Key Takeaways
- Altria recorded first-quarter 2026 net revenues of $5.43 billion, up 3.2%.
- Revenues net of excise taxes were $4.76 billion, up 5.3%.
- Adjusted diluted EPS was $1.32, up 7.3%.
- The company reaffirmed full-year 2026 adjusted diluted EPS guidance of $5.56 to $5.72.
- Altria repurchased $280 million of shares and paid $1.8 billion in dividends during the quarter.
2Firsts, May 6, 2026
According to Altria Group’s first-quarter 2026 earnings release, the company recorded net revenues of $5.43 billion, up 3.2% year on year. Revenues net of excise taxes were $4.76 billion, up 5.3%. Reported diluted EPS was $1.30, up more than 100%, while adjusted diluted EPS was $1.32, up 7.3%.
Adjusted diluted EPS rose 7.3% in Q1
Altria Chief Executive Officer Billy Gifford said the company grew adjusted diluted EPS by 7.3% in the first quarter and returned capital to shareholders through dividends and share repurchases.
The company said adjusted diluted EPS growth was driven by higher adjusted operating companies income and fewer shares outstanding.
Full-year earnings guidance was reaffirmed
Altria reaffirmed its expectation to deliver 2026 full-year adjusted diluted EPS in a range of $5.56 to $5.72, representing a growth rate of 2.5% to 5.5% from a base of $5.42 in 2025.
The company said that, as a result of strong first-quarter performance, it now expects 2026 adjusted diluted EPS growth to be more balanced between the first and second halves of the year.
Guidance includes moderated e-vapor industry growth
Altria said its reaffirmed guidance range now contemplates the impact of moderated e-vapor industry growth on combustible and e-vapor product volumes, as well as increased macroeconomic uncertainty facing adult nicotine consumers.
The guidance also contemplates a progressive increase in cigarette import and export activity during the year, planned investments in contract manufacturing capabilities, NJOY ACE not returning to the marketplace in 2026, reinvestment of anticipated cost savings from the Optimize & Accelerate initiative, and planned investments in support of the company’s Vision.
Smokeable products revenues net of excise taxes rose 5.2%
In the smokeable products segment, net revenues were $4.76 billion, up 2.9%, while revenues net of excise taxes were $4.11 billion, up 5.2%. Reported operating companies income was $2.67 billion, up 8.3%, and adjusted operating companies income was $2.68 billion, up 6.3%. Adjusted operating companies income margin was 65.1%, up 0.7 percentage points.
Domestic cigarette shipment volume declined 2.4%
Altria’s smokeable products segment reported domestic cigarette shipment volume of 13.87 billion sticks in the first quarter, down 2.4%. Marlboro shipment volume was 11.96 billion sticks, down 7.8%; other premium brands were 601 million sticks, down 11.4%; and discount brands were 1.31 billion sticks, up more than 100%.
When adjusted for trade inventory movements, the company estimated that smokeable products domestic cigarette shipment volume decreased by 4%, while total domestic cigarette industry volume decreased by 5%.
Oral tobacco products revenue increased 2.3%
In the oral tobacco products segment, net revenues were $669 million, up 2.3%, while revenues net of excise taxes were $647 million, up 2.9%. Reported operating companies income was $435 million, up 0.5%, and adjusted operating companies income was $436 million, up 0.2%. Adjusted operating companies income margin was 67.4%, down 1.8 percentage points.
on! shipment volume increased 17.6%
The oral tobacco products segment reported domestic shipment volume of 169.9 million cans, down 3.1%. Copenhagen shipment volume was 80.4 million cans, down 10.4%; Skoal was 27.9 million cans, down 11.1%; and on! was 46.2 million cans, up 17.6%.
Altria said the U.S. nicotine pouch category grew to 58.1% of the U.S. oral tobacco category for the six months ended March 31, 2026, up 9.1 percentage points year on year.
on! held a 7.8% share of the U.S. oral tobacco category
The total U.S. oral tobacco category share for on! nicotine pouches was 7.8%, down 0.8 percentage points from the prior year and up 0.2 points sequentially. on!’s share of the nicotine pouch category was 13.4%, down 4.2 percentage points year on year.
Altria repurchased $280 million of shares and paid $1.8 billion in dividends
In the first quarter of 2026, Altria repurchased 4.5 million shares at an average price of $62.33 per share, for a total cost of $280 million.
As of March 31, 2026, the company had $720 million remaining under its $2 billion share repurchase program, which expires on December 31, 2026. The company paid $1.8 billion in dividends during the first quarter.
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
