Income Statement
Quarterly Data

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.

Altria Group Inc., consolidated income statement (quarterly data)

US$ in millions

3 months ended:	Sep 30, 2024	Jun 30, 2024	Mar 31, 2024	Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019
Net revenues	6,259)	6,209)	5,576)	5,975)	6,281)	6,508)	5,719)	6,111)	6,550)	6,543)	5,892)	6,255)	6,786)	6,936)	6,036)	6,304)	7,123)	6,367)	6,359)	6,007)	6,856)	6,619)	5,628)
Cost of sales	(1,536)	(1,602)	(1,437)	(1,525)	(1,578)	(1,681)	(1,434)	(1,573)	(1,715)	(1,708)	(1,446)	(1,771)	(1,858)	(1,882)	(1,608)	(1,909)	(1,961)	(1,775)	(2,173)	(1,718)	(1,915)	(1,874)	(1,578)
Excise taxes on products	(915)	(932)	(859)	(951)	(1,004)	(1,070)	(956)	(1,028)	(1,138)	(1,169)	(1,073)	(1,169)	(1,255)	(1,322)	(1,156)	(1,249)	(1,445)	(1,305)	(1,313)	(1,205)	(1,444)	(1,426)	(1,239)
Gross profit	3,808)	3,675)	3,280)	3,499)	3,699)	3,757)	3,329)	3,510)	3,697)	3,666)	3,373)	3,315)	3,673)	3,732)	3,272)	3,146)	3,717)	3,287)	2,873)	3,084)	3,497)	3,319)	2,811)
Marketing, administration and research costs	(656)	(788)	(606)	(703)	(610)	(852)	(572)	(692)	(585)	(561)	(489)	(582)	(722)	(546)	(582)	(569)	(557)	(491)	(537)	(572)	(552)	(569)	(533)
Asset impairment	—)	(354)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	4)	—)	—)	—)	(85)	(1)	(33)	(40)
Operating income	3,152)	2,533)	2,674)	2,796)	3,089)	2,905)	2,757)	2,818)	3,112)	3,105)	2,884)	2,733)	2,951)	3,186)	2,690)	2,581)	3,160)	2,796)	2,336)	2,427)	2,944)	2,717)	2,238)
Interest and other debt expense, net	(267)	(261)	(254)	(231)	(272)	(257)	(229)	(226)	(271)	(280)	(281)	(293)	(266)	(295)	(308)	(316)	(310)	(308)	(275)	(291)	(293)	(312)	(384)
Loss on early extinguishment of debt	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	(649)	—)	—)	—)	—)	—)	—)	—)	—)
Net periodic benefit income, excluding service cost	25)	25)	24)	32)	33)	31)	31)	47)	44)	47)	46)	50)	63)	46)	43)	19)	3)	28)	27)	(3)	24)	15)	1)
Income (losses) from investments in equity securities	116)	119)	295)	138)	58)	127)	(80)	66)	(2,478)	(1,263)	34)	(190)	(5,915)	75)	51)	195)	(472)	9)	157)	859)	333)	447)	86)
Gain on the sale of IQOS System commercialization rights	—)	2,700)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Impairment of JUUL equity securities	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	(2,600)	—)	—)	(4,100)	(4,500)	—)	—)
Gain (loss) on Cronos-related financial instruments	—)	—)	—)	—)	—)	—)	—)	(1)	—)	(4)	(10)	(20)	(135)	(103)	110)	62)	(105)	40)	(137)	(115)	(636)	(266)	(425)
Earnings (losses) before income taxes	3,026)	5,116)	2,739)	2,735)	2,908)	2,806)	2,479)	2,704)	407)	1,605)	2,673)	2,280)	(3,302)	2,909)	1,937)	2,541)	(324)	2,565)	2,108)	(1,223)	(2,128)	2,601)	1,516)
(Provision) benefit for income taxes	(733)	(1,313)	(610)	(675)	(742)	(689)	(692)	(14)	(183)	(714)	(714)	(656)	582)	(759)	(516)	(619)	(632)	(627)	(558)	(591)	(474)	(604)	(395)
Net earnings (losses)	2,293)	3,803)	2,129)	2,060)	2,166)	2,117)	1,787)	2,690)	224)	891)	1,959)	1,624)	(2,720)	2,150)	1,421)	1,922)	(956)	1,938)	1,550)	(1,814)	(2,602)	1,997)	1,121)
Net (earnings) losses attributable to noncontrolling interests	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	(2)	(1)	3)	2)	4)	5)	2)	5)	2)	(1)	(1)
Net earnings (losses) attributable to Altria	2,293)	3,803)	2,129)	2,060)	2,166)	2,117)	1,787)	2,690)	224)	891)	1,959)	1,624)	(2,722)	2,149)	1,424)	1,924)	(952)	1,943)	1,552)	(1,809)	(2,600)	1,996)	1,120)

