Altria Group (MO) FY2020 results: revenue $26.2 billion, up 4.2% on the year
Altria Group, Inc. (MO) reported revenue of $26.2 billion for fiscal 2020, the year ended 31 December 2020, up 4.2% on the year before. Net income was $4.5 billion, and diluted earnings per share $2.40. The figures are the company's own, from the 10-K it filed with the SEC on 26 February 2021.
Revenue
$26.2 billion
+4.2% on the year
FY2013FY2020
Operating margin
41.6%
41.1% a year earlier
FY2013FY2020
Net income
$4.5 billion
FY2013FY2020
Diluted EPS
$2.40
FY2013FY2020
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Revenue
26,153
25,110
25,364
+4.2%
Cost of revenue
7,818
7,085
7,373
+10.3%
Gross profit
13,023
12,711
12,254
+2.5%
Gross margin
49.8%
50.6%
48.3%
Research and development
131
168
252
-22.0%
Operating income
10,873
10,326
9,115
+5.3%
Operating margin
41.6%
41.1%
35.9%
Interest expense
1,223
1,322
697
-7.5%
Pre-tax income
6,890
766
9,341
+799.5%
Income tax
2,436
2,064
2,374
+18.0%
Effective tax rate
35.4%
269.5%
25.4%
Net income
4,467
-1,293
6,963
Net margin
17.1%
-5.1%
27.5%
Diluted EPS
$2.40
-$0.70
$3.68
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Operating cash flow
8,385
7,837
8,391
+7.0%
Capital expenditure
231
246
238
-6.1%
Free cash flow
8,154
7,591
8,153
+7.4%
Free cash flow margin
31.2%
30.2%
32.1%
Cash from investing
-143
-2,398
-12,988
Cash from financing
-5,396
-4,712
4,716
Depreciation and amortisation
257
226
227
+13.7%
Buybacks
0.0
845
1,673
Dividends paid
6,290
6,069
5,415
+3.6%
Dividend per share
$3.40
$3.28
$3.00
+3.7%
Diluted shares, weighted
1,859m
1,869m
1,888m
-0.5%
Shares outstanding at period end
1,858m
1,858m
1,874m
+0.0%
Balance sheet
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Shareholders' equity
2,839
6,222
14,787
-54.4%
Non-controlling interest
86.0
97.0
2.0
-11.3%
Redeemable equity
40.0
38.0
39.0
+5.3%
Short-term borrowings
0.0
0.0
12,704
Debt
29,471
28,042
13,042
+5.1%
Other liabilities
14,978
14,872
14,885
+0.7%
Total liabilities and equity
47,414
49,271
55,459
-3.8%
Fixed assets
2,012
1,999
1,938
+0.7%
Goodwill
5,177
5,177
5,196
0.0%
Intangible assets
12,615
12,687
12,279
-0.6%
Cash and equivalents
4,945
2,117
1,333
+133.6%
Receivables
137
152
142
-9.9%
Inventory
1,966
2,293
2,331
-14.3%
Other assets
20,562
24,846
32,240
-17.2%
Total assets
47,414
49,271
55,459
-3.8%
10-K for the year ended 31 December 2020, filed 26 February 2021: the filing.