Altria Reports 2026 Third-Quarter and Nine-Months Results;
RICHMOND, 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).
“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. In 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.
As previously announced, a conference call with the investment community and news media will be webcast on October 29, 2026 at 9:00 a.m. Eastern Time. Access to the webcast is available at www.altria.com/webcasts. 6601 West Broad Street, Richmond, VA 23230
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.
We paid dividends of $1.7 billion and $5.3 billion in the third quarter and first nine months, respectively.
• In 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.
• We maintain our progressive dividend goal that targets mid-single digits dividend per share growth annually through 2028.
• 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.
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.
(i) the impact of moderated e-vapor industry growth on combustible and e-vapor product volumes;
(v) reinvestment of anticipated cost savings related to our Optimize & Accelerate initiative (Initiative); and
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. 2
See “ Basis of Presentation ” for an explanation of the financial measures and reportable segments discussed in this release.
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.
Reported 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.
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.
Adjusted 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. 3
The EPS impact of the following special items is shown in Table 1 and Schedules 6, 7, 8 and 9.
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.
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.
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.
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.
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. 4
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%.
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 .
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%.
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%.
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.
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.
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. 6
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. 7
Net 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%.
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.
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%.
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%. 8
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.
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.
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). 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. For example, 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. Because this service represents retail share performance only in key trade channels, it should not be considered a precise measurement of actual retail share. 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. 9
We are a leader in nicotine with a growing portfolio of products for adult nicotine consumers age 21+. Today, we are focused on elevating everyday moments by offering adult nicotine consumers a range of product choices and the information they need to make informed decisions. All adult nicotine consumers deserve clear and accurate information – whether they continue using nicotine, switch from cigarettes to regulated smoke-free alternatives, or quit entirely.
We are Moving Beyond Smoking® by responsibly transitioning adult smokers to a smoke-free future, competing vigorously for existing smoke-free adult nicotine consumers and exploring new growth opportunities – beyond the United States and beyond nicotine (Vision). Guided by innovation, science and responsible business practices, we are committed to creating long-term value for Altria, our stakeholders and society.
For decades, we have led the nicotine industry in advocating for science-based regulation and accountability. Our more than 5,000 employees across the U.S. advance that work in partnership with thousands of companies across our value chain.
Our American roots stretch back more than 200 years, and our operating companies’ brands have served adult nicotine consumers for generations. The brand portfolios of our operating companies include Marlboro® , Black & Mild® , Copenhagen® , Skoal® , on!® and NJOY® . Our wholly owned subsidiaries include Philip Morris USA Inc. (PM USA), John Middleton Co. (Middleton), U.S. Smokeless Tobacco Company LLC (USSTC), Helix Innovations LLC (Helix) and NJOY, LLC (NJOY).
We also have a majority-owned joint venture, Horizon Innovations LLC (Horizon), for the U.S. marketing and commercialization of heated tobacco stick products. Our investments in equity securities include Anheuser-Busch InBev SA/NV (ABI), the world’s largest brewer, and Cronos Group Inc. (Cronos), a leading Canadian cannabinoid company.
We report our financial results in accordance with GAAP. Our management reviews OCI, which is defined as operating income before general corporate expenses and amortization of intangibles, to evaluate the performance of, and allocate resources to, our segments. Our management also reviews certain financial results, including OCI, OCI margins and diluted EPS, on an adjusted basis, which excludes certain income and expense items, including those items noted under “2026 Full-Year Guidance.” Our management does not view any of these special items to be part of our underlying results as they may be highly variable, may be unusual or infrequent, are difficult to predict and can distort underlying business trends and results. Our management also reviews income tax rates on an adjusted basis. Our adjusted effective tax rate may exclude certain items from our reported effective tax rate. Our management believes that adjusted financial measures provide useful additional insight into underlying business trends and results, and provide a more meaningful comparison of year-over-year results. Our management uses adjusted financial measures for planning, forecasting and evaluating business and financial performance, including allocating capital and other resources and evaluating results relative to employee compensation targets. These adjusted financial measures are not required by, or calculated in accordance with, GAAP and may not be calculated the same as similarly titled measures used by other companies. These adjusted financial measures should thus be considered as supplemental in nature and not considered in isolation or as a substitute for the related financial information prepared in accordance with GAAP. We provide reconciliations of historical adjusted financial measures to corresponding GAAP measures in this release.
We use the equity method of accounting for our investments in ABI and Cronos and report our share of ABI’s and Cronos’s results using a one-quarter lag because ABI’s and Cronos’s results are not available in time for us to record them in the concurrent period. The one-quarter reporting lag for ABI and Cronos does not affect our cash flows.
Our reportable segments are (i) smokeable products, consisting of combustible cigarettes and machine-made large cigars, and (ii) oral tobacco products, consisting of MST and oral nicotine pouches. We have included results for NJOY, Horizon, Helix International and other business activities, which primarily consists of research and development expense related to certain new product platforms and technologies, in “All Other.” Comparisons are to the corresponding prior-year period unless otherwise stated. 10
This release contains projections of future results and other forward-looking statements that are subject to a number of risks and uncertainties and are made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. Share repurchases depend on marketplace conditions and other factors. In addition, future dividend payments and share repurchases remain subject to the discretion of our Board of Directors.
