Cash Flow Statement
Quarterly Data
The cash flow statement provides information about a company cash receipts and cash payments during an accounting period, showing how these cash flows link the ending cash balance to the beginning balance shown on the company balance sheet.
The cash flow statement consists of three parts: cash flows provided by (used in) operating activities, cash flows provided by (used in) investing activities, and cash flows provided by (used in) financing activities.
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- Income Statement
- Common-Size Income Statement
- Common-Size Balance Sheet: Assets
- Analysis of Short-term (Operating) Activity Ratios
- Common Stock Valuation Ratios
- Enterprise Value to FCFF (EV/FCFF)
- Dividend Discount Model (DDM)
- Present Value of Free Cash Flow to Equity (FCFE)
- Return on Equity (ROE) since 2005
- Current Ratio since 2005
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Altria Group Inc., consolidated cash flow statement (quarterly data)
US$ in millions
Based on: 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).
The financial data over the observed quarters reveals varied fluctuations in key performance indicators, operating cash flows, investment activities, and financing movements.
- Net Earnings (Losses)
- Net earnings display significant volatility with notable negative values occurring in certain quarters such as September and December 2019 and September 2021, indicating periods of losses. However, strong recoveries follow, with substantial positive earnings in multiple subsequent quarters, culminating in a marked peak of 3803 million US dollars in September 2024. This pattern suggests episodic challenges with intermittent recovery phases.
- Depreciation and Amortization
- These expenses remain relatively stable throughout the periods, fluctuating modestly between 52 and 80 million US dollars. This consistency points to a steady rate of asset usage and amortization.
- Deferred Income Tax Provision (Benefit)
- The deferred income tax provision shows volatile behavior, moving between significant positive and negative values, which suggests variability in the company's tax position and possibly tax planning activities or changes in deferred tax assets and liabilities.
- Income (Losses) from Investments in Equity Securities
- There is considerable instability in investment income, with some quarters reflecting large losses (e.g., -859 million in December 2019) while others report extraordinary gains (notably 5915 million in September 2021). This volatility illustrates the influence of equity market conditions or investment revaluations on reported earnings.
- Asset and Equity Securities Impairments
- The data reflects notable impairment charges, including a significant impairment associated with JUUL equity securities around the second and third quarters of 2019, and an asset impairment recorded at 354 million in December 2023. These impairments impact net income and suggest challenges with asset valuations or specific business segments.
- Cash Flows from Operating Activities
- Operating cash flows fluctuate widely, with some quarters experiencing sharp decreases (e.g., -361 million in June 2021) and others showing strong inflows exceeding 3000 million US dollars. Despite this volatility, operating activities generally generate positive cash flows, indicating an underlying capacity to convert earnings into cash.
- Capital Expenditures
- Capital spending remains relatively consistent, typically between 26 and 86 million US dollars per quarter, with occasional slight reductions. This pattern reflects a disciplined investment approach in fixed assets without major expansions or contractions.
- Investing Activities
- The net cash effect of investing activities mostly reflects outflows, interspersed with occasional positive inflows arising from asset sales and strategic transactions like the Ste. Michelle and ABI transactions. The acquisition of NJOY in early 2023 represents a significant outflow, demonstrating active portfolio reshaping.
- Financing Activities
- Cash flows related to financing activities are highly variable, with intermittent large inflows and outflows. The company engages in considerable debt issuance and repayment activities. Repurchases of common stock occur regularly, with a pronounced peak in the fourth quarter of 2023. Dividends paid remain consistently high and progressively increase, indicating a commitment to shareholder returns despite fluctuations in other cash flows.
- Working Capital and Other Operating Capital Changes
- Changes in operating capital components such as receivables, inventories, accounts payable, and accrued liabilities exhibit oscillations without a clear directional trend, signifying dynamic management of working capital that responds to varying operational conditions each quarter.
- Noteworthy Transactions and Adjustments
- Specific large transactions like the sale of IQOS System commercialization rights and various tax-related adjustments have material impact in certain periods, contributing to the overall earnings and cash flow volatility. The recorded penalties and settlements, as reflected in accrued settlement charges, also influence financial outcomes periodically.
Overall, the financial results are characterized by substantial earnings and cash flow variability driven by impairment charges, investment income swings, and active capital and financing management. Despite episodic setbacks and operational volatility, there is evidence of resilience through recovery phases, sustained dividend payments, and consistent capital expenditure patterns.