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MOAltria

Consumer staples · Tobacco · NYSE
MO quote by TradingView
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FY2025 at a glance

Sales down 3.1%, free cash flow up to $9.1B

XBRL, from each 10-K
RevenueStatements ↓
$23.3B
from $24.0B in FY2024
FY2016FY2025
Net incomeStatements ↓
$6.9B
from $11.3B in FY2024
FY2016FY2025
Free cash flowStatements ↓
$9.1B
from $8.6B in FY2024
FY2016FY2025
EPS (diluted)Statements ↓
$4.12
from $6.54 in FY2024
FY2016FY2025
Operating marginStatements ↓
42.5%
from 46.8% in FY2024
FY2016FY2025
Total debtStatements ↓
$25.7B
from $24.9B in FY2024
FY2016FY2025
Price and key numbers

The latest figures

All key numbers (40, from the latest 10-K and 10-Q) From EDGAR
EPS (ttm)4.85Sales (ttm)23.5BNet income (ttm)8.1BSales growth-3.1%EPS growth-37.0%Sales Q/Q+1.0%
Free cash flow9.1BGross margin63.3%Oper. margin47.0%Net margin34.5%FCF margin38.6%ROEn/m
ROA23.5%R&D / sales0.8%Dividend4.16Debt/Eqn/mCurr. ratio0.58Cash2.7B
Op. cash flow (ttm)9.4BEBITDA10.2BEBITDA margin43.7%Net debt21.4BQuick ratio0.45Interest cover8.41
Payout ratio101.0%Tax rate26.0%Shares out.1.7BShares Y/Y-2.0%Book / share-1.34Cash / share1.62
Sales / share14.14Asset turnover0.68Inventory turns5.23Days sales out.4Sales 3Y CAGR-2.5%Sales 5Y CAGR-2.3%
EPS 3Y CAGR+8.9%EPS 5Y CAGR+11.4%Employees5,900Sales / employee4.0M

Hover or tap a number to see the XBRL line item and filing it comes from; click it to open that filing at SEC. What each number means. Looks wrong? Tell us.

Changes in the numbers

FY2025 against FY2024
  • Operating margin narrowed to 42.5%46.8% → 42.5% · Operating income / revenue · 10-K ↗
What management wrote about it → · Every company →

MO against Consumer staples peers

Ten years, side by side → · All 34 →
GrowthProfitBalanceCleanInsiders
MOPeer median

Each side 0 to 100, ranked against every company we cover: relative position on reported figures, not a buy score. How

Every dot is one of the 34 companies, the better end on the right. Hover a dot for the company.

Sales growth
-3.1%29th of 33 · median +2.1%
Net margin
34.5%1st of 33 · median 8.0%
Free cash flow margin
38.6%1st of 33 · median 10.7%
MO and the 5 peers closest in revenue
CompanyRevenue (ttm)Sales growthGross marginNet marginROEFCF marginDebt / equity
MO Altria$23.5B -3.1%63.3%34.5%-38.6%-
KHC Kraft Heinz$24.8B -3.5%33.5%-14.0%-9.6%14.3%0.50
KDP Keurig Dr Pepper$23.1B +8.2%48.0%7.1%6.5%10.1%1.14
CL Colgate-Palmolive$21.3B +1.4%60.6%9.6%-17.8%-
DLTR Dollar Tree$20.1B +10.4%38.6%8.0%47.1%9.9%0.86
CASY Casey's$18.7B +10.2%-4.1%18.9%3.5%0.59
Where each dollar goes

