Altria Group (XSWX:MO) Operating Income: CHF9,847 Mil (TTM As of Mar. 2026)

What is Altria Group Operating Income?

Altria Group XSWX:MO -1.82% 74 Operating Income is CHF9,847 Mil as of Mar. 2026. GuruFocus rates XSWX:MO with a GF Score™ of 74/100 and a GF Value™ of CHF44.03. The stock has 5 warning signs investors should review.

Altria Group's Operating Income for the three months ended in Mar. 2026 was CHF2,327 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Mar. 2026 was CHF9,847 Mil.

Operating Margin % is calculated as Operating Income divided by its Revenue. Altria Group's Operating Income for the three months ended in Mar. 2026 was CHF2,327 Mil. Altria Group's Revenue for the three months ended in Mar. 2026 was CHF3,746 Mil. Therefore, Altria Group's Operating Margin % for the quarter that ended in Mar. 2026 was 62.13%.

Good Sign:

Altria Group Inc operating margin is expanding. Margin expansion is usually a good sign.

Altria Group's 5-Year average Growth Rate for Operating Margin % was 2.20% per year.

Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. Altria Group's annualized ROC % for the quarter that ended in Mar. 2026 was 29.63%. Altria Group's annualized ROC (Joel Greenblatt) % for the quarter that ended in Mar. 2026 was 720.52%.

Altria Group (XSWX:MO) Operating Income Explanation

1. Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition.

Altria Group's annualized ROC % for the quarter that ended in Mar. 2026 is calculated as:

	ROC % (Q: Mar. 2026 )
=	NOPAT	/	Average Invested Capital
=	Operating Income * ( 1 - Tax Rate % )	/	( (Invested Capital (Q: Dec. 2025 )	+	Invested Capital (Q: Mar. 2026 ))	/ count )
=	9309.036 * ( 1 - 23.64% )	/	( (24428.172	+	23559.164)	/ 2 )
=	7108.3798896	/	23993.668
=	29.63 %

where

	Invested Capital		(Q: Dec. 2025 )
=	Total Assets	-	Accounts Payable & Accrued Expense	-	Excess Cash
=	Total Assets	-	Accounts Payable & Accrued Expense	-	( Cash, Cash Equivalents, Marketable Securities	-	max(0, Total Current Liabilities	-	Total Current Assets	+	Cash, Cash Equivalents, Marketable Securities	))
=	27905.047	-	6044.487	-	( 3565.331	-	max(0, 7294.823	-	4727.211	+	3565.331	))
=	24428.172

	Invested Capital		(Q: Mar. 2026 )
=	Total Assets	-	Accounts Payable & Accrued Expense	-	Excess Cash
=	Total Assets	-	Accounts Payable & Accrued Expense	-	( Cash, Cash Equivalents, Marketable Securities	-	max(0, Total Current Liabilities	-	Total Current Assets	+	Cash, Cash Equivalents, Marketable Securities	))
=	27227.983	-	6192.115	-	( 2779.956	-	max(0, 6618.831	-	4095.535	+	2779.956	))
=	23559.164

Note: The Operating Income data used here is four times the quarterly (Mar. 2026) data.

2. Joel Greenblatt's definition of Return on Capital:

Altria Group's annualized ROC (Joel Greenblatt) % for the quarter that ended in Mar. 2026 is calculated as:

	ROC (Joel Greenblatt) %		(Q: Mar. 2026 )
=	EBIT	/	Average of (Net fixed Assets	+	Net Working Capital)
=	EBIT	/	Average of (Property, Plant and Equipment	+	Net Working Capital)
			Q: Dec. 2025		Q: Mar. 2026
=	EBIT	/	( ( (Property, Plant and Equipment + Net Working Capital)	+	(Property, Plant and Equipment + Net Working Capital) )	/	count )
=	9816.056	/	( ( (1362.699 + max(-4882.607, 0))	+	(1362.029 + max(-4876.535, 0)) )	/	2 )
=	9816.056	/	( ( 1362.699	+	1362.029 )	/	2 )
=	9816.056	/	1362.364
=	720.52 %

where Working Capital is:

	Working Capital		(Q: Dec. 2025 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(209.585	+	852.683	+	99.612)	-	(6044.487	+	0	+	0)
=	-4882.607

	Working Capital		(Q: Mar. 2026 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(223.593	+	902.246	+	189.74)	-	(6192.115	+	0	+	-0.00099999999929423)
=	-4876.535

When net working capital is negative, 0 is used.

Note: The EBIT data used here is four times the quarterly (Mar. 2026) EBIT data.

3. Operating Income is also linked to Operating Margin %:

Altria Group's Operating Margin % for the quarter that ended in Mar. 2026 is calculated as:

Operating Margin %	=	Operating Income (Q: Mar. 2026 )	/	Revenue (Q: Mar. 2026 )
	=	2327.259	/	3745.973
	=	62.13 %

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

4. Please click Growth Rate Calculation Example (GuruFocus) to see how GuruFocus calculates Wal-Mart Stores Inc (WMT)'s revenue growth rate. You can apply the same method to get the Operating Income growth rate using Operating Income per share data.

Be Aware

Compared with a company's EBITDA margin, Operating Margin can be manipulated by adjusting the rate of depreciation, depletion and amortization (DDA).

