Income-statement, balance-sheet and cash-flow figures from SEC filings, plus a debt profile anchored in the latest 10-K and updated by each 10-Q and debt exhibit.
Italic rows are computed from reported lines — open a row's info icon for its formula. Values reflect the latest filing (restatements included); per-share figures on today's split basis. Click a value for its source filing.
TTM: trailing twelve months through the latest reported quarter — flows sum the last four quarters, balances take the latest. 3Y/5Y/10Y columns are trailing CAGR from the newest fiscal year; blank where an endpoint is missing or negative. (G): the company's own guidance — a (G) column is a guided period not yet reported; a G marker shows how the reported figure landed against the guided range. Non-GAAP-basis guidance (*) is shown as stated and never judged against GAAP actuals.
Capital Returned to Shareholders
Cash spent on share repurchases and dividends per fiscal year, as reported on the cash-flow statement.
Across FY2007–FY2025: $21.07B in buybacks, $95.76B in dividends.
Debt Profile
Reported borrowing balances, repayment dates and agreement terms, with links to the underlying filings.
At September 30, 2020 and December 31, 2019, the fair value of Altria’s long-term debt, all of which is fixed-rate debt, was $33.8 billion and $30.7 billion, respectively. The fair value of Altria’s long-term debt is subject to fluctuations resulting from changes in market interest rates. A 1% increase in market interest rates at September 30, 2020 and December 31, 2019 would decrease the fair value of Altria’s long-term debt by $2.7 billion and $2.4 billion, respectively. A 1% decrease in market interest rates at September 30, 2020 and December 31, 2019 would increase the fair value of Altria’s long-term debt by $3.0 billion and $2.7 billion, respectively.
At September 30, 2020 and December 31, 2019, the fair value of Altria’s long-term debt, all of which is fixed-rate debt, was $33.8 billion and $30.7 billion, respectively. The fair value of Altria’s long-term debt is subject to fluctuations resulting from changes in market interest rates. A 1% increase in market interest rates at September 30, 2020 and December 31, 2019 would decrease the fair value of Altria’s long-term debt by $2.7 billion and $2.4 billion, respectively. A 1% decrease in market interest rates at September 30, 2020 and December 31, 2019 would increase the fair value of Altria’s long-term debt by $3.0 billion and $2.7 billion, respectively.
Reported debt balances
Each amount keeps its reported scope. Related balance-sheet measures appear under the borrowing they describe.
5 filing observations remain unmatched and are excluded from instrument histories.
Instrument and agreement coverage is incomplete. Additional filings are awaiting review.
Some debt data could not be processed yet.
9 filings have incomplete source or extraction coverage. Verified observations are shown; missing observations do not establish that debt was unchanged.
Covenants
Some sections could not be verified in 8 agreement documents. Other restrictions or tests may apply.
Verified tests, triggers and restrictions appear with each agreement below. A verified term does not establish current compliance.
Loans, facilities and notes
1.700% Notes due 2025
Note · Altria Group, Inc.
Reference: 1.700% Notes due 2025
Active
Original principal
EUR 750,000,000
Outstanding
—
Commitment
—
Availability
—
Maturity
Jun 15, 2025
Last reported interest terms:
1.7%
Reported 2023-02-27Later filings may not restate these terms; this does not confirm they still apply.
Covenant terms for this agreement are not yet verified.
We issued €750,000,000 aggregate principal amount of the 2025 notes on February 15, 2019. The 2025 notes mature on June 15, 2025 and bear interest at the rate of 1.700% per annum from February 15, 2019, payable annually in arrears on June 15 of each year, beginning June 15, 2020, to the persons in whose names the 2025 notes are registered at the close of business on the preceding May 31, the record date.
Issuer evidence: Altria Group, Inc. (the “Company”) had four classes of securities registered under Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”): (i) common stock, $0.33 1/3 par value per share (“Common Stock”); (ii) 1.700% Notes due 2025; (iii) 2.200% Notes due 2027; and (iv) 3.125% Notes due 2031.
Supporting evidence: The following description of particular terms of the Company’s 1.700% Notes due 2025 (“2025 notes”), 2.200% Notes due 2027 (“2027 notes”) and 3.125% Notes due 2031 (“2031 notes”), which we refer to collectively as the “notes,” is not complete and is qualified by reference to, and should be read in together with, the indenture, dated as of November 4, 2008 (the “indenture”), among the Company, the Company’s wholly-owned subsidiary, Philip Morris USA Inc. (“PM USA”), and Deutsche Bank Trust Company Americas, as trustee, under which the notes were issued.
Supporting evidence: The following description of particular terms of the Company’s 1.700% Notes due 2025 (“2025 notes”), 2.200% Notes due 2027 (“2027 notes”) and 3.125% Notes due 2031 (“2031 notes”), which we refer to collectively as the “notes,” is not complete and is qualified by reference to, and should be read in together with, the indenture, dated as of November 4, 2008 (the “indenture”), among the Company, the Company’s wholly-owned subsidiary, Philip Morris USA Inc. (“PM USA”), and Deutsche Bank Trust Company Americas, as trustee, under which the notes were issued.
2.200% Notes due 2027
Note · Altria Group, Inc.
Reference: 2.200% Notes due 2027
Active
Original principal
EUR 1,000,000,000
Outstanding
—
Commitment
—
Availability
—
Maturity
Jun 15, 2027
Last reported interest terms:
2.2%
Reported 2023-02-27Later filings may not restate these terms; this does not confirm they still apply.
Covenant terms for this agreement are not yet verified.
We issued €1,000,000,000 aggregate principal amount of the 2027 notes on February 15, 2019. The 2027 notes will mature on June 15, 2027 and bear interest at the rate of 2.200% per annum from February 15, 2019, payable annually in arrears on June 15 of each year, beginning June 15, 2020, to the persons in whose names the 2027 notes are registered at the close of business on the preceding May 31, the record date.
