Altria (MO) financials

NYSE · Consumer Defensive · Tobacco · 5,900 employees · CEO Salvatore Mancuso

Price: $78.03 +1.67%
Market cap: $130B
Enterprise value: $151B
Last report: Q3 '26 filed 2026-10-29
Next report: 2027-02-04 EPS est. $1.39

Revenue (TTM)$21.3B+5.6% vs a year agoLast 4 quarters; bars = each quarter

Operating margin (TTM)57.9%-1.6 pp vs a year agoOperating income $12.3B

Net income (TTM)$8.12B-8.5% vs a year agoAfter tax, incl. non-operating gains

Free cash flow (TTM)$9.07B-1.3% vs a year agoCapex $351M

Diluted EPS (TTM)$4.84-7.6% vs a year agoSum of the last 4 quarters

Net cash-$21.4B+3.9% vs a year agoCash + short-term investments - debt

Valuation & key figures

Market cap: $130B
Revenue: $21.3B
Revenue growth: +3%
Profit margin: 38.1%
P/E: 16.1×
P/S: 6.1×
EV / EBITDA: 12.6×
Free cash flow: $9.07B
Net income: $8.12B
Revenue estimate: $20.7B
Earnings: 2027-02-04
Dividend: $4.29

Key takeaways

Computed from the reported numbers - every statement carries the figure it rests on.

Last report (2026-10-29): revenue beat by 2.4%, EPS beat by 0.7%Revenue $5.44B vs $5.31B expected (+2.4%); EPS $1.52 vs $1.51 (+0.7%).
Revenue growth slowing: 3.6% year on yearQ3 '26 revenue $5.44B, against an average of 4.8% over the four quarters before.
Operating margin 57.9% (TTM), -1.6 pp on a year agoOperating income grew 2.8% while revenue grew 5.6%.
16.5% of pre-tax profit is eaten by non-operating lossesPre-tax income $10.6B vs operating income $12.3B (TTM). Losses on equity stakes and other one-off items cut net income and EPS - operating income is the cleaner measure of the business.
Capex 1.6% of revenue (a year ago 0.8%)$351M invested in the last 4 quarters (+105.3% on a year earlier). Free cash flow $9.07B = 111.8% of net income.
Returned $8.14B to shareholders = 89.7% of free cash flowBuybacks $1.02B (a year earlier $1.02B), dividends $7.12B, stock-based pay $0 (TTM).
Diluted share count down 0.9% in a year1.67B diluted shares in Q3 '26, 1.68B a year earlier.
Net debt $21.4BCash + short-term investments $2.7B, debt incl. leases $24.1B; a year ago net debt $22.2B.
All other segments: revenue +400.0%, margin -733.3% (was 1,900.0%)Fastest-growing reported segment in Q3 '26: operating income -$88M on revenue $12M (from the segment note of the filing).

Last quarter: Q3 '26

Quarter ended 2026-09-30. Compared with the same quarter a year earlier and with the analyst consensus before the report.

Quarter vs a year ago

	Q3 '26	Year ago	Change
Revenue	$5.44B	$5.25B	+3.6%
Gross margin	72.4%	72.6%	-0.2 pp
Operating income	$3.31B	$3.23B	+2.5%
Operating margin	60.9%	61.6%	-0.7 pp
Net income	$2.52B	$2.38B	+6.0%
Diluted EPS	$1.51	$1.41	+7.1%
Operating cash flow	$3.11B	$3.09B	+0.5%
Capex	$109M	$54M	+101.9%
Free cash flow	$3B	$3.04B	-1.3%
R&D	$0	$0	–
Stock-based compensation	$0	$0	–

Reported vs consensus

2026-10-29

	Actual	Consensus	vs consensus
Revenue	$5.44B	$5.31B	+2.4%
EPS (as estimated)	$1.52	$1.51	+0.7%

From the report of 2026-10-29 for Q3 '26: revenue and the EPS analysts estimate (often adjusted), so it can differ from the EPS of the statements above.

EPS vs consensus

last 8 reports

Revenue

Where the money comes from - by business line and by region, quarter by quarter.

