For the year ending 2025-12-31, MO had $1,334M increase in cash & cash equivalents over the period. $9,074M in free cash flow.
| Cash Flow | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 |
|---|---|---|---|---|
| Net earnings (losses) | 6,947 | 11,264 | 8,130 | 5,764 |
| Depreciation and amortization | 266 | 286 | 272 | 226 |
| Deferred income tax provision (benefit) | -316 | 951 | -230 | -947 |
| Unrecognized tax benefit | 303 | -1,128 | 1,111 | - |
| Fair value adjustment for njoy transaction contingent payments, net of cash paid | 25 | - | - | - |
| Income Loss From Equity Method Investments | - | 652 | 493 | - |
| Juul-JUUL | - | 0 | -250 | - |
| (income) losses from investments in equity securities | 510 | 652 | 243 | -3,641 |
| Gain on the sale of iqos system commercialization rights | 0 | 2,700 | - | - |
| Dividends from abi | 208 | 139 | 163 | 104 |
| Loss on cronos-related financial instruments | - | - | 0 | -15 |
| Impairment of juul equity securities | - | - | - | 0 |
| Impairment of goodwill | 1,158 | - | - | - |
| Loss on early extinguishment of debt | - | - | 0 | 0 |
| Asset impairment and exit costs | - | 389 | - | - |
| Asset impairment and exit costs, net of cash paid | 960 | - | - | - |
| Receivables | 86 | 106 | -6 | 21 |
| Inventories | 27 | -102 | 15 | -14 |
| Accounts payable | 34 | 116 | 38 | 92 |
| Income taxes | 690 | 798 | 6 | -118 |
| Accrued liabilities and other current assets | 359 | 550 | -280 | 129 |
| Accrued settlement charges | -176 | -209 | -362 | -424 |
| Pension plan contributions | 16 | 18 | 20 | 20 |
| Pension and postretirement, net | -78 | -107 | -136 | -156 |
| Other, net | 267 | 178 | 287 | 215 |
| Net cash provided by (used in) operating activities | 9,290 | 8,753 | 9,287 | 8,256 |
| Capital expenditures | 216 | 142 | 196 | 205 |
| Proceeds from the abi transaction | 0 | 2,353 | - | - |
| Proceeds from the sale of iqos system commercialization rights | 0 | 0 | 1,700 | 1,000 |
| Proceeds from the ste. michelle transaction, net of cash transferred | - | - | 0 | 0 |
| Acquisition of njoy, net of cash acquired | 0 | 0 | 2,751 | - |
| Other, net | 125 | 36 | 36 | 13 |
| Net cash provided by (used in) investing activities | -341 | 2,175 | -1,283 | 782 |
| Proceeds from short-term borrowings | 0 | 0 | 2,000 | 0 |
| Repayment of short-term borrowings | 0 | 0 | 2,000 | 0 |
| Long-term debt issued | 1,992 | 0 | 998 | 0 |
| Long-term debt repaid | 1,607 | 1,121 | 1,566 | 1,105 |
| Repurchases of common stock | 1,000 | 3,400 | 1,000 | 1,825 |
| Dividends paid on common stock | 6,960 | 6,845 | 6,779 | 6,599 |
| Premiums and fees related to early extinguishment of debt | - | - | 0 | 0 |
| Other, net | -40 | -125 | -27 | -12 |
| Net cash provided by (used in) financing activities | -7,615 | -11,491 | -8,374 | -9,541 |
| Increase (decrease) | 1,334 | -563 | -370 | -503 |
| Balance at beginning of year | 3,158 | 3,721 | 4,091 | 4,594 |
| Balance at end of year | 4,492 | 3,158 | 3,721 | 4,091 |
ALTRIA GROUP, INC. (MO)
ALTRIA GROUP, INC. (MO)