Altria Group (MO) 10-K Summary — Year Ended Dec 31, 2023
Altria Group manufactures and markets combustible and smoke-free tobacco products in the United States. The company reported lower annual revenue compared to the prior year, while maintaining significant operating cash flow.
Key takeaway
Year ended Dec 31, 2023 · FY2025 10-K
Altria Group manufactures and markets combustible and smoke-free tobacco products in the United States. The company reported lower annual revenue compared to the prior year, while maintaining significant operating cash flow.
Financial snapshot
Selected annual figures reported with the filing, shown separately from the narrative summary.
Annual revenue
$24.5B
Revenue reported for the fiscal year.
Operating income
$11.5B
Income from operations reported for the year.
Net income
$8.1B
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, 2021 | $26B | n/a |
| Dec 31, 2022 | $25.1B | -3.5% |
| Dec 31, 2023 | $24.5B | -2.4% |
Business overview
The company operates through subsidiaries focused on combustible cigarettes, cigars, and smoke-free products including oral nicotine pouches and e-vapor devices. In 2023 it acquired NJOY, an e-vapor manufacturer with certain FDA authorizations. A joint venture for heated tobacco products currently has no products in the U.S. market.
Financial performance
Revenue declined from the two prior annual periods. Operating income and net income remained at substantial levels. Operating cash flow was strong, reflecting the company's mature product base.
Material risks
The filing identifies various risk factors typical for the tobacco industry, including regulatory actions, market competition, and operational challenges. Specifics such as FDA authorization processes and litigation exposure are noted in the risk factors section.
Liquidity and capital
The company references total adjusted OCI margin and debt-to-Consolidated EBITDA metrics in its discussion of liquidity and capital resources. Operating cash flow provides the primary source of capital for dividends and investments.
What to watch
Monitor whether the NJOY acquisition leads to measurable market share gains in the U.S. e-vapor segment in the next filing.