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Altria Group (MO) delivered solid operating cash flow of $9.29B in FY2025, but net income fell sharply by 38.3% to $6.95B, largely due to prior-year gains not repeated, while gross margin improved to 62.5% and the company maintained its capital return program amid a deeply negative equity position.
营业收入
$23.28B
同比 -3.08%
每股收益（基本）
$4.12
同比 -37.00%
毛利率
62.5%
同比 ++2.65%
营业利润
$9.9B
同比 -11.94%
提交于 · 解读更新于 · 来源: SEC EDGAR 10-K 原文
Altria Group (MO) FY2025 营收 $23.28B，同比下降 3.1%。 净利润 $6.95B，同比下降 38.3%，稀释每股收益 $4.12。 毛利率 62.5%。
Total revenue fell 3.1% year-over-year to $23.28B in FY2025, reflecting ongoing secular decline in cigarette volumes, a trend consistent with the broader tobacco industry's long-term headwinds.
来源: Source: 10-K Income Statement, FY2025
Despite lower revenues, gross profit rose 1.2% to $14.54B and gross margin improved approximately 270 basis points to 62.5%, suggesting effective pricing power and cost management in the core tobacco business.
来源: Source: 10-K Income Statement, FY2025
Net income dropped 38.3% to $6.95B from $11.26B in the prior year, with EPS (basic and diluted) falling from $6.54 to $4.12, likely reflecting large one-time gains or favorable items in FY2024 that did not recur in FY2025.
来源: Source: 10-K Income Statement, FY2025
Operating cash flow grew 6.1% to $9.29B, demonstrating the resilience of Altria's cash generation; however, share buybacks were reduced significantly by 70.6% to $1.0B from $3.4B, and financing outflows moderated to $7.62B.
来源: Source: 10-K Cash Flow Statement, FY2025
Total liabilities grew 3.0% to $38.47B against total assets of $35.02B, resulting in a stockholders' equity deficit of -$3.50B, a worsening from -$2.24B in FY2024, reflecting the company's aggressive capital return strategy funded by debt.
来源: Source: 10-K Balance Sheet, FY2025
Altria carries a stockholders' equity deficit of -$3.50B and long-term debt of $25.71B, with a debt-to-equity ratio that is mathematically negative and extreme (-10.98x). This capital structure leaves the company highly sensitive to interest rate changes and limits financial flexibility in a downturn.
来源: Source: 10-K Balance Sheet, FY2025
Revenue declined 3.1% to $23.28B, consistent with long-term cigarette consumption trends driven by regulatory pressure, health awareness, and shifting consumer preferences. Without successful diversification into smoke-free products, this structural decline poses a persistent earnings risk.
来源: Source: 10-K Income Statement, FY2025
The current ratio stands at 0.648, meaning current liabilities of $9.15B significantly exceed current assets of $5.93B. While operating cash flows are strong, this imbalance could create short-term liquidity stress if cash generation were to deteriorate unexpectedly.
来源: Source: 10-K Balance Sheet, FY2025
Net income swung from $11.26B in FY2024 to $6.95B in FY2025, a 38.3% decline, while operating cash flow rose 6.1%, suggesting the income statement is heavily influenced by non-cash or one-time items. This volatility makes earnings-based valuation less reliable and may confuse retail investors.
来源: Source: 10-K Income Statement & Cash Flow Statement, FY2025
Share repurchases fell 70.6% to $1.0B in FY2025 from $3.4B in FY2024, potentially signaling a shift in capital allocation priorities or balance sheet constraints. Reduced buybacks may weigh on EPS growth and investor sentiment given Altria's history of aggressive capital returns.
来源: Source: 10-K Cash Flow Statement, FY2025
FY2025 实际 EPS $1.30，分析师一致预期 $1.36，不及预期 -4.2%。
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
营业收入 | $23.28B | $24.02B | -3.08% |
营业成本 | $5.6B | $6.08B | -7.90% |
毛利润 | $14.54B | $14.37B | +1.22% |
营业利润 | $9.9B | $11.24B | -11.94% |
净利润 | $6.95B | $11.26B | -38.33% |
每股收益（基本） | $4.12 | $6.54 | -37.00% |
每股收益（稀释） | $4.12 | $6.54 | -37.00% |
研发费用 | $195M | $208M | -6.25% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
总资产 | $35.02B | $35.18B | -0.45% |
流动资产 | $5.93B | $4.51B | +31.44% |
总负债 | $38.47B | $37.37B | +2.95% |
流动负债 | $9.15B | $8.78B | +4.25% |
股东权益 | $-3.5B | $-2.24B | -56.48% |
现金及等价物 | $4.47B | $3.13B | +43.08% |
长期债务 | $25.71B | $24.93B | +3.14% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
经营活动现金流 | $9.29B | $8.75B | +6.14% |
投资活动现金流 | $-341M | $2.17B | -115.68% |
筹资活动现金流 | $-7.62B | $-11.49B | +33.73% |
股票回购 | $1B | $3.4B | -70.59% |
折旧及摊销 | $266M | $286M | -6.99% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
毛利率 | 62.5% | 59.8% | +2.65% |
营业利润率 | 42.5% | 46.8% | -4.28% |
净利率 | 29.8% | — | — |
净资产收益率 | -198.4% | — | — |
总资产收益率 | 19.8% | — | — |
流动比率 | $0.648 | — | — |
资产负债率 | $-10.985 | — | — |
Tobacco 行业其他公司
Altria's FY2025 results showed resilient cash generation with operating cash flow rising 6.1% to $9.29B and gross margin expanding to 62.5%, but net income fell sharply by 38.3% to $6.95B due to large non-recurring gains in FY2024 that did not repeat. Revenue declined 3.1% to $23.28B, consistent with long-term cigarette volume trends.
Altria's net income fell 38.3% to $6.95B in FY2025 from $11.26B in FY2024, but operating cash flow actually increased 6.1% to $9.29B, suggesting the decline is driven by non-recurring items (such as investment gains or asset sale proceeds) that boosted FY2024 income but did not recur. The underlying tobacco business remained highly cash generative.
Altria carries significant leverage with $25.71B in long-term debt and a stockholders' equity deficit of -$3.50B, and its current ratio of 0.648 indicates short-term liabilities exceed short-term assets. However, its $9.29B in operating cash flow and 62.5% gross margin reflect a fundamentally strong and cash-generative core business.
Yes, Altria significantly reduced share repurchases by 70.6% to $1.0B in FY2025, down from $3.4B in FY2024, suggesting a shift in capital allocation priorities or a focus on balance sheet management given its elevated debt levels. Investors should monitor whether this reduction is temporary or signals a longer-term change in capital return strategy.
Altria's revenue declined 3.1% year-over-year to $23.28B in FY2025, reflecting ongoing secular volume declines in the cigarette category. Despite lower revenues, the company improved its gross margin by approximately 270 basis points to 62.5%, demonstrating effective pricing power in its premium tobacco brands.