Important factors that could cause actual results to differ materially from those contained in the forward-looking statements included in this release are described in our publicly filed reports, including our Annual Report on Form 10-K for the year ended December 31, 2025. These factors and risks include the following:
▪ our inability to anticipate and respond to changes in adult nicotine consumer preferences and purchase behavior;
▪ the growth of the e-vapor category, including illicit disposable e-vapor products, which contributes to reductions in domestic cigarette consumption levels and shipment volume;
▪ the impact of illicit trade in nicotine products and the sale of products designed to avoid the regulatory framework for nicotine products, each of which contribute to reductions in the consumption levels and shipment volumes of our operating companies’ products;
▪ our failure to develop and commercialize innovative products, including nicotine products that may reduce health risks relative to other nicotine products and appeal to adult nicotine consumers;
▪ changes, including in macroeconomic and geopolitical conditions (including inflation, tariffs and the economic impacts of international armed conflicts), that result in shifts in adult nicotine consumer disposable income and purchasing behavior, including choosing lower-priced and discount brands or products, and reductions in shipment volumes;
▪ unfavorable outcomes with respect to litigation proceedings or any governmental investigations, including significant monetary and non-monetary remedies and importation bans;
▪ the risks associated with significant federal, state and local government actions, including U.S. Food and Drug Administration (FDA) regulatory actions and inaction, and various private sector actions;
▪ the risk that regulators, including the FDA, and courts may interpret laws, rules and regulations applicable to our operating companies’ products differently than we do;
▪ our failure to complete or manage successfully strategic relationships or transactions, including acquisitions, dispositions, joint ventures, commercial relationships and investments in third parties, or realize the anticipated benefits of such transactions;
▪ significant changes in price, availability or quality of tobacco, other raw materials or component parts, including as a result of changes in macroeconomic, geopolitical, climate and environmental conditions;
▪ our reliance on a few significant facilities and a small number of key suppliers, distributors and distribution chain service providers and the risks associated with an extended disruption at a facility or in service by a supplier, distributor or distribution chain service provider;
▪ the risk that we may be required to write down goodwill and intangible assets, including trademarks and other intellectual property, due to impairment;
▪ the risks associated with our Initiative, including risks relating to business continuity, our internal control over financial reporting and audit procedures and our ability to recognize the expected efficiencies;
▪ the various risks related to health epidemics and pandemics and the measures that international, federal, state and local governments, agencies, law enforcement and health authorities implement to address them;
▪ our inability to attract and retain a highly skilled workforce due to the decreasing social acceptance of tobacco usage, tobacco control actions and other factors; 11 ▪ the compliance risks associated with our expanded international business activities and the related complexity of U.S. and foreign laws and regulations applicable to those activities;
▪ the risks concerning a challenge to our tax positions, an increase in the income tax rate or other changes to federal or state tax laws;
▪ the risks associated with legal and regulatory requirements related to climate change and other environmental sustainability matters;
▪ disruption and uncertainty in the credit and capital markets, including the risk of losing access to these markets;
▪ the impact of heightened focus by investors and other stakeholders on our performance relating to corporate responsibility matters;
▪ the failure of our, or our key service providers’ or key suppliers’, information systems to function as intended, or cyber-attacks or security breaches affecting us or our key service providers or key suppliers;
▪ our failure, or the failure of our key service providers or key suppliers, to comply with laws related to personal data protection, privacy, artificial intelligence and information security;
▪ the risk that the expected benefits of our investment in ABI may not materialize in the expected manner or timeframe or at all; and
▪ the risks associated with our investment in Cronos, including legal, regulatory and reputational risks and the risk that the expected benefits of the transaction may not materialize in the expected manner or timeframe or at all.
You should understand that it is not possible to predict or identify all factors and risks. Consequently, you should not consider the foregoing list to be complete. We do not undertake to update any forward-looking statement that we may make from time to time except as required by applicable law. All subsequent written and oral forward-looking statements attributable to Altria or any person acting on our behalf are expressly qualified in their entirety by the cautionary statements referenced above.
Source: Altria Group, Altria Client Services Altria Client Services Inc. Mac Livingston, Vice President of Investor Relations Media Relations Investor Relations Richard.M.Livingston@… (804) 484-8222 www.altria.com/contact-…
Schedule 1 ALTRIA GROUP, INC. and Subsidiaries Consolidated Statements of Earnings For the Quarters Ended September 30, (dollars in millions, except per share data) (Unaudited)
2026 2025 % Change ────────────────────────────────────────────────────────────────────────────── Net revenues $ 6,132 $ 6,072 1.0 % Cost of sales1 1,500 1,439 Excise taxes on products1 691 821 Gross profit 3,941 3,812 3.4 % Marketing, administration and research 539 485 costs Exit costs 3 2 Operating companies income 3,399 3,325 2.2 % Amortization of intangibles 21 38 General corporate expenses 65 57 Operating income 3,313 3,230 2.6 % Interest and other debt expense, 270 278 net Net periodic benefit income, excluding -5 -16 service cost (Income) losses from investments in -242 -107 equity securities1 Earnings before income taxes 3,290 3,075 7.0 % Provision for income taxes 776 700 Net earnings 2,514 2,375 5.9 % Net losses attributable to 4 — noncontrolling interest Net earnings attributable to Altria $ 2,518 $ 2,375 6.0 % Per share data: Diluted earnings per share $ 1.51 $ 1.41 7.1 % Weighted-average diluted shares 1,669 1,680 -0.7 % outstanding 1Cost of sales includes charges for resolution expenses related to state settlement agreements and FDA user fees. Supplemental information concerning those items, excise taxes on products sold and (income) losses from investments in equity securities is shown in Schedule 5.
ALTRIA GROUP, INC. and Subsidiaries Consolidated Statements of Earnings For the Nine Months Ended September 30, (dollars in millions, except per share data) (Unaudited) Net revenues Cost of sales1 Excise taxes on products1 Gross profit Marketing, administration and research costs Exit costs Impairment of goodwill Operating companies income Amortization of intangibles General corporate expenses Operating income Interest and other debt expense, net Net periodic benefit income, excluding service cost (Income) losses from investments in 17,671 17,433 equity 4,288 4,149 securities1 2,116 2,373 Earnings 11,267 10,911 before income 1,566 1,502 taxes 24 3 Provision for — 873 income taxes 9,677 8,533 Net earnings 67 112 Net losses 205 173 attributable 9,405 8,248 to 823 815 Schedule 3 noncontrolling (9) (45) 1.4 % interest (487) (398) 3.3 % Net earnings 9,078 7,876 13.4 % attributable 2,083 2,046 14.0 % to Altria 6,995 5,830 15.3 % Per share 4 — 20.0 % data2: 2026 6,999 2025 5,830 % Change 20.1 % ────────────────────────────────────────────────────────────────────────────── Diluted earnings per $ 4.18 $ 3.45 21.2 % share Weighted-aver… diluted shares 1,671 1,685 -0.8 % outstanding 1Cost of sales includes charges for resolution expenses related to state settlement agreements and FDA user fees. Supplemental information concerning those items, excise taxes on products sold and (income) losses from investments in equity securities is shown in Schedule 5. 2Diluted earnings per share are computed independently for each period. Accordingly, the sum of the quarterly earnings per share amounts may not agree to the year-to-date amounts.
