Altria Group (PHM7) Q3 2026 Earnings Report
DE:PHM7 Q3 2026 EPS Results
- Actual EPS
- EUR 1.36
- Consensus EPS
- EUR 1.34
- Beat/Miss
- Beat by +EUR 0.01
- One Year Ago EPS
- EUR 1.29
DE:PHM7 Q3 2026 Revenue Results
- Actual Revenue
- EUR 4.86B
- Expected Revenue
- EUR 4.74B
- Beat/Miss
- Beat by +EUR 115.59M
- YoY Revenue Growth
- +3.62%
Earnings Announcement Details
- Quarter
- Q3 2026
- Date
- 10/29/2026
- Time
- Before Open
- Conference Call
- Thursday, October 29, 2026
Altria Group's next earnings date is estimated for February 4, 2027, based on past reporting schedules.
Q3 2026 Earnings Call Audio
Q3 2026 Earnings Slide Deck
Q3 2026 Earnings Call Summary
The call was predominantly positive. Altria reported adjusted EPS growth, raised full-year guidance, delivered smokeable-products income and margin growth, expanded Marlboro and total PM USA share, grew on! shipments, increased shareholder returns, and maintained a strong balance sheet. These strengths were partly offset by persistent consumer economic pressure, cigarette and oral-tobacco volume declines, lower oral-segment OCI, competitive nicotine-pouch conditions, and ongoing illicit-market and regulatory challenges in e-vapor.
For 2026, Altria now expects adjusted diluted EPS in a range of $5.66 to $5.74, representing a growth rate of 4.5% to 6% from a base of $5.42 in 2025, versus beginning-of-year guidance of 2.5% to 5%; the guidance is inclusive of investments in on! PLUS, including the 12-milligram product and flavor line extensions. Management said expectations for the second half of the year regarding stepping up and the imbalance between quarters have not changed, expects duty drawback benefits to be “pretty balanced across Q3 and Q4,” and did not provide further guidance on the potential duty drawback benefit, noting that the PMI contract manufacturing agreement starts in 2027. The company’s progressive dividend goal remains mid-single-digit annual growth, and its debt-to-EBITDA target remains approximately 2x.
- Adjusted EPS Growth and Raised GuidanceAdjusted diluted EPS increased 4.8% in the third quarter and 5.1% for the first 9 months. Based on strong first-9-month performance and confidence in the full-year plan, Altria raised its 2026 adjusted diluted EPS guidance to $5.66 to $5.74, representing growth of 4.5% to 6% from $5.42 in 2025, compared with its beginning-of-year guidance range of 2.5% to 5%.
- Smokeable Products Operating Income GrowthAdjusted operating companies income in smokeable products grew 3.9% to $3.1 billion in the third quarter and 4.1% to $8.8 billion for the first 9 months. Adjusted OCI margins expanded to 64.5% in the third quarter and 64.8% for the first 9 months, up 0.1 percentage points and 0.4 percentage points, respectively.
- Marlboro Premium Share GainsMarlboro expanded its share of the premium segment to 60%, up 0.3 share points year-over-year and 0.4 points sequentially. Cowboy Cut provided a premium Marlboro option at the right price for value-sensitive smokers, was distributed in about 100,000 stores representing approximately 75% of cigarette volume, and contributed to Marlboro's third-quarter share performance.
- Basic and Total PM USA Share ExpansionBasic's retail share expanded by 0.3 share points sequentially and 1.8 points year-over-year. Total PM USA retail share expanded 0.2 share points sequentially and 0.3 points versus the prior year, supporting management's stated total-portfolio approach.
- Moderate Cigarette Volume Declines Relative to the IndustryReported domestic cigarette volumes declined 2.9% in the third quarter and 2.8% for the first 9 months. After adjusting for trade inventory movements, Altria estimated declines of 4% in both periods, slightly below the estimated 5% industry decline.
- Cigar Shipment GrowthReported cigar shipment volume increased 0.9% in the third quarter and 2% for the first 9 months, with Middleton continuing to significantly outperform in a declining large mass cigar industry.
