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Altria (MO) financial statements: income, balance sheet and cash flow

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) filed a Form 10-Q for the quarter ended 30 Jun 2026 showing Q2 2026 revenue of USD 6.11 billion and net income of USD 2.30 billion. On 30 Jun 2026 total debt was USD 24.6 billion and cash and short-term investments USD 2.37 billion, so net debt was USD 22.2 billion by our calculation.

Data as of Source: Form 10-Q for Q2 2026, filed

Key facts

Data as of

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

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
Operating income, TTM (USD bn)
11.0
TTM to · derived
Net income, TTM (USD bn)
7.97
TTM to · derived
Free cash flow, TTM (USD bn)
9.11
TTM to · derived
Total assets (USD bn)
33.4
at · Form 10-Q
Net debt (USD bn)
22.2
at · derived: total debt minus cash and short-term investments

What the numbers show

Altria's income statement for Q2 2026, the quarter ended 30 Jun 2026, shows revenue of USD 6.11 billion, up 0.1% on a year earlier. Net income was USD 2.30 billion, a net margin of 37.6%, our calculation. Operating margin, also ours, was 51.3%, against 52.9% in Q2 2025.

Revenue fell in each year of the annual run, from USD 26.0 billion in FY2021 to USD 23.3 billion in FY2025. That is a compound annual growth rate of negative 2.7%, our calculation. Cost of revenue fell faster, so gross margin rose every year, to 62.5% in FY2025. Operating margin was 34.0% in Q1 2025 and 28.2% in Q4 2025. The FY2025 Form 10-K records e-vapor goodwill impairments in those two quarters, inside operating income.

Altria's balance sheet held total assets of USD 33.4 billion at 30 Jun 2026. Goodwill and intangibles, which we combine, fell from USD 18.9 billion at 30 Sep 2025 to USD 17.7 billion at 31 Dec 2025, the quarter of the later impairment. Total liabilities were USD 36.0 billion, more than the assets. Equity attributable to Altria is therefore negative, at USD 2.67 billion on 30 Jun 2026 and USD 3.50 billion on 31 Dec 2025.

Current liabilities of USD 7.77 billion exceeded current assets of USD 4.02 billion at 30 Jun 2026. Total debt, which we sum from the current and long-term portions, was USD 24.6 billion, below its level at 31 Dec 2025. Cash and short-term investments were USD 2.37 billion. Net debt, our calculation, was USD 22.2 billion, up from USD 21.2 billion at 31 Dec 2025, as cash fell by more than debt.

In the cash flow statement for FY2025, free cash flow, our calculation, was USD 9.07 billion and dividends paid were USD 6.96 billion. Free cash flow was above dividends paid in each of the five years, and FCF cover explains how to set one against the other. A 10-Q reports cash flows year to date, so quarterly cells marked D are our derivations. Cash from operations was USD 205 million in Q2 2025, below every other quarter shown. Free cash flow was USD 662 million in Q2 2026, below dividends paid of USD 1.78 billion. Free cash flow over the 4 quarters to 30 Jun 2026 was USD 9.11 billion.

Diluted EPS fell from USD 6.54 per share in FY2024 to USD 4.12 per share in FY2025. The diluted share count went from 1,845 million shares in FY2021 to 1,683 million shares in FY2025. FY2024 per-share earnings include a gain on the April 2024 assignment of IQOS commercialization rights to Philip Morris International, a separate line below operating income in the statements of earnings. The sale proceeds appear in the FY2023 investing cash flow, not FY2024's. Altria stock fundamentals covers the buybacks.