ALTRIA GROUP, INC. and Subsidiaries Net Earnings Attributable to Altria Group, Inc. and Diluted Earnings Per Share For the Quarters Ended September 30, (dollars in millions, except per Net Earnings share data) Attributable (Unaudited) to Altria Diluted EPS Schedule 6 ────────────────────────────────────────────────────────────────────────────── 2026 $ 2,518 $ 1.51 2025 $ 2,375 $ 1.41 % Change 6.0 % 7.1 % Reconciliat… 2025 $ 2,375 $ 1.41 2025 NPM Adjustment -2 — Items 2025 Acquisition… 3 — items 2025 Asset impairment, exit and 10 — implementat… costs 2025 Tobacco and health and certain 3 — other litigation items 2025 Amortization 30 0.02 of intangibles 2025 ABI-related 27 0.02 special items 2025 Cronos-rela… 18 0.01 special items 2025 Income -20 -0.01 tax items Subtotal 2025 special 69 0.04 items 2026 Asset impairment, exit and -8 — implementat… costs 2026 Tobacco and health and certain -17 -0.01 other litigation items 2026 Amortization -18 -0.01 of intangibles 2026 ABI-related 27 0.02 special items 2026 Cronos-rela… 6 — special items 2026 Income -19 -0.01 tax items Subtotal 2026 special -29 -0.01 items Fewer shares — 0.01 outstanding Change in 6 — tax rate Operations 97 0.06 2026 $ 2,518 $ 1.51
ALTRIA GROUP, INC. and Subsidiaries Net Earnings Attributable to Altria Group, Inc. and Diluted Earnings Per Share For the Nine Months Ended September 30, (dollars in millions, except per Net Earnings share data) Attributable (Unaudited) to Altria Diluted EPS1 Schedule 8 ────────────────────────────────────────────────────────────────────────────── 2026 $ 6,999 $ 4.18 2025 $ 5,830 $ 3.45 % Change 20.1 % 21.2 % Reconciliat… 2025 $ 5,830 $ 3.45 2025 NPM Adjustment -2 — Items 2025 Acquisition… 80 0.05 items 2025 Asset impairment, exit and 906 0.53 implementat… costs 2025 Tobacco and health and certain 37 0.02 other litigation items 2025 Amortization 92 0.05 of intangibles 2025 ABI-related 28 0.02 special items 2025 Cronos-rela… 2 — special items 2025 Income -7 — tax items Subtotal 2025 special 1,136 0.67 items 2026 NPM Adjustment 9 — Items 2026 Acquisition… -10 — items 2026 Asset impairment, exit and -80 -0.05 implementat… costs 2026 Tobacco and health and certain -91 -0.05 other litigation items 2026 Amortization -60 -0.04 of intangibles 2026 ABI-related -33 -0.02 special items 2026 Cronos-rela… 8 — special items 2026 Income 11 0.01 tax items Subtotal 2026 special -246 -0.15 items Fewer shares — 0.04 outstanding Change in 29 0.02 tax rate Operations 250 0.15 2026 $ 6,999 $ 4.18 1Diluted earnings per share are computed independent… for each period. Accordingly, the sum of the quarterly earnings per share amounts may not agree to the year-to-date amounts.
ALTRIA GROUP, INC. and Subsidiaries Condensed Consolidated Balance Sheets (dollars in millions) (Unaudited) September 30, December 31, Assets 2026 2025 Schedule 11 ────────────────────────────────────────────────────────────────────────────── Cash and cash $ 2,697 $ 4,474 equivalents Inventories 1,084 1,070 Other current 1,017 388 assets Property, plant and 1,669 1,710 equipment, net Goodwill and other intangible 17,616 17,663 assets, net Investments in equity 9,326 8,617 securities Other long-term 1,069 1,095 assets Total assets $ 34,478 $ 35,017 Liabilities and Stockholder… Equity (Deficit) Current portion of $ 1,175 $ 1,569 long-term debt Accrued settlement 1,942 2,178 charges Other current 5,173 5,407 liabilities Long-term 22,886 24,140 debt Deferred 3,577 3,370 income taxes Accrued pension 116 122 costs Accrued postretirem… 942 939 health care costs Other long-term 840 744 liabilities Total 36,651 38,469 liabilities Total stockholder… equity -2,225 -3,502 (deficit) attributable to Altria Noncontroll… 52 50 interest Total liabilities and $ 34,478 $ 35,017 stockholder… equity (deficit) Total debt $ 24,061 $ 25,709
Note: This schedule is intended to provide supplemental financial data for certain income and expense items that management believes are not part of underlying operations and their presentation in Altria’s consolidated statements of earnings. This schedule is not intended to provide, or reconcile, non-GAAP financial measures.
Note: This schedule is intended to provide supplemental financial data for certain income and expense items that management believes are not part of underlying operations and their presentation in Altria’s consolidated statements of earnings. This schedule is not intended to provide, or reconcile, non-GAAP financial measures.
Full text with the tables
Exhibit 99.1
Altria Reports 2026 Third-Quarter and Nine-Months Results;
Announces Expanded Share Repurchase Program;
Raises 2026 Full-Year Earnings Guidance
RICHMOND, 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).
“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. In 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 $5.42 in 2025.”
Altria Headline
Financials1
($ in millions, Change vs. Change vs.
except per share Q3 2026 Q3 2025 Q3 YTD 2026 Q3 YTD 2025
data)
Net revenues $6,132 1.0% $17,671 1.4%
Revenues net of $5,441 3.6% $15,555 3.3%
excise taxes
Reported effective 23.6% 0.8 pp 22.9% (3.1) pp
tax rate
Adjusted effective 23.0% (0.1) pp 23.0% (0.3) pp
tax rate
Reported diluted EPS $1.51 7.1% $4.18 21.2%
Adjusted diluted EPS $1.52 4.8% $4.33 5.1%
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.
As previously announced, a conference call with the investment community and
news media will be webcast on October 29, 2026 at 9:00 a.m. Eastern Time. Access
to the webcast is available at www.altria.com/webcasts.
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.
• In 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.
• We 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.
2
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.
•
Reported 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.
•
Adjusted 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.
T…
1 N…
- M…
A… E…
A… Th… S…
R… 20… Qu… 20… Ch… 20… 3… 20… Ch…
──────────────────────────────────────────────────────────────────────────────
R…
d… $ 1.… $ 1.… 7… % $ 4… $ 3… 2… %
E…
A… — — — 0…
i…
A…
i…
e… — — 0… 0…
a…
i…
c…
T…
a…
h…
a… 0.… — 0… 0…
c…
o…
l…
i…
A…
of 0.… 0.… 0… 0…
i…
A…
s… -0… 0.… 0… 0…
i…
C…
s… — 0.… — —
i…
I…
t… 0.… -0… -… —
i…
A…
d… $ 1.… $ 1.… 4… % $ 4… $ 4… 5… %
E…
Note: For details of pre-tax, tax and after-tax amounts, see Schedule 6, 7, 8 &
9.
3
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.
4
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%.
…
2
-
…
…
… N…
… M…
… E…
… T… S…
… Q… 3…
… 2… 2… C… 2… 2… C…
──────────────────────────────────────────────────────────────────────────────
… $ 5… $ 5… 0… % $ 1… $ 1… … %
…
… -… -… -… -…
…
…
…
… $ 4… $ 4… 3… % $ 1… $ 1… … %
…
…
… $ 3… $ 2… 3… % $ 8… $ 8… … %
…
…
… — -2 -4 -2
…
…
…
… 3 12 17 38
…
…
…
…
…
…
… 16 4 85 44
…
…
…
…
… $ 3… $ 2… 3… % $ 8… $ 8… … %
…
… 0… 0…
… 6… % 6… % pp 6… % 6… % pp
…
… 0… 0…
… 6… % 6… % pp 6… % 6… % pp
…
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%.
