# Altria Group Inc. (MO) — Financial Analysis

**Exchange:** NYSE  
**Coverage as of:** 2026-Q2  
**Updated:** 2026-05-12  
**Tier:** Free primer (step 2 of 19)  
**Sibling pages:** /stocks/MO/thesis · /stocks/MO/memo

## 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 ($1.00) adds 8 dimensions not included here:

- Revenue Breakdown — segment revenue, geographic mix, product-line margins
- Financial Trends — QoQ momentum, leading indicators, inflection points
- Balance Sheet — debt structure, dilution risk, working capital dynamics
- Capital Allocation — ROIC, buyback cadence, reinvestment efficiency
- Earnings Analysis — beats/misses, guidance vs actuals, transcript highlights
- Competitive Positioning — market share, pricing power, peer benchmarks
- Industry Context — TAM, sector tailwinds/headwinds, regulatory backdrop

**API endpoint:** GET /api/v1/research/MO/fundamental

## Navigation

- Overview: /stocks/MO
- Financials (this page): /stocks/MO/financials
- Thesis: /stocks/MO/thesis
- Investment Memo: /stocks/MO/memo
- Coverage universe: /stocks