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Altria (NYSE: MO) stock fundamentals

NYSE: MO · Consumer staples · United States

Signed off by OffScriptBySami on  · Updated

Data as of  · For information only, not investment advice.

In brief

Altria (NYSE: MO) makes cigarettes, large cigars, smokeless tobacco and oral nicotine pouches for adult consumers in the United States. Its FY2025 Form 10-K puts revenue at USD 23.3 billion and net income at USD 6.95 billion. Its Form 10-Q for Q2 2026 reports revenue of USD 6.11 billion for the quarter ended 30 Jun 2026.

Data as of Source: Form 10-K for FY2025 and Form 10-Q for Q2 2026

Key facts

Data as of

Altria (NYSE: MO) · USD · fiscal year ends 31 December · figures from SEC filings; derived values are marked.

Revenue (USD bn)
23.3
FY2025 (ended ) · Form 10-K
Revenue, TTM (USD bn)
23.5
TTM to · derived
Revenue by quarter, from USD 6.26 bn in Q3 2024 to USD 6.11 bn in Q2 2026
Net income attributable to shareholders (USD bn)
6.95
FY2025 (ended ) · Form 10-K
Operating margin
42.5%
FY2025 (ended ) · derived
Free cash flow (USD bn)
9.07
FY2025 (ended ) · derived
Net debt (USD bn)
22.2
at · derived: total debt minus cash and short-term investments
Dividend declared per share (USD)
4.16
FY2025 (ended ) · Form 10-K
Shares outstanding (bn)
1.67
at · Form 10-Q cover page

Fundamentals profile

vs Altria's own FY2021–FY2025 range (fewer than 5 covered peers) · TTM to Q2 2026 · Data as of

Each row places Altria's value against its own FY2021–FY2025 range. It describes; it does not rate. There is no overall score. How we calculate this

Altria fundamentals profile compared with its own FY2021–FY2025 range. Each row names its period; values are percentages, multiples or years.
DimensionMetricAltriaOwn 5-year medianPositionRange
GrowthRevenue, 3-year CAGR to FY2025−2.5%Own 5-year median −2.2%Near its 5-year median
Lower (−2.6%) Higher (0.8%)
MarginsOperating margin (TTM to Q2 2026)46.8%Own 5-year median 46.8%Near its 5-year median
Lower (42.5%) Higher (47.5%)
LeverageNet debt / EBITDA (TTM to Q2 2026; below zero means net cash)2.0×Own 5-year median 1.9×Near its 5-year median
Lower (1.9×) Higher (2.1×)
Cash flowFCF margin (TTM to Q2 2026)38.8%Own 5-year median 35.9%Above its 5-year median
Lower (31.7%) Higher (39.0%)
Dividend historyConsecutive years of cash dividends, to FY2025Every fiscal year in our data, FY2009 to FY2025, had a dividend; our data starts in FY2009.At least 17Own 5-year median not availablenot availablenot available

Source: Altria Forms 10-Q and 10-K, SEC EDGAR. Derived by StockFactsheet. Data as of

Compared with Altria's own FY2021–FY2025 range because fewer than 5 covered peers exist. Descriptive only; not a rating.

Why did Altria's operating margin fall in FY2025 while its gross margin rose?

Altria's gross margin, our calculation, rose to 62.5% in FY2025, the year ended 31 Dec 2025, from 59.8% in FY2024, while its operating margin fell to 42.5% from 46.8%. Its FY2025 Form 10-K reports non-cash impairment charges of USD 2,128 million in the e-vapor products segment.[3]

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Swipe for earlier periods

Table 1 Altria annual revenue and margins, FY2021–FY2025 (USD millions) USD millions, except per-share data (USD) and percentages · Fiscal year ends 31 December
USD mFY2025ended FY2024ended FY2023ended FY2022ended FY2021ended
Revenue23,27924,01824,48325,09626,013
Revenue YoY %decreased 3.1%decreased 1.9%decreased 2.4%decreased 3.5%decreased 0.5%
Gross margin %62.5%59.8%58.3%56.8%53.8%
Operating margin %42.5%46.8%47.2%47.5%44.4%
Net margin %29.8%46.9%33.2%23.0%9.5%
(opens in new tab)

Source: Altria Forms 10-Q and 10-K, SEC EDGAR Data as of

Arrows show direction of change only, not whether a change is good or bad.

Gross margin rose in each year after FY2021, when it was 53.8%. Operating margin, our calculation, was 44.4% in FY2021 and 47.5% in FY2022, then fell in each later year to 42.5% in FY2025. Revenue declined in each of those 5 years, by between 0.5% and 3.5%.

