Consumer Staples · NYSE: MO
Altria: how the business works
Altria sells Marlboro cigarettes, cigars and oral nicotine products in the U.S., mostly to wholesalers and large retail chains, with net revenues of $23.3 billion in FY2025, including $3.1 billion of excise taxes.
By Hardik Bhandare · Checked against filings: . Editorial policy. Corrections
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Altria Group, Inc. · Richmond, Virginia
Updated for Q3 FY2026 · checked
- Net revenues, FY2025
- $23.3B
- Net income, FY2025
- $6.9B
- Cigarettes shipped in the U.S., FY2025
- 61.8 billion
- Dividends paid, FY2025
- $7.0B
- Employees, Dec 31, 2025
- About 5,900
The short version
Altria in 5 points
1 · What it sells
Altria sells Marlboro cigarettes, Black & Mild cigars, Copenhagen and Skoal smokeless tobacco and on! nicotine pouches in the U.S., with net revenues of $23.3 billion in FY2025.
2 · Who pays it
In FY2025 one unnamed customer paid about 23% of net revenues and another about 19%, and other wholesalers, distributors and retail chains paid the remaining 58%.
3 · What it keeps from $100
Of every $100 that came in during FY2025, Altria kept $29.1 as net income after $9.0 of mostly NJOY impairment and exit costs, and operating income without those costs was $51.7 per $100 of net revenues.
4 · Where the operating profit comes from
In FY2025 smokeable products earned $10,984 million of segment operating income and oral tobacco $1,828 million, while e-vapor lost $2,297 million after $2,128 million of impairments.
5 · The one thing to watch
Altria's domestic cigarette shipments fell 2.9% in Q3 FY2026, while discount brands' share of U.S. cigarette retail sales rose 2.0 points to 34.1%.
Sources: From Altria's FY2025 10-K and Q3 FY2026 earnings release · checked
See the full receipt and the management scorecard below
01Where the money goes · FY2025
Where does $100 of Altria's money go?
Altria · FY2025
Receipt for every $100
| Federal excise taxes | $13.2 |
|---|---|
| State settlement payments and FDA user fees | $13.7 |
| Making the products | $9.7 |
| Marketing, administration and research | $10.5 |
| Impairment and exit costs (mostly NJOY) | $9.0 |
| Interest | $4.5 |
| Income tax | $10.2 |
| Kept as net income | $29.1 |
| Total | $100 |
Each line = amount ÷ total money in × 100. Lines may not add to exactly $100 because of rounding.
How this is worked out
Cityfort calculation from FY2025 10-K and Q4 FY2025 earnings release. Of every $100 that came in during FY2025 (net revenues of $23,279 million plus $569 million of investment and pension income): each line = line ÷ $23,848 million × 100. The settlement line is the state settlement charges ($3,028 million) and FDA user fees ($250 million) inside cost of sales; the product line is the rest of cost of sales. Impairment and exit costs include $2,128 million of NJOY e-vapor impairments.
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02The business in one line
What does Altria do?
Wholesalers and retail chains pay Altria for Marlboro and other nicotine products; excise taxes, state settlement payments and marketing take the largest shares, and $29.1 of every $100 was left as net income in FY2025.
- Cigarettes and cigars were 88.0% of Altria's FY2025 net revenues and oral tobacco 12.0%. Two unnamed customers paid about 42% between them.
- Altria shipped 10.0% fewer cigarettes in FY2025 than in FY2024, yet its smokeable products segment earned $10,984 million of operating income, up from $10,821 million.
03Who pays it
Who pays Altria?
Largest customer (not named)
23%
of revenue
One customer paid about 23% of FY2025 net revenues, against 22% in FY2024 and 25% in FY2023. Altria sells mainly to wholesalers, including distributors, and large retail chains.
Second-largest customer (not named)
19%
of revenue
Another customer paid about 19% of FY2025 net revenues, against 20% in FY2024 and 23% in FY2023.
Other wholesalers, distributors and retail chains
58%
of revenue
No other customer paid 10% or more of net revenues. The rest of FY2025 net revenues, about 58%, came from these buyers (Cityfort calculation from FY2025 10-K).
- Largest customer (not named)23%
- Second-largest customer (not named)19%
- Other wholesalers, distributors and retail chains58%
Customer concentration
Two unnamed customers paid about 42% of Altria's FY2025 net revenues between them (Cityfort calculation from FY2025 10-K). The 10-K does not give a top-5 or top-10 share.
- Largest customer
- 23%
04Why it makes money
Why does Altria make money?
Altria ships fewer cigarettes each year but earns more on each one, so smokeable operating income has held near $11 billion.
Altria's U.S. cigarette shipments fell about 10% a year from FY2023 to FY2025, to 61.8 billion. Over the same years its smokeable products segment's operating income rose from $10,670 million to $10,984 million. Most of the cash goes to dividends and buybacks.
Smokeable products segment operating income (US$ billion)
$10.4$11.0
FY2021 to FY2025
- Marlboro holds about 40% of U.S. cigarette retail sales
- Altria earns more on each cigarette it ships
- That has offset shipments falling about 10% a year
- Plants and brands need little new spending
- Most cash goes to dividends and buybacks
- Dividends per share rose every year from FY2021 to FY2025
↺ Step 6 feeds back into step 1.
05Business segments · FY2025
Which businesses make up Altria?
