Altria Group, Inc.

NYSE-MO

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Operating Activities	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20	Dec '19	Dec '18	Dec '17	Dec '16	Dec '15
Net Income	8,869	11,264	8,130	5,764	2,475	4,454	-1,298	6,967	10,227	14,244	5,243
Net Earnings
Consumer Products
Financial Services
Depreciation & Amortization	285	286	272	226	244	257	226	227	209	204	225
Depreciation and Amortization
Other Adjustments	80	-2,823	1,088	3,028	5,884	2,795	8,618	176	-3,376	-9,873	-170
Earnings from Discontinued Operations, Net of Income Taxes
Impact of Earnings from Discontinued Operations, Net of Income Taxes
Deferred Income Tax Provision
Unrecognized Tax Benefit
Income from Investments in Equity Securities
Loss on ABI/SABMiller Business Combination
Gain on the Sale of IQOS System Commercialization Rights
Escrow Bond for the Engle Tobacco Case
Cash Provided by Operating Activities > Adjustments to Reconcile Net Earnings to Operating Cash Flows > PMCC Leveraged Lease Charges
Change in Net Allowance for Losses
Cash Provided by Operating Activities > Adjustments to Reconcile Net Earnings to Operating Cash Flows > Financial Services > Other Liabilities - Income Taxes
Other
Loss on Cronos-Related Financial Instruments
Impairment of JUUL Equity Securities
Loss on Early Extinguishment of Debt
IRS Payment Related to the Closing Agreement
Asset Impairment and Exit Costs, Net of Cash Paid
IRS Payment Related to LILO and SILO Transactions
Gain on Sale of Corporate Headquarters Building
Cash Provided by Operating Activities > Adjustments to Reconcile Net Earnings to Operating Cash Flows > Other, Net
Deferred Income Tax Benefit
Other, Net
Dividends from ABI
Changes in Trade Receivables	-164	-106	6	-21	-18	20	-8	—	10	-27	3
Receivables
Changes in Inventories	-34	102	-15	14	57	2	42	-129	-171	-34	-33
Inventories
Changes in Accounts Payable	154	116	38	92	163	53	-79	27	-55	24	26
Accounts Payable
Cash Provided by Operating Activities > Adjustments to Reconcile Net Earnings to Operating Cash Flows > Consumer Products > Change in Accounts Payable, Net of the Effects from Acquisition of UST
Cash Provided by Operating Activities > Adjustments to Reconcile Net Earnings to Operating Cash Flows > Consumer Products > Change in Accounts Payable
Changes in Accrued Expenses	-718	-759	-82	-553	-50	203	-97	959	-1,344	-2	274
Accrued Liabilities and Other Current Assets
Accrued Settlement Charges
Changes in Income Taxes Payable	806	798	6	-118	-149	-29	89	218	-294	-231	-12
Income Taxes
Income Taxes
Changes in Other Operating Activities	-107	-125	-156	-176	-201	630	344	-54	-305	-479	287
Pension Plan Contributions
Pension and Postretirement, Net
Other
Cash Provided by Operating Activities > Cash Effects of Changes > Other, Net
Cash from Operating Activities	9,359	8,753	9,287	8,256	8,405	8,385	7,837	8,391	4,901	3,826	5,843
Net Cash Provided by Operating Activities, Continuing Operations
Net Cash Provided by Operating Activities, Discontinued Operations

Investing Activities	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20	Dec '19	Dec '18	Dec '17	Dec '16	Dec '15
Capital Expenditure	-171	-142	-196	-205	-169	-231	-246	-238	-199	-189	-229
Capital Expenditures
Proceeds from Sale of Property, Plant & Equipment	—	—	—	—	—	—	—	—	—	—	—
Proceeds from Sale of Corporate Headquarters Building
Purchases of Investments	—	—	—	—	—	—	-1,899	-12,800	—	-1,578	—
Investment in JUUL
Purchase of AB InBev Ordinary Shares
Investment in Cronos
Investments in Finance Assets
Proceeds from Sale of Investments	—	—	1,700	1,000	—	—	—	—	—	231	354
Proceeds from Finance Assets
Proceeds from the Sale of IQOS System Commercialization Rights
Payments for Business Acquisitions	—	—	-2,751	—	—	—	-421	-15	-415	-45	—
Acquisition of UST, Net of Acquired Cash
Acquisition of John Middleton Co., Net of Acquired Cash
Acquisition of Green Smoke, Net of Acquired Cash
Acquisitions of Businesses and Assets
Acquisition of NJOY, Net of Cash Acquired
Proceeds from Business Divestments	—	2,353	—	—	1,176	—	—	—	—	4,773	—
Cash Provided by Investing Activities > Proceeds from AB InBev/SABMiller Business Combination
Proceeds from the ABI Transaction
Proceeds from the Ste. Michelle Transaction, Net of Cash Transferred
Other Investing Activities	-31	-36	-36	-13	205	88	168	65	147	516	-140
Cash Provided by Investing Activities > Payment for Derivative Financial Instruments
Proceeds from Derivative Financial Instruments
Other, Net
Cash from Investing Activities	-202	2,175	-1,283	782	1,212	-143	-2,398	-12,988	-467	3,708	-15
Net Cash Provided by Investing Activities, Continuing Operations
Net Cash Provided by Investing Activities, Discontinued Operations

