Altria Group
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Altria Group (MO) investor relations material

Altria Group Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 earnings summary29 Jan, 2026

Executive summary

  • Achieved strong financial performance in 2025, with adjusted diluted EPS up 4.4% year-over-year to $5.42 and $10.2 billion returned to shareholders via dividends and share repurchases.

  • Advanced smoke-free portfolio and strategy, including FDA authorizations for on! PLUS, new product launches, and international expansion in nicotine pouches.

  • Maintained resilience in core tobacco businesses, with solid income growth and margin expansion despite market headwinds.

  • Significant cost savings initiatives underway, including Optimize & Accelerate targeting $600M by 2029.

Financial highlights

  • Adjusted diluted EPS for 2025 was $5.42, up 4.4% from 2024; 2026 guidance set at $5.56–$5.72, representing 2.5%–5.5% growth.

  • Returned $10.2 billion to shareholders in 2025, including $7 billion in dividends and $1 billion in share repurchases; dividend raised by 3.9%.

  • Smokable product segment delivered over $11 billion in adjusted OCI for the year, with margins expanding 1.8 points to 63.4%.

  • Oral tobacco segment adjusted OCI increased 1.3% for the year, with margins up 0.1 points to 67.9%.

  • Recorded $2.2 billion non-cash impairment charge in e-vapor segment due to slower-than-expected enforcement and market factors.

Outlook and guidance

  • 2026 adjusted diluted EPS guidance of $5.56–$5.72, with growth weighted to the second half due to increased import/export activity.

  • Planned investments in contract manufacturing, smoke-free product R&D, and regulatory preparations.

  • CapEx projected at $300–$375 million in 2026, primarily for import/export and smoke-free manufacturing capabilities.

  • Helix (on! and on! PLUS) expected to remain profitable in 2026, with national rollout of on! PLUS in first half.

  • 2026 adjusted effective tax rate expected between 22.5% and 23.5%.

E-vapor impairment impact on future strategy
Impact of illicit e-vapor on smoke-free goals
Oral tobacco: on! share vs. category growth
E-vapor enforcement impact on market
Marlboro share decline strategy
on! PLUS pricing strategy
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Frequently asked questions

Altria Group, Inc. is a holding company, which engages in the manufacture and sale of smokeless tobacco and cigarettes in the United States. Altria Group was founded by father and son, James M. and Chuck S. Hartman in 1919 and is headquartered in Richmond, VA. The Company's operating companies manufacture and distribute cigarettes, smokeless tobacco, processed tobacco, wine and beer. It operates in two segments: Smokeable Products and Smokeless Products.

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