Selected Financial Data
since 2005
Income Statement
Altria Group Inc., selected items from income statement, long-term trends
US$ in millions
| 12 months ended: | Net revenues | Operating income | Net earnings (losses) attributable to Altria |
|---|---|---|---|
| Dec 31, 2023 | 24,483) | 11,547) | 8,130) |
| Dec 31, 2022 | 25,096) | 11,919) | 5,764) |
| Dec 31, 2021 | 26,013) | 11,560) | 2,475) |
| Dec 31, 2020 | 26,153) | 10,873) | 4,467) |
| Dec 31, 2019 | 25,110) | 10,326) | (1,293) |
| Dec 31, 2018 | 25,364) | 9,115) | 6,963) |
| Dec 31, 2017 | 25,576) | 9,556) | 10,222) |
| Dec 31, 2016 | 25,744) | 8,762) | 14,239) |
| Dec 31, 2015 | 25,434) | 8,361) | 5,241) |
| Dec 31, 2014 | 24,522) | 7,620) | 5,070) |
| Dec 31, 2013 | 24,466) | 8,084) | 4,535) |
| Dec 31, 2012 | 24,618) | 7,253) | 4,180) |
| Dec 31, 2011 | 23,800) | 6,068) | 3,390) |
| Dec 31, 2010 | 24,363) | 6,228) | 3,905) |
| Dec 31, 2009 | 23,556) | 5,462) | 3,206) |
| Dec 31, 2008 | 19,356) | 4,882) | 4,930) |
| Dec 31, 2007 | 73,801) | 13,235) | 9,786) |
| Dec 31, 2006 | 101,407) | 17,413) | 12,022) |
| Dec 31, 2005 | 97,854) | 16,592) | 10,435) |
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), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
The financial trajectory between 2005 and 2023 is characterized by a significant structural contraction in the early period followed by a long-term phase of operational stabilization and margin expansion. A primary shift occurred between 2007 and 2008, where a drastic reduction in revenue scale was established, transitioning the company into a more compact but operationally efficient financial profile.
- Revenue Analysis
- A precipitous decline in net revenues is observed from 2006 to 2008, falling from 101,407 million USD to 19,356 million USD. Following this contraction, revenues entered a period of relative stability, oscillating within a narrow band between approximately 23,000 million USD and 26,000 million USD for the remainder of the period. A slight downward trend is evident in the final two years, with 2023 revenues closing at 24,483 million USD.
- Operating Income and Efficiency
- Operating income mirrored the initial revenue collapse, reaching a low of 4,882 million USD in 2008. However, unlike the revenue line, operating income demonstrated a consistent and sustained upward trend from 2009 through 2022. Operating income grew from 5,462 million USD in 2009 to a peak of 11,919 million USD in 2022. This divergence between stagnant revenues and rising operating income indicates a significant improvement in operational efficiency and pricing power over the 15-year period following the 2008 shift.
- Net Earnings Volatility
- Net earnings attributable to the company exhibit substantially higher volatility than operating income, suggesting the influence of non-operating items and one-time financial events. While earnings remained relatively stable between 3,000 million USD and 5,000 million USD from 2008 to 2015, a significant anomaly occurred in 2016 with a spike to 14,239 million USD. This was followed by a period of instability, including a net loss of 1,293 million USD in 2019. A recovery phase followed, with net earnings increasing to 8,130 million USD by the end of 2023.
In summary, the period is defined by a transition from high-volume revenue to a high-margin operational model. The growth in operating income despite flat revenues suggests a successful optimization of the cost structure, although bottom-line net earnings remain subject to significant periodic fluctuations.