From $26.0B of sales to $2.5B of profit

FY2021, from the 10-K income statement
Revenue to Gross profit: $14.0BRevenue to Cost of revenue: $12.0BGross profit to Operating profit: $11.6BGross profit to Operating expenses: $2.4BOperating profit to Net profit: $2.5BOperating profit to Tax & other: $9.1BOperating expenses to R&D: $145.0MOperating expenses to Sales, admin & other: $2.3B Revenue: $26.0B Revenue$26.0B −1% Y/Y Gross profit: $14.0B · 54% margin Gross profit$14.0B54% margin +7% Y/Y Cost of revenue: $12.0B · 46% of revenue Cost of revenue$12.0B46% of revenue Operating profit: $11.6B · 44% margin Operating profit$11.6B44% margin +6% Y/Y Operating expenses: $2.4B · 9% of revenue Operating expenses$2.4B9% of revenue Net profit: $2.5B · 10% margin Net profit$2.5B10% margin −45% Y/Y Tax & other: $9.1B · 35% of revenue Tax & other$9.1B35% of revenue R&D: $145.0M · 1% of revenue R&D$145.0M1% of revenue Sales, admin & other: $2.3B · 9% of revenue Sales, admin & other$2.3B9% of revenue

Swipe sideways for the whole flow →

From $25.1B of sales to $5.8B of profit

FY2022, from the 10-K income statement and revenue by segment
Smokeable Products to Revenue: $22.5BOral Tobacco Products to Revenue: $2.6BOther to Revenue: $40.0MRevenue to Gross profit: $14.2BRevenue to Cost of revenue: $10.8BGross profit to Operating profit: $11.9BGross profit to Operating expenses: $2.3BOperating profit to Net profit: $5.8BOperating profit to Tax & other: $6.2BOperating expenses to R&D: $162.0MOperating expenses to Sales, admin & other: $2.2B Smokeable Products: $22.5B · 90% Smokeable Products$22.5B90% Oral Tobacco Products: $2.6B · 10% Oral Tobacco Products$2.6B10% Other: $40.0M · 0% Other$40.0M0% Revenue: $25.1B Revenue$25.1B −4% Y/Y Gross profit: $14.2B · 57% margin Gross profit$14.2B57% margin +2% Y/Y Cost of revenue: $10.8B · 43% of revenue Cost of revenue$10.8B43% of revenue Operating profit: $11.9B · 47% margin Operating profit$11.9B47% margin +3% Y/Y Operating expenses: $2.3B · 9% of revenue Operating expenses$2.3B9% of revenue Net profit: $5.8B · 23% margin Net profit$5.8B23% margin +133% Y/Y Tax & other: $6.2B · 25% of revenue Tax & other$6.2B25% of revenue R&D: $162.0M · 1% of revenue R&D$162.0M1% of revenue Sales, admin & other: $2.2B · 9% of revenue Sales, admin & other$2.2B9% of revenue

Swipe sideways for the whole flow →

From $24.5B of sales to $8.1B of profit

FY2023, from the 10-K income statement and revenue by segment
Smokeable Products to Revenue: $21.8BOral Tobacco Products to Revenue: $2.7BE-Vapor to Revenue: $62.0MRevenue to Gross profit: $14.3BRevenue to Cost of revenue: $10.2BGross profit to Operating profit: $11.5BGross profit to Operating expenses: $2.7BOperating profit to Net profit: $8.1BOperating profit to Tax & other: $3.4BOperating expenses to R&D: $220.0MOperating expenses to Sales, admin & other: $2.5B Smokeable Products: $21.8B · 89% Smokeable Products$21.8B89% Oral Tobacco Products: $2.7B · 11% Oral Tobacco Products$2.7B11% E-Vapor: $62.0M · 0% E-Vapor$62.0M0% Revenue: $24.5B Revenue$24.5B −2% Y/Y Gross profit: $14.3B · 58% margin Gross profit$14.3B58% margin +0% Y/Y Cost of revenue: $10.2B · 42% of revenue Cost of revenue$10.2B42% of revenue Operating profit: $11.5B · 47% margin Operating profit$11.5B47% margin −3% Y/Y Operating expenses: $2.7B · 11% of revenue Operating expenses$2.7B11% of revenue Net profit: $8.1B · 33% margin Net profit$8.1B33% margin +41% Y/Y Tax & other: $3.4B · 14% of revenue Tax & other$3.4B14% of revenue R&D: $220.0M · 1% of revenue R&D$220.0M1% of revenue Sales, admin & other: $2.5B · 10% of revenue Sales, admin & other$2.5B10% of revenue

