Altria Group (MO) Financials

$70.26 -2.53 (-3.47%)

Closing price 03:59 PM Eastern

Extended Trading

$70.22 -0.04 (-0.06%)

As of 04:32 PM Eastern

Annual Income Statements for Altria Group

This table shows Altria Group's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	5,241	14,239	10,222	6,963	-1,293	4,467	2,475	5,764	8,130	11,264	6,947
Consolidated Net Income / (Loss)	5,243	14,244	10,227	6,967	-1,298	4,454	2,475	5,764	8,130	11,264	6,947
Net Income / (Loss) Continuing Operations	5,243	14,244	10,227	6,967	-1,298	4,454	2,475	5,764	8,130	11,264	6,947
Total Pre-Tax Income	8,078	21,852	9,828	9,341	766	6,890	3,824	7,389	10,928	13,658	9,389
Total Operating Income	8,361	8,761	9,593	9,115	10,326	10,873	11,560	11,919	11,547	11,241	9,899
Total Gross Profit	11,114	11,572	11,963	12,254	12,711	13,023	13,992	14,246	14,284	14,367	14,542
Total Revenue	25,434	25,744	25,576	25,364	25,110	26,153	26,013	25,096	24,483	24,018	23,279
Operating Revenue	25,434	25,744	25,576	25,364	25,110	26,153	26,013	25,096	24,483	24,018	23,279
Total Cost of Revenue	14,320	14,171	13,613	13,110	12,399	13,130	12,021	10,850	10,199	9,651	8,737
Operating Cost of Revenue	14,320	14,171	13,613	7,373	7,085	7,818	12,021	10,850	6,218	6,077	5,597
Other Cost of Revenue	-	-	-	5,737	5,314	5,312	-	-	3,981	3,574	3,140
Total Operating Expenses	2,753	2,811	2,370	3,105	2,385	2,150	2,432	2,327	2,737	3,024	4,643
Marketing Expense	2,708	2,662	2,338	2,756	2,385	2,150	2,432	2,327	2,737	2,737	2,507
Impairment Charge	4.00	149	-	383	-	-	-	0.00	0.00	389	2,136
Other Special Charges / (Income)	-	-	-	-	-	-	-	-	0.00	-	0.00
Total Other Income / (Expense), net	-283	13,090	235	192	-9,560	-3,983	-7,736	-4,530	-619	2,315	-510
Interest Expense	1,045	1,570	705	665	1,280	1,209	1,811	1,058	989	1,037	1,079
Interest & Investment Income	757	795	532	890	37	77	-5,979	-3,656	243	652	510
Other Income / (Expense), net	5.00	13,865	408	-33	-8,317	-2,851	54	184	127	2,700	59
Income Tax Expense	2,835	7,608	-399	2,374	2,064	2,436	1,349	1,625	2,798	2,394	2,442
Basic Earnings per Share	$2.67	$7.28	$5.31	$3.69	($0.70)	$2.40	$1.34	$3.19	$4.57	$6.54	$4.12
Weighted Average Basic Shares Outstanding	1.96B	1.95B	1.92B	1.89B	1.86B	1.86B	1.82B	1.79B	1.76B	1.69B	1.67B
Diluted Earnings per Share	$2.67	$7.28	$5.31	$3.68	($0.70)	$2.40	$1.34	$3.19	$4.57	$6.54	$4.12
Weighted Average Diluted Shares Outstanding	1.96B	1.95B	1.92B	1.89B	1.86B	1.86B	1.82B	1.79B	1.76B	1.69B	1.67B
Weighted Average Basic & Diluted Shares Outstanding	1.96B	1.95B	1.92B	1.89B	1.86B	1.86B	1.82B	1.79B	1.76B	1.69B	1.67B
Cash Dividends to Common per Share	$2.17	$2.35	$2.54	$3.00	$3.28	$3.40	$3.52	$3.68	$3.84	$4.00	$4.16

This table shows Altria Group's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q3 2025	Q1 2026
Period end date	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	9/30/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	1,787	2,117	2,166	2,060	2,129	3,803	2,293	3,039	1,077	2,375	2,183
Consolidated Net Income / (Loss)	1,787	2,117	2,166	2,060	2,129	3,803	2,293	3,039	1,077	2,375	2,183
Net Income / (Loss) Continuing Operations	1,787	2,117	2,166	2,060	2,129	3,803	2,293	3,039	1,077	2,375	2,183
Total Pre-Tax Income	2,479	2,806	2,908	2,735	2,739	5,116	3,026	2,777	1,683	3,075	2,859
Total Operating Income	2,757	2,905	3,089	2,796	2,674	2,533	3,152	2,882	1,788	3,230	2,956
Total Gross Profit	3,329	3,757	3,699	3,499	3,280	3,675	3,808	3,604	3,249	3,812	3,506
Total Revenue	5,719	6,508	6,281	5,975	5,576	6,209	6,259	5,974	5,259	6,072	5,428
Operating Revenue	5,719	6,508	6,281	5,975	5,576	6,209	6,259	5,974	5,259	6,072	5,428
Total Cost of Revenue	2,390	2,751	2,582	2,476	2,296	2,534	2,451	2,370	2,010	2,260	1,922
Operating Cost of Revenue	2,390	2,751	2,582	2,476	1,437	1,602	1,536	1,502	1,270	1,439	1,252
Other Cost of Revenue	-	-	-	-	859	932	915	868	740	821	670
Total Operating Expenses	572	852	610	703	582	1,117	631	796	1,461	566	547
Marketing Expense	572	852	610	703	606	788	656	687	588	580	550
Other Operating Expenses / (Income)	-	-	-	-	-24	-25	-25	-	-	-16	-3.00
Impairment Charge	-	0.00	0.00	-	0.00	354	0.00	35	873	2.00	0.00
Total Other Income / (Expense), net	-278	-99	-181	-61	41	2,558	-151	-31	-105	-171	-100
Interest Expense	229	-	272	-	254	261	267	255	262	278	258
Interest & Investment Income	-80	-257	58	522	295	119	116	122	143	107	158
Income Tax Expense	692	689	742	675	610	1,313	733	-262	606	700	676
Basic Earnings per Share	$1.00	$1.19	$1.22	$1.16	$1.21	$2.21	$1.34	$1.78	$0.63	$1.41	$1.30
Weighted Average Basic Shares Outstanding	1.79B	1.77B	1.77B	1.76B	1.72B	1.71B	1.69B	1.69B	1.68B	1.68B	1.67B
Diluted Earnings per Share	$1.00	$1.19	$1.22	$1.16	$1.21	$2.21	$1.34	$1.78	$0.63	$1.41	$1.30
Weighted Average Diluted Shares Outstanding	1.79B	1.77B	1.77B	1.76B	1.72B	1.71B	1.69B	1.69B	1.68B	1.68B	1.67B
Weighted Average Basic & Diluted Shares Outstanding	1.79B	1.77B	1.77B	1.76B	1.72B	1.71B	1.69B	1.69B	1.68B	1.68B	1.67B
Cash Dividends to Common per Share	$0.94	$0.94	$0.98	$0.98	$0.98	$0.98	-	$1.02	$1.02	-	$1.06

