Company Description
Our tobacco companies – which have been the undisputed market leaders in the U.S. tobacco industry for decades – include some of the most enduring names in American business. In combustibles, we own Philip Morris USA, the maker of Marlboro cigarettes and John Middleton, manufacturer of Black & Mild cigars. Our smoke-free portfolio includes ownership of U.S. Smokeless Tobacco Company, the maker of Copenhagen and Skoal, Helix Innovations, the maker of on! oral nicotine pouches and NJOY, maker of NJOY ACE, and NJOY DAILY, the first e-vapor products to receive market authorizations from the Food and Drug Administration for both tobacco and menthol variants.
Additionally, we have a majority-owned joint venture with JT Group, Horizon Innovations, for the U.S. marketing and commercialization of heated tobacco stick products.
Our equity investments include Anheuser-Busch InBev SA/NV, the world’s largest brewer and Cronos Group, a leading Canadian cannabinoid company.
Current Stock Price:
$ 61.10
2025 Financial Results (Reported 29 Jan 2026)
Fourth Quarter (Q4 2025)
- Net revenues: $5.846 billion, down 2.1% vs Q4 2024.
- Revenues net of excise taxes: $5.079 billion, down 0.5%.
- Reported diluted EPS: $0.66 (down sharply due to special items).
- Adjusted diluted EPS: $1.30, roughly flat vs prior year.
- Revenue-beat performance, but mixed margins and EPS results.
Full Year 2025
- Total net revenues: $23.279 billion (down 3.1%).
- Revenues net of excise taxes: $20.139 billion (down 1.5%).
- Reported diluted EPS: $4.12 (down 37%).
- Adjusted diluted EPS: $5.42, up 4.4% — showing underlying performance growth.
- Returned $8 billion to shareholders via dividends and share repurchases.
Shareholder Returns
- Repurchased 17.1 million shares in 2025 at $58.50 average.
- Paid $7 billion in dividends for the full year.
2026 Earnings Guidance
Altria expects 2026 adjusted diluted EPS of $5.56 to $5.72 per share. This implies approximately 2.5%–5.5% growth over the 2025 base EPS of $5.42. The company anticipates earnings growth weighted toward the second half of the year.
Business & Strategic Highlights
Smoke-Free Portfolio Progress
- The FDA authorized on! PLUS mint, wintergreen, and tobacco variants late in 2025.
- Additional on! PLUS flavor applications are under review.
Cost Efficiency Initiative
- The Optimize & Accelerate initiative is progressing on schedule, expected to deliver $600 million in cumulative cost savings by 2029, with some charges and reinvestments planned.
Long-Term Strategy
- Altria reaffirmed commitment to innovating in smoke-free products and exploring non-nicotine categories. International expansion and new product concepts are ongoing.
Market & Analyst Reaction
Several news outlets reported mixed market reactions following the earnings release:
- Revenue beat, but EPS missed some expectations and margins showed pressure.
- Net income around $1.12 billion for Q4.
- Stock price fell initially after earnings due to concerns over smokeless category performance and competitive pressures.
Analysts have highlighted competitive pressures in smokeless tobacco products and ongoing regulatory and market challenges as key near-term issues.
Summary Takeaways
- Adjusted earnings per share grew in 2025 despite revenue declines.
- Guidance for 2026 EPS growth is modest but positive.
- Shareholder returns remain strong through dividends and repurchases.
- Strategic focus on smoke-free products and cost transformation continues.