ALTRIA GROUP, INC. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data ALTRIA GROUP, INC. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	25,744	25,576	25,364	25,110	26,153	26,013	25,096	24,483	24,018	23,279
Cost of revenue	7,765	7,531	7,373	7,085	7,818	7,119	6,442	6,218	6,077	5,597
Gross profit	11,572	11,963	12,254	12,711	13,023	13,992	14,246	14,284	14,367	14,542
Research and development	203	241	252	168	131	145	162	220	208	195
Operating income	8,761	9,593	9,115	10,326	10,873	11,560	11,919	11,547	11,241	9,899
Interest expense	754	736	697	1,322	1,223	1,188	1,128	1,149	1,124	1,177
Interest income	13	31	32	42	14	26	70	160	87	98
Pre-tax income	21,852	9,828	9,341	766	6,890	3,824	7,389	10,928	13,658	9,389
Income tax	7,608	-399	2,374	2,064	2,436	1,349	1,625	2,798	2,394	2,442
Net income to minority interests	5	5	4	-5	-13	0	0
Net income	14,239	10,222	6,963	-1,293	4,467	2,475	5,764	8,130	11,264	6,947
EBITDA	8,965	9,802	9,342	10,552	11,130	11,804	12,145	11,819	11,527	10,165
EPS, basic	7.28	5.31	3.69	-0.70	2.40	1.34	3.19	4.57	6.54	4.12
EPS, diluted	7.28	5.31	3.68	-0.70	2.40	1.34	3.19	4.57	6.54	4.12
Shares, basic (weighted)	1,952	1,921	1,887	1,869	1,858	1,845	1,804	1,777	1,718	1,683
Shares, diluted (weighted)	1,952	1,921	1,888	1,869	1,859	1,845	1,804	1,777	1,718	1,683
Dividend per share	2.35	2.54	3.00	3.28	3.40	3.52	3.68	3.84	4.00	4.16

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	4,569	1,253	1,333	2,117	4,945	4,544	4,030	3,686	3,127	4,474
Receivables	151	142	142	152	137	47	48	71	177	263
Inventory	2,051	2,225	2,331	2,293	1,966	1,194	1,180	1,215	1,080	1,070
Other current assets	220	263	326	262	69	298	138	117	129	125
Total current assets	7,260	4,344	4,299	4,824	7,117	6,083	7,220	5,585	4,513	5,932
Property, plant and equipment	1,958	1,914	1,938	1,999	2,012	1,553	1,608	1,652	1,617	1,710
Goodwill	5,285	5,307	5,196	5,177	5,177	5,177	5,177	6,791	6,945	5,787
Intangible assets	12,036	12,400	12,279	12,687	12,615	12,306	12,384	13,686	12,973	11,876
Other non-current assets	513	1,285	1,251	1,003	964	923	965	845	934	1,095
Total assets	45,932	43,202	55,459	49,271	47,414	39,523	36,954	38,570	35,177	35,017
Accounts payable	425	374	399	325	380	449	552	582	700	750
Accrued liabilities	289	188	189
Short-term debt	0	864	1,144	1,000	1,500	1,105	1,556	1,121	1,527	1,569
Total current liabilities	7,375	6,792	21,193	8,174	9,063	8,579	8,616	11,319	8,781	9,154
Long-term debt	13,881	13,030	11,898	27,042	27,971	26,939	25,124	25,112	23,399	24,140
Other non-current liabilities	427	283	254	345	381	283	324	1,621	365	744
Total liabilities	33,121	27,784	40,631	42,914	44,449	41,129	40,877	42,060	37,365	38,469
Total debt	13,881	13,894	13,042	28,042	29,471	28,044	26,680	26,233	24,926	25,709
Paid-in capital	5,893	5,952	5,961	5,970	5,910	5,857	5,887	5,906	5,905	5,921
Retained earnings	36,906	42,251	43,962	36,539	34,679	30,664	29,792	31,094	35,516	35,452
Treasury stock	-28,912	-31,864	-33,524	-34,358	-34,344	-36,006	-37,816	-38,802	-42,194	-43,183
Other comprehensive income	-2,052	-1,897	-2,547	-2,864	-4,341	-3,056	-2,771	-2,673	-2,400	-2,627
Shareholders' equity	12,770	15,377	14,787	6,222	2,839	-1,606	-3,973	-3,540	-2,238	-3,502
Minority interests	3	3	2	97	86	0	50	50	50	50
Total equity	12,773	15,380	14,789	6,319	2,925	-1,606	-3,923	-3,490	-2,188	-3,452
Total liabilities and equity	45,932	43,202	55,459	49,271	47,414	39,523	36,954	38,570	35,177	35,017
Shares outstanding	1,943	1,901	1,874	1,858	1,858	1,823	1,786	1,763	1,691	1,674

