MOAltria

Consumer staples · Tobacco · NYSE

Employees: 5,900
Headquarters: Richmond, VA
CEO: Salvatore Mancuso
Next results: around Jan 28, 2027

The biggest changes in the 10-K filed 2026-02-25, this fiscal year against the last, and the sentences in the MD&A (Item 7) where management explains them, quoted word for word. Tickdelta picks sentences that name the line, a direction and a cause. It does not write explanations of its own.

Operating margin

46.8% → 42.5% (-4.3 pts) Big change FY to 2025-12-31 vs 2024-12-31

“Operating income decreased $1,342 million (11.9%), due primarily to lower OCI (which includes the net impact of non-cash impairments of the e-vapor reporting unit goodwill and definite-lived intangible assets in our e-vapor products segment in 2025 and a non-cash impairment of the Skoal trademark in our oral tobacco product segment in 2024), partially offset by lower general corporate expenses.”
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Net income

-38.3% Big change FY to 2025-12-31 vs 2024-12-31

“Provision for income taxes increased $48 million (2%), due primarily to unfavorable income tax items discussed above, partially offset by lower earnings before income taxes.”
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“Adjusted net earnings of $9,148 million increased $212 million (2.4%), due primarily to higher OCI and a lower adjusted tax rate, partially offset by lower net periodic benefit income, excluding service cost and higher interest and other debt expense, net.”
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Gross margin

59.8% → 62.5% (+2.7 pts) Big change FY to 2025-12-31 vs 2024-12-31

“Cost of sales decreased $480 million (7.9%), due primarily to lower shipment volume and lower per unit settlement charges in our smokeable products segment.”
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Cash from operations

+6.1% FY to 2025-12-31 vs 2024-12-31

The MD&A has no sentence that names a cause for this change. That can be worth a question: ask about the filing.

Revenue

-3.1% FY to 2025-12-31 vs 2024-12-31

“Net revenues, which include excise taxes billed to customers, decreased $739 million (3.1%), due primarily to lower net revenues in our smokeable products segment.”
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“Net revenues, which include excise taxes billed to customers, decreased $719 million (3.4%), due primarily to lower shipment volume ($2,426 million), partially offset by higher pricing ($1,680 million), which includes higher promotional investments.”
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Changes are computed from the XBRL figures in the same 10-K. Hover a number to see the line item. Open the 10-K ↗

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