Income statement

Chart 1

Altria quarterly revenue, Q3 2024 to Q2 2026

USD bn · quarters ended to

Revenue by quarter, from USD 6.26 bn in Q3 2024 to USD 6.11 bn in Q2 2026.024686.1Q32024Q4Q12025Q2Q3Q4Q12026Q2stockfactsheet.com
Source: Altria Forms 10-Q and 10-K, SEC EDGAR Data as of

Annual

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Table 1 Altria income statement, annual, FY2021–FY2025 (USD millions) USD millions, except per-share data (USD) and percentages · Fiscal year ends 31 December
USD mFY2025ended FY2024ended FY2023ended FY2022ended FY2021ended CAGRFY21–FY25
Revenue23,27924,01824,48325,09626,013decreased 2.7%
Revenue YoY %decreased 3.1%decreased 1.9%decreased 2.4%decreased 3.5%decreased 0.5%not available
Cost of revenue5,5976,0776,2186,4427,119decreased 5.8%
Gross profit14,54214,36714,28414,24613,992increased 1.0%
Gross margin %62.5%59.8%58.3%56.8%53.8%not available
R&D195208220162145increased 7.7%
Operating income9,89911,24111,54711,91911,560decreased 3.8%
Operating margin %42.5%46.8%47.2%47.5%44.4%not available
Net interest−1,079−1,037−989−1,058−1,162n/m
Pre-tax income9,38913,65810,9287,3893,824increased 25.2%
Income tax2,4422,3942,7981,6251,349increased 16.0%
Net income6,94711,2648,1305,7642,475increased 29.4%
Net margin %29.8%46.9%33.2%23.0%9.5%not available
Per share
Diluted EPS (USD)4.126.544.573.191.34increased 32.4%
Diluted shares (m)1,6831,7181,7771,8041,845not available
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Source: Altria Forms 10-Q and 10-K, SEC EDGAR Data as of

  • Not available
  • Not meaningful

CAGR: compound annual growth rate from FY2021 to FY2025, our calculation; n/m when the endpoints differ in sign or the base is zero or negative.

Totals may not add up because of rounding.

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

Quarterly

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Table 2 Altria income statement, quarterly, Q3 2024–Q2 2026 (USD millions) USD millions, except per-share data (USD) and percentages · Fiscal year ends 31 December
USD mQ2 2026ended Q1 2026ended Q4 2025ended Q3 2025ended Q2 2025ended Q1 2025ended Q4 2024ended Q3 2024ended
Revenue6,1115,4285,846 D6,0726,1025,2595,974 D6,259
Revenue YoY %increased 0.1%increased 3.2%decreased 2.1%decreased 3.0%decreased 1.7%decreased 5.7%no changedecreased 0.4%
Cost of revenue1,5361,2521,448 D1,4391,4401,2701,502 D1,536
Gross profit3,8203,5063,631 D3,8123,8503,2493,604 D3,808
Gross margin %62.5%64.6%62.1%62.8%63.1%61.8%60.3%60.8%
Operating income3,1362,9561,651 D3,2303,2301,7882,882 D3,152
Operating margin %51.3%54.5%28.2%53.2%52.9%34.0%48.2%50.4%
Net interest−295−258−264 D−278−275−262−255 D−267
Pre-tax income2,9292,8591,513 D3,0753,1181,6832,777 D3,026
Income tax631676396 D700740606−262 D733
Net income2,2982,1831,117 D2,3752,3781,0773,039 D2,293
Net margin %37.6%40.2%19.1%39.1%39.0%20.5%50.9%36.6%
Per share
Diluted EPS (USD)1.371.30not available1.411.410.63not available1.34
Diluted shares (m)1,6701,673not available1,6801,6841,690not available1,703
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Source: Altria Forms 10-Q and 10-K, SEC EDGAR Data as of

  • D Fourth quarter derived as the fiscal year minus the nine-month year-to-date total.
  • Not available

Totals may not add up because of rounding.

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

Balance sheet

Annual

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Table 3 Altria assets, annual, FY2021–FY2025 (USD millions) USD millions
USD mFY2025at FY2024at FY2023at FY2022at FY2021at
Cash and short-term investments4,4743,1273,6864,0304,544
Receivables263177714847
Inventory1,0701,0801,2151,1801,194
Total current assets5,9324,5135,5857,2206,083
PP&E (net)1,7101,6171,6521,6081,553
Goodwill and intangibles17,663 D19,918 D20,477 D17,561 D17,483 D
Total assets35,01735,17738,57036,95439,523
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Source: Altria Forms 10-Q and 10-K, SEC EDGAR Data as of

  • D Goodwill plus the intangible assets the filing reports under the standard intangible-asset tags or the components our mapping lists for the company, from the same filing. Intangible assets a company shows on separate balance sheet lines under other tags, such as licences, may not be included, so for some companies this line is goodwill alone; the lines included can change when the company changes its balance sheet.

