Results
Altria Reports 2026 Third-Quarter and Nine-Months Results;
Announces Expanded Share Repurchase Program;
Raises 2026 Full-Year Earnings Guidance
7RICHMOND, Va. - October 29, 2026 - Altria Group, Inc. (NYSE: MO) today reports our 2026 third-quarter and nine-months business results and raises our guidance for 2026 full-year adjusted diluted earnings per share (EPS).
3“Altria delivered strong financial performance in the third quarter, growing adjusted diluted earnings per share by 4.8%, while continuing to invest in our Vision and building on our foundation for the future,” said Sal Mancuso, Altria’s Chief Executive Officer.
“In smokeable products, PM USA grew operating companies income through its data-driven, total portfolio approach, with Cowboy Cut strengthening Marlboro ’s premium position and Basic continuing to gain share in discount.
In smoke-free, Helix made meaningful progress by expanding on!
PLUS 12-milligram nationwide, investing in brand-building initiatives and preparing for its next wave of innovation, which is now underway with the introduction of Blueberry Mint and Mango Pineapple flavor extensions at retail.”
“Our highly cash-generative businesses supported significant returns to shareholders through dividends and share repurchases, while we continued to invest in support of our Vision.
1In August, we announced our 61 st dividend increase in 57 years, and our Board of Directors (Board) recently authorized a $1 billion expansion of our existing share repurchase program.”
“Our strong performance through the first nine months and confidence in our full-year plan allowed us to raise our earnings guidance for the year.
We now expect to deliver adjusted diluted EPS in a range of $5.66 to $5.74, representing a growth rate of 4.5% to 6.0% from a base of $5.42 in 2025.”
1 “Adjusted” financial measures presented in this release exclude the impact of special items.
See “Basis of Presentation” for more information and see the schedules to this press release for reconciliations to corresponding GAAP measures.
6601 West Broad Street, Richmond, VA 23230
Cash Returns to Shareholders
Share Repurchase Program
In the third quarter, we repurchased 5.9 million shares at an average price of $68.52 per share, for a total cost of $400 million.
Through the first nine months, we repurchased 11.2 million shares at an average price of $65.78 per share, for a total cost of $735 million.
Yesterday, our Board authorized a $1 billion expansion of our existing share repurchase program, which now expires on December 31, 2027.
Dividends
We paid dividends of $1.7 billion and $5.3 billion in the third quarter and first nine months, respectively.
2In August, our Board increased our regular quarterly dividend by 4.7%, marking the 61 st increase in the past 57 years.
Our current annualized dividend rate is $4.44 per share.
6We maintain our progressive dividend goal that targets mid-single digits dividend per share growth annually through 2028.
Smoke-Free Portfolio Update
Helix recently expanded its on!
PLUS portfolio with two new flavors, Blueberry Mint and Mango Pineapple, across 6-, 9- and 12-milligram nicotine strengths.
In the fourth quarter, Helix plans to further expand its on!
PLUS portfolio with Watermelon Mint, across 6-, 9- and 12-milligram nicotine strengths, in select retail locations.
2026 Full-Year Guidance
We expect our 2026 full-year adjusted diluted EPS to be in a range of $5.66 to $5.74, representing a growth rate of 4.5% to 6.0% from a base of $5.42 in 2025.
As previously disclosed, our guidance contemplates:
(i) the impact of moderated e-vapor industry growth on combustible and e-vapor product volumes;
(ii) increased macroeconomic uncertainty facing adult nicotine consumers;
(iii) investments in support of our contract manufacturing capabilities;
(iv) that NJOY ACE does not return to the marketplace in 2026;
(v) reinvestment of anticipated cost savings related to our Optimize & Accelerate initiative (Initiative); and
(vi) investments in support of our Vision.
Our full-year adjusted diluted EPS guidance range excludes the impact of certain income and expense items that our management believes are not part of underlying operations.
These items may include, for example, loss on early extinguishment of debt, charges related to restructuring and other exit activities, asset impairment charges, acquisition, disposition and integration-related items, equity investment-related special items, certain income tax items, charges associated with tobacco and health and certain other litigation items, resolutions of certain non-participating manufacturer (NPM) adjustment disputes under the Master Settlement Agreement (NPM Adjustment Items) and amortization expense associated with definite-lived intangible assets (amortization of intangibles).