Swipe sideways for the whole flow →

From $24.0B of sales to $11.3B of profit

FY2024, from the 10-K income statement and revenue by segment
Smokeable Products to Revenue: $21.2BOral Tobacco Products to Revenue: $2.8BE-Vapor to Revenue: $40.0MRevenue to Gross profit: $14.4BRevenue to Cost of revenue: $9.7BGross profit to Operating profit: $11.2BGross profit to Operating expenses: $3.1BOperating profit to Net profit: $8.8BOperating profit to Tax: $2.4BOther income to Net profit: $2.4BOperating expenses to R&D: $208.0MOperating expenses to Sales, admin & other: $2.9B Smokeable Products: $21.2B · 88% Smokeable Products$21.2B88% Oral Tobacco Products: $2.8B · 12% Oral Tobacco Products$2.8B12% E-Vapor: $40.0M · 0% E-Vapor$40.0M0% Revenue: $24.0B Revenue$24.0B −2% Y/Y Gross profit: $14.4B · 60% margin Gross profit$14.4B60% margin +1% Y/Y Cost of revenue: $9.7B · 40% of revenue Cost of revenue$9.7B40% of revenue Operating profit: $11.2B · 47% margin Operating profit$11.2B47% margin −3% Y/Y Other income: $2.4B · 10% of revenue Other income$2.4B10% of revenue Operating expenses: $3.1B · 13% of revenue Operating expenses$3.1B13% of revenue Net profit: $11.3B · 47% margin Net profit$11.3B47% margin +39% Y/Y Tax: $2.4B · 10% of revenue Tax$2.4B10% of revenue R&D: $208.0M · 1% of revenue R&D$208.0M1% of revenue Sales, admin & other: $2.9B · 12% of revenue Sales, admin & other$2.9B12% of revenue

Swipe sideways for the whole flow →

From $23.3B of sales to $6.9B of profit

FY2025, from the 10-K income statement and revenue by segment
Smokeable Products to Revenue: $20.5BOral Tobacco Products to Revenue: $2.8BOther to Revenue: $5.0MRevenue to Gross profit: $14.5BRevenue to Cost of revenue: $8.7BGross profit to Operating profit: $9.9BGross profit to Operating expenses: $4.6BOperating profit to Net profit: $6.9BOperating profit to Tax & other: $3.0BOperating expenses to R&D: $195.0MOperating expenses to Sales, admin & other: $4.4B Smokeable Products: $20.5B · 88% Smokeable Products$20.5B88% Oral Tobacco Products: $2.8B · 12% Oral Tobacco Products$2.8B12% Other: $5.0M · 0% Other$5.0M0% Revenue: $23.3B Revenue$23.3B −3% Y/Y Gross profit: $14.5B · 62% margin Gross profit$14.5B62% margin +1% Y/Y Cost of revenue: $8.7B · 38% of revenue Cost of revenue$8.7B38% of revenue Operating profit: $9.9B · 43% margin Operating profit$9.9B43% margin −12% Y/Y Operating expenses: $4.6B · 20% of revenue Operating expenses$4.6B20% of revenue Net profit: $6.9B · 30% margin Net profit$6.9B30% margin −38% Y/Y Tax & other: $3.0B · 13% of revenue Tax & other$3.0B13% of revenue R&D: $195.0M · 1% of revenue R&D$195.0M1% of revenue Sales, admin & other: $4.4B · 19% of revenue Sales, admin & other$4.4B19% of revenue

Swipe sideways for the whole flow →

Where each $100 of sales went

FY2021
FY2022
FY2023
FY2024
FY2025
  • Cost of revenue
  • R&D
  • Sales, admin & other
  • Tax & other
  • Net profit

Band widths are the money. Gross profit is revenue less cost of revenue; operating expenses are gross profit less operating profit; R&D is from the income statement and the rest of the operating expenses is everything else; tax includes interest and other items when they are small. Y/Y is the change from the fiscal year before. Revenue by part only for the years in the last two 10-Ks' segment tables. The full income statement →

