5.3B-12.0% | $6.0B-3.8% | $6.2B+11.4% | $5.6B-6.7% | $6.0B-4.9% | $6.3B |
| Cost of Revenue | $1.4B-0.1% | $1.4B+13.4% | $1.3B-15.4% | $1.5B-6.2% | $1.6B+11.5% | $1.4B-5.8% | $1.5B-3.4% | $1.6B |
| Gross Profit | $3.8B-1.0% | $3.9B+18.5% | $3.2B-9.9% | $3.6B-1.9% | $3.7B+12.0% | $3.3B-6.3% | $3.5B-5.4% | $3.7B |
| 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 | $63.0M |
| Operating Income | $3.2B0.0% | $3.2B+80.6% | $1.8B-38.0% | $2.9B+13.8% | $2.5B-5.3% | $2.7B-4.4% | $2.8B-9.5% | $3.1B |
| Interest Expense | N/A | N/A | N/A | N/A | N/A | -$254.0M-113.3% | $1.9B+801.1% | -$272.0M |
| Income Tax | $700.0M-5.4% | $740.0M+22.1% | $606.0M+331.3% | -$262.0M-120.0% | $1.3B+115.2% | $610.0M-9.6% | $675.0M-9.0% | $742.0M |
| Net Income | $2.4B-0.1% | $2.4B+120.8% | $1.1B-64.6% | $3.0B-20.1% | $3.8B+78.6% | $2.1B+3.3% | $2.1B-4.9% | $2.2B |
| EPS (Diluted) | $1.410.0% | $1.41+123.8% | $0.63-64.6% | $1.78-19.5% | $2.21+82.6% | $1.21+4.3% | $1.16-4.9% | $1.22 |
MO Balance Sheet
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $35.0B+8.3% | $32.3B-9.6% | $35.8B+1.7% | $35.2B+2.3% | $34.4B-5.7% | $36.5B-5.4% | $38.6B+5.8% | $36.5B |
| Current Assets | $5.1B+94.5% | $2.6B-56.7% | $6.1B+34.7% | $4.5B+27.5% | $3.5B-31.9% | $5.2B-6.9% | $5.6B+64.7% | $3.4B |
| Cash & Equivalents | $3.5B+169.8% | $1.3B-72.8% | $4.7B+51.1% | $3.1B+73.8% | $1.8B-50.1% | $3.6B-2.1% | $3.7B+139.8% | $1.5B |
| Inventory | $1.1B+4.8% | $1.0B-4.3% | $1.1B-1.7% | $1.1B-8.0% | $1.2B-5.4% | $1.2B+2.1% | $1.2B+3.5% | $1.2B |
| Accounts Receivable | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Goodwill | $6.1B0.0% | $6.1B0.0% | $6.1B-12.6% | $6.9B0.0% | $6.9B0.0% | $6.9B+2.3% | $6.8B0.0% | $6.8B |
| Total Liabilities | $37.6B+5.8% | $35.5B-9.4% | $39.2B+5.0% | $37.4B0.0% | $37.4B-10.1% | $41.5B-1.2% | $42.1B+5.6% | $39.8B |
| Current Liabilities | $8.3B+22.1% | $6.8B-36.3% | $10.7B+21.3% | $8.8B+12.8% | $7.8B-28.8% | $10.9B-3.4% | $11.3B+9.0% | $10.4B |
| Long-Term Debt | $24.1B+2.0% | $23.7B+1.0% | $23.4B+0.1% | $23.4B-0.3% | $23.5B-6.3% | $25.0B-0.3% | $25.1B+4.7% | $24.0B |
| Total Equity | -$2.6B+18.7% | -$3.3B+7.2% | -$3.5B-56.8% | -$2.2B+25.8% | -$3.0B+41.0% | -$5.1B-44.5% | -$3.5B-3.9% | -$3.4B |
| Retained Earnings | $36.1B+1.7% | $35.5B+1.9% | $34.9B-1.8% | $35.5B+5.5% | $33.7B+6.7% | $31.5B+1.4% | $31.1B+1.1% | $30.8B |
MO Cash Flow Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $3.1B+1409.3% | $205.0M-92.5% | $2.7B-18.6% | $3.3B+4553.3% | -$75.0M-102.6% | $2.9B-10.8% | $3.2B+9.3% | $3.0B |
| Capital Expenditures | $54.0M+68.8% | $32.0M-15.8% | $38.0M-19.1% | $47.0M+62.1% | $29.0M-17.1% | $35.0M-34.0% | $53.0M+32.5% | $40.0M |
| Free Cash Flow | $3.0B+1657.2% | $173.0M-93.5% | $2.7B-18.6% | $3.3B+3266.3% | -$104.0M-103.7% | $2.8B-10.5% | $3.2B+9.0% | $2.9B |
| Investing Cash Flow | -$60.0M-66.7% | -$36.0M+16.3% | -$43.0M+31.7% | -$63.0M-70.3% | -$37.0M-101.6% | $2.3B+3609.1% | -$66.0M-104.0% | $1.6B |
| Financing Cash Flow | -$849.0M+76.5% | -$3.6B-232.5% | -$1.1B+47.0% | -$2.0B-20.6% | -$1.7B+67.8% | -$5.3B-416.0% | -$1.0B+74.1% | -$3.9B |
| Dividends Paid | $1.7B-0.2% | $1.7B-0.3% | $1.7B-0.4% | $1.7B+3.0% | $1.7B-2.7% | $1.7B-0.3% | $1.7B+3.8% | $1.7B |
| Share Buybacks | $112.0M-59.1% | $274.0M-16.0% | $326.0M+5.2% | $310.0M+3000.0% | $10.0M-99.6% | $2.4B+795.5% | $268.0M+3.1% | $260.0M |
MO Financial Ratios
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 62.8%-0.3pp | 63.1%+1.3pp | 61.8%+1.5pp | 60.3%+1.1pp | 59.2%+0.4pp | 58.8%+0.3pp | 58.6%-0.3pp | 58.9% |
| Operating Margin | 53.2%+0.3pp | 52.9%+18.9pp | 34.0%-14.2pp | 48.2%+7.4pp | 40.8%-7.2pp | 48.0%+1.2pp | 46.8%-2.4pp | 49.2% |
| Net Margin | 39.1%+0.1pp | 39.0%+18.5pp | 20.5%-30.4pp | 50.9%-10.4pp | 61.3%+23.1pp | 38.2%+3.7pp | 34.5%0.0pp | 34.5% |
| Return on Equity | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Return on Assets | 6.8%-0.6pp | 7.3%+4.3pp | 3.0%-5.6pp | 8.6%-2.4pp | 11.1%+5.2pp | 5.8%+0.5pp | 5.3%-0.6pp | 5.9% |
| Current Ratio | 0.62+0.2 | 0.39-0.2 | 0.57+0.1 | 0.51+0.1 | 0.45-0.0 | 0.48-0.0 | 0.49+0.2 | 0.33 |
| Debt-to-Equity | -9.12-1.9 | -7.26-0.6 | -6.67+3.8 | -10.46-2.7 | -7.78-2.9 | -4.90+2.2 | -7.09-0.1 | -7.04 |
| FCF Margin | 50.1%+47.2pp | 2.8%-48.2pp | 51.0%-4.1pp | 55.1%+56.8pp | -1.7%-52.6pp | 51.0%-2.1pp | 53.1%+6.8pp | 46.4% |