This table details how cash moves in and out of Altria Group's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	-952	2,205	-3,337	119	727	2,846	-412	-503	-370	-563	1,334
Net Cash From Operating Activities	5,843	3,826	4,901	8,391	7,837	8,385	8,405	8,256	9,287	8,753	9,290
Net Cash From Continuing Operating Activities	5,843	3,826	4,901	8,391	7,837	8,385	8,405	8,256	9,287	8,753	9,290
Net Income / (Loss) Continuing Operations	5,243	14,244	10,227	6,967	-1,298	4,454	2,475	5,764	8,130	11,264	6,947
Consolidated Net Income / (Loss)	5,243	14,244	10,227	6,967	-1,298	4,454	2,475	5,764	8,130	11,264	6,947
Depreciation Expense	225	204	209	227	226	257	244	226	272	286	266
Non-Cash Adjustments To Reconcile Net Income	-66	-13,523	-503	100	8,605	2,877	6,720	3,604	-216	-2,931	1,763
Changes in Operating Assets and Liabilities, net	441	2,901	-5,032	1,097	304	797	-1,034	-1,338	1,101	134	314
Net Cash From Investing Activities	-15	3,708	-467	-12,988	-2,398	-143	1,212	782	-1,283	2,175	-341
Net Cash From Continuing Investing Activities	-15	3,708	-467	-12,988	-2,398	-143	1,212	782	-1,283	2,175	-341
Purchase of Property, Plant & Equipment	-229	-189	-199	-238	-246	-231	-169	-205	-196	-142	-216
Acquisitions	0.00	-1,623	-415	-15	-421	-	0.00	0.00	-2,751	0.00	0.00
Divestitures	0.00	4,773	-	-	0.00	0.00	1,176	1,000	1,700	2,353	0.00
Other Investing Activities, net	-8.00	6.00	147	65	-1,731	88	205	-13	-36	-36	-125
Net Cash From Financing Activities	-6,780	-5,329	-7,771	4,716	-4,712	-5,396	-10,029	-9,541	-8,374	-11,491	-7,615
Net Cash From Continuing Financing Activities	-6,780	-5,329	-7,771	4,716	-4,712	-5,396	-10,029	-9,541	-8,374	-11,491	-7,615
Repayment of Debt	-2,047	-1,763	-47	-996	-14,063	-4,099	-7,380	-1,117	-3,593	-1,246	-1,647
Repurchase of Common Equity	-554	-1,030	-2,917	-1,673	-845	0.00	-1,675	-1,825	-1,000	-3,400	-1,000
Payment of Dividends	-4,179	-4,512	-4,807	-5,415	-6,069	-6,290	-6,446	-6,599	-6,779	-6,845	-6,960
Issuance of Debt	0.00	1,976	0.00	12,800	16,265	4,993	5,472	0.00	2,998	0.00	1,992
Cash Interest Paid	776	775	696	704	991	1,246	1,189	1,119	1,116	1,113	1,114
Cash Income Taxes Paid	3,029	4,664	3,036	2,307	1,977	2,616	2,673	2,657	1,874	1,709	1,695

This table details how cash moves in and out of Altria Group's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q4 2025	Q1 2026
Period end date	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	-117	-3,051	658	2,140	-75	-1,810	92	1,230	1,592	996	-942
Net Cash From Operating Activities	2,984	124	2,952	3,227	2,877	-75	2,611	3,340	2,720	3,271	2,324
Net Cash From Continuing Operating Activities	2,984	124	2,952	3,227	2,877	-75	2,611	3,340	2,720	3,271	2,324
Net Income / (Loss) Continuing Operations	1,787	2,117	2,166	2,060	2,129	3,803	2,293	3,039	1,077	1,117	2,183
Consolidated Net Income / (Loss)	1,787	2,117	2,166	2,060	2,129	3,803	2,293	3,039	1,077	1,117	2,183
Depreciation Expense	52	62	80	78	65	74	74	73	71	54	56
Non-Cash Adjustments To Reconcile Net Income	46	7.00	-92	-177	-324	-2,119	-370	-118	734	1,151	-173
Changes in Operating Assets and Liabilities, net	1,099	-2,062	798	1,266	1,007	-1,833	614	346	838	949	258
Net Cash From Investing Activities	-56	-2,802	1,641	-66	2,316	-37	-41	-63	-43	-202	-109
Net Cash From Continuing Investing Activities	-56	-2,802	1,641	-66	2,316	-37	-41	-63	-43	-202	-109
Purchase of Property, Plant & Equipment	-55	-48	-40	-53	-35	-29	-31	-47	-38	-92	-93
Other Investing Activities, net	-1.00	-4.00	-18	-13	-2.00	-8.00	-10	-16	-5.00	-110	-16
Net Cash From Financing Activities	-3,045	-373	-3,935	-1,021	-5,268	-1,698	-2,478	-2,047	-1,085	-2,073	-3,157
Net Cash From Continuing Financing Activities	-3,045	-373	-3,935	-1,021	-5,268	-1,698	-2,478	-2,047	-1,085	-2,073	-3,157
Repayment of Debt	-1,362	-219	-2,000	-12	-1,135	-1.00	-110	-	-26	-	-1,097
Repurchase of Common Equity	0.00	-472	-260	-268	-2,400	-10	-680	-310	-326	-288	-280
Payment of Dividends	-1,683	-1,682	-1,675	-1,739	-1,733	-1,687	-1,688	-1,737	-1,730	-1,785	-1,780
Issuance of Debt	-	-	-	998	0.00	-	-	-	997	-	0.00

This table presents Altria Group's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	31,459	45,932	43,202	55,459	49,271	47,414	39,523	36,954	38,570	35,177	35,017
Total Current Assets	4,911	7,260	4,344	4,299	4,824	7,117	6,083	7,220	5,585	4,513	5,932
Cash & Equivalents	2,369	4,569	1,253	1,333	2,117	4,945	4,544	4,030	3,686	3,127	4,474
Accounts Receivable	124	151	142	142	152	137	47	48	71	177	263
Inventories, net	2,031	2,051	2,225	2,331	2,293	1,966	1,194	1,180	1,215	1,080	1,070
Other Current Assets	387	220	263	326	262	69	298	1,859	117	129	125
Plant, Property, & Equipment, net	1,982	1,958	1,914	1,938	1,999	2,012	1,553	1,608	1,652	1,617	1,710
Plant, Property & Equipment, gross	4,877	4,835	4,879	4,950	5,074	5,150	4,432	4,427	4,582	4,537	4,672
Accumulated Depreciation	2,895	2,877	2,965	3,012	3,075	3,138	2,879	2,819	2,930	2,920	2,962
Total Noncurrent Assets	24,566	36,714	36,944	49,222	42,448	38,285	31,887	28,126	31,333	29,047	27,375
Long-Term Investments	5,483	17,852	17,952	30,496	23,581	19,529	13,481	9,600	10,011	8,195	8,617
Goodwill	5,285	5,285	5,307	5,196	5,177	5,177	5,177	5,177	6,791	6,945	5,787
Intangible Assets	12,028	12,036	12,400	12,279	12,687	12,615	12,306	12,384	13,686	12,973	11,876
Other Noncurrent Operating Assets	531	513	1,285	1,251	1,003	964	923	965	845	934	1,095
Total Liabilities & Shareholders' Equity	31,459	45,932	43,202	55,459	49,271	47,414	39,523	36,954	38,570	35,177	35,017
Total Liabilities	28,549	33,121	27,784	40,631	42,914	44,449	41,129	40,877	42,060	37,365	38,469
Total Current Liabilities	7,070	7,375	6,792	21,193	8,174	9,063	8,579	8,616	11,319	8,781	9,154
Short-Term Debt	4.00	0.00	864	13,848	1,000	1,500	1,105	1,556	1,121	1,527	1,569
Accounts Payable	400	425	374	399	325	380	449	552	582	700	750
Accrued Expenses	5,358	5,473	4,108	5,443	5,284	5,581	5,378	4,823	5,181	4,822	5,053
Dividends Payable	1,110	1,188	1,258	1,503	1,565	1,602	1,647	1,685	1,735	1,732	1,782
Total Noncurrent Liabilities	21,479	25,746	20,992	19,438	34,740	35,386	32,550	32,261	30,741	28,584	29,315
Long-Term Debt	12,843	13,881	13,030	11,898	27,042	27,971	26,939	25,124	25,112	23,399	24,140
Noncurrent Deferred & Payable Income Tax Liabilities	4,667	8,416	5,247	4,993	5,083	4,532	3,692	2,897	2,799	3,749	3,370
Noncurrent Employee Benefit Liabilities	3,522	3,022	2,432	2,293	2,270	2,502	1,636	1,216	1,209	1,071	1,061
Other Noncurrent Operating Liabilities	447	427	283	254	345	381	283	3,024	1,621	365	744
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	2,873	12,773	15,380	14,789	6,319	2,925	-1,606	-3,923	-3,490	-2,188	-3,452
Total Preferred & Common Equity	2,880	12,770	15,377	14,787	6,222	2,839	-1,606	-3,973	-3,540	-2,238	-3,502
Total Common Equity	2,880	12,770	15,377	14,787	6,222	2,839	-1,606	-3,973	-3,540	-2,238	-3,502
Common Stock	6,748	6,828	6,887	6,896	6,905	6,845	6,792	6,822	6,841	6,840	6,856
Retained Earnings	27,257	36,906	42,251	43,962	36,539	34,679	30,664	29,792	31,094	35,516	35,452
Treasury Stock	-27,845	-28,912	-31,864	-33,524	-34,358	-34,344	-36,006	-37,816	-38,802	-42,194	-43,183
Accumulated Other Comprehensive Income / (Loss)	-3,280	-2,052	-1,897	-2,547	-2,864	-4,341	-3,056	-2,771	-2,673	-2,400	-2,627
Noncontrolling Interest	-7.00	3.00	3.00	2.00	97	86	0.00	50	50	50	50

