Altria Group, Inc. (MO) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q1 27	$1.5	$1.48	-1.3%	—	—	—
Q4 26	$1.25	$1.32	+5.6%	—	—	—
Q3 26	$1.32	$1.3	-1.5%	—	—	—
Q2 26	$1.45	$1.45	0.0%	—	—	—
Q1 26	$1.38	$1.44	+4.3%	—	—	—
Q4 25	$1.19	$1.23	+3.4%	—	—	—
Q3 25	$1.28	$1.29	+0.8%	—	—	—
Q2 25	$1.35	$1.38	+2.2%	—	—	—
Q1 25	$1.34	$1.31	-2.2%	—	—	—
Q4 24	$1.15	$1.15	0.0%	—	—	—
Q3 24	$1.18	$1.18	0.0%	—	—	—
Q2 24	$1.3	$1.28	-1.5%	—	—	—
Q1 24	$1.3	$1.31	+0.8%	—	—	—
Q4 23	$1.17	$1.18	+0.9%	—	—	—
Q3 23	$1.16	$1.18	+1.7%	—	—	—
Q2 23	$1.3	$1.28	-1.5%	—	—	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$4.12	—	—	$20.1B	—
FY24	—	$6.54	—	—	$20.4B	—
FY23	—	$4.61	—	—	$20.5B	—
FY22	—	$3.23	—	—	$20.7B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$19.3B	$19.5B	$19.6B	$19.8B	$20.8B	$21.1B	$20.7B	$20.5B	$20.4B	$20.1B
YoY change	+2.56%	+0.81%	+0.68%	+0.86%	+5.28%	+1.3%	-2%	-0.9%	-0.28%	-1.49%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	19.3B	19.5B	19.6B	19.8B	20.8B	21.1B	20.7B	20.5B	20.4B	20.1B
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	12B	12.3B	12.7B	13B	14B	14.2B	14.3B	14.4B	14.5B
Gross margin	59.8%	61.4%	62.4%	64.2%	62.5%	66.3%	68.9%	69.7%	70.3%	72.2%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	2.7B	2.3B	2.8B	2.2B	2.1B	2.4B	2.3B	2.7B	2.7B	2.5B
Operating expenses	2.7B	2.3B	2.8B	2.2B	2.1B	2.4B	2.3B	2.7B	2.7B	2.5B
Operating income	8.9B	9.6B	9.5B	10.5B	10.9B	11.6B	11.9B	11.5B	11.6B	12B
Operating margin	46.1%	49.4%	48.4%	53%	52.2%	54.8%	57.6%	56.3%	56.9%	59.8%
Non-operating income, net	13.7B	908M	508M	-8.4B	-2.8B	-6.6B	-3.5B	370M	3.1B	-1.6B
Pretax 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	7B	-1.3B	4.5B	2.5B	5.8B	8.1B	11.3B	6.9B
Net margin	73.7%	52.5%	35.5%	-6.56%	21.4%	11.7%	27.9%	39.7%	55.1%	34.5%
EBITDA	9.9B	10.4B	10.7B	12.5B	11.1B	6.1B	8.8B	12.3B	12.8B	13B
EPS	7.28	5.31	3.69	-0.7	2.4	1.36	3.23	4.61	6.54	4.12
Diluted EPS	7.28	5.31	3.68	-0.7	2.4	1.34	3.19	4.57	6.54	4.12

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	5.3B	5B	4.7B	5.3B	5.3B	5.1B	4.5B	5.3B	5.3B	5.1B	4.8B	5.4B
Cost of revenue	1.6B	1.5B	1.4B	1.6B	1.5B	1.5B	1.3B	1.4B	1.4B	1.4B	1.3B	1.5B
Gross profit	3.7B	3.5B	3.3B	3.7B	3.8B	3.6B	3.2B	3.9B	3.8B	3.6B	3.5B	3.8B
Gross margin	70.1%	69.6%	69.5%	69.6%	71.3%	70.6%	71.9%	72.8%	72.6%	71.5%	73.7%	71.3%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	577M	798M	606M	788M	656M	687M	588M	619M	580M	720M	550M	663M
Operating expenses	577M	798M	606M	788M	656M	687M	588M	619M	580M	720M	550M	663M
Operating income	3.1B	2.7B	2.7B	2.9B	3.2B	2.9B	2.7B	3.2B	3.2B	2.9B	3B	3.2B
Operating margin	59.2%	53.8%	56.7%	54.7%	59%	57.1%	58.9%	61.1%	61.6%	57.3%	62.1%	58.9%
Non-operating income, net	58M	265M	319M	2.5B	141M	115M	-716M	162M	121M	-1.1B	161M	67M
Pretax income	2.9B	2.7B	2.7B	5.1B	3B	2.8B	1.7B	3.1B	3.1B	1.5B	2.9B	2.9B
Income tax	742M	675M	610M	1.3B	733M	-262M	606M	740M	700M	396M	676M	631M
Net income	2.2B	2.1B	2.1B	3.8B	2.3B	3B	1.1B	2.4B	2.4B	1.1B	2.2B	2.3B
Net margin	41%	41%	45.1%	72.1%	42.9%	59.5%	23.8%	45%	45.2%	22%	45.9%	42.9%
EBITDA	3.3B	3.2B	3.1B	3.1B	3.4B	3.2B	2.9B	3.5B	3.4B	3.2B	3.2B	3.3B
EPS	1.22	—	1.21	2.21	1.34	1.8	0.64	1.41	1.41	—	1.3	1.37
Diluted EPS	1.22	—	1.21	2.21	1.34	1.79	0.63	1.41	1.41	—	1.3	1.37

