Altria Group, Inc.

MO · NYSE · USD

Financials

Annual

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Valuation and market statistics · USD millions unless noted · ratios on the twelve months ending at each period

Line item	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998	FY1997	FY1996	FY1995	FY1994	FY1993	FY1992	FY1991	FY1990	FY1989	FY1988	FY1987	FY1986	FY1985
Valuation
Market cap	$96,792	$88,622	$71,347	$81,920	$87,055	$75,317	$91,684	$90,729	$131,179	$124,217	$106,931	$97,456	$76,742	$63,635	$61,198	$51,136	$40,556	$31,196	$158,794	$179,106	$154,670	$125,072	$110,364	$85,559	$99,999	$99,985	$54,992	$130,046	$109,505	$92,748	$75,896	$49,860	$48,841	$69,770	$74,502	$47,707	$39,604	$26,812	$20,149	$17,025	$10,496
Enterprise value	$118,077	$110,471	$93,944	$104,620	$110,555	$99,929	$117,706	$115,144	$143,823	$133,532	$117,474	$108,824	$88,083	$74,615	$71,620	$61,019	$50,648	$30,754	$164,998	$198,228	$176,687	$147,072	$135,886	$112,680	$125,661	$128,170	$64,360	$140,627	$121,326	$107,748	$90,584	$66,148	$66,815	$86,194	$91,276	$66,303	$55,911	$43,086	$26,338	$23,864	$18,349
P/E (TTM) at period end	13.97×	7.89×	8.79×	14.24×	35.33×	16.89×	–	13.03×	12.83×	8.72×	20.40×	19.22×	16.92×	15.22×	18.05×	13.09×	12.69×	6.34×	16.23×	14.90×	19.49×	13.28×	11.99×	7.71×	11.68×	11.75×	7.17×	24.21×	17.35×	14.71×	13.93×	10.55×	15.80×	14.13×	18.97×	13.48×	13.44×	11.47×	10.94×	11.52×	8.36×
P/S (TTM) at period end	4.16×	3.69×	2.91×	3.26×	3.35×	2.88×	3.65×	3.58×	5.13×	4.83×	4.20×	3.97×	3.14×	2.58×	2.57×	2.10×	1.72×	1.61×	8.51×	11.80×	2.43×	1.96×	1.83×	1.39×	1.57×	1.78×	0.89×	2.25×	1.95×	1.70×	1.43×	0.93×	0.96×	1.18×	1.32×	0.93×	0.88×	0.84×	0.73×	0.82×	0.86×
P/B at period end	–	–	–	–	–	26.53×	14.74×	6.14×	8.53×	9.73×	37.13×	32.33×	18.63×	20.09×	16.63×	9.85×	9.97×	11.03×	8.56×	4.52×	4.33×	4.07×	4.40×	4.39×	5.10×	6.66×	3.59×	8.03×	7.34×	6.52×	5.43×	3.90×	4.20×	5.55×	5.95×	3.99×	4.14×	3.49×	2.95×	3.01×	2.22×
EV / EBITDA (TTM)	11.62×	9.58×	7.95×	8.61×	9.37×	8.98×	11.15×	12.33×	14.67×	14.89×	13.68×	13.90×	10.62×	9.98×	11.33×	9.38×	8.80×	6.03×	35.83×	31.36×	13.07×	8.76×	7.90×	6.34×	6.97×	7.76×	4.24×	9.35×	8.19×	8.01×	7.43×	5.62×	7.26×	7.43×	9.02×	7.12×	7.00×	–	–	–	–
