Altria Group (MO) 10-K Summary — Year Ended Dec 31, 2024
Altria is a U.S. tobacco company pursuing a smoke-free future. Its revenue has declined in recent years, while operating income and net income remain substantial.
Key takeaway
Year ended Dec 31, 2024 · FY2025 10-K
Altria is a U.S. tobacco company pursuing a smoke-free future. Its revenue has declined in recent years, while operating income and net income remain substantial.
Financial snapshot
Selected annual figures reported with the filing, shown separately from the narrative summary.
Annual revenue
$24B
Revenue reported for the fiscal year.
Operating income
$11.2B
Income from operations reported for the year.
Net income
$11.3B
Net income reported for the year.
Operating cash flow
$8.8B
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% |
| Dec 31, 2024 | $24B | -1.9% |
Business overview
Altria operates primarily in the U.S. tobacco industry, with a focus on smoke-free products. The company aims to maintain its leadership position in the U.S. tobacco space and grow its smoke-free portfolio, including innovative oral tobacco and non-nicotine categories.
Financial performance
Revenue has experienced a gradual decline over the past several years. Operating income, net income, and operating cash flow were all reported at robust levels for the most recent annual period.
Material risks
The company faces risks from the proliferation of illicit flavored disposable e-vapor products due to insufficient enforcement, which is causing a reassessment of its smoke-free volume and revenue goals. Regulatory and competitive pressures in the tobacco and nicotine space remain significant.
Liquidity and capital
The company plans to maintain a high adjusted OCI margin and invest in smoke-free growth. It has also announced an initiative to modernize its operations and working methods.
What to watch
Monitor whether the company provides updated smoke-free goals in the next filing, as it is currently reassessing them due to the illicit e-vapor market.