Issuer evidence: Altria Group, Inc. (the “Company”) had four classes of securities registered under Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”): (i) common stock, $0.33 1/3 par value per share (“Common Stock”); (ii) 1.700% Notes due 2025; (iii) 2.200% Notes due 2027; and (iv) 3.125% Notes due 2031.
Supporting evidence: The following description of particular terms of the Company’s 1.700% Notes due 2025 (“2025 notes”), 2.200% Notes due 2027 (“2027 notes”) and 3.125% Notes due 2031 (“2031 notes”), which we refer to collectively as the “notes,” is not complete and is qualified by reference to, and should be read in together with, the indenture, dated as of November 4, 2008 (the “indenture”), among the Company, the Company’s wholly-owned subsidiary, Philip Morris USA Inc. (“PM USA”), and Deutsche Bank Trust Company Americas, as trustee, under which the notes were issued.
Supporting evidence: The following description of particular terms of the Company’s 1.700% Notes due 2025 (“2025 notes”), 2.200% Notes due 2027 (“2027 notes”) and 3.125% Notes due 2031 (“2031 notes”), which we refer to collectively as the “notes,” is not complete and is qualified by reference to, and should be read in together with, the indenture, dated as of November 4, 2008 (the “indenture”), among the Company, the Company’s wholly-owned subsidiary, Philip Morris USA Inc. (“PM USA”), and Deutsche Bank Trust Company Americas, as trustee, under which the notes were issued.
4.500% Notes due 2030
Note · Altria Group, Inc.
Reference: 4.500% Notes due 2030
Active
Original principal
USD 500,000,000
Outstanding
—
Commitment
—
Availability
—
Maturity
Aug 6, 2030
Last reported interest terms:
4.5%
Reported 2025-08-06Later filings may not restate these terms; this does not confirm they still apply.
Covenant terms for this agreement are not yet verified.
On August 6, 2025, Altria Group, Inc. (the “Company”) issued $500,000,000 aggregate principal amount of its 4.500% Notes due 2030 (the “2030 Notes”) and $500,000,000 aggregate principal amount of its 5.250% Notes due 2035 (the “2035 Notes” and, together with the 2030 Notes, the “Notes”). The Notes were issued pursuant to an Indenture (the “Indenture”), dated as of November 4, 2008, among the Company, Philip Morris USA Inc., a wholly owned subsidiary of the Company (“PM USA”), and Deutsche Bank Trust Company Americas, as trustee (the “Trustee”). Each series of Notes is guaranteed by PM USA. PM USA’s guarantees were issued pursuant to the Indenture and are evidenced by guarantee agreements made by PM USA in favor of the Trustee for the Notes (the “Guarantee Agreements”).
Issuer evidence: On August 6, 2025, Altria Group, Inc. (the “Company”) issued $500,000,000 aggregate principal amount of its 4.500% Notes due 2030 (the “2030 Notes”) and $500,000,000 aggregate principal amount of its 5.250% Notes due 2035 (the “2035 Notes” and, together with the 2030 Notes, the “Notes”). The Notes were issued pursuant to an Indenture (the “Indenture”), dated as of November 4, 2008, among the Company, Philip Morris USA Inc., a wholly owned subsidiary of the Company (“PM USA”), and Deutsche Bank Trust Company Americas, as trustee (the “Trustee”). Each series of Notes is guaranteed by PM USA. PM USA’s guarantees were issued pursuant to the Indenture and are evidenced by guarantee agreements made by PM USA in favor of the Trustee for the Notes (the “Guarantee Agreements”).
Supporting evidence: The 2030 Notes will mature on August 6, 2030 and the 2035 Notes will mature on August 6, 2035.
Supporting evidence: On August 6, 2025, Altria Group, Inc. (the “Company”) issued $500,000,000 aggregate principal amount of its 4.500% Notes due 2030 (the “2030 Notes”) and $500,000,000 aggregate principal amount of its 5.250% Notes due 2035 (the “2035 Notes” and, together with the 2030 Notes, the “Notes”). The Notes were issued pursuant to an Indenture (the “Indenture”), dated as of November 4, 2008, among the Company, Philip Morris USA Inc., a wholly owned subsidiary of the Company (“PM USA”), and Deutsche Bank Trust Company Americas, as trustee (the “Trustee”). Each series of Notes is guaranteed by PM USA. PM USA’s guarantees were issued pursuant to the Indenture and are evidenced by guarantee agreements made by PM USA in favor of the Trustee for the Notes (the “Guarantee Agreements”).
Supporting evidence: On August 6, 2025, Altria Group, Inc. (the “Company”) issued $500,000,000 aggregate principal amount of its 4.500% Notes due 2030 (the “2030 Notes”) and $500,000,000 aggregate principal amount of its 5.250% Notes due 2035 (the “2035 Notes” and, together with the 2030 Notes, the “Notes”). The Notes were issued pursuant to an Indenture (the “Indenture”), dated as of November 4, 2008, among the Company, Philip Morris USA Inc., a wholly owned subsidiary of the Company (“PM USA”), and Deutsche Bank Trust Company Americas, as trustee (the “Trustee”). Each series of Notes is guaranteed by PM USA. PM USA’s guarantees were issued pursuant to the Indenture and are evidenced by guarantee agreements made by PM USA in favor of the Trustee for the Notes (the “Guarantee Agreements”).
3.125% Notes due 2031
Note · Altria Group, Inc.
Reference: 3.125% Notes due 2031
Active
Original principal
EUR 1,250,000,000
Outstanding
—
Commitment
—
Availability
—
Maturity
Jun 15, 2031
Last reported interest terms:
3.125%
Reported 2023-02-27Later filings may not restate these terms; this does not confirm they still apply.