Profitability

2 of 3
  • ✓
    Net margin above the peer median34.5% vs 8.0%
  • ✓
    Gross margin up over 5 years49.8% → 62.5%
  • !
    A profit in 9 of 10 years
Net margin, FY2016 to FY2025: 55.3% → 29.8%

Balance sheet

2 of 4
  • ✓
    Interest covered more than 5 timesOperating income is 8.4× interest expense
  • !
    Equity below zeroDebt $24.1B, equity −$2.2B
  • !
    Current ratio below 1Current ratio 0.58
  • ✓
    Net debt under 3 years of free cash flow$21.4B net debt, 2.4 years
Debt / equity at each year end, FY2016 to FY2025: 1.09 → 10.38
What the debt is made of ↓

Cash and shareholders

4 of 4
  • ✓
    Free cash flow positive in every one of 10 years$9.1B last year
  • ✓
    Share count down over 5 years−9.5%
  • ✓
    Dividend per share up over 5 years$3.40 → $4.16
  • ✓
    Cash from operations above net income$9.3B vs $6.9B
Free cash flow, FY2016 to FY2025: 3.6B → 9.1B

Each tick is a fact with a fixed rule (on /methodology), not a score or advice. A check without the numbers it needs is left out.

Debt

$6.9B of principal due, schedule of Dec 31, 2025

Repayment schedule →

From the balance sheet in the latest 10-K or 10-Q (XBRL). When each part falls due, year by year, and the debt note's own lines are on the Debt tab.

Revenue and net income, FY2016 to FY2025

Revenue 23.3B Net income 6.9B
FY2016 revenue 25.7B · RevenueFromContractWithCustomerExcludingAssessedTax, 0000764180-19-000023 FY2016 net income 14.2B · NetIncomeLoss, 0000764180-19-000023 25.7B FY2016 FY2017 revenue 25.6B · RevenueFromContractWithCustomerExcludingAssessedTax, 0000764180-20-000018 FY2017 net income 10.2B · NetIncomeLoss, 0000764180-20-000018 25.6B FY2017 FY2018 revenue 25.4B · RevenueFromContractWithCustomerExcludingAssessedTax, 0000764180-21-000037 FY2018 net income 7.0B · NetIncomeLoss, 0000764180-21-000037 25.4B FY2018 FY2019 revenue 25.1B · RevenueFromContractWithCustomerExcludingAssessedTax, 0000764180-22-000019 FY2019 net income -1.3B · NetIncomeLoss, 0000764180-22-000019 25.1B FY2019 FY2020 revenue 26.2B · RevenueFromContractWithCustomerExcludingAssessedTax, 0000764180-23-000020 FY2020 net income 4.5B · NetIncomeLoss, 0000764180-23-000020 26.2B FY2020 FY2021 revenue 26.0B · RevenueFromContractWithCustomerExcludingAssessedTax, 0000764180-24-000018 FY2021 net income 2.5B · NetIncomeLoss, 0000764180-24-000018 26.0B FY2021 FY2022 revenue 25.1B · RevenueFromContractWithCustomerExcludingAssessedTax, 0000764180-25-000019 FY2022 net income 5.8B · NetIncomeLoss, 0000764180-25-000019 25.1B FY2022 FY2023 revenue 24.5B · RevenueFromContractWithCustomerExcludingAssessedTax, 0000764180-26-000017 FY2023 net income 8.1B · NetIncomeLoss, 0000764180-26-000017 24.5B FY2023 FY2024 revenue 24.0B · RevenueFromContractWithCustomerExcludingAssessedTax, 0000764180-26-000017 FY2024 net income 11.3B · NetIncomeLoss, 0000764180-26-000017 24.0B FY2024 FY2025 revenue 23.3B · RevenueFromContractWithCustomerExcludingAssessedTax, 0000764180-26-000017 FY2025 net income 6.9B · NetIncomeLoss, 0000764180-26-000017 23.3B FY2025

From XBRL in each 10-K. Hover a bar for the line item and filing. Full financials →

Statements

Income statement, balance sheet and cash flow

XBRL, each 10-K and 10-Q

MO's income statement, balance sheet and cash flow as reported to the SEC in XBRL, one column per fiscal year. Hover a number to see the line item and filing it comes from. Where a company changed how it tags a line, the first tag it reported for that period is used. A number looks wrong? Tell us.