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Balance Sheet: Assets
Altria Group Inc., selected items from assets, long-term trends
US$ in millions
| Current assets | Total assets | |
|---|---|---|
| Dec 31, 2023 | 5,585) | 38,570) |
| Dec 31, 2022 | 7,220) | 36,954) |
| Dec 31, 2021 | 6,083) | 39,523) |
| Dec 31, 2020 | 7,117) | 47,414) |
| Dec 31, 2019 | 4,824) | 49,271) |
| Dec 31, 2018 | 4,299) | 55,638) |
| Dec 31, 2017 | 4,344) | 43,202) |
| Dec 31, 2016 | 7,260) | 45,932) |
| Dec 31, 2015 | 6,086) | 32,535) |
| Dec 31, 2014 | 6,878) | 34,475) |
| Dec 31, 2013 | 6,590) | 34,859) |
| Dec 31, 2012 | 6,315) | 35,329) |
| Dec 31, 2011 | 7,131) | 36,962) |
| Dec 31, 2010 | 5,981) | 37,402) |
| Dec 31, 2009 | 5,773) | 36,677) |
| Dec 31, 2008 | 11,076) | 27,215) |
| Dec 31, 2007 | 22,890) | 57,211) |
| Dec 31, 2006 | 26,152) | 104,270) |
| Dec 31, 2005 | 25,781) | 107,949) |
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), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
The asset structure exhibits a significant long-term contraction and subsequent stabilization period between 2005 and 2023. A primary characteristic of the period is a sharp reduction in the asset base during the first few years, followed by a series of fluctuations and a gradual decline in the latter decade.
- Total Asset Trajectory
- A substantial decline in total assets is observed from 2005 to 2008, where the value dropped from 107,949 million to 27,215 million. Following this contraction, total assets remained relatively stable between 2009 and 2015, generally fluctuating within the 32,000 to 37,000 million range. A period of growth occurred between 2016 and 2018, reaching a peak of 55,638 million, before trending downward again to finish at 38,570 million by December 31, 2023.
- Current Asset Trends
- Current assets followed a similar downward trajectory to total assets during the initial phase, falling from 25,781 million in 2005 to 5,773 million by 2009. For the subsequent decade, current assets largely oscillated between 4,000 million and 7,000 million. A notable temporary spike occurred in 2020, reaching 7,117 million, before returning to 5,585 million by the end of 2023.
- Asset Composition and Liquidity Ratio
- There is a marked shift in the composition of the balance sheet over the analyzed timeframe. In 2005, current assets represented approximately 23.9% of total assets. By 2023, this proportion decreased to approximately 14.5%. This suggests a long-term transition toward a leaner current asset position relative to the overall asset base, indicating a shift in how capital is allocated or managed within the corporate structure.
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Balance Sheet: Liabilities and Stockholders’ Equity
Altria Group Inc., selected items from liabilities and stockholders’ equity, long-term trends
US$ in millions
| Current liabilities | Total liabilities | Total debt | Stockholders’ equity (deficit) attributable to Altria | |
|---|---|---|---|---|
| Dec 31, 2023 | 11,319) | 42,060) | 26,233) | (3,540) |
| Dec 31, 2022 | 8,616) | 40,877) | 26,680) | (3,973) |
| Dec 31, 2021 | 8,579) | 41,129) | 28,044) | (1,606) |
| Dec 31, 2020 | 9,063) | 44,449) | 29,471) | 2,839) |
| Dec 31, 2019 | 8,174) | 42,914) | 28,042) | 6,222) |
| Dec 31, 2018 | 21,193) | 40,810) | 25,746) | 14,787) |
| Dec 31, 2017 | 6,792) | 27,784) | 13,894) | 15,377) |
| Dec 31, 2016 | 7,375) | 33,121) | 13,881) | 12,770) |
| Dec 31, 2015 | 7,078) | 29,625) | 12,919) | 2,880) |
| Dec 31, 2014 | 7,673) | 31,430) | 14,693) | 3,014) |
| Dec 31, 2013 | 7,058) | 30,706) | 14,517) | 4,119) |
| Dec 31, 2012 | 8,259) | 32,125) | 13,878) | 3,168) |
| Dec 31, 2011 | 7,973) | 33,247) | 13,689) | 3,680) |
| Dec 31, 2010 | 6,941) | 32,175) | 12,194) | 5,192) |
| Dec 31, 2009 | 7,992) | 32,573) | 11,960) | 4,069) |
| Dec 31, 2008 | 7,142) | 24,387) | 7,474) | 2,828) |
| Dec 31, 2007 | 18,782) | 38,657) | 11,046) | 18,554) |
| Dec 31, 2006 | 25,427) | 64,651) | 18,699) | 39,619) |
| Dec 31, 2005 | 26,158) | 72,242) | 23,933) | 35,707) |
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), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
The financial trajectory from 2005 to 2023 is characterized by a significant restructuring of the balance sheet, marked by a sharp initial reduction in total obligations followed by a gradual increase in long-term debt and a progressive erosion of stockholders' equity into a deficit.