Smokeable products
88%Cigarettes (Marlboro and others) and cigars (Black & Mild). Its revenue includes $3,042 million of excise taxes and its costs $3,028 million of state settlement charges.
Revenue $20.5B · Operating profit $11.0B
Oral tobacco products
12%Copenhagen, Skoal and Red Seal moist smokeless tobacco and on! nicotine pouches. FY2024 operating income of $1,449 million included a $354 million Skoal trademark impairment.
Revenue $2.8B · Operating profit $1.8B
Other (e-vapor, wine, all other)
0%NJOY e-vapor, a separate segment in the FY2025 10-K (net revenues −$13 million, operating loss $2,297 million after $2,128 million of impairments), plus all other businesses. FY2021 includes $494 million from the wine business sold in October 2021.
Revenue −$8M · Operating profit −$2.5B
How the mix changed
- Smokeable products
- Oral tobacco products
- Other (e-vapor, wine, all other)
Revenue by segment, FY2021 to FY2025.
US$
See the numbers
06The numbers · Consolidated · US$
How has Altria done?
Revenue
$23.3BFY2025
Net revenues, which include excise taxes, fell every year from $26.0 billion in FY2021 to $23.3 billion in FY2025; FY2021 includes $494 million from the wine business sold that October.
US$
See the numbers
Net profit
$6.9BFY2025
Net income ranged from $2.5 billion to $11.3 billion in FY2021–FY2025 because of investment write-downs, a $2,700 million IQOS rights gain in FY2024 and NJOY write-downs in FY2025, while operating income stayed between $9.9 billion and $11.9 billion.
US$
See the numbers
Profit kept per $100 of revenue
$29.8FY2025
Operating income was $42.5 per $100 of net revenues in FY2025, against $44.4 in FY2021; leaving out the FY2025 impairment and exit costs, it was $51.7.
$ of profit per $100 of revenue (net margin)
See the numbers
Free cash flow
$9.1BFY2025
Free cash flow (cash from operations minus capital spending) was $9.1 billion in FY2025, against dividends paid of $7.0 billion; quarterly cash flow is lowest in Q2, when most state settlement payments fall.
US$ · cash from operations minus spending on plants and equipment
See the numbers
See all yearly numbers
EBITDA here = operating income plus depreciation and amortization (from the cash flow statement). Fiscal years are the company's own (Dec 31; Altria's fiscal year is the calendar year, so Q3 FY2026 is July–September 2026. Revenue is net revenues as reported, which include federal excise taxes.). Net profit is the share belonging to the company's owners.
Download Altria's yearly and quarterly numbers (CSV, with source ids)
Learn: Fiscal years that don't end in December: Nvidia's FY2027 explained
Sources (10)
- Form 10-K, fiscal year 2023 (ended Dec 31, 2023)
- Form 10-K, fiscal year 2025 (ended Dec 31, 2025)
- Earnings release, Q4 and full year 2024 (Form 8-K, Ex. 99.1)
- Earnings release, Q1 2025 (Form 8-K, Ex. 99.1)
- Earnings release, Q2 2025 (Form 8-K, Ex. 99.1)
- Earnings release, Q3 2025 (Form 8-K, Ex. 99.1)
- Earnings release, Q4 and full year 2025 (Form 8-K, Ex. 99.1)
- Earnings release, Q1 2026 (Form 8-K, Ex. 99.1)
- Earnings release, Q2 2026 (Form 8-K, Ex. 99.1)
- Earnings release, Q3 2026 (Form 8-K, Ex. 99.1)
07Who runs it
Who runs Altria, and did they deliver?
Salvatore (Sal) Mancuso
Chief Executive Officer · since 2026
CEO since May 14, 2026, succeeding Billy Gifford, who retired at the 2026 annual meeting. Mancuso was Altria's CFO from 2020.
Heather A. Newman
Chief Financial Officer · since 2026
Elected CFO in the succession Altria announced on Dec 11, 2025.
Kathryn McQuade
Independent chair of the board
The board grew from 10 to 11 members when Steven W. Presley joined on Aug 27, 2026.
What they said, and what happened
1 delivered · 3 too early to tell
Said on Jan 30, 2025
Altria said on Jan 30, 2025 that it expected FY2025 adjusted diluted EPS of $5.22 to $5.37; after a change in how it treats amortization, it restated this as $5.30 to $5.45 on Apr 29, 2025.
DeliveredWhat happened
FY2025 adjusted diluted EPS was $5.42, up 4.4%, inside every 2025 range on the restated basis. GAAP diluted EPS was $4.12.
Said on Jan 29, 2026
Altria said on Jan 29, 2026 that it expected FY2026 adjusted diluted EPS of $5.56 to $5.72.
Too early to tellWhat happened
Altria narrowed the range to $5.61–$5.72 on Jul 30, 2026 and raised it to $5.66–$5.74 on Oct 29, 2026. Adjusted EPS for the first nine months was $4.33, up 5.1%.
Said on Feb 25, 2026
Altria's 2028 goals, restated in the FY2025 10-K, include mid-single-digit yearly growth in adjusted diluted EPS from $4.87 in 2022, and debt of about 2.0 times its Consolidated EBITDAOperating profit before wear-and-tear charges (depreciation and amortization). As a margin: per $100 of sales..
Too early to tellWhat happened
Altria stated a 3.6% yearly growth rate from 2022 to 2025. Debt to Consolidated EBITDA was 1.9 times for the 12 months to Sep 30, 2026.
