financial statements

The full income statement, balance sheet, and cash-flow statement for Altria Group Inc. (MO), plus valuation ratios — straight from SEC filings. Switch between annual, quarterly, and trailing-twelve-month figures, pick how far back to look, and flip the time order. Every line has a trend sparkline.

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PeriodRangeOrderChangeYoYQoQAs-reported fiscal years.

Line item	FY2025	FY2024	FY2023	FY2022	FY2021
Income Statement	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Revenue	23.3B YoY-3.1%	24.0B YoY-1.9%	24.5B YoY-2.4%	25.1B YoY-3.5%	26.0B YoY-0.5%
	14.5B YoY+1.2%	14.4B YoY+0.6%	14.3B YoY+0.3%	14.2B YoY+1.8%	14.0B YoY+7.4%
Cost of revenue	5.60B YoY-7.9%	6.08B YoY-2.3%	6.22B YoY-3.5%	6.44B YoY-9.5%	7.12B YoY-8.9%
Research & development	195M YoY-6.3%	208M YoY-5.5%	220M YoY+35.8%	162M YoY+11.7%	145M YoY+10.7%
Restructuring	—	—	—	—	1.00M YoY-99.8%
Amortization of intangibles	132M YoY-5.0%	139M YoY+8.6%	128M YoY+75.3%	73.0M YoY+1.4%	72.0M YoY+0.0%
Operating income	9.90B YoY-11.9%	11.2B YoY-2.7%	11.5B YoY-3.1%	11.9B YoY+3.1%	11.6B YoY+6.3%
Interest expense	1.18B YoY+4.7%	1.12B YoY-2.2%	1.15B YoY+1.9%	1.13B YoY-5.1%	1.19B YoY-2.9%
Net interest income	—	—	-989M YoY+6.5%	-1.06B YoY+9.0%	-1.16B YoY+3.9%
Equity-method income	510M YoY-21.8%	652M YoY+32.3%	493M YoY+122.4%	-2.20B YoY+63.2%	-5.98B YoY-2733.6%
Pre-tax income	9.39B YoY-31.3%	13.7B YoY+25.0%	10.9B YoY+47.9%	7.39B YoY+93.2%	3.82B YoY-44.5%
Income tax	2.44B YoY+2.0%	2.39B YoY-14.4%	2.80B YoY+72.2%	1.63B YoY+20.5%	1.35B YoY-44.6%
	6.95B YoY-38.3%	11.3B YoY+38.5%	8.13B YoY+41.0%	5.76B YoY+132.9%	2.48B YoY-44.6%
Net income to non-controlling interest	—	—	—	0.00	0.00 YoY+100.0%
Net income to common	6.93B YoY-38.3%	11.2B YoY+38.5%	8.11B YoY+41.1%	5.75B YoY+133.4%	2.46B YoY-44.7%
	$4.12 YoY-37.0%	$6.54 YoY+43.1%	$4.57 YoY+43.3%	$3.19 YoY+138.1%	$1.34 YoY-44.2%
EPS (basic)	$4.12 YoY-37.0%	$6.54 YoY+43.1%	$4.57 YoY+43.3%	$3.19 YoY+138.1%	$1.34 YoY-44.2%
Weighted-avg shares (basic)	1.68B YoY-2.0%	1.72B YoY-3.3%	1.78B YoY-1.5%	1.80B YoY-2.2%	1.84B YoY-0.7%
Weighted-avg shares (diluted)	1.68B YoY-2.0%	1.72B YoY-3.3%	1.78B YoY-1.5%	1.80B YoY-2.2%	1.84B YoY-0.8%
Dividends per share	$4.16 YoY+4.0%	$4.00 YoY+4.2%	$3.84 YoY+4.3%	$3.68 YoY+4.5%	$3.52 YoY+3.5%
Balance Sheet	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	5.93B YoY+31.4%	4.51B YoY-19.2%	5.58B YoY-22.6%	7.22B YoY+18.7%	6.08B YoY-14.5%
Cash & equivalents	4.47B YoY+43.1%	3.13B YoY-15.2%	3.69B YoY-8.5%	4.03B YoY-11.3%	4.54B YoY-8.1%
Accounts receivable	263M YoY+48.6%	177M YoY+149.3%	71.0M YoY+47.9%	48.0M YoY+2.1%	47.0M YoY-65.7%
Inventory	1.07B YoY-0.9%	1.08B YoY-11.1%	1.22B YoY+3.0%	1.18B YoY-1.2%	1.19B YoY-39.3%
