Altria Group
NYSE: MO · CONSUMER DEFENSIVE · TOBACCO
Updated 2026-06-12
Altria Group (MO) Financial statements
SEC filings — annual and quarterly data.
Cash flow — annual
| Item | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $13.59B | $10.30B | $4.88B | $3.44B | $2.77B | $3.61B | $3.90B | $4.38B | $4.66B | $5.81B | $3.79B | $4.92B | $8.39B | $7.84B | $8.38B | $8.40B | $8.26B | $9.29B | $8.75B | $9.29B |
| Capital expenditures | $2.45B | $1.46B | $241.00M | $273.00M | $168.00M | $105.00M | $124.00M | $131.00M | $163.00M | $229.00M | $189.00M | $199.00M | $238.00M | $246.00M | $231.00M | $169.00M | $205.00M | $196.00M | $142.00M | $216.00M |
| Depreciation | $1.80B | $980.00M | $215.00M | $291.00M | $276.00M | $253.00M | $225.00M | $212.00M | $208.00M | $225.00M | $204.00M | $209.00M | $227.00M | $226.00M | $257.00M | $244.00M | $226.00M | $272.00M | $286.00M | $266.00M |
| Stock-based comp | $831.00M | $-191.00M | $1.18B | $-212.00M | $-358.00M | $-548.00M | $46.00M | $49.00M | $46.00M | $51.00M | $44.00M | $55.00M | $46.00M | $8.70B | $2.86B | $6.72B | $50.00M | $58.00M | — | — |
| Free cash flow | $11.13B | $8.85B | $4.64B | $3.17B | $2.60B | $3.51B | $3.78B | $4.24B | $4.50B | $5.58B | $3.60B | $4.72B | $8.15B | $7.59B | $8.15B | $8.24B | $8.05B | $9.09B | $8.61B | $9.07B |
| Investing cash flow | $-618.00M | $-5.25B | $479.00M | $-9.76B | $259.00M | $387.00M | $920.00M | $602.00M | $177.00M | $-15.00M | $3.71B | $-467.00M | $-12.99B | $-2.40B | $-143.00M | $1.21B | $782.00M | $-1.28B | $2.17B | $-341.00M |
| Financing cash flow | $-14.37B | $-3.68B | $-2.58B | $276.00M | $-2.58B | $-3.04B | $-5.19B | $-4.70B | $-4.69B | $-6.75B | $-5.30B | $-7.77B | $4.72B | $-4.71B | $-5.40B | $-10.03B | $-9.54B | $-8.37B | $-11.49B | $-7.62B |
| Dividends paid | $6.82B | $6.65B | $4.43B | $2.69B | $2.96B | $3.22B | $3.40B | $3.61B | $3.89B | $4.18B | $4.51B | $4.81B | $5.42B | $6.07B | $6.29B | $6.45B | $6.60B | $6.78B | $6.84B | $6.96B |
| Share repurchases | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Debt repayment | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Net change in cash | — | — | — | $-6.04B | $443.00M | $956.00M | — | — | — | — | — | $-3.32B | $119.00M | — | $2.85B | $-412.00M | — | — | — | — |
Frequently asked questions
What is Altria Group's revenue?
Altria Group's trailing twelve-month revenue is $20.38B, and consensus projects about $20.21B by 2030. Revenue is the top line the whole model builds on, and at this scale the question shifts from how fast it grows to whether margins hold as it compounds.
How profitable is MO?
In its most recent fiscal year, MO ran a gross margin of 86.59%, an operating margin of 74.80%, and a net margin of 34.50%. Margins this high mean most of each extra dollar of revenue drops through to profit, which is the signature of real pricing power.
How much free cash flow does MO generate?
MO produced $9.07B in free cash flow in its most recent fiscal year. Free cash flow is what is left after running and reinvesting in the business, and it is the cash that actually funds buybacks, dividends, and a stronger balance sheet.
Is MO's balance sheet healthy?
MO holds $4.48B in cash and equivalents against $24.14B in long-term debt, on $-3.50B of shareholder equity. That debt is best read against the cash flow the business throws off each year.