At a glance
Altria Group is worth $128.37B, about 19 times its fiscal 2025 earnings. Revenue fell 3.1% to $23.28B in fiscal 2025, with 29.8% kept as profit; over 5 years it has grown 2.3% a year. It pays a 5.56% dividend yield, raised every year for at least 9 years, and returned $42.53B to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +46.1% over the past year with dividends reinvested and +20.8% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 31.6% in the 2020 crash (S&P 500: 33.7%) and 25.8% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 5 months and 24 months after the lows.
The business in plain English
Altria Group sells tobacco and nicotine products to U.S. adults age 21 and over. Its subsidiary Philip Morris USA is the largest U.S. cigarette company, and its Marlboro brand has been the country's largest-selling cigarette for over 50 years. Other brands include Black & Mild cigars, Copenhagen and Skoal moist smokeless tobacco, on! nicotine pouches and NJOY e-vapor products. Substantially all revenue comes from U.S. customers, mainly wholesalers, distributors and large retail chains.
Cigarettes still drive results. In the year ended December 31, 2025, the smokeable products segment (cigarettes and cigars) brought in $20.5 billion, or 88% of $23.3 billion in revenue. The oral tobacco segment, covering smokeless tobacco and on! pouches, added $2.8 billion, or 12%. Volumes are shrinking: cigarette shipments fell 10.0% to 61.8 billion units. Altria relies on price increases for premium brands to help offset that, and operating profit was 42.5% of revenue.
Altria wants to move adult smokers to smoke-free products, a plan it calls Moving Beyond Smoking. Its main e-vapor device, NJOY ACE, is barred from U.S. import and sale by a U.S. International Trade Commission order. Horizon, a heated tobacco joint venture with a Japan Tobacco subsidiary, had no U.S. products as of February 25, 2026. Altria also holds stakes in Anheuser-Busch InBev and Cronos Group.
Price history
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MO +46.1% over the year to Nov 2, 2026, total return with dividends reinvested.
How it makes money
By business segment
| Smokeable Products | $20.48B | 88% |
| Oral Tobacco Products | $2.80B | 12% |
| All Other | $5.0M | 0% |
Latest results
- In Q3 FY2026 (ended Sep 30, 2026), revenue was $6.13B, up 1% from a year earlier, and net income was $2.52B (+6.0%).
- For fiscal 2025, revenue was $23.28B (-3.1% year over year; -2.3% a year from FY2020 to FY2025) with a 29.8% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | -2.3% weak |
|---|---|
| Operating margin | 42.5% good |
| Free cash flow margin | 39% good |
| Return on assets (FY2025) | 19.8% good |
| Net cash (cash minus debt) | $-21.36B weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $26.15B | $4.47B | $8.15B |
| FY2021 | $26.01B | $2.48B | $8.24B |
| FY2022 | $25.10B | $5.76B | $8.05B |
| FY2023 | $24.48B | $8.13B | $9.09B |
| FY2024 | $24.02B | $11.26B | $8.61B |
| FY2025 | $23.28B | $6.95B | $9.07B |
Valuation snapshot
| Market value | $128.37B |
|---|---|
| P/E ratio | 18.7 |
| Dividend yield | 5.56% |
Rank among 1514 US companies
Market value at each year end
Altria Group’s market value went from $131.88B at the end of 2016 to $128.37B on Nov 2, 2026, down 3%; since the end of 2025 it is up 33%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Nov 2, 2026 | $128.37B | +32.6% |
| 2025 | $96.79B | +9.2% |
| 2024 | $88.62B | +24.2% |
| 2023 | $71.35B | -12.9% |
| 2022 | $81.92B | -5.9% |
| 2021 | $87.05B | +14.3% |
| 2020 | $76.20B | -18.3% |
| 2019 | $93.24B | +0.5% |
| 2018 | $92.81B | -31.9% |
| 2017 | $136.26B | +3.3% |
| 2016 | $131.88B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| MO price data to Nov 2, 2026 | +40.3% | +46.1% | +33.4% | +20.8% | +9.0% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +40.3% |
| 2025 | +18.2% |
| 2024 | +40.9% |
| 2023 | -3.6% |
| 2022 | +4.4% |
| 2021 | +24.3% |
| 2020 | -10.4% |
| 2019 | +8.0% |
| 2018 | -27.1% |
| 2017 | +9.4% |
| 2016 | +20.5% |
| 2015 | +23.1% |
| 2014 | +34.5% |
| 2013 | +28.6% |
| 2012 | +11.8% |
| 2011 | +27.7% |
| 2010 | +33.9% |
| 2009 | +40.3% |
| 2008 | -30.6% |
| 2007 | +22.1% |
| 2006 | +19.9% |
| 2005 | +27.7% |
| 2004 | +18.4% |
| 2003 | +42.7% |
| 2002 | -6.8% |
| 2001 | +9.1% |
| 2000 | +105.9% |
| 1999 | -54.7% |
| 1998 | +22.9% |
| 1997 | +24.6% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 20.3% over that stretch · deepest drop along the way 37.9%, back to its old high 16.3 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 30.5% over that stretch · deepest drop along the way 31.6%, back to its old high 5.1 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 1.1% over that stretch · deepest drop along the way 25.8%, back to its old high 24.1 months after the low |
Insider activity
Form 4 filings from 2025-10-30 to 2026-10-30 (25 read): 1 open-market purchases ($101K) and 3 sales ($2.4M).
