Altria Reports Full-Year 2025 Results: Revenue Down 3.1%, Cigarette Volumes Slide 10% as NJOY Takes Impairment Hit

Jan.30
Altria Reports Full-Year 2025 Results: Revenue Down 3.1%, Cigarette Volumes Slide 10% as NJOY Takes Impairment Hit
Altria has released its full-year 2025 results, reporting full-year net revenues of $23.279 billion, down 3.1% year over year. Domestic cigarette shipment volume fell 10% for the year. on! nicotine pouches reached a 7.7% share of the U.S. oral tobacco category in the fourth quarter. NJOY posted $21 million in net revenues in Q4, while full-year net revenues were negative $13 million (mainly due to returns and related factors).

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

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