Other current assets	125M YoY-3.1%	129M YoY+10.3%	117M YoY-15.2%	138M YoY-53.7%	298M YoY+331.9%
	35.0B YoY-0.5%	35.2B YoY-8.8%	38.6B YoY+4.4%	37.0B YoY-6.5%	39.5B YoY-16.6%
Property, plant & equipment	1.71B YoY+5.8%	1.62B YoY-2.1%	1.65B YoY+2.7%	1.61B YoY+3.5%	1.55B YoY-22.8%
Goodwill	5.79B YoY-16.7%	6.95B YoY+2.3%	6.79B YoY+31.2%	5.18B YoY+0.0%	5.18B YoY+0.0%
Intangible assets	11.9B YoY-8.5%	13.0B YoY-5.2%	13.7B YoY+10.5%	12.4B YoY+0.6%	12.3B YoY-2.4%
Other non-current assets	1.09B YoY+17.2%	934M YoY+10.5%	845M YoY-12.4%	965M YoY+4.6%	923M YoY-4.3%
	9.15B YoY+4.2%	8.78B YoY-22.4%	11.3B YoY+31.4%	8.62B YoY+0.4%	8.58B YoY-5.3%
Accounts payable	750M YoY+7.1%	700M YoY+20.3%	582M YoY+5.4%	552M YoY+22.9%	449M YoY+18.2%
Short-term & current debt	1.57B YoY+2.8%	1.53B YoY+36.2%	1.12B YoY-28.0%	1.56B YoY+40.8%	1.10B YoY-26.3%
	38.5B YoY+3.0%	37.4B YoY-11.2%	42.1B YoY+2.9%	40.9B YoY-0.6%	41.1B YoY-7.5%
Long-term debt	24.1B YoY+3.2%	23.4B YoY-6.8%	25.1B YoY-0.0%	25.1B YoY-6.7%	26.9B YoY-3.7%
Deferred tax liabilities	3.37B YoY-10.1%	3.75B YoY+33.9%	2.80B YoY-3.4%	2.90B YoY-21.5%	3.69B YoY-18.5%
Other non-current liabilities	744M YoY+103.8%	365M YoY-77.5%	1.62B YoY+400.3%	324M YoY+14.5%	283M YoY-25.7%
	-3.50B YoY-56.5%	-2.24B YoY+36.8%	-3.54B YoY+10.9%	-3.97B YoY-147.4%	-1.61B YoY-156.6%
Common stock	935M YoY+0.0%	935M YoY+0.0%	935M YoY+0.0%	935M YoY+0.0%	935M YoY+0.0%
Additional paid-in capital	5.92B YoY+0.3%	5.91B YoY-0.0%	5.91B YoY+0.3%	5.89B YoY+0.5%	5.86B YoY-0.9%
Retained earnings	35.5B YoY-0.2%	35.5B YoY+14.2%	31.1B YoY+4.4%	29.8B YoY-2.8%	30.7B YoY-11.6%
Treasury stock	43.2B YoY+2.3%	42.2B YoY+8.7%	38.8B YoY+2.6%	37.8B YoY+5.0%	36.0B YoY+4.8%
Accumulated other comprehensive income	-2.63B YoY-9.5%	-2.40B YoY+10.2%	-2.67B YoY+3.5%	-2.77B YoY+9.3%	-3.06B YoY+29.6%
Non-controlling interest	50.0M YoY+0.0%	50.0M YoY+0.0%	50.0M YoY+0.0%	50.0M	0.00 YoY-100.0%
Total equity incl. non-controlling	-3.45B YoY-57.8%	-2.19B YoY+37.3%	-3.49B YoY+11.0%	-3.92B YoY-144.3%	-1.61B YoY-154.9%
Total liabilities & equity	35.0B YoY-0.5%	35.2B YoY-8.8%	38.6B YoY+4.4%	37.0B YoY-6.5%	39.5B YoY-16.6%
Common shares issued	2.81B YoY+0.0%	2.81B YoY+0.0%	2.81B YoY+0.0%	2.81B YoY+0.0%	2.81B YoY+0.0%
Common shares outstanding	1.67B YoY-1.0%	1.69B YoY-4.1%	1.76B YoY-1.2%	1.79B YoY-2.1%	1.82B YoY-1.9%
Shares outstanding (cover)	1.68B YoY-1.0%	1.69B YoY-4.2%	1.77B YoY-1.3%	1.79B YoY-2.4%	1.84B YoY-1.2%
Cash Flow	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	9.29B YoY+6.1%	8.75B YoY-5.7%	9.29B YoY+12.5%	8.26B YoY-1.8%	8.40B YoY+0.2%
Depreciation & amortization	266M YoY-7.0%	286M YoY+5.1%	272M YoY+20.4%	226M YoY-7.4%	244M YoY-5.1%
Deferred income taxes	-316M YoY-133.2%	951M YoY+513.5%	-230M YoY+75.7%	-947M YoY+18.4%	-1.16B YoY+0.0%