Covenant terms for this agreement are not yet verified.
We issued €1,250,000,000 aggregate principal amount of the 2031 notes on February 15, 2019. The 2031 notes will mature on June 15, 2031 and bear interest at the rate of 3.125% per annum from February 15, 2019, payable annually in arrears on June 15 of each year, beginning June 15, 2020, to the persons in whose names the 2031 notes are registered at the close of business on the preceding May 31, the record date.
Issuer evidence: Altria Group, Inc. (the “Company”) had four classes of securities registered under Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”): (i) common stock, $0.33 1/3 par value per share (“Common Stock”); (ii) 1.700% Notes due 2025; (iii) 2.200% Notes due 2027; and (iv) 3.125% Notes due 2031.
Supporting evidence: The following description of particular terms of the Company’s 1.700% Notes due 2025 (“2025 notes”), 2.200% Notes due 2027 (“2027 notes”) and 3.125% Notes due 2031 (“2031 notes”), which we refer to collectively as the “notes,” is not complete and is qualified by reference to, and should be read in together with, the indenture, dated as of November 4, 2008 (the “indenture”), among the Company, the Company’s wholly-owned subsidiary, Philip Morris USA Inc. (“PM USA”), and Deutsche Bank Trust Company Americas, as trustee, under which the notes were issued.
Supporting evidence: The following description of particular terms of the Company’s 1.700% Notes due 2025 (“2025 notes”), 2.200% Notes due 2027 (“2027 notes”) and 3.125% Notes due 2031 (“2031 notes”), which we refer to collectively as the “notes,” is not complete and is qualified by reference to, and should be read in together with, the indenture, dated as of November 4, 2008 (the “indenture”), among the Company, the Company’s wholly-owned subsidiary, Philip Morris USA Inc. (“PM USA”), and Deutsche Bank Trust Company Americas, as trustee, under which the notes were issued.
2.450% Notes due 2032
Note · Altria Group, Inc.
Reference: 2.450% Notes due 2032
Active
Original principal
USD 1,750,000,000
Outstanding
—
Commitment
—
Availability
—
Maturity
Feb 4, 2032
Last reported interest terms:
2.45%
Reported 2021-02-04Later filings may not restate these terms; this does not confirm they still apply.
Covenant terms for this agreement are not yet verified.
On February 4, 2021, Altria Group, Inc. (the “Company”) issued $1,750,000,000 aggregate principal amount of its 2.450% Notes due 2032 (the “2032 Notes”), $1,500,000,000 aggregate principal amount of its 3.400% Notes due 2041 (the “2041 Notes”), $1,250,000,000 aggregate principal amount of its 3.700% Notes due 2051 (the “2051 Notes”) and $1,000,000,000 aggregate principal amount of its 4.000% Notes due 2061 (the “2061 Notes” and, together with the 2032 Notes, the 2041 Notes and the 2051 Notes, the “Notes”). The Notes were issued pursuant to an Indenture (the “Indenture”), dated as of November 4, 2008, among the Company, Philip Morris USA Inc., a wholly owned subsidiary of the Company (“PM USA”), and Deutsche Bank Trust Company Americas, as trustee (the “Trustee”). Each series of Notes is guaranteed by PM USA. PM USA’s guarantees were issued pursuant to the Indenture and are evidenced by guarantee agreements made by PM USA in favor of the Trustee for the Notes (the “Guarantee Agreements”).
Issuer evidence: On February 4, 2021, Altria Group, Inc. (the “Company”) issued $1,750,000,000 aggregate principal amount of its 2.450% Notes due 2032 (the “2032 Notes”), $1,500,000,000 aggregate principal amount of its 3.400% Notes due 2041 (the “2041 Notes”), $1,250,000,000 aggregate principal amount of its 3.700% Notes due 2051 (the “2051 Notes”) and $1,000,000,000 aggregate principal amount of its 4.000% Notes due 2061 (the “2061 Notes” and, together with the 2032 Notes, the 2041 Notes and the 2051 Notes, the “Notes”). The Notes were issued pursuant to an Indenture (the “Indenture”), dated as of November 4, 2008, among the Company, Philip Morris USA Inc., a wholly owned subsidiary of the Company (“PM USA”), and Deutsche Bank Trust Company Americas, as trustee (the “Trustee”). Each series of Notes is guaranteed by PM USA. PM USA’s guarantees were issued pursuant to the Indenture and are evidenced by guarantee agreements made by PM USA in favor of the Trustee for the Notes (the “Guarantee Agreements”).
Supporting evidence: The 2032 Notes will mature on February 4, 2032, the 2041 Notes will mature on February 4, 2041, the 2051 Notes will mature on February 4, 2051 and the 2061 Notes will mature on February 4, 2061.
Supporting evidence: On February 4, 2021, Altria Group, Inc. (the “Company”) issued $1,750,000,000 aggregate principal amount of its 2.450% Notes due 2032 (the “2032 Notes”), $1,500,000,000 aggregate principal amount of its 3.400% Notes due 2041 (the “2041 Notes”), $1,250,000,000 aggregate principal amount of its 3.700% Notes due 2051 (the “2051 Notes”) and $1,000,000,000 aggregate principal amount of its 4.000% Notes due 2061 (the “2061 Notes” and, together with the 2032 Notes, the 2041 Notes and the 2051 Notes, the “Notes”). The Notes were issued pursuant to an Indenture (the “Indenture”), dated as of November 4, 2008, among the Company, Philip Morris USA Inc., a wholly owned subsidiary of the Company (“PM USA”), and Deutsche Bank Trust Company Americas, as trustee (the “Trustee”). Each series of Notes is guaranteed by PM USA. PM USA’s guarantees were issued pursuant to the Indenture and are evidenced by guarantee agreements made by PM USA in favor of the Trustee for the Notes (the “Guarantee Agreements”).