See Table 1 below for the income and expense items for the third quarter and first nine months of 2026.
Our management cannot estimate on a forward-looking basis the impact of certain income and expense items, including those items noted in the preceding paragraph, on our reported diluted EPS because these items, which could be significant, may be unusual or infrequent, are difficult to predict and may be highly variable.
As a result, we do not provide a corresponding GAAP measure for, or reconciliation to, our adjusted diluted EPS guidance.
ALTRIA GROUP, INC.
See “ Basis of Presentation ” for an explanation of the financial measures and reportable segments discussed in this release.
Financial Performance
Third Quarter
Net revenues increased 1.0% to $6.1 billion, primarily driven by higher net revenues in the smokeable products segment.
Revenues net of excise taxes increased 3.6% to $5.4 billion.
5Reported diluted EPS increased 7.1 % to $1.51, primarily driven by higher reported operating companies income (OCI) and higher reported earnings from our investment in ABI.
Adjusted diluted EPS increased 4.8% to $1.52, primarily driven by higher adjusted OCI and higher adjusted earnings from our investment in ABI.
First Nine Months
Net revenues increased 1.4% to $17.7 billion, primarily driven by higher net revenues in the smokeable products segment.
Revenues net of excise taxes increased 3.3% to $15.6 billion.
Reported diluted EPS increased 21.2 % to $4.18 , primarily driven by higher reported OCI, which includes a 2025 non-cash impairment of the e-vapor reporting unit goodwill.
8Adjusted diluted EPS increased 5.1% to $4.33, primarily driven by higher adjusted OCI, fewer shares outstanding and higher adjusted earnings from our investment in ABI.
Note: For details of pre-tax, tax and after-tax amounts, see Schedule 6, 7, 8 & 9.
Special Items
The EPS impact of the following special items is shown in Table 1 and Schedules 6, 7, 8 and 9.
Acquisition-Related Items
In the first nine months of 2025, we recorded net pre-tax expense items of $96 million (or $0.05 per share), including $71 million related to the U.S. International Trade Commission’s exclusion order and cease-and-desist orders prohibiting the importation and sale of NJOY ACE in the United States, partially offset by insurance recoveries from insurance contracts associated with the acquisition of NJOY.
Also included was a $25 million non-cash, pre-tax charge related to a change in the fair value of contingent payments associated with the acquisition of NJOY.
Asset Impairment, Exit and Implementation Costs
In the first nine months of 2026, we recorded pre-tax charges of $106 million (or $0.05 per share), primarily due to our plans to consolidate USSTC’s manufacturing operations (USSTC Facilities Consolidation).
In the first nine months of 2025, we recorded pre-tax charges of $916 million (or $0.53 per share), primarily due to a non-cash impairment charge of $873 million to the e-vapor reporting unit goodwill in our all other category.
Tobacco and Health and Certain Other Litigation Items
In the first nine months of 2026, we recorded pre-tax charges of $120 million (or $0.05 per share) for tobacco and health and certain other litigation items and related interest costs.
In the first nine months of 2025, we recorded pre-tax charges of $48 million (or $0.02 per share) for tobacco and health and certain other litigation items and related interest costs.
Amortization of Intangibles
In the first nine months of 2026, we recorded pre-tax amortization of intangibles of $67 million (or $0.04 per share).
In the third quarter and first nine months of 2025, we recorded pre-tax amortization of intangibles of $38 million (or $0.02 per share) and $112 million (or $0.05 per share), respectively.
ABI-Related Special Items
In the third quarter of 2026, we recorded net pre-tax income of $37 million (or $0.02 per share), primarily due to mark-to-market gains on certain ABI financial instruments associated with its share commitments.
In the first nine months of 2026, we recorded net pre-tax losses of $41 million (or $0.02 per share), primarily due to a dilution loss resulting from ABI’s share activity that reduced our ABI ownership interest, partially offset by mark-to-market gains on certain ABI financial instruments associated with its share commitments.
In the third quarter and first nine months of 2025, we recorded net pre-tax losses of $34 million (or $0.02 per share) and $36 million (or $0.02 per share), respectively, for ABI-related special items, primarily related to mark-to-market losses on certain ABI financial instruments associated with its share commitments.
The ABI-related special items include our respective share of the amounts recorded by ABI and additional adjustments related to (i) the conversion of ABI-related special items from international financial reporting standards to GAAP and (ii) adjustments to our investment required under the equity method of accounting.