| Date | Insider | Type | Value |
|---|---|---|---|
| Mar 5, 2026 | Charles N. Whitaker SVP, Chief HR Off. & CCO | sell | $1.9M |
| May 26, 2026 | Ennis Debra J Kelly Director | sell | $418K |
| May 26, 2026 | Ellen R Strahlman Director | sell | $145K |
| Sep 9, 2026 | KATHRYN B. McQUADE Director | buy | $101K |
Who owns it
Large shareholders (13G filings)
| Vanguard Capital Management | 7.5% | Mar 31, 2026 |
ETFs with the most weight in MO
| SHRY First Trust Bloomberg Shareholder Yield ETF | 5.55% |
| WBIY WBI Power Factor High Dividend ETF | 5.43% |
| XUDV Franklin U.S. Dividend Multiplier Index ETF | 5.29% |
| FDL First Trust Morningstar Dividend Leaders Index Fund | 5.2% |
| DURA VanEck Durable High Dividend ETF | 4.98% |
| IYK iShares U.S. Consumer Staples ETF | 4.45% |
| XLP Consumer Staples Select Sector SPDR Fund | 4.37% |
| VSDA VictoryShares Dividend Accelerator ETF | 4.25% |
What could go wrong
- Cigarette volumes keep shrinking. Cigarette shipments fell 10.0% in 2025. When money is tight, adults smoke less or switch to discount brands and other nicotine products, and Altria may not raise premium prices enough to offset that.
- Smoke-free push may fall short. Altria's plan rests on smoke-free products. Its main vape, NJOY ACE, faces a U.S. trade commission ban on imports and sales; its heated tobacco venture had no U.S. products as of February 25, 2026.
- Illegal flavored vapes draw customers away. Some adult nicotine users are switching to illicit flavored e-vapor products, adding to cigarette volume declines. If Altria cannot counter this illegal trade, its sales and smoke-free plans could suffer.
- FDA and government action. Federal, state and local actions, including FDA action and inaction, may keep weighing on sales volumes. The FDA also decides which new nicotine products, such as heated tobacco, can reach U.S. stores.
- Lawsuits and government investigations. Altria faces litigation and possible government investigations; unfavorable outcomes could hurt results, cash flow and its financial position. Because many of its products lead their markets, it also faces antitrust (competition law) risk.
- Higher tobacco taxes. Nicotine products already carry heavy taxes. Further increases push up shelf prices, which can cut sales of Altria's products.
Recent events
- Quarterly results released; Other company announcement
- Major agreement signed
- Executive or board change; Investor presentation or announcement
- Quarterly results released
- Executive or board change; Shareholder vote results
- Quarterly results released
- Other company announcement
- Quarterly results released; Executive or board change
- Executive or board change; Investor presentation or announcement
- Quarterly results released; Other company announcement
For income and retirement investors
Altria has raised its dividend for at least nine consecutive years through fiscal 2025, and the streak may be longer. Dividends per share grew from $3.40 in 2020 to $4.16 in 2025, about 4.1% a year. In 2025, dividends paid were 100.2% of net income, slightly more than Altria earned. Dividends took a smaller 76.7% of free cash flow (cash left after running and investing in the business). Buybacks, where the company repurchases its own shares, totaled $8.9 billion from 2021 to 2025, and the share count fell 9.1% from October 2021 to July 2026. The dividend yield was 5.84% as of October 27, 2026.
The shares dropped 37.9% in the 2008 financial crisis and took about 16 months to recover. They fell 31.6% in the 2020 COVID crash and recovered in about five months, and 25.8% in the 2022 bear market, taking about two years to recover. Single stocks carry more risk than diversified funds.
Questions investors ask
How does Altria make money?
Altria makes money selling tobacco and nicotine products to U.S. adults, mainly through wholesalers, distributors and large retail chains. In the year ended December 31, 2025, cigarettes and cigars brought in $20.5 billion, or 88% of $23.3 billion in revenue. Copenhagen and Skoal smokeless tobacco and on! nicotine pouches added $2.8 billion, or 12%. Its cigarette subsidiary, Philip Morris USA, sells Marlboro, which has been the largest-selling U.S. cigarette brand for over 50 years.
Does Altria raise its dividend every year?
Yes, so far. Altria has raised its dividend for at least nine consecutive years through fiscal 2025, and the streak may be longer. Dividends per share grew from $3.40 in 2020 to $4.16 in 2025, about 4.1% a year. As of October 27, 2026, the dividend yield (a year of dividends divided by the share price) was 5.84%. Past increases do not guarantee future ones.
Can Altria afford its dividend?
Altria's cash flow covered the dividend in 2025, but its earnings did not quite. Dividends paid of $6.96 billion equaled 100.2% of net income. They took 76.7% of free cash flow (cash left after running and investing in the business), which was $9.07 billion. The company also had heavy debt: $24.6 billion against $2.4 billion of cash and investments as of June 30, 2026. Past dividends do not guarantee future ones.
Are Altria's cigarette sales declining?
Yes. Cigarette shipments fell 10.0% to 61.8 billion units in 2025, and oral tobacco shipments fell 5.5%. Total revenue dropped 3.1% to $23.3 billion and has shrunk about 2.3% a year since 2020. Altria relies on raising prices for premium brands like Marlboro to offset lower volumes, though that may not always be enough. Revenue for the quarter ended June 30, 2026, was $6.1 billion, up 0.1% from a year earlier.
What smoke-free products does Altria sell?
Altria sells Copenhagen, Skoal and Red Seal moist smokeless tobacco, on! oral nicotine pouches and NJOY e-vapor products. NJOY's tobacco and menthol e-vapor products have FDA marketing authorization, but its main device, NJOY ACE, faces a U.S. International Trade Commission order barring its import and sale. Horizon, a joint venture 75% owned by Altria with a Japan Tobacco subsidiary, plans to sell heated tobacco sticks once the FDA authorizes them, but it had no U.S. products as of February 25, 2026.