Totals may not add up because of rounding.

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Table 4 Altria liabilities and shareholders' equity, annual, FY2021–FY2025 (USD millions) USD millions · net cash shown as a negative net debt
USD mFY2025at FY2024at FY2023at FY2022at FY2021at
Current liabilities9,1548,78111,3198,6168,579
Total debt25,709 D24,926 D26,233 D26,680 D28,044 D
Total liabilities38,46937,36542,06040,87741,129
Shareholders' equity−3,502−2,238−3,540−3,973−1,606
Net debt / (net cash)21,235 D21,799 D22,547 D22,650 D23,500 D
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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.

Totals may not add up because of rounding.

Quarterly

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Table 5 Altria assets, quarterly, Q3 2024–Q2 2026 (USD millions) USD millions
USD mQ2 2026at Q1 2026at Q4 2025at Q3 2025at Q2 2025at Q1 2025at Q4 2024at Q3 2024at
Cash and short-term investments2,3673,5314,4743,4721,2874,7263,1271,897
Receivables30628426324924125817787
Inventory1,0601,1461,0701,0651,0161,0621,0801,101
Total current assets4,0225,2025,9325,1192,6326,0804,5133,499
PP&E (net)1,7571,7301,7101,6171,6101,6081,6171,618
Goodwill and intangibles17,637 D17,660 D17,663 D18,938 D18,972 D19,008 D19,918 D19,955 D
Total assets33,37434,58435,01735,00832,33235,76035,17734,167
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Source: Altria Forms 10-Q and 10-K, SEC EDGAR Data as of

  • D Goodwill plus the intangible assets the filing reports under the standard intangible-asset tags or the components our mapping lists for the company, from the same filing. Intangible assets a company shows on separate balance sheet lines under other tags, such as licences, may not be included, so for some companies this line is goodwill alone; the lines included can change when the company changes its balance sheet.

Totals may not add up because of rounding.

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Table 6 Altria liabilities and shareholders' equity, quarterly, Q3 2024–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 Q1 2025at Q4 2024at Q3 2024at
Current liabilities7,7708,4079,1548,2866,78810,6558,7817,996
Total debt24,577 D24,602 D25,709 D25,701 D24,720 D26,059 D24,926 D25,155 D
Total liabilities35,99237,74538,46937,60435,53839,22037,36537,585
Shareholders' equity−2,668−3,211−3,502−2,646−3,256−3,510−2,238−3,468
Net debt / (net cash)22,210 D21,071 D21,235 D22,229 D23,433 D21,333 D21,799 D23,258 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.

Totals may not add up because of rounding.

Cash flow

Chart 2

Altria quarterly free cash flow, Q3 2024 to Q2 2026

USD bn · quarters ended to

Free cash flow by quarter, from USD 2.58 bn in Q3 2024 to USD 662 m in Q2 2026.012340.7Q32024Q4Q12025Q2Q3Q4Q12026Q2stockfactsheet.com
Source: Altria Forms 10-Q and 10-K, SEC EDGAR Data as of

Annual

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Table 7 Altria cash flow, annual, 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
Cash from investing−3412,175−1,2837821,212
Cash from financing−7,615−11,491−8,374−9,541−10,029
(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.

Quarterly

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Table 8 Altria cash flow, quarterly, Q3 2024–Q2 2026 (USD millions) USD millions · outflows shown with a minus sign
USD mQ2 2026ended Q1 2026ended Q4 2025ended Q3 2025ended Q2 2025ended Q1 2025ended Q4 2024ended Q3 2024ended
Cash from operations719 D2,3243,271 D3,094 D205 D2,7203,340 D2,611 D
Capital expenditure−57 D−93−92 D−54 D−32 D−38−47 D−31 D
Free cash flow662 D2,231 D3,179 D3,040 D173 D2,682 D3,293 D2,580 D
Dividends paid−1,776 D−1,780−1,785 D−1,721 D−1,724 D−1,730−1,737 D−1,688 D
Share buybacks−55 D−280−288 D−112 D−274 D−326−310 D−680 D
Cash from investing−57 D−109−202 D−60 D−36 D−43−63 D−41 D
Cash from financing−1,831 D−3,157−2,073 D−849 D−3,608 D−1,085−2,047 D−2,478 D
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Source: Altria Forms 10-Q and 10-K, SEC EDGAR Data as of