Said on Jul 30, 2026
Altria announced in May 2026 that it would move Nashville moist smokeless tobacco production to a new facility in Hopkinsville, Kentucky, substantially complete in Q1 2028, with about $180 million of pre-tax charges.
Too early to tellWhat happened
Altria had recorded $87 million of these charges in the first nine months of 2026.
Sources (11)
- Form 8-K, Ex. 99.1: CEO Billy Gifford to retire; Sal Mancuso elected CEO, Heather Newman CFO
- Form 8-K, Ex. 99.1: Steven W. Presley elected to the Board
- Definitive proxy statement (DEF 14A), 2026 annual meeting
- Earnings release, Q4 and full year 2024 (Form 8-K, Ex. 99.1)
- Earnings release, Q1 2025 (Form 8-K, Ex. 99.1)
- Earnings release, Q4 and full year 2025 (Form 8-K, Ex. 99.1)
- Earnings release, Q2 2026 (Form 8-K, Ex. 99.1)
- Earnings release, Q3 2026 (Form 8-K, Ex. 99.1)
- Form 10-K, fiscal year 2025 (ended Dec 31, 2025)
- Form 10-Q, Q3 2026 (quarter ended Sep 30, 2026)
- Form 10-Q, Q2 2026 (quarter ended Jun 30, 2026)
08What could go wrong
What could go wrong for Altria?
- Demand
Fewer cigarettes sold each year
Altria's U.S. cigarette shipments fell 10.0% in FY2025 to 61.8 billion, and 2.9% in Q3 FY2026. The 10-K lists shifting adult consumer preferences and falling industry volumes as risks; smokeable products were 88.0% of FY2025 net revenues.
Watch Domestic cigarette shipments and the industry decline in each earnings release.
- Pricing
Smokers trading down to discount brands
The discount share of U.S. cigarette retail sales rose 2.0 points to 34.1% in Q3 FY2026, while Marlboro's share fell 1.0 point to 39.5%. The 10-K names pressure on consumers' spending money as a risk.
Watch Marlboro retail share and discount share in each release.
- Competition
Illicit e-vapor and the NJOY setback
Altria estimates flavored disposable e-vapor products, most of which it believes have evaded FDA review, are about 70% of the e-vapor category. NJOY ACE has been under ITC orders since Mar 31, 2025, and the 10-K says further e-vapor impairments are possible.
Watch E-vapor results inside 'All other' and any change in the NJOY ACE orders.
- Legal
Lawsuits
Plaintiffs allege harm from smoking in 182 individual smoking and health cases pending at Dec 31, 2025, and about 48 Engle progeny cases were pending in Florida state courts in January 2026. The 10-K lists litigation, including patent cases, as a risk.
Watch Case counts and judgments in the litigation note of each 10-Q and 10-K.
- Regulation
FDA rules and excise taxes
The FDA proposed bans on menthol cigarettes and flavored cigars in April 2022; the 10-K says the administration sent them back to the FDA in January 2025. Altria paid $3,140 million of federal excise taxes in FY2025 and lists tax increases as a risk.
Watch FDA product rules and federal or state excise tax changes.
- Concentration
Two customers, 42% of revenue
Two unnamed customers paid about 23% and 19% of Altria's FY2025 net revenues. Altria also relies on a few plants and suppliers, the 10-K says.
Watch The customer shares in each 10-K's segment note.
- Debt
Debt and a stockholders' deficit
Altria owed $24.1 billion at Sep 30, 2026, with a stockholders' deficit of $2,225 million. Interest and other debt expense was $1,079 million in FY2025, and the 10-K lists a credit rating downgrade as a risk.
Watch Debt to Consolidated EBITDA (1.9 times at Sep 30, 2026) and the three agencies' ratings.
- Other
The ABI investment
Altria wrote down its ABI investment by $6.2 billion in 2021 and $2.5 billion in 2022. Its stake of about 8.1% was carried at $9.0 billion at Sep 30, 2026.
Watch The ABI carrying value and any impairment in each 10-Q.
09Both sides
What do supporters and critics point to?
What supporters point to
- Smokeable segment operating income rose from $10,394 million in FY2021 to $10,984 million in FY2025, while U.S. cigarette shipments fell.
- Free cash flow was between $8.1 billion and $9.1 billion in each year from FY2021 to FY2025.
- Dividends declared rose from $3.52 a share in FY2021 to $4.16 in FY2025, and Altria raised the quarterly dividend 4.7% in August 2026.
- Moody's rates Altria A3 and S&P and Fitch BBB+, all with stable outlooks, and Fitch raised its rating in February 2026.
- on! nicotine pouch shipments rose 13.3% in Q3 FY2026.
What critics point to
- Net revenues fell every year from $26.0 billion in FY2021 to $23.3 billion in FY2025.
- U.S. cigarette shipments fell 10.0% in FY2025, and the discount share of retail sales rose to 34.1% in Q3 FY2026.
- The NJOY e-vapor business, bought for $2,751 million in FY2023, lost $2,297 million in FY2025 after $2,128 million of impairments.
- Stockholders' equity has been negative every year since FY2021, and debt was $24.1 billion at Sep 30, 2026.
- Two unnamed customers paid about 42% of FY2025 net revenues.
10What to watch next
What should you watch next at Altria?
Next event
Q4 FY2026 results
Date not announced yet.
