Stock Analysis on Net
Stock Analysis on Net

Altria Group Inc. (NYSE:MO)

$22.49

This company has been moved to the archive! The financial data has not been updated since October 31, 2024.

Income Statement

The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.

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Altria Group Inc., consolidated income statement

US$ in millions

Microsoft Excel
12 months ended: Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Net revenues
Cost of sales
Excise taxes on products
Gross profit
Marketing, administration and research costs
Asset impairment and exit costs
Operating income
Interest expense
Interest income
Interest and other debt expense, net
Loss on early extinguishment of debt
Net periodic benefit income, excluding service cost
Income (losses) from investments in equity securities
Impairment of JUUL equity securities
Loss on Cronos-related financial instruments
Earnings before income taxes
(Provision) benefit for income taxes
Net earnings (losses)
Net losses attributable to noncontrolling interests
Net earnings (losses) attributable to Altria

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

Net Revenues
Net revenues exhibited a general declining trend over the period, starting at $25,110 million in 2019, peaking slightly at $26,153 million in 2020, then gradually decreasing to $24,483 million in 2023.
Cost of Sales
Cost of sales initially increased from $7,085 million in 2019 to $7,818 million in 2020, then declined progressively to $6,218 million in 2023, reflecting improved cost management or reduced sales volume.
Excise Taxes on Products
Excise taxes steadily decreased from $5,314 million in 2019 to $3,981 million in 2023, supporting the reduction in net revenues.
Gross Profit
Gross profit showed a positive trend, rising from $12,711 million in 2019 to $14,284 million by 2023, indicating improving profitability at the gross margin level, driven by decreased costs relative to revenues.
Marketing, Administration and Research Costs
These expenses fluctuated, with a moderate increase from $2,154 million in 2020 to $2,737 million in 2023 after a dip in 2022, possibly reflecting increased investments in marketing or research activities.
Asset Impairment and Exit Costs
Impairment and exit costs were recorded in 2019 at $159 million but were negligible or absent in subsequent years, suggesting a one-time charge.
Operating Income
Operating income increased from $10,326 million in 2019 to a peak of $11,919 million in 2022 before slightly declining to $11,547 million in 2023, aligning with gross profit trends and expense fluctuations.
Interest Expense and Income
Interest expense steadily decreased from $1,322 million in 2019 to $1,149 million in 2023. Interest income showed a notable increase, particularly in 2023 at $160 million compared to $42 million in 2019, improving net interest costs.
Interest and Other Debt Expense, Net
Net interest and other debt expenses decreased consistently from $1,280 million in 2019 to $989 million in 2023, indicating better debt servicing efficiency.
Loss on Early Extinguishment of Debt
A significant loss of $649 million was recorded in 2021, with no comparable charges in other years, indicating a one-off financing cost.
Net Periodic Benefit Income
Periodic benefit income, excluding service costs, increased substantially from $37 million in 2019 to a peak of $202 million in 2021, then declined to $127 million in 2023, highlighting fluctuating pension or similar benefit income impacts.
Income (Losses) from Investments in Equity Securities
There were significant fluctuations in equity securities income, with a large loss of $5,979 million in 2021 and $3,641 million in 2022, preceded by a strong gain of $1,725 million in 2019 and a recovery to $243 million in 2023, reflecting high volatility in investment performance.
Impairment of JUUL Equity Securities
Significant impairments occurred in 2019 and 2020, with charges of $8,600 million and $2,600 million respectively, with no further impairments reported, indicating recognition of substantial asset deterioration early in the period.
Loss on Cronos-Related Financial Instruments
This loss diminished sharply over the years from $1,442 million in 2019 to $15 million in 2022, suggesting a reduction in exposure or improved valuation.
Earnings Before Income Taxes
Earnings before taxes increased from $766 million in 2019 to $10,928 million in 2023, showing strong growth despite volatility in investment-related losses and impairments.
Provision for Income Taxes
Income tax provisions rose from $2,064 million in 2019 to $2,798 million in 2023, consistent with the increase in pre-tax earnings.
Net Earnings (Losses)
Net earnings improved markedly from a loss of $1,298 million in 2019 to a profit of $8,130 million in 2023, reflecting recovery from prior asset impairments and strengthened operational performance.
Net Earnings Attributable to Altria
Attributable net earnings followed the same trend as consolidated net earnings, moving from a loss of $1,293 million in 2019 to earnings of $8,130 million in 2023, indicating consistent profitability improvement for the parent company.