This table presents Altria Group's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q3 2025	Q1 2026
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	9/30/2025	3/31/2026
Total Assets	36,954	36,826	37,151	36,469	38,570	36,475	34,387	34,167	35,760	35,008	34,584
Total Current Assets	7,220	7,152	4,338	3,390	5,585	5,198	3,540	3,499	6,080	5,119	5,202
Cash & Equivalents	4,030	3,913	874	1,537	3,686	3,608	1,799	1,897	4,726	3,472	3,531
Accounts Receivable	48	58	63	57	71	77	72	87	258	249	284
Inventories, net	1,180	1,252	1,191	1,174	1,215	1,241	1,174	1,101	1,062	1,065	1,146
Other Current Assets	1,859	1,929	2,210	622	117	99	179	210	34	333	241
Plant, Property, & Equipment, net	1,608	1,593	1,626	1,629	1,652	1,624	1,620	1,618	1,608	1,617	1,730
Plant, Property & Equipment, gross	4,427	4,413	4,487	4,526	4,582	4,515	4,507	4,518	4,561	4,547	4,707
Accumulated Depreciation	2,819	2,820	2,861	2,897	2,930	2,891	2,887	2,900	2,953	2,930	2,977
Total Noncurrent Assets	28,126	28,081	31,187	31,450	31,333	29,653	29,227	29,050	28,072	28,272	27,652
Long-Term Investments	9,600	9,559	9,643	9,907	10,011	8,396	8,335	8,153	8,105	8,385	8,947
Goodwill	5,177	5,177	6,790	6,791	6,791	6,945	6,945	6,945	6,072	6,072	5,787
Intangible Assets	12,384	12,366	13,749	13,727	13,686	13,439	13,048	13,010	12,936	12,866	11,873
Other Noncurrent Operating Assets	965	979	1,005	1,025	845	873	899	942	959	949	1,045
Total Liabilities & Shareholders' Equity	36,954	36,826	37,151	36,469	38,570	36,475	34,387	34,167	35,760	35,008	34,584
Total Liabilities	40,877	40,652	40,928	39,826	42,060	41,539	37,353	37,585	39,220	37,604	37,745
Total Current Liabilities	8,616	9,146	11,664	10,381	11,319	10,935	7,782	7,996	10,655	8,286	8,407
Short-Term Debt	1,556	1,339	3,121	1,121	1,121	0.00	1,553	1,585	2,631	1,569	542
Accounts Payable	552	412	454	490	582	504	556	510	550	662	701
Accrued Expenses	4,823	5,710	3,712	4,328	5,181	6,041	3,983	4,162	5,747	4,268	5,385
Dividends Payable	1,685	1,685	1,677	1,742	1,735	1,690	1,690	1,739	1,727	1,787	1,779
Total Noncurrent Liabilities	32,261	31,506	29,264	29,445	30,741	30,604	29,571	29,589	28,565	29,318	29,338
Long-Term Debt	25,124	24,048	24,074	23,977	25,112	25,042	23,470	23,570	23,428	24,132	24,060
Noncurrent Deferred & Payable Income Tax Liabilities	2,897	2,735	2,646	2,527	2,799	2,699	3,281	3,208	3,699	3,462	3,464
Noncurrent Employee Benefit Liabilities	1,216	1,214	1,220	1,223	1,209	1,207	1,213	1,215	1,068	1,064	1,055
Other Noncurrent Operating Liabilities	3,024	3,509	1,324	1,718	1,621	1,656	1,607	1,596	370	660	759
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	-3,923	-3,826	-3,777	-3,357	-3,490	-5,064	-2,966	-3,418	-3,460	-2,596	-3,161
Total Preferred & Common Equity	-3,973	-3,876	-3,827	-3,407	-3,540	-5,114	-3,016	-3,468	-3,510	-2,646	-3,211
Total Common Equity	-3,973	-3,876	-3,827	-3,407	-3,540	-5,114	-3,016	-3,468	-3,510	-2,646	-3,211
Common Stock	6,822	6,801	6,815	6,830	6,841	6,456	6,811	6,825	6,818	6,841	6,829
Retained Earnings	29,792	29,898	30,340	30,767	31,094	31,535	33,651	34,206	34,868	36,115	35,859
Treasury Stock	-37,816	-37,796	-38,273	-38,533	-38,802	-40,839	-41,195	-41,882	-42,505	-42,893	-43,449
Accumulated Other Comprehensive Income / (Loss)	-2,771	-2,779	-2,709	-2,471	-2,673	-2,266	-2,283	-2,617	-2,691	-2,709	-2,450
Noncontrolling Interest	50	50	50	50	50	50	50	50	50	50	50