5
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%.
…
3
-
…
…
…
…
…
…
…
…
Ni…
T… Mo…
Q… En…
Se…
30,
2… 2… C… 20… 20… Ch…
…
… 13… 14… -6… % 3… 4… -… %
… 697 744 -6… % 1… 2… -… %
…
… 1,… 1,… 40… % 4… 2… 6… %
…
… 15… 16… -2… % 4… 4… -… %
…
…
…
& 456 452 0.9 % 1… 1… 2… %
…
… 1 1 — % 2 2 — %
… 457 453 0.9 % 1… 1… 2… %
…
…
… 16… 16… -2… % 4… 4… -… %
…
…
…
… 1,… 311 1… 2… 7… 10…
…
…
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.
6
Ta…
4 -
Sm…
Pr…
Do…
Ci…
Re…
Sh…
(p…
Ni…
Thi… Mo…
Qua… En…
Se…
30,
Per… Pe…
2026 2025 poi… 20… 20… po…
cha… ch…
Ci…
Ma… 39.5 % 40.5 % -1.0 39.5 % 40.9 % -1…
Ot… 2.1 2.2 -0.1 2.1 2.2 -0…
pr…
Di… 4.1 2.7 1.4 4.0 2.1 1.9
To… 45.7 % 45.4 % 0.3 45.6 % 45.2 % 0.4
ci…
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.
7
ORAL TOBACCO PRODUCTS
Revenues and OCI
Third Quarter
•
Net 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%.
…
5
-
…
…
…
… N…
… M…
… E…
… T… S…
… Q… 3…
… 2… 2… C… 2… 2… C…
──────────────────────────────────────────────────────────────────────────────
… $ 6… $ 6… -… % $ 2… $ 2… … %
…
… -… -… -… -…
…
…
…
… $ 6… $ 6… 0… % $ 2… $ 2… … %
…
…
… $ 4… $ 4… -… % $ 1… $ 1… … %
…
…
…
… 9 1 89 5
…
…
…
… $ 4… $ 4… -… % $ 1… $ 1… … %
…
… (… (…
… 6… % 6… % pp 6… % 6… % pp
…
… (… (…
… 6… % 6… % pp 6… % 6… % pp
…
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%.
8
•
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).
T…
6
-
O…
T…
P…
R…
S…
V…
(…
in
m…
N…
Th… M…
Qu… E…
S…
3…
20… 20… C… 2… 2… C…
C… 79… 88… -1… % 24… 27… -1… %
S… 27… 31… -1… % 84… 96… -1… %
o… 47… 42… 13… % 14… 13… 7.7 %
O… 15… 16… -1… % 48… 47… 1.3 %
T…
o… 17… 17… -4… % 52… 55… -5… %
t…
p…
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.
Ta…
7 -
Or…
To…
Pr…
Re…
Sh…
(p…
Ni…
Thi… Mo…
Qua… En…
Se…
30,
Per… Pe…
2026 2025 poi… 20… 20… po…
cha… ch…
Co… 12.6 % 14.6 % -2.0 13.1 % 15.7 % -2…
Sk… 4.8 5.5 -0.7 5.1 6.0 -0…
on! 8.3 8.2 0.1 8.2 8.4 -0…
Ot… 2.2 2.3 -0.1 2.2 2.4 -0…
To…
or… 27.9 % 30.6 % -2.7 28.6 % 32.5 % -3…
to…
pr…
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). 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. For example, 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. Because
this service represents retail share performance only in key trade channels, it
should not be considered a precise measurement of actual retail share. 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.
9
Altria’s Profile
We are a leader in nicotine with a growing portfolio of products for adult
nicotine consumers age 21+. Today, we are focused on elevating everyday moments
by offering adult nicotine consumers a range of product choices and the
information they need to make informed decisions. All adult nicotine consumers
deserve clear and accurate information – whether they continue using nicotine,
switch from cigarettes to regulated smoke-free alternatives, or quit entirely.
We are Moving Beyond Smoking® by responsibly transitioning adult smokers to a
smoke-free future, competing vigorously for existing smoke-free adult nicotine
consumers and exploring new growth opportunities – beyond the United States and
beyond nicotine (Vision). Guided by innovation, science and responsible business
practices, we are committed to creating long-term value for Altria, our
stakeholders and society.
For decades, we have led the nicotine industry in advocating for science-based
regulation and accountability. Our more than 5,000 employees across the U.S.
advance that work in partnership with thousands of companies across our value
chain.
Our American roots stretch back more than 200 years, and our operating
companies’ brands have served adult nicotine consumers for generations. The
brand portfolios of our operating companies include Marlboro® , Black & Mild® ,
Copenhagen® , Skoal® , on!® and NJOY® . Our wholly owned subsidiaries include
Philip Morris USA Inc. (PM USA), John Middleton Co. (Middleton), U.S. Smokeless
Tobacco Company LLC (USSTC), Helix Innovations LLC (Helix) and NJOY, LLC (NJOY).
We also have a majority-owned joint venture, Horizon Innovations LLC (Horizon),
for the U.S. marketing and commercialization of heated tobacco stick products.
Our investments in equity securities include Anheuser-Busch InBev SA/NV (ABI),
the world’s largest brewer, and Cronos Group Inc. (Cronos), a leading Canadian
cannabinoid company.
Basis of Presentation
We report our financial results in accordance with GAAP. Our management reviews
OCI, which is defined as operating income before general corporate expenses and
amortization of intangibles, to evaluate the performance of, and allocate
resources to, our segments. Our management also reviews certain financial
results, including OCI, OCI margins and diluted EPS, on an adjusted basis, which
excludes certain income and expense items, including those items noted under
“2026 Full-Year Guidance.” Our management does not view any of these special
items to be part of our underlying results as they may be highly variable, may
be unusual or infrequent, are difficult to predict and can distort underlying
business trends and results. Our management also reviews income tax rates on an
adjusted basis. Our adjusted effective tax rate may exclude certain items from
our reported effective tax rate. Our management believes that adjusted financial
measures provide useful additional insight into underlying business trends and
results, and provide a more meaningful comparison of year-over-year results. Our
management uses adjusted financial measures for planning, forecasting and
evaluating business and financial performance, including allocating capital and
other resources and evaluating results relative to employee compensation
targets. These adjusted financial measures are not required by, or calculated in
accordance with, GAAP and may not be calculated the same as similarly titled
measures used by other companies. These adjusted financial measures should thus
be considered as supplemental in nature and not considered in isolation or as a
substitute for the related financial information prepared in accordance with
GAAP. We provide reconciliations of historical adjusted financial measures to
corresponding GAAP measures in this release.
