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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- Statement of Comprehensive Income
- Common-Size Balance Sheet: Assets
- Analysis of Profitability Ratios
- Enterprise Value (EV)
- Enterprise Value to FCFF (EV/FCFF)
- Price to FCFE (P/FCFE)
- Net Profit Margin since 2005
- Price to Book Value (P/BV) since 2005
- Price to Sales (P/S) since 2005
- Analysis of Revenues
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Altria Group Inc., consolidated income statement
US$ in millions
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.