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	132B	137.2B	93.2B	92.7B	76.2B	86.4B	81.6B	71.1B	90.1B	97B	115.4B
Enterprise value	141.3B	149.8B	117.6B	118.7B	100.7B	109.9B	104.3B	93.7B	111.9B	118.3B	137.2B
Shares outstanding	2B	1.9B	1.9B	1.9B	1.9B	1.8B	1.8B	1.8B	1.7B	1.7B	1.7B

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	9.27	13.4	13.4	—	17.1	34.9	14.2	8.75	8	14	14.6
P/S	6.83	7.04	4.75	4.68	3.66	4.09	3.95	3.47	4.41	4.82	5.65
P/B	10.3	8.92	6.3	14.7	25.7	-53.8	-20.8	-20.4	-41.2	-28.1	-44.1
EV/EBITDA	14.2	14.5	11	9.48	9.07	18.2	11.9	7.59	8.77	9.12	8.7
EV/Sales	7.31	7.69	5.99	5.99	4.83	5.21	5.04	4.57	5.47	5.87	6.71
Earnings yield	10.8%	7.46%	7.48%	—	5.84%	2.86%	7.06%	11.4%	12.5%	7.16%	6.86%
FCF yield	2.76%	3.43%	8.75%	8.19%	10.7%	9.53%	9.86%	12.8%	9.56%	9.35%	7.83%
PEG	—	—	—	—	—	—	—	—	—	—	-4.61

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	59.8%	61.4%	62.4%	64.2%	62.5%	66.3%	68.9%	69.7%	70.3%	72.2%	71.3%
Operating margin	46.1%	49.4%	48.4%	53%	52.2%	54.8%	57.6%	56.3%	56.9%	59.8%	76.4%
Net margin	73.7%	52.5%	35.5%	-6.56%	21.4%	11.7%	27.9%	39.7%	55.1%	34.5%	39%
ROE	111.5%	66.5%	47.1%	-20.5%	150.2%	-154.1%	-146.9%	-233%	-514.8%	-201.2%	-200.7%
ROA	31%	23.7%	12.6%	-2.63%	9.39%	6.26%	15.6%	21.1%	32%	19.8%	29.5%
ROIC	26.3%	34.3%	18.1%	0%	25.6%	34.2%	49.6%	45.1%	48.9%	50.1%	48.1%
Return on tangible assets	126.2%	131.3%	34%	-9.58%	37.7%	54.3%	314.6%	-341%	-241.8%	-2.2K%	-419.6%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	0.98	0.64	0.2	0.59	0.79	0.71	0.84	0.49	0.51	0.65	0.52
Quick ratio	0.71	0.31	0.09	0.31	0.57	0.57	0.7	0.39	0.39	0.53	0.38
Debt / equity	1.09	0.9	1.74	4.44	9.94	-17.5	-6.8	-7.52	-11.4	-7.45	-0.09
Debt / assets	0.3	0.32	0.46	0.57	0.62	0.71	0.72	0.68	0.71	0.73	0.74
Net debt / EBITDA	0.94	1.22	2.29	2.07	2.21	3.88	2.59	1.83	1.71	1.64	1.7
Interest coverage	29.8	14.4	14.4	1.58	6.63	4.22	7.55	10.5	13.2	8.98	9.7
Effective tax rate	34.8%	0%	25.4%	100%	35.4%	35.3%	22%	25.6%	17.5%	26%	23.2%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	9.91	10.1	10.4	10.7	11.2	11.6	11.6	11.6	11.9	12	12.2
EPS (basic)	7.28	5.31	3.69	-0.7	2.4	1.36	3.23	4.61	6.54	4.12	4.12
EPS (diluted)	7.28	5.31	3.68	-0.7	2.4	1.34	3.19	4.57	6.54	4.12	4.75
Book value per share	6.54	8.01	7.84	3.4	1.59	-0.88	-2.2	-1.98	-1.27	-2.05	-1.6
FCF per share	1.86	2.45	4.32	4.09	4.39	4.52	4.51	5.16	5	5.39	5.46
Cash per share	2.34	0.65	0.71	1.14	2.66	2.49	2.26	2.09	1.82	2.66	1.42
Capex per share	—	—	—	—	—	—	—	—	—	0.13	0.18

