ALTRIA GROUP, INC. MO
When used in this Annual Report on Form 10-K ("Form 10-K"), the terms "Altria," "we," "us" and "our" refer to either (i) Altria Group, Inc. and its consolidated subsidiaries or (ii) Altria Group, Inc. only and not its consolidated subsidiaries, as appropriate in the context.
We have a leading portfolio of tobacco products for U.S. tobacco consumers age 21+. We are Moving Beyond SmokingTM, by responsibly transitioning adult smokers to a smoke-free future, competing vigorously for existing smoke-free adult nicotine consumers and exploring new growth opportunities - beyond the United States and beyond nicotine ("Vision").
Our wholly owned subsidiaries include Philip Morris USA Inc. ("PM USA"), which is engaged in the manufacture and sale of cigarettes; John Middleton Co. ("Middleton"), which is engaged in the manufacture and sale of machine-made large cigars and is a wholly owned subsidiary of PM USA; UST LLC ("UST"), which, through its wholly owned subsidiary U.S. Smokeless Tobacco Company LLC ("USSTC"), is engaged in the manufacture and sale of moist smokeless tobacco ("MST") products; Helix Innovations LLC ("Helix") and its foreign affiliates ("Helix International"), which are engaged in the manufacture and sale of oral nicotine pouches; and NJOY, LLC ("NJOY"), which is engaged in the manufacture and sale of e-vapor products. We operate primarily within the United States and generate substantially all of our revenue from domestic customers. Other wholly owned subsidiaries include Altria Group Distribution Company ("AGDC"), which provides domestic sales and distribution services to our operating companies, and Altria Client Services LLC ("ALCS"), which provides various support services to our companies in areas such as legal, regulatory, research and product development, consumer engagement, finance, human resources and external affairs.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $23.28B | $24.02B | $24.48B | $25.10B | $26.01B | $26.15B | $25.11B | $25.36B | $25.58B | $25.74B |
| Cost of revenue | $5.60B | $6.08B | $6.22B | $6.44B | $7.12B | $7.82B | $7.08B | $7.37B | $7.53B | $7.76B |
| Gross profit | $14.54B | $14.37B | $14.28B | $14.25B | $13.99B | $13.02B | $12.71B | $12.25B | $11.96B | $11.57B |
| R&D | $195.0M | $208.0M | $220.0M | $162.0M | $145.0M | $131.0M | $168.0M | $252.0M | $241.0M | $203.0M |
| Operating income | $9.90B | $11.24B | $11.55B | $11.92B | $11.56B | $10.87B | $10.33B | $9.12B | $9.59B | $8.76B |
| Interest expense | $1.18B | $1.12B | $1.15B | $1.13B | $1.19B | $1.22B | $1.32B | $697.0M | $736.0M | $754.0M |
| Pre-tax income | $9.39B | $13.66B | $10.93B | $7.39B | $3.82B | $6.89B | $766.0M | $9.34B | $9.83B | $21.85B |
| Income tax | $2.44B | $2.39B | $2.80B | $1.62B | $1.35B | $2.44B | $2.06B | $2.37B | $399.0M | $7.61B |
| Net income | $6.95B | $11.26B | $8.13B | $5.76B | $2.48B | $4.47B | -$1.29B | $6.96B | $10.22B | $14.24B |
| EPS, basic | 4.12 | 6.54 | 4.57 | 3.19 | 1.34 | 2.40 | -0.70 | 3.69 | 5.31 | 7.28 |
| EPS, diluted | 4.12 | 6.54 | 4.57 | 3.19 | 1.34 | 2.40 | -0.70 | 3.68 | 5.31 | 7.28 |