  • D Quarter derived from year-to-date totals: the six- or nine-month figure minus the earlier quarters.
  • D Fourth quarter derived as the fiscal year minus the nine-month year-to-date total.
  • D Free cash flow = cash from operations minus capital expenditure.

Totals may not add up because of rounding.

Per share and dividends

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Table 9 Altria per-share data and dividends, annual, FY2021–FY2025 USD per share, split-adjusted · shares in millions
USDFY2025ended FY2024ended FY2023ended FY2022ended FY2021ended
Basic EPS (USD)4.126.544.573.191.34
Diluted EPS (USD)4.126.544.573.191.34
Dividends declared per share (USD)4.164.003.84 13.683.52
Diluted shares (m)1,6831,7181,7771,8041,845
Shares outstanding at year end (m)1,6741,6911,7631,7861,823
FCF cover (×)1.3×1.3×1.3×1.2×1.3×
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Source: Altria Forms 10-Q and 10-K, SEC EDGAR Data as of

1 As presented in Form 10-K filed .

Notes on these figures

  • R Restated
    • None in the periods shown.
  • D Derived by StockFactsheet
    • Fourth quarter derived as the fiscal year minus the nine-month year-to-date total.
    • Goodwill plus the intangible assets the filing reports under the standard intangible-asset tags or the components our mapping lists for the company, from the same filing. Intangible assets a company shows on separate balance sheet lines under other tags, such as licences, may not be included, so for some companies this line is goodwill alone; the lines included can change when the company changes its balance sheet.
    • Total debt = short-term debt + long-term debt, from the same filing.
    • Net debt = total debt minus cash and short-term investments; a negative value is net cash.
    • Free cash flow = cash from operations minus capital expenditure.
    • Quarter derived from year-to-date totals: the six- or nine-month figure minus the earlier quarters.
  • Template: standard statement set (not bank or insurer).
  • Arrows show direction of change only, not whether a change is good or bad.

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 (FY2021 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. CAGR = compound annual growth across the annual table.
Restatements
None in the periods shown.
Comparator
None: this page shows the company's own figures only.
Currency
As reported (USD); no FX conversion.
Read the full methodology

CSV downloads

One file per statement, with the annual and quarterly figures on this page in full units.

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-Q, quarter ended 31 Mar 2025 Altria Group, Inc. · · sec.gov
  7. [7] Filing Form 10-K, fiscal year ended 31 Dec 2024 Altria Group, Inc. · · sec.gov
  8. [8] Filing Form 10-Q, quarter ended 30 Sep 2024 Altria Group, Inc. · · sec.gov
  9. [9] Filing Form 10-K, fiscal year ended 31 Dec 2023 Altria Group, Inc. · · sec.gov
  10. [10] Filing Form 10-K, fiscal year ended 31 Dec 2022 Altria Group, Inc. · · sec.gov
  11. [11] Filing Form 10-K, fiscal year ended 31 Dec 2021 Altria Group, Inc. · · sec.gov
  12. [12] Filing Form 10-Q, quarter ended 30 Jun 2024 Altria Group, Inc. · · sec.gov
  13. [13] Filing Form 10-Q, quarter ended 31 Mar 2024 Altria Group, Inc. · · sec.gov
  14. [14] Filing Form 10-Q, quarter ended 30 Sep 2023 Altria Group, Inc. · · sec.gov
  15. [15] Filing Form 10-K, fiscal year ended 31 Dec 2020 Altria Group, Inc. · · sec.gov
  16. [16] 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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StockFactsheet (2026). "Altria (MO) financial statements: income, balance sheet and cash flow." Signed off by OffScriptBySami. Updated ; data as of . https://stockfactsheet.com/stocks/mo/financials/

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