Supporting evidence: On February 4, 2021, Altria Group, Inc. (the “Company”) issued $1,750,000,000 aggregate principal amount of its 2.450% Notes due 2032 (the “2032 Notes”), $1,500,000,000 aggregate principal amount of its 3.400% Notes due 2041 (the “2041 Notes”), $1,250,000,000 aggregate principal amount of its 3.700% Notes due 2051 (the “2051 Notes”) and $1,000,000,000 aggregate principal amount of its 4.000% Notes due 2061 (the “2061 Notes” and, together with the 2032 Notes, the 2041 Notes and the 2051 Notes, the “Notes”). The Notes were issued pursuant to an Indenture (the “Indenture”), dated as of November 4, 2008, among the Company, Philip Morris USA Inc., a wholly owned subsidiary of the Company (“PM USA”), and Deutsche Bank Trust Company Americas, as trustee (the “Trustee”). Each series of Notes is guaranteed by PM USA. PM USA’s guarantees were issued pursuant to the Indenture and are evidenced by guarantee agreements made by PM USA in favor of the Trustee for the Notes (the “Guarantee Agreements”).
5.250% Notes due 2035
Note · Altria Group, Inc.
Reference: 5.250% Notes due 2035
Active
Original principal
USD 500,000,000
Outstanding
—
Commitment
—
Availability
—
Maturity
Aug 6, 2035
Last reported interest terms:
5.25%
Reported 2025-08-06Later filings may not restate these terms; this does not confirm they still apply.
Covenant terms for this agreement are not yet verified.
GUARANTEE, dated as of August 6, 2025 (as amended from time to time, this “Guarantee”), made by Philip Morris USA Inc., a Virginia corporation (the “Guarantor”), in favor of Deutsche Bank Trust Company Americas, as trustee (“Trustee”) for the registered holders (the “Holders”) of the 5.250% Notes due 2035 (the “Debt Securities”) of Altria Group, Inc., a Virginia corporation (the “Issuer”).
Issuer evidence: GUARANTEE, dated as of August 6, 2025 (as amended from time to time, this “Guarantee”), made by Philip Morris USA Inc., a Virginia corporation (the “Guarantor”), in favor of Deutsche Bank Trust Company Americas, as trustee (“Trustee”) for the registered holders (the “Holders”) of the 5.250% Notes due 2035 (the “Debt Securities”) of Altria Group, Inc., a Virginia corporation (the “Issuer”).
Supporting evidence: GUARANTEE, dated as of August 6, 2025 (as amended from time to time, this “Guarantee”), made by Philip Morris USA Inc., a Virginia corporation (the “Guarantor”), in favor of Deutsche Bank Trust Company Americas, as trustee (“Trustee”) for the registered holders (the “Holders”) of the 5.250% Notes due 2035 (the “Debt Securities”) of Altria Group, Inc., a Virginia corporation (the “Issuer”).
Supporting evidence: GUARANTEE, dated as of August 6, 2025 (as amended from time to time, this “Guarantee”), made by Philip Morris USA Inc., a Virginia corporation (the “Guarantor”), in favor of Deutsche Bank Trust Company Americas, as trustee (“Trustee”) for the registered holders (the “Holders”) of the 5.250% Notes due 2035 (the “Debt Securities”) of Altria Group, Inc., a Virginia corporation (the “Issuer”).
On August 6, 2025, Altria Group, Inc. (the “Company”) issued $500,000,000 aggregate principal amount of its 4.500% Notes due 2030 (the “2030 Notes”) and $500,000,000 aggregate principal amount of its 5.250% Notes due 2035 (the “2035 Notes” and, together with the 2030 Notes, the “Notes”). The Notes were issued pursuant to an Indenture (the “Indenture”), dated as of November 4, 2008, among the Company, Philip Morris USA Inc., a wholly owned subsidiary of the Company (“PM USA”), and Deutsche Bank Trust Company Americas, as trustee (the “Trustee”). Each series of Notes is guaranteed by PM USA. PM USA’s guarantees were issued pursuant to the Indenture and are evidenced by guarantee agreements made by PM USA in favor of the Trustee for the Notes (the “Guarantee Agreements”).
Issuer evidence: On August 6, 2025, Altria Group, Inc. (the “Company”) issued $500,000,000 aggregate principal amount of its 4.500% Notes due 2030 (the “2030 Notes”) and $500,000,000 aggregate principal amount of its 5.250% Notes due 2035 (the “2035 Notes” and, together with the 2030 Notes, the “Notes”). The Notes were issued pursuant to an Indenture (the “Indenture”), dated as of November 4, 2008, among the Company, Philip Morris USA Inc., a wholly owned subsidiary of the Company (“PM USA”), and Deutsche Bank Trust Company Americas, as trustee (the “Trustee”). Each series of Notes is guaranteed by PM USA. PM USA’s guarantees were issued pursuant to the Indenture and are evidenced by guarantee agreements made by PM USA in favor of the Trustee for the Notes (the “Guarantee Agreements”).
Supporting evidence: The 2030 Notes will mature on August 6, 2030 and the 2035 Notes will mature on August 6, 2035.
Supporting evidence: On August 6, 2025, Altria Group, Inc. (the “Company”) issued $500,000,000 aggregate principal amount of its 4.500% Notes due 2030 (the “2030 Notes”) and $500,000,000 aggregate principal amount of its 5.250% Notes due 2035 (the “2035 Notes” and, together with the 2030 Notes, the “Notes”). The Notes were issued pursuant to an Indenture (the “Indenture”), dated as of November 4, 2008, among the Company, Philip Morris USA Inc., a wholly owned subsidiary of the Company (“PM USA”), and Deutsche Bank Trust Company Americas, as trustee (the “Trustee”). Each series of Notes is guaranteed by PM USA. PM USA’s guarantees were issued pursuant to the Indenture and are evidenced by guarantee agreements made by PM USA in favor of the Trustee for the Notes (the “Guarantee Agreements”).
