10-K · May 27, 2026
Altria Group, Inc. showed mixed results in its 2025 10-K filing. While total revenue for the year was $20.96 billion, reflecting a 2% increase from the previous year, the company faced challenges with reduced volume…
Earnings analysis · 10-Q
MO earnings analysis
Filed October 29, 2026 · Our reading of the company's report
The latest report
Altria delivered Q3 net revenue of $6.132 billion and adjusted diluted EPS of $1.52, beating estimates of $5.305 billion and $1.51, respectively. Revenue increased approximately 1.0% year over year and EPS rose 7.8%…
Read full summary
Altria delivered Q3 net revenue of $6.132 billion and adjusted diluted EPS of $1.52, beating estimates of $5.305 billion and $1.51, respectively. Revenue increased approximately 1.0% year over year and EPS rose 7.8% year over year, with Smokeable Products growth offsetting weakness in oral tobacco and cigarette volumes. Management raised 2026 adjusted EPS guidance to $5.66-$5.74, although the filing excerpt does not provide current-quarter gross margin, operating margin, free cash flow, or segment revenue figures. Risk factors were unchanged from the 2025 Form 10-K, while fixed-rate debt carried $1.5 billion of fair-value sensitivity to a 1% rate increase.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $1.52
What stood out
-
Revenue beat consensus
Q3 net revenue was $6.132 billion, up approximately 1.0% from $6.07 billion in Q3 2025 and $0.827 billion, or 15.6%, above the $5.305 billion consensus estimate.
-
Adjusted EPS increased
Adjusted diluted EPS was $1.52, exceeding the $1.51 consensus estimate by $0.01 and increasing 7.8% from $1.41 in Q3 2025 and 10.9% from $1.37 in Q2 2026.
-
Smokeable Products led growth
The Smokeable Products segment was identified as the primary growth driver and more than offset pressure in oral tobacco and cigarette volumes; segment revenue figures were not included in the provided filing text.
-
Repurchase authorization expanded
The board authorized a $1.0 billion expansion of the share repurchase program in October 2026, extending its expiration to December 31, 2027. Altria repurchased 5,837,932 shares under the program during the quarter, leaving approximately $264.9 million available.
-
Debt fair value declined
Long-term debt was fixed-rate, with reported fair value of $21.0 billion at September 30, 2026, versus $24.3 billion at December 31, 2025.
What to watch
-
Interest-rate sensitivity
A 1% increase in market interest rates would reduce the fair value of fixed-rate long-term debt by $1.5 billion; a 1% decrease would increase it by $1.7 billion as of September 30, 2026.
-
Buyback authorization largely utilized
The company repurchased 5,837,932 shares at an average price of $68.52 during the quarter, while only $264.9 million remained under the program after the September activity, limiting remaining authorization before the expanded program takes effect.
-
Litigation exposure remains
The filing references pending legal proceedings and provides Exhibits 99.1 and 99.2 for certain litigation matters and trial schedules; no quantified litigation exposure was included in the provided excerpt.
Management's outlook
Management raised 2026 adjusted diluted EPS guidance to $5.66-$5.74 from the prior outlook, representing 4.5%-6.0% growth from the $5.42 2025 base. Guidance contemplates NJOYACE not returning to the marketplace in 2026; no revenue guidance was provided.
Earlier filings 2
10-Q · April 30, 2026
Altria Group reported strong Q1 2026 results with revenue of $5.43B, exceeding expectations and showing year-over-year growth of 7.3%. Adjusted EPS also rose to $1.32, reflecting a 7.3% increase from the previous year.…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.