Altria Group (MO) Q4 2024 earnings summary

Executive summary

• Achieved strong 2024 financial results with adjusted diluted EPS up 3.4% to $5.12 and over $10.2B returned to shareholders via dividends and share repurchases.

• Advanced smoke-free strategy with NJOY and on! volume and share growth, expanded distribution, and Helix achieving profitability ahead of schedule.

• Regulatory and illicit e-vapor market challenges, with illicit products now over 60% of the category, are impacting ability to meet 2028 smoke-free goals and prompting a reassessment of targets.

• Ongoing patent litigation and ITC exclusion order against NJOY ACE may affect product availability.

Financial highlights

• Adjusted diluted EPS for 2024 was $5.12, up 3.4% from 2023; 2025 guidance set at $5.22–$5.37, representing 2–5% growth.

• Returned $10.2B to shareholders in 2024, including $6.8B in dividends and $3.4B in share repurchases.

• Smokable products segment adjusted OCI grew 5.5% in Q4 and 2% for the year; margins expanded to 61.6% for the year.

• Oral tobacco segment adjusted OCI grew 13% in Q4 and 5.2% for the year; margins reached 67.8% for the year.

• Full-year net revenues were $24.0B, down 1.9% from 2023; net revenues net of excise taxes were $20.4B, down 0.3%.

Outlook and guidance

• 2025 adjusted diluted EPS guidance of $5.22–$5.37, reflecting 2–5% growth, includes one fewer shipping day and assumes limited impact from enforcement on illicit e-vapor products.

• Guidance incorporates reinvestment of cost savings, lower expected net periodic benefit income, and a 23–24% effective tax rate.

• Board authorized a new $1B share repurchase program for 2025.