Revenue growth remains highly sensitive to pricing and inventory shifts, with gross margins compressing from historical highs above 70% to 62.1% in 2025Q4.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Sales/Revenue | 21.82B | 20.14B | 20.44B | 20.5B | 20.69B | 21.11B | 20.84B | 19.8B | 19.63B | 19.49B | 19.34B | 18.85B | 17.95B | 17.66B | 17.5B | 16.62B | 16.89B | 16.82B | 15.96B | 15.21B | 15.17B | 63.74B | 63.96B | 60.19B | 61.71B | 63.67B | 56.23B | 61.75B | 57.81B | 56.11B | 54.55B |
| Revenue Growth % | 7.75% | -1.49% | -0.28% | -0.9% | -2% | 1.3% | 5.28% | 0.86% | 0.68% | 0.81% | 2.56% | 5.07% | 1.6% | 0.93% | 5.3% | -1.62% | 0.4% | 5.43% | 4.9% | 0.26% | -76.2% | -0.35% | 6.26% | -2.46% | -3.08% | 13.23% | -8.94% | 6.81% | 3.03% | 2.86% | 2.66% |
| Cost of Goods Sold | 7.02B | 2.7B | 6.08B | 6.22B | 6.44B | 7.12B | 7.82B | 7.08B | 7.37B | 7.53B | 7.76B | 7.74B | 7.79B | 7.21B | 7.94B | 7.68B | 7.7B | 7.99B | 8.27B | 7.83B | 7.39B | 43.85B | 33.85B | 31.46B | 32.39B | 33.9B | 29.69B | 28.44B | 25.71B | 25.57B | 25.46B |
| COGS % of Revenue | - | 13.41% | 29.73% | 30.33% | 31.14% | 33.72% | 37.51% | 35.79% | 37.57% | 38.63% | 40.16% | 41.05% | 43.38% | 40.8% | 45.35% | 46.21% | 45.61% | 47.49% | 51.83% | 51.45% | 48.69% | 68.8% | 52.93% | 52.27% | 52.5% | 53.24% | 52.79% | 46.06% | 44.48% | 45.58% | 46.68% |
| Gross Profit | 14.8B | 17.44B | 14.37B | 14.28B | 14.25B | 13.99B | 13.02B | 12.71B | 12.25B | 11.96B | 11.57B | 11.11B | 10.16B | 10.46B | 9.56B | 8.94B | 9.19B | 8.83B | 7.69B | 7.38B | 7.79B | 19.89B | 30.11B | 28.73B | 29.31B | 29.77B | 26.55B | 33.31B | 32.1B | 30.54B | 29.09B |
| Gross Margin % | 67.84% | 86.59% | 70.27% | 69.67% | 68.86% | 66.28% | 62.49% | 64.21% | 62.43% | 61.37% | 59.84% | 58.95% | 56.62% | 59.2% | 54.65% | 53.79% | 54.39% | 52.51% | 48.17% | 48.55% | 51.31% | 31.2% | 47.07% | 47.73% | 47.5% | 46.76% | 47.21% | 53.94% | 55.52% | 54.42% | 53.32% |
| Gross Profit Growth % | - | 21.38% | 0.58% | 0.27% | 1.82% | 7.44% | 2.45% | 3.73% | 2.43% | 3.38% | 4.12% | 9.39% | -2.84% | 9.35% | 6.98% | -2.71% | 4.01% | 14.92% | 4.09% | -5.15% | -60.85% | -33.95% | 4.81% | -2% | -1.54% | 12.14% | -20.31% | 3.77% | 5.1% | 4.98% | 5.65% |
| Operating Expenses | 3.73B | 2.38B | 3.13B | 2.74B | 2.33B | 2.43B | 2.15B | 2.38B | 3.14B | 2.37B | 2.81B | 2.75B | 2.54B | 2.37B | 2.31B | 2.87B | 2.96B | 3.37B | 2.81B | 3.01B | 3.27B | 8.05B | 14.93B | 12.97B | 12.87B | 14.07B | 11.74B | 19.82B | 18.74B | 17.42B | 17.32B |
| OpEx % of Revenue | - | 11.79% | 15.29% | 13.35% | 11.25% | 11.52% | 10.32% | 12.05% | 15.99% | 12.16% | 14.54% | 14.6% | 14.15% | 13.43% | 13.2% | 17.28% | 17.52% | 20.04% | 17.58% | 19.8% | 21.54% | 12.63% | 23.34% | 21.54% | 20.85% | 22.1% | 20.88% | 32.1% | 32.42% | 31.04% | 31.75% |
| Selling, General & Admin | 2.37B | 2.18B | 2.74B | 2.74B | 2.33B | 2.43B | 2.15B | 2.23B | 2.76B | 2.34B | 2.66B | 2.71B | 2.54B | 2.34B | 2.3B | 2.64B | 2.73B | 2.84B | 2.75B | 2.78B | 3.11B | 7.66B | 12.86B | 11.78B | 11.54B | 12.46B | 11.42B | 18.12B | 17.05B | 15.72B | 15.63B |