SMOKEABLE PRODUCTS
Revenues and OCI
Third Quarter
Net revenues increased 0.8%, primarily driven by higher pricing, partially offset by higher promotional investments, lower shipment volume and a higher percentage of discount shipment volume relative to premium versus the prior year (volume mix change).
Revenues net of excise taxes increased 3.7%.
Reported and adjusted OCI increased 3.8% and 3.9%, respectively, primarily driven by higher pricing and higher refunds of taxes and duties paid on imported cigarettes, partially offset by higher promotional investments, lower shipment volume, volume mix change and higher costs (primarily manufacturing) .
Adjusted OCI margins increased by 0.1 percentage point to 64.5%.
First Nine Months
Net revenues increased 1.4%, primarily driven by higher pricing, partially offset by higher promotional investments, lower shipment volume and volume mix change.
Revenues net of excise taxes increased 3.6%.
Reported OCI increased 3.9%, primarily driven by higher pricing and higher refunds of taxes and duties paid on imported cigarettes, partially offset by higher promotional investments, lower shipment volume, volume mix change, higher manufacturing costs and higher tobacco and health and certain other litigation items.
Adjusted OCI increased 4.1%, primarily driven by higher pricing and higher refunds of taxes and duties paid on imported cigarettes, partially offset by higher promotional investments, lower shipment volume, volume mix change and higher manufacturing costs.
Adjusted OCI margins increased by 0.4 percentage points to 64.8%.
1 Reported and adjusted OCI margins are calculated as reported and adjusted OCI, respectively, divided by revenues net of excise taxes .
Shipment Volume
Third Quarter
Smokeable products segment reported domestic cigarette shipment volume decreased 2.9%, primarily driven by the industry’s decline rate, partially offset by trade inventory movements and retail share gains.
When adjusted for trade inventory movements, smokeable products segment domestic cigarette shipment volume decreased by an estimated 4%.
When adjusted for trade inventory movements, total domestic cigarette industry volume decreased by an estimated 5%.
Reported cigar shipment volume increased 0.9%.
First Nine Months
Smokeable products segment reported domestic cigarette shipment volume decreased 2.8%, primarily driven by the industry’s decline rate, partially offset by trade inventory movements and retail share gains.
When adjusted for trade inventory movements, smokeable products segment domestic cigarette shipment volume decreased by an estimated 4%.
When adjusted for trade inventory movements, total domestic cigarette industry volume decreased by an estimated 5%.
Reported cigar shipment volume increased 2.0%.
1 Domestic cigarettes shipment volume includes Marlboro; Other premium brands, such as Virginia Slims and Parliament; and Discount brands, which include L&M and Basic.
Domestic cigarettes volume includes units sold as well as promotional units sold for distribution in the U.S. and excludes units sold for distribution to Puerto Rico, U.S. Territories to overseas military and by Philip Morris Duty Free Inc., none of which, individually or in the aggregate, is material to our smokeable products segment.
2 Contract manufactured export cigarettes shipment volume represents contract manufactured cigarettes for third parties that market and sell tobacco products outside the U.S.
Retail Share and Brand Activity
Third Quarter
Marlboro retail share of the total cigarette category was 39.5%, a decrease of 1.0 share point versus the prior year and unchanged sequentially.
Marlboro share of the premium segment was 60.0%, an increase of 0.3 share points versus the prior year and 0.4 share points sequentially.
The cigarette industry discount retail share was 34.1%, an increase of 2.0 share points versus the prior year and 0.3 share points sequentially, primarily due to continued discretionary income pressures on adult smokers.
First Nine Months
Marlboro retail share of the total cigarette category was 39.5%, a decrease of 1.4 share points.
Marlboro share of the premium segment was 59.7%, an increase of 0.1 share point versus the prior year.
The cigarette industry discount retail share was 33.8%, an increase of 2.4 share points, primarily due to continued discretionary income pressures on adult smokers.
Note: Retail share results for cigarettes are based on data from Circana, LLC (Circana) as well as MSAi.
Circana maintains a blended retail service that uses a sample of stores and certain wholesale shipments to project market share and depict share trends.
This service tracks sales in the food, drug, mass merchandisers, convenience, military, dollar store and club trade classes.
