A U.S. tobacco company whose brands include Marlboro cigarettes, Black & Mild cigars, Copenhagen and Skoal smokeless tobacco, on! nicotine pouches, and NJOY e-vapor products. Its roots trace to a London tobacco shop opened by Philip Morris in 1847, and in 2003 the company renamed itself Altria, a word drawn from the Latin "altus" meaning "high" — chosen, it said, to reflect reaching higher, not the similar-sounding "altruism."
Q2 2026 adjusted diluted EPS rose 2.8% to $1.48 as pricing offset a 4.5% cigarette volume decline.
Cigarette volume declines eased to 4.5% this quarter after a 13.7% drop a year earlier. rose 0.1% to $6,111M and rose 2.8% to $1.48 as smokeable pricing and duty refunds offset oral tobacco weakness, while reported fell 2.8% to $1.37 on $182M of . The core business is stabilizing, but illicit e-vapor and discount shift remain live risks.
Key takeaways
rose 2.8% to $1.48 in Q2 2026, driven by smokeable products up 2.4% on higher pricing and duty refunds, partly offset by a 4.5% estimated domestic cigarette shipment decline and discount mix shift.
Reported fell 3.4% to $2,298M as $182M in — including USSTC Facilities Consolidation costs and litigation charges — weighed on results.
Oral tobacco products fell 8.0% as shipment volume dropped 8.5%, with and losing share while nicotine pouch share rose sequentially.
Section summaries
Management's Discussion and Analysis
Altria's Q2 2026 adjusted diluted EPS rose 2.8% to $1.48 on higher pricing and smokeable OCI, offset by oral tobacco volume declines.
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Smokeable products grew 2.4% in Q2 2026 driven by higher pricing and duty refunds, partially offset by a 4.5% estimated domestic cigarette shipment decline and mix shift to discount.
rose 0.1% to $6,111M and 12.6% from Q1 2026; was 62.5%, down 0.6 points from a year earlier.
Liquidity included $2,367M cash, a $3.0B undrawn , and of 1.9x; fell 3.2% to $22.9B from a year earlier.
Management flagged illicit flavored disposable e-vapor products, potential FDA product standards, and discount cigarette share reaching 33.8% as pressures.
What changed
Q1 2026 flagged cigarette volume to see if the 2.4% decline held; Q2 came in at 4.5% estimated domestic decline, a moderation from the 13.7% Q1 2025 drop but wider than Q1 2026.
FY 2025 flagged trademark risk if volumes decline; Q2 2026 shows and Skoal lost oral share and MST volume fell 8.5%, keeping that risk open with no new charge this quarter.
resolution remains unresolved — the ITC import ban lifted neither in Q1 nor Q2 2026, and no replacement product launch was reported.
Horizon Innovations FDA authorization and U.S. launch timing was flagged through 2025 and Q1 2026; no update appeared in this Q2 filing, so it remains pending.
Q1 2026 noted enforcement against illicit e-vapor would be more gradual; Q2 reiterates illicit flavored disposables as a risk, confirming the softer enforcement view carried forward.
What to watch
Q3 2026 domestic cigarette shipment volume to see if the 4.5% Q2 decline eases or pricing keeps offsetting it
Any further trademark as MST volumes fell 8.5% and share was lost in Q2
resolution — whether the ITC import ban lifts or Altria commercializes a replacement e-vapor product
Horizon Innovations FDA authorization and U.S. launch timing of heated tobacco stick products
Oral tobacco products fell 8.0% in Q2 2026 as shipment volume dropped 8.5%, with MST brands and losing share, while nicotine pouch share rose sequentially.
Consolidated adjusted increased 1.9% to $2,480 million in Q2 2026, helped by higher OCI and ABI equity income, partly offset by higher corporate expenses.
Reported decreased 3.4% to $2,298 million in Q2 2026, weighed down by $182 million in special items including USSTC Facilities Consolidation costs and litigation charges.
Liquidity remains strong with $2.4 billion in cash, a $3.0 billion undrawn , and a ratio of 1.9x; are expected to rise to $375–$450 million in 2026.
The company flagged risks from illicit flavored disposable e-vapor products, potential FDA product standards, and discretionary income pressures driving discount cigarette share to 33.8%.
Quantitative and Qualitative Disclosures About Market Risk
Interest Rate Risk The fair value of our long-term debt, all of which is fixed-rate debt, is subject to fluctuations resulting primarily from changes in market interest rates. The fair value of our long-term debt and the change in fair value based on a 1% increase or decrease in…
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Interest Rate Risk
The fair value of our long-term debt, all of which is fixed-rate debt, is subject to fluctuations resulting primarily from changes in market interest rates. The fair value of our long-term debt and the change in fair value based on a 1% increase or decrease in market interest rates were as follows:
(in billions) June 30, 2026 December 31, 2025
Fair value $ 22.8 $ 24.3
Decrease in fair value from a 1% increase in market interest rates 1.7 1.8
Increase in fair value from a 1% decrease in market interest rates 2.0 2.1
Information regarding Risk Factors appears in Part I, Item 1A. Risk Factors of our 2025 Form 10-K. There have been no material changes to the risk factors previously disclosed in our 2025 Form 10-K. 60 Table of Contents
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Information regarding Risk Factors appears in Part I, Item 1A. Risk Factors of our 2025 Form 10-K. There have been no material changes to the risk factors previously disclosed in our 2025 Form 10-K.
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