Altria reported solid 2025 results with EPS growth of 4.4%, but faced continued headwinds from illicit disposable vapor and increased investments in manufacturing and new products. Management issued 2026 EPS guidance of $5.56-$5.72, reflecting a cautious but optimistic outlook weighted toward the second half. 2025 adjusted EPS grew 4.4% to $5.42, at the high end of its initial guidance range.
Altria reported solid 2025 results with EPS growth of 4.4%, but faced continued headwinds from illicit disposable vapor and increased investments in manufacturing and new products. Management issued 2026 EPS guidance of $5.56-$5.72, reflecting a cautious but optimistic outlook weighted toward the second half. 2025 adjusted EPS grew 4.4% to $5.42, at the high end of its initial guidance range.
Altria reported solid 2025 results with EPS growth of 4.4%, but faced continued headwinds from illicit disposable vapor and increased investments in manufacturing and new products. Management issued 2026 EPS guidance of $5.56-$5.72, reflecting a cautious but optimistic outlook…
2025 adjusted EPS grew 4.4% to $5.42, at the high end of its initial guidance range.
Management was cautiously optimistic, expressing confidence in OnPlus and the long-term strategy while repeatedly emphasizing that illicit e-vapor enforcement and regulatory progress will be gradual.
Guidance tone
Cross-category cigarette decline attribution trimmed to 2-3%. Management was cautiously optimistic, expressing confidence in OnPlus and the long-term strategy while repeatedly emphasizing that illicit e-vapor enforcement and regulatory progress will be gradual.
Management confirmed elevated 2026 capex, primarily to fund import-export manufacturing capabilities and duty drawback participation. Investments precede revenue and also support smoke-free product manufacturing, with payback on import-export capex described as strong and less than a year.
Management was cautiously optimistic, expressing confidence in OnPlus and the long-term strategy while repeatedly emphasizing that illicit e-vapor enforcement and regulatory progress will be gradual.
“We now estimate that cross-category impacts, primarily driven by illicit flavored disposable evapor, contributed approximately 2% to 3%, to the cigarette industry decline over the past 12 months versus our prior estimate of 3% to 4%.”
“Growth in the number of disposable vapors also slowed, rising approximately 10% in 2025 versus over 40% in 2024.”
“Not only are we able to make those investments and afford ourselves the opportunity of the duty drawback, but it also sets the manufacturing center that we have here in Richmond up to be available to produce for any market internationally.”
| Metric | Period | Range | Midpoint | Status |
|---|---|---|---|---|
| EPS | FY2026 | $5.56–$5.72 | $5.64 | GUIDED |
Altria's collaboration with KT&G expands into international modern oral and U.S. non-nicotine markets, with KT&G providing manufacturing and product capabilities that strengthen Altria's pipeline and market reach.
“We entered into a strategic collaboration with KT&G to advance international modern oral, U.S. non-nicotine growth, and traditional tobacco operating efficiencies.”
… and share repurchases combined. As the year progressed, we achieved meaningful milestones that we believe advance our smoke-free portfolio and position us for sustained success in the U.S. nicotine space and for long-term adjacent growth. In 2025, Helix received marketing-granted orders from the FDA for certain OnPlus products. Horizon submitted a combined PMTA and MRTPA to the FDA for plume and Marlboro heated tobacco sticks. We entered into a strategic collaboration with KT&G to advance international modern oral, U.S. non-nicotine growth, and traditional tobacco operating efficiencies. And we continue to advocate for a responsible and well-regulated marketplace. My remarks this morning will focus on our latest view of the U.S. nicotine space, our smoke-free progress, and our earnings guidance for 2026. I'll then hand it over to Sal, who will provide further details on our business and financial results. Let's begin with our view of the U.S. nicotine space. Over the past year, the estimated number of adult consumers in the e-vapor and old tobacco categories grew to almost 30 million, nearly as large as the adult smoker population and a reflection of the potential for tobacco …