Short answer
Altria (MO) filed its fiscal 2025 10-K annual report with the SEC on Feb 25, 2026. It reported revenue of $23.3B (−3.1% year over year) and net income of $6.9B.
- Top risk flagged: ITC-imposed import ban on NJOY ACE (patent suit by JUUL), forced product removal; additional JUUL suit pending over NJOY Daily
FY2025 key financial metrics · XBRL
- Revenue
- $23.3B
- −3.1% YoY
- Net income
- $6.9B
- −38.3% YoY
- Operating margin
- 42.5%
- −4.3 pp YoY
- Gross margin
- 62.5%
- +2.7 pp YoY
- EPS (diluted)
- $4.12
- −37.0% YoY
- ROE
- -198.4%
- +304.9 pp YoY
- Operating cash flow
- $9.3B
- +6.1% YoY
Source: XBRL data from the Altria (MO) FY2025 10-K on SEC EDGAR. USD.
Altria FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- U.S.-focused tobacco portfolio (cigarettes, cigars, MST, oral pouches, e-vapor) sold primarily to domestic wholesalers and retailers
- Horizon joint venture (75% Altria / 25% Japan Tobacco) established for U.S. HTS commercialization; no products yet in marketplace as of Feb 2026
- Cigarette shipment volume fell 10.0% to 61.8B units in 2025; oral tobacco down 5.5% to 732.4M units; cigars bucked trend, up 1.8% to ~1.8B units
- Workforce ~5,900 employees at Dec 31, 2025; "Optimize & Accelerate" initiative launched Oct 2024 centralizing, outsourcing, and automating work enterprise-wide
- NJOY ACE principal e-vapor product subject to ITC exclusion and cease-and-desist orders prohibiting U.S. importation and sale: significant regulatory headwind for e-vapor segment
Management Discussion & Analysis
- Net revenues $23.3B, down $739M (3.1%) YoY; smokeable products drove decline at $20.5B vs $21.2B
- Reported net earnings fell 38.3% to $6.95B ($4.12 diluted EPS); adjusted net earnings $9.15B, up 2.4%, adjusted EPS $5.42 vs $5.19
- Best segment: oral tobacco adjusted OCI margin 67.9% vs 67.8%; worst: e-vapor OCI -$2.30B including $1.16B goodwill impairment and $970M intangible impairment
- Operating cash flow $9.3B vs $8.8B; dividends $6.96B; capex $216M (up 52%); $2.0B share repurchase program authorized; long-term debt $25.7B at 2.0x EBITDA
- 2026 capex guided $300M–$375M; tariffs not expected material to costs; e-vapor enforcement delays risk further impairment; adjusted EPS CAGR from 2022 base tracking 3.6% vs mid-single-digit target
Risk Factors
- ITC-imposed import ban on NJOY ACE (patent suit by JUUL), forced product removal; additional JUUL suit pending over NJOY Daily
- Nicotine extract for innovative smoke-free products sourced from a single country; no alternate source identified
- Illicit flavored disposable e-vapor products now majority of e-vapor category; FDA enforcement "inadequate to date," directly suppressing NJOY volumes
- 2025 goodwill/intangible impairments recorded on e-vapor reporting unit; Skoal trademark impaired in Q2 2024 due to MST category decline
- "Optimize & Accelerate" initiative outsources functions to developing countries, raising geopolitical service-interruption and internal-controls fraud risk
Generated from the filing text; verify against the original. How to read a 10-K
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