Change in inventory	27.0M YoY+126.5%	-102M YoY-780.0%	15.0M YoY+207.1%	-14.0M YoY+75.4%	-57.0M YoY-2750.0%
Change in payables	34.0M YoY-70.7%	116M YoY+205.3%	38.0M YoY-58.7%	92.0M YoY-43.6%	163M YoY+207.5%
Other operating activities	267M YoY+50.0%	178M YoY-38.0%	287M YoY+44.2%	199M YoY+17.1%	170M YoY-76.1%
	-341M YoY-115.7%	2.17B YoY+269.5%	-1.28B YoY-264.1%	782M YoY-35.5%	1.21B YoY+947.6%
Capital expenditure	216M YoY+52.1%	142M YoY-27.6%	196M YoY-4.4%	205M YoY+21.3%	169M YoY-26.8%
Acquisitions	0.00	0.00 YoY-100.0%	2.75B	0.00	0.00
Other investing activities	125M YoY+247.2%	36.0M YoY+0.0%	36.0M YoY+176.9%	13.0M YoY+106.3%	-205M YoY-133.0%
	-7.62B YoY+33.7%	-11.5B YoY-37.2%	-8.37B YoY+12.2%	-9.54B YoY+4.9%	-10.0B YoY-85.9%
Long-term debt issued	1.99B	0.00 YoY-100.0%	998M	0.00 YoY-100.0%	5.47B YoY+174.6%
Long-term debt repaid	1.61B YoY+43.4%	1.12B YoY-28.4%	1.57B YoY+41.7%	1.10B YoY-83.1%	6.54B YoY+554.2%
Common stock repurchased	1.00B YoY-70.6%	3.40B YoY+240.0%	1.00B YoY-45.2%	1.82B YoY+9.0%	1.68B
Dividends paid	6.96B YoY+1.7%	6.84B YoY+1.0%	6.78B YoY+2.7%	6.60B YoY+2.4%	6.45B YoY+2.5%
Other financing activities	-40.0M YoY+68.0%	-125M YoY-363.0%	-27.0M YoY-125.0%	-12.0M YoY+94.4%	-215M YoY-117.2%
Net change in cash	1.33B YoY+336.9%	-563M YoY-52.2%	-370M YoY+26.4%	-503M YoY-22.1%	-412M YoY-114.5%
Interest paid	1.11B YoY+0.1%	1.11B YoY-0.3%	1.12B YoY-0.3%	1.12B YoY-5.9%	1.19B YoY-4.6%
Income taxes paid	1.70B YoY-0.8%	1.71B YoY-8.8%	1.87B YoY-29.5%	2.66B YoY-0.6%	2.67B YoY+2.2%
Valuation Ratios	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Market cap	96.8B YoY+9.2%	88.6B YoY+24.2%	71.3B YoY-12.9%	81.9B YoY-5.9%	87.1B YoY+14.3%
P/E	13.9× YoY+77.1%	7.9× YoY-3.7%	8.2× YoY-53.4%	17.5× YoY-50.2%	35.2× YoY+106.2%
P/S	4.2× YoY+12.7%	3.7× YoY+26.9%	2.9× YoY-10.8%	3.3× YoY-2.5%	3.3× YoY+14.9%
P/FCF	10.7× YoY+3.6%	10.3× YoY+21.9%	8.4× YoY-17.1%	10.2× YoY-3.7%	10.6× YoY+13.1%
Earnings yield	7.2% YoY-43.5%	12.7% YoY+3.9%	12.2% YoY+114.4%	5.7% YoY+100.7%	2.8% YoY-51.5%
FCF yield	9.4% YoY-3.5%	9.7% YoY-18.0%	11.8% YoY+20.6%	9.8% YoY+3.8%	9.5% YoY-11.6%
Dividend yield	7.2% YoY-5.7%	7.6% YoY-19.6%	9.5% YoY+18.2%	8.1% YoY+8.4%	7.4% YoY-10.4%
Source filing	10-K	10-K	10-K	10-K	10-K

About this data

Source: MO's SEC filings (10-K / 10-Q). Annual columns are as-reported fiscal years; quarterly columns are as-reported fiscal quarters (Q4 derived as full-year minus the first three quarters where a company doesn't file a standalone Q4); TTM (quarterly) rolls the trailing four quarters at every quarter end, TTM (yearly) samples that one year apart; balance-sheet rows show the period-end balance. Valuation ratios are sampled as of each period end. View all MO filings on SEC EDGAR → Not investment advice.

MO▼ financial statements

About this data

financial statements