Altria
MO · NYSECigarettes · Fiscal year ends Dec 31
Altria reported revenue of $23.3B in the fiscal year ended Dec 2025, down 3.1% from the year before. Operating income was $9.9B, an operating margin of 42.5%, and net income was $6.9B. Operating cash flow of $9.3B less capital expenditure of $216M left free cash flow of $9.1B. Net debt was $21.2B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $26B | $25.1B | $24.5B | $24B | $23.3B |
| Cost of revenue | $7.1B | $6.4B | $6.2B | $6.1B | $5.6B |
| Gross profit | $14B | $14.2B | $14.3B | $14.4B | $14.5B |
| Research & development | $145M | $162M | $220M | $208M | $195M |
| Operating income | $11.6B | $11.9B | $11.5B | $11.2B | $9.9B |
| Net interest incomeBanks | −$1.2B | −$1.1B | −$989M | – | – |
| Interest expense | $1.2B | $1.1B | $1.1B | $1.1B | $1.2B |
| Pre-tax income | $3.8B | $7.4B | $10.9B | $13.7B | $9.4B |
| Income tax | $1.3B | $1.6B | $2.8B | $2.4B | $2.4B |
| Net income | $2.5B | $5.8B | $8.1B | $11.3B | $6.9B |
| Diluted EPS | 1.34 | 3.19 | 4.57 | 6.54 | 4.12 |
| Diluted shares | 1,845M | 1,804M | 1,777M | 1,718M | 1,683M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $4.5B | $4B | $3.7B | $3.1B | $4.5B |
| Receivables | $47M | $48M | $71M | $177M | $263M |
| Inventory | $1.2B | $1.2B | $1.2B | $1.1B | $1.1B |
| Current assets | $6.1B | $7.2B | $5.6B | $4.5B | $5.9B |
| Net PP&E | $1.6B | $1.6B | $1.7B | $1.6B | $1.7B |
| Goodwill | $5.2B | $5.2B | $6.8B | $6.9B | $5.8B |
| Total assets | $39.5B | $37B | $38.6B | $35.2B | $35B |
| Payables | $449M | $552M | $582M | $700M | $750M |
| Deferred revenue | $287M | $252M | $258M | $215M | $231M |
| Current liabilities | $8.6B | $8.6B | $11.3B | $8.8B | $9.2B |
| Short-term debt | $1.1B | $1.6B | $1.1B | $1.5B | $1.6B |
| Long-term debt | $26.9B | $25.1B | $25.1B | $23.4B | $24.1B |
| Total liabilities | $41.1B | $40.9B | $42.1B | $37.4B | $38.5B |
| Shareholders' equity | −$1.6B | −$4B | −$3.5B | −$2.2B | −$3.5B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $8.4B | $8.3B | $9.3B | $8.8B | $9.3B |
| Capital expenditure | $169M | $205M | $196M | $142M | $216M |
| Free cash flow | $8.2B | $8.1B | $9.1B | $8.6B | $9.1B |
| Depreciation & amortisation | $244M | $226M | $272M | $286M | $266M |
| Acquisitions | $0 | $0 | $2.8B | $0 | $0 |
| Share buybacks | $1.7B | $1.8B | $1B | $3.4B | $1B |
| Dividends paid | $6.4B | $6.6B | $6.8B | $6.8B | $7B |
| Dividend per share | 3.52 | 3.68 | 3.84 | 4.00 | 4.16 |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | −3.5% | −2.4% | −1.9% | −3.1% |
| Operating income growth (YoY) | – | 3.1% | −3.1% | −2.7% | −11.9% |
| EPS growth (YoY) | – | 138.1% | 43.3% | 43.1% | −37.0% |
| Gross margin | 53.8% | 56.8% | 58.3% | 59.8% | 62.5% |
| Operating margin | 44.4% | 47.5% | 47.2% | 46.8% | 42.5% |
| Net margin | 9.5% | 23.0% | 33.2% | 46.9% | 29.8% |
| ROCEEBIT ÷ (assets − current liabilities) | 37.4% | 42.1% | 42.4% | 42.6% | 38.3% |
| Free cash flow margin | 31.7% | 32.1% | 37.1% | 35.9% | 39.0% |
| Cash conversion (CFO ÷ net income) | 3.40x | 1.43x | 1.14x | 0.78x | 1.34x |
| Receivable days | 1 | 1 | 1 | 3 | 4 |
| Inventory days | 61 | 67 | 71 | 65 | 70 |
| Payable days | 23 | 31 | 34 | 42 | 49 |
| Interest cover | 9.73x | 10.6x | 10.0x | 10.0x | 8.41x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $23.5B | $22.7B | $22.5B | $21.8B | $21.2B |
| Current ratio | 0.71x | 0.84x | 0.49x | 0.51x | 0.65x |
Recent filings
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Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.