Supporting evidence: On August 6, 2025, Altria Group, Inc. (the “Company”) issued $500,000,000 aggregate principal amount of its 4.500% Notes due 2030 (the “2030 Notes”) and $500,000,000 aggregate principal amount of its 5.250% Notes due 2035 (the “2035 Notes” and, together with the 2030 Notes, the “Notes”). The Notes were issued pursuant to an Indenture (the “Indenture”), dated as of November 4, 2008, among the Company, Philip Morris USA Inc., a wholly owned subsidiary of the Company (“PM USA”), and Deutsche Bank Trust Company Americas, as trustee (the “Trustee”). Each series of Notes is guaranteed by PM USA. PM USA’s guarantees were issued pursuant to the Indenture and are evidenced by guarantee agreements made by PM USA in favor of the Trustee for the Notes (the “Guarantee Agreements”).
3.400% Notes due 2041
Note · Altria Group, Inc.
Reference: 3.400% Notes due 2041
Active
Original principal
USD 1,500,000,000
Outstanding
—
Commitment
—
Availability
—
Maturity
Feb 4, 2041
Last reported interest terms:
3.4%
Reported 2021-02-04Later filings may not restate these terms; this does not confirm they still apply.
Covenant terms for this agreement are not yet verified.
On February 4, 2021, Altria Group, Inc. (the “Company”) issued $1,750,000,000 aggregate principal amount of its 2.450% Notes due 2032 (the “2032 Notes”), $1,500,000,000 aggregate principal amount of its 3.400% Notes due 2041 (the “2041 Notes”), $1,250,000,000 aggregate principal amount of its 3.700% Notes due 2051 (the “2051 Notes”) and $1,000,000,000 aggregate principal amount of its 4.000% Notes due 2061 (the “2061 Notes” and, together with the 2032 Notes, the 2041 Notes and the 2051 Notes, the “Notes”). The Notes were issued pursuant to an Indenture (the “Indenture”), dated as of November 4, 2008, among the Company, Philip Morris USA Inc., a wholly owned subsidiary of the Company (“PM USA”), and Deutsche Bank Trust Company Americas, as trustee (the “Trustee”). Each series of Notes is guaranteed by PM USA. PM USA’s guarantees were issued pursuant to the Indenture and are evidenced by guarantee agreements made by PM USA in favor of the Trustee for the Notes (the “Guarantee Agreements”).
Issuer evidence: On February 4, 2021, Altria Group, Inc. (the “Company”) issued $1,750,000,000 aggregate principal amount of its 2.450% Notes due 2032 (the “2032 Notes”), $1,500,000,000 aggregate principal amount of its 3.400% Notes due 2041 (the “2041 Notes”), $1,250,000,000 aggregate principal amount of its 3.700% Notes due 2051 (the “2051 Notes”) and $1,000,000,000 aggregate principal amount of its 4.000% Notes due 2061 (the “2061 Notes” and, together with the 2032 Notes, the 2041 Notes and the 2051 Notes, the “Notes”). The Notes were issued pursuant to an Indenture (the “Indenture”), dated as of November 4, 2008, among the Company, Philip Morris USA Inc., a wholly owned subsidiary of the Company (“PM USA”), and Deutsche Bank Trust Company Americas, as trustee (the “Trustee”). Each series of Notes is guaranteed by PM USA. PM USA’s guarantees were issued pursuant to the Indenture and are evidenced by guarantee agreements made by PM USA in favor of the Trustee for the Notes (the “Guarantee Agreements”).
Supporting evidence: The 2032 Notes will mature on February 4, 2032, the 2041 Notes will mature on February 4, 2041, the 2051 Notes will mature on February 4, 2051 and the 2061 Notes will mature on February 4, 2061.
Supporting evidence: On February 4, 2021, Altria Group, Inc. (the “Company”) issued $1,750,000,000 aggregate principal amount of its 2.450% Notes due 2032 (the “2032 Notes”), $1,500,000,000 aggregate principal amount of its 3.400% Notes due 2041 (the “2041 Notes”), $1,250,000,000 aggregate principal amount of its 3.700% Notes due 2051 (the “2051 Notes”) and $1,000,000,000 aggregate principal amount of its 4.000% Notes due 2061 (the “2061 Notes” and, together with the 2032 Notes, the 2041 Notes and the 2051 Notes, the “Notes”). The Notes were issued pursuant to an Indenture (the “Indenture”), dated as of November 4, 2008, among the Company, Philip Morris USA Inc., a wholly owned subsidiary of the Company (“PM USA”), and Deutsche Bank Trust Company Americas, as trustee (the “Trustee”). Each series of Notes is guaranteed by PM USA. PM USA’s guarantees were issued pursuant to the Indenture and are evidenced by guarantee agreements made by PM USA in favor of the Trustee for the Notes (the “Guarantee Agreements”).
Supporting evidence: On February 4, 2021, Altria Group, Inc. (the “Company”) issued $1,750,000,000 aggregate principal amount of its 2.450% Notes due 2032 (the “2032 Notes”), $1,500,000,000 aggregate principal amount of its 3.400% Notes due 2041 (the “2041 Notes”), $1,250,000,000 aggregate principal amount of its 3.700% Notes due 2051 (the “2051 Notes”) and $1,000,000,000 aggregate principal amount of its 4.000% Notes due 2061 (the “2061 Notes” and, together with the 2032 Notes, the 2041 Notes and the 2051 Notes, the “Notes”). The Notes were issued pursuant to an Indenture (the “Indenture”), dated as of November 4, 2008, among the Company, Philip Morris USA Inc., a wholly owned subsidiary of the Company (“PM USA”), and Deutsche Bank Trust Company Americas, as trustee (the “Trustee”). Each series of Notes is guaranteed by PM USA. PM USA’s guarantees were issued pursuant to the Indenture and are evidenced by guarantee agreements made by PM USA in favor of the Trustee for the Notes (the “Guarantee Agreements”).
