Altria Group Inc.

MO
Financial Analysis · Updated May 12, 2026 · Coverage 2026-Q2

Financial Snapshot


ticker: MO step: 04 generated: 2026-05-12 source: quick-research

Altria Group, Inc. (MO) — Financial Snapshot

Income Statement Summary

Metric FY2023 FY2024 FY2025 YoY
Net Revenue $20.5B $20.4B $20.7B +2%
Adjusted Operating Margin (Smokeable) 62% 64% 65.1% +110bps
Adjusted EPS $4.95 $5.12 $5.42 +6%
Free Cash Flow $8B $8B $8B flat

Q1 2026 Highlights

Metric Q1 2026 YoY
Adj EPS $1.32 beat $1.25 est
Net Revenue $5.43B +3.2%
Smokeable Pricing +9-10% Marlboro price hike
Cigarette Industry Volume -5% YoY structural decline
Marlboro Retail Share 39.7% (-1.4 pts) Q1 erosion
on! Category Share 13.4% (-4.2 pts) losing to ZYN
on! Volume +17.6% absolute volume up

Q2 2026 Highlights

Metric Q2 2026 YoY
Revenue $4.76B beat by 3.94%
EPS beat by 5.6%

2026 Guidance (mgmt reaffirmed)

Metric 2026 Guide
Adj. EPS $5.56-5.72 (+2.5-5.5% vs $5.42 in 2025)
Dividend Growth mid-single-digit (~3-5%)

Product Detail

Product Status
Marlboro 59.5% premium segment; 39.7% total; price hike Apr 2026
on! PLUS First FDA pilot program authorization; nationwide retail March 2026
NJOY ACE ITC exclusion order; cannot return to US in 2026; impaired
USSTC (Copenhagen, Skoal) Declining category

Cash Flow & Balance Sheet (FY2025)

Metric Value
Operating Cash Flow ~$9B
Capital Expenditures ~$300M
Free Cash Flow ~$8.5B
Cash & Equivalents ~$3B
Total Debt ~$24B
Net Debt/EBITDA ~1.8x

Key Ratios (approximate, May 2026)

  • P/E (forward): ~10x | EV/EBITDA: ~9x | Dividend Yield: ~6.5%
  • FCF Yield: ~9%
  • Payout Ratio: ~75%

Forward Estimates

  • FY2026E Revenue: ~$21B (+1-2%)
  • FY2026E Adj EPS: $5.56-5.72 (mgmt; +2.5-5.5%)
  • FY2027E EPS: ~$5.85 (+3-5%)
  • FY2028E EPS: ~$6.10 (modest growth as smokeable continues declining)

Capital Return

  • Dividend $4.24 annual = ~$7B paid — 6.5% yield
  • 57+ consecutive years of dividend growth (Dividend King — highest yield)
  • Buybacks: $1-2B annual run rate
  • Total capital return: ~$8B annual
  • Combined yield: ~8.5%

Deeper Financial Analysis

The fundamental tier adds 9 additional research dimensions for $MO.

Revenue Breakdown
Segment revenue, geographic mix, product-line contribution margins, and cohort dynamics.
Financial Trends
Quarter-over-quarter momentum, leading indicators, and inflection point analysis.
Balance Sheet
Debt structure, liquidity runway, dilution risk, and working capital dynamics.
Capital Allocation
Buyback cadence, M&A appetite, dividend policy, and reinvestment priorities.
Returns on Capital (ROIC)
Multi-year ROIC vs. WACC, marginal returns on reinvestment, sales-to-invested-capital efficiency, and moat spread.
GET /api/v1/research/MO/fundamental$1.00 · Bearer token required
Markdown: /stocks/mo/financials/md · → thesis · → memo