EV / Sales (TTM)	5.07×	4.60×	3.84×	4.17×	4.25×	3.82×	4.69×	4.54×	5.62×	5.19×	4.62×	4.44×	3.60×	3.03×	3.01×	2.50×	2.15×	1.59×	8.84×	13.06×	2.77×	2.30×	2.26×	1.83×	1.97×	2.28×	1.04×	2.43×	2.16×	1.98×	1.70×	1.23×	1.32×	1.46×	1.62×	1.30×	1.25×	1.36×	0.95×	1.15×	1.51×
Returns
Return on equity	–	–	–	–	–	157.1%	(20.9%)	47.1%	66.5%	111.5%	182.0%	168.2%	110.1%	131.9%	92.1%	75.2%	78.5%	173.9%	52.7%	30.3%	22.2%	30.7%	36.7%	57.0%	43.6%	56.7%	50.1%	33.2%	42.3%	44.3%	39.0%	37.0%	26.6%	39.3%	31.4%	29.6%	30.8%	30.4%	27.0%	26.1%	26.5%
Return on invested capital	41.2%	47.3%	45.1%	49.6%	34.2%	25.6%	–	17.3%	34.2%	25.9%	40.4%	34.6%	34.2%	33.1%	26.2%	28.2%	25.4%	132.0%	11.5%	5.1%	14.3%	19.5%	20.3%	22.8%	21.5%	20.9%	33.1%	29.5%	29.2%	23.8%	21.5%	18.7%	14.8%	19.9%	16.6%	14.6%	15.3%	11.0%	17.0%	15.2%	11.1%
Dividend yield	7.2%	7.7%	9.5%	8.1%	7.4%	8.4%	6.6%	6.0%	3.7%	3.6%	3.9%	4.0%	4.7%	5.3%	5.3%	5.8%	6.6%	14.2%	4.2%	3.8%	4.0%	4.5%	4.8%	5.9%	4.8%	4.5%	7.9%	3.1%	3.5%	3.7%	3.9%	5.0%	4.7%	2.9%	2.3%	2.8%	2.8%	–	–	–	–
Financial health
Current ratio	0.65×	0.51×	0.49×	0.84×	0.71×	0.79×	0.59×	0.20×	0.64×	0.98×	0.69×	0.90×	0.93×	0.76×	0.93×	0.87×	0.72×	1.55×	1.22×	1.03×	0.99×	1.10×	1.00×	0.91×	0.84×	0.64×	1.16×	1.24×	1.16×	1.01×	1.00×	1.02×	0.89×	1.05×	1.00×	1.02×	1.01×	1.02×	1.27×	1.32×	1.49×
Debt / equity	(7.34×)	(11.14×)	(7.41×)	(6.72×)	(17.46×)	10.38×	4.51×	0.88×	0.90×	1.09×	4.46×	4.87×	3.52×	4.38×	3.72×	2.35×	2.94×	2.47×	0.60×	0.47×	0.68×	0.75×	0.98×	1.20×	1.13×	1.94×	0.95×	0.91×	0.95×	1.07×	1.13×	1.29×	1.56×	1.39×	1.35×	1.57×	1.72×	2.14×	0.93×	1.22×	1.69×
Effective tax rate	26.0%	17.5%	25.6%	22.0%	35.3%	35.4%	269.5%	25.4%	(4.1%)	34.8%	35.1%	34.8%	34.7%	35.4%	39.2%	31.7%	34.2%	35.5%	33.1%	33.1%	30.1%	32.4%	34.9%	35.5%	37.9%	39.0%	39.5%	40.9%	40.5%	41.0%	41.4%	42.5%	42.4%	42.6%	43.7%	43.9%	41.8%	41.6%	45.0%	47.4%	46.1%
Share count
Diluted shares outstanding	1,683	1,718	1,777	1,804	1,845	1,859	1,869	1,888	1,921	1,952	1,961	1,978	1,999	2,024	2,064	2,079	2,071	2,084	2,116	2,105	2,090	2,063	2,038	2,129	2,210	2,282	2,406	2,442	2,442	2,462	2,532	2,601	2,634	2,744	2,805	2,787	2,806	3,201	2,834	2,842	2,852

