Company file · MO
Altria
Altria's net revenues slipped in 2025 and net income fell
Net revenues fell 3.1% to $23.3B. Net income fell 38.3% to $6.9B.
Key facts
Altria (NYSE: MO) reported net revenues of $23.3B for fiscal 2025, the year ended Dec 31, 2025, down 3.1% from fiscal 2024. Net income was $6.9B, down 38.3%. In its latest 10-Q, for the quarter ended Jun 30, 2026, net revenues were $6.1B, up 0.1% from the same quarter a year earlier, and net income was $2.3B. The largest piece by segment was Smokeable products, at 88% of fiscal 2025 net revenues. Sources: 10-K for fiscal 2025 (filed Feb 25, 2026) and 10-Q for the quarter ended Jun 30, 2026 (filed Jul 30, 2026).
Source: 10-K FY2025, filed Feb 25, 2026
How it makes money
By segment, FY2025
Source: 10-K FY2025, XBRL breakdown
Smokeable products were 88% of 2025 segment revenue and oral tobacco products 12%.
Source: 10-K FY2025
What changed last quarter
Comparing Q2 2026 (Apr to Jun 2026) compared with Q2 2025 (Apr to Jun 2025)
Each pair of bars shows the dollar amount for both quarters. Longer bar, more money. Bars in a group share one scale.
Q2 2026Q2 2025
Company
Source: Altria 10-Q for the quarter ended Jun 30, 2026, filed Jul 30, 2026
By segment
Source: Altria 10-Q for the quarter ended Jun 30, 2026, filed Jul 30, 2026
The bull case and the bear case
The bull case
- Operating cash flow rose 6.1% in 2025 to $9.3B. 10-K, FY2025
- Oral tobacco revenue grew 0.9% in 2025. 10-K, FY2025
- Diluted shares fell 2.0% in 2025. 10-K, FY2025
- Net revenues in the quarter ended Jun 30, 2026 were $6.1B, up 0.1% on a year earlier. 10-Q, quarter ended Jun 30, 2026
The bear case
- Net revenues fell 3.1% in 2025, and smokeable products revenue fell 3.4%. 10-K, FY2025
- Net income fell 38.3% in 2025 to $6.9B, including impairment charges described in the 10-K. 10-K, FY2025
- Smokeable products were 88% of 2025 segment revenue, and US cigarette volumes have been falling for years. 10-K, FY2025
- The 10-K lists falling cigarette volumes, tobacco regulation and taxes, litigation and illegal vapor products among its risks. 10-K, Item 1A
What optimists and skeptics tend to point to, each tied to a filing. Ticker Sage doesn't pick a side, and neither list is a reason to buy or sell.
What the company does
Altria is the largest US tobacco company. It sells Marlboro cigarettes, cigars, moist smokeless tobacco and on! oral nicotine pouches in the US.
Smokeable products include Marlboro and other cigarettes, plus machine-made large cigars. Oral tobacco products include Copenhagen and Skoal smokeless tobacco and on! nicotine pouches.
It sells only in the US and also holds a stake in the brewer Anheuser-Busch InBev. Its fiscal year is the calendar year.
Source: 10-K, Item 1 Business
Main risks the company lists
Our plain-English paraphrase of the risk factors in Altria's latest 10-K. Read the original for the full list.
- VolumesFewer US adults smoke each year, so cigarette volumes keep falling.
- Regulation and taxesFDA rules, flavor bans and excise tax increases can cut sales.
- LitigationIt faces lawsuits over smoking and health.
- Illegal productsUnauthorized flavored vapor products compete with its products.
- New productsIts smoke-free products may not grow fast enough to offset cigarette declines.
- InvestmentsThe value of its stake in Anheuser-Busch InBev can swing.
Source: 10-K, Item 1A Risk Factors (the full list, in the company's words)
Three years of key numbers
Every number links to its filing; hover for the XBRL tag. A dash means the number isn't cleanly available, and we don't estimate it.
| US$ | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| Net revenues | $24.5B | $24.0B | $23.3B |
| Net income | $8.1B | $11.3B | $6.9B |
| Operating cash flow | $9.3B | $8.8B | $9.3B |
| Cash & equivalents (year end) | $3.7B | $3.1B | $4.5B |
| Total debt (year end) | $26.2B | $24.9B | $25.7B |
| Diluted shares | 1.78B | 1.72B | 1.68B |
- Net revenues: Sales of cigarettes, cigars, moist smokeless tobacco and oral nicotine pouches. Includes the federal excise taxes it collects and pays.
- Net income: Profit after all costs and taxes.
- Operating cash flow: Cash the business brought in from its day-to-day operations during the year (cash flow statement).
- Cash & equivalents: Cash and short-term investments that count as cash equivalents on the balance sheet. Excludes longer-dated marketable securities.
- Total debt: Short-term borrowings plus current and long-term debt, at carrying value.
- Diluted shares: Weighted average shares outstanding for the year, including the effect of options and stock awards.
About these numbers
- Net revenues include the federal excise taxes Altria collects on its products, as reported.
- Segment figures exclude a small amount of other revenue.
Recent filings
Latest filings
- Oct 162:31 PM ET
Form 4
Altria Vice President Katie F. Patterson reports 1,268 shares withheld for taxes
The filing reports 1,268 shares withheld to pay the exercise price or tax (code F).
- Oct 98:28 AM ET
8-K
Altria files an 8-K on a material agreement
Altria filed a Form 8-K on Oct 9, 2026 at 8:28 AM ET under Item 1.01 (Entry into a Material Definitive Agreement).
Common questions about Altria
How does Altria make money?
Altria's net revenues were $23.3B in fiscal 2025. Smokeable products were 88% of 2025 segment revenue and oral tobacco products 12%. Source: 10-K for fiscal 2025, filed Feb 25, 2026.