3.700% Notes due 2051
Note · Altria Group, Inc.
Reference: 3.700% Notes due 2051
Active
Original principal
USD 1,250,000,000
Outstanding
—
Commitment
—
Availability
—
Maturity
Feb 4, 2051
Last reported interest terms:
3.7%
Reported 2021-02-04Later filings may not restate these terms; this does not confirm they still apply.
Verified covenant terms
Repurchase Upon Change of Control Triggering Event · Holders may require the Company to repurchase all or any partHolders may require the Company to repurchase all or any partSpringingTrigger: If a Change of Control Triggering Event (as defined below) occursExceptions: unless the Company has exercised its option to redeem the NotesDefined terms:
Change of Control Triggering Event: “Change of Control Triggering Event” means the occurrence of both (1) a Change of Control and (2) a Ratings Event.
Source evidence: “Change of Control Triggering Event” means the occurrence of both (1) a Change of Control and (2) a Ratings Event.
Source evidence: If a Change of Control Triggering Event (as defined below) occurs, unless the Company has exercised its option to redeem the Notes, Holders may require the Company to repurchase all or any part (equal to $2,000 or an integral multiple of $1,000 in excess thereof) of their Notes pursuant to an offer (the “Change of Control Offer”) of payment in cash equal to 101% of the aggregate principal amount of Notes repurchased, plus accrued and unpaid interest, if any, on the Notes repurchased, but not including, the date of repurchase (a “Change of Control Payment”).
Target identity evidence: ALTRIA GROUP, INC., a Virginia corporation (hereinafter called the “Company”, which term includes any successor corporation under the Indenture hereinafter referred to), for value received, hereby promises to pay to Cede & Co. or registered assigns, the principal sum of $500,000,000 on February 4, 2051, and to pay interest thereon from February 4, 2021 or from the most recent Interest Payment Date to which interest has been paid or duly provided for, semi-annually in arrears on February 4 and August 4 in each year, commencing August 4, 2021 at the rate of 3.700% per annum until the principal hereof is paid or made available for payment.
Target identity evidence: 3.700% NOTES DUE 2051
Target identity evidence: This Note is one of a series of the Securities designated therein as 3.700% Notes due 2051 (the “Notes”).
Events of Default · the sole remedy for an Event of Default relating to the failure by the Companythe sole remedy for an Event of Default relating to the failure by the Company to comply with the obligation to provide certain reports and information as set forth in Section 704 of the IndentureExceptions: to the extent elected by the CompanyEvents of DefaultFull wording and supporting evidence
Source evidence: Notwithstanding anything in the immediately preceding paragraph to the contrary, to the extent elected by the Company, the sole remedy for an Event of Default relating to the failure by the Company to comply with the obligation to provide certain reports and information as set forth in Section 704 of the Indenture will, for the first 120 days after the occurrence of such an Event of Default, consist exclusively of the right for Holders to receive additional interest on the Notes equal to 0.25% per annum of the principal amount of the Notes.
Target identity evidence: ALTRIA GROUP, INC., a Virginia corporation (hereinafter called the “Company”, which term includes any successor corporation under the Indenture hereinafter referred to), for value received, hereby promises to pay to Cede & Co. or registered assigns, the principal sum of $500,000,000 on February 4, 2051, and to pay interest thereon from February 4, 2021 or from the most recent Interest Payment Date to which interest has been paid or duly provided for, semi-annually in arrears on February 4 and August 4 in each year, commencing August 4, 2021 at the rate of 3.700% per annum until the principal hereof is paid or made available for payment.
Target identity evidence: 3.700% NOTES DUE 2051
Target identity evidence: This Note is one of a series of the Securities designated therein as 3.700% Notes due 2051 (the “Notes”).
Events of Default · may declare the entire principal amount of the Notes due and payableeither the Trustee or the Holders of not less than 25% in principal amount of the Notes then Outstanding may declare the entire principal amount of the Notes due and payableExceptions: other than an Event of Default described in Section 501(4) or 501(5) of the IndentureEvents of DefaultFull wording and supporting evidence
Source evidence: If an Event of Default (other than an Event of Default described in Section 501(4) or 501(5) of the Indenture) with respect to the Notes shall occur and be continuing, then either the Trustee or the Holders of not less than 25% in principal amount of the Notes then Outstanding may declare the entire principal amount of the Notes due and payable in the manner and with effect provided in the Indenture.
Target identity evidence: ALTRIA GROUP, INC., a Virginia corporation (hereinafter called the “Company”, which term includes any successor corporation under the Indenture hereinafter referred to), for value received, hereby promises to pay to Cede & Co. or registered assigns, the principal sum of $500,000,000 on February 4, 2051, and to pay interest thereon from February 4, 2021 or from the most recent Interest Payment Date to which interest has been paid or duly provided for, semi-annually in arrears on February 4 and August 4 in each year, commencing August 4, 2021 at the rate of 3.700% per annum until the principal hereof is paid or made available for payment.
Target identity evidence: 3.700% NOTES DUE 2051
Target identity evidence: This Note is one of a series of the Securities designated therein as 3.700% Notes due 2051 (the “Notes”).
