Altria Group Inc

MO: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Altria Continues to Expand Operating Margins Even as Cigarette Volumes Continue Secular Decline

Kristoffer Inton

Aug 4, 2025

Business Strategy and Outlook

Altria dominates the US, its predominant market where cigarette volumes declined 6% per year from 2019 to 2024, faster than the global market's 1% annual loss, according to Euromonitor. Moreover, excise taxes are constantly increasing and regulations tightening.

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Altria Group Inc

Altria Continues to Expand Operating Margins Even as Cigarette Volumes Continue Secular Decline

Business Strategy and Outlook

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