Revenue, operating income and growth

quarterly

Revenue by business line

stacked, quarterly

Segment	Q3 '26	y/y	Share	TTM	TTM y/y
Smokeable Products	$5.43B	+0.8%	88.6%	$20.7B	+0.3%
Smokeless Products	$688M	-0.1%	11.2%	$2.78B	-0.4%
Other Segments	$12M	+400.0%	0.2%	$53M	+630.0%

Segment profits

Operating income per reported segment, read from the segment note of each 10-Q / 10-K (the profit split most data feeds leave out).

Segments in Q3 '26

Segment	Revenue	y/y	Operating income	y/y	Margin	Margin a year ago	TTM operating income
Smokeable Products Segment	$5.43B	+0.8%	$3.05B	+3.8%	56.2%	54.6%	$11.3B
Oral Tobacco Segment	$688M	-0.1%	$434M	-5.4%	63.1%	66.6%	$1.69B
All other segments	$12M	+400.0%	-$88M	-15.8%	-733.3%	1,900.0%	$728M

Operating income by segment

quarterly

Segment operating margin

quarterly

Fourth quarters are derived: the 10-K reports the full year, minus the three quarters of the 10-Qs.

Margins & cost structure

How much of each unit of revenue is left at each level - and where the costs go.

Margins

quarterly

Costs as % of revenue

quarterly

Cash flow & capital allocation

Cash generated, what it is spent on, and what reaches shareholders.

Operating cash flow, capex, free cash flow

quarterly

Uses of cash vs operating cash flow

fiscal years

Last 4 quarters

cash flow statement

Operating cash flow: $9.42B
Capex: -$351M
Buybacks: -$1.02B
Dividends: -$7.12B
Acquisitions: $0
Net debt issued: -$1.57B
Stock-based compensation: $0
Free cash flow: $9.07B
Returned to shareholders / FCF: 89.7%

Share count and EPS

quarterly, diluted

Balance sheet

Liquidity, investments and debt at each quarter end.

Cash, investments and debt

quarter ends

Valuation & returns

Today's multiples against the company's own last five fiscal years; analyst targets and ratings.

Multiples and returns

TTM vs 5 fiscal years

	Now	5y average	Where today sits in the 5-year range
P/E (TTM)	16.1×	16.1×	8.0× – 35.4×
EV / EBITDA	12.6×	11.8×	7.4× – 21.1×
EV / Sales	7.1×	5.2×	4.6× – 5.9×
Price / FCF	14.3×	10.0×	7.8× – 10.7×
Price / Book	-58.5×	–	–
FCF yield	7.0%	10.2%	9.4% – 12.8%
Return on invested capital	34.5%	30.4%	23.3% – 34.3%
Return on equity	-279.7%	-246.1%	-503.3% – -145.1%

Analysts

Consensus target $72.50 (-7.1%)
range $58.00 – $85.00 · rating Buy

Strong buy0

Buy16

Hold9

Sell1

Strong sell0

Outlook

Analyst consensus for the coming fiscal years and what it implies at today's price.

Consensus estimates

Fiscal year	Revenue	Growth	EPS	Growth	P/E at today's price	Analysts (EPS)
FY2026	$20.7B	+2.8%	$5.69	+38.4%	13.7×	7
FY2027	$20.9B	+1.1%	$5.91	+3.9%	13.2×	8
FY2028	$21.3B	+1.6%	$6.16	+4.3%	12.7×	4
FY2029	$21.5B	+1.2%	$6.31	+2.4%	12.4×	1
FY2030	$22.6B	+5.1%	$6.70	+6.1%	11.7×	1

Financial statements

Every line of the income statement, balance sheet and cash flow statement - 12 quarters and 10 fiscal years, as values, as % of revenue or as growth.

Income statementRevenue, costs, operating income, net income and EPSOpen Balance sheetCash, investments, assets, debt, liabilities and equityOpen Cash flowOperating cash flow, capex, free cash flow, buybacks and dividendsOpen

Every reported line

All 227 figures Altria Group, Inc. tagged in its recent 10-Q / 10-K filings, with the official SEC label and definition - including the notes (leases, taxes, buybacks, employees, ...).