Net Revenues: Net revenues exhibited fluctuations across the periods, peaking intermittently, notably in the quarters ending June and September 2019, as well as June and September 2021. The trend from 2019 through 2024 shows cyclical decreases and increases, with a general pattern of revenue declines during certain quarters followed by recoveries. The most recent data points from 2024 show relatively stable revenues around the mid-6000 US$ million mark.
Cost of Sales: The cost of sales generally follows the net revenues trend, displaying considerable volatility. Higher cost of sales is apparent in quarters with higher revenues, especially mid-2019 and mid-2021. Costs tend to decrease during quarters of lower revenues, reflecting proportional variability in production or procurement expenses.
Excise Taxes on Products: Excise taxes showed a downward trend overall, decreasing gradually from 2019 through 2024. The reduction is steady and consistent, indicating a potential structural change in tax rates or product mix affecting taxable volumes. The decline is apparent quarter over quarter, especially evident from 2022 onwards.
Gross Profit: Gross profit figures track net revenues minus cost of sales and excise taxes, experiencing intermittent increases and decreases aligned with revenue shifts. Notable peaks appear in quarters with revenue spikes, such as June and September 2019 and June 2021, while lower gross profits are seen in quarters where revenues decline. Overall, gross profit remains a substantial portion of revenues but is subject to quarterly variability.
Marketing, Administration, and Research Costs: Operating expenses under these categories fluctuate without a clear growth or shrinkage trend. Periods with increased operating income often correlate with reduced expenses in this area, but there are exceptions, such as spikes in expenses observed in June 2021 and June 2023. These variations suggest variable investment levels in marketing and administration across quarters.
Asset Impairment: Non-recurring asset impairments are sporadic. Impairments are noted in certain periods such as December 2019 and in early 2024, with the largest impairment recorded in March 2024. These entries signify occasional write-downs affecting profitability during those specific quarters.
Operating Income: Operating income displays a cyclical pattern with peaks generally coinciding with higher revenue quarters. The data shows a general resilience in profitability despite fluctuations in revenues and expenses, with some quarters showing sharp dips potentially related to impairments or other expense spikes. The most significant decline in operating income appears in late 2024 but is followed by recovery.
Interest and Other Debt Expense, Net: Interest expenses remain relatively stable and gradually decline over time, indicating either reduced debt levels or more favorable financing terms. Expense values slightly decrease from early 2019 through 2024, supporting improved net profitability.
Loss on Early Extinguishment of Debt: A substantial one-time loss is recorded in the first quarter of 2021, significantly impacting financial results for that period. This non-recurring expense negatively affected net income for that quarter.
Net Periodic Benefit Income: The net periodic benefit income remains positive with moderate fluctuations, contributing a small but consistent income support to the overall earnings.
Income (Losses) from Investments in Equity Securities: This item presents significant volatility, with large gains and losses impacting net earnings sporadically. Notably, large negative figures appear in late 2021 and various quarters in 2022, reflecting impairments or devaluations in equity investments. Conversely, some positive results are observed, but the overall pattern introduces substantial irregularity to earnings.
Gain on Sale of IQOS System Commercialization Rights: A notable one-time gain is recorded in the latter part of 2024, representing a significant positive impact on earnings during that quarter.
Impairment of JUUL Equity Securities: Significant impairments related to JUUL equity securities are observed in late 2019 and 2020, resulting in major losses that heavily influenced earnings negatively during those quarters. These impairments highlight considerable challenges in investment valuations within the period.
Gain (Loss) on Cronos-Related Financial Instruments: Fluctuations in gains and losses on Cronos-related financial instruments are frequent but generally moderate, showing no clear trend and representing a minor volatility source in earnings.
Earnings Before Income Taxes: Earnings before taxes exhibit strong oscillations, reflecting the combined impact of operating income, investment gains and losses, interest, and one-time charges. Periods with significant losses coincide largely with impairment charges and investment write-downs, whereas periods of strong earnings reflect operational strength combined with investment gains or the absence of large impairments.
Provision (Benefit) for Income Taxes: Tax provisions generally follow earnings before taxes, with higher earnings leading to larger tax expenses. Occasional tax benefits or positive adjustments are visible, particularly in quarters with losses, reflecting tax strategies or adjustments.
Net Earnings (Losses) Attributable to Altria: Net earnings fluctuate markedly throughout the period, with substantial losses in late 2019 and 2021 corresponding to major impairments and investment losses. Positive earnings quarters generally align with periods of operational strength and absence of major negative one-time events. The most recent quarters show recovery and strong profitability, aided by one-time gains such as the IQOS system rights sale. The data suggest that underlying operations remain profitable but are occasionally overshadowed by large impairments and investment-related volatility.

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Altria Group Inc. (NYSE:MO)

Income Statement Quarterly Data

Income Statement
Quarterly Data