Detailed financial statements for Altria Group, Inc. (MO): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
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.
Analysis Summary
Altria Group, Inc. reported revenue of $20.14B in the most recent fiscal year, growing at a 5-year CAGR of -0.7%. Net income reached $6.95B, with a 9.2% 5-year CAGR.
Trailing-twelve-month margins: gross margin 71.0%, operating margin 55.9%, net margin 36.5%. Free cash flow grew at 2.2% CAGR over 5 years.
At the current price of $67.88, MO trades at a P/E of 14.21 and an ROE of -265.17%. Market capitalisation stands at $113.3B, placing it among large-cap names.
Balance sheet quality for MO: current ratio of 0.6, net debt of $21.23B. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is strong: free cash flow of $9.07B represents 131% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $19.34B | $19.49B | $19.63B | $19.80B | $20.84B | $21.11B | $20.69B | $20.50B | $20.44B | $20.14B |
| Cost of Revenue | $7.76B | $7.53B | $7.37B | $7.08B | $7.82B | $7.12B | $6.44B | $6.22B | $6.08B | $5.60B |
| Gross Profit | $11.57B | $11.96B | $12.25B | $12.71B | $13.02B | $13.99B | $14.25B | $14.28B | $14.37B | $14.54B |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $208.0M | 0 |
| Selling, General & Admin | $2.66B | $2.34B | $2.76B | $2.23B | $2.15B | $2.43B | $2.33B | $2.74B | $2.74B | $2.51B |
| Operating Expenses | $2.81B | $2.37B | $3.14B | $2.38B | $2.15B | $2.43B | $2.33B | $2.74B | $3.13B | $2.51B |
| Operating Income | $8.76B | $9.59B | $9.12B | $10.33B | $10.87B | $11.56B | $11.92B | $11.55B | $11.24B | $12.04B |
| EBITDA | $22.82B | $10.77B | $10.27B | $2.31B | $8.37B | $5.26B | $8.74B | $12.35B | $15.07B | $10.83B |
| Interest Expense | $760.0M | $736.0M | $697.0M | $1.32B | $1.22B | $1.19B | $1.13B | $1.15B | $1.12B | $1.18B |
| Pre-tax Income | $21.85B | $9.83B | $9.34B | $766.0M | $6.89B | $3.82B | $7.39B | $10.93B | $13.66B | $9.39B |
| Income Tax | $7.61B | -$399.0M | $2.37B | $2.06B | $2.44B | $1.35B | $1.62B | $2.80B | $2.39B | $2.44B |
| Net Income | $14.24B | $10.22B | $6.96B | -$1.29B | $4.47B | $2.48B | $5.76B | $8.13B | $11.26B | $6.95B |
| EPS | $7.28 | $5.31 | $3.69 | $-0.69 | $2.40 | $1.34 | $3.19 | $4.61 | $6.54 | $4.11 |
| EPS (Diluted) | $7.28 | $5.31 | $3.69 | $-0.69 | $2.40 | $1.34 | $3.19 | $4.57 | $6.54 | $4.11 |
| Shares Outstanding (Diluted) | $1.95B | $1.92B | $1.89B | $1.87B | $1.86B | $1.84B | $1.80B | $1.78B | $1.72B | $1.68B |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | $5.25B | $5.08B | $5.43B | $6.11B |
| Gross Profit | $3.81B | $3.63B | $3.51B | $4.58B |
| Operating Income | $3.23B | $2.91B | $2.96B | $3.14B |
| EBITDA | $3.42B | $1.93B | $3.17B | $3.22B |
| Net Income | $2.38B | $1.12B | $2.18B | $2.30B |
| EPS | $1.41 | $0.66 | $1.30 | $1.37 |
| EPS (Diluted) | $1.41 | $0.66 | $1.30 | $1.37 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $4.57B | $1.25B | $1.33B | $2.12B | $4.95B | $4.54B | $4.03B | $3.69B | $3.13B | $4.48B |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Receivables | $420.0M | $603.0M | $309.0M | $152.0M | $137.0M | $47.0M | $1.87B | $567.0M | $270.0M | $263.0M |
| Inventory | $2.05B | $2.23B | $2.33B | $2.29B | $1.97B | $1.19B | $1.18B | $1.22B | $1.08B | $1.07B |