Line (SEC label)	Latest quarter	Year ago	y/y	Latest FY	Prior FY	y/y
Accounts Payable, Current	$778M	$662M	+17.5%	$750M	$700M	+7.1%
Accrued Marketing Costs, Current	$980M	$886M	+10.6%	$928M	$688M	+34.9%
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment	$2.92B	$2.93B	-0.4%	$2.96B	$2.92B	+1.4%
Accumulated Other Comprehensive (Income) Loss, Defined Benefit Plan, after Tax	$1.42B2025-12-31	$1.39B	+1.7%	$1.42B	$1.39B	+1.7%
Accumulated Other Comprehensive Income (Loss), Net of Tax	-$2.21B	-$2.71B	+18.3%	-$2.63B	-$2.4B	-9.5%
Additional Paid in Capital, Common Stock	$5.92B	$5.91B	+0.2%	$5.92B	$5.91B	+0.3%
Allowance for Doubtful Accounts, Premiums and Other Receivables	$02025-09-30	$0	–	$02024-12-31	$0	–
Amortization of Intangible Assets	$21M	$38M	-44.7%	$132M	$139M	-5.0%
Asset Impairment Charges	–	–	–	$2.13B	–	–
Assets	$34.5B	$35B	-1.5%	$35B	$35.2B	-0.5%
Assets, Current	$4.8B	$5.12B	-6.3%	$5.93B	$4.51B	+31.4%
Buildings and Improvements, Gross	$1.57B2025-12-31	$1.55B	+1.4%	$1.57B	$1.55B	+1.4%
Business Exit Costs	$3M	$2M	+50.0%	$8M	$35M	-77.1%
Cash and Cash Equivalents, at Carrying Value	$2.7B	$3.47B	-22.3%	$4.47B	$3.13B	+43.1%
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	$2.71B	$3.5B	-22.5%	$4.49B	$3.16B	+42.2%
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Including Disposal Group and Discontinued Operations	$2.71B	–	–	–	–	–
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect	$330M	$2.19B	-84.9%	$1.33B	-$563M	+336.9%
Common Stock, Dividends, Per Share, Declared	$1.11	$1.06	+4.7%	$4.16	$4.00	+4.0%
Common Stock, Par or Stated Value Per Share	$0.33	$0.33	0.0%	$0.33	$0.33	0.0%
Common Stock, Shares Authorized	12B2025-12-31	12B	0.0%	12B	12B	0.0%
Common Stock, Shares, Issued	2.81B	2.81B	0.0%	2.81B	2.81B	0.0%
Common Stock, Shares, Outstanding	1.67B2025-12-31	1.69B	-1.0%	1.67B	1.69B	-1.0%
Common Stock, Value, Issued	$935M	$935M	0.0%	$935M	$935M	0.0%
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest	-$4M	$0	–	$02022-12-31	$0	–
Comprehensive Income (Loss), Net of Tax, Attributable to Parent	$2.69B	$2.5B	+7.6%	$6.72B	$11.5B	-41.8%
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest	$2.68B	$2.5B	+7.4%	$6.05B2022-12-31	$3.76B	+60.9%
Construction in Progress, Gross	$320M2025-12-31	$199M	+60.8%	$320M	$199M	+60.8%
Contract with Customer, Liability	$165M	$167M	-1.2%	$231M	$215M	+7.4%
Cost of Goods and Services Sold	$1.5B	$1.44B	+4.2%	$5.6B	$6.08B	-7.9%
Current Federal Tax Expense (Benefit)	–	–	–	$2.35B	$927M	+153.3%
Current Foreign Tax Expense (Benefit)	–	–	–	$0	$0	–
Current Income Tax Expense (Benefit)	–	–	–	$2.76B	$1.44B	+91.1%
Current State and Local Tax Expense (Benefit)	–	–	–	$410M	$516M	-20.5%
Debt Instrument, Unamortized Discount (Premium), Net	$78M2025-12-31	$76M	+2.6%	$78M	$76M	+2.6%
Debt Issuance Costs, Net	$129M2025-12-31	$128M	+0.8%	$129M	$128M	+0.8%