Cigarette volumes and discount brands
Shipments fell 2.9% in Q3 FY2026 and discount brands reached 34.1% of U.S. cigarette retail share. Smokeable products were 88.0% of FY2025 net revenues.
on! against other nicotine pouches
Pouches were 61.2% of the U.S. oral tobacco category in Q3 FY2026. on! shipments rose 13.3%, but its share of pouches fell 1.3 points to 13.5%.
NJOY ACE
Altria's Oct 29, 2026 guidance assumes NJOY ACE does not return in 2026. The 10-K says further e-vapor impairments are possible.
The expanded buyback
The board added $1 billion to the repurchase program on Oct 28, 2026, running to Dec 31, 2027. Altria bought back $735 million in the first nine months of 2026.
11Key facts
Key facts about Altria
- What does Altria do?
- Altria Group, Inc. owns U.S. tobacco and nicotine companies: Philip Morris USA (Marlboro cigarettes), John Middleton (Black & Mild cigars), U.S. Smokeless Tobacco (Copenhagen and Skoal), Helix (on! nicotine pouches) and NJOY (e-vapor). Altria's FY2025 net revenues were $23.3 billion, substantially all from the U.S.
- How does Altria make money?
- Altria makes money by selling cigarettes, cigars and oral nicotine products to wholesalers and retail chains. In FY2025 smokeable products (cigarettes and cigars) were 88.0% of Altria's $23.3 billion of net revenues and oral tobacco 12.0%. Net revenues include $3.1 billion of federal excise taxes, which Altria pays on its products.
- Who are Altria's customers?
- Altria sells mainly to wholesalers, including distributors, and large retail chains. In FY2025 Altria's largest customer paid about 23% of net revenues and the second-largest about 19%; the 10-K does not name them. Adult consumers buy the products in stores.
- Is Altria profitable?
- Yes. Altria had operating income of $9.9 billion and net income of $6.9 billion in FY2025, on net revenues of $23.3 billion. FY2025 operating income was after $2,136 million of impairment and exit costs, mostly write-downs of the NJOY e-vapor business. Q3 FY2026 net income was $2.5 billion.
- What is Altria's revenue by segment?
- In FY2025 Altria's smokeable products segment (cigarettes and cigars) had net revenues of $20,485 million (88.0%) and the oral tobacco products segment $2,802 million (12.0%). E-vapor (NJOY) and all other businesses had net revenues of −$8 million combined.
- Who owns Altria?
- Altria Group is widely held, with one class of common stock and one vote per share. Vanguard Capital Management reported 7.5% in a Schedule 13GA filing by anyone who owns more than 5% of a company's shares and does not seek control. Learn more (holding as of Mar 31, 2026), and Altria's 2026 proxy lists BlackRock with 7.56% from a filing as of Dec 31, 2023. Directors and executive officers as a group held about 0.10%.
- How big is Marlboro for Altria?
- Marlboro had 40.5% of U.S. cigarette retail share in FY2025, according to Altria's Q4 FY2025 earnings release. Altria's cigarettes had net revenues of $19,248 million in FY2025, and Altria shipped 61.8 billion cigarettes in the U.S., down 10.0% from FY2024.
- What does Altria sell in oral tobacco?
- Altria's oral tobacco products segment sells Copenhagen and Skoal moist smokeless tobacco and on! nicotine pouches. The segment had FY2025 net revenues of $2,802 million and operating income of $1,828 million. In Q3 FY2026 on! shipments rose 13.3% to 47.8 million cans.
- Does Altria pay a dividend?
- Yes. Altria declared dividends of $4.16 a share in FY2025, up from $3.52 in FY2021, and paid $6,960 million in dividends in FY2025. In August 2026 it raised the quarterly dividend by 4.7%, to an annualized rate of $4.44 a share, according to its Q3 FY2026 earnings release.
Sources (6)
- Form 10-K, fiscal year 2025 (ended Dec 31, 2025)
- Earnings release, Q3 2026 (Form 8-K, Ex. 99.1)
- Definitive proxy statement (DEF 14A), 2026 annual meeting
- Schedule 13G, Vanguard Capital Management (event Mar 31, 2026)
- Earnings release, Q4 and full year 2025 (Form 8-K, Ex. 99.1)
- XBRL company facts (data.sec.gov), Altria Group, Inc.
Terms on this page
- Capital expenditures (capex)
- Customer concentration
- Earnings per share (EPS)
- EBITDA
- Free cash flow
- Interest coverage
- Market cap
- Net debt
- Net margin
- P/E ratio
Each explains the term in plain English, with the same number from other companies on Cityfort.
Go deeper
More detail from the same filings. Open any section.
12What it sells
12What it sells
What does Altria sell?
Cigarettes ($19.2B net revenues in FY2025)
Marlboro and other brands made by Philip Morris USA. Marlboro has been the largest-selling U.S. cigarette brand for more than 50 years, the 10-K says.
Cigars ($1.2B)
Black & Mild and other cigars sold by John Middleton, which gets substantially all of them from a third-party importer; about 1.8 billion units shipped in FY2025.
Oral tobacco ($2.8B)
Copenhagen, Skoal and Red Seal moist smokeless tobacco from U.S. Smokeless Tobacco, and on! nicotine pouches from Helix: 732.4 million cans shipped in FY2025.
E-vapor (NJOY)
NJOY e-vapor products. Its NJOY ACE device has been under U.S. import and sales orders since Mar 31, 2025, after a patent case brought by JUUL.