| Total Current Assets | $7.26B | $4.34B | $4.30B | $4.82B | $7.12B | $6.08B | $7.22B | $5.58B | $4.51B | $5.54B |
| Property, Plant & Equipment | $1.96B | $1.91B | $1.94B | $2.00B | $2.01B | $1.55B | $1.61B | $1.65B | $1.62B | $1.71B |
| Goodwill | $5.29B | $5.31B | $5.20B | $5.18B | $5.18B | $5.18B | $5.18B | $6.79B | $6.95B | $5.79B |
| Intangible Assets | $12.04B | $12.40B | $12.28B | $12.69B | $12.62B | $12.31B | $12.38B | $13.69B | $12.97B | $11.88B |
| Total Assets | $45.93B | $43.20B | $55.64B | $49.27B | $47.41B | $39.52B | $36.95B | $38.57B | $35.18B | $35.02B |
| Accounts Payable | $425.0M | $374.0M | $399.0M | $325.0M | $380.0M | $449.0M | $552.0M | $582.0M | $700.0M | $750.0M |
| Short-term Debt | 0 | $864.0M | $13.85B | $1.00B | $1.50B | $1.10B | $1.56B | $1.12B | $1.53B | $1.57B |
| Total Current Liabilities | $7.38B | $6.79B | $21.19B | $8.17B | $9.06B | $8.58B | $8.62B | $11.32B | $8.78B | $9.15B |
| Long-term Debt | $13.88B | $13.03B | $11.90B | $27.04B | $27.97B | $26.94B | $25.12B | $25.11B | $23.40B | $24.14B |
| Total Liabilities | $33.16B | $27.82B | $40.85B | $42.95B | $44.49B | $41.13B | $40.88B | $42.06B | $37.37B | $38.47B |
| Retained Earnings | $36.91B | $42.25B | $43.96B | $36.54B | $34.68B | $30.66B | $29.79B | $31.09B | $35.52B | $35.45B |
| Total Equity | $12.77B | $15.38B | $14.79B | $6.22B | $2.84B | -$1.61B | -$3.97B | -$3.54B | -$2.24B | -$3.50B |
| Total Debt | $13.88B | $13.89B | $25.75B | $28.04B | $29.47B | $28.04B | $26.68B | $26.23B | $24.93B | $25.71B |
| Net Debt | $9.31B | $12.64B | $24.41B | $25.93B | $24.53B | $23.50B | $22.65B | $22.55B | $21.80B | $21.23B |
| Working Capital | -$115.0M | -$2.45B | -$16.89B | -$3.35B | -$1.95B | -$2.50B | -$1.40B | -$5.73B | -$4.27B | -$3.61B |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $3.47B | $4.47B | $3.53B | $2.37B |
| Total Assets | $35.01B | $35.02B | $34.58B | $33.37B |
| Total Liabilities | $37.60B | $38.47B | $37.74B | $35.99B |
| Total Equity | -$2.65B | -$3.50B | -$3.21B | -$2.67B |
| Total Debt | $25.70B | $25.71B | $24.60B | $24.58B |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | $14.24B | $10.23B | $6.97B | -$1.30B | $4.45B | $2.48B | $5.76B | $8.13B | $11.26B | $6.93B |
| Depreciation & Amortization | $204.0M | $209.0M | $227.0M | $226.0M | $257.0M | $244.0M | $226.0M | $272.0M | $286.0M | $266.0M |
| Stock-based Compensation | $44.0M | $55.0M | $46.0M | $32.0M | $35.0M | $40.0M | $50.0M | $58.0M | 0 | 0 |
| Change in Working Capital | -$270.0M | -$1.85B | $1.07B | -$53.0M | $249.0M | $3.0M | -$586.0M | -$47.0M | $151.0M | $249.0M |
| Operating Cash Flow | $3.79B | $4.92B | $8.39B | $7.84B | $8.38B | $8.40B | $8.26B | $9.29B | $8.75B | $9.29B |
| Capital Expenditure | -$189.0M | -$199.0M | -$238.0M | -$246.0M | -$231.0M | -$169.0M | -$205.0M | -$196.0M | -$142.0M | -$216.0M |
| Acquisitions | $3.19B | -$415.0M | -$12.81B | -$2.33B | 0 | $1.18B | $1.00B | -$1.05B | $2.35B | 0 |
| Stock Repurchased | -$1.03B | -$2.92B | -$1.67B | -$845.0M | 0 | -$1.68B | -$1.82B | -$1.00B | -$3.40B | -$1.00B |
| Dividends Paid | -$4.51B | -$4.81B | -$5.42B | -$6.07B | -$6.29B | -$6.45B | -$6.60B | -$6.78B | -$6.84B | -$6.96B |
| Free Cash Flow | $3.60B | $4.72B | $8.15B | $7.59B | $8.15B | $8.24B | $8.05B | $9.09B | $8.61B | $9.07B |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | $3.09B | $3.27B | $2.32B | -$51.0M |
