Altria Group (MO) 10-K Summaries & Annual Filing History
Review Altria Group, Inc. (MO) 10-K filings from 2023 through the latest annual report, including business, financial performance, risks, and liquidity.
Key takeaway
Year ended Dec 31, 2025 · FY2025 10-K
Altria Group is a tobacco company navigating a transition toward smoke-free products while facing revenue declines. The company reported lower annual revenue but maintained significant operating income, net income, and cash flows.
Financial snapshot
Selected annual figures reported with the filing, shown separately from the narrative summary.
Annual revenue
$23.3B
Revenue reported for the fiscal year.
Operating income
$9.9B
Income from operations reported for the year.
Net income
$6.9B
Net income reported for the year.
Operating cash flow
$9.3B
Cash generated by operating activities.
Annual revenue trend
Reported annual revenue and its change from the preceding fiscal year.
| Period ended | Revenue | Year-over-year change |
|---|---|---|
| Dec 31, 2022 | $25.1B | -3.5% |
| Dec 31, 2023 | $24.5B | -2.4% |
| Dec 31, 2024 | $24B | -1.9% |
| Dec 31, 2025 | $23.3B | -3.1% |
Business overview
Altria operates in the U.S. tobacco industry with a focus on smoke-free products. It aims to maintain a leadership position in the tobacco space and build a portfolio of FDA-authorized smoke-free alternatives for adult smokers and nicotine consumers.
Financial performance
The company's annual revenue declined compared to the prior year, continuing a multi-year downward trend. Despite lower revenue, it reported substantial operating income and net income, along with robust operating cash flow.
Material risks
A key risk is ongoing market disruption from illicit e-vapor products that have evaded regulatory approval, creating uncertainty for the legitimate smoke-free market. This disruption has caused the company to reassess its smoke-free goals until regulatory clarity improves.
Liquidity and capital
The company is undertaking a multi-phase initiative to modernize operations and achieve cost savings. It remains committed to investing in smoke-free products and maintaining a high operating margin, while also exploring international markets and non-nicotine categories.
What to watch
A key item to watch in the next filing is updates on the company's smoke-free goals and the regulatory environment for e-vapor products.