Deferred Federal Income Tax Expense (Benefit)	–	–	–	-$259M	$764M	-133.9%
Deferred Income Tax Expense (Benefit)	$60M	-$227M	+126.4%	-$316M	$951M	-133.2%
Deferred Income Tax Liabilities, Net	$3.58B	$3.46B	+3.3%	$3.37B	$3.75B	-10.1%
Deferred State and Local Income Tax Expense (Benefit)	–	–	–	-$57M	$187M	-130.5%
Deferred Tax Assets, Capital Loss Carryforwards	–	–	–	$1.4B2024-10-31	–	–
Deferred Tax Assets, Gross	$1.64B2025-12-31	$1.8B	-8.8%	$1.64B	$1.8B	-8.8%
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Postretirement Benefits	$264M2025-12-31	$270M	-2.2%	$264M	$270M	-2.2%
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Legal Settlements	$520M2025-12-31	$585M	-11.1%	$520M	$585M	-11.1%
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Reserves	$348M2025-09-29	–	–	$348M2025-09-29	–	–
Deferred Tax Assets, Valuation Allowance	$779M2025-12-31	$668M	+16.6%	$779M	$668M	+16.6%
Deferred Tax Liabilities, Gross	$4.22B2025-12-31	$4.88B	-13.4%	$4.22B	$4.88B	-13.4%
Deferred Tax Liabilities, Intangible Assets	$2.75B2025-12-31	$3.03B	-9.4%	$2.75B	$3.03B	-9.4%
Deferred Tax Liabilities, Investment in Noncontrolled Affiliates	$1.09B2025-12-31	$1.37B	-20.8%	$1.09B	$1.37B	-20.8%
Deferred Tax Liabilities, Net	$3.36B2025-12-31	$3.74B	-10.3%	$3.36B	$3.74B	-10.3%
Deferred Tax Liabilities, Other	$35M2025-12-31	$133M	-73.7%	$35M	$133M	-73.7%
Deferred Tax Liabilities, Property, Plant and Equipment	$231M2025-12-31	$235M	-1.7%	$231M	$235M	-1.7%
Defined Benefit Plan, Accumulated Other Comprehensive (Income) Loss, Prior Service Cost (Credit), before Tax	-$158M2025-12-31	-$198M	+20.2%	-$158M	-$198M	+20.2%
Defined Benefit Plan, Accumulated Other Comprehensive Income (Loss), Gain (Loss), before Tax	-$2.08B2025-12-31	-$2.09B	+0.5%	-$2.08B	-$2.09B	+0.5%
Defined Contribution Plan, Cost	–	–	–	$110M	$112M	-1.8%
Depreciation	$39M	$32M	+21.9%	$134M	$147M	-8.8%
Depreciation, Depletion and Amortization	$60M	$70M	-14.3%	$266M	$286M	-7.0%
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal	–	–	–	$0	$2.7B	-100.0%
Dividends Payable, Current	$1.86B	$1.79B	+3.9%	$1.78B	$1.73B	+2.9%
Dividends, Common Stock, Cash	$1.85B	$1.79B	+3.9%	$7.01B	$6.84B	+2.5%
Earnings Per Share, Basic	$1.51	$1.41	+7.1%	$4.12	$6.54	-37.0%

Source: SEC companyfacts (XBRL of every 10-Q / 10-K). Cash-flow quarters are derived from the year-to-date figures the 10-Q tags. Segment breakdowns are tagged with dimensions and are shown in the segment section instead.

Sources

Statements, segment revenue, metrics, estimates: Financial Modeling Prep. Segment profits and every reported line: SEC EDGAR (XBRL). Filings read: 10-Q 2026-09-30, 10-Q 2026-06-30, 10-Q 2026-03-31, 10-K 2025-12-31, 10-Q 2025-09-30, 10-Q 2025-06-30, 10-Q 2025-03-31, 10-K 2024-12-31, 10-Q 2024-09-30

Data as of 2026-11-01