This table displays calculated financial ratios and metrics derived from Altria Group's official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	3.72%	1.22%	-0.65%	-0.83%	-1.00%	4.15%	-0.54%	-3.53%	-2.44%	-1.90%	-3.08%
EBITDA Growth	9.75%	165.74%	-55.28%	-8.82%	-75.99%	270.43%	43.23%	3.85%	-2.99%	19.95%	-28.14%
EBIT Growth	9.79%	170.45%	-55.80%	-9.19%	-77.88%	299.30%	44.78%	4.08%	-3.42%	20.29%	-28.57%
NOPAT Growth	9.20%	5.24%	74.80%	-31.90%	-357.38%	140.17%	6.45%	24.27%	-7.61%	7.92%	-20.99%
Net Income Growth	3.41%	171.68%	-28.20%	-31.88%	-118.63%	443.14%	-44.43%	132.89%	41.05%	38.55%	-38.33%
EPS Growth	4.30%	172.66%	-27.06%	-30.70%	-119.02%	442.86%	-44.17%	138.06%	43.26%	43.11%	-37.00%
Operating Cash Flow Growth	25.31%	-34.52%	28.10%	71.21%	-6.60%	6.99%	0.24%	-1.77%	12.49%	-5.75%	6.14%
Free Cash Flow Firm Growth	232.18%	63.33%	-56.01%	94.17%	-321.28%	144.14%	-9.63%	22.33%	0.89%	-19.93%	37.96%
Invested Capital Growth	-2.67%	-39.45%	108.19%	-9.83%	0.18%	-6.84%	5.19%	7.48%	-0.29%	21.96%	-16.73%
Revenue Q/Q Growth	0.24%	-0.26%	-0.59%	0.05%	-0.42%	1.15%	-0.19%	-0.57%	-0.55%	0.00%	0.00%
EBITDA Q/Q Growth	0.87%	149.02%	-56.85%	-4.98%	-73.83%	117.87%	32.05%	0.90%	-1.22%	25.19%	0.00%
EBIT Q/Q Growth	0.70%	152.97%	-57.36%	-5.15%	-75.85%	126.29%	33.11%	0.84%	-1.38%	25.89%	0.00%
NOPAT Q/Q Growth	0.07%	1.79%	60.51%	-35.00%	-479.85%	185.49%	-3.38%	16.48%	-7.63%	10.02%	0.00%
Net Income Q/Q Growth	0.23%	173.19%	-34.18%	-34.79%	-173.46%	520.33%	-10.75%	22.69%	-7.19%	9.52%	0.00%
EPS Q/Q Growth	0.38%	174.72%	-33.46%	-34.40%	-174.47%	531.58%	-10.07%	23.64%	-6.92%	10.47%	0.00%
Operating Cash Flow Q/Q Growth	2.63%	-27.58%	10.38%	14.58%	10.40%	-0.26%	1.47%	-0.53%	7.01%	1.31%	-0.74%
Free Cash Flow Firm Q/Q Growth	-9.85%	75.56%	-57.47%	25.69%	-523.96%	152.06%	-10.49%	20.99%	-1.09%	-1.92%	0.00%
Invested Capital Q/Q Growth	-6.07%	-45.03%	73.12%	-4.47%	-8.36%	-9.75%	-4.52%	-5.61%	-10.45%	-2.07%	0.00%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	43.70%	44.95%	46.77%	48.31%	50.62%	49.80%	53.79%	56.77%	58.34%	59.82%	62.47%
EBITDA Margin	33.78%	88.68%	39.92%	36.70%	8.90%	31.66%	45.58%	49.07%	48.79%	59.66%	43.92%
Operating Margin	32.87%	34.03%	37.51%	35.94%	41.12%	41.57%	44.44%	47.49%	47.16%	46.80%	42.52%
EBIT Margin	32.89%	87.89%	39.10%	35.81%	8.00%	30.67%	44.65%	48.17%	47.68%	58.47%	42.78%
Profit (Net Income) Margin	20.61%	55.33%	39.99%	27.47%	-5.17%	17.03%	9.51%	22.97%	33.21%	46.90%	29.84%
Tax Burden Percent	64.90%	65.18%	104.06%	74.59%	-169.45%	64.64%	64.72%	78.01%	74.40%	82.47%	73.99%
Interest Burden Percent	96.56%	96.58%	98.27%	102.85%	38.13%	85.89%	32.93%	61.13%	93.61%	97.26%	94.29%
Effective Tax Rate	35.10%	34.82%	-4.06%	25.41%	269.45%	35.36%	35.28%	21.99%	25.60%	17.53%	26.01%
Return on Invested Capital (ROIC)	59.38%	78.91%	118.67%	62.91%	-170.59%	70.89%	76.25%	89.09%	79.57%	77.48%	60.79%
ROIC Less NNEP Spread (ROIC-NNEP)	56.40%	-1,289.69%	114.38%	59.01%	-4,999.08%	21.88%	21.43%	62.32%	76.39%	90.95%	58.26%
Return on Net Nonoperating Assets (RNNOA)	116.70%	102.30%	-46.21%	-16.84%	158.34%	24.67%	287.99%	-297.59%	-298.91%	-474.24%	-307.14%
Return on Equity (ROE)	176.09%	181.21%	72.46%	46.07%	-12.25%	95.56%	364.24%	-208.50%	-219.34%	-396.76%	-246.35%
Cash Return on Invested Capital (CROIC)	62.09%	128.05%	48.46%	73.25%	-170.77%	77.97%	71.20%	81.89%	79.85%	57.70%	79.05%
Operating Return on Assets (OROA)	25.38%	58.47%	22.44%	18.41%	3.84%	16.59%	26.72%	31.61%	30.91%	38.08%	28.37%
Return on Assets (ROA)	15.90%	36.81%	22.95%	14.12%	-2.48%	9.21%	5.69%	15.07%	21.53%	30.55%	19.79%
Return on Common Equity (ROCE)	174.28%	180.39%	72.25%	45.94%	-12.15%	92.88%	330.47%	-210.39%	-222.30%	-403.75%	-250.72%
Return on Equity Simple (ROE_SIMPLE)	182.05%	111.54%	66.51%	47.12%	-20.86%	156.89%	-154.11%	-145.08%	-229.66%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	5,427	5,711	9,982	6,798	-17,498	7,029	7,482	9,298	8,591	9,271	7,324
NOPAT Margin	21.34%	22.18%	39.03%	26.80%	-69.68%	26.88%	28.76%	37.05%	35.09%	38.60%	31.46%
Net Nonoperating Expense Percent (NNEP)	2.98%	1,368.60%	4.29%	3.91%	4,828.49%	49.01%	54.83%	26.77%	3.18%	-13.47%	2.54%
Return On Investment Capital (ROIC_SIMPLE)	34.52%	21.43%	34.10%	16.77%	-50.92%	21.70%	28.30%	40.86%	37.77%	40.77%	32.91%
Cost of Revenue to Revenue	56.30%	55.05%	53.23%	51.69%	49.38%	50.20%	46.21%	43.23%	41.66%	40.18%	37.53%
SG&A Expenses to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	10.82%	10.92%	9.27%	12.24%	9.50%	8.22%	9.35%	9.27%	11.18%	13.02%	19.95%
Earnings before Interest and Taxes (EBIT)	8,366	22,626	10,001	9,082	2,009	8,022	11,614	12,088	11,674	14,043	9,958
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	8,591	22,830	10,210	9,309	2,235	8,279	11,858	12,314	11,946	14,329	10,224
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	21.78	5.89	5.23	3.90	9.95	19.48	0.00	0.00	0.00	0.00	0.00
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	2.47	2.92	3.15	2.28	2.47	2.11	2.61	2.75	2.68	3.56	4.16
Price to Earnings (P/E)	11.97	5.28	7.87	8.29	0.00	12.38	27.43	11.99	8.08	7.60	13.93
Dividend Yield	6.78%	6.10%	6.02%	9.76%	9.90%	11.42%	9.52%	9.54%	10.34%	7.92%	7.21%
Earnings Yield	8.35%	18.95%	12.70%	12.06%	0.00%	8.08%	3.65%	8.34%	12.37%	13.16%	7.18%
Enterprise Value to Invested Capital (EV/IC)	7.52	12.21	6.62	5.04	6.27	6.32	7.74	7.61	7.26	7.55	10.00
Enterprise Value to Revenue (EV/Rev)	2.66	2.59	2.94	2.04	2.56	2.31	3.00	3.28	3.20	4.13	4.70
Enterprise Value to EBITDA (EV/EBITDA)	7.89	2.92	7.37	5.55	28.81	7.30	6.57	6.68	6.55	6.92	10.71
Enterprise Value to EBIT (EV/EBIT)	8.10	2.95	7.52	5.69	32.06	7.53	6.71	6.80	6.71	7.07	10.99
Enterprise Value to NOPAT (EV/NOPAT)	12.49	11.67	7.53	7.60	0.00	8.60	10.41	8.84	9.11	10.70	14.94
Enterprise Value to Operating Cash Flow (EV/OCF)	11.60	17.42	15.35	6.16	8.22	7.21	9.27	9.96	8.43	11.34	11.78
Enterprise Value to Free Cash Flow (EV/FCFF)	11.94	7.19	18.45	6.53	0.00	7.82	11.15	9.62	9.08	14.37	11.49
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	4.41	1.08	0.90	1.74	4.41	9.94	-17.46	-6.80	-7.52	-11.39	-7.45
Long-Term Debt to Equity	4.41	1.08	0.85	0.80	4.25	9.43	-16.77	-6.40	-7.20	-10.69	-6.99
Financial Leverage	2.07	-0.08	-0.40	-0.29	-0.03	1.13	13.44	-4.78	-3.91	-5.21	-5.27
Leverage Ratio	11.07	4.92	3.16	3.26	4.94	10.37	63.97	-13.83	-10.19	-12.99	-12.45
Compound Leverage Factor	10.69	4.75	3.10	3.36	1.88	8.91	21.06	-8.46	-9.54	-12.63	-11.73
Debt to Total Capital	81.53%	52.00%	47.40%	63.45%	81.52%	90.86%	106.07%	117.24%	115.35%	109.62%	115.51%