We use the equity method of accounting for our investments in ABI and Cronos and
report our share of ABI’s and Cronos’s results using a one-quarter lag because
ABI’s and Cronos’s results are not available in time for us to record them in
the concurrent period. The one-quarter reporting lag for ABI and Cronos does not
affect our cash flows.
Our reportable segments are (i) smokeable products, consisting of combustible
cigarettes and machine-made large cigars, and (ii) oral tobacco products,
consisting of MST and oral nicotine pouches. We have included results for NJOY,
Horizon, Helix International and other business activities, which primarily
consists of research and development expense related to certain new product
platforms and technologies, in “All Other.” Comparisons are to the corresponding
prior-year period unless otherwise stated.
10
Forward-Looking and Cautionary Statements
This release contains projections of future results and other forward-looking
statements that are subject to a number of risks and uncertainties and are made
pursuant to the Safe Harbor Provisions of the Private Securities Litigation
Reform Act of 1995. Share repurchases depend on marketplace conditions and other
factors. In addition, future dividend payments and share repurchases remain
subject to the discretion of our Board of Directors.
Important factors that could cause actual results to differ materially from
those contained in the forward-looking statements included in this release are
described in our publicly filed reports, including our Annual Report on Form
10-K for the year ended December 31, 2025. These factors and risks include the
following:
▪ our inability to anticipate and respond to changes in adult nicotine consumer
preferences and purchase behavior;
▪ our inability to compete effectively;
▪ the growth of the e-vapor category, including illicit disposable e-vapor
products, which contributes to reductions in domestic cigarette consumption
levels and shipment volume;
▪ the impact of illicit trade in nicotine products and the sale of products
designed to avoid the regulatory framework for nicotine products, each of which
contribute to reductions in the consumption levels and shipment volumes of our
operating companies’ products;
▪ our failure to develop and commercialize innovative products, including
nicotine products that may reduce health risks relative to other nicotine
products and appeal to adult nicotine consumers;
▪ changes, including in macroeconomic and geopolitical conditions (including
inflation, tariffs and the economic impacts of international armed conflicts),
that result in shifts in adult nicotine consumer disposable income and
purchasing behavior, including choosing lower-priced and discount brands or
products, and reductions in shipment volumes;
▪ unfavorable outcomes with respect to litigation proceedings or any
governmental investigations, including significant monetary and non-monetary
remedies and importation bans;
▪ the risks associated with significant federal, state and local government
actions, including U.S. Food and Drug Administration (FDA) regulatory actions
and inaction, and various private sector actions;
▪ the risk that regulators, including the FDA, and courts may interpret laws,
rules and regulations applicable to our operating companies’ products
differently than we do;
▪ increases in nicotine product-related taxes;
▪ our failure to complete or manage successfully strategic relationships or
transactions, including acquisitions, dispositions, joint ventures, commercial
relationships and investments in third parties, or realize the anticipated
benefits of such transactions;
▪ significant changes in price, availability or quality of tobacco, other raw
materials or component parts, including as a result of changes in macroeconomic,
geopolitical, climate and environmental conditions;
▪ our reliance on a few significant facilities and a small number of key
suppliers, distributors and distribution chain service providers and the risks
associated with an extended disruption at a facility or in service by a
supplier, distributor or distribution chain service provider;
▪ the risk that we may be required to write down goodwill and intangible assets,
including trademarks and other intellectual property, due to impairment;
▪ the risks associated with our Initiative, including risks relating to business
continuity, our internal control over financial reporting and audit procedures
and our ability to recognize the expected efficiencies;
▪ the risk that we could decide, or be required, to recall products;
▪ the various risks related to health epidemics and pandemics and the measures
that international, federal, state and local governments, agencies, law
enforcement and health authorities implement to address them;
▪ our inability to attract and retain a highly skilled workforce due to the
decreasing social acceptance of tobacco usage, tobacco control actions and other
factors;
11
▪ the compliance risks associated with our expanded international business
activities and the related complexity of U.S. and foreign laws and regulations
applicable to those activities;
▪ the risks concerning a challenge to our tax positions, an increase in the
income tax rate or other changes to federal or state tax laws;
▪ the risks associated with legal and regulatory requirements related to climate
change and other environmental sustainability matters;
▪ disruption and uncertainty in the credit and capital markets, including the
risk of losing access to these markets;
▪ a downgrade or potential downgrade of our credit ratings;
▪ the impact of heightened focus by investors and other stakeholders on our
performance relating to corporate responsibility matters;
▪ the failure of our, or our key service providers’ or key suppliers’,
information systems to function as intended, or cyber-attacks or security
breaches affecting us or our key service providers or key suppliers;
▪ our failure, or the failure of our key service providers or key suppliers, to
comply with laws related to personal data protection, privacy, artificial
intelligence and information security;
▪ the risk that the expected benefits of our investment in ABI may not
materialize in the expected manner or timeframe or at all; and
▪ the risks associated with our investment in Cronos, including legal,
regulatory and reputational risks and the risk that the expected benefits of the
transaction may not materialize in the expected manner or timeframe or at all.
You should understand that it is not possible to predict or identify all factors
and risks. Consequently, you should not consider the foregoing list to be
complete. We do not undertake to update any forward-looking statement that we
may make from time to time except as required by applicable law. All subsequent
written and oral forward-looking statements attributable to Altria or any person
acting on our behalf are expressly qualified in their entirety by the cautionary
statements referenced above.
Source: Altria Group, Altria Client Services Altria Client Services
Inc.
Mac Livingston, Vice
President of Investor Relations Media Relations
Investor Relations
Richard.M.Livingston@… (804) 484-8222 www.altria.com/contact-…
12
Schedule 1
ALTRIA GROUP, INC.
and Subsidiaries
Consolidated Statements of Earnings
For the Quarters Ended September 30,
(dollars in millions, except per share data)
(Unaudited)
2026 2025 % Change
──────────────────────────────────────────────────────────────────────────────
Net revenues $ 6,132 $ 6,072 1.0 %
Cost of sales1 1,500 1,439
Excise taxes on products1 691 821
Gross profit 3,941 3,812 3.4 %
Marketing, administration and
research 539 485
costs
Exit costs 3 2
Operating companies income 3,399 3,325 2.2 %
Amortization of intangibles 21 38
General corporate expenses 65 57
Operating income 3,313 3,230 2.6 %
Interest and other debt expense, 270 278
net
Net periodic benefit income,
excluding -5 -16
service cost
(Income) losses from investments in -242 -107
equity securities1
Earnings before income taxes 3,290 3,075 7.0 %
Provision for income taxes 776 700
Net earnings 2,514 2,375 5.9 %
Net losses attributable to 4 —
noncontrolling interest
Net earnings attributable to Altria $ 2,518 $ 2,375 6.0 %
Per share data:
Diluted earnings per share $ 1.51 $ 1.41 7.1 %
Weighted-average diluted shares 1,669 1,680 -0.7 %
outstanding
1Cost of sales includes charges for
resolution expenses related to
state
settlement agreements and FDA user
fees.
