Income Statement

The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.

Altria Group Inc., consolidated income statement

US$ in millions

12 months ended:	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Net revenues	24,483)	25,096)	26,013)	26,153)	25,110)
Cost of sales	(6,218)	(6,442)	(7,119)	(7,818)	(7,085)
Excise taxes on products	(3,981)	(4,408)	(4,902)	(5,312)	(5,314)
Gross profit	14,284)	14,246)	13,992)	13,023)	12,711)
Marketing, administration and research costs	(2,737)	(2,327)	(2,432)	(2,154)	(2,226)
Asset impairment and exit costs	—)	—)	—)	4)	(159)
Operating income	11,547)	11,919)	11,560)	10,873)	10,326)
Interest expense	(1,149)	(1,128)	(1,188)	(1,223)	(1,322)
Interest income	160)	70)	26)	14)	42)
Interest and other debt expense, net	(989)	(1,058)	(1,162)	(1,209)	(1,280)
Loss on early extinguishment of debt	—)	—)	(649)	—)	—)
Net periodic benefit income, excluding service cost	127)	184)	202)	77)	37)
Income (losses) from investments in equity securities	243)	(3,641)	(5,979)	(111)	1,725)
Impairment of JUUL equity securities	—)	—)	—)	(2,600)	(8,600)
Loss on Cronos-related financial instruments	—)	(15)	(148)	(140)	(1,442)
Earnings before income taxes	10,928)	7,389)	3,824)	6,890)	766)
(Provision) benefit for income taxes	(2,798)	(1,625)	(1,349)	(2,436)	(2,064)
Net earnings (losses)	8,130)	5,764)	2,475)	4,454)	(1,298)
Net losses attributable to noncontrolling interests	—)	—)	—)	13)	5)
Net earnings (losses) attributable to Altria	8,130)	5,764)	2,475)	4,467)	(1,293)

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

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Income statement item	Description	The company
Net revenues	Amount, including tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value-added and excise.	Altria Group Inc. net revenues decreased from 2021 to 2022 and from 2022 to 2023.
Operating income	The net result for the period of deducting operating expenses from operating revenues.	Altria Group Inc. operating income increased from 2021 to 2022 but then decreased significantly from 2022 to 2023.
Earnings before income taxes	Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.	Altria Group Inc. earnings before income taxes increased from 2021 to 2022 and from 2022 to 2023.
Net earnings (losses) attributable to Altria	The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.	Altria Group Inc. net earnings (losses) attributable to Altria increased from 2021 to 2022 and from 2022 to 2023.

Altria Group Inc. (NYSE:MO)

Income Statement