Key Points
- Earnings per share: Full-year 2025 adjusted diluted EPS was $5.42, up 4.4% year over year; Q4 adjusted EPS was flat at $1.30.
- Net revenues: Full-year 2025 net revenues fell 3.1% to about $23.3 billion; Q4 net revenues fell 2.1% to about $5.8 billion.
- Combustible business: Despite pricing actions, cigarette shipment volume declined 10.0% for the year amid pressure from illicit e-vapor products and constrained consumer discretionary income.
- E-vapor (NJOY): The company recorded roughly $2.2 billion in pre-tax non-cash impairment charges for the year amid the ITC order and competitive pressures; NJOY ACE is not expected to return in 2026.
- 2026 guidance: Full-year 2026 adjusted diluted EPS is expected to be $5.56 to $5.72, implying 2.5% to 5.5% growth.
2Firsts, January 30, 2026
According to the latest release on Altria Group, Inc.’s official website, the company published its fourth-quarter and full-year 2025 financial results. The report shows Altria delivered growth in adjusted EPS and made strategic progress in its smoke-free portfolio, while contending with declining combustible volumes and impairment headwinds in its e-vapor business.
Financial Highlights
- Earnings per share (EPS): Reported diluted EPS for full-year 2025 was $4.12, down 37.0%, primarily reflecting non-cash impairment charges in the e-vapor business and an unfavorable comparison to the prior year, which included gains related to the IQOS commercialization rights transaction. Full-year adjusted diluted EPS was $5.42, up 4.4%.
- Net revenues: Full-year net revenues were $23.279 billion, down 3.1% year over year; net revenues net of excise taxes were $20.139 billion, down 1.5%. Q4 net revenues declined 2.1% to about $5.8 billion.
- Operating profit: Full-year adjusted operating companies income (OCI) increased 1.3% to $11.064 billion.
Segment Performance
Altria reports results across three major segments: Smokeable Products, Oral Tobacco Products, and its newly reportable E-vapor Products segment.
1) Smokeable Products
- Revenue & profit: Q4 net revenues decreased 2.7% to $5.119 billion; adjusted OCI declined 2.4%. Full-year net revenues decreased 3.4% to $20.485 billion; supported by pricing, full-year adjusted OCI increased 1.3%.
- Volume: Domestic cigarette shipment volume fell 7.9% in Q4 and 10.0% for the full year. Excluding the impact of trade inventory movements, the full-year decline was estimated at 9.5%.
- Share: Marlboro’s full-year retail share of the cigarette category was 40.5%, down 1.2 percentage points; its premium-segment share edged up 0.1 point to 59.4%.
2) Oral Tobacco Products
- Revenue & profit: Q4 net revenues rose 2.0% to $706 million; adjusted OCI declined 4.6%, reflecting higher SG&A and lower volume. Full-year net revenues increased 0.9% and adjusted OCI increased 1.3%.
- Volume: Domestic shipment volume declined 6.3% in Q4 and 5.5% for the full year.
- on! nicotine pouches: on! reached a 7.7% share of the U.S. oral tobacco category in Q4. Despite intense competition, on! and on! PLUS are being tested internationally in Sweden and the U.K. via e-commerce and select retail channels.
3) E-vapor Products (NJOY)
- Financials: Altria recorded substantial pre-tax charges related to NJOY, including $1.3 billion in Q4 and $2.2 billion for the full year, primarily driven by non-cash impairment of goodwill and intangible assets.
- Revenue: Q4 net revenues were $21 million; full-year net revenues were negative $13 million, largely due to returns and related factors.
- Regulatory headwinds: The company’s outlook notes that, due to an ITC import exclusion order, NJOY ACE is not expected to return to the market in 2026.
Shareholder Returns and Strategy
- Shareholder returns: In 2025, Altria paid $7.0 billion in dividends and repurchased $1.0 billion of shares. As of year-end 2025, $1.0 billion remained under the company’s $2.0 billion share repurchase program.
- Cost initiatives: The company’s Optimize & Accelerate program remains on track, with an expected at least $600 million in cumulative cost savings by the end of 2029.
2026 Guidance
Altria expects full-year 2026 adjusted diluted EPS of $5.56 to $5.72, representing 2.5% to 5.5% growth versus the 2025 adjusted diluted EPS base of $5.42.
This guidance assumes:
- increased investment to support contract manufacturing capacity;
- limited impact from enforcement actions against illicit products on combustible and e-vapor volumes;
- no return of NJOY ACE to the market in 2026.
Altria CEO Billy Gifford said: “2025 was a year of continued momentum for Altria, marked by strong financial performance, strategic progress in our smoke-free portfolio, and significant cash returns to shareholders.”
Cover image source: Altria
We welcome news tips, article submissions, interview requests, or comments on this piece.
Please contact us at info@2firsts.com, or reach out to Alan Zhao, CEO of 2Firsts, on LinkedIn
Notice
1. This article is intended solely for professional research purposes related to industry, technology, and policy. Any references to brands or products are made purely for objective description and do not constitute any form of endorsement, recommendation, or promotion by 2Firsts.
2. The use of nicotine-containing products — including, but not limited to, cigarettes, e-cigarettes, nicotine pouchand heated tobacco products — carries significant health risks. Users are responsible for complying with all applicable laws and regulations in their respective jurisdictions.
3. This article is not intended to serve as the basis for any investment decisions or financial advice. 2Firsts assumes no direct or indirect liability for any inaccuracies or errors in the content.
4. Access to this article is strictly prohibited for individuals below the legal age in their jurisdiction.
Copyright
This article is either an original work created by 2Firsts or a reproduction from third-party sources with proper attribution. All copyrights and usage rights belong to 2Firsts or the original content provider. Unauthorized reproduction, distribution, or any other form of unauthorized use by any individual or organization is strictly prohibited. Violators will be held legally accountable.
For copyright-related inquiries, please contact: info@2firsts.com
AI Assistance Disclaimer
This article may have been enhanced using AI tools to improve translation and editorial efficiency. However, due to technical limitations, inaccuracies may occur. Readers are encouraged to refer to the cited sources for the most accurate information.
We welcome any corrections or feedback. Please contact us at: info@2firsts.com