| Shares, diluted (wtd. avg.) | $1.68B | $1.72B | $1.78B | $1.80B | $1.84B | $1.86B | $1.87B | $1.89B | $1.92B | $1.95B |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $4.47B | $3.13B | $3.69B | $4.09B | $4.59B | $5.01B | $2.16B | $1.43B | $1.31B | $4.65B |
| Receivables | $263.0M | $177.0M | $71.0M | $48.0M | $47.0M | $137.0M | $152.0M | $142.0M | $142.0M | $151.0M |
| Inventory | $1.07B | $1.08B | $1.22B | $1.18B | $1.19B | $1.97B | $2.29B | $2.33B | $2.23B | $2.05B |
| Total current assets | $5.93B | $4.51B | $5.58B | $7.22B | $6.08B | $7.12B | $4.82B | $4.30B | $4.34B | $7.26B |
| Property, plant and equipment | $1.71B | $1.62B | $1.65B | $1.61B | $1.55B | $2.01B | $2.00B | $1.94B | $1.91B | $1.96B |
| Goodwill | $5.79B | $6.95B | $6.79B | $5.18B | $5.18B | $5.18B | $5.18B | $5.20B | $5.31B | $5.29B |
| Other intangibles | $11.88B | $12.97B | $13.69B | $12.38B | $12.31B | $12.62B | $12.69B | $12.28B | $12.40B | $12.04B |
| Total assets | $35.02B | $35.18B | $38.57B | $36.95B | $39.52B | $47.41B | $49.27B | $55.46B | $43.20B | $45.93B |
| Accounts payable | $750.0M | $700.0M | $582.0M | $552.0M | $449.0M | $380.0M | $325.0M | $399.0M | $374.0M | $425.0M |
| Short-term debt | $1.57B | $1.53B | $1.12B | $1.56B | $1.10B | $1.50B | $1.00B | $1.14B | $864.0M | $0 |
| Total current liabilities | $9.15B | $8.78B | $11.32B | $8.62B | $8.58B | $9.06B | $8.17B | $21.19B | $6.79B | $7.38B |
| Long-term debt | $24.14B | $23.40B | $25.11B | $25.12B | $26.94B | $27.97B | $27.04B | $11.90B | $13.03B | $13.88B |
| Total liabilities | $38.47B | $37.37B | $42.06B | $40.88B | $41.13B | $44.45B | $42.91B | $40.63B | $27.78B | $33.12B |
| Retained earnings | $35.45B | $35.52B | $31.09B | $29.79B | $30.66B | $34.68B | $36.54B | $43.96B | $42.25B | $36.91B |
| Total equity | -$3.50B | -$2.24B | -$3.49B | -$3.92B | -$1.61B | $2.92B | $6.32B | $14.79B | $15.38B | $12.77B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $9.29B | $8.75B | $9.29B | $8.26B | $8.40B | $8.38B | $7.84B | $8.39B | $4.90B | $3.83B |
| Depreciation and amortisation | $266.0M | $286.0M | $272.0M | $226.0M | $244.0M | $257.0M | $226.0M | $227.0M | $209.0M | $204.0M |
| Capital expenditure | $216.0M | $142.0M | $196.0M | $205.0M | $169.0M | $231.0M | $246.0M | $238.0M | $199.0M | $189.0M |
| Investing cash flow | -$341.0M | $2.17B | -$1.28B | $782.0M | $1.21B | -$143.0M | -$2.40B | -$12.99B | -$467.0M | $3.71B |
| Financing cash flow | -$7.62B | -$11.49B | -$8.37B | -$9.54B | -$10.03B | -$5.40B | -$4.71B | $4.72B | -$7.77B | -$5.33B |
| Dividends paid | $6.96B | $6.84B | $6.78B | $6.60B | $6.45B | $6.29B | $6.07B | $5.42B | $4.81B | $4.51B |
| Buybacks | $1.00B | $3.40B | $1.00B | $1.82B | $1.68B | $0 | $845.0M | $1.67B | $2.92B | $1.03B |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0000764180-26-000077.
Others in SIC 2111
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| PM | Philip Morris International Inc. | $284.49B | 25.1x | 7.3% |
| ISPR | Ispire Technology Inc. | $88.4M | — | -16.1% |
| XXII | 22nd Century Group, Inc. | $1.7M | — | -27.9% |
| BTI | British American Tobacco p.l.c. | — | — | — |
| RLX | RLX Technology Inc. | — | — | 50.3% |