- Total Liabilities and Debt Trends
- A substantial contraction in total liabilities occurred between 2005 and 2008, with values falling from 72,242 million USD to 24,387 million USD. Following this period, liabilities entered a steady upward trend, reaching 42,060 million USD by 2023. Total debt mirrored this pattern, decreasing to a low of 7,474 million USD in 2008 before escalating significantly starting in 2018. Debt peaked at 29,471 million USD in 2020 and has remained elevated, ending the period at 26,233 million USD in 2023.
- Stockholders' Equity Evolution
- Equity attributable to the company exhibited extreme volatility over the analyzed period. After a sharp decline from 35,707 million USD in 2005 to 2,828 million USD in 2008, equity saw a partial recovery, peaking at 15,377 million USD in 2017. However, a precipitous decline followed, leading to a negative equity position beginning in 2021. This deficit deepened from 1,606 million USD in 2021 to 3,540 million USD by 2023, signifying a capital structure where total liabilities exceed total assets.
- Short-Term Obligation Patterns
- Current liabilities were at their highest at the start of the sequence, totaling 26,158 million USD in 2005. These obligations were reduced significantly by 2008 and remained relatively stable between 6,000 and 9,000 million USD for most of the following decade. A notable spike to 21,193 million USD was observed in 2018, after which current liabilities returned to a range of 8,000 to 11,000 million USD through 2023.
- Capital Structure Insight
- The divergence between increasing total debt and decreasing stockholders' equity suggests a shift toward a highly leveraged financial strategy. The transition to a deficit in stockholders' equity by 2021 indicates that capital distributions or accumulated losses have exceeded the cumulative retained earnings and contributed capital of the entity.
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Cash Flow Statement
Altria Group Inc., selected items from cash flow statement, long-term trends
US$ in millions
| 12 months ended: | Net cash provided by operating activities | Net cash (used in) provided by investing activities | Net cash provided by (used in) financing activities |
|---|---|---|---|
| Dec 31, 2023 | 9,287) | (1,283) | (8,374) |
| Dec 31, 2022 | 8,256) | 782) | (9,541) |
| Dec 31, 2021 | 8,405) | 1,212) | (10,029) |
| Dec 31, 2020 | 8,385) | (143) | (5,396) |
| Dec 31, 2019 | 7,837) | (2,398) | (4,712) |
| Dec 31, 2018 | 8,391) | (12,988) | 4,716) |
| Dec 31, 2017 | 4,922) | (467) | (7,771) |
| Dec 31, 2016 | 3,791) | 3,708) | (5,299) |
| Dec 31, 2015 | 5,810) | (15) | (6,747) |
| Dec 31, 2014 | 4,663) | 177) | (4,694) |
| Dec 31, 2013 | 4,375) | 602) | (4,702) |
| Dec 31, 2012 | 3,885) | 920) | (5,175) |
| Dec 31, 2011 | 3,613) | 387) | (3,044) |
| Dec 31, 2010 | 2,767) | 259) | (2,583) |
| Dec 31, 2009 | 3,443) | (9,764) | 276) |
| Dec 31, 2008 | 3,215) | 796) | (937) |
| Dec 31, 2007 | 10,155) | (5,281) | (3,503) |
| Dec 31, 2006 | 13,586) | (618) | (14,366) |
| Dec 31, 2005 | 11,060) | (4,885) | (5,134) |
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), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
The financial trajectory from 2005 to 2023 reveals a company with a strong capacity for operational cash generation, which is systematically used to fund financing activities and strategic investments. The period is characterized by a significant mid-term contraction in operating cash flows followed by a robust recovery and sustained growth in the latter years.
- Net Cash Provided by Operating Activities
- A fluctuating but overall positive trend is evident. High initial values in 2005 and 2006 were followed by a sharp decline starting in 2008, reaching a low point of 2.767 billion USD in 2010. However, a consistent recovery phase began after 2012, with cash flows escalating significantly from 2018 onwards, culminating in a peak of 9.287 billion USD by 2023. This indicates a strengthening of core operational efficiency and cash-generating power over the long term.
- Net Cash Used in Investing Activities
- Investing activities exhibit high volatility, characterized by alternating periods of significant capital expenditure and asset divestiture. Notable outflows occurred in 2005, 2007, and 2009, with a particularly substantial outflow of 12.988 billion USD in 2018. Conversely, periods of positive cash flow from investing, such as in 2016, 2021, and 2022, suggest strategic liquidations or the sale of assets. The irregular nature of these flows points to a strategy of periodic large-scale acquisitions or structural realignments rather than steady capital expenditure.