What it does
- Does: Sells almost entirely in the U.S.: substantially all FY2025 net revenues came from the U.S.
- Does: Pays federal excise tax on its products ($3,140 million in FY2025), which is included in net revenues
- Does: Owns about 8.1% of Anheuser-Busch InBev (ABI) and a stake in Cronos, counted as investments (Sep 30, 2026)
- Does: Owns 75% of Horizon Innovations, a joint venture with Japan Tobacco for heated tobacco sticks
What it does not do
- Does not: Does not own the U.S. rights to IQOS any more: it sold them to Philip Morris International, booking a $2,700 million gain in FY2024
- Does not: Has not owned a wine business since it sold Ste. Michelle in October 2021
13How the money flows
13How the money flows · FY2025
How does money flow through Altria?
Money in
- Smokeable products (cigarettes and cigars)$20.5B
- Oral tobacco, e-vapor and other$2.8B
- Income from investments (ABI, Cronos) and pension income$569M
The company
Altria
$23.8B came in
Money out
- Federal excise taxes$3.1B
- State settlement payments and FDA user fees$3.3B
- Making the products (other cost of sales)$2.3B
- Marketing, administration and research$2.5B
- Impairment and exit costs (mostly NJOY e-vapor)$2.1B
- Interest$1.1B
- Income tax$2.4B
- Net income$6.9B
- Wholesalers and retail chains paid Altria $23.3 billion in FY2025, and investments added $569 million.
- Altria passed $3.1 billion to the federal government as excise tax on its products.
- State settlement payments and FDA user fees took $3.3 billion, and making the products $2.3 billion more.
- Marketing, administration and research cost $2.5 billion, and NJOY write-downs and exit costs $2.1 billion.
- After $1.1 billion of interest and $2.4 billion of income tax, $6.9 billion was left as net income: $29.1 of every $100 that came in.
14What it needs to run
14What it needs to run
What does Altria need to run?
Factories
Philip Morris USA makes cigarettes at its plant in Richmond, Virginia. Moist smokeless tobacco is made in Nashville, Tennessee and Hopkinsville, Kentucky; Altria is moving the Nashville work to a new Hopkinsville facility by early 2028.
People
About 5,900 employees at Dec 31, 2025, down from about 6,400 at the end of 2023. The 2026 proxy counts 141 employees outside the U.S.
Borrowed money
Debt was $24.1 billion at Sep 30, 2026, all of its long-term debt at fixed rates. A $3.0 billion revolving credit line, undrawn, runs to Oct 24, 2030.
15Where growth could come from
15Where growth could come from
Where could Altria's growth come from?
Altria said in its Q3 FY2026 earnings release (Oct 29, 2026) that it expects FY2026 adjusted diluted EPS, a company measure, of $5.66 to $5.74, growth of 4.5% to 6.0% from $5.42 in FY2025. It had first given $5.56 to $5.72 on Jan 29, 2026.
Revenue per cigarette
WorkingSmokeable revenues net of excise +3.7%, Q3 FY2026
Altria's domestic cigarette shipments fell 2.9% in Q3 FY2026, while smokeable segment operating income rose 3.8% to $3,053 million.
Status: Working, on track against what the company said.
on! nicotine pouches
Mixedon! shipments +13.3%, Q3 FY2026
on! shipped 47.8 million cans in Q3 FY2026. Its share of the U.S. nicotine pouch category fell 1.3 points to 13.5%.
Status: Mixed, partly on track.
NJOY e-vapor
BehindE-vapor operating loss $2,297M, FY2025
NJOY ACE has been under import and sales orders since Mar 31, 2025. Altria's FY2026 guidance assumes it does not return in 2026.
Status: Behind, behind the company's own plan.
Contract-made cigarettes for export
New1,595M sticks, Q3 FY2026 (311M a year earlier)
Altria shipped 1,595 million contract-manufactured export cigarettes in Q3 FY2026 and lists contract-manufacturing investment among its FY2026 guidance assumptions.
Status: New, recently announced.
Cost savings program
EarlyAt least $600M savings goal by end-2029
Altria's Optimize & Accelerate Initiative aims for cumulative savings of at least $600 million by the end of 2029, with about $175 million of pre-tax charges, according to the FY2025 10-K.
Status: Early, too early to judge.
Status compares progress with what the company itself said it would do: Working = on track against what the company said; Mixed = partly on track; Behind = behind the company's own plan; New = recently announced; Early = too early to judge.
16The company's own measures (non-GAAP)
16The company's own measures · FY2025 to Q3 FY2026
What do Altria's own measures show?
Official (GAAP): Diluted EPS, FY2025
$4.12
Company's own measure: Adjusted diluted EPS, FY2025 (Altria's measure)
$5.42
Leaves out what Altria calls special items, mainly $1.14 a share of asset impairment, exit and implementation costs (the NJOY write-downs), plus amortization of intangibles and other items.
Official (GAAP): Net income, FY2025
$6.9B
Company's own measure: Adjusted net earnings, FY2025 (Altria's measure)
$9.1B
Net earnings without special items, as reconciled in the Q4 FY2025 earnings release.
Official (GAAP): Diluted EPS, Q3 FY2026
$1.51
Company's own measure: Adjusted diluted EPS, Q3 FY2026 (Altria's measure)
$1.52
Leaves out litigation items, amortization, ABI-related items and income tax items, which net to $0.01 a share.