Short-Term Debt to Total Capital	0.03%	0.00%	2.95%	34.13%	2.91%	4.62%	4.18%	6.84%	4.93%	6.72%	7.05%
Long-Term Debt to Total Capital	81.51%	52.00%	44.45%	29.32%	78.61%	86.23%	101.90%	110.40%	110.42%	102.91%	108.46%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.19%	0.15%	0.14%	0.10%	0.39%	0.39%	0.00%	0.22%	0.22%	0.22%	0.22%
Common Equity to Total Capital	18.28%	47.84%	52.46%	36.44%	18.09%	8.75%	-6.07%	-17.46%	-15.57%	-9.84%	-15.73%
Debt to EBITDA	1.50	0.61	1.36	2.77	12.55	3.56	2.37	2.17	2.20	1.74	2.51
Net Debt to EBITDA	0.58	-0.37	-0.52	-0.65	1.05	0.60	0.84	1.06	1.05	0.95	1.23
Long-Term Debt to EBITDA	1.49	0.61	1.28	1.28	12.10	3.38	2.27	2.04	2.10	1.63	2.36
Debt to NOPAT	2.37	2.43	1.39	3.79	-1.60	4.19	3.75	2.87	3.05	2.69	3.51
Net Debt to NOPAT	0.92	-1.50	-0.53	-0.89	-0.13	0.71	1.34	1.40	1.46	1.47	1.72
Long-Term Debt to NOPAT	2.37	2.43	1.31	1.75	-1.55	3.98	3.60	2.70	2.92	2.52	3.30
Altman Z-Score	4.14	4.67	4.40	2.59	2.47	2.83	3.63	3.86	3.52	4.64	4.42
Noncontrolling Interest Sharing Ratio	1.02%	0.45%	0.29%	0.27%	0.83%	2.80%	9.27%	-0.90%	-1.35%	-1.76%	-1.77%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.69	0.98	0.64	0.20	0.59	0.79	0.71	0.84	0.49	0.51	0.65
Quick Ratio	0.35	0.64	0.21	0.07	0.28	0.56	0.54	0.47	0.33	0.38	0.52
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	5,674	9,267	4,076	7,915	-17,516	7,731	6,986	8,546	8,622	6,904	9,524
Operating Cash Flow to CapEx	2,551.53%	2,024.34%	2,462.81%	3,525.63%	3,185.77%	3,629.87%	4,973.37%	4,027.32%	4,738.27%	6,164.08%	4,300.93%
Free Cash Flow to Firm to Interest Expense	5.43	5.90	5.78	11.90	-13.68	6.39	3.86	8.08	8.72	6.66	8.83
Operating Cash Flow to Interest Expense	5.59	2.44	6.95	12.62	6.12	6.94	4.64	7.80	9.39	8.44	8.61
Operating Cash Flow Less CapEx to Interest Expense	5.37	2.32	6.67	12.26	5.93	6.74	4.55	7.61	9.19	8.30	8.41
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.77	0.67	0.57	0.51	0.48	0.54	0.60	0.66	0.65	0.65	0.66
Accounts Receivable Turnover	205.11	187.23	174.58	178.62	170.82	180.99	282.75	528.34	411.48	193.69	105.81
Inventory Turnover	7.04	6.94	6.37	5.76	5.36	6.17	7.61	9.14	8.52	8.41	8.13
Fixed Asset Turnover	12.83	13.07	13.21	13.17	12.76	13.04	14.59	15.88	15.02	14.69	13.99
Accounts Payable Turnover	35.10	34.35	34.08	33.92	34.25	37.25	29.00	21.68	17.99	15.06	12.05
Days Sales Outstanding (DSO)	1.78	1.95	2.09	2.04	2.14	2.02	1.29	0.69	0.89	1.88	3.45
Days Inventory Outstanding (DIO)	51.88	52.57	57.33	63.42	68.06	59.20	47.97	39.93	42.86	43.40	44.91
Days Payable Outstanding (DPO)	10.40	10.62	10.71	10.76	10.66	9.80	12.59	16.84	20.29	24.24	30.29
Cash Conversion Cycle (CCC)	43.26	43.89	48.70	54.71	59.54	51.42	36.68	23.79	23.45	21.04	18.07
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	9,015	5,459	11,365	10,248	10,266	9,564	10,060	10,812	10,781	13,148	10,948
Invested Capital Turnover	2.78	3.56	3.04	2.35	2.45	2.64	2.65	2.40	2.27	2.01	1.93
Increase / (Decrease) in Invested Capital	-247	-3,556	5,906	-1,117	18	-702	496	752	-31	2,367	-2,200
Enterprise Value (EV)	67,759	66,655	75,208	51,697	64,400	60,432	77,913	82,234	78,290	99,223	109,460
Market Capitalization	62,734	75,154	80,478	57,739	61,921	55,309	67,894	69,134	65,704	85,569	96,792
Book Value per Share	$1.47	$6.55	$8.06	$7.87	$3.33	$1.53	($0.87)	($2.22)	($2.00)	($1.32)	($2.09)
Tangible Book Value per Share	($7.36)	($2.33)	($1.22)	($1.43)	($6.23)	($8.05)	($10.39)	($12.02)	($13.58)	($13.07)	($12.61)
Total Capital	15,757	26,692	29,312	40,574	34,399	32,436	26,438	22,757	22,743	22,738	22,257
Total Debt	12,847	13,881	13,894	25,746	28,042	29,471	28,044	26,680	26,233	24,926	25,709
Total Long-Term Debt	12,843	13,881	13,030	11,898	27,042	27,971	26,939	25,124	25,112	23,399	24,140
Net Debt	4,995	-8,540	-5,311	-6,083	2,344	4,997	10,019	13,050	12,536	13,604	12,618
Capital Expenditures (CapEx)	229	189	199	238	246	231	169	205	196	142	216
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-4,524	-4,684	-2,837	-4,379	-4,467	-5,391	-5,935	-3,870	-8,299	-5,868	-6,127
Debt-free Net Working Capital (DFNWC)	-2,155	-115	-1,584	-3,046	-2,350	-446	-1,391	160	-4,613	-2,741	-1,653
Net Working Capital (NWC)	-2,159	-115	-2,448	-16,894	-3,350	-1,946	-2,496	-1,396	-5,734	-4,268	-3,222
Net Nonoperating Expense (NNE)	184	-8,533	-245	-169	-16,200	2,575	5,007	3,534	461	-1,993	377
Net Nonoperating Obligations (NNO)	6,105	-7,352	-4,053	-4,580	3,909	6,599	11,666	14,735	14,271	15,336	14,400
Total Depreciation and Amortization (D&A)	225	204	209	227	226	257	244	226	272	286	266
Debt-free, Cash-free Net Working Capital to Revenue	-17.79%	-18.19%	-11.09%	-17.26%	-17.79%	-20.61%	-22.82%	-15.42%	-33.90%	-24.43%	-26.32%
Debt-free Net Working Capital to Revenue	-8.47%	-0.45%	-6.19%	-12.01%	-9.36%	-1.71%	-5.35%	0.64%	-18.84%	-11.41%	-7.10%
Net Working Capital to Revenue	-8.49%	-0.45%	-9.57%	-66.61%	-13.34%	-7.44%	-9.60%	-5.56%	-23.42%	-17.77%	-13.84%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$0.00	$5.31	$3.69	($0.70)	$2.40	$1.34	$3.19	$4.57	$6.54	$4.12
Adjusted Weighted Average Basic Shares Outstanding	0.00	0.00	1.90B	1.87B	1.86B	1.86B	1.82B	1.79B	1.76B	1.69B	1.67B
Adjusted Diluted Earnings per Share	$0.00	$0.00	$5.31	$3.68	($0.70)	$2.40	$1.34	$3.19	$4.57	$6.54	$4.12
Adjusted Weighted Average Diluted Shares Outstanding	0.00	0.00	1.90B	1.87B	1.86B	1.86B	1.82B	1.79B	1.76B	1.69B	1.67B
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$5.31	$0.00	($0.70)	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	0.00	1.90B	1.87B	1.86B	1.86B	1.82B	1.79B	1.76B	1.69B	1.67B
Normalized Net Operating Profit after Tax (NOPAT)	5,429	5,808	6,738	7,084	7,228	7,029	7,482	9,298	8,591	9,591	8,905
Normalized NOPAT Margin	21.35%	22.56%	26.34%	27.93%	28.79%	26.88%	28.76%	37.05%	35.09%	39.93%	38.25%
Pre Tax Income Margin	31.76%	84.88%	38.43%	36.83%	3.05%	26.35%	14.70%	29.44%	44.64%	56.87%	40.33%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	8.01	14.41	14.19	13.66	1.57	6.64	6.41	11.43	11.80	13.54	9.23
NOPAT to Interest Expense	5.19	3.64	14.16	10.22	-13.67	5.81	4.13	8.79	8.69	8.94	6.79
EBIT Less CapEx to Interest Expense	7.79	14.29	13.90	13.30	1.38	6.44	6.32	11.23	11.61	13.41	9.03
NOPAT Less CapEx to Interest Expense	4.97	3.52	13.88	9.87	-13.86	5.62	4.04	8.59	8.49	8.80	6.59
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	79.71%	31.68%	47.00%	77.72%	-467.57%	141.22%	260.44%	114.49%	83.38%	60.77%	100.19%
Augmented Payout Ratio	90.27%	38.91%	75.53%	101.74%	-532.67%	141.22%	328.12%	146.15%	95.68%	90.95%	114.58%

