Altria Group, Inc. (MO) Earnings

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Dec 2026upcoming

Next quarter

Expected to report Jan 28, 2027 — estimated from last year’s reporting date.

Consensus is $1.40 EPS for Dec 2026 across 5 estimates, ranging $1.36 to $1.49.

MO Sep 2026

Reported Oct 29, 2026 · before the open

: 0.66%

: $1.51
: $1.52
: —
: $6.13B

Reported results

: $6.13B; from $6.07B
: 64.27%; from 62.78%
: $3.31B; from $3.23B
: 54.03%; from 53.19%
: $2.52B; from $2.38B
: $1.51; from $1.41

Highlights

Adjusted earnings: Adjusted diluted EPS was $1.52, up 4.8% year over year and 0.66% above the $1.51 consensus; GAAP diluted EPS was $1.51, up 7.1%.
Guidance raised: Altria now expects 2026 adjusted diluted EPS of $5.66–$5.74, growth of 4.5%–6.0% from $5.42 in 2025.
Smokeables carried growth: Smokeable adjusted operating companies income rose 3.9% to $3.07 billion, with margin up 0.1 point to 64.5%, as pricing and tax refunds outweighed lower volume, discount mix and higher costs.
Cigarette volumes and mix: Domestic cigarette shipments fell 2.9% as reported and an estimated 4% adjusted for trade inventories, versus an estimated 5% decline for the industry; discount retail share climbed 2.0 points to 34.1%.
Oral tobacco weakened: Adjusted oral tobacco operating companies income fell 3.7% to $443 million, and margin contracted 2.8 points to 66.4%; segment volume declined 4.3%.
Shareholder returns expanded: The board authorized an additional $1 billion for buybacks; Altria repurchased $400 million of shares in Q3 and paid $1.7 billion in dividends. The annualized dividend rate is now $4.44 per share.
Revenue and sequential progress: Net revenue was $6.13 billion, up 1.0% year over year and 0.3% from Q2; operating income of $3.31 billion and net income of $2.52 billion were up from $3.14 billion and $2.30 billion in Q2.

Analysis

Altria’s third quarter was a modest adjusted-EPS beat, with continued growth in its core smokeable business offsetting deterioration in oral tobacco. Adjusted diluted EPS of $1.52 exceeded the supplied $1.51 consensus by 0.66% and rose 4.8% from $1.45 a year earlier; GAAP diluted EPS was $1.51, up 7.1% from $1.41. Revenue increased 1.0% to $6.13 billion, while revenue net of excise taxes grew 3.6% to $5.44 billion. Sequentially, revenue was nearly flat versus Q2’s $6.11 billion, while operating income rose to $3.31 billion from $3.14 billion and net income to $2.52 billion from $2.30 billion.

Smokeables supplied the central operating support: adjusted operating companies income grew 3.9% to $3.07 billion, despite lower cigarette shipments and consumers shifting toward discount products. Oral tobacco was the clearest drag, with adjusted operating income down 3.7%, volume down 4.3% and margin down 2.8 points. The company raised full-year adjusted EPS guidance to $5.66–$5.74, or 4.5%–6.0% growth from 2025’s $5.42. It also authorized a $1 billion expansion of its buyback program, alongside its recent 4.7% dividend increase. Reported nine-month EPS growth of 21.2% is less representative of underlying momentum: the prior-year period included a $873 million e-vapor goodwill impairment, while adjusted EPS grew 5.1%.

Earnings and guidance

Adjusted EPS growth reflected stronger adjusted segment operating income and earnings from ABI, with fewer shares also contributing. The raised outlook builds on 5.1% adjusted EPS growth through nine months; Altria said its assumptions include consumer affordability pressure, moderated e-vapor industry growth, and NJOY ACE remaining off the U.S. market in 2026.