- Net Cash Used in Financing Activities
- Financing activities have remained predominantly negative throughout the nearly two-decade period, reflecting a consistent commitment to returning capital to shareholders or reducing debt. Major outflows are observed in 2006, 2021, and 2022, where figures exceeded 9 billion USD. A singular deviation occurred in 2018, where a positive inflow of 4.716 billion USD was recorded, coinciding with the year's peak investing outflow, suggesting that external financing was utilized to fund major strategic investments during that period.
The correlation between the three components suggests a mature financial model where operating cash flows serve as the primary engine for funding aggressive shareholder returns and opportunistic investments. The stabilization of operating cash flows above 8 billion USD since 2018 has provided a sustainable foundation for the continued high levels of financing outflows observed through 2023.
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Per Share Data
Altria Group Inc., selected data per share, long-term trends
US$
| 12 months ended: | Basic earnings per share 1 | Diluted earnings per share 2 | Dividend per share 3 |
|---|---|---|---|
| Dec 31, 2023 | 4.57 | 4.57 | 3.84 |
| Dec 31, 2022 | 3.19 | 3.19 | 3.68 |
| Dec 31, 2021 | 1.34 | 1.34 | 3.52 |
| Dec 31, 2020 | 2.40 | 2.40 | 3.40 |
| Dec 31, 2019 | -0.70 | -0.70 | 3.28 |
| Dec 31, 2018 | 3.69 | 3.68 | 3.00 |
| Dec 31, 2017 | 5.31 | 5.31 | 2.54 |
| Dec 31, 2016 | 7.28 | 7.28 | 2.35 |
| Dec 31, 2015 | 2.67 | 2.67 | 2.17 |
| Dec 31, 2014 | 2.56 | 2.56 | 2.00 |
| Dec 31, 2013 | 2.26 | 2.26 | 1.84 |
| Dec 31, 2012 | 2.06 | 2.06 | 1.70 |
| Dec 31, 2011 | 1.64 | 1.64 | 1.58 |
| Dec 31, 2010 | 1.87 | 1.87 | 1.46 |
| Dec 31, 2009 | 1.55 | 1.54 | 1.32 |
| Dec 31, 2008 | 2.38 | 2.36 | 1.68 |
| Dec 31, 2007 | 4.66 | 4.62 | 3.05 |
| Dec 31, 2006 | 5.76 | 5.71 | 3.32 |
| Dec 31, 2005 | 5.04 | 4.99 | 3.06 |
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), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
1, 2, 3 Data adjusted for splits and stock dividends.
The per share financial performance from 2005 to 2023 is characterized by significant volatility in earnings contrasted with a highly disciplined and consistent dividend growth strategy following a period of adjustment.
- Earnings Per Share Trends
- Basic and diluted earnings per share exhibited substantial fluctuations over the analyzed period. A period of relative strength was observed between 2005 and 2007, peaking at 5.76 USD in 2006. This was followed by a sharp contraction in 2008 and 2009, with earnings reaching a low of 1.54 USD in 2009. A notable peak occurred in 2016, where diluted earnings spiked to 7.28 USD. Subsequently, a downward trend emerged, culminating in a negative earnings result of -0.70 USD in 2019. A recovery phase began in 2020, with earnings trending upward to reach 4.57 USD by 2023, despite a brief dip in 2021.
- Dividend Distribution Patterns
- Dividend per share experienced a significant reduction in 2008, falling to 1.68 USD from 3.05 USD in 2007. However, from 2009 onward, a consistent and uninterrupted annual increase is observed. The dividend grew from 1.32 USD in 2009 to 3.84 USD in 2023. This demonstrates a commitment to incremental dividend growth regardless of the volatility observed in the underlying earnings per share.
- Earnings-to-Dividend Correlation
- There is a visible decoupling between earnings performance and dividend payouts. While earnings were volatile—including a period of negative profitability in 2019—dividend payments continued to rise. In several instances, most notably in 2019 and 2021, the dividend per share exceeded the basic earnings per share, indicating that distributions were maintained through reserves or other financing means rather than current-year earnings alone.
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