Short answer
Altria (MO) filed its fiscal 2024 10-K annual report with the SEC on Feb 26, 2025. It reported revenue of $24.0B (−1.9% year over year) and net income of $11.3B.
- Top risk flagged: Legal risk from IRS agreement on $6.4B ordinary loss relating to JUUL investment tax treatment in October 2024
FY2024 key financial metrics · XBRL
- Revenue
- $24.0B
- −1.9% YoY
- Net income
- $11.3B
- +38.5% YoY
- Operating margin
- 46.8%
- −0.4 pp YoY
- Gross margin
- 59.8%
- +1.5 pp YoY
- EPS (diluted)
- $6.54
- +43.1% YoY
- ROE
- -503.3%
- −273.6 pp YoY
- Operating cash flow
- $8.8B
- −5.7% YoY
Source: XBRL data from the Altria (MO) FY2024 10-K on SEC EDGAR. USD.
Altria FY2024 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business: Leadership in U.S. tobacco industry with strategic focus on smoke-free and innovative nicotine products
- Emphasis on U.S. smoke-free portfolio: target 35% volume growth from 800M units in 2022, aiming to double net revenues to $5B by 2028
- New strategic Initiative launched Oct 2024 to modernize operations, targeting $600M cumulative cost savings over five years with $100M-$125M charges
- Long-term growth includes international expansion in oral tobacco and entry into non-nicotine categories with 5+ products by 2028
- Reassessment of smoke-free goals due to illicit flavored e-vapor product proliferation and enforcement challenges impacting market clarity
Management Discussion & Analysis
- Best segment: PM USA (most profitable U.S. cigarette manufacturer); worst segment metrics not disclosed
- Forward-looking outlook emphasizes transitioning adult smokers to smoke-free products and innovation in less harmful tobacco alternatives
Risk Factors
- Legal risk from IRS agreement on $6.4B ordinary loss relating to JUUL investment tax treatment in October 2024
- Operational risk from contingent NJOY payments totaling $250 million impacting cash flows in 2023-2024
- Financial risk with $0.9 billion accrued postretirement health care costs and $84 million estimated annual payments
- Market risk as smokeable product shipment volume decline leads to lower revenues and federal excise tax payments
- Capital expenditure decrease 27.6% to $142 million in 2024 with 2025 forecasted $175-$225 million funded by operating cash
Generated from the filing text; verify against the original. How to read a 10-K
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