| SG&A % of Revenue | - | 10.82% | 13.39% | 13.35% | 11.25% | 11.52% | 10.32% | 11.24% | 14.04% | 11.99% | 13.77% | 14.36% | 14.15% | 13.25% | 13.15% | 15.9% | 16.19% | 16.9% | 17.25% | 18.3% | 20.52% | 12.02% | 20.1% | 19.57% | 18.7% | 19.57% | 20.31% | 29.34% | 29.49% | 28.01% | 28.65% |
| Research & Development | 0 | 195M | 208M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 809M | 756M | 680M | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | 0.97% | 1.02% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 1.26% | 1.26% | 1.1% | - | - | - | - | - | - |
| Other Operating Expenses | 3M | 0 | 181M | 0 | 0 | 0 | 0 | 159M | 383M | 32M | 149M | 45M | 1M | 33M | 9M | 228M | 225M | 529M | 52M | 228M | 155M | 384M | 1.26B | 430M | 648M | 1.61B | 317M | 1.7B | 1.69B | 1.7B | 1.69B |
| Operating Income | 11.07B | 15.06B | 11.24B | 11.55B | 11.92B | 11.56B | 10.87B | 10.33B | 9.12B | 9.59B | 8.76B | 8.36B | 7.62B | 8.08B | 7.25B | 6.07B | 6.23B | 5.46B | 4.88B | 4.37B | 4.52B | 11.84B | 15.18B | 15.76B | 16.45B | 15.7B | 14.81B | 13.49B | 13.36B | 13.12B | 11.77B |
| Operating Margin % | 50.73% | 74.8% | 54.98% | 56.32% | 57.61% | 54.76% | 52.17% | 52.16% | 46.44% | 49.21% | 45.31% | 44.35% | 42.46% | 45.77% | 41.45% | 36.51% | 36.87% | 32.47% | 30.59% | 28.75% | 29.78% | 18.58% | 23.73% | 26.18% | 26.66% | 24.66% | 26.33% | 21.85% | 23.11% | 23.38% | 21.57% |
| Operating Income Growth % | - | 34% | -2.65% | -3.12% | 3.11% | 6.32% | 5.3% | 13.29% | -4.98% | 9.5% | 4.78% | 9.72% | -5.74% | 11.46% | 19.53% | -2.57% | 14.02% | 11.88% | 11.64% | -3.21% | -61.84% | -22% | -3.67% | -4.19% | 4.75% | 6.05% | 9.76% | 0.99% | 1.81% | 11.48% | 11.81% |
| EBITDA | 11.28B | 15.33B | 11.53B | 11.82B | 12.14B | 11.8B | 11.13B | 10.55B | 9.34B | 9.8B | 8.96B | 8.59B | 7.83B | 8.3B | 7.48B | 6.32B | 6.5B | 5.75B | 5.1B | 4.61B | 4.77B | 13.52B | 16.79B | 17.2B | 17.78B | 18.04B | 16.52B | 15.19B | 15.05B | 14.82B | 13.46B |
| EBITDA Margin % | 51.73% | 76.12% | 56.38% | 57.65% | 58.71% | 55.91% | 53.4% | 53.3% | 47.6% | 50.28% | 46.36% | 45.54% | 43.62% | 46.97% | 42.73% | 38.03% | 38.5% | 34.2% | 31.94% | 30.27% | 31.46% | 21.2% | 26.24% | 28.57% | 28.81% | 28.33% | 29.38% | 24.6% | 26.03% | 26.41% | 24.67% |
| EBITDA Growth % | 5.98% | 32.98% | -2.47% | -2.68% | 2.89% | 6.06% | 5.48% | 12.95% | -4.69% | 9.34% | 4.41% | 9.68% | -5.64% | 10.94% | 18.3% | -2.81% | 13.05% | 12.87% | 10.68% | -3.52% | -64.68% | -19.49% | -2.4% | -3.26% | -1.44% | 9.18% | 8.76% | 0.96% | 1.54% | 10.1% | 10.36% |
| D&A (Non-Cash Add-back) | 217M | 266M | 286M | 272M | 226M | 244M | 257M | 226M | 227M | 209M | 204M | 225M | 208M | 212M | 225M | 253M | 276M | 291M | 215M | 232M | 255M | 1.68B | 1.61B | 1.44B | 1.33B | 2.34B | 1.72B | 1.7B | 1.69B | 1.7B | 1.69B |
| EBIT | 11.48B | 10.57B | 14.78B | 12.08B | 8.52B | 5.01B | 8.11B | 2.09B | 10.04B | 10.56B | 22.61B | 8.9B | 8.58B | 8B | 7.61B | 6.8B | 6.86B | 6.07B | 5.03B | 5.15B | 5.38B | 11.87B | 15.29B | 15.87B | 16.55B | 15.7B | 14.81B | 13.49B | 13.36B | 13.12B | 11.77B |