Annual Quarterly
Revenue23.3B
FY2016: 25.7BFY2017: 25.6BFY2018: 25.4BFY2019: 25.1BFY2020: 26.2BFY2021: 26.0BFY2022: 25.1BFY2023: 24.5BFY2024: 24.0BFY2025: 23.3B FY2017FY2019FY2021FY2023FY2025
Net income6.9B
FY2016: 14.2BFY2017: 10.2BFY2018: 7.0BFY2019: -1.3BFY2020: 4.5BFY2021: 2.5BFY2022: 5.8BFY2023: 8.1BFY2024: 11.3BFY2025: 6.9B FY2017FY2019FY2021FY2023FY2025
Free cash flow9.1B
FY2016: 3.6BFY2017: 4.7BFY2018: 8.2BFY2019: 7.6BFY2020: 8.2BFY2021: 8.2BFY2022: 8.1BFY2023: 9.1BFY2024: 8.6BFY2025: 9.1B FY2017FY2019FY2021FY2023FY2025
EPS (diluted)4.12
FY2016: 7.28FY2017: 5.31FY2018: 3.68FY2019: -0.70FY2020: 2.40FY2021: 1.34FY2022: 3.19FY2023: 4.57FY2024: 6.54FY2025: 4.12 FY2017FY2019FY2021FY2023FY2025
Dividend per share4.16
FY2016: 2.35FY2017: 2.54FY2018: 3.00FY2019: 3.28FY2020: 3.40FY2021: 3.52FY2022: 3.68FY2023: 3.84FY2024: 4.00FY2025: 4.16 FY2017FY2019FY2021FY2023FY2025
Diluted shares1.7B
FY2016: 2.0BFY2017: 1.9BFY2018: 1.9BFY2019: 1.9BFY2020: 1.9BFY2021: 1.8BFY2022: 1.8BFY2023: 1.8BFY2024: 1.7BFY2025: 1.7B FY2017FY2019FY2021FY2023FY2025

The segments changed

10-K filed 2026-02-25

Compared with the 10-K of Feb 26, 2025: new segment E-Vapor .

When a company changes its segments, the years before are usually recast, so growth by segment is not comparable with what earlier 10-Ks showed. Found by comparing the segments with revenue in the last two 10-Ks (XBRL) and by the 10-K's own words, without AI.

Revenue by business segment

year to Dec 31, 2025
RevenueSharevs year before
Smokeable Products 20.5B88.0% -3.4%
Oral Tobacco Products 2.8B12.0% +0.9%
Other 5.0M0.0% -
E-Vapor -13.0M-0.1% -132%

10-K 0000764180-26-000017, segment and revenue notes (XBRL).

Income statement

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue25.7B25.6B25.4B25.1B26.2B26.0B25.1B24.5B24.0B23.3B
Cost of revenue7.8B7.5B7.4B7.1B7.8B7.1B6.4B6.2B6.1B5.6B
Gross profit11.6B12.0B12.3B12.7B13.0B14.0B14.2B14.3B14.4B14.5B
R&D203.0M241.0M252.0M168.0M131.0M145.0M162.0M220.0M208.0M195.0M
Operating income8.8B9.6B9.1B10.3B10.9B11.6B11.9B11.5B11.2B9.9B
Interest expense754.0M736.0M697.0M1.3B1.2B1.2B1.1B1.1B1.1B1.2B
Pretax income21.9B9.8B9.3B766.0M6.9B3.8B7.4B10.9B13.7B9.4B
Income tax7.6B-399.0M2.4B2.1B2.4B1.3B1.6B2.8B2.4B2.4B
Net income14.2B10.2B7.0B-1.3B4.5B2.5B5.8B8.1B11.3B6.9B
EPS (diluted)7.285.313.68-0.702.401.343.194.576.544.12
Diluted shares2.0B1.9B1.9B1.9B1.9B1.8B1.8B1.8B1.7B1.7B
Depreciation & amortization204.0M209.0M227.0M226.0M257.0M244.0M226.0M272.0M286.0M266.0M
EBITDA9.0B9.8B9.3B10.6B11.1B11.8B12.1B11.8B11.5B10.2B
Gross margin45.0%46.8%48.3%50.6%49.8%53.8%56.8%58.3%59.8%62.5%
Operating margin34.0%37.5%35.9%41.1%41.6%44.4%47.5%47.2%46.8%42.5%
Net margin55.3%40.0%27.5%-5.1%17.1%9.5%23.0%33.2%46.9%29.8%
Revenue growth--0.7%-0.8%-1.0%+4.2%-0.5%-3.5%-2.4%-1.9%-3.1%
EPS growth--27.1%-30.7%-119%--44.2%+138%+43.3%+43.1%-37.0%