Quarterly results: Net revenue rose 1.0% to $6.13 billion, gross profit increased 3.4% to $3.94 billion, and operating income rose 2.6% to $3.31 billion. Net earnings attributable to Altria were $2.52 billion, up 6.0%.
Adjusted versus reported: Adjusted diluted EPS increased 4.8% to $1.52; GAAP diluted EPS rose 7.1% to $1.51. Adjusted EPS excludes special items, including litigation costs, amortization and investment-related items.
Nine-month context: Adjusted EPS grew 5.1% to $4.33, compared with reported EPS growth of 21.2% to $4.18. The prior-year comparison included a $873 million e-vapor goodwill impairment charge.
Full-year outlook: Adjusted EPS guidance increased to $5.66–$5.74, representing 4.5%–6.0% growth against the 2025 base of $5.42.

Smokeable products

Pricing continued to protect profit in Altria’s largest business, but the volume and mix picture remained pressured. The company attributed income growth to higher pricing and refunds of taxes and duties on imported cigarettes, partly offset by promotional investment, manufacturing costs and a greater proportion of discount shipments.

Segment economics: Net revenue increased 0.8% to $5.43 billion, or 3.7% to $4.76 billion after excise taxes. Adjusted operating companies income rose 3.9% to $3.07 billion; adjusted margin expanded 0.1 point to 64.5%.
Cigarette demand: Reported domestic cigarette shipments declined 2.9%; Altria estimated a 4% decline after adjusting for trade inventories, against an estimated 5% industry decline.
Brand and mix: Marlboro shipments fell 6.4% to 13.32 billion sticks, while discount shipments rose 40.5% to 1.70 billion. Marlboro held 39.5% of total cigarette retail share, down 1.0 point year over year; its premium-segment share was 60.0%, up 0.3 point.
Affordability pressure: Discount brands reached 34.1% of cigarette retail share, up 2.0 points year over year and 0.3 point sequentially. Altria linked the shift to pressure on consumers’ discretionary income.

Oral tobacco

The segment faced both declining shipment volumes and a shift in the category toward nicotine pouches. on! continued to grow shipments, but lost share within the faster-growing pouch category, while the legacy Copenhagen and Skoal brands contracted.

Segment performance: Net revenue was nearly flat at $688 million, while adjusted operating companies income fell 3.7% to $443 million. Adjusted margin dropped 2.8 points to 66.4%.
Volumes: Total oral tobacco shipments declined 4.3% to 170.6 million cans; Copenhagen fell 10.1% and Skoal 12.6%, while on! shipments rose 13.3% to 47.8 million cans.
Category and share: The nicotine pouch category grew to 61.2% of oral tobacco retail share, up 5.8 points year over year. on! represented 13.5% of pouch retail share, down 1.3 points year over year and 0.9 point sequentially.
Product activity: Helix expanded on! PLUS with Blueberry Mint and Mango Pineapple flavors in 6-, 9- and 12-milligram strengths, and plans a Watermelon Mint launch in select retailers in Q4.

Capital returns

Altria emphasized its capacity to return cash while continuing to invest in its strategy. The new authorization expands the existing repurchase program, which the filing said had $265 million remaining at September 30 before the October expansion.

Buybacks: Q3 repurchases totaled $400 million for 5.9 million shares at an average $68.52 per share. Nine-month repurchases were $735 million for 11.2 million shares.
Expanded authorization: The board added $1 billion to the program in October, which now expires December 31, 2027.
Dividends: Altria paid $1.7 billion in Q3 dividends and $5.3 billion in the first nine months. Its August 4.7% increase brought the annualized rate to $4.44 per share.

Cash and debt

Cash generation remained substantial, although dividends and repurchases exceeded operating cash flow in the first nine months, contributing to a lower cash balance. The company continued to reduce debt through scheduled repayments.

Operating cash flow: Cash provided by operations was $6.15 billion for the first nine months, versus $6.02 billion a year earlier; capital expenditures were $259 million, up from $124 million.
Cash and debt: Cash and cash equivalents were $2.70 billion at September 30, down from $4.47 billion at year-end 2025. Total debt declined to $24.06 billion from $25.71 billion.
Debt repayments: Altria repaid approximately $1.1 billion of notes in February and $0.5 billion in September at maturity.

Altria Group, Inc.

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