| Net Interest Income | -1.07B | -1.08B | -1.04B | -989M | -1.06B | -1.16B | -1.21B | -1.28B | -665M | -705M | -747M | -817M | -808M | -1.05B | -1.13B | -1.22B | -1.13B | -1.19B | -167M | -205M | -225M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 0 | 98M | 87M | 160M | 70M | 26M | 14M | 42M | 32M | 31M | 13M | 4M | 2M | 4M | 2M | 4M | 3M | 4M | 70M | 270M | 404M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 1.07B | 1.18B | 1.12B | 1.15B | 1.13B | 1.19B | 1.22B | 1.32B | 697M | 736M | 760M | 821M | 810M | 1.05B | 1.13B | 1.22B | 1.14B | 1.19B | 237M | 475M | 629M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -502M | -5.67B | 2.42B | -619M | -4.53B | -7.74B | -3.98B | -9.56B | 226M | 235M | 13.09B | -283M | 154M | -1.14B | -776M | -486M | -505M | -585M | -93M | 305M | 235M | -521M | -1.18B | -1.15B | 1.5B | -1.42B | -846M | -795M | -4.27B | -2.51B | -1.09B |
| Pretax Income | 10.56B | 9.39B | 13.66B | 10.93B | 7.39B | 3.82B | 6.89B | 766M | 9.34B | 9.83B | 21.85B | 8.08B | 7.77B | 6.94B | 6.48B | 5.58B | 5.72B | 4.88B | 4.79B | 4.68B | 4.75B | 11.32B | 14B | 14.61B | 17.95B | 14.28B | 13.96B | 12.7B | 9.09B | 10.61B | 10.68B |
| Pretax Margin % | 48.43% | 46.62% | 66.81% | 53.3% | 35.72% | 18.11% | 33.06% | 3.87% | 47.59% | 50.42% | 113.01% | 42.84% | 43.32% | 39.3% | 37.01% | 33.59% | 33.88% | 28.99% | 30.01% | 30.75% | 31.33% | 17.76% | 21.89% | 24.27% | 29.08% | 22.43% | 24.83% | 20.56% | 15.72% | 18.91% | 19.58% |
| Income Tax | 2.51B | 2.44B | 2.39B | 2.8B | 1.63B | 1.35B | 2.44B | 2.06B | 2.37B | -399M | 7.61B | 2.83B | 2.7B | 2.41B | 2.29B | 2.19B | 1.82B | 1.67B | 1.7B | 1.55B | 1.57B | 3.41B | 4.54B | 5.1B | 6.37B | 5.41B | 5.45B | 5.02B | 3.71B | 4.3B | 4.38B |
| Effective Tax Rate % | 23.78% | 26.01% | 17.53% | 25.6% | 21.99% | 35.28% | 35.36% | 269.45% | 25.41% | -4.06% | 34.82% | 35.1% | 34.78% | 34.67% | 35.42% | 39.22% | 31.73% | 34.22% | 35.48% | 33.07% | 33.05% | 30.12% | 32.42% | 34.89% | 35.49% | 37.85% | 39.04% | 39.54% | 40.88% | 40.53% | 41% |
| Net Income | 8.05B | 6.95B | 11.26B | 8.13B | 5.76B | 2.48B | 4.47B | -1.29B | 6.96B | 10.22B | 14.24B | 5.24B | 5.07B | 4.54B | 4.18B | 3.39B | 3.9B | 3.21B | 4.93B | 9.79B | 12.02B | 7.94B | 9.42B | 9.2B | 11.1B | 8.56B | 8.51B | 7.67B | 5.37B | 6.31B | 6.3B |
| Net Margin % | 36.91% | 34.5% | 55.1% | 39.65% | 27.86% | 11.72% | 21.43% | -6.53% | 35.48% | 52.44% | 73.64% | 27.8% | 28.25% | 25.68% | 23.89% | 20.4% | 23.12% | 19.06% | 30.9% | 64.33% | 79.23% | 12.45% | 14.72% | 15.29% | 17.99% | 13.44% | 15.13% | 12.43% | 9.29% | 11.24% | 11.55% |
| Net Income Growth % | -21.14% | -38.33% | 38.55% | 41.05% | 132.89% | -44.59% | 445.48% | -118.57% | -31.88% | -28.21% | 171.68% | 3.37% | 11.8% | 8.49% | 23.3% | -13.19% | 21.8% | -34.97% | -49.62% | -18.6% | 51.47% | -15.71% | 2.3% | -17.1% | 29.7% | 0.59% | 10.88% | 42.87% | -14.87% | 0.11% | 15.65% |
