10-Q · April 30, 2026
Altria Group reported strong Q1 2026 results with revenue of $5.43B, exceeding expectations and showing year-over-year growth of 7.3%. Adjusted EPS also rose to $1.32, reflecting a 7.3% increase from the previous year.…
Earnings analysis · 10-K
MO earnings analysis
Filed May 27, 2026 · Our reading of the company's report
The latest report
Altria Group, Inc. showed mixed results in its 2025 10-K filing. While total revenue for the year was $20.96 billion, reflecting a 2% increase from the previous year, the company faced challenges with reduced volume…
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Altria Group, Inc. showed mixed results in its 2025 10-K filing. While total revenue for the year was $20.96 billion, reflecting a 2% increase from the previous year, the company faced challenges with reduced volume sales and competitive pressures. Free cash flow was strong at $10.16 billion, but operating income margins decreased significantly, indicating potential cost pressures.
From revenue to operating profit
Where each $100 of revenue went in this report.
Cost of sales, operating expenses, and what remained. Figures are rounded to whole dollars.
What stood out
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Solid Revenue Growth
Total revenue reached $20.96 billion for FY 2025, up 2% from $20.58 billion in FY 2024.
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Strong Free Cash Flow
Free cash flow stood at $10.16 billion for FY 2025, compared to $8.89 billion in FY 2024, showcasing financial strength.
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Dividends and Buybacks
The company returned $5.9 billion to shareholders in dividends and repurchases, ensuring strong capital allocation.
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Improved Gross Margin
Gross margin improved to 61.8% in FY 2025 from 61.5% in FY 2024, indicating operational efficiencies.
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Market Position Stability
Altria maintained a consistent market share in the cigarette segment at approximately 50% despite competitive pressures.
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Reduced Operating Income Impact
Operating income margin effectively decreased to 38% in FY 2025 compared to 41% in FY 2024, potentially reflecting rising costs.
What to watch
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Increased Regulatory Scrutiny
New tobacco regulations could impact Altria's product offerings, particularly as governments impose stricter controls.
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Volume Sales Decline
Total cigarette volume sales fell 4% from FY 2024, heightening exposure to declining consumer demand.
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Competition from Reduced-Risk Products
The introduction of lower nicotine products from competitors poses a risk to market share and pricing power.
Management's outlook
Management reaffirmed its full-year EPS guidance unchanged at $5.56-$5.72.
Earlier filings 1
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.