Altria Group (NYSE:MO) reported fourth-quarter adjusted earnings that were unchanged from a year earlier, coming in at $1.30 per share and just below analysts’ expectations of $1.32. Revenue net of excise taxes slipped 0.5% to $5.08 billion, but still came in ahead of the $5.02 billion consensus forecast.
Shares of the tobacco group eased 0.21% after the results, which again highlighted ongoing pressure on cigarette volumes. In the fourth quarter, Altria’s smokeable products segment saw domestic cigarette shipment volumes fall 7.9%, largely reflecting broader industry declines and trade inventory movements. Adjusting for these factors, the company estimated total U.S. cigarette industry volumes declined by roughly 6.5%.
“2025 was a year of continued momentum for Altria, marked by strong financial performance, strategic progress across our smoke-free portfolio, new relationships in support of our long-term growth goals and significant cash returns to shareholders,” said Billy Gifford, Altria’s Chief Executive Officer. “For the full year, we grew adjusted diluted earnings per share by 4.4% and returned $8 billion to shareholders through dividends and share repurchases combined.”
For full-year 2025, Altria reported adjusted diluted EPS of $5.42, up 4.4% from the prior year, while net revenues declined 3.1% to $23.3 billion.
Marlboro’s share of the total U.S. cigarette retail market slipped to 39.8% in the fourth quarter, down 1.5 percentage points year on year, as lower-priced brands continued to gain traction amid sustained pressure on discretionary spending among adult nicotine consumers.
Within oral tobacco, Altria said its on! nicotine pouches accounted for a 7.7% share of the total U.S. oral tobacco category in the quarter, representing a 1.0 percentage point decline compared with a year earlier.
Looking to 2026, Altria guided for full-year adjusted diluted EPS of between $5.56 and $5.72, implying growth of 2.5% to 5.5% versus 2025. The company noted that it expects earnings growth to be skewed toward the second half of the year.