Supplemental information concerning
those items, excise taxes on
products
sold and (income) losses from
investments in equity securities is
shown in Schedule 5.
AL…
GR…
IN…
and
Su…
Se…
Fi…
Da…
For
the
Qu…
En…
Se…
30,
(d… Net
in Rev… Oral
mi… Smo… Tob… All Sch…
(U… Pro… Pro… Oth… Total 2
──────────────────────────────────────────────────────────────────────────────
20… $ 5,4… $ 688 $ 12 $ 6,1…
20… 5,3… 689 -4 6,0…
% 0.8 % -0.1 % 100… 1.0 %
Ch…
Re…
For
the
qu…
en… $ 5,3… $ 689 $ -4 $ 6,0…
Se…
30,
20…
Op… 45 -1 16 60
For
the
qu…
en… $ 5,4… $ 688 $ 12 $ 6,1…
Se…
30,
20…
Ope…
Com…
Inc…
(Lo…
Smo… Oral All
Pro… Tob… Oth… Total
Pro…
20… $ 3,0… $ 434 $ -88 $ 3,3…
20… 2,9… 459 -76 3,3…
% 3.8 % -5.4 % -15.8 % 2.2 %
Ch…
Re…
For
the
qu…
en… $ 2,9… $ 459 $ -76 $ 3,3…
Se…
30,
20…
NPM
Ad…
It… -2 — — -2
-
20…
As…
im…
ex…
and 12 1 — 13
im…
co…
-
20…
To…
and
he…
and
ce… 4 — — 4
ot…
li…
it…
-
20…
14 1 — 15
As…
im…
ex…
and -3 -9 — -12
im…
co…
-
20…
To…
and
he…
and
ce… -16 — — -16
ot…
li…
it…
-
20…
-19 -9 — -28
Op… 116 -17 -12 87
For
the
qu…
en… $ 3,0… $ 434 $ -88 $ 3,3…
Se…
30,
20…
ALTRIA GROUP,
INC.
and
Subsidiaries
Consolidated
Statements of
Earnings
For the Nine
Months Ended
September 30,
(dollars in
millions,
except per
share data)
(Unaudited)
Net revenues
Cost of sales1
Excise taxes
on products1
Gross profit
Marketing,
administration
and research
costs
Exit costs
Impairment of
goodwill
Operating
companies
income
Amortization
of intangibles
General
corporate
expenses
Operating
income
Interest and
other debt
expense, net
Net periodic
benefit
income,
excluding
service cost
(Income)
losses from
investments in 17,671 17,433
equity 4,288 4,149
securities1 2,116 2,373
Earnings 11,267 10,911
before income 1,566 1,502
taxes 24 3
Provision for — 873
income taxes 9,677 8,533
Net earnings 67 112
Net losses 205 173
attributable 9,405 8,248
to 823 815 Schedule 3
noncontrolling (9) (45) 1.4 %
interest (487) (398) 3.3 %
Net earnings 9,078 7,876 13.4 %
attributable 2,083 2,046 14.0 %
to Altria 6,995 5,830 15.3 %
Per share 4 — 20.0 %
data2: 2026 6,999 2025 5,830 % Change 20.1 %
──────────────────────────────────────────────────────────────────────────────
Diluted
earnings per $ 4.18 $ 3.45 21.2 %
share
Weighted-aver…
diluted shares 1,671 1,685 -0.8 %
outstanding
1Cost of sales
includes
charges for
resolution
expenses
related to
state
settlement
agreements and
FDA user fees.
Supplemental
information
concerning
those items,
excise taxes
on products
sold and
(income)
losses from
investments in
equity
securities is
shown in
Schedule 5.
2Diluted
earnings per
share are
computed
independently
for each
period.
Accordingly,
the sum of the
quarterly
earnings per
share amounts
may not agree
to the
year-to-date
amounts.
AL…
GR…
IN…
and
Su…
Se…
Fi…
Da…
For
the
Ni…
Mo…
En…
Se…
30,
(d… Net
in Rev… Oral
mi… Smo… Tob… All Sch…
(U… Pro… Pro… Oth… Tot… 4
──────────────────────────────────────────────────────────────────────────────
20… $ 15,… $ 2,0… $ 19 $ 17,…
20… 15,… 2,0… -29 17,…
% 1.4 % -1.2 % 100… 1.4 %
Ch…
Re…
For
the
ni…
mo… $ 15,… $ 2,0… $ -29 $ 17,…
en…
Se…
30,
20…
Ac…
it… — — 42 42
-
20…
Op… 216 -26 6 196
For
the
ni…
mo… $ 15,… $ 2,0… $ 19 $ 17,…
en…
Se…
30,
20…
Ope…
Com…
Inc…
(Lo…
Smo… Oral All
Pro… Tob… Oth… Tot…
Pro…
20… $ 8,6… $ 1,2… $ -241 $ 9,6…
20… 8,3… 1,3… -1,… 8,5…
% 3.9 % -10… % 79.9 % 13.4 %
Ch…
Re…
For
the
ni…
mo… $ 8,3… $ 1,3… $ -1,… $ 8,5…
en…
Se…
30,
20…
NPM
Ad…
It… -2 — — -2
-
20…
Ac…
it… — — 86 86
-
20…
As…
im…
ex…
and 38 5 873 916
im…
co…
-
20…
To…
and
he…
and
ce… 44 — — 44
ot…
li…
it…
-
20…
80 5 959 1,0…
NPM
Ad…
It… 4 — — 4
-
20…
As…
im…
ex…
and -17 -89 — -106
im…
co…
-
20…
To…
and
he…
and
ce… -85 — — -85
ot…
li…
it…
-
20…
-98 -89 — -187
Op… 345 -56 -2 287
For
the
ni…
mo… $ 8,6… $ 1,2… $ -241 $ 9,6…
en…
Se…
30,
20…
ALTR…
GROU…
INC.