Official (GAAP): Net revenues, FY2025
$23.3B
Company's own measure: Revenues net of excise taxes, FY2025
$20.1B
Net revenues minus $3,140 million of excise taxes, as stated in the Q4 FY2025 earnings release. Altria measures its segment margins on this base; many data sites show it as revenue.
Official (GAAP): Operating income, 12 months to Sep 30, 2026 (Cityfort calculation from the Q4 FY2025 to Q3 FY2026 earnings releases)
$11.1B
Company's own measure: Consolidated EBITDA, 12 months to Sep 30, 2026 (Altria's measure)
$12.8B
Altria's measure for its debt-to-EBITDA ratio (1.9 times). It adds back items such as impairments and includes equity income, so it differs from EBITDA elsewhere on this page.
Official (GAAP): Smokeable products net revenues change, FY2025 (Cityfort calculation from FY2025 10-K)
−3.4%
Company's own measure: Domestic cigarette shipment volume change, FY2025
−10.0%
Change in the number of cigarettes Altria shipped in the U.S., 61.8 billion in FY2025, as reported in the 10-K.
Official (GAAP): Smokeable products net revenues change, Q3 FY2026 (Cityfort calculation from the Q3 FY2025 and Q3 FY2026 earnings releases)
0.8%
Company's own measure: Domestic cigarette shipment volume change, Q3 FY2026
−2.9%
15,725 million cigarettes shipped in Q3 FY2026. Altria said the decline was about 4% after adjusting for trade inventory and other factors.
These are the company's own measures, defined by the company. They are not comparable across companies, and they are not added together. Each sits beside the nearest official (GAAP) figure.
Learn: Non-GAAP measures: what a company's "adjusted" numbers leave out
Sources (7)
- Form 10-K, fiscal year 2025 (ended Dec 31, 2025)
- Earnings release, Q4 and full year 2025 (Form 8-K, Ex. 99.1)
- Earnings release, Q3 2026 (Form 8-K, Ex. 99.1)
- Form 10-Q, Q3 2026 (quarter ended Sep 30, 2026)
- Earnings release, Q1 2026 (Form 8-K, Ex. 99.1)
- Earnings release, Q2 2026 (Form 8-K, Ex. 99.1)
- Earnings release, Q3 2025 (Form 8-K, Ex. 99.1)
17Financial strength and debt
17Financial strength · Sep 30, 2026
How much debt does Altria have?
- Total debt$24.1B
- Cash and investments$2.7B
- Net debt (debt minus cash)$21.4B
- Net worth (shareholders' money)−$2.2B
- Interest cover
- 9.2×
- how many times operating profit covers interest
- Debt is the current portion of long-term debt ($1,175 million) plus long-term debt ($22,886 million) at Sep 30, 2026. Net debt is a Cityfort calculation from the Q3 FY2026 earnings release, and the 2.3 times figure from it and the FY2025 10-K.
- Stockholders' equity was negative in every year on this page: a deficit of $3,502 million at Dec 31, 2025 and $2,225 million at Sep 30, 2026. The 10-K shows $43,183 million of repurchased stock at cost, more than paid-in capital plus retained earnings, so debt-to-equity and return on equity are not shown.
- Altria's own leverage measure, debt to its 'Consolidated EBITDA', was 1.9 times for the 12 months to Sep 30, 2026, the Q3 FY2026 10-Q says. Its stated goal is about 2.0 times.
- All long-term debt is at fixed rates, with a weighted-average coupon of about 4.5% in 2025. Altria repaid about $1.1 billion of notes in February 2026 and $0.5 billion in September 2026 when they fell due.
- The ABI stake, about 8.1%, was carried at $9.0 billion at Sep 30, 2026; it is not counted as cash here. Interest coverage (FY2025 operating income ÷ net interest and other debt expense) is a Cityfort calculation from the FY2025 10-K.
18Who owns it
18Who owns it · ownership as of Mar 25, 2026
Who owns Altria?
- Officers and directors (as a group), shares
- 0.1%
Share classes
Holders of 5% or more
From the company's proxy statement (DEF 14A), later Schedule 13G filings and the share counts on its latest annual or quarterly report. Each holder row shows the date of its own filing.
Insider trades · Form 4 data as of Nov 6, 2026
What did Altria's insiders report trading?
Altria's insiders made 33 Form 4A filing an insider must make within two business days of buying or selling the company's shares. Learn more filings in the 12 months to Nov 6, 2026.
They reported 1 purchase (1,500 shares) and 3 sales (35,698 shares) in the open market or privately (codes P and S).
None of the sales were on forms with the Rule 10b5-1 plan box checked.
The same filings report 33 other share transactions (A: 24, F: 8, G: 1).
They also report 2 transactions in options, stock units or other derivatives.
Insiders are a company's officers, directors and owners of more than 10% of a class of its shares. Most changes in their holdings must be reported to the SEC on a Form 4 within two business days. Source: SEC Form 4 filings on EDGAR.
- P
- a purchase in the open market or privately
- S
- a sale in the open market or privately
- A
- a grant, award or other acquisition from the company under Rule 16b-3
- F
- shares withheld or handed over to pay an exercise price or tax when an award is received, exercised or vests
- G
- a bona fide gift
Code meanings: General Instruction 8 of Form 4 (SEC).
The latest 25 of 37 transactions
Shares: A = acquired, D = disposed of. A price the filing gives only in a footnote shows as “See filing”. The 10b5-1 box is checked when at least one trade on the form was made under a Rule 10b5-1 plan. A Form 4/A replaces the form it amends. See all of Altria's Form 4 filings on EDGAR.
