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Altria Group (MO) investor relations material
Altria Group Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary30 Oct, 2025
Executive summary
Adjusted diluted EPS rose 3.6% to $1.45 in Q3 and 5.9% to $4.12 for the first nine months, driven by higher adjusted OCI and fewer shares outstanding.
Net earnings for the nine months ended September 30, 2025, were $5.83 billion, down 29.1% year-over-year, mainly due to the prior-year gain on the sale of IQOS rights and a non-cash $873 million e-vapor goodwill impairment.
The company increased its quarterly dividend by 3.9% to $1.06 per share and expanded its share repurchase program to $2 billion, marking the 60th increase in 56 years.
Launched on! PLUS nicotine pouches and submitted regulatory filings for heated tobacco products; entered a global collaboration with KT&G for international and U.S. growth opportunities.
Guidance for 2025 full-year adjusted diluted EPS was raised and narrowed to $5.37–$5.45, representing 3.5%–5.0% growth over 2024.
Financial highlights
Nine-month net revenues fell 3.4% to $17.43 billion, mainly due to lower smokeable product sales; Q3 net revenues declined 3.0% year-over-year.
Adjusted OCI for smokeable products rose 2.5% for nine months, with margins expanding to 64.4% in Q3 and nine months.
Oral tobacco segment adjusted OCI margin increased to 69.2% for nine months, up 2.4 percentage points year-over-year.
Returned $5.2 billion in dividends and $712 million in share repurchases to shareholders in the first nine months.
Cash provided by operating activities increased to $6.02 billion, driven by lower settlement and litigation payments.
Outlook and guidance
2025 full-year adjusted diluted EPS guidance narrowed to $5.37–$5.45, up 3.5%–5.0% from 2024, with expected moderation in Q4 EPS growth.
Management targets mid-single digit annual dividend growth through 2028 and expects sufficient liquidity for ongoing operations and capital returns.
Capital expenditures expected at $175–$225 million; depreciation and amortization at ~$290 million.
Adjusted effective tax rate forecasted at 23%–24%.
No material adverse impact from current market trends or regulatory developments is anticipated for the remainder of 2025.
What is the expanded share repurchase program?
What is the focus of the KT&G collaboration?
What was the e-vapor goodwill impairment?
What factors influence on! PLUS national rollout?
Why FDA faster on pouches vs. e-vapor PMTAs?
KT&G duty drawback impact on EPS growth?
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Next Altria Group earnings date
Q4 202530 Jan, 2026
Next Altria Group earnings date
Q4 202530 Jan, 2026
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Frequently asked questions
Altria Group, Inc. is a holding company, which engages in the manufacture and sale of smokeless tobacco and cigarettes in the United States. Altria Group was founded by father and son, James M. and Chuck S. Hartman in 1919 and is headquartered in Richmond, VA. The Company's operating companies manufacture and distribute cigarettes, smokeless tobacco, processed tobacco, wine and beer. It operates in two segments: Smokeable Products and Smokeless Products.
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