| Net Income (Continuing) | 8.05B | 6.95B | 11.26B | 8.13B | 5.76B | 2.48B | 4.45B | -1.3B | 6.97B | 10.23B | 14.24B | 5.24B | 5.07B | 4.54B | 4.18B | 3.39B | 3.91B | 3.21B | 3.09B | 3.13B | 3.18B | 8.17B | 9.42B | 9.12B | 11.02B | 8.57B | 8.51B | 7.67B | 5.37B | 6.31B | 6.3B |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.9B | 6.66B | 8.84B | -233M | -4M | 83M | 81M | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 50M | 50M | 50M | 50M | 50M | 0 | 86M | 97M | 2M | 3M | 3M | -7M | -4M | -1M | 2M | 35M | 35M | 3M | 0 | 0 | 3.53B | 4.14B | 4.76B | 4.76B | 4.37B | 4.01B | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 4.81 | 4.11 | 6.54 | 4.57 | 3.19 | 1.34 | 2.40 | -0.69 | 3.69 | 5.31 | 7.28 | 2.67 | 2.56 | 2.26 | 2.06 | 1.64 | 1.87 | 1.54 | 2.36 | 4.62 | 5.71 | 4.99 | 4.56 | 4.52 | 5.21 | 3.87 | 3.73 | 3.19 | 2.20 | 2.58 | 2.56 |
| EPS Growth % | -19.93% | -37.16% | 43.11% | 43.26% | 138.06% | -44.17% | 447.83% | -118.7% | -30.51% | -27.06% | 172.66% | 4.3% | 13.27% | 9.71% | 25.61% | -12.3% | 21.43% | -34.75% | -48.92% | -19.09% | 14.43% | 9.43% | 0.89% | -13.24% | 34.63% | 3.75% | 16.93% | 45% | -14.73% | 0.78% | 18.52% |
| EPS (Basic) | - | 4.11 | 6.54 | 4.61 | 3.19 | 1.34 | 2.40 | -0.69 | 3.69 | 5.31 | 7.28 | 2.67 | 2.56 | 2.26 | 2.06 | 1.64 | 1.87 | 1.55 | 2.38 | 4.66 | 5.76 | 5.04 | 4.60 | 4.54 | 5.26 | 3.92 | 3.85 | 3.21 | 2.21 | 2.61 | 2.56 |
| Diluted Shares Outstanding | 1.67B | 1.68B | 1.72B | 1.78B | 1.8B | 1.84B | 1.86B | 1.87B | 1.89B | 1.92B | 1.95B | 1.96B | 1.98B | 2.01B | 2.03B | 2.06B | 2.08B | 2.07B | 2.09B | 2.12B | 2.1B | 2.09B | 2.06B | 2.04B | 2.13B | 2.21B | 2.28B | 2.41B | 2.44B | 2.44B | 2.46B |
| Basic Shares Outstanding | 1.67B | 1.68B | 1.72B | 1.76B | 1.8B | 1.84B | 1.86B | 1.87B | 1.89B | 1.92B | 1.95B | 1.96B | 1.98B | 2B | 2.02B | 2.06B | 2.08B | 2.07B | 2.07B | 2.1B | 2.09B | 2.07B | 2.05B | 2.03B | 2.11B | 2.18B | 2.27B | 2.39B | 2.43B | 2.42B | 2.46B |
| Dividend Payout Ratio | - | 100.19% | 60.77% | 83.38% | 114.49% | 260.44% | 140.81% | - | 77.77% | 47.03% | 31.69% | 79.74% | 76.77% | 79.65% | 81.34% | 95.04% | 75.75% | 84% | 89.82% | 67.97% | 56.69% | 78% | 60.24% | 57.42% | 45.65% | 55.71% | 52.88% | 56.52% | 74.16% | 61.57% | 54.93% |
Regulatory and illicit competition
According to recent financial disclosures, Altria's revenue growth has exhibited significant volatility, swinging from a 4.2% contraction in 2025Q1 to a 20.1% expansion by 2026Q1, suggesting that top-line performance remains highly sensitive to pricing adjustments and potential shifts in wholesale inventory stocking patterns.
The erratic revenue trajectory appears to reflect the company's reliance on aggressive pricing to offset persistent volume declines in the core combustible segment. Investors should monitor whether the recent growth spike is sustainable or merely a temporary result of trade inventory front-loading ahead of anticipated price hikes.
As reported in quarterly filings, Altria's gross margin experienced a notable compression to 62.1% in 2025Q4 from historical levels exceeding 70%, indicating that rising cost of goods sold may be challenging the company's long-standing ability to maintain premium pricing power in a competitive environment.