Learn: How to read a proxy statement (DEF 14A): Nvidia's 2026 proxy · Form 4 insider filings: who files, the codes and the footnotes · Rule 10b5-1 trading plans: how insiders pre-schedule their trades
19What it does with profit
19What it does with profit
What does Altria do with its profit?
Dividend per share
$4.16FY2025
Dividend paid for each share, by financial year.
$ per share
See the numbers
Buyback · Dec 31, 2024
Bought back shares for $3,400 million in 2024, the year it sold part of its ABI stake for $2,353 million.
$3.4B
Buyback · Dec 31, 2025
Bought back shares for $1,000 million in 2025.
$1.0B
Buyback · Sep 30, 2026
Bought back 11.2 million shares for $735 million in the first nine months of 2026, at an average of $65.78 a share; $400 million of it in Q3.
$735M
Buyback · Oct 28, 2026
The board expanded the share repurchase program by $1 billion; the program now runs to Dec 31, 2027.
$1.0B
20Governance signals
20Governance signals
What do Altria's governance filings show?
- Auditor
- PricewaterhouseCoopers LLP, since 1998
- Auditor changes
- None in the period covered
- Audit qualifications
- None reported
- Related-party dealings
- This version of the page does not summarize the related-person transactions section of the 2026 proxy. Audit fees paid to PricewaterhouseCoopers were $7.87 million for 2025.
- Credit rating
- Moody's, S&P and Fitch, as stated in Altria's Q3 FY2026 10-Q A3 / P-2 (Moody's), BBB+ / A-2 (S&P), BBB+ / F1 (Fitch); Fitch raised its ratings from BBB / F2 on Feb 13, 2026 (Stable at all three agencies), Sep 30, 2026
A credit rating describes the company's ability to repay debt. It is not a rating of the share.
Flags to know about
regulatory
NJOY ACE import and sales orders
In a patent case brought by JUUL, the U.S. International Trade Commission's exclusion and cease-and-desist orders on NJOY ACE took effect Mar 31, 2025, the FY2025 10-K says. Altria recorded $2,128 million of e-vapor impairments in FY2025.
other
Tobacco litigation
At Dec 31, 2025, 182 individual smoking and health cases, in which plaintiffs allege harm from smoking, were pending against Altria's companies, plus 16 e-vapor cases. Since October 2004 PM USA has paid about $1.1 billion in judgments and settlements, plus about $245 million of interest.
other
CEO pay ratio
The 2026 proxy states total FY2025 pay of $24.6 million for then-CEO Billy Gifford and a median employee pay of $166,721: a ratio of 147 to 1.
21What the market paid
21What the market paid · price as of Nov 5, 2026
What did the market pay for Altria on Nov 5, 2026?
Price as of Nov 5, 2026 (shown for education; prices change daily).
Price as of Nov 5, 2026: Altria closed at $77.58 (Nasdaq historical data; Altria is listed on the NYSE). Times 1,663.4 million shares (Oct 21, 2026) that is a market value of about $129.0 billion (Cityfort calculation from the Nov 5, 2026 closing price and the Q3 FY2026 10-Q cover). P/E is price ÷ earnings per share: 16.0 on diluted EPS of $4.84 for the 12 months to Sep 30, 2026 (Cityfort calculation from the Q4 FY2025 to Q3 FY2026 earnings releases). Dividend yield is the annualized dividend of $4.44 a share ÷ that price: 5.7%.
- Share price
- $77.58
- Market value (market cap)
- $129.0B
- P/E
- 16×
More price-based ratios · as of Nov 5, 2026
Each ratio divides a number from the company's filings by the market value or share price on Nov 5, 2026. Prices change daily, so these ratios do too.
Price to sales (P/S)
5.5×
$129.0B market value ÷ $23.5B revenue (four quarters to Sep 30, 2026) = 5.5×
Cityfort calculation from the Nov 5, 2026 closing price and the Q4 FY2025 to Q3 FY2026 earnings releases. Source: MO historical prices, closing price Nov 5, 2026 (Nasdaq historical data); Form 10-Q, Q3 2026 (quarter ended Sep 30, 2026); Earnings release, Q3 2026 (Form 8-K, Ex. 99.1) and 3 more
How price ratios workFree cash flow yield
7.0%
$9.1B free cash flow (FY2025) ÷ $129.0B market value = 7.0%
Cityfort calculation from the FY2025 10-K and the Nov 5, 2026 closing price. Source: MO historical prices, closing price Nov 5, 2026 (Nasdaq historical data); Form 10-Q, Q3 2026 (quarter ended Sep 30, 2026); Earnings release, Q3 2026 (Form 8-K, Ex. 99.1) and 4 more
What free cash flow means
Shares used for the market value: 1,663.4 million ($77.58 × 1,663.4 million shares ≈ $129.0B). Source: Form 10-Q, Q3 2026 (quarter ended Sep 30, 2026); Definitive proxy statement (DEF 14A), 2026 annual meeting
Source: MO historical prices, closing price Nov 5, 2026 (Nasdaq historical data); Form 10-Q, Q3 2026 (quarter ended Sep 30, 2026); Earnings release, Q3 2026 (Form 8-K, Ex. 99.1) and 3 more
Sources (8)
- MO historical prices, closing price Nov 5, 2026 (Nasdaq historical data)
- Form 10-Q, Q3 2026 (quarter ended Sep 30, 2026)
- Earnings release, Q3 2026 (Form 8-K, Ex. 99.1)
- Earnings release, Q2 2026 (Form 8-K, Ex. 99.1)
- Earnings release, Q1 2026 (Form 8-K, Ex. 99.1)
- Earnings release, Q4 and full year 2025 (Form 8-K, Ex. 99.1)
- Form 10-K, fiscal year 2025 (ended Dec 31, 2025)
- Definitive proxy statement (DEF 14A), 2026 annual meeting
22How it got here
22How it got here
How did Altria get here?