If a company is facing competition, its Operating Margin may decline. Often the Operating Margin declines well before the company's revenue or even profit decline. Therefore, Operating Margin is a very important indicator of whether the company is facing problems.

For instance, by 2012, Nokia (NOK)'s problems were well known and its stock had lost more than 90% of its market value since 2007. But Nokia's Operating Margin had already been in decline since 2002, although its earnings per share were still rising. Investors who paid attention to Operating Margin would have avoided this huge loss. The same can be said for Research-in-Motion (RIMM).

Therefore, Operating Margin is a very important screening filter for GuruFocus. GuruFocus's Buffett-Munger screener requires that the profit margin is either consistent or expanding. The Model Portfolio of the Buffett-Munger screener has outperformed the market every year since inception in 2009.

Altria Group Operating Income Related Terms

Altria Group Operating Income Historical Data

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The historical data trend for Altria Group's Operating Income can be seen below:

Altria Group Operating Income Chart

Altria Group Annual Data

Trend

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Dec25

Operating Income

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10,646.76

11,103.74

9,985.85

10,369.31

9,590.69

Altria Group Quarterly Data
	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24	Dec24	Mar25	Jun25	Sep25	Dec25	Mar26
Operating Income	Get a 7-Day Free Trial															2,351.26	2,627.45	2,573.00	2,319.78	2,327.26

74GF Score

Altria Group Inc XSWX:MO

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Altria Group Operating Income Calculation

Operating Income, is the profit a company earned through operations. All expenses, including cash expenses such as cost of goods sold (COGS), research & development, wages, and non-cash expenses, such as depreciation, depletion and amortization, have been deducted from the sales.

Operating Income for the trailing twelve months (TTM) ended in Mar. 2026 adds up the quarterly data reported by the company within the most recent 12 months, which was CHF9,847 Mil.

Frequently Asked Questions Learn more about Operating Income →

What does a Operating Income of CHF9,847 Mil mean?

Altria Group (XSWX:MO) has a Operating Income of CHF9,847 Mil as of Mar. 2026. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on Altria Group and its competitors.

Is Altria Group's Operating Income too high?

Altria Group's current Operating Income is CHF9,847 Mil. Overall, Altria Group has a GF Score™ of 74/100, reflecting its overall financial health beyond just this single metric.

How does Altria Group's Operating Income compare to TPB and UVV?

Altria Group's Operating Income of CHF9,847 Mil can be compared against companies in the Tobacco Products industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.

What is a good Operating Income for a Tobacco Products company?

A good Operating Income depends on the Tobacco Products industry context. However, Operating Income should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.

What does a high Operating Income mean?

A high Operating Income can signal that a stock is expensive relative to its fundamentals. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on Altria Group and its competitors. Altria Group's current Operating Income is CHF9,847 Mil. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Altria Group stock overvalued right now?

Altria Group (XSWX:MO) has a current Operating Income of CHF9,847 Mil. The stock's GF Value™ is CHF44.03, compared to a current price of CHF57.80 — trading 31.3% above its estimated fair value. The current Operating Income is CHF9,847 Mil. Altria Group's overall GF Score™ is 74/100 with 5 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.

How is Operating Income calculated?

Operating Income is calculated from a company's financial statements. For Altria Group (XSWX:MO), the current Operating Income is CHF9,847 Mil as of Mar. 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.

Is Altria Group (XSWX:MO) Overvalued in 2026?

Based on GuruFocus' analysis, Altria Group stock appears to be overvalued. The current stock price of CHF57.80 is trading 31.3% above its estimated GF Value™ of CHF44.03.

Key valuation signals for XSWX:MO:

Operating Income: CHF9,847 Mil
GF Value™: CHF44.03 vs. price of CHF57.80 (31.3% above fair value)
GF Score™: 74/100 with 5 warning signs

No single metric tells the full story. See the XSWX:MO stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Altria Group Business Description

Industry Consumer Defensive Tobacco Products

Comparable Companies TPB UVV AIIR ISPR PYYX RYM CHUC HCMC VPRB ECGS PM LSE:BATS TSE:2914 NSE:ITC LSE:IMB XZIM:BAT.ZW XKRX:033780 HKSE:06969 ISX:HMSP BOM:500163

Other Exchanges MO:USA MO:Mexico 1MO:Italy 0R31:UK PHM7:Germany MOOO34:Brazil PHM7:Bulgaria ALTR:Austria MO:Argentina

Address 6601 West Broad Street, Richmond, VA, USA, 23230

Website https://www.altria.com

Altria comprises Philip Morris USA, U.S. Smokeless Tobacco, John Middleton, Horizon Innovations, and Helix Innovations. Through its tobacco subsidiaries, Altria maintains the leading position in cigarettes and smokeless tobacco in the United States and the number-two spot in machine-made cigars. The company's Marlboro brand is the leading cigarette brand in the US with 40% share in 2024. Beyond its core business, it holds an 8% interest in the world's largest brewer, Anheuser-Busch InBev, and a 41% stake in cannabis manufacturer Cronos. In reduced-risk products, it acquired vaping company Njoy Holdings in 2023, operates a joint venture with Japan Tobacco in the heated tobacco category for the US, and sells the On brand in nicotine pouches.

74GF Score

Get the complete analysis for XSWX:MO

Operating Income is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

CHF57.80

Price

CHF44.03

GF Value

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