This table displays calculated financial ratios and metrics derived from Altria Group's official financial filings.

Metric	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q3 2025	Q1 2026
Period end date	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	9/30/2025	3/31/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	1,671,898,087.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	1,671,898,087.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	1.31
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-2.94%	-0.53%	-4.11%	-2.23%	-2.50%	-4.59%	-0.35%	-0.02%	-5.69%	-2.99%	3.21%
EBITDA Growth	-4.44%	-2.50%	-0.25%	-5.06%	-3.56%	69.82%	0.75%	6.33%	-32.13%	0.12%	60.81%
EBIT Growth	-4.52%	-2.70%	-1.08%	-5.69%	-4.09%	70.85%	0.96%	6.70%	-33.13%	2.47%	64.04%
NOPAT Growth	-5.97%	27.15%	34.33%	-24.88%	4.58%	-14.09%	3.81%	49.76%	-44.95%	4.45%	97.26%
Net Income Growth	-8.78%	137.60%	866.96%	-23.42%	19.14%	79.64%	5.86%	47.52%	-49.41%	3.58%	102.69%
EPS Growth	-7.41%	142.86%	916.67%	-22.67%	21.00%	85.71%	9.84%	53.45%	-47.93%	5.22%	106.35%
Operating Cash Flow Growth	-2.96%	124.12%	-4.03%	23.22%	-3.59%	-160.48%	-11.55%	3.50%	-5.46%	0.00%	-14.56%
Free Cash Flow Firm Growth	-23.08%	-145.46%	116.29%	4.17%	85.40%	547.57%	-41.67%	-63.18%	-131.38%	188.15%	538.27%
Invested Capital Growth	9.00%	24.07%	5.10%	-0.29%	-1.13%	-6.62%	11.52%	21.96%	18.95%	-2.91%	-6.55%
Revenue Q/Q Growth	-6.41%	13.80%	-3.49%	-4.87%	-6.68%	11.35%	0.81%	-4.55%	0.00%	0.00%	0.00%
EBITDA Q/Q Growth	-2.97%	10.04%	2.46%	-13.21%	-1.44%	93.76%	-39.21%	-8.40%	0.00%	0.00%	0.00%
EBIT Q/Q Growth	-2.65%	9.86%	1.93%	-13.48%	-1.00%	95.70%	-39.77%	-8.57%	0.00%	0.00%	0.00%
NOPAT Q/Q Growth	-29.11%	10.28%	4.98%	-8.47%	-1.30%	-9.41%	26.85%	32.05%	0.00%	0.00%	0.00%
Net Income Q/Q Growth	-33.57%	18.47%	2.31%	-4.89%	3.35%	78.63%	-39.71%	32.53%	0.00%	0.00%	0.00%
EPS Q/Q Growth	-33.33%	19.00%	2.52%	-4.92%	4.31%	82.64%	-39.37%	32.84%	0.00%	0.00%	0.00%
Operating Cash Flow Q/Q Growth	13.94%	-95.84%	2,280.65%	9.32%	-10.85%	-102.61%	3,581.33%	27.92%	0.00%	0.00%	-28.95%
Free Cash Flow Firm Q/Q Growth	-42.46%	-153.91%	369.81%	24.47%	2.41%	30.13%	-64.83%	-21.43%	0.00%	0.00%	0.00%
Invested Capital Q/Q Growth	-9.60%	49.15%	-17.42%	-10.45%	-10.36%	40.86%	-1.37%	-2.07%	0.00%	0.00%	0.00%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	58.21%	57.73%	58.89%	58.56%	58.82%	59.19%	60.84%	60.33%	61.78%	62.78%	64.59%
EBITDA Margin	49.66%	48.02%	50.98%	46.51%	49.12%	85.47%	51.54%	49.46%	35.35%	53.20%	55.49%
Operating Margin	48.21%	44.64%	49.18%	46.80%	47.96%	40.80%	50.36%	48.24%	34.00%	53.20%	54.46%
EBIT Margin	48.75%	47.07%	49.71%	45.21%	47.96%	84.28%	50.36%	48.24%	34.00%	53.20%	54.46%
Profit (Net Income) Margin	31.25%	32.53%	34.49%	34.48%	38.18%	61.25%	36.64%	50.87%	20.48%	39.11%	40.22%
Tax Burden Percent	72.09%	75.45%	74.48%	75.32%	77.73%	74.34%	75.78%	109.43%	63.99%	77.24%	76.36%
Interest Burden Percent	88.92%	91.61%	93.15%	101.26%	102.43%	97.76%	96.00%	96.36%	94.13%	95.20%	96.72%
Effective Tax Rate	27.91%	24.55%	25.52%	24.68%	22.27%	25.66%	24.22%	-9.43%	36.01%	22.76%	23.64%
Return on Invested Capital (ROIC)	92.43%	63.67%	76.77%	79.93%	93.35%	51.72%	71.99%	105.98%	0.00%	0.00%	87.69%
ROIC Less NNEP Spread (ROIC-NNEP)	90.78%	63.21%	75.90%	79.61%	93.71%	62.72%	71.40%	105.20%	0.00%	0.00%	87.18%
Return on Net Nonoperating Assets (RNNOA)	-395.35%	-332.50%	-310.89%	-311.50%	-298.60%	-324.91%	-339.75%	-548.57%	0.00%	0.00%	-379.98%
Return on Equity (ROE)	-302.92%	-268.83%	-234.11%	-231.57%	-205.25%	-273.19%	-267.76%	-442.59%	0.00%	0.00%	-292.28%
Cash Return on Invested Capital (CROIC)	89.19%	50.03%	74.20%	79.85%	90.45%	66.07%	55.28%	57.70%	-17.31%	0.00%	82.64%
Operating Return on Assets (OROA)	31.53%	31.70%	34.75%	29.31%	31.85%	56.65%	34.25%	31.42%	0.00%	0.00%	36.31%
Return on Assets (ROA)	20.21%	21.91%	24.11%	22.35%	25.36%	41.17%	24.91%	33.14%	0.00%	0.00%	26.81%
Return on Common Equity (ROCE)	-305.63%	-271.00%	-235.66%	-234.70%	-207.56%	-277.24%	-271.71%	-450.38%	0.00%	0.00%	-296.70%
Return on Equity Simple (ROE_SIMPLE)	-144.27%	-178.16%	-257.12%	0.00%	-165.66%	-336.80%	-296.57%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	1,987	2,192	2,301	2,106	2,078	1,883	2,388	3,154	1,144	2,495	2,257
NOPAT Margin	34.75%	33.68%	36.63%	35.25%	37.28%	30.33%	38.16%	52.79%	21.76%	41.09%	41.58%
Net Nonoperating Expense Percent (NNEP)	1.65%	0.46%	0.87%	0.32%	-0.36%	-10.99%	0.59%	0.78%	0.45%	0.74%	0.51%
Return On Investment Capital (ROIC_SIMPLE)	9.22%	9.36%	10.58%	9.26%	10.40%	8.54%	10.99%	13.87%	5.06%	10.80%	10.53%
Cost of Revenue to Revenue	41.79%	42.27%	41.11%	41.44%	41.18%	40.81%	39.16%	39.67%	38.22%	37.22%	35.41%
SG&A Expenses to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	10.00%	13.09%	9.71%	11.77%	10.44%	17.99%	10.08%	13.32%	27.51%	9.32%	10.08%
Earnings before Interest and Taxes (EBIT)	2,788	3,063	3,122	2,701	2,674	5,233	3,152	2,882	1,788	3,230	2,956
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	2,840	3,125	3,202	2,779	2,739	5,307	3,226	2,955	1,859	3,230	3,012
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	2.76	2.86	2.73	2.68	2.98	3.13	3.56	3.56	0.00	0.00	4.71
Price to Earnings (P/E)	12.28	10.44	7.66	8.08	8.57	7.41	8.31	7.60	0.00	0.00	13.70
Dividend Yield	9.67%	9.43%	10.05%	10.34%	9.45%	8.95%	7.91%	7.92%	6.73%	6.24%	6.36%
Earnings Yield	8.14%	9.58%	13.05%	12.37%	11.66%	13.50%	12.04%	13.16%	0.00%	0.00%	7.30%
Enterprise Value to Invested Capital (EV/IC)	8.25	6.03	6.71	7.26	8.87	6.63	7.49	7.55	10.00	9.60	11.40
Enterprise Value to Revenue (EV/Rev)	3.24	3.53	3.28	3.20	3.52	3.75	4.19	4.13	0.00	0.00	5.22
Enterprise Value to EBITDA (EV/EBITDA)	6.62	7.26	6.68	6.55	7.30	7.92	8.79	6.92	0.00	0.00	10.82
Enterprise Value to EBIT (EV/EBIT)	6.74	7.40	6.83	6.71	7.48	8.13	9.02	7.07	0.00	0.00	11.07
Enterprise Value to NOPAT (EV/NOPAT)	8.80	9.34	8.69	9.11	9.87	10.81	11.94	10.70	0.00	0.00	14.52
Enterprise Value to Operating Cash Flow (EV/OCF)	9.88	9.98	9.31	8.43	9.34	10.04	11.64	11.34	0.00	13.37	13.77
Enterprise Value to Free Cash Flow (EV/FCFF)	9.65	13.35	9.27	9.08	9.75	9.69	14.29	14.37	0.00	0.00	13.33
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	-6.64	-7.20	-7.48	-7.52	-4.95	-8.44	-7.36	-11.39	-7.53	-9.90	-7.78
Long-Term Debt to Equity	-6.29	-6.37	-7.14	-7.20	-4.95	-7.91	-6.90	-10.69	-6.77	-9.30	-7.61
Financial Leverage	-4.36	-5.26	-4.10	-3.91	-3.19	-5.18	-4.76	-5.21	-3.48	-5.40	-4.36
Leverage Ratio	-13.80	-11.96	-9.28	-10.19	-8.25	-10.61	-10.43	-12.99	-8.47	-11.50	-10.62
Compound Leverage Factor	-12.27	-10.95	-8.64	-10.32	-8.45	-10.37	-10.01	-12.52	-7.98	-10.95	-10.28