Net margin, our calculation, moved over a far wider range, from 9.5% in FY2021 to 46.9% in FY2024 and 29.8% in FY2025. In April 2024, Altria assigned its exclusive United States commercialization rights to the IQOS Tobacco Heating System to Philip Morris International.[3] The FY2025 10-K lists a pre-tax gain of USD 2.7 billion on the assignment among the items for FY2024.[3] Philip Morris International has its own page: Philip Morris International stock fundamentals.

The line-by-line income statement for each of the 5 years is on the Altria financial statements page. It shows every line between gross profit and net income, so a reader can see where each margin loses ground.

How did Altria's net debt change between 30 Jun 2025 and 30 Jun 2026?

Altria's net debt, our calculation, was USD 22,210 million at 30 Jun 2026, against USD 23,433 million at 30 Jun 2025. Total debt was USD 24,577 million at 30 Jun 2026 and USD 24,720 million a year earlier, and cash and short-term investments were USD 2,367 million against USD 1,287 million.

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Swipe for earlier periods

Table 2 Altria cash, debt and net debt, Q2 2025–Q2 2026 (USD millions) USD millions · net cash shown as a negative net debt
USD mQ2 2026at Q1 2026at Q4 2025at Q3 2025at Q2 2025at
Cash and short-term investments2,3673,5314,4743,4721,287
Total debt24,577 D24,602 D25,709 D25,701 D24,720 D
Net debt / (net cash)22,210 D21,071 D21,235 D22,229 D23,433 D
(opens in new tab)

Source: Altria Forms 10-Q and 10-K, SEC EDGAR Data as of

  • D Total debt = short-term debt + long-term debt, from the same filing.
  • D Net debt = total debt minus cash and short-term investments; a negative value is net cash.

Net debt was USD 21,235 million at 31 Dec 2025 and USD 21,071 million at 31 Mar 2026. It then rose in the quarter to 30 Jun 2026. Total debt was little changed, at USD 24,602 million on 31 Mar 2026 and USD 24,577 million on 30 Jun 2026. Cash and short-term investments fell from USD 3,531 million to USD 2,367 million.

Net debt subtracts cash and short-term investments from total debt. A fall in cash therefore raises net debt even when debt is unchanged, as in the quarter to 30 Jun 2026. Cash and short-term investments were USD 4,474 million at 31 Dec 2025, the highest balance of its last 5 quarter-ends.

How did Altria's dividends paid compare with its free cash flow from FY2021 to FY2025?

Altria paid USD 6,960 million in dividends in FY2025, the year ended 31 Dec 2025, and its free cash flow, our calculation, was USD 9,074 million. Free cash flow was larger than dividends paid in each of the 5 fiscal years from FY2021 to FY2025, and dividends paid rose in each year after FY2021.

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Swipe for earlier periods

Table 3 Altria cash flow, dividends paid and buybacks, FY2021–FY2025 (USD millions) USD millions · outflows shown with a minus sign
USD mFY2025ended FY2024ended FY2023ended FY2022ended FY2021ended
Cash from operations9,2908,7539,2878,2568,405
Capital expenditure−216−142−196−205−169
Free cash flow9,074 D8,611 D9,091 D8,051 D8,236 D
Dividends paid−6,960−6,845−6,779−6,599−6,446
Share buybacks−1,000−3,400−1,000−1,825−1,675
(opens in new tab)

Source: Altria Forms 10-Q and 10-K, SEC EDGAR Data as of

  • D Free cash flow = cash from operations minus capital expenditure.

Totals may not add up because of rounding.

Free cash flow, our calculation of cash from operations minus capital expenditure, ranged from USD 8,051 million in FY2022 to USD 9,091 million in FY2023. Dividends paid went from USD 6,446 million in FY2021 to USD 6,960 million in FY2025. Capital expenditure stayed between USD 142 million and USD 216 million a year, so free cash flow stayed close to cash from operations. Our guide to FCF cover explains how to set free cash flow against dividends paid.

Share buybacks were USD 1,000 million in FY2025, USD 3,400 million in FY2024, the largest annual buyback of its last 5 fiscal years, and USD 1,000 million in FY2023. They were USD 1,825 million in FY2022 and USD 1,675 million in FY2021.

Altria declared dividends of USD 4.16 per share for FY2025. In the third quarter of 2025, its Board raised the quarterly dividend rate to USD 1.06 per share from USD 1.02, according to the FY2025 10-K.[3] The cash flow statement counts dividends when they are paid, so the amount declared for a year and the amount paid in it can differ.

How we got these numbers

Every figure comes from Altria's Forms 10-Q and 10-K as filed with the SEC. Derived values are marked D and explained below.

