Friday 6 November 2026 Export MO’s income statement to Excel — free account

Altria Group, Inc.

Altria Group, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $23.3 billion, down 3.08% from fiscal 2024.

Revenue: +0.99%
EPS: +6.83%
Free cash flow: −1.35%
Total debt: −6.38%

Quarter to September 2026, against a year earlier

77.63 0.38 −0.49%

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Market cap: $129.1B
P/E: 16.1×
Fwd P/E: 14.1×
Dividend yield: 5.53%
F-score: 7/9
Altman Z: 4.42
Beneish M: −2.45
Dividend safety: 38/100

Overview Business Profile Earnings & Analysis Segments Valuation Filings

Altria Group, Inc. (MO) revenue by segment, product and region

Where the money comes from and where it goes

Fiscal 2022: revenue by segment, and margins
Smokeable Products Segment	22,476	89.56%
Oral Tobacco Segment	2,580	10.28%
All Other	40	0.16%
Gross margin		56.77%
Operating margin		47.49%
Pre-tax margin		29.44%

Revenue by segment $m

Line	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011
Smokeable Products Segment	20,485 88.00%	21,204 88.28%	21,756 88.86%	22,476 89.56%	22,866 87.90%	23,089 88.28%	21,996 87.60%	22,297 87.91%	22,636 88.50%	22,851 88.76%	22,792 89.61%	21,939 89.47%	21,868 89.38%	22,216 90.24%	21,970 92.31%
Oral Tobacco Segment	2,802 12.04%	2,776 11.56%	2,667 10.89%	2,580 10.28%	2,608 10.03%	2,533 9.69%	2,367 9.43%	2,262 8.92%	2,155 8.43%	2,051 7.97%	1,879 7.39%	1,809 7.38%	1,778 7.27%	1,691 6.87%	1,627 6.84%
All Other	5 0.02%	(2) (0.01%)	(2) (0.01%)	40 0.16%	45 0.17%	(83) (0.32%)	58 0.23%	114 0.45%	87 0.34%	96 0.37%	71 0.28%	131 0.53%	211 0.86%	150 0.61%	(313) (1.32%)
E-Vapor	(13) (0.06%)	40 0.17%	62 0.25%	—	—	—	—	—	—	—	—	—	—	—	—
Wine	—	—	—	—	494 1.90%	614 2.35%	689 2.74%	691 2.72%	698 2.73%	746 2.90%	692 2.72%	643 2.62%	609 2.49%	561 2.28%	516 2.17%
Revenue	23,279	24,018	24,483	25,096	26,013	26,153	25,110	25,364	25,576	25,744	25,434	24,522	24,466	24,618	23,800

Operating income by segment $m, and margin

	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011
Smokeable Products Segment	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Oral Tobacco Segment	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
All Other	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
E-Vapor	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Wine	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Corporate and other	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Operating income	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡

Operating figures as reported in each quarter’s results release or filing

Figure	Quarter	Latest	A year before	Change
Black & Mild cigar shipment volume	Q3 FY2026	456.0M	452.0M	+0.88%
Cigarette industry discount retail share	Q3 FY2026	34.1%	32.2%	—
Contract manufactured export cigarettes	Q3 FY2026	1.6B	—	—
Copenhagen shipment volume	Q3 FY2026	79.8M	88.8M	−10.14%
Discount cigarette retail share	Q3 FY2026	4.10%	2.80%	—
Discount cigarette shipment volume	Q3 FY2026	1.7B	1.2B	+40.48%
Marlboro cigarette shipment volume	Q3 FY2026	13.3B	14.2B	−6.40%
Marlboro retail share	Q3 FY2026	39.5%	40.4%	—
Marlboro share of the premium segment	Q3 FY2026	60.0%	59.6%	—
on! shipment volume	Q3 FY2026	47.8M	42.2M	+13.27%
Other	Q3 FY2026	15.9M	16.2M	−1.85%
Other cigar shipment volume	Q3 FY2026	1.0M	1.0M	0.00%
Other premium cigarette retail share	Q3 FY2026	2.10%	2.20%	—
Other premium cigarette shipment volume	Q3 FY2026	697.0M	744.0M	−6.32%
Skoal shipment volume	Q3 FY2026	27.1M	31.0M	−12.58%
Total cigarette shipment volume	Q3 FY2026	15.7B	16.2B	−2.88%
Total cigar shipment volume	Q3 FY2026	457.0M	453.0M	+0.88%
Total oral tobacco products shipment volume	Q3 FY2026	170.6M	178.2M	−4.26%
Total smokeable products shipment volume	Q3 FY2026	16.2B	16.6B	−2.78%

	Q3 FY2026	Q2 FY2026	Q1 FY2026	Q4 FY2025	Q3 FY2025	Q2 FY2025	Q1 FY2025	Q4 FY2024	Q3 FY2024	Q2 FY2024	Q1 FY2024	Q4 FY2023	Q3 FY2023
Black & Mild cigar shipment volume	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Cigarette industry discount retail share	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Contract manufactured export cigarettes	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Copenhagen shipment volume	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Discount cigarette retail share	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Discount cigarette shipment volume	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Marlboro cigarette shipment volume	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Marlboro retail share	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Marlboro share of the premium segment	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
on! shipment volume	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Other	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Other cigar shipment volume	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Other premium cigarette retail share	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Other premium cigarette shipment volume	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Skoal shipment volume	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Total cigarette shipment volume	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Total cigar shipment volume	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Total oral tobacco products shipment volume	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Total smokeable products shipment volume	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡

As each company reports them in its 10-K and 10-Q filings, in US dollars. Where a later filing recast a year's segments, the year is shown as recast; a period whose breakdown does not add up to the company's revenue is left out.