실적 발표 분석으로 건너뛰기
← 피드로 돌아가기
MO FY2026 Q2 IMPROVING

Altria Group, Inc. 실적 발표

Jul 30, 2026 · 09:00 ET Heather NewmanMac LivingstonSal Mancuso
Buzzberg 분석

Full-year EPS guidance raised at lower end

Altria delivered solid Q2 2026 results with 2.8% adjusted EPS growth, narrowed and raised the low end of full-year guidance, and highlighted moderating cigarette industry declines. Management emphasized progress in the smoke-free portfolio, particularly On Plus expansion, and a more constructive FDA enforcement posture toward regulated e-vapor and nicotine pouch products. Adjusted diluted EPS was $1.48 in Q2 and $2.80 in the first half, up 2.8% and 4.9% respectively.

Buzzberg 분석 Full-year EPS guidance raised at lower end Altria delivered solid Q2 2026 results with 2.8% adjusted EPS growth, narrowed and raised the low end of full-year guidance, and highlighted moderating cigarette industry declines. Management emphasized progress in the smoke-free portfolio, particularly On Plus expansion, and a more constructive FDA enforcement posture toward regulated e-vapor and nicotine pouch products. Adjusted diluted EPS was $1.48 in Q2 and $2.80 in the first half, up 2.8% and 4.9% respectively. 전체 분석 보기분석 접기

Altria delivered solid Q2 2026 results with 2.8% adjusted EPS growth, narrowed and raised the low end of full-year guidance, and highlighted moderating cigarette industry declines. Management emphasized progress in the smoke-free portfolio, particularly On Plus expansion, and a more constructive FDA enforcement posture toward regulated e-vapor and nicotine pouch products. Adjusted diluted EPS was $1.48 in Q2 and $2.80 in the first half, up 2.8% and 4.9% respectively.

  • FY2026 EPS guidance was raised at the low end to $5.61-$5.72, implying 3.5%-5.5% growth.
  • PMUSA total retail share grew, with Marlboro premium share stable and Basic gaining targeted share in discount outlets.
  • On Plus expanded to ~120,000 stores and drove sequential share gains despite tough 2025 comparisons.
Revenue $6.111B +13% QoQ
EPS $1.48 +12% QoQ
Gross margin 74.86% reported
Op margin 51.32% reported

이번 분기에 달라진 점

01
Guidance

Full-year EPS guidance raised at lower end

Guidance tone

02
Smoke-free

OnPlus expansions and new flavors planned for 2026

Adjusted diluted EPS was $1.48 in Q2 and $2.80 in the first half, up 2.8% and 4.9% respectively.

03
Regulatory

FDA enforcement guidance seen as positive for launches

FY2026 EPS guidance was raised at the low end to $5.61-$5.72, implying 3.5%-5.5% growth.

04
E-vapor

Altria plans to re-enter e-vapor market with NJOY Ace

PMUSA total retail share grew, with Marlboro premium share stable and Basic gaining targeted share in discount outlets.

수요

수요

수주 및 전환

Cigarette volume declines moderating on illicit e-vapor enforcement. Management expressed confidence in first-half execution and narrowed guidance, but repeatedly flagged ongoing consumer financial pressure and competitive/regulatory uncertainty.

톤 · Measured

Management expressed confidence in first-half execution and narrowed guidance, but repeatedly flagged ongoing consumer financial pressure and competitive/regulatory uncertainty.

공급망 알파

A1

ABI equity earnings grew 21.5% y/y to $158M in Q2, far outpacing Altria's own EPS growth, implying BUD's beer margins/mix are recovering faster than headline industry trends suggest.

BUD
“We recorded $158 million in adjusted equity earnings in the second quarter, up 21.5% versus the prior year.”
Heather Newman

향후 가이던스

ImprovingGuidance tone · was IN LINE last Q
지표기간범위중간값상태
EPSFY2026$5.61–$5.72$5.67RAISED

기업 영향 분석

BUD
-6.6%
발표 이후
$83.46→$77.92
투자 대상공급망 알파

ABI equity earnings grew 21.5% y/y to $158M in Q2, far outpacing Altria's own EPS growth, implying BUD's beer margins/mix are recovering faster than headline industry trends suggest. — For a pure financial stake this is a direct read-through to BUD momentum and supports Altria's capital returns via higher investment income.

Heather Newman