What was Altria's revenue in fiscal 2025?
$23.3B of net revenues for the fiscal year ended Dec 31, 2025, down 3.1% from $24.0B in fiscal 2024. Fiscal 2023 was $24.5B. Source: 10-K for fiscal 2025, filed Feb 25, 2026.
Is Altria profitable?
Altria reported net income of $6.9B for fiscal 2025, down 38.3% from $11.3B in fiscal 2024. That is a profit under US accounting rules (GAAP). In the quarter ended Jun 30, 2026, net income was $2.3B. The page's About these numbers section explains what is included. Source: 10-K for fiscal 2025, filed Feb 25, 2026.
What did Altria report in its latest quarterly filing?
Net revenues were $6.1B in the quarter ended Jun 30, 2026, up 0.1% from $6.1B a year earlier. Net income was $2.3B, down 3.4% from $2.4B. Source: 10-Q for the quarter ended Jun 30, 2026, filed Jul 30, 2026.
How much cash and debt does Altria have?
Altria had $2.4B in cash and cash equivalents and $24.6B of total debt on Jun 30, 2026. Total debt here is short-term borrowings plus current and long-term debt, at carrying value. Source: 10-Q filed Jul 30, 2026.
What are the main risks Altria lists?
Altria's 10-K for fiscal 2025, filed Feb 25, 2026, lists its risk factors in Item 1A. We group them into 6 areas: Volumes; regulation and taxes; litigation; illegal products; new products; investments. The first: Fewer US adults smoke each year, so cigarette volumes keep falling. Source: 10-K, Item 1A Risk Factors.
Where do these Altria numbers come from?
From Altria's own SEC filings: the 10-K for fiscal 2025 (filed Feb 25, 2026) and the 10-Q for the quarter ended Jun 30, 2026 (filed Jul 30, 2026), read through the SEC's public XBRL data. Each number on this page links to its filing. Methodology explains how fiscal years and missing numbers are handled.
Disclosures
- Editor holdings in MO
- The editor holds no position in Altria (MO). As of Oct 25, 2026.
- Trading rule
- The editor does not buy or sell MO from 3 days before to 3 days after this page is published or substantively updated.
- Compensation
- Nobody paid for this page. No affiliate links on this page.
- Sources
- The company's SEC filings, linked next to each number or, for charts, in the source line under them.
- Last updated
- Oct 25, 2026
General education, the same for every reader. Not a recommendation to buy, sell or hold MO, and it doesn't consider your situation.
Compare with peers
| Company | Fiscal year | Revenue | Revenue growth | Net income |
|---|---|---|---|---|
| AltriaMO | FY2025 | $23.3B | −3.1% | $6.9B |
| Philip Morris InternationalPM | FY2025 | $40.6B | +7.3% | $11.3B |
| Coca-ColaKO | FY2025 | $47.9B | +1.9% | $13.1B |
| PepsiCoPEP | FY2025 | $93.9B | +2.3% | $8.2B |
Each row is that company’s latest fiscal year from its own 10-K, using its own revenue and net income lines. Fiscal years end in different months, and line definitions differ (banks, insurers and oil companies count revenue differently), so this is a rough side-by-side, not a like-for-like comparison.
More company files
- AAPL Apple
- MSFT Microsoft
- NVDA Nvidia
- AMZN Amazon
- GOOGL Alphabet
- META
- BRK.B Berkshire Hathaway
- AVGO Broadcom
- TSLA Tesla
- JPM JPMorgan Chase
- LLY Eli Lilly
- MU Micron
- WMT Walmart
- AMD
- V Visa
- XOM ExxonMobil
- JNJ Johnson & Johnson
- MA Mastercard
- ABBV AbbVie
- PLTR Palantir
- INTC Intel
- CVX Chevron
- COST Costco
- CSCO Cisco
- ORCL Oracle
- UNH UnitedHealth
- PG Procter & Gamble
- MRK Merck
- BAC Bank of America
- HD Home Depot
- CAT Caterpillar
- PANW Palo Alto Networks
- AMAT Applied Materials
- GE GE Aerospace
- DELL
- LRCX Lam Research
- MS Morgan Stanley
- NFLX Netflix
- TXN Texas Instruments
- RTX
- GS Goldman Sachs
- TMO Thermo Fisher
- WFC Wells Fargo
- IBM
- AMGN Amgen
- ANET Arista Networks
- GEV GE Vernova
- AXP American Express
- LIN Linde
- CRM Salesforce
- C Citigroup
- DIS Disney
- GILD Gilead
- QCOM Qualcomm
- VZ Verizon
- BLK BlackRock
- COP ConocoPhillips
- ABT Abbott
- SNDK Sandisk
- MCD McDonald's
- DE Deere
- UNP Union Pacific
- NEE NextEra Energy
- PFE Pfizer
- NOW ServiceNow
- DHR Danaher
- ISRG Intuitive Surgical
- TMUS T-Mobile
- SCHW Charles Schwab
- BA Boeing
- T AT&T
- LMT Lockheed Martin
- UBER
- BMY Bristol Myers Squibb
- COF Capital One
- BKNG Booking Holdings
- CVS CVS Health
- SBUX Starbucks
- LOW Lowe's
- SO Southern Company
- ADBE Adobe
- BNY
- DUK Duke Energy
- GD General Dynamics
- USB U.S. Bancorp
- INTU Intuit
- EMR Emerson
- MMM 3M
- AMT American Tower
- UPS
- MDLZ Mondelez
- CMCSA Comcast
- FDX FedEx
- ACN Accenture
- MDT Medtronic
- GM General Motors
New to filings? Learn lists the first explainer topics. Methodology & Disclosures covers where every number comes from.