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Altria Group, Inc.

MO

Altria Group, Inc. • NYSE
$59.01 ▲ 0.55% (+0.32)
Market Cap $99.07 B
52w High $68.60
52w Low $50.08
Dividend Yield 4.12%
P/E 11.26
Volume 3.21M
Outstanding Shares 1.68B

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $5.251B ▼ $582M ▼ $2.375B ▼ 45.229% ▲ $1.41 $3.423B ▼
Q2-2025 $5.29B ▲ $620M ▼ $2.378B ▲ 44.953% ▲ $1.41 ▲ $3.464B ▲
Q1-2025 $4.519B ▼ $1.461B ▲ $1.077B ▼ 23.833% ▼ $0.63 ▼ $2.016B ▼
Q4-2024 $5.106B ▼ $722M ▲ $3.039B ▲ 59.518% ▲ $1.8 ▲ $3.192B ▼
Q3-2024 $5.344B $656M $2.293B 42.908% $1.34 $3.367B

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $3.472B ▲ $35.008B ▲ $37.604B ▲ $-2.646B ▲
Q2-2025 $1.287B ▼ $32.332B ▼ $35.538B ▼ $-3.256B ▲
Q1-2025 $4.726B ▲ $35.76B ▲ $39.22B ▲ $-3.51B ▼
Q4-2024 $3.127B ▲ $35.177B ▲ $37.365B ▼ $-2.238B ▲
Q3-2024 $1.897B $34.167B $37.585B $-3.468B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-266M ▼ $3.483B ▲ $-61M ▼ $4.176B ▲ $7.598B ▲ $3.419B ▲
Q2-2025 $2.378B ▲ $2.209B ▼ $-36M ▲ $-4.609B ▼ $-2.436B ▼ $2.177B ▼
Q1-2025 $1.077B ▼ $2.72B ▼ $-43M ▲ $-1.085B ▲ $1.592B ▲ $2.682B ▼
Q4-2024 $3.039B ▲ $3.34B ▲ $-63M ▼ $-2.047B ▲ $1.23B ▲ $3.293B ▲
Q3-2024 $2.293B $2.611B $-41M $-2.478B $92M $2.58B

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Other Segments
Other Segments
 $20.00M ▲$-20.00M ▼$-10.00M ▲$0 ▲
Smokeable Products
Smokeable Products
 $5.26Bn ▲$4.62Bn ▼$5.36Bn ▲$5.39Bn ▲
Smokeless Products
Smokeless Products
 $690.00M ▲$650.00M ▼$750.00M ▲$690.00M ▼

Five-Year Company Overview

Income Statement

Income Statement Altria’s income statement shows a mature business with largely flat sales over the past several years, but very strong profitability. The company has been able to keep operating profit fairly steady despite pressure on cigarette volumes, helped by premium pricing and tight cost control. Net income and earnings per share have been more volatile than operating profit, suggesting that one‑time items, accounting gains or losses, and deals have had a noticeable impact in some years. Overall, this looks like a high‑margin business whose core earnings power is stable, but not really growing, and where headline profit can swing from year to year for non‑operating reasons.

Balance Sheet

Balance Sheet The balance sheet is functional but carries some clear red flags. The business relies heavily on debt financing, and total debt remains high even though it has edged down over time. Reported shareholders’ equity has turned negative, which is often the result of large past buybacks and dividends rather than operational distress, but it does mean a thinner cushion on paper. Cash on hand is solid but not large relative to the debt load, so the company leans on its reliable cash generation and stable franchise rather than on a fortress balance sheet. The structure is typical of a mature, high‑payout tobacco company: financially efficient, but with limited margin for major shocks.

Cash Flow

Cash Flow Cash flow is a core strength. Altria consistently generates strong cash from its operations, and its capital spending needs are modest. That combination leads to very healthy free cash flow, which comfortably supports dividends, debt service, and selective investments. The pattern over several years shows resilience even when reported earnings move around, reinforcing the view that underlying cash economics are steady. The main risk is not cash generation itself, but how dependent the current payout and leverage profile are on that cash continuing without major regulatory or volume disruption.

Competitive Edge

Competitive Edge Altria’s competitive position in the U.S. nicotine market is very strong. Its flagship Marlboro brand remains dominant in traditional cigarettes, providing pricing power and a dependable cash engine. The company also benefits from a vast retail distribution footprint, deep regulatory experience, and large scale in manufacturing and marketing—all of which make it very hard for smaller rivals to challenge its position. At the same time, the core cigarette market is in long‑term structural decline and is heavily regulated, so the moat is strong but in a shrinking pond. Success will depend on how well Altria uses its brand strength, shelf space, and lobbying and regulatory know‑how to migrate smokers into its newer, smoke‑free products.

Innovation and R&D

Innovation and R&D For a historically traditional tobacco company, Altria is now quite active on the innovation front. Its strategy is to build a broad portfolio of smoke‑free alternatives—oral nicotine pouches, e‑vapor, and heated tobacco—rather than betting on a single technology. The acquisition of NJOY gives it a fully owned, FDA‑authorized vaping platform, and the planned next‑generation device introduces age‑gating technology that speaks directly to regulators’ concerns. Oral products under the on! brand and the heated tobacco partnership with Japan Tobacco (Ploom), plus the in‑house SWIC system, give Altria multiple shots on goal to retain adult nicotine users as they move away from cigarettes. The big uncertainty is regulatory approval and consumer adoption: even strong technology and brands will need favorable FDA decisions and real‑world uptake to offset the decline in combustibles.

Summary

Overall, Altria looks like a classic high‑margin, cash‑rich but slow‑growth consumer defensive business in transition. The core cigarette franchise still throws off substantial profits and cash, but volumes are under long‑term pressure and balance sheet leverage is meaningful. The company’s future will hinge on how effectively it converts its regulatory expertise, retail reach, and brand power into leadership across reduced‑risk products. If its smoke‑free portfolio gains regulatory approvals and wins consumer loyalty, Altria’s financial profile could remain robust despite cigarette declines. If that transition falters or regulation tightens unexpectedly, the combination of high payouts and leverage could become more challenging to sustain. The story is less about near‑term results and more about the pace and success of this shift to a smoke‑free portfolio.

NEWS

October 30, 2025 · 7:00 AM UTC

Altria Reports 2025 Third-Quarter and Nine-Months Results; Announces Expanded Share Repurchase Program; Narrows 2025 Full-Year Earnings Guidance

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October 16, 2025 · 10:00 AM UTC

Altria to Host Webcast of 2025 Third-Quarter and Nine-Months Results

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October 9, 2025 · 8:35 AM UTC

Altria Group, Inc. Announces Retirement of Director George Muñoz from Board of Directors

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September 23, 2025 · 4:23 AM UTC

KT&G announces additional shareholder returns, setting annual dividend per share at 6,000 KRW, signs MOU with Altria on nicotine pouch, etc.

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September 23, 2025 · 3:15 AM UTC

Altria Enters Memorandum of Understanding With KT&G to Pursue Long-term Adjacent Growth

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