15 years of revenue, profit, cash flow and balance-sheet history through FY2025,
from SEC filings — with a computed, factual read of the trend.
Updated Overview →
Growth & profitability
Revenue has declined 2.3% per year over the past 5 years.
Net income has grown faster than revenue (9.2% vs -2.3% per year).
Operating margin has been roughly flat, at 42.5% in the latest year.
Free cash flow has grown 2.2% per year over the past 5 years.
Financial health
Total debt ($25.7B) exceeds cash ($4.5B); net debt is $21.2B.
Total debt has grown in line with revenue (-2.7% vs -2.3% per year).
Operating income covered interest expense 8.4× in the latest year.
Total debt is 2.5× EBITDA.
Shareholder returns
Dividends have been paid for 15 consecutive years, consuming 100.2% of earnings and 76.7% of free cash flow.
The dividend has grown 2.0% per year over the past 5 years.
Revenue & net income
RevenueNet income
Margins (gross / operating / net)
GrossOperatingNet
Free cash flow (CFO − capex)
Free cash flow
Cash vs total debt
CashTotal debt
Cash flow: operating / investing / financing
OperatingInvestingFinancing
Key annual figures
FY
Revenue
Net income
Gross M
Op M
FCF
Total debt
Cash
2025
$23.3B
$6.9B
62.5%
42.5%
$9.1B
$25.7B
$4.5B
2024
$24.0B
$11.3B
59.8%
46.8%
$8.6B
$24.9B
$3.1B
2023
$24.5B
$8.1B
58.3%
47.2%
$9.1B
$26.2B
$3.7B
2022
$25.1B
$5.8B
56.8%
47.5%
$8.1B
$26.7B
$4.0B
2021
$26.0B
$2.5B
53.8%
44.4%
$8.2B
$28.0B
$4.5B
2020
$26.2B
$4.5B
49.8%
41.6%
$8.2B
$29.5B
$4.9B
2019
$25.1B
-$1.3B
50.6%
41.1%
$7.6B
$28.0B
$2.1B
2018
$25.4B
$7.0B
48.3%
35.9%
$8.2B
$25.7B
$1.3B
2017
$25.6B
$10.2B
46.8%
37.5%
$4.7B
$13.9B
$1.3B
2016
$25.7B
$14.2B
45.0%
34.0%
$3.6B
$13.9B
$4.6B
2015
—
$5.2B
—
—
$5.6B
$12.8B
$2.4B
2014
—
$5.1B
—
—
$4.5B
$14.7B
$3.3B
2013
—
$4.5B
—
—
$4.2B
$14.5B
$3.2B
2012
—
$4.2B
—
—
$3.8B
$13.9B
$2.9B
2011
—
$3.4B
—
—
$3.5B
$13.7B
$3.3B
Revenue & net income
RevenueNet income
Margins (gross / operating / net)
GrossOperatingNet
Free cash flow (CFO − capex, quarterly)
Free cash flow
Cash vs total debt
CashTotal debt
Cash flow: operating / investing / financing
OperatingInvestingFinancing
Key quarterly figures
Quarter
Revenue
Net income
Gross M
Op M
FCF
Total debt
Cash
Mar '26
$5.4B
$2.2B
64.6%
54.5%
$2.2B
$24.6B
$3.5B
Dec '25
$5.8B
$1.1B
62.1%
28.2%
$3.2B
$25.7B
$4.5B
Sep '25
$6.1B
$2.4B
62.8%
53.2%
$3.0B
$25.7B
$3.5B
Jun '25
$6.1B
$2.4B
63.1%
52.9%
$173M
$24.7B
$1.3B
Mar '25
$5.3B
$1.1B
61.8%
34.0%
$2.7B
$26.1B
$4.7B
Dec '24
$6.0B
$3.0B
60.3%
48.2%
$3.3B
$24.9B
$3.1B
Sep '24
$6.3B
$2.3B
60.8%
50.4%
$2.6B
$25.2B
$1.9B
Jun '24
$6.2B
$3.8B
59.2%
40.8%
-$104M
$25.0B
$1.8B
Mar '24
$5.6B
$2.1B
58.8%
48.0%
$2.8B
$25.0B
$3.6B
Dec '23
$6.0B
$2.1B
58.6%
46.8%
$3.2B
$26.2B
$3.7B
Sep '23
$6.3B
$2.2B
58.9%
49.2%
$2.9B
$25.1B
$1.5B
Jun '23
$6.5B
$2.1B
57.7%
44.6%
$76M
$27.2B
$874M
Mar '23
$5.7B
$1.8B
58.2%
48.2%
$2.9B
$25.4B
$3.9B
Dec '22
$6.1B
$2.7B
57.4%
46.1%
$2.6B
$26.7B
$4.0B
Sep '22
$6.5B
$224M
56.4%
47.5%
$3.0B
$26.3B
$2.5B
Jun '22
$6.5B
$891M
56.0%
47.5%
-$552M
$27.7B
$2.6B
Mar '22
$5.9B
$2.0B
57.2%
48.9%
$3.0B
$27.9B
$5.4B
Dec '21
$6.3B
$1.6B
53.0%
43.7%
$2.6B
$28.0B
$4.5B
Sep '21
$6.8B
-$2.7B
54.1%
43.5%
$3.0B
$28.1B
$3.0B
Jun '21
$6.9B
$2.1B
53.8%
45.9%
-$388M
$28.2B
$1.9B
Valuation over time
How the market has priced MO against its own fundamentals since 2023-03 —
each month-end's share price set against the most recent annual filing, so the multiple moves
as price runs ahead of (or behind) earnings. Split-adjusted.
The price-to-earnings ratio has risen from 12.9× (Mar '23) to 17.6× (Jun '26).
The price-to-sales ratio has risen from 3.0× (Mar '23) to 5.3× (Jun '26).
The dividend yield has fallen from 8.9% (Mar '23) to 5.7% (Jun '26).
Price / earnings (P/E)
P/E
Price / sales (P/S)
P/S
Dividend yield (%)
Dividend yield %
Frequently asked questions
Is MO growing its revenue and profit?
Over the past 5 years, Altria's revenue has declined 2.3% per year, and net income grown 9.2% per year. These are computed facts, not advice.
How much debt does MO have?
As of FY2025, Altria reported $25.7B of total debt against $4.5B of cash; operating income covered interest expense 8.4×.
What is MO's profit margin?
In FY2025, gross margin was 62.5%, operating margin 42.5%, and net margin 29.8%.
What is MO's P/E ratio?
As of Jun '26, Altria traded at a price-to-earnings ratio of about 17.6× (market cap ÷ latest annual net income). The valuation charts above show how its P/E, P/S and dividend yield have moved with the share price. These are computed facts, not advice.
Where does this data come from?
All figures are extracted from the company’s SEC EDGAR/XBRL filings — 10-K annual reports and 10-Q quarterly reports (use the Annual / Quarterly toggle). Quarterly figures are derived from the as-filed statements (year-to-date amounts are differenced into discrete quarters). Growth rates and ratios are computed by tradmap; nothing here is investment advice.
Source: SEC EDGAR / XBRL (10-K + 10-Q filings) · prices EOD (Databento), corporate-action-adjusted ·
growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price
against the latest annual filing. Informational only — not investment advice.