Full method for this page
Source documents
Forms 10-Q (Q3 2024 to Q2 2026) and 10-K (FY2018 to FY2025)
Period covered
8 quarters and 5 fiscal years
Calculations
TTM = sum of the last 4 quarters. Q4 = fiscal year minus the nine-month YTD. Margins = line item ÷ revenue. FCF = cash from operations − capital expenditure. EBITDA = operating income + depreciation and amortisation (our calculation). Net debt = total debt − cash and short-term investments. CAGR = compound annual growth over three fiscal years.
Restatements
None in the periods shown.
Comparator
Each profile row compares the current value with Altria's own last five fiscal years, FY2021 to FY2025: the median of those five years and their range, from the lowest to the highest. A current value outside that range is drawn just past the end of the strip. Fewer than 5 covered peers exist, so there is no sector median yet.
Currency
As reported (USD); no FX conversion.
Read the full methodology

Latest filings and disclosures

SEC filings behind Altria's figures, newest first.

(opens in new tab)
  1. Filing Form 10-Q, quarter ended 30 Jun 2026 sec.gov
  2. Filing Form 10-Q, quarter ended 31 Mar 2026 sec.gov
  3. Filing Form 10-K, fiscal year ended 31 Dec 2025 sec.gov
  4. Filing Form 10-Q, quarter ended 30 Sep 2025 sec.gov
  5. Filing Form 10-Q, quarter ended 30 Jun 2025 sec.gov
  6. Filing Form 10-Q, quarter ended 31 Mar 2025 sec.gov
  7. Filing Form 10-K, fiscal year ended 31 Dec 2024 sec.gov
  8. Filing Form 10-Q, quarter ended 30 Sep 2024 sec.gov
All filings on SEC EDGAR

Company identifiers

Data as of
(opens in new tab)
Legal name
Altria Group, Inc.
Exchange
NYSE
Ticker
MO
Sector
Consumer staples
Country
United States
Fiscal year end
31 December
Reporting currency
USD
Accounting standard
US GAAP
SEC CIK
0000764180
Latest filing in this page's data
Form 10-Q, quarter ended 30 Jun 2026 · filed

Sources and data

Data as of Figures are as reported in the filings below. Derived figures are our calculations (see Methodology).

(opens in new tab)
  1. [1] Filing Form 10-Q, quarter ended 30 Jun 2026 Altria Group, Inc. · · sec.gov
  2. [2] Filing Form 10-Q, quarter ended 31 Mar 2026 Altria Group, Inc. · · sec.gov
  3. [3] Filing Form 10-K, fiscal year ended 31 Dec 2025 Altria Group, Inc. · · sec.gov
  4. [4] Filing Form 10-Q, quarter ended 30 Sep 2025 Altria Group, Inc. · · sec.gov
  5. [5] Filing Form 10-Q, quarter ended 30 Jun 2025 Altria Group, Inc. · · sec.gov
  6. [6] Filing Form 10-K, fiscal year ended 31 Dec 2024 Altria Group, Inc. · · sec.gov
  7. [7] Filing Form 10-K, fiscal year ended 31 Dec 2023 Altria Group, Inc. · · sec.gov
  8. [8] Filing Form 10-K, fiscal year ended 31 Dec 2022 Altria Group, Inc. · · sec.gov
  9. [9] Filing Form 10-K, fiscal year ended 31 Dec 2021 Altria Group, Inc. · · sec.gov
  10. [10] Filing Form 10-Q, quarter ended 31 Mar 2025 Altria Group, Inc. · · sec.gov
  11. [11] Filing Form 10-Q, quarter ended 30 Sep 2024 Altria Group, Inc. · · sec.gov
  12. [12] Filing Form 10-K, fiscal year ended 31 Dec 2020 Altria Group, Inc. · · sec.gov
  13. [13] Filing Form 10-K, fiscal year ended 31 Dec 2019 Altria Group, Inc. · · sec.gov
  14. [14] Filing Form 10-K, fiscal year ended 31 Dec 2018 Altria Group, Inc. · · sec.gov
  15. [15] Our dataset StockFactsheet fundamentals dataset, extracted from SEC EDGAR XBRL on ; derived values (Q4, TTM, free cash flow, net debt, margins, growth rates and ratios) are explained in Methodology.

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Cite this page

StockFactsheet (2026). "Altria (NYSE: MO) stock fundamentals." Signed off by OffScriptBySami. Updated ; data as of . https://stockfactsheet.com/stocks/mo/

Not investment advice

For information only. StockFactsheet does not recommend buying, selling or holding any security. Figures can contain errors; always check the original filings. Full disclaimer

Author and editor

OffScriptBySami

Founder and editor, StockFactsheet

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How you can check this page

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  • Signed off by OffScriptBySami on , after the figure, wording and source checks.
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How this page was made
  1. Data imported (SEC EDGAR, )
  2. Drafted from our dataset and the company's own filings
  3. Automated checks and review steps passed ()
  4. Signed off and published by OffScriptBySami (, GST)

Update history

  1. Published First published version.