Altria Group Inc
Q4 2025 Earnings
Market Reaction
S&P 500 over the same 30 days: −1.98%.
Did MO Beat Earnings? Q4 2025 Results
Altria Group delivered a stronger-than-expected fourth quarter, posting adjusted diluted EPS of $1.30 against a consensus estimate of $1.2453 — a beat of 4.39% — while revenue of $5.85 billion topped expectations by 27.85% and climbed 29.4% year-over-year. The headline numbers, however, masked a more complicated picture: reported diluted EPS fell 63.1% to $0.66, dragged down by $1.30 billion in non-cash impairment charges tied to the NJOY e-vapor segment. The smokeable products business — Altria's core profit engine — saw Q4 net revenues slip 2.7% as domestic cigarette volumes fell 7.9%, with Marlboro's total category share retreating 1.5 points to 39.8% amid illicit e-vapor competition and discount-segment encroachment. Investors are weighing those structural pressures against the company's <a href="https://247wallst.com/investing/2026/02/10/altrias-6-5-dividend-has-been-raised-for-20-years-but-will-it-continue/">20-year dividend growth record</a> and a pending CEO transition. For 2026, Altria guided adjusted diluted EPS of $5.56 to $5.72, implying growth of 2.5% to 5.5%, with results expected to be back-half weighted.
- Higher pricing in smokeable and oral tobacco segments partially offsetting volume declines
- Fewer shares outstanding from $1 billion in share repurchases during 2025
- Lower adjusted tax rate of 23.2% for full year 2025 vs. 24.2% prior year
- Optimize & Accelerate initiative delivering cost savings
- Equity income from ABI investment of $498 million for full year
“2025 was a year of continued momentum for Altria, marked by strong financial performance, strategic progress across our smoke-free portfolio, new relationships in support of our long-term growth goals and significant cash returns to shareholders. For the full year, we grew adjusted diluted earnings per share by 4.4% and returned $8 billion to shareholders through dividends and share repurchases combined.”
Altria CEO, on the earnings call
Forward Guidance & Outlook
Altria expects 2026 full-year adjusted diluted EPS of $5.56 to $5.72, representing growth of 2.5% to 5.5% from a 2025 base of $5.42. Growth is expected to be weighted to the second half of 2026, reflecting a progressive increase in cigarette import and export activity. The guidance contemplates planned investments to support contract manufacturing capabilities, limited impact on combustible and e-vapor product volumes from illicit enforcement efforts, and that NJOY ACE does not return to the marketplace in 2026. The 2026 adjusted effective tax rate is expected to be 22.5% to 23.5%, capital expenditures between $300 million and $375 million, and depreciation and amortization approximately $225 million.
MO YoY Financials
MO Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.