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	14,244	10,227	6,967	-1,298	4,454	2,475	5,764	8,130	11,264	6,947
Depreciation and amortization	204	209	227	226	257	244	226	272	286	266
Deferred income tax	3,119	-57	-95	-164	-1,160	-1,160	-947	-230	951	-316
Change in receivables	-27	10	0	-8	20	-18	-21	6	-106	-86
Change in inventory	-34	-171	-129	42	2	57	14	-15	102	-27
Change in payables	24	-55	27	-79	53	163	92	38	116	34
Cash from operations	3,826	4,901	8,391	7,837	8,385	8,405	8,256	9,287	8,753	9,290
Capital expenditures	-189	-199	-238	-246	-231	-169	-205	-196	-142	-216
Acquisitions	-45	-415	-15			0	0	-2,751	0	0
Purchases of investments	-1,578	0	-12,800	-5
Cash from investing	3,708	-467	-12,988	-2,398	-143	1,212	782	-1,283	2,175	-341
Debt issued	1,976	0	0	16,265	1,993	5,472	0	998	0	1,992
Debt repaid	-933	0	-864	-1,144	-1,000	-6,542	-1,105	-1,566	-1,121	-1,607
Share buybacks	-1,030	-2,917	-1,673	-845	0	-1,675	-1,825	-1,000	-3,400	-1,000
Dividends paid	-4,512	-4,807	-5,415	-6,069	-6,290	-6,446	-6,599	-6,779	-6,845	-6,960
Cash from financing	-5,329	-7,771	4,716	-4,712	-5,396	-10,029	-9,541	-8,374	-11,491	-7,615
Net change in cash	2,205	-3,337	119	727	2,846	-412	-503	-370	-563	1,334
Free cash flow	3,637	4,702	8,153	7,591	8,154	8,236	8,051	9,091	8,611	9,074
Interest paid	775	696	704	991	1,246	1,189	1,119	1,116	1,113	1,114
Income taxes paid	4,664	3,036	2,307	1,977	2,616	2,673	2,657	1,874	1,709	1,695

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $68.82 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	63.0%	Gross profit / revenue.
Operating margin	46.8%	Operating income / revenue.
EBITDA margin	47.5%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	44.2%	Pre-tax income / revenue.
Net margin	34.0%	Net income / revenue.
FCF margin	38.8%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	40.1%	Cash from operations / revenue.
Effective tax rate	23.2%	Income tax / pre-tax income, when pre-tax income is positive.
Return on assets (ROA)	23.9%	Net income / average total assets.
Return on invested capital (ROIC)	43.1%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
Capex / revenue	1.3%	Capital expenditures / revenue.
D&A / revenue	0.7%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-3.1%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-2.5%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	-2.3%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	1.2%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	0.7%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	2.2%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-11.9%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	-6.0%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	-1.9%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	-11.8%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	-5.8%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	-1.8%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-38.3%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	6.4%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	9.2%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	-37.0%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	8.9%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	11.4%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	6.1%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	4.0%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	2.1%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	5.4%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	4.1%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	2.2%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	4.0%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	4.2%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	4.1%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	-0.5%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-1.8%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	-5.9%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-2.0%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-2.3%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-2.0%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	0.52x	Current assets / current liabilities.
Quick ratio	0.34x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.30x	(Cash + short-term investments) / current liabilities.
Debt / assets	73.6%	Total debt / total assets.
Liabilities / assets	107.8%	Total liabilities / total assets.
Net debt	$22.21B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	1.99x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Working capital	-$3.75B	Current assets - current liabilities.
Goodwill and intangibles / assets	52.8%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$20.31B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.70x	Revenue / average total assets.
Fixed asset turnover	13.4x	Revenue / average property, plant and equipment.
Inventory turnover	5.35x	Cost of revenue / average inventory.
Days inventory	68 days	365 x average inventory / cost of revenue.
Receivables turnover	76.7x	Revenue / average receivables.
Days sales outstanding	5 days	365 x average receivables / revenue.
Days payables	44 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	29 days	Days inventory + days sales outstanding - days payables.
FCF conversion	114.3%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	3.1%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$4.77	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$14.05	Revenue / diluted weighted shares.
FCF per share	$5.46	Free cash flow / diluted weighted shares.
Operating cash flow per share	$5.63	Cash from operations / diluted weighted shares.
Book value per share	-$1.60	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$12.16	Tangible book value / shares outstanding.
Cash per share	$1.42	(Cash + short-term investments) / shares outstanding.
Payout ratio	88.6%	Dividends paid / net income, when net income is positive.
Dividends / FCF	77.5%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	8.1%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$114.91B	Share price x shares outstanding.
Enterprise value	$137.12B	Market cap + total debt - cash - short-term investments.
P/E	14.4x	Market cap / net income. Only when net income is positive.
P/S	4.90x	Market cap / revenue.
P/FCF	12.6x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	12.2x	Market cap / cash from operations, when positive.
EV/Sales	5.85x	Enterprise value / revenue.
EV/EBIT	12.5x	Enterprise value / operating income, when both are positive.
EV/EBITDA	12.3x	Enterprise value / EBITDA, when both are positive.
EV/FCF	15.0x	Enterprise value / free cash flow, when both are positive.
FCF yield	7.9%	Free cash flow / market cap.
Earnings yield	6.9%	Net income / market cap (the inverse of P/E).
Dividend yield	6.1%	Dividends paid over the period / market cap.
Shareholder yield	6.8%	(Dividends paid + share buybacks) / market cap.
PEG	1.62x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was ALTRIA GROUP, INC.'s revenue in fiscal 2025?

ALTRIA GROUP, INC. reported revenue of $23.28B for fiscal 2025, 3.1% lower than the year before.

Was ALTRIA GROUP, INC. profitable in fiscal 2025?

Yes. Net income was $6.95B, a net margin of 29.8%.

How much free cash flow did ALTRIA GROUP, INC. generate in fiscal 2025?

Cash from operations of $9.29B minus capital expenditures of $216.0M left free cash flow of $9.07B.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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