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	—	—	—	—	—	—	—	—	—	1.07%	1.45%
Capex / operating cash flow	—	—	—	—	—	—	—	—	—	2.33%	3.15%
Payout ratio	31.7%	47%	77.7%	-467.6%	141.2%	260.4%	114.5%	83.4%	60.8%	100.2%	89.3%
Dividend yield	3.42%	3.5%	5.81%	6.54%	8.25%	7.46%	8.09%	9.53%	7.6%	7.17%	6.42%

Yield

6.42%

trailing twelve months

Frequency

Quarterly

Last dividend

$1.11

ex-dividend Sep 15, 2026

Payout ratio

89%

of earnings

Dividend growth

16 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Sep 15, 2026	$1.11
Jun 15, 2026	$1.06
Mar 25, 2026	$1.06

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$5.3B	$5B	$4.7B	$5.3B	$5.3B	$5.1B	$4.5B	$5.3B	$5.3B	$5.1B	$4.8B	$5.4B
YoY change	-2.49%	-1.16%	-0.97%	-2.96%	+1.27%	+1.63%	-4.2%	+0.25%	-1.74%	-0.53%	+5.29%	+1.25%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	4.6B	1.3B	1.3B	2.1B	4.9B	4.5B	4B	3.7B	3.1B	4.5B
Receivables	151M	142M	142M	152M	137M	0	1.7B	0	177M	263M
Inventory	2.1B	2.2B	2.3B	2.3B	2B	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 & equipment	477M	477M	496M	538M	532M	131M	130M	117M	65M	136M
Goodwill & intangibles	34.6B	35.4B	35B	35.7B	35.6B	35B	35.1B	41B	39.8B	35.3B
Total assets	45.9B	43.2B	55.5B	49.3B	47.4B	39.5B	37B	38.6B	35.2B	35B
Accounts payable	425M	374M	399M	325M	380M	449M	552M	582M	700M	750M
Short-term debt	—	864M	13.8B	1B	1.5B	1.1B	1.6B	1.1B	1.5B	1.6B
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	13B	11.9B	27B	28B	26.9B	25.1B	25.1B	23.4B	24.1B
Total liabilities	33.2B	27.8B	40.7B	43B	44.4B	41.1B	40.9B	42.1B	37.4B	38.5B
Shareholders' equity	12.8B	15.4B	14.8B	6.3B	3B	-1.6B	-3.9B	-3.5B	-2.2B	-3.5B
Total debt	13.9B	13.9B	25.7B	28B	29.5B	28B	26.7B	26.2B	24.9B	25.7B
Net debt	9.3B	12.6B	24.4B	25.9B	24.5B	23.5B	22.6B	22.5B	21.8B	21.2B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	1.5B	3.7B	3.6B	1.8B	1.9B	3.1B	4.7B	1.3B	3.5B	4.5B	3.5B	2.4B
Receivables	0	0	77M	72M	87M	177M	258M	241M	249M	263M	284M	306M
Inventory	1.2B	1.2B	1.2B	1.2B	1.1B	1.1B	1.1B	1B	1.1B	1.1B	1.1B	1.1B
Total current assets	3.4B	5.6B	5.2B	3.5B	3.5B	4.5B	6.1B	2.6B	5.1B	5.9B	5.2B	4B
Property, plant & equipment	-2.9B	117M	-2.9B	-2.9B	-2.9B	65M	-3B	-2.9B	-2.9B	136M	-3B	-3B
Goodwill & intangibles	41B	41B	40.8B	40B	39.9B	39.8B	38B	37.9B	37.9B	35.3B	35.3B	35.3B
Total assets	36.5B	38.6B	36.5B	34.4B	34.2B	35.2B	35.8B	32.3B	35B	35B	34.6B	33.4B
Accounts payable	490M	582M	504M	556M	510M	700M	550M	569M	662M	750M	701M	684M
Short-term debt	1.1B	1.1B	—	1.6B	1.6B	1.5B	2.6B	1.1B	1.6B	1.6B	542M	1.7B
