Pulling SEC filings + quote and writing the call…
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $25.7B | $25.6B | $25.4B | $25.1B | $26.2B | $26.0B | $25.1B | $24.5B | $24.0B | $23.3B |
| Revenue growth | — | -0.7% | -0.8% | -1.0% | 4.2% | -0.5% | -3.5% | -2.4% | -1.9% | -3.1% |
| Gross profit | $11.6B | $12.0B | $12.3B | $12.7B | $13.0B | $14.0B | $14.2B | $14.3B | $14.4B | $14.5B |
| Gross margin | 45.0% | 46.8% | 48.3% | 50.6% | 49.8% | 53.8% | 56.8% | 58.3% | 59.8% | 62.5% |
| Operating income | $8.76B | $9.59B | $9.12B | $10.3B | $10.9B | $11.6B | $11.9B | $11.5B | $11.2B | $9.90B |
| Operating margin | 34.0% | 37.5% | 35.9% | 41.1% | 41.6% | 44.4% | 47.5% | 47.2% | 46.8% | 42.5% |
| Net income | $14.2B | $10.2B | $6.96B | -$1.29B | $4.47B | $2.48B | $5.76B | $8.13B | $11.3B | $6.95B |
| Net margin | 55.3% | 40.0% | 27.5% | -5.1% | 17.1% | 9.5% | 23.0% | 33.2% | 46.9% | 29.8% |
| EPS (diluted) | $7.28 | $5.31 | $3.68 | -$0.70 | $2.40 | $1.34 | $3.19 | $4.57 | $6.54 | $4.12 |
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $3.83B | $4.90B | $8.39B | $7.84B | $8.38B | $8.40B | $8.26B | $9.29B | $8.75B | $9.29B |
| Capital expenditures | $189M | $199M | $238M | $246M | $231M | $169M | $205M | $196M | $142M | $216M |
| Free cash flow | $3.64B | $4.70B | $8.15B | $7.59B | $8.15B | $8.24B | $8.05B | $9.09B | $8.61B | $9.07B |
| Share buybacks | $1.03B | $2.92B | $1.67B | $845M | $0.00 | $1.68B | $1.82B | $1.00B | $3.40B | $1.00B |
| Dividends paid | $4.51B | $4.81B | $5.42B | $6.07B | $6.29B | $6.45B | $6.60B | $6.78B | $6.84B | $6.96B |
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & equivalents | $4.57B | $1.25B | $1.33B | $2.12B | $4.95B | $4.54B | $4.03B | $3.69B | $3.13B | $4.47B |
| Total assets | $45.9B | $43.2B | $55.5B | $49.3B | $47.4B | $39.5B | $37.0B | $38.6B | $35.2B | $35.0B |
| Total liabilities | $33.1B | $27.8B | $40.6B | $42.9B | $44.4B | $41.1B | $40.9B | $42.1B | $37.4B | $38.5B |
| Long-term debt | $13.9B | $13.0B | $11.9B | $27.0B | $28.0B | $26.9B | $25.1B | $25.1B | $23.4B | $24.1B |
| Shareholders' equity | $12.8B | $15.4B | $14.8B | $6.22B | $2.84B | -$1.61B | -$3.97B | -$3.54B | -$2.24B | -$3.50B |
| Retained earnings | $36.9B | $42.3B | $44.0B | $36.5B | $34.7B | $30.7B | $29.8B | $31.1B | $35.5B | $35.5B |
| Shares (wtd avg diluted) | 1.95B | 1.92B | 1.89B | 1.87B | 1.86B | 1.84B | 1.80B | 1.78B | 1.72B | 1.68B |
Every figure is extracted from ALTRIA GROUP, INC.’s annual reports as filed with the SEC (XBRL company facts) — no third-party estimates. Fiscal years are labeled by period end; filers occasionally re-tag concepts, so a sparse cell means the company didn’t report that concept for that year. Free cash flow = operating cash flow − capital expenditures.
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