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Income statement · USD millions

Line item	TTM	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998	FY1997	FY1996	FY1995	FY1994	FY1993	FY1992	FY1991	FY1990	FY1989	FY1988	FY1987	FY1986	FY1985
Revenue and gross profit
Revenue	$23,457	$23,279	$24,018	$24,483	$25,096	$26,013	$26,153	$25,110	$25,364	$25,576	$25,744	$25,434	$24,522	$24,466	$24,618	$23,800	$24,363	$23,556	$19,356	$18,664	$15,173	$63,741	$63,963	$60,192	$61,707	$63,670	$56,233	$61,751	$57,813	$56,114	$54,553	$53,139	$53,776	$50,621	$59,131	$56,458	$51,169	$44,759	$31,742	$27,695	$20,681	$12,149
Cost of revenue	($5,675)	($5,597)	($6,077)	($6,218)	($6,442)	($7,119)	($7,818)	($7,085)	($7,373)	($7,543)	($7,746)	($7,740)	($7,785)	($7,206)	($7,937)	($7,680)	($7,704)	($7,990)	($8,270)	($7,827)	($7,387)	($43,853)	($33,853)	($31,465)	($32,394)	($33,900)	($29,687)	($28,441)	($25,714)	($25,574)	($25,463)	($25,605)	($26,629)	($25,152)	($24,540)	($24,115)	($23,063)	($20,635)	($17,960)	($15,976)	($10,384)	($5,894)
Gross profit	$14,769	$14,542	$14,367	$14,284	$14,246	$13,992	$13,023	$12,711	$12,254	$11,963	$11,572	$11,114	$10,160	$10,457	$9,563	$8,939	$9,188	$8,834	$7,687	$7,385	$7,786	$19,888	$30,110	$28,727	$29,313	$29,770	$26,546	$33,310	$32,099	$30,540	$29,090	$27,534	$27,147	$25,469	$34,591	$32,343	$28,106	$24,124	$13,782	$11,719	$10,297	$6,255
Operating expenses
Research and development	–	($195)	($208)	($220)	($162)	($145)	($131)	($168)	($252)	($241)	($203)	($186)	($167)	($153)	($136)	($128)	($144)	($177)	($232)	–	–	–	($809)	($756)	($680)	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Selling, general and administrative	($2,513)	($2,507)	($2,737)	($2,737)	($2,327)	($2,432)	($2,150)	($2,226)	($2,756)	($2,338)	($2,662)	($2,708)	($2,539)	($2,340)	($2,301)	($2,643)	($2,735)	($2,843)	($2,753)	($2,784)	($3,113)	($7,664)	($12,856)	($11,782)	($11,537)	($12,461)	($11,423)	($18,118)	($17,051)	($15,720)	($15,630)	($15,337)	($15,372)	($16,263)	($13,954)	($13,830)	($11,947)	($10,393)	($8,481)	($7,004)	($6,038)	($3,240)
Total operating expenses	($3,796)	($4,643)	($3,126)	($2,737)	($2,327)	($2,432)	($2,150)	($2,385)	($3,139)	($2,370)	($2,811)	($2,753)	($2,540)	($2,373)	($2,310)	($2,871)	($2,960)	($3,372)	($2,805)	($3,012)	($3,268)	($8,048)	($14,930)	($12,968)	($12,865)	($14,068)	($11,740)	($19,820)	($18,741)	($17,420)	($17,321)	($17,008)	($17,698)	($17,882)	($24,532)	($23,721)	($20,160)	($17,335)	($9,260)	($7,708)	($6,693)	($3,664)
Total costs and expenses	($12,484)	($13,380)	($12,777)	($12,936)	($13,177)	($14,453)	($15,280)	($14,784)	($16,249)	($15,983)	($16,983)	($17,073)	($16,902)	($16,382)	($17,365)	($17,732)	($18,135)	($18,094)	($14,474)	($14,291)	($10,655)	($51,901)	($48,783)	($44,433)	($45,259)	($47,968)	($41,427)	($48,261)	($44,455)	($42,994)	($42,784)	($42,613)	($44,327)	($43,034)	($49,072)	($47,836)	($43,223)	($37,970)	($27,220)	($23,684)	($17,077)	($9,558)
Operating income	$10,973	$9,899	$11,241	$11,547	$11,919	$11,560	$10,873	$10,326	$9,115	$9,593	$8,761	$8,361	$7,620	$8,084	$7,253	$6,068	$6,228	$5,462	$4,882	$4,373	$4,518	$11,840	$15,180	$15,759	$16,448	$15,702	$14,806	$13,490	$13,358	$13,120	$11,769	$10,526	$9,449	$7,587	$10,059	$8,622	$7,946	$6,789	$4,522	$4,011	$3,604	$2,591
Earnings
