Altria raises 2026 earnings-per-share outlook to $5.66–$5.74 and expands buybacks by $1 billion
Key Facts
Altria raised its 2026 adjusted diluted earnings-per-share outlook to a range of $5.66–$5.74, representing growth of 4.5% to 6.0% from a 2025 base of $5.42, and said its board had authorized a $1 billion expansion of its share repurchase program. The company said strong performance in the first nine months and confidence in its full-year plan supported the higher outlook, while its statement did not link the decision to expand the buyback program. Following the expansion, the program is set to expire on December 31, 2027. In the third quarter, adjusted diluted earnings per share were $1.52, up 4.8% year over year. Earnings and revenue also topped analyst estimates cited by Investing.com, at $1.51 per share and $5.31 billion in revenue, respectively.
The company reported third-quarter revenue of $6.132 billion, up 1.0% from the same period a year earlier, while revenue after excise taxes rose 3.6% to $5.441 billion. In the first nine months of 2026, revenue increased 1.4% to $17.671 billion. Adjusted diluted earnings per share for the period rose 5.1% to $4.33 compared with the first nine months of 2025. Chief Executive Sal Mancuso said income growth at the Smokeable Products companies benefited from a data-driven, full-portfolio approach. The company attributed the quarter’s increase in adjusted earnings per share to strong financial performance.
Growth in the larger segment came alongside weaker performance in oral tobacco. Revenue from Smokeable Products rose 0.8% to $5.432 billion in the third quarter, and adjusted operating income increased 3.9% to $3.072 billion. By contrast, revenue from Oral Tobacco Products fell 0.1% to $688 million, and the segment’s adjusted operating income declined 3.7% to $443 million. The segment figures support a picture of overall growth that masks differing contributions across businesses. The Associated Press reported in January that on! pouch market share had narrowed to about 13%, roughly 5 percentage points below the previous year, amid competition from newer nicotine products.
The company expanded cash returns to shareholders through buybacks and dividends. In the first nine months, it repurchased 11.2 million shares at an average price of $65.78 per share, for a total cost of $735 million. Third-quarter repurchases alone totaled 5.9 million shares at an average price of $68.52 per share, for a total cost of $400 million. Altria also paid dividends of $1.7 billion in the quarter and $5.3 billion in the first nine months. In August, the board raised the regular quarterly dividend by 4.7%, bringing the current annualized dividend rate to $4.44 per share.
The company’s full-year assumptions include slower growth in the e-vapor segment, increased economic uncertainty facing adult nicotine consumers, and no return of NJOY ACE to the market during 2026. On the product front, Helix plans to add a Watermelon Mint flavor to the on! PLUS range in the fourth quarter at select retail locations. Under the announced plan, the flavor will be available in nicotine strengths of 6, 9 and 12 milligrams. Altria’s investor and media conference call is scheduled to be webcast on October 29, 2026, at 9:00 a.m. Eastern Time. The company’s shares closed at $72.99 on October 28, down 0.68% during the session, compared with a close of $76.07 on October 22.