For other trade classes selling cigarettes, retail share is based on shipments from wholesalers to retailers through the Store Tracking Analytical Reporting System (STARS), as provided by MSAi.
This service is not designed to capture sales through other channels, including the internet, direct mail and some tax-advantaged outlets.
It is the standard practice of retail services to periodically refresh their retail scan services, which could restate retail share results that were previously released in these services.
ORAL TOBACCO PRODUCTS
Revenues and OCI
Third Quarter
4Net revenues decreased 0.1%, as lower shipment volume and higher promotional investments mostly offset higher pricing.
Revenues net of excise taxes increased 0.3%.
Reported OCI decreased 5.4%, primarily driven by lower shipment volume, higher costs, which include 2026 costs related to the USSTC Facilities Consolidation, and higher promotional investments, partially offset by higher pricing.
Adjusted OCI decreased 3.7%, primarily driven by lower shipment volume, higher costs and higher promotional investments, partially offset by higher pricing.
Adjusted OCI margins decreased 2.8 percentage points to 66.4%.
First Nine Months
Net revenues decreased 1.2%, primarily driven by lower shipment volume and higher promotional investments, partially offset by higher pricing.
Revenues net of excise taxes decreased 0.9%.
Reported OCI decreased 10.1%, primarily driven by lower shipment volume, higher costs, which include 2026 costs related to the USSTC Facilities Consolidation, and higher promotional investments, partially offset by higher pricing.
Adjusted OCI decreased 4.0%, primarily driven by lower shipment volume, higher promotional investments and higher costs, partially offset by higher pricing.
Adjusted OCI margins decreased 2.2 percentage points to 66.8%.
1 Reported and adjusted OCI margins are calculated as reported and adjusted OCI, respectively, divided by revenues net of excise taxes.
Shipment Volume
Third Quarter
Oral tobacco products segment reported domestic shipment volume decreased 4.3%, primarily driven by retail share losses and other factors, partially offset by the industry’s growth rate and trade inventory movements.
When adjusted for trade inventory movements, oral tobacco products segment domestic shipment volume decreased by an estimated 5%.
First Nine Months
Oral tobacco products segment reported domestic shipment volume decreased 5.4%, primarily driven by retail share losses and trade inventory movements, partially offset by the industry’s growth rate and other factors.
When adjusted for trade inventory movements, oral tobacco products segment domestic shipment volume decreased by an estimated 5%.
Total oral industry volume increased by an estimated 5.5% for the six months ended September 30, 2026, primarily driven by growth in oral nicotine pouches, partially offset by declines in moist smokeless tobacco (MST).
Note: Volume includes cans sold, as well as promotional units, but excludes non-domestic volume, which is currently not material to our oral tobacco products segment.
New types of oral tobacco products, as well as new packaging configurations of existing oral tobacco products, may or may not be equivalent to existing MST products on a can-for-can basis.
To calculate volumes of cans shipped, one can of oral nicotine pouches, irrespective of the number of pouches in the can, is assumed to be equivalent to one can of MST.
Retail Share and Brand Activity
Third Quarter
on! retail share of the oral tobacco category was 8.3%, an increase of 0.1 share point versus the prior year and down 0.3 share points sequentially.
The nicotine pouch category was 61.2% of the oral tobacco category, an increase of 5.8 share points versus the prior year and 1.3 share points sequentially. on! retail share of the nicotine pouch category was 13.5%, a decrease of 1.3 share points versus the prior year and a decrease of 0.9 share points sequentially.
First Nine Months
on! retail share of the U.S. oral tobacco category was 8.2%, a decrease of 0.2 share points.
The nicotine pouch category was 59.8% of the oral tobacco category, an increase of 7.6 share points. on! retail share of the nicotine pouch category was 13.8%, a decrease of 2.3 share points.
Note: Our oral tobacco products segment’s retail share results exclude non-domestic volume, which is currently not material to our oral tobacco products segment.
Retail share results for oral tobacco products are based on data from Circana, a tracking service that uses a sample of stores to project market share and depict share trends.
This service tracks sales in the food, drug, mass merchandisers, convenience, military, dollar store and club trade classes on the number of cans sold.
Oral tobacco products are defined by Circana as domestic oral products, in the form of MST and oral nicotine pouch products (inclusive of tobacco-derived and synthetic oral nicotine products).
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