On February 4, 2021, Altria Group, Inc. (the “Company”) issued $1,750,000,000 aggregate principal amount of its 2.450% Notes due 2032 (the “2032 Notes”), $1,500,000,000 aggregate principal amount of its 3.400% Notes due 2041 (the “2041 Notes”), $1,250,000,000 aggregate principal amount of its 3.700% Notes due 2051 (the “2051 Notes”) and $1,000,000,000 aggregate principal amount of its 4.000% Notes due 2061 (the “2061 Notes” and, together with the 2032 Notes, the 2041 Notes and the 2051 Notes, the “Notes”). The Notes were issued pursuant to an Indenture (the “Indenture”), dated as of November 4, 2008, among the Company, Philip Morris USA Inc., a wholly owned subsidiary of the Company (“PM USA”), and Deutsche Bank Trust Company Americas, as trustee (the “Trustee”). Each series of Notes is guaranteed by PM USA. PM USA’s guarantees were issued pursuant to the Indenture and are evidenced by guarantee agreements made by PM USA in favor of the Trustee for the Notes (the “Guarantee Agreements”).
Issuer evidence: On February 4, 2021, Altria Group, Inc. (the “Company”) issued $1,750,000,000 aggregate principal amount of its 2.450% Notes due 2032 (the “2032 Notes”), $1,500,000,000 aggregate principal amount of its 3.400% Notes due 2041 (the “2041 Notes”), $1,250,000,000 aggregate principal amount of its 3.700% Notes due 2051 (the “2051 Notes”) and $1,000,000,000 aggregate principal amount of its 4.000% Notes due 2061 (the “2061 Notes” and, together with the 2032 Notes, the 2041 Notes and the 2051 Notes, the “Notes”). The Notes were issued pursuant to an Indenture (the “Indenture”), dated as of November 4, 2008, among the Company, Philip Morris USA Inc., a wholly owned subsidiary of the Company (“PM USA”), and Deutsche Bank Trust Company Americas, as trustee (the “Trustee”). Each series of Notes is guaranteed by PM USA. PM USA’s guarantees were issued pursuant to the Indenture and are evidenced by guarantee agreements made by PM USA in favor of the Trustee for the Notes (the “Guarantee Agreements”).
Supporting evidence: The 2032 Notes will mature on February 4, 2032, the 2041 Notes will mature on February 4, 2041, the 2051 Notes will mature on February 4, 2051 and the 2061 Notes will mature on February 4, 2061.
Supporting evidence: On February 4, 2021, Altria Group, Inc. (the “Company”) issued $1,750,000,000 aggregate principal amount of its 2.450% Notes due 2032 (the “2032 Notes”), $1,500,000,000 aggregate principal amount of its 3.400% Notes due 2041 (the “2041 Notes”), $1,250,000,000 aggregate principal amount of its 3.700% Notes due 2051 (the “2051 Notes”) and $1,000,000,000 aggregate principal amount of its 4.000% Notes due 2061 (the “2061 Notes” and, together with the 2032 Notes, the 2041 Notes and the 2051 Notes, the “Notes”). The Notes were issued pursuant to an Indenture (the “Indenture”), dated as of November 4, 2008, among the Company, Philip Morris USA Inc., a wholly owned subsidiary of the Company (“PM USA”), and Deutsche Bank Trust Company Americas, as trustee (the “Trustee”). Each series of Notes is guaranteed by PM USA. PM USA’s guarantees were issued pursuant to the Indenture and are evidenced by guarantee agreements made by PM USA in favor of the Trustee for the Notes (the “Guarantee Agreements”).
Supporting evidence: On February 4, 2021, Altria Group, Inc. (the “Company”) issued $1,750,000,000 aggregate principal amount of its 2.450% Notes due 2032 (the “2032 Notes”), $1,500,000,000 aggregate principal amount of its 3.400% Notes due 2041 (the “2041 Notes”), $1,250,000,000 aggregate principal amount of its 3.700% Notes due 2051 (the “2051 Notes”) and $1,000,000,000 aggregate principal amount of its 4.000% Notes due 2061 (the “2061 Notes” and, together with the 2032 Notes, the 2041 Notes and the 2051 Notes, the “Notes”). The Notes were issued pursuant to an Indenture (the “Indenture”), dated as of November 4, 2008, among the Company, Philip Morris USA Inc., a wholly owned subsidiary of the Company (“PM USA”), and Deutsche Bank Trust Company Americas, as trustee (the “Trustee”). Each series of Notes is guaranteed by PM USA. PM USA’s guarantees were issued pursuant to the Indenture and are evidenced by guarantee agreements made by PM USA in favor of the Trustee for the Notes (the “Guarantee Agreements”).
4.000% Notes due 2061
Note · Altria Group, Inc.
Reference: 4.000% Notes due 2061
Active
Original principal
USD 1,000,000,000
Outstanding
—
Commitment
—
Availability
—
Maturity
Feb 4, 2061
Last reported interest terms:
4%
Reported 2021-02-04Later filings may not restate these terms; this does not confirm they still apply.
Covenant terms for this agreement are not yet verified.
On February 4, 2021, Altria Group, Inc. (the “Company”) issued $1,750,000,000 aggregate principal amount of its 2.450% Notes due 2032 (the “2032 Notes”), $1,500,000,000 aggregate principal amount of its 3.400% Notes due 2041 (the “2041 Notes”), $1,250,000,000 aggregate principal amount of its 3.700% Notes due 2051 (the “2051 Notes”) and $1,000,000,000 aggregate principal amount of its 4.000% Notes due 2061 (the “2061 Notes” and, together with the 2032 Notes, the 2041 Notes and the 2051 Notes, the “Notes”). The Notes were issued pursuant to an Indenture (the “Indenture”), dated as of November 4, 2008, among the Company, Philip Morris USA Inc., a wholly owned subsidiary of the Company (“PM USA”), and Deutsche Bank Trust Company Americas, as trustee (the “Trustee”). Each series of Notes is guaranteed by PM USA. PM USA’s guarantees were issued pursuant to the Indenture and are evidenced by guarantee agreements made by PM USA in favor of the Trustee for the Notes (the “Guarantee Agreements”).
