Altria (MO) FY2025 10-K Annual Report
Altria (MO) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Feb 25, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
Altria FY2025 10-K Analysis
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
Altria FY2025 Key Financial MetricsXBRL
Revenue
$23.3B
▼ -3.1% YoY
Net Income
$6.9B
▼ -38.3% YoY
Gross Margin
62.5%
▲ +265bp YoY
Operating Margin
42.5%
▼ -428bp YoY
Net Margin
29.8%
▼ -1706bp YoY
ROE
-198.4%
▲ +30493bp YoY
Total Assets
$35.0B
▼ -0.5% YoY
EPS (Diluted)
$4.12
▼ -37.0% YoY
Operating Cash Flow
$9.3B
▲ +6.1% YoY
Source: XBRL data from Altria FY2025 10-K filing on SEC EDGAR. All figures in USD.
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