EarningsQ2 2026 Earnings Report
MX:MO Q2 2026 EPS Results
Actual EPS$25.37
Consensus EPS$25.64
Beat/MissMissed by -$0.27
One Year Ago EPS$24.68
MX:MO Q2 2026 Revenue Results
Actual Revenue$91.80B
Expected Revenue$91.61B
Beat/MissBeat by +$184.99M
YoY Revenue Growth+1.25%
Earnings Announcement Details
QuarterQ2 2026
Date07/30/2026
TimeBefore Open
Conference CallThursday, July 30, 2026
MX:MO Upcoming Earnings
Altria Group's next earnings date is estimated for October 29, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
MX:MO Q2 2026 Earnings Call
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Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call emphasized solid financial performance and disciplined execution: EPS growth (Q2 +2.8%, H1 +4.9%), expanded smokeable margins, a narrowed full-year EPS range, substantial shareholder returns (~$3.9 billion YTD), ABI earnings growth (+21.5%), and strategic expansion of the smoke-free on! PLUS offering to ~120,000 stores. Offsetting items included a weaker Oral Tobacco quarter (adjusted OCI down 8% Q2), reported shipment declines affected by trade inventory timing, ongoing cigarette volume declines (adjusted ~-4.5% Q2) and continued consumer trade-down toward discount brands. Management highlighted favorable regulatory and enforcement developments that could benefit regulated smoke-free products over time. On balance, the positives around profitability, cash returns, regulatory tailwinds and product expansion were presented as outweighing near-term volume and segment-specific headwinds.Company Guidance
EPS Growth and Guidance Narrowing
Adjusted diluted EPS increased 2.8% to $1.48 in Q2 and 4.9% to $2.80 for the first half. Management raised the lower end of full-year 2026 adjusted diluted EPS guidance to a range of $5.61 to $5.72 (growth of 3.5% to 5.5% vs. $5.42 in 2025) and narrowed guidance for the year.
Strong Smokeable Products Profitability
Smokeable products adjusted OCI grew 2.4% to $3.0 billion in Q2 and 4.2% to $5.7 billion for the first half. Adjusted OCI margins expanded to 64.8% in Q2 and 64.9% for H1. Smokable price realization was +4.5% in the quarter, supporting margins.
Material Shareholder Returns and Capital Allocation
Returned nearly $3.9 billion to shareholders in H1 (approximately $3.6 billion in dividends and repurchased 5.3 million shares for $335 million). $665 million remained available under the current share repurchase program. Debt-to-EBITDA was 1.9x, in line with the target of ~2.0x.
on! PLUS National Expansion and Early Market Traction
Helix expanded on! PLUS to ~120,000 stores (covering ~90% of nicotine product volume). on! reported Q2 shipment volume of 49.9 million cans (YTD +5.1%). on! retail share reached 8.6%, up 0.8 share points sequentially and 0.3 share points year-over-year, with encouraging repeat purchase rates for NICOSILK soft pouch.
Positive ABI Contribution and Cash Generation
Adjusted equity earnings from ABI were $158 million in Q2, up 21.5% year-over-year. Management emphasized strong cash generation and flexibility to manage near-term debt maturities and pursue capital-efficient uses of excess cash.
Regulatory and Enforcement Developments Favor Smoke-Free Strategy
FDA updated enforcement priorities for certain e-vapor and nicotine pouch products, which Altria views as increased regulatory clarity. Elevated enforcement actions (including federal seizures >$250 million and state litigation) are reported to be moderating illicit e-vapor growth and could improve conditions for regulated products over time.
MX:MO Earnings History
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.
Beat
Missed