and
Subs…
Supp…
Fina…
Data
(dol…
in
mill…
(Una…
The
segm…
deta…
of For
exci… For the
taxes the Nine
on Quart… Months
prod… Ended Ended
sold Septe… Septe…
is as 30, 30, Schedu…
foll… 2026 2025 2026 2025 5
──────────────────────────────────────────────────────────────────────────────
Smok… $ 670 $ 797 $ 2,050 $ 2,299
prod…
Oral
toba… 21 24 66 74
prod…
$ 691 $ 821 $ 2,116 $ 2,373
The
segm…
deta…
of
char…
for
reso…
expe…
rela…
to
state
sett…
agre…
incl…
in
cost
of
sales
is as
foll…
Smok… $ 775 $ 792 $ 2,228 $ 2,278
prod…
$ 775 $ 792 $ 2,228 $ 2,278
The
segm…
deta…
of
FDA
user
fees
incl…
in
cost
of
sales
is as
foll…
Smok… $ 60 $ 64 $ 187 $ 184
prod…
Oral
toba… 1 2 4 4
prod…
$ 61 $ 66 $ 191 $ 188
The
deta…
of
(inc…
loss…
from
inve…
in
equi…
secu…
is as
foll…
ABI $ -228 $ -123 $ -468 $ -396
Cron… -14 16 -19 -2
$ -242 $ -107 $ -487 $ -398
ALTRIA
GROUP, INC.
and
Subsidiaries
Net Earnings
Attributable
to Altria
Group, Inc.
and Diluted
Earnings Per
Share
For the
Quarters
Ended
September
30,
(dollars in
millions,
except per Net Earnings
share data) Attributable
(Unaudited) to Altria Diluted EPS Schedule 6
──────────────────────────────────────────────────────────────────────────────
2026 $ 2,518 $ 1.51
2025 $ 2,375 $ 1.41
% Change 6.0 % 7.1 %
Reconciliat…
2025 $ 2,375 $ 1.41
2025 NPM
Adjustment -2 —
Items
2025
Acquisition… 3 —
items
2025 Asset
impairment,
exit and 10 —
implementat…
costs
2025 Tobacco
and health
and certain 3 —
other
litigation
items
2025
Amortization 30 0.02
of
intangibles
2025
ABI-related 27 0.02
special
items
2025
Cronos-rela… 18 0.01
special
items
2025 Income -20 -0.01
tax items
Subtotal
2025 special 69 0.04
items
2026 Asset
impairment,
exit and -8 —
implementat…
costs
2026 Tobacco
and health
and certain -17 -0.01
other
litigation
items
2026
Amortization -18 -0.01
of
intangibles
2026
ABI-related 27 0.02
special
items
2026
Cronos-rela… 6 —
special
items
2026 Income -19 -0.01
tax items
Subtotal
2026 special -29 -0.01
items
Fewer shares — 0.01
outstanding
Change in 6 —
tax rate
Operations 97 0.06
2026 $ 2,518 $ 1.51
AL…
GR…
IN…
and
Su…
Re…
of
GA…
and
no…
Me…
For
the
Qu…
En…
Se…
30,
(d…
in
mi…
ex… Net
per Ear… Pro… Ear…
sh… bef… for Att…
da… Inc… Inc… to Dil… Sc…
(U… Tax… Tax… Alt… EPS 7
──────────────────────────────────────────────────────────────────────────────
20… $ 3,2… $ 776 $ 2,5… $ 1.…
Re…
Ac… -1 -1 — —
it…
As…
im…
ex… 12 4 8 —
and
im…
co…
To…
and
he…
and 23 6 17 0.…
ce…
ot…
li…
it…
Am…
of 21 3 18 0.…
in…
AB…
sp… -37 -10 -27 -0…
it…
Cr…
sp… -7 -1 -6 —
it…
In…
tax — -19 19 0.…
it…
20…
Ad…
for $ 3,3… $ 758 $ 2,5… $ 1.…
Sp…
It…
20… $ 3,0… $ 700 $ 2,3… $ 1.…
Re…
NPM
Ad… -2 — -2 —
It…
Ac… 1 -2 3 —
it…
As…
im…
ex… 13 3 10 —
and
im…
co…
To…
and
he…
and 3 — 3 —
ce…
ot…
li…
it…
Am…
of 38 8 30 0.…
in…
AB…
sp… 34 7 27 0.…
it…
Cr…
sp… 18 — 18 0.…
it…
In…
tax — 20 -20 -0…
it…
20…
Ad…
for $ 3,1… $ 736 $ 2,4… $ 1.…
Sp…
It…
20…
Re…
Net
Ea…
At…
to $ 2,5… $ 1.…
Al…
and
Re…
Di…
EPS
20…
Re…
Net
Ea…
At…
to $ 2,3… $ 1.…
Al…
and
Re…
Di…
EPS
% 6.0 % 7.1 %
Ch…
20…
Ad…
Net
Ea…
At…
to $ 2,5… $ 1.…
Al…
and
Ad…
Di…
EPS
20…
Ad…
Net
Ea…
At…
to $ 2,4… $ 1.…
Al…
and
Ad…
Di…
EPS
% 4.2 % 4.8 %
Ch…
Rep… Adj…
20…
Ef… 23.6 % 23.0 %
Tax
Ra…
20…
Ef… 22.8 % 23.1 %
Tax
Ra…
Ch… 0.8 (0…
pp pp
1R…
ef…
tax
ra…
is
ca…
as
re…
pr…
for
in…
ta…
di…
by
re…
ea…
be…
in…
ta…
pr…
ab…
2A…
ef…
tax
ra…
is
ca…
as
pr…
for
in…
ta…
ad…
for
sp…
it…
di…
by
ea…
be…
in…
ta…
ad…
for
sp…
it…
pr…
ab…
ALTRIA
GROUP, INC.
and
Subsidiaries
Net Earnings
Attributable
to Altria
Group, Inc.
and Diluted
Earnings Per
Share
For the Nine
Months Ended
September
30,
(dollars in
millions,
except per Net Earnings
share data) Attributable
(Unaudited) to Altria Diluted EPS1 Schedule 8
──────────────────────────────────────────────────────────────────────────────
2026 $ 6,999 $ 4.18
2025 $ 5,830 $ 3.45
% Change 20.1 % 21.2 %
Reconciliat…
2025 $ 5,830 $ 3.45
2025 NPM
Adjustment -2 —
Items
2025
Acquisition… 80 0.05
items
2025 Asset
impairment,
exit and 906 0.53
implementat…
costs
2025 Tobacco
and health
and certain 37 0.02
other
litigation
items
2025
Amortization 92 0.05
of
intangibles
2025
ABI-related 28 0.02
special
items
2025
Cronos-rela… 2 —
special
items
2025 Income -7 —
tax items
Subtotal
2025 special 1,136 0.67
items
2026 NPM
Adjustment 9 —
Items
2026
Acquisition… -10 —
items
2026 Asset
impairment,
exit and -80 -0.05
implementat…
costs
2026 Tobacco
and health
and certain -91 -0.05
other
litigation
items
2026
Amortization -60 -0.04
of
intangibles
2026
ABI-related -33 -0.02
special
items
2026
Cronos-rela… 8 —
special
items
2026 Income 11 0.01
tax items
Subtotal
2026 special -246 -0.15
items
Fewer shares — 0.04
outstanding
Change in 29 0.02
tax rate
Operations 250 0.15
2026 $ 6,999 $ 4.18
1Diluted
earnings per
share are
computed
independent…
for each
period.