The recent margin contraction warrants investigation into whether this represents a permanent shift in product mix toward lower-margin alternatives or increased promotional spending to combat illicit vapor products. While margins remain robust by industry standards, the deviation from the 70% threshold suggests a potential weakening of pricing leverage.
Based on the provided income statement data, Altria's operating income has demonstrated significant fluctuations, with margins ranging from 28.2% to 61.5% over the last ten quarters, highlighting a reliance on strict SG&A management to protect profitability as the core combustible business faces ongoing secular volume pressure.
The company appears to be utilizing its lean cost structure to absorb the impact of declining cigarette volumes, yet the inconsistency in operating margins suggests that overhead efficiency is not immune to external market shocks. Analysts should scrutinize whether future SG&A reductions can continue to offset the erosion of the core revenue base.
As evidenced by the dramatic swings in net income, such as the 106.3% EPS growth in 2026Q1 following a 63.1% decline in 2025Q4, Altria's bottom line is frequently impacted by non-operating items, including equity method accounting for the Anheuser-Busch InBev stake and periodic asset impairments.
The volatility in reported net income suggests that headline EPS figures may not accurately reflect the underlying cash-generating capability of the core tobacco operations. Investors should focus on normalized earnings metrics to strip away the noise created by the company's non-core equity investments and one-time accounting adjustments.
Data from recent periods suggests that Altria's reliance on price increases to sustain revenue may be reaching a point of diminishing returns, as evidenced by the 2025Q4 margin compression and the ongoing threat of illicit disposable vapes eroding the premium cigarette market share.
Short-term revenue gains may mask a fundamental deterioration in brand loyalty if consumers are increasingly trading down to unregulated alternatives. The sustainability of the current dividend and share repurchase program appears contingent on the company's ability to successfully transition its user base to regulated vapor and oral nicotine products.
Quick answers to the most common questions about buying MO stock.
For fiscal year 2025, Altria Group, Inc. (MO) reported total revenue of $20.14B. This represents a 63.1% decline compared to $54.55B in 1996.
Altria Group, Inc. (MO) is profitable, generating $6.95B in net income for the fiscal year ending 2025 with a net profit margin of 34.5%.
Altria Group, Inc. (MO) reported an operating income of $15.06B, resulting in an operating profit margin of 74.8%. This margin reflects the operational efficiency of the business before interest and taxes.
Altria Group, Inc. (MO) generated $17.44B in gross profit for the year, representing a gross profit margin of 86.6%. This demonstrates the company's core pricing power and production efficiency.