ALTRIA GROUP, INC.MO
ALTRIA GROUP, INC. Financial Overview 2020–2024
Altria is executing a delicate balancing act, evidenced by a sharp 10.3% decline in smokeable shipment volumes during the first nine months of 2025. Despite this erosion in its core cigarette business, the company successfully leverages aggressive pricing power to fuel a costly transition toward smoke-free products while maintaining substantial capital returns. This strategy drove a dramatic expansion in headline numbers, as reported EPS surged from $2.40 in FY2020 to $6.54 in FY2024.
The company’s recent financials highlight both the profitability of this model and its volatility. For FY2024, Altria reported net earnings of $11.26 billion, significantly boosted by a $2.7 billion one-time gain from selling IQOS commercialization rights. However, the pivot to new products involves stumbling blocks; in early 2025, the company recorded an $873 million impairment charge on its NJOY e-vapor unit due to regulatory hurdles. Operational resilience remains visible in the oral tobacco segment, where the *on!* brand helped drive a 4.6% revenue increase through the third quarter of 2025. Management continues to prioritize shareholders aggressively, repurchasing $3.09 billion of stock in the first nine months of 2025 alone and reducing the share count to 1.69 billion by the end of FY2024.
Recent Developments (Q2 and Q3 2025)
Altria faced topline headwinds through the third quarter of 2025, as net revenues for the nine-month period retreated 3.4% year-over-year to $17.43 billion. Despite this contraction, the company protected profitability, growing adjusted net earnings 3.6% to $6.97 billion driven by lower effective tax rates and disciplined cost management. In October 2025, the Board reinforced its income-generation strategy by raising the quarterly dividend 3.9% to $1.06 per share and authorizing a $1 billion expansion of the existing share repurchase program.
Looking ahead, investors are weighing a major leadership transition, with current CFO Salvatore Mancuso scheduled to assume the CEO role in May 2026. The bull case highlights the stock’s compelling valuation of 8.7x earnings as of October 29, 2025, providing a margin of safety for yield-seeking investors. Conversely, bears argue that without a reversal in the revenue slide, earnings growth remains overly dependent on price hikes and share reductions rather than organic demand.
What to watch: Integration of the new leadership team; pricing elasticity in the legacy cigarette portfolio.
Rev
$24.02B
FY2024
NI
$11.26B
FY2024
EPS
$6.54
FY2024
OCF
$8.75B
FY2024
Year-over-year comparison from 10-K annual reports
Data from SEC Company Facts
Recent SEC Filings
ALTRIA GROUP, INC. 8-K Report, Financial Results (Jan 29, 2026)
Altria Group, Inc. (MO) has filed an 8-K report detailing its financial results for the year ended December 31, 2025, announced on January 29, 2026. The filing includes a press release with these results, though it's furnished and not deemed "filed" for liability purposes. Investors should review the full press release for specifics on revenue, earnings, and any forward-looking guidance. Additionally, the company announced a change in its Board of Directors composition.
ALTRIA GROUP, INC. 8-K Report, Corporate Update (Jan 29, 2026)
Altria Group, Inc. (MO) has filed a Current Report on Form 8-K, primarily to disclose the filing of its consolidated financial statements for the years ended December 31, 2025, and 2024. These statements, along with the independent registered public accounting firm's report and management's report on internal control over financial reporting, will also be included in Altria's upcoming Annual Report on Form 10-K for the fiscal year 2025. This filing provides investors with essential audited financial data and assurance regarding the company's financial reporting integrity. While this 8-K does not contain new strategic announcements or material events, it serves as a crucial notification of the availability of audited financial results. Investors should review the full financial statements, which will be accessible via the forthcoming 10-K, to understand Altria's financial performance, position, and internal control environment for the most recently completed fiscal year. This information is foundational for assessing the company's health and future prospects.
ALTRIA GROUP, INC. 8-K Report, Executive Changes (Dec 11, 2025)
Altria Group, Inc. (MO) has announced significant leadership changes effective May 14, 2026, following its 2026 Annual Meeting of Shareholders. Current CEO William F. Gifford, Jr. will retire after over 30 years of service, including more than five years as CEO, and will not seek reelection to the Board. This transition marks the end of an era for the company's leadership. In succession, the Board has elected Salvatore Mancuso, currently Executive Vice President and CFO, to the role of CEO. Heather A. Newman, Senior Vice President and Chief Strategy & Growth Officer, will be appointed Executive Vice President and CFO. Both individuals have long tenures with Altria and its subsidiaries, bringing extensive internal experience to their new roles. The company also disclosed that Mr. Gifford will serve as a consultant through at least the end of 2026 to ensure a smooth handover.
ALTRIA GROUP, INC. 8-K Report, Financial Results (Oct 30, 2025)
Altria Group, Inc. (MO) announced its financial results for the quarter ended September 30, 2025, via a press release filed on October 30, 2025. While the full financial details are within the press release (Exhibit 99.1), the company also disclosed a significant expansion of its share repurchase program. The Board of Directors authorized an increase of its existing share repurchase program by an additional $1 billion, bringing the total authorized amount to $2 billion. This expanded program is set to expire on December 31, 2026. Investors should note that the execution of share repurchases is subject to market conditions and the Board's discretion.
ALTRIA GROUP, INC. 8-K Report, Executive Changes (Oct 9, 2025)
Altria Group, Inc. (MO) has filed an 8-K report on October 8, 2025, primarily announcing the upcoming retirement of long-standing director George Muñoz. Mr. Muñoz, who has served on the Board of Directors since 2004, has informed the company of his decision to retire following the completion of his current term and will not seek re-election at the 2026 Annual Meeting of Shareholders, anticipated for May 14, 2026. This departure represents a change in board composition after over two decades of service. The company issued a press release on October 9, 2025, to disclose this information. While the report focuses on Mr. Muñoz's retirement, it's important to note that information furnished under Regulation FD, as is the case here, is not considered 'filed' for legal liabilities under Section 18 of the Exchange Act and will not be automatically incorporated into future SEC filings unless specifically referenced. Investors should monitor any future board appointments or changes as Altria navigates this transition.
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