Accordingly,
the sum of
the
quarterly
earnings per
share
amounts may
not agree
to the
year-to-date
amounts.
AL…
GR…
IN…
and
Su…
Re…
of
GA…
and
no…
Me…
For
the
Ni…
Mo…
En…
Se…
30,
(d…
in
mi…
ex… Net
per Ear… Pro… Ear…
sh… bef… for Att…
da… Inc… Inc… to Dilu… Sch…
(U… Tax… Tax… Alt… EPS1 9
──────────────────────────────────────────────────────────────────────────────
20… $ 9,0… $ 2,0… $ 6,9… $ 4.18
Re…
NPM
Ad… -11 -2 -9 —
It…
Ac… 13 3 10 —
it…
As…
im…
ex… 106 26 80 0.05
and
im…
co…
To…
and
he…
and 120 29 91 0.05
ce…
ot…
li…
it…
Am…
of 67 7 60 0.04
in…
AB…
sp… 41 8 33 0.02
it…
Cr…
sp… -9 -1 -8 —
it…
In…
tax — 11 -11 -0.…
it…
20…
Ad…
for $ 9,4… $ 2,1… $ 7,2… $ 4.33
Sp…
It…
20… $ 7,8… $ 2,0… $ 5,8… $ 3.45
Re…
NPM
Ad… -2 — -2 —
It…
Ac… 96 16 80 0.05
it…
As…
im…
ex… 916 10 906 0.53
and
im…
co…
To…
and
he…
and 48 11 37 0.02
ce…
ot…
li…
it…
Am…
of 112 20 92 0.05
in…
AB…
sp… 36 8 28 0.02
it…
Cr…
sp… 2 — 2 —
it…
In…
tax — 7 -7 —
it…
20…
Ad…
for $ 9,0… $ 2,1… $ 6,9… $ 4.12
Sp…
It…
20…
Re…
Net
Ea…
At…
to $ 6,9… $ 4.18
Al…
and
Re…
Di…
EPS
20…
Re…
Net
Ea…
At…
to $ 5,8… $ 3.45
Al…
and
Re…
Di…
EPS
% 20.1 % 21.2 %
Ch…
20…
Ad…
Net
Ea…
At…
to $ 7,2… $ 4.33
Al…
and
Ad…
Di…
EPS
20…
Ad…
Net
Ea…
At…
to $ 6,9… $ 4.12
Al…
and
Ad…
Di…
EPS
% 4.0 % 5.1 %
Ch…
Rep… Adju…
20…
Ef… 22.9 % 23.0 %
Tax
Ra…
20…
Ef… 26.0 % 23.3 %
Tax
Ra…
Ch… (3.… (0.…
pp pp
1D…
ea…
per
sh…
are
co…
in…
for
ea…
pe…
Ac…
the
sum
of
the
qu…
ea…
per
sh…
am…
may
not
ag…
to
the
ye…
am…
2R…
ef…
tax
ra…
is
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(U… Tax… Tax… Alt… EPS 10
──────────────────────────────────────────────────────────────────────────────
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ALTRIA
GROUP, INC.
and
Subsidiaries
Condensed
Consolidated
Balance
Sheets
(dollars in
millions)
(Unaudited) September 30, December 31,
Assets 2026 2025 Schedule 11
──────────────────────────────────────────────────────────────────────────────
Cash and
cash $ 2,697 $ 4,474
equivalents
Inventories 1,084 1,070
Other
current 1,017 388
assets
Property,
plant and 1,669 1,710
equipment,
net
Goodwill and
other
intangible 17,616 17,663
assets,
net
Investments
in equity 9,326 8,617
securities
Other
long-term 1,069 1,095
assets
Total assets $ 34,478 $ 35,017
Liabilities
and
Stockholder…
Equity
(Deficit)
Current
portion of $ 1,175 $ 1,569
long-term
debt
Accrued
settlement 1,942 2,178
charges
Other
current 5,173 5,407
liabilities
Long-term 22,886 24,140
debt
Deferred 3,577 3,370
income taxes
Accrued
pension 116 122
costs
Accrued
postretirem… 942 939
health care
costs
Other
long-term 840 744
liabilities
Total 36,651 38,469
liabilities
Total
stockholder…
equity -2,225 -3,502
(deficit)
attributable
to Altria
Noncontroll… 52 50
interest
Total
liabilities
and $ 34,478 $ 35,017
stockholder…
equity
(deficit)
Total debt $ 24,061 $ 25,709
…
…
…
…
…
…
…
…
…
…
…
…
…
…
…
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… M… ot… f…
… a… de… i…
- C… a… Am… G… (i… in
… of r… E… of c… ex… e… S…
… S… c… c… in… e… net s… 12
──────────────────────────────────────────────────────────────────────────────
… $ — $ — $ — $ — $ -1 $ — $ —
…
…
…
… 7 2 3 — — — —
…
…
…
…
…
…
… — 16 — — — 7 —
…
…
…
…
…
… — — — 21 — — —
…
…
… — — — — — — -37
…
…
… — — — — — — -7
…
…
…
…
-
…
…
…
… $ -2 $ — $ — $ — $ — $ — $ —
…
… — — — — 1 — —
…
…
…
… — 11 2 — — — —
…
…
…
…
…
…
… — 4 — — -1 — —
…
…
…
…
…
… — — — 38 — — —
…
…
… — — — — — — 34
…
…
… — — — — — — 18
…
Note: This schedule is intended to provide supplemental financial data for
certain income and expense items that management believes are not part of
underlying operations and their presentation in Altria’s consolidated statements
of earnings. This schedule is not intended to provide, or reconcile, non-GAAP
financial measures.
… …
… …
… … …
… … …
… … … … … … …
… … … … … … … … … …
… … … … … … … … … …
──────────────────────────────────────────────────────────────────────────────
$ — $ … $ — $ — $ — $ — $ — $ … $ —
— — — — — — … — —
— … … … — — — — —
— — … — — — 4 … —
— — — — — … — — —
— — — — — — — — 41
— — — — — — — — -9
$ — $ … $ — $ — $ — $ — $ — $ — $ —
… … — — — — … — —
— — … 3 … — — — —
— — … — — — — 4 —
— — — — — … — — —
— — — — — — … — 37
— — — — — — — — 2
Note: This schedule is intended to provide supplemental financial data for
certain income and expense items that management believes are not part of
underlying operations and their presentation in Altria’s consolidated statements
of earnings. This schedule is not intended to provide, or reconcile, non-GAAP
financial measures.