EBITDA	$11,209	$10,165	$11,527	$11,819	$12,145	$11,804	$11,130	$10,552	$9,342	$9,802	$8,965	$8,586	$7,828	$8,296	$7,478	$6,321	$6,504	$5,753	$5,097	$4,605	$6,322	$13,515	$16,787	$17,199	$17,779	$18,039	$16,523	$15,192	$15,048	$14,820	$13,460	$12,197	$11,775	$9,206	$11,601	$10,119	$9,313	$7,983	–	–	–	–
Interest income	–	$98	$87	$160	$70	$26	$14	$42	$32	$31	$13	$4	$2	$4	$2	$4	$3	$4	$70	$270	$404	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Interest expense	($1,193)	($1,177)	($1,124)	($1,149)	($1,128)	($1,188)	($1,223)	($1,322)	($697)	($736)	($754)	($808)	($857)	($1,053)	($1,128)	($1,220)	($1,136)	($1,189)	($237)	($475)	($629)	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Pre-tax income	$10,376	$9,389	$13,658	$10,928	$7,389	$3,824	$6,890	$766	$9,341	$9,828	$21,852	$8,078	$7,774	$6,942	$6,477	$5,582	$5,723	$4,877	$4,789	$4,678	$4,753	$11,319	$14,004	$14,609	$17,945	$14,284	$13,960	$12,695	$9,087	$10,611	$10,683	$9,347	$8,216	$6,196	$8,608	$6,971	$6,311	$5,058	$4,000	$3,348	$2,811	$2,329
Income tax expense	($2,403)	($2,442)	($2,394)	($2,798)	($1,625)	($1,349)	($2,436)	($2,064)	($2,374)	$399	($7,608)	($2,835)	($2,704)	($2,407)	($2,294)	($2,189)	($1,816)	($1,669)	($1,699)	($1,547)	($1,571)	($3,409)	($4,540)	($5,097)	($6,368)	($5,407)	($5,450)	($5,020)	($3,715)	($4,301)	($4,380)	($3,869)	($3,491)	($2,628)	($3,669)	($3,044)	($2,771)	($2,112)	($1,663)	($1,506)	($1,333)	($1,074)
Net income	$7,973	$6,947	$11,264	$8,130	$5,764	$2,475	$4,467	($1,293)	$6,963	$10,222	$14,239	$5,241	$5,070	$4,535	$4,180	$3,390	$3,905	$3,206	$4,930	$9,786	$12,022	$7,937	$9,416	$9,204	$11,102	$8,560	$8,510	$7,675	$5,372	$6,310	$6,303	$5,450	$4,725	$3,091	$4,939	$3,927	$3,540	$2,946	$2,337	$1,842	$1,478	$1,255
Per share
Diluted EPS (GAAP)	$4.74	$4.12	$6.54	$4.57	$3.19	$1.34	$2.40	($0.70)	$3.68	$5.31	$7.28	$2.67	$2.56	$2.26	$2.06	$1.64	$1.87	$1.54	$2.36	$4.62	$5.71	$4.99	$4.56	$4.52	$5.21	$3.87	$3.73	$3.19	$2.20	$2.58	$2.56	$2.16	$1.82	$1.17	$1.80	$1.40	$1.27	$1.05	$0.73	$0.65	$0.52	$0.44
Basic EPS (GAAP)	$4.74	$4.12	$6.54	$4.57	$3.19	$1.34	$2.40	($0.70)	$3.69	$5.31	$7.28	$2.67	$2.56	$2.26	$2.06	$1.64	$1.87	$1.55	$2.37	$4.64	$5.76	$5.04	$4.60	$4.54	$5.26	$3.92	$3.85	$3.21	$2.21	$2.61	$2.56	$2.16	$1.82	$1.17	$1.82	$1.41	$1.28	$1.06	$0.74	$0.65	$0.52	$0.44
Basic shares outstanding	1,675	1,683	1,718	1,777	1,804	1,845	1,858	1,869	1,887	1,921	1,952	1,961	1,978	1,999	2,024	2,064	2,077	2,066	2,075	2,101	2,087	2,070	2,047	2,028	2,111	2,181	2,272	2,391	2,431	2,420	2,462	2,523	2,601	2,634	2,714	2,785	2,766	2,779	3,158	2,834	2,842	2,852
Margins
Gross margin	63.0%	62.5%	59.8%	58.3%	56.8%	53.8%	49.8%	50.6%	48.3%	46.8%	45.0%	43.7%	41.4%	42.7%	38.8%	37.6%	37.7%	37.5%	39.7%	39.6%	51.3%	31.2%	47.1%	47.7%	47.5%	46.8%	47.2%	53.9%	55.5%	54.4%	53.3%	51.8%	50.5%	50.3%	58.5%	57.3%	54.9%	53.9%	43.4%	42.3%	49.8%	51.5%
Operating margin	46.8%	42.5%	46.8%	47.2%	47.5%	44.4%	41.6%	41.1%	35.9%	37.5%	34.0%	32.9%	31.1%	33.0%	29.5%	25.5%	25.6%	23.2%	25.2%	23.4%	29.8%	18.6%	23.7%	26.2%	26.7%	24.7%	26.3%	21.8%	23.1%	23.4%	21.6%	19.8%	17.6%	15.0%	17.0%	15.3%	15.5%	15.2%	14.2%	14.5%	17.4%	21.3%
Net margin	34.0%	29.8%	46.9%	33.2%	23.0%	9.5%	17.1%	(5.1%)	27.5%	40.0%	55.3%	20.6%	20.7%	18.5%	17.0%	14.2%	16.0%	13.6%	25.5%	52.4%	79.2%	12.5%	14.7%	15.3%	18.0%	13.4%	15.1%	12.4%	9.3%	11.2%	11.6%	10.3%	8.8%	6.1%	8.4%	7.0%	6.9%	6.6%	7.4%	6.7%	7.1%	10.3%