Total current liabilities	10.4B	11.3B	10.9B	7.8B	8B	8.8B	10.7B	6.8B	8.3B	9.2B	8.4B	7.8B
Long-term debt	24B	25.1B	25B	23.5B	23.6B	23.4B	23.4B	23.7B	24.1B	24.1B	24.1B	22.9B
Total liabilities	39.8B	42.1B	41.5B	37.4B	37.6B	37.4B	39.2B	35.5B	37.6B	38.5B	37.7B	36B
Shareholders' equity	-3.4B	-3.5B	-5.1B	-3B	-3.4B	-2.2B	-3.5B	-3.2B	-2.6B	-3.5B	-3.2B	-2.6B
Total debt	25.1B	26.2B	25B	25B	25.2B	24.9B	26.1B	24.7B	25.7B	25.7B	24.6B	24.6B
Net debt	23.6B	22.5B	21.4B	23.2B	23.3B	21.8B	21.3B	23.4B	22.2B	21.2B	21.1B	22.2B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	14.2B	10.2B	7B	-1.3B	4.5B	2.5B	5.8B	8.1B	11.3B	6.9B
Depreciation & amortization	204M	209M	227M	226M	257M	244M	226M	272M	286M	266M
Stock-based compensation	—	—	—	—	—	—	—	—	—	—
Change in working capital	-381M	-595M	95M	55M	31M	218M	-162M	315M	360M	252M
Operating cash flow	2.9B	5.9B	7.3B	-716M	5.3B	1.7B	4.9B	9.7B	11.8B	9.3B
Capital expenditure	—	—	—	—	—	—	—	—	—	-216M
Investing cash flow	3.9B	-140M	-12.7B	-2.2B	88M	1.4B	987M	-1.1B	2.3B	-341M
Dividends paid	-4.5B	-4.8B	-5.4B	-6.1B	-6.3B	-6.4B	-6.6B	-6.8B	-6.8B	-7B
Share repurchases	-1B	-2.9B	-1.7B	-845M	0	-1.7B	-1.8B	-1B	-3.4B	-1B
Financing cash flow	-5.3B	-7.8B	4.7B	-17.5B	-8.4B	-10B	-9.5B	-10.4B	-11.5B	-7.6B
Net change in cash	1.5B	-2B	-659M	-20.4B	-3.1B	-6.9B	-3.6B	-1.7B	2.6B	1.3B
Free cash flow	3.6B	4.7B	8.2B	7.6B	8.2B	8.2B	8.1B	9.1B	8.6B	9.1B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	2.2B	2.1B	2.1B	3.8B	2.3B	3B	1.1B	2.4B	2.4B	1.1B	2.2B	2.3B
Depreciation & amortization	80M	78M	65M	74M	74M	73M	71M	71M	70M	54M	56M	56M
Stock-based compensation	—	—	—	—	—	—	—	—	—	—	—	—
Change in working capital	-287M	737M	201M	-351M	-341M	851M	29M	-409M	-196M	828M	-508M	-100M
Operating cash flow	2.2B	3.1B	2.3B	4.2B	2.1B	3.2B	1.3B	205M	3.1B	3.3B	2.3B	719M
Capital expenditure	—	—	—	—	—	—	—	-32M	-54M	-92M	-93M	-57M
Investing cash flow	1.7B	-13M	2.4B	-8M	-10M	-16M	-5M	-36M	-60M	-202M	-109M	-57M
Dividends paid	-1.7B	-1.7B	-1.7B	-1.7B	-1.7B	-1.7B	-1.7B	-1.7B	-1.7B	-1.8B	-1.8B	-1.8B
Share repurchases	-260M	-268M	-2.4B	-10M	-680M	-310M	-326M	-274M	-112M	-288M	-280M	-55M
Financing cash flow	-5.9B	-2B	-5.3B	-1.7B	-2.5B	-2B	-1.1B	-3.6B	-849M	-2.1B	-3.2B	-1.8B
Net change in cash	-2.1B	1.1B	-602M	2.5B	-419M	1.1B	197M	-3.4B	2.2B	996M	-942M	-1.2B
Free cash flow	2.9B	3.2B	2.8B	-104M	2.6B	3.3B	2.7B	173M	3B	3.2B	2.2B	662M

Date	Ratio
Apr 11, 1997	3:1
Oct 11, 1989	4:1
Apr 11, 1986	2:1
Jun 1, 1979	2:1
Jun 3, 1974	2:1

Altria Group, Inc. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement

Split history