- Strong on! Shipment GrowthThird-quarter on! reported shipment volume increased 13.3% to 47.8 million cans, while year-to-date reported shipment volume increased 7.7%. On! retail share was 8.3% in the third quarter, up 0.1 share points versus the prior year despite higher retail pricing and elevated competitive investment.
- Nicotine Pouch Category ExpansionAltria estimated that the oral tobacco category increased 5.5% over the past 6 months. In the third quarter, the nicotine pouch category grew 5.8 share points and represented more than 60% of the total oral category.
- Expansion of the on! PLUS PortfolioHelix expanded on! PLUS 12-milligram nationally across mint, wintergreen and tobacco, and introduced Blueberry Mint and Mango Pineapple flavor extensions at retail. Watermelon Mint is planned for select retail locations in November, with additional flavor innovation planned.
- Expanded on! Retail Visibility and Brand InvestmentHelix's retail trade program secured premium positioning in stores representing approximately 90% of its volume. Helix also launched the inaugural on!vitational golf tournament as a planned multiyear brand platform, supported by digital content designed to extend adult nicotine consumer reach beyond the event.
- Regulatory and Illicit E-Vapor Enforcement DevelopmentsFollowing legal action by Helix and NJOY seeking an authorization process that meets the 180-day timeframe set by Congress, the FDA announced plans to evaluate changes to the PMTA framework and pursue new rulemaking. Altria also reported encouraging progress in federal, state and local illicit e-vapor enforcement. At the end of September, the company estimated approximately 20 million adult vapers, down 1 million from a year ago, primarily driven by fewer consumers using illicit products.
- Improved ABI Equity EarningsAltria recorded $191 million of adjusted equity earnings from ABI in the third quarter, an increase of 21.7% versus the prior year.
- Significant Shareholder ReturnsAltria returned over $6 billion to shareholders during the first 9 months, including $5.3 billion in dividends and $735 million in share repurchases. The Board increased the quarterly dividend by 4.7% to $1.11 per share, marking the 61st increase in 57 years, and authorized a $1 billion expansion of the existing share repurchase program through December 31, 2027.
- Strong Balance SheetAltria's debt-to-EBITDA ratio was 1.9x as of September 30, in line with the company's target of approximately 2x.
- Duty Drawback and Export ActivityThe company benefited from duty drawback and exported 10% of its cigarette volume in the third quarter. Management said current contract manufacturing arrangements were contributing to the increase from the second to the third quarter, while the Philip Morris agreement is expected to begin in 2027.
- Ongoing Smoke-Free and Vapor InnovationManagement said it plans to return NJOY ACE to the e-vapor market after working around the patent issues that forced the product's removal, although no timing was announced. The company plans to continue innovating on NJOY ACE and described its approach as disciplined and focused on competing profitably over time.
DE:PHM7 Earnings History
| Report Date | Fiscal Quarter | Forecast / EPS | Last Year's EPS | EPS YoY Change | Press Release |
|---|---|---|---|---|---|
| Feb 04, 2027 | 2026 (Q4) | 1.23- | 1.16 | ― | ― |
| Oct 29, 2026 | 2026 (Q3) | 1.341.36 | 1.29 | 4.83% (+0.06) | |
| Jul 30, 2026 | 2026 (Q2) | 1.341.32 | 1.29 | 2.78% (+0.04) | |
| Apr 30, 2026 | 2026 (Q1) | 1.111.18 | 1.1 | 7.32% (+0.08) | |
| Jan 29, 2026 | 2025 (Q4) | 1.181.16 | 1.15 | 0.78% (+0.01) | |
| Oct 30, 2025 | 2025 (Q3) | 1.291.29 | 1.23 | 5.07% (+0.06) | |
| Jul 30, 2025 | 2025 (Q2) | 1.241.29 | 1.17 | 9.92% (+0.12) | |
| Apr 29, 2025 | 2025 (Q1) | 1.061.10 | 1.03 | 6.96% (+0.07) | |
| Jan 30, 2025 | 2024 (Q4) | 1.141.15 | 1.05 | 9.32% (+0.10) | |
| Oct 31, 2024 | 2024 (Q3) | 1.201.23 | 1.14 | 7.81% (+0.09) |
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.