Altria reported a challenging fourth quarter with declining revenues and reported EPS, largely due to significant non-cash impairment charges in its e-vapor segment. However, adjusted diluted EPS remained flat for the quarter, and grew 4.4% for the full year, driven by strategic pricing, cost initiatives, and a lower tax rate, demonstrating resilience in its core businesses.
Full-year adjusted diluted EPS increased 4.4% to $5.42.
positiveFull-year adjusted OCI margins increased 1.8 percentage points to 63.4% for smokeable products.
positiveFull-year adjusted OCI margins increased 0.1 percentage point to 67.9% for oral tobacco products.
positiveReturned $8 billion to shareholders through dividends and share repurchases in 2025.
positiveReported diluted EPS decreased 63.1% to $0.66 in Q4 2025, primarily driven by $1.3 billion in non-cash impairment charges in the e-vapor segment and unfavorable income tax items.
negativeNet revenues decreased 2.1% to $5.8 billion in Q4 2025, primarily driven by lower net revenues in the smokeable products segment.
negativeDomestic cigarette shipment volume decreased 7.9% in Q4 2025, primarily driven by industry decline and trade inventory movements.
negativeOral tobacco products segment reported domestic shipment volume decreased 6.3% in Q4 2025.
negativeMarlboro retail share decreased 1.5 share points in Q4 2025.
negativeTotal U.S. oral tobacco category share for on! nicotine pouches was 7.7% in Q4 2025, a decrease of 1.0 share point versus the prior year.
negativeMargin expansion indicates improving profitability and operational efficiency. Measured in basis points (bps): 100 bps = 1.0%.
| Segment | Current | Prior Yr | YoY | % Total |
|---|---|---|---|---|
Smokeable Products | N/A | — | — | — |
Oral Tobacco Products | N/A | — | — | — |
E-Vapor Products | N/A | — | — | — |
| Total Revenue | $0.00M | — | — | 100.0% |
Segment performance shows business unit health and growth drivers.
Forward-looking guidance is subject to change and does not constitute a guarantee. Actual results may differ materially from these estimates.
Special items are non-recurring events that may distort period-over-period comparisons. Analysts typically adjust for these when calculating normalized earnings.
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.
We expect to deliver 2026 full-year adjusted diluted EPS in a range of $5.56 to $5.72. This range represents a growth rate of 2.5% to 5.5% from a base of $5.42 in 2025.
Commentary excerpts from earnings call transcripts provide management's perspective on performance, strategy, and outlook. Always review full transcripts for complete context.
Operational metrics provide insight into business drivers and customer engagement beyond traditional financial measures.