MO ALTRIA GROUP, INC.

Overview and Growth

Fiscal 2025 results for ALTRIA GROUP, INC. combined $23.28B of revenue with net income of $6.95B and an operating cash inflow of $9.29B. The $23.28B revenue base provides substantial context for the company’s earnings, cash generation, and capital requirements. Compared with $24.02B in fiscal 2024, revenue decreased 3.1%, a top-line contraction that reduced operating scale. On a per-share basis, diluted EPS was $4.12, which connects the reported earnings outcome with the company’s diluted share count. Diluted EPS decreased by 37.0% from $6.54 in fiscal 2024, showing how the earnings change reached shareholders on a per-share basis. Asset turnover was 0.66x, relating the company’s annual revenue directly to the total assets reported at the period end.

Profitability

Gross profit was $14.54B, representing the portion of revenue remaining after the reported cost of revenue and before operating expenses. The gross-profit relationship equaled 62.5% of revenue, quantifying the portion retained before operating expenses were recognized. Operations produced $9.90B of income after the reported operating expense base, before the remaining non-operating and tax effects. The operating result equaled 42.5% of revenue, placing the absolute operating-income figure in the context of the company’s sales base. After all reported below-operating-line items, the company recorded net income of $6.95B for the fiscal year. Measured against reported revenue, net income produced a 29.8% margin after operating costs and the remaining recognized items. Pretax income was $9.39B, isolating the reported earnings outcome before the income-tax provision recognized for the fiscal year. The pretax margin was 40.3%, relating income before taxes directly to revenue. The company recognized $2.44B of income tax for the period, completing the transition from pretax income to net income. The effective relationship between income tax and positive pretax income was 26.0%, without assuming a statutory-rate comparison.

Liquidity and Capital Structure

Total assets were $35.02B, supported by $38.47B of liabilities and -$3.45B of shareholder equity. With total equity at -$3.45B, the company carried a negative book-capital position, increasing its reliance on liabilities and future earnings. Current assets were $5.93B against $9.15B of current liabilities, framing the resources and obligations classified within the near-term balance-sheet horizon. Current assets covered only 0.65x of current liabilities, so current liabilities exceeded current assets at period end. Cash and equivalents totaled $4.47B, identifying the most liquid reported component available within the broader current-asset balance. Cash and equivalents represented 48.9% of current liabilities, showing the portion of near-term obligations matched by reported cash alone. Borrowings totaled $25.71B, adding a fixed financing obligation alongside the company’s equity capital. Debt represented 73.4% of total assets, placing borrowing in the context of the company’s full resource base. Relative to total assets, liabilities measured 109.9%, complementing the separate equity-based view of the company’s capital structure. The cash-to-assets relationship was 12.8%, comparing reported cash and equivalents with the full positive asset balance.

Cash Flow and Earnings Quality

Cash flow from operations was $9.29B, a reported cash inflow that can be compared directly with net income and capital spending. Operating cash flow equaled 1.34x of net income, showing how strongly accounting earnings converted into cash from operations. Capital expenditures used $216.00M, identifying the reported investment outflow deducted from operating cash flow in the free-cash-flow calculation. Capital expenditures represented 2.3% of operating cash flow, leaving the remainder available as free cash flow. After capital spending, free cash flow was $9.07B, leaving cash available for debt reduction, shareholder returns, or further investment. The free-cash-flow margin was 39.0%, measuring cash remaining after capital spending against revenue. Measured against total assets, free cash flow represented 25.9%, showing the cash productivity of the company’s assets.

Based on the annual report for the fiscal year ending Dec 31, 2025. Analysis generated Sep 24, 2026.