ALTRIA GROUP, INC. FY 2025 10-K, explained in plain English
Key financials — as reported
| Total revenue | $23.3B |
| Gross margin | 62.5% |
| Operating income | $9.9B |
| Net income | $6.9B |
| Diluted EPS | $4.12 |
| Cash & equivalents | $4.5B |
| Total assets | $35.0B |
| Long-term debt | $25.7B |
Key takeaway
2025 net earnings and diluted EPS dropped sharply (down 38.3% and 37.0% respectively) primarily due to non-cash impairment charges in the e-vapor reporting unit and other special items totaling $2.2 billion.
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Beneath the surface
Total debt (long-term debt of $25.7B plus other interest-bearing obligations) dwarfs cash of $4.474B, meaning Altria's net debt position remains highly leveraged despite a $1.334B cash build during the year, evidencing continued reliance on debt to fund shareholder returns.
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