Debt to Total Capital	117.75%	116.13%	115.44%	115.35%	125.35%	113.45%	115.72%	109.62%	115.31%	111.24%	114.74%
Short-Term Debt to Total Capital	6.21%	13.33%	5.16%	4.93%	0.00%	7.04%	7.29%	6.72%	11.64%	6.79%	2.53%
Long-Term Debt to Total Capital	111.53%	102.80%	110.28%	110.42%	125.35%	106.41%	108.43%	102.91%	103.67%	104.44%	112.21%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.23%	0.21%	0.23%	0.22%	0.25%	0.23%	0.23%	0.22%	0.22%	0.22%	0.23%
Common Equity to Total Capital	-17.98%	-16.34%	-15.67%	-15.57%	-25.60%	-13.67%	-15.95%	-9.84%	-15.53%	-11.45%	-14.98%
Debt to EBITDA	2.08	2.25	2.08	2.20	2.13	2.20	2.20	1.74	0.00	0.00	2.17
Net Debt to EBITDA	0.98	1.38	1.13	1.05	1.11	1.31	1.32	0.95	0.00	0.00	1.07
Long-Term Debt to EBITDA	1.97	1.99	1.98	2.10	2.13	2.06	2.06	1.63	0.00	0.00	2.13
Debt to NOPAT	2.77	2.89	2.70	3.05	2.88	3.00	2.99	2.69	0.00	0.00	2.92
Net Debt to NOPAT	1.30	1.77	1.47	1.46	1.50	1.78	1.79	1.47	0.00	0.00	1.44
Long-Term Debt to NOPAT	2.62	2.56	2.58	2.92	2.88	2.81	2.80	2.52	0.00	0.00	2.85
Altman Z-Score	3.01	2.89	2.92	2.75	2.98	3.63	3.61	3.60	2.93	0.00	4.05
Noncontrolling Interest Sharing Ratio	-0.90%	-0.81%	-0.66%	-1.35%	-1.12%	-1.48%	-1.48%	-1.76%	-1.17%	0.00%	-1.51%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.78	0.37	0.33	0.49	0.48	0.45	0.44	0.51	0.57	0.62	0.62
Quick Ratio	0.43	0.08	0.15	0.33	0.34	0.24	0.25	0.38	0.47	0.45	0.45
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	1,180	-636	1,717	2,137	2,188	2,848	1,001	787	-687	2,886	3,010
Operating Cash Flow to CapEx	5,425.45%	258.33%	7,380.00%	6,088.68%	8,220.00%	-258.62%	8,422.58%	7,106.38%	7,157.89%	0.00%	2,498.92%
Free Cash Flow to Firm to Interest Expense	5.15	0.00	6.31	0.00	8.62	10.91	3.75	3.09	-2.62	10.38	11.67
Operating Cash Flow to Interest Expense	13.03	0.00	10.85	0.00	11.33	-0.29	9.78	13.10	10.38	0.00	9.01
Operating Cash Flow Less CapEx to Interest Expense	12.79	0.00	10.71	0.00	11.19	-0.40	9.66	12.91	10.24	0.00	8.65
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.65	0.67	0.70	0.65	0.66	0.67	0.68	0.65	0.00	0.00	0.67
Accounts Receivable Turnover	479.29	469.58	451.72	411.48	360.59	356.16	333.60	193.69	0.00	0.00	86.52
Inventory Turnover	8.70	9.07	9.06	8.52	8.11	8.36	8.58	8.41	0.00	0.00	7.83
Fixed Asset Turnover	15.87	15.64	15.31	15.02	15.13	14.81	14.79	14.69	0.00	0.00	14.05
Accounts Payable Turnover	27.11	24.93	22.77	17.99	22.06	19.58	19.51	15.06	0.00	0.00	13.83
Days Sales Outstanding (DSO)	0.76	0.78	0.81	0.89	1.01	1.02	1.09	1.88	0.00	0.00	4.22
Days Inventory Outstanding (DIO)	41.98	40.22	40.30	42.86	45.02	43.65	42.55	43.40	0.00	0.00	46.59
Days Payable Outstanding (DPO)	13.46	14.64	16.03	20.29	16.54	18.64	18.70	24.24	0.00	0.00	26.40
Cash Conversion Cycle (CCC)	29.27	26.36	25.08	23.45	29.49	26.03	24.94	21.04	0.00	0.00	24.41
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	9,774	14,578	12,039	10,781	9,664	13,613	13,426	13,148	11,495	13,035	10,742
Invested Capital Turnover	2.66	1.89	2.10	2.27	2.50	1.71	1.89	2.01	0.00	0.00	2.11
Increase / (Decrease) in Invested Capital	807	2,828	584	-31	-110	-965	1,387	2,367	1,831	-391	-753
Enterprise Value (EV)	80,631	87,881	80,837	78,290	85,717	90,206	100,580	99,223	115,001	125,169	122,503
Market Capitalization	68,666	71,153	67,133	65,704	72,629	75,267	85,425	85,569	101,723	111,275	110,329
Book Value per Share	($2.17)	($2.16)	($1.92)	($2.00)	($2.98)	($1.77)	($2.03)	($1.32)	($2.07)	($1.58)	($1.92)
Tangible Book Value per Share	($12.00)	($13.73)	($13.48)	($13.58)	($14.84)	($13.49)	($13.73)	($13.07)	($13.29)	($12.86)	($12.48)
Total Capital	21,561	23,418	21,741	22,743	19,978	22,057	21,737	22,738	22,599	23,105	21,441
Total Debt	25,387	27,195	25,098	26,233	25,042	25,023	25,155	24,926	26,059	25,701	24,602
Total Long-Term Debt	24,048	24,074	23,977	25,112	25,042	23,470	23,570	23,399	23,428	24,132	24,060
Net Debt	11,915	16,678	13,654	12,536	13,038	14,889	15,105	13,604	13,228	13,844	12,124
Capital Expenditures (CapEx)	55	48	40	53	35	29	31	47	38	0.00	93
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-4,568	-5,079	-7,407	-8,299	-9,345	-4,488	-4,809	-5,868	-6,670	-5,070	-6,194
Debt-free Net Working Capital (DFNWC)	-655	-4,205	-5,870	-4,613	-5,737	-2,689	-2,912	-2,741	-1,944	-1,598	-2,663
Net Working Capital (NWC)	-1,994	-7,326	-6,991	-5,734	-5,737	-4,242	-4,497	-4,268	-4,575	-3,167	-3,205
Net Nonoperating Expense (NNE)	200	75	135	46	-51	-1,920	95	115	67	120	74
Net Nonoperating Obligations (NNO)	13,600	18,355	15,396	14,271	14,728	16,579	16,844	15,336	14,955	15,631	13,903
Total Depreciation and Amortization (D&A)	52	62	80	78	65	74	74	73	71	0.00	56
Debt-free, Cash-free Net Working Capital to Revenue	-18.33%	-20.41%	-30.09%	-33.90%	-38.39%	-18.67%	-20.02%	-24.43%	0.00%	0.00%	-26.42%
Debt-free Net Working Capital to Revenue	-2.63%	-16.90%	-23.84%	-18.84%	-23.57%	-11.19%	-12.12%	-11.41%	0.00%	0.00%	-11.36%
Net Working Capital to Revenue	-8.00%	-29.44%	-28.40%	-23.42%	-23.57%	-17.64%	-18.72%	-17.77%	0.00%	0.00%	-13.67%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$1.00	$1.19	$1.22	$1.16	$1.21	$2.21	$1.34	$1.78	$0.63	$1.41	$1.30
Adjusted Weighted Average Basic Shares Outstanding	1.79B	1.77B	1.77B	1.76B	1.72B	1.71B	1.69B	1.69B	1.68B	1.68B	1.67B
Adjusted Diluted Earnings per Share	$1.00	$1.19	$1.22	$1.16	$1.21	$2.21	$1.34	$1.78	$0.63	$1.41	$1.30
Adjusted Weighted Average Diluted Shares Outstanding	1.79B	1.77B	1.77B	1.76B	1.72B	1.71B	1.69B	1.69B	1.68B	1.68B	1.67B
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	1.79B	1.77B	1.77B	1.76B	1.72B	1.71B	1.69B	1.69B	1.68B	1.68B	1.67B
Normalized Net Operating Profit after Tax (NOPAT)	1,987	2,192	2,301	2,106	2,078	2,146	2,388	2,042	1,703	2,496	2,257
Normalized NOPAT Margin	34.75%	33.68%	36.63%	35.25%	37.28%	34.56%	38.16%	34.18%	32.38%	41.11%	41.58%
Pre Tax Income Margin	43.35%	43.12%	46.30%	45.77%	49.12%	82.40%	48.35%	46.48%	32.00%	50.64%	52.67%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	12.17	0.00	11.48	0.00	10.53	20.05	11.81	11.30	6.82	11.62	11.46
NOPAT to Interest Expense	8.68	0.00	8.46	0.00	8.18	7.21	8.95	12.37	4.37	8.97	8.75
EBIT Less CapEx to Interest Expense	11.93	0.00	11.33	0.00	10.39	19.94	11.69	11.12	6.68	0.00	11.10
NOPAT Less CapEx to Interest Expense	8.44	0.00	8.31	0.00	8.05	7.10	8.83	12.18	4.22	0.00	8.39
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	118.69%	98.05%	76.84%	83.38%	80.61%	67.28%	66.57%	60.77%	0.00%	0.00%	87.05%
Augmented Payout Ratio	141.02%	115.86%	89.46%	95.68%	120.74%	96.20%	99.22%	90.95%	0.00%	0.00%	98.89%