Analyst consensus

Buy26 analysts

Bearish · 1 · Hold · 9 · Bullish · 16

Earnings history

	EPS	Estimate
Q3 2024	$1.38	$1.35	Beat
Q4 2024	$1.29	$1.28	Beat
Q1 2025	$1.23	$1.19	Beat
Q2 2025	$1.44	$1.39	Beat
Q3 2025	$1.45	$1.44	Beat
Q4 2025	$1.30	$1.32	Miss
Q1 2026	$1.32	$1.24	Beat
Q2 2026	$1.48	$1.50	Miss

Peers

Company overview

IPO dateJul 1, 1985

CEOSalvatore Mancuso

Employees5,900

SectorConsumer Defensive

IndustryTobacco

CountryUS

ExchangeNew York Stock Exchange

Websitewww.altria.com

Operating across the United States through its subsidiaries, Altria Group, Inc. is a prominent manufacturer and marketer of both combustible and oral tobacco items. Its portfolio features cigarettes, primarily under the iconic Marlboro brand, alongside cigars and pipe tobacco mainly offered as Black & Mild. The enterprise further provides an assortment of moist smokeless tobacco products, including Copenhagen, Skoal, Red Seal, and Husky, in addition to its on! brand of oral nicotine pouches. Altria distributes its merchandise chiefly to wholesale partners, such as independent distributors, and directly to substantial retail organizations, including major chain stores. The corporation, founded in 1822, maintains its principal offices in Richmond, Virginia.

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