ALTRIA GROUP, INC. MO

Consumer staples SIC 2111 - Cigarettes NYSE

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.

Last close 68.88 2026-09-04
Market cap $115.01B 2026-06-30 share count
52-week range 54.70 - 77.06

Valuation FY2025 figures against the last close

P/S4.9x
P/E16.7x
P/FCF12.7x
EV/EBITDA13.4x
Dividend yield6.1%
Diluted EPS4.12

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
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 4.126.544.573.191.342.40-0.703.695.317.28
EPS, diluted 4.126.544.573.191.342.40-0.703.685.317.28
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 FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
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 FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
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.

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