| Capital Expenditure | -$54.0M | -$92.0M | -$93.0M | -$96.0M |
| Free Cash Flow | $3.04B | $3.18B | $2.23B | -$147.0M |
| Dividends Paid | -$1.72B | -$1.78B | -$1.78B | -$1.53B |
| Stock-based Compensation | 0 | 0 | 0 | 0 |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +0.8% | +0.7% | +0.9% | +5.3% | +1.3% | -2.0% | -0.9% | -0.3% | -1.5% | |
| Net Income Growth (YoY) | -28.2% | -31.9% | -118.6% | +445.5% | -44.6% | +132.9% | +41.0% | +38.5% | -38.3% | |
| EPS Growth (YoY) | -27.1% | -30.5% | -118.7% | +447.8% | -44.2% | +138.1% | +44.5% | +41.9% | -37.2% | |
| Shares Change (YoY) | -1.6% | -1.7% | -1.0% | -0.5% | -0.8% | -2.2% | -1.5% | -3.3% | -2.4% | |
| FCF Growth (YoY) | +31.1% | +72.6% | -6.9% | +7.4% | +1.0% | -2.2% | +12.9% | -5.3% | +5.4% | |
| Gross Margin | 59.8% | 61.4% | 62.4% | 64.2% | 62.5% | 66.3% | 68.9% | 69.7% | 70.3% | 72.2% |
| Operating Margin | 45.3% | 49.2% | 46.4% | 52.2% | 52.2% | 54.8% | 57.6% | 56.3% | 55.0% | 59.8% |
| EBITDA Margin | 118.0% | 55.3% | 52.3% | 11.7% | 40.2% | 24.9% | 42.3% | 60.2% | 73.7% | 53.8% |
| Net Margin | 73.6% | 52.4% | 35.5% | -6.5% | 21.4% | 11.7% | 27.9% | 39.7% | 55.1% | 34.5% |
| FCF Margin | 18.6% | 24.2% | 41.5% | 38.3% | 39.1% | 39.0% | 38.9% | 44.3% | 42.1% | 45.1% |
| Effective Tax Rate | 34.8% | -4.1% | 25.4% | 269.5% | 35.4% | 35.3% | 22.0% | 25.6% | 17.5% | 26.0% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $1.85 | $2.46 | $4.32 | $4.06 | $4.39 | $4.46 | $4.46 | $5.12 | $5.01 | $5.41 |
| Dividends Per Share | $2.31 | $2.50 | $2.87 | $3.25 | $3.38 | $3.49 | $3.66 | $3.81 | $3.98 | $4.15 |
| Shares Outstanding (Basic) | $1.95B | $1.92B | $1.89B | $1.87B | $1.86B | $1.84B | $1.80B | $1.76B | $1.72B | $1.68B |
What to look at in Consumer Defensive companies
- Gross margin (stable 5y) (Stable >=35%) — Brand pricing power — Coca-Cola does not drop margins.
- ROE / ROIC stable (ROE >=15% stable) — Defensive businesses have high consistent ROEs — Lynch's stalwarts.
- FCF / Net Income (>=90%) — Earnings to cash conversion — best names exceed 95%.
- Dividend growth 10y (>=6%/year) — Dividend Aristocrats raise 25+ years — moat signal.
- Payout Ratio (<75%) — >80% = dividend at risk. <60% comfortable.
- Net Debt / EBITDA (<2.5x) — Defensive with high debt loses its essence.
Profitability
| Return on Equity | -265.17% |
| Return on Invested Capital | 36.68% |
| Return on Assets | 23.89% |
| Gross Margin | 70.99% |
| Operating Margin | 55.95% |
| Net Margin | 36.46% |
Financial Health
| Debt / Equity | -9.21 |
| Current Ratio | 0.44 |
| Piotroski F-Score | 6 |
| Altman Z-Score | 4.51 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 9.29 | 13.45 | 13.38 | -72.33 | 17.08 | 35.37 | 14.33 | 8.75 | 8.00 | 14.03 |
| P/B | 10.34 | 8.92 | 6.30 | 14.99 | 26.83 | -54.44 | -20.76 | -20.10 | -40.14 | -27.61 |
| P/S | 6.83 | 7.04 | 4.75 | 4.71 | 3.66 | 4.14 | 3.99 | 3.47 | 4.39 | 4.80 |
| Gross Margin | 59.8% | 61.4% | 62.4% | 64.2% | 62.5% | 66.3% | 68.9% | 69.7% | 70.3% | 72.2% |
| Operating Margin | 45.3% | 49.2% | 46.4% | 52.2% | 52.2% | 54.8% | 57.6% | 56.3% | 55.0% | 59.8% |
| Net Margin | 73.6% | 52.4% | 35.5% | -6.5% | 21.4% | 11.7% | 27.9% | 39.7% | 55.1% | 34.5% |
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Explore sector: Consumer Defensive · Tobacco
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