Balance sheet

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash4.6B1.3B1.3B2.1B4.9B4.5B4.0B3.7B3.1B4.5B
Receivables151.0M142.0M142.0M152.0M137.0M47.0M48.0M71.0M177.0M263.0M
Inventory2.1B2.2B2.3B2.3B2.0B1.2B1.2B1.2B1.1B1.1B
Current assets7.3B4.3B4.3B4.8B7.1B6.1B7.2B5.6B4.5B5.9B
Property & equipment2.0B1.9B1.9B2.0B2.0B1.6B1.6B1.7B1.6B1.7B
Goodwill5.3B5.3B5.2B5.2B5.2B5.2B5.2B6.8B6.9B5.8B
Total assets45.9B43.2B55.5B49.3B47.4B39.5B37.0B38.6B35.2B35.0B
Accounts payable425.0M374.0M399.0M325.0M380.0M449.0M552.0M582.0M700.0M750.0M
Current liabilities7.4B6.8B21.2B8.2B9.1B8.6B8.6B11.3B8.8B9.2B
Total debt13.9B13.9B25.7B28.0B29.5B28.0B26.7B26.2B24.9B25.7B
Total liabilities33.1B27.8B40.6B42.9B44.4B41.1B40.9B42.1B37.4B38.5B
Shareholders' equity12.8B15.4B14.8B6.2B2.8B-1.6B-4.0B-3.5B-2.2B-3.5B
Retained earnings36.9B42.3B44.0B36.5B34.7B30.7B29.8B31.1B35.5B35.5B

Cash flow

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow3.8B4.9B8.4B7.8B8.4B8.4B8.3B9.3B8.8B9.3B
Capital spending189.0M199.0M238.0M246.0M231.0M169.0M205.0M196.0M142.0M216.0M
Free cash flow3.6B4.7B8.2B7.6B8.2B8.2B8.1B9.1B8.6B9.1B
Dividends paid4.5B4.8B5.4B6.1B6.3B6.4B6.6B6.8B6.8B7.0B
Buybacks1.0B2.9B1.7B845.0M01.7B1.8B1.0B3.4B1.0B
Acquisitions45.0M415.0M15.0M--002.8B00
Debt raised2.0B0016.3B2.0B5.5B0998.0M02.0B
Debt repaid933.0M0864.0M1.1B1.0B6.5B1.1B1.6B1.1B1.6B
Investing cash flow3.7B-467.0M-13.0B-2.4B-143.0M1.2B782.0M-1.3B2.2B-341.0M
Financing cash flow-5.3B-7.8B4.7B-4.7B-5.4B-10.0B-9.5B-8.4B-11.5B-7.6B
Dividend per share2.352.543.003.283.403.523.683.844.004.16

From SEC's XBRL company facts (data.sec.gov). EBITDA = operating income + depreciation and amortization; free cash flow = operating cash flow - capital spending; total debt = long-term debt (with its current part) + short-term borrowings. Stock-based pay and leases are shown as the company reports them; Tickdelta does not take them out of earnings or add leases to debt. Click a number to open the filing in SEC's Inline XBRL viewer, where you can click the same number to see how it is tagged. Values a company later revised show as revised; the Revised numbers tab lists the changes.

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