Financials Breakdown Chart

Key Financial Trends

Below is a concise, investor-focused trend snapshot for Altria Group (NYSE: MO) using the latest four years of quarterly data across cash flow, income statements, and balance sheets. The bullets highlight the key cash, earnings, and balance-sheet dynamics that could influence the stock's risk and return profile.

Operating cash flow is robust: Net cash from continuing operating activities generally runs in the 2.7–3.3 billion USD range per quarter across 2022–2025, providing a solid base to fund dividends and capital returns.
Free cash flow strength in late 2025: Net cash from continuing operating activities was about $3.27B in Q4 2025; after modest capex (~$92M) and investing cash outflows, the quarter delivered solid free cash flow for shareholder distributions.
Dividend policy remains substantial: Quarterly cash dividends per share rose from roughly $0.94 (early 2024) to about $1.02 (early 2025), implying an annual payout near $4 per share if the run rate is maintained.
Profitability margins remain solid: Gross margins typically around the 60%+ range (e.g., gross profit about $3.81B on revenue around $6.07B in Q3 2025, implying a ~63% gross margin), signaling pricing power and cost discipline.
Large, steady debt load: Long-Term Debt sits in the mid-$20B range (roughly $24–$25B across 2024–2025), with quarterly interest expense in the low-$0.2B range, indicating ongoing leverage but a capacity to service debt given current cash flows.
Treasury stock and equity impact: Substantial treasury stock appears on the balance sheet (negative equity components), reflecting buybacks and capital returns rather than a liquidity issue.
Liquidity snapshot shows working-capital pressure: In several quarters, current assets (~$3.5–$6.0B) are below current liabilities (~$7.9–$11.6B), suggesting a current ratio under 1 in some periods and tighter near-term liquidity.
Financing cash flows are notably negative: Net cash from financing activities often shows meaningful outflows (for example, around -$2.07B in Q4 2025 and -$1.09B in Q1 2025), driven by dividends and share repurchases rather than cash accumulation.
Quarterly net income can be volatile: Net income figures swing across quarters (e.g., around $2.38B in some quarters vs higher $3.0–3.1B levels in others), indicating earnings fluctuations even with strong cash generation.

05/06/26 01:50 PM ETAI Generated. May Contain Errors.

Frequently Asked Questions About Altria Group's Financials

When does Altria Group's financial year end?

According to the most recent income statement we have on file, Altria Group's fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

How has Altria Group's net income changed over the last 10 years?

In the past 10 years, Altria Group's net income has ranged from -$1.30 billion in 2019 to $14.24 billion in 2016, and is currently $6.95 billion as of their latest financial filing in 2025. Check out Altria Group's forecast to explore projected trends and price targets.

What is Altria Group's operating income?

Altria Group's total operating income in 2025 was $9.90 billion, based on the following breakdown:

Total Gross Profit: $14.54 billion
Total Operating Expenses: $4.64 billion

How has Altria Group's revenue changed over the last 10 years?

Over the last 10 years, Altria Group's total revenue changed from $25.43 billion in 2015 to $23.28 billion in 2025, a change of -8.5%.

How much debt does Altria Group have?

Altria Group's total liabilities were at $38.47 billion at the end of 2025, a 3.0% increase from 2024, and a 34.7% increase since 2015.

How much cash does Altria Group have?

In the past 10 years, Altria Group's cash and equivalents has ranged from $1.25 billion in 2017 to $4.95 billion in 2020, and is currently $4.47 billion as of their latest financial filing in 2025.

How has Altria Group's book value per share changed over the last 10 years?

Over the last 10 years, Altria Group's book value per share changed from 1.47 in 2015 to -2.09 in 2025, a change of -242.0%.

Related Companies

Financial statements for NYSE:MO last updated on 5/3/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Altria Group (MO) Financials

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Altria Group (MO) Financials

Annual Income Statements for Altria Group

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Quarterly Cash Flow Statements for Altria Group

Annual Balance Sheets for Altria Group

Quarterly Balance Sheets for Altria Group

Annual Metrics And Ratios for Altria Group

Quarterly Metrics And Ratios for Altria Group

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Key Financial Trends

Frequently Asked Questions About Altria Group's Financials

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