2021
Business-model change
Wine business sold
Altria sold its Ste. Michelle wine business in October 2021 for $1,176 million, leaving tobacco and nicotine as its businesses.
2021
Crisis
ABI write-downs
Altria cut the value of its ABI investment by $6.2 billion in Q3 2021 and $2.5 billion in Q3 2022, which lowered net income in both years.
2023
Business-model change
NJOY bought
Altria paid $2,751 million in FY2023 for NJOY, adding e-vapor products to its cigarettes, cigars and oral tobacco.
2024
Milestone
IQOS rights sold to Philip Morris International
Altria received $1.0 billion in FY2022 and $1.7 billion in FY2023 for the U.S. IQOS commercialization rights and booked a $2,700 million gain in FY2024.
2024
Milestone
Part of the ABI stake sold
Altria sold part of its ABI stake for $2,353 million and bought back $3,400 million of its own shares in 2024.
2025
Crisis
NJOY ACE orders and write-downs
ITC orders on NJOY ACE took effect Mar 31, 2025. Altria recorded $2,128 million of e-vapor impairments in FY2025.
2026
Milestone
New CEO
Sal Mancuso, CFO since 2020, became CEO on May 14, 2026, succeeding Billy Gifford.
2026
Milestone
Oral tobacco plants combined
In May 2026 Altria announced it would move Nashville production to a new Hopkinsville, Kentucky facility, with about $180 million of charges.
23Sources and changes
Where every number on this page comes from
Sources (21 documents)
- S1Form 10-K, fiscal year 2025 (ended Dec 31, 2025) · Altria Group, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Feb 25, 2026
- S3Form 10-K, fiscal year 2023 (ended Dec 31, 2023) · Altria Group, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Feb 27, 2024
- S4Form 10-Q, Q3 2026 (quarter ended Sep 30, 2026) · Altria Group, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Oct 29, 2026
- S5Form 10-Q, Q2 2026 (quarter ended Jun 30, 2026) · Altria Group, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Jul 30, 2026
- S6Earnings release, Q3 2026 (Form 8-K, Ex. 99.1) · Altria Group, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Oct 29, 2026
- S7Earnings release, Q2 2026 (Form 8-K, Ex. 99.1) · Altria Group, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Jul 30, 2026
- S8Earnings release, Q1 2026 (Form 8-K, Ex. 99.1) · Altria Group, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Apr 30, 2026
- S9Earnings release, Q4 and full year 2025 (Form 8-K, Ex. 99.1) · Altria Group, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Jan 29, 2026
- S10Earnings release, Q3 2025 (Form 8-K, Ex. 99.1) · Altria Group, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Oct 30, 2025
- S11Earnings release, Q2 2025 (Form 8-K, Ex. 99.1) · Altria Group, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Jul 30, 2025
- S12Earnings release, Q1 2025 (Form 8-K, Ex. 99.1) · Altria Group, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Apr 29, 2025
- S13Earnings release, Q4 and full year 2024 (Form 8-K, Ex. 99.1) · Altria Group, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Jan 30, 2025
- S14Definitive proxy statement (DEF 14A), 2026 annual meeting · Altria Group, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Apr 2, 2026
- S15Form 8-K, Items 2.02 and 8.01: $1 billion expansion of share repurchase program · Altria Group, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Oct 29, 2026
- S16Form 8-K, Ex. 99.1: CEO Billy Gifford to retire; Sal Mancuso elected CEO, Heather Newman CFO · Altria Group, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Dec 11, 2025
- S17Form 8-K, Ex. 99.1: Steven W. Presley elected to the Board · Altria Group, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Aug 28, 2026
- S18Form 8-K, Item 1.01: $3.0 billion revolving credit agreement extended to Oct 24, 2030 · Altria Group, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Oct 9, 2026
- S20Schedule 13G/A, The Vanguard Group (event Mar 13, 2026) · The Vanguard Group (SEC EDGAR) · Tier 1: company or exchange filing · Mar 26, 2026
- S21Schedule 13G, Vanguard Capital Management (event Mar 31, 2026) · Vanguard Capital Management (SEC EDGAR) · Tier 1: company or exchange filing · Apr 29, 2026
- S22MO historical prices, closing price Nov 5, 2026 (Nasdaq historical data) · Nasdaq · Tier 1: company or exchange filing · Nov 6, 2026
- S23XBRL company facts (data.sec.gov), Altria Group, Inc. · SEC EDGAR · Tier 1: company or exchange filing · Nov 6, 2026
Changes to this page (v1 · Nov 6, 2026)
- v1 · Nov 6, 2026First version, through Q3 FY2026 (quarter ended Sep 30, 2026) from the Oct 29, 2026 earnings release and 10-Q. (first version)
Numbers come only from tier 1 and tier 2 sources. Read how we research.
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