Note: Shareholder equity is negative (-$2.2B), 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 (0.51), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.
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Frequently Asked Questions
What is Altria Group's annual revenue?
Altria Group (MO) reported $24.0B in total revenue for fiscal year 2024. This represents a -1.9% 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.
How fast is Altria Group's revenue growing?
Altria Group (MO) revenue declined by 1.9% year-over-year, from $24.5B to $24.0B in fiscal year 2024.
Is Altria Group profitable?
Yes, Altria Group (MO) reported a net income of $11.3B in fiscal year 2024, with a net profit margin of 46.9%.
What is Altria Group's earnings per share (EPS)?
Altria Group (MO) reported diluted earnings per share of $6.54 for fiscal year 2024. This represents a 43.1% 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.
What is Altria Group's EBITDA?
Altria Group (MO) had EBITDA of $11.5B in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Altria Group have?
As of fiscal year 2024, Altria Group (MO) had $3.1B in cash and equivalents against $23.4B in long-term debt.
What is Altria Group's gross margin?
Altria Group (MO) had a gross margin of 59.8% in fiscal year 2024, indicating the percentage of revenue retained after direct costs of goods sold.
What is Altria Group's operating margin?
Altria Group (MO) had an operating margin of 46.8% in fiscal year 2024, reflecting the profitability of core business operations before interest and taxes.
What is Altria Group's net profit margin?
Altria Group (MO) had a net profit margin of 46.9% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.
Does Altria Group pay dividends?
Yes, Altria Group (MO) paid $4.00 per share in dividends during fiscal year 2024.
What is Altria Group's free cash flow?
Altria Group (MO) generated $8.6B in free cash flow during fiscal year 2024. This represents a -5.3% 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.
What is Altria Group's operating cash flow?
Altria Group (MO) generated $8.8B in operating cash flow during fiscal year 2024, representing cash generated from core business activities.
What are Altria Group's total assets?
Altria Group (MO) had $35.2B in total assets as of fiscal year 2024, including both current and long-term assets.
What are Altria Group's capital expenditures?
Altria Group (MO) invested $142.0M in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.
How much does Altria Group spend on research and development?
Altria Group (MO) invested $208.0M in research and development during fiscal year 2024.
Does Altria Group buy back shares?
Yes, Altria Group (MO) spent $3.4B on share buybacks during fiscal year 2024, returning capital to shareholders by reducing shares outstanding.
How many shares does Altria Group have outstanding?
Altria Group (MO) had 1.69B shares outstanding as of fiscal year 2024.
What is Altria Group's current ratio?
Altria Group (MO) had a current ratio of 0.51 as of fiscal year 2024, which is below 1.0, which may suggest potential liquidity concerns.
What is Altria Group's debt-to-equity ratio?
Altria Group (MO) had a debt-to-equity ratio of -10.46 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Altria Group's return on assets (ROA)?
Altria Group (MO) had a return on assets of 32.0% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.
Why is Altria Group's debt-to-equity ratio negative or unusual?
Altria Group (MO) has negative shareholder equity of -$2.2B as of fiscal year 2024, 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.
What is Altria Group's Altman Z-Score?
Altria Group (MO) has an Altman Z-Score of 4.81, 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.
What is Altria Group's Piotroski F-Score?
Altria Group (MO) has a Piotroski F-Score of 7 out of 9, indicating strong 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.
Are Altria Group's earnings high quality?
Altria Group (MO) has an earnings quality ratio of 0.78x, considered mixed 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.
Can Altria Group cover its interest payments?
Altria Group (MO) has an interest coverage ratio of 10.0x, 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.
How financially healthy is Altria Group?
Altria Group (MO) scores 56 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.