Issuer evidence: On February 4, 2021, Altria Group, Inc. (the “Company”) issued $1,750,000,000 aggregate principal amount of its 2.450% Notes due 2032 (the “2032 Notes”), $1,500,000,000 aggregate principal amount of its 3.400% Notes due 2041 (the “2041 Notes”), $1,250,000,000 aggregate principal amount of its 3.700% Notes due 2051 (the “2051 Notes”) and $1,000,000,000 aggregate principal amount of its 4.000% Notes due 2061 (the “2061 Notes” and, together with the 2032 Notes, the 2041 Notes and the 2051 Notes, the “Notes”). The Notes were issued pursuant to an Indenture (the “Indenture”), dated as of November 4, 2008, among the Company, Philip Morris USA Inc., a wholly owned subsidiary of the Company (“PM USA”), and Deutsche Bank Trust Company Americas, as trustee (the “Trustee”). Each series of Notes is guaranteed by PM USA. PM USA’s guarantees were issued pursuant to the Indenture and are evidenced by guarantee agreements made by PM USA in favor of the Trustee for the Notes (the “Guarantee Agreements”).
Supporting evidence: The 2032 Notes will mature on February 4, 2032, the 2041 Notes will mature on February 4, 2041, the 2051 Notes will mature on February 4, 2051 and the 2061 Notes will mature on February 4, 2061.
Supporting evidence: On February 4, 2021, Altria Group, Inc. (the “Company”) issued $1,750,000,000 aggregate principal amount of its 2.450% Notes due 2032 (the “2032 Notes”), $1,500,000,000 aggregate principal amount of its 3.400% Notes due 2041 (the “2041 Notes”), $1,250,000,000 aggregate principal amount of its 3.700% Notes due 2051 (the “2051 Notes”) and $1,000,000,000 aggregate principal amount of its 4.000% Notes due 2061 (the “2061 Notes” and, together with the 2032 Notes, the 2041 Notes and the 2051 Notes, the “Notes”). The Notes were issued pursuant to an Indenture (the “Indenture”), dated as of November 4, 2008, among the Company, Philip Morris USA Inc., a wholly owned subsidiary of the Company (“PM USA”), and Deutsche Bank Trust Company Americas, as trustee (the “Trustee”). Each series of Notes is guaranteed by PM USA. PM USA’s guarantees were issued pursuant to the Indenture and are evidenced by guarantee agreements made by PM USA in favor of the Trustee for the Notes (the “Guarantee Agreements”).
Supporting evidence: On February 4, 2021, Altria Group, Inc. (the “Company”) issued $1,750,000,000 aggregate principal amount of its 2.450% Notes due 2032 (the “2032 Notes”), $1,500,000,000 aggregate principal amount of its 3.400% Notes due 2041 (the “2041 Notes”), $1,250,000,000 aggregate principal amount of its 3.700% Notes due 2051 (the “2051 Notes”) and $1,000,000,000 aggregate principal amount of its 4.000% Notes due 2061 (the “2061 Notes” and, together with the 2032 Notes, the 2041 Notes and the 2051 Notes, the “Notes”). The Notes were issued pursuant to an Indenture (the “Indenture”), dated as of November 4, 2008, among the Company, Philip Morris USA Inc., a wholly owned subsidiary of the Company (“PM USA”), and Deutsche Bank Trust Company Americas, as trustee (the “Trustee”). Each series of Notes is guaranteed by PM USA. PM USA’s guarantees were issued pursuant to the Indenture and are evidenced by guarantee agreements made by PM USA in favor of the Trustee for the Notes (the “Guarantee Agreements”).
Price & Valuation
Multiples computed on the strict TTM/EV methodology — today's snapshot against peers, and each ratio recomputed as of past filing dates.
Valuation
EV/Revenue
6.26×
Tobacco median 1.08×
EV/EBIT
13.38×
Tobacco median 14.65×
P/E (TTM)
15.71×
Tobacco median 20.22×
Valuation over time computed as of each quarter's filing date
Revenue Breakdown
Annual revenue as the company disaggregates it in its own XBRL filings. Years a component wasn't reported show a dash.
Share mode is each component's slice of the reported components that year — issuers rarely tag every revenue dollar, so slices need not sum to total revenue.
By Segment (USD)
Component
FY2025
FY2024
FY2023
FY2022
FY2021
FY2020
FY2019
FY2018
Smokeable Products Segment
$20,485,000,000
$21,204,000,000
$21,756,000,000
$22,476,000,000
$22,866,000,000
$23,089,000,000
$21,996,000,000
$22,297,000,000
Oral Tobacco Segment
$2,802,000,000
$2,776,000,000
$2,667,000,000
$2,580,000,000
$2,608,000,000
$2,533,000,000
$2,367,000,000
$2,262,000,000
All Other Segments
$5,000,000
-$2,000,000
-$2,000,000
$40,000,000
$45,000,000
-$83,000,000
$58,000,000
$114,000,000
E-Vapor
-$13,000,000
$40,000,000
$62,000,000
—
—
—
—
—
Wine Segment
—
—
—
—
$494,000,000
$614,000,000
$689,000,000
$691,000,000
By Product & Service (USD)
Component
FY2025
FY2024
FY2023
FY2022
FY2021
FY2020
FY2019
FY2018
Cigarettes
$19,248,000,000
$20,066,000,000
$20,665,000,000
$21,457,000,000
$21,877,000,000
$22,135,000,000
$21,158,000,000
$21,506,000,000
Cigars
$1,237,000,000
$1,138,000,000
$1,091,000,000
$1,019,000,000
$989,000,000
$954,000,000
$838,000,000
$791,000,000
Segment Operating Income
Annual operating income by business segment, as tagged in the company's own XBRL filings. Segments need not sum to the consolidated figure — corporate costs and eliminations are typically unallocated.
