FirmAtlas
Company handbook · MO · Prepared by FirmAtlas · firmatlas.app · printed 2026-10-16
MO · CIK 764180 · LATEST FILING: 10-Q JUN '26 · FILED JUL 30, 2026
ALTRIA GROUP, INC.
$75.11
+1.27 (+1.72%)
Close, Oct 16, 2026 · 52-week $55–77
Last fiscal year
ALTRIA GROUP, INC. reported revenue of $23.3B for the year ended Dec 31, 2025 (FY25), down 3.1% from FY24. Net income was $6.9B, operating cash flow $9.3B and free cash flow $9.1B. Source: 10-K filed Feb 25, 2026.
Market cap
$125.8B
P/E
15.8
EV/EBITDA
14.5x
P/B
n/m
Div yield
5.71%
ROIC
39.3%
Revenue 1Y
−3.1%/yr
EPS 1Y
−37.0%/yr
Shares 1Y
−1.0%
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Median
Daily closes, split-adjusted · ratios at each fiscal year end
Company
CEOWilliam F. Gifford, Jr
HQRichmond, VA
AuditorPricewaterhouseCoopers LLP
Employees5,900
Year endsDecember
Revenue by segment · FY25
Smokeable Products88%
Smokeless Products12%
All Other Segments0%
E Vapor0%
Compounded growth & averages
10Y
5Y
3Y
TTM
Share price
1.9%
9.1%
20.6%
16.9%
Upgrade to see 10 years
Share price: yearly compound rate of the traded close; the last column is the past year.
Where the cash went · FY24–FY25
$18.6B deployed
Capex
$358M
1.9%
Dividends
$13.8B
74.4%
Buybacks
$4.4B
23.7%
Operating cash flow over the period: $18.0B. Total debt changed by +$783M. R&D of $403M is already inside operating costs.
Growth engines
How much of the profit growth came from new investment, and how much from running the business better.
Upgrade to see 10 years
Financials
Last 2 years · Upgrade to see 10 years · USD millions · each year opens its 10-K · change vs previous year
Last 4 quarters · USD millions · quarter-end month shown · change vs same quarter a year earlier
TTM = the last four quarters, to Jun '26. Balance-sheet rows show that latest quarter. “—” where the quarters do not add up to the annual figures. No TTM for cash: our quarterly rows do not hold short-term investments yet, and annual cash includes them.
Income
Revenue
24,018
23,279−3.1%
23,457
YoY
−3.1%
Gross profit
14,367
14,542+1.2%
14,769
Gross margin
59.8%
62.5%+2.7 pp
—
Operating income
11,241
9,899−11.9%
10,973
Operating margin
46.8%
42.5%−4.3 pp
—
EBITDA
11,527
10,165−11.8%
—
EBITDA margin
48.0%
43.7%−4.3 pp
—
Interest expense
1,124
1,177+4.7%
—
Interest coverage
10.26x
8.64x−1.62x
—
Net income
11,264
6,947−38.3%
7,973
YoY
−38.3%
Net margin
46.9%
29.8%−17.1 pp
—
EPS (diluted, $)
6.54
4.12−37.0%
4.75
YoY
−37.0%
Balance sheet
Total assets
35,177
35,017−0.5%
33,374
Cash & short-term investments
3,158
4,492+42.2%
—
Accounts receivable
177
263+48.6%
—
Inventory
1,080
1,070−0.9%
—
Net PP&E
1,617
1,710+5.8%
—
Other assets
29,145
27,482−5.7%
—
Total liabilities
37,415
38,519+3.0%
36,042
Accounts payable
700
750+7.1%
—
Total debt
24,926
25,709+3.1%
24,577
Other liabilities
11,789
12,060+2.3%
—
Shareholders’ equity
(2,238)
(3,502)n/m
(2,668)
Total liabilities = total assets − shareholders’ equity, so it includes minority interest where a company has one.
Cash flow statement · as filed
Cash from operations
8,753
9,290+6.1%
9,408
Net income
11,264
6,947−38.3%
—
Depreciation & amortization
286
266−7.0%
—
Working capital & other
(2,797)
2,077n/m
—
Cash from investing
2,175
(341)−115.7%
—
Capex
(142)
(216)n/m
—
Acquisitions
0
0n/m
—
Other investing
2,317
(125)−105.4%
—
Cash from financing
(11,491)
(7,615)n/m
—
Debt raised
0
1,992n/m
—
Debt repaid
(1,121)
(1,607)n/m
—
Dividends
(6,845)
(6,960)n/m
—
Buybacks
(3,400)
(1,000)n/m
—
Other financing
(125)
(40)n/m
—
Net change in cash
(563)
1,334n/m
—
Free cash flow (OCF − capex)
8,611
9,074+5.4%
9,112
Where the cash went
Operating cash flow
8,753
9,290+6.1%
9,408
Reinvested in the business
142
216+52.1%
—
% of operating cash flow
1.6%
2.3%
Capex
142
216+52.1%
296
Acquisitions
0
0n/m
—
R&D (memo, already in costs)
208
195−6.2%
—
Free cash flow
8,611
9,074+5.4%
9,112
YoY
+5.4%
Returned to shareholders
10,245
7,960−22.3%
—
% of free cash flow
119.0%
87.7%
Dividends
6,845
6,960+1.7%
—
Buybacks
3,400
1,000−70.6%
—
Change in total debt
—
783
—
Cash left over
—
1,897
—
FCF conversion (FCF ÷ net income)
76.4%
130.6%+54.2 pp
—
Owner earnings
—
6,971
—
Owner earnings margin
—
29.9%
—
Buyback yield
3.8%
1.0%−2.8 pp
—
Returns & ratios
ROIC (all capital)
47.5%
39.3%−8.1 pp
—
ROIC (operating)
426.4%
327.9%−98.5 pp
—
Net debt / EBITDA
1.89x
2.09x+0.20x
—
Cash conversion cycle (days)
17
17+0 d
—
ROE
−503.3%
−198.4%+304.9 pp
—
ROA
32.0%
19.8%−12.2 pp
—
ROCE
42.6%
38.3%−4.3 pp
—
NOPAT
9,271
7,324−21.0%
—
Invested capital (operating)
2,174
2,293+5.5%
—
Invested capital (all)
19,530
17,715−9.3%
—
Reinvestment rate
—
1.6%
—
Debtor days
3
4+1 d
—
Inventory days
41
45+4 d
—
Days payable
26
31+5 d
—
Income
Sep '25
Dec '25
Mar '26
Jun '26
Revenue
6,072
5,846
5,428
6,111
vs year-ago quarter
Gross profit
3,812
3,631
3,506
3,820
Gross margin
62.8%
62.1%
64.6%
62.5%
Operating income
3,230
1,651
2,956
3,136
Net income
2,375
1,117
2,183
2,298
vs year-ago quarter
Net margin
39.1%
19.1%
40.2%
37.6%
EPS (diluted, $)
1.41
0.67
1.30
1.37
vs year-ago quarter
Balance sheet
Sep '25
Dec '25
Mar '26
Jun '26
Total assets
35,008
35,017
34,584
33,374
Cash & equivalents
3,496
4,492
3,550
2,381
Total debt
25,701
25,709
24,602
24,577
Shareholders’ equity
(2,646)
(3,502)
(3,211)
(2,668)
Cash flow
Sep '25
Dec '25
Mar '26
Jun '26
Operating cash flow
3,094
3,271
2,324
719
Capex
54
92
93
57
Free cash flow
3,040
3,179
2,231
662
vs year-ago quarter