Financing Activities	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20	Dec '19	Dec '18	Dec '17	Dec '16	Dec '15
Issuance of Short-Term Debt	—	—	2,000	—	—	3,000	—	12,800	—	—	—
Proceeds from Short-Term Borrowings
Repayments of Short-Term Debt	—	—	-2,000	—	—	-3,000	-12,800	—	—	—	—
Repayment of Short-Term Borrowings
Net Issuance / (Repayments) of Short-Term Debt	—	—	—	—	—	—	-12,800	12,800	—	—	—
Issuance of Long-Term Debt	—	—	998	—	5,472	1,993	16,265	—	—	1,976	—
Long-Term Debt Issued
Repayments of Long-Term Debt	—	-1,121	-1,566	-1,105	-6,542	-1,000	-1,144	-864	—	-933	-1,793
Long-Term Debt Repaid
Debt Repaid
Long-Term Debt Repaid
Net Issuance / (Repayments) of Long-Term Debt	—	-1,121	-568	-1,105	-1,070	993	15,121	-864	—	1,043	-1,793
Issuance of Common Shares	—	—	—	—	—	—	—	—	—	—	—
Issuances of Common Stock
Repurchases of Common Shares	-1,022	-3,400	-1,000	-1,825	-1,675	—	-845	-1,673	-2,917	-1,030	-554
Repurchases of Common Stock
Net Issuance / (Repurchases) of Common Shares	-1,022	-3,400	-1,000	-1,825	-1,675	—	-845	-1,673	-2,917	-1,030	-554
Common Share Dividends Paid	-6,912	-6,845	-6,779	-6,599	-6,446	-6,290	-6,069	-5,415	-4,807	-4,512	-4,179
Dividends Paid on Common Stock
Dividends Paid on Altria Group, Inc. Common Stock
Other Financing Activities	-95	-125	-27	-12	-838	-99	-119	-132	-47	-830	-254
Net Repayment of Short-Term Borrowings
Kraft Foods Inc. Dividends Paid to Altria Group, Inc.
Cash Provided by Financing Activities > Financial Services > PMI Dividends Paid to Altria Group, Inc.
Financing Fees and Debt Issuance Costs
Cash Provided by Financing Activities > Premiums and Fees Related to Early Extinguishment of Debt
Changes in Amounts Due to/from Philip Morris International Inc.
Changes in Amounts Due to/from PMI
Other, Net
Cash from Financing Activities	-7,589	-11,491	-8,374	-9,541	-10,029	-5,396	-4,712	4,716	-7,771	-5,329	-6,780
Net Cash Provided by Financing Activities, Continuing Operations
Net Cash Provided by Financing Activities, Discontinued Operations

Free Cash Flow	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20	Dec '19	Dec '18	Dec '17	Dec '16	Dec '15
Free Cash Flow	9,188	8,611	9,091	8,051	8,236	8,154	7,591	8,153	4,702	3,637	5,614
NOPAT	9,266.1	9,270.7	8,590.5	9,297.8	7,482	7,028.8	-17,497.6	6,798.4	9,982.5	5,710.8	5,426.7
Levered Free Cash Flow	9,084	10,419	7,429	3,939	1,300	6,345	1,307	19,909	8,063	14,575	3,986
Unlevered Free Cash Flow	9,481.1	9,546.7	8,457.5	8,577.8	7,377	7,913.8	-17,218.6	7,808.4	7,823.5	5,003.8	5,964.7
Net Change in Cash	1,568	-563	-370	-503	-412	2,846	727	119	-3,337	2,205	-952