Altria 8-K
EarningsGuidance raisedRestructuringImpairment / charge
Cigarette pricing supported smokeable growth as oral tobacco weakened; narrowed EPS guidance assumes a larger H2 import/export benefit.
Filed 2026-07-30 07:06 ET
- 2.02 Results of Operations
- 9.01 Financial Statements and Exhibits
Summary
Q2 and first-half 2026 results with narrowed FY2026 adjusted EPS guidance. Q2 adjusted diluted EPS rose 2.8% to $1.48, while reported diluted EPS fell 2.8% to $1.37; first-half adjusted EPS rose 4.9% to $2.80. First-half results benefited from higher adjusted operating companies income and fewer shares; Q2 smokeable growth was offset by weakness in oral tobacco.
Key Figures
| Metric | Q2 2026 | Q2 2025 | Y/Y | H1 2026 | H1 2025 | Y/Y |
|---|---|---|---|---|---|---|
| Net revenues | $6.11B | $6.10B | 0.1% | $11.5B | $11.4B | 1.6% |
| Operating income | $3.14B | $3.23B | (2.9)% | $6.09B | $5.02B | 21.4% |
| Net earnings | $2.30B | $2.38B | (3.4)% | $4.48B | $3.46B | 29.7% |
| Diluted EPS | $1.37 | $1.41 | (2.8)% | $2.67 | $2.04 | 30.9% |
| Adjusted diluted EPS, non-GAAP | $1.48 | $1.44 | 2.8% | $2.80 | $2.67 | 4.9% |
- Q2 revenues net of excise taxes increased 1.2% to $5.36B. Smokeable products’ higher pricing was partly offset by lower shipment volume and promotional spending; oral tobacco revenue fell 5.3% on lower volume and higher promotional spending.
- Q2 share repurchases were 0.8M shares for $55M at an average $65.11 per share; H1 repurchases were 5.3M shares for $335M at an average $62.78. Dividends paid were $1.8B in Q2 and $3.6B in H1. Weighted-average diluted shares fell 0.8% Q2 and 0.9% H1 Y/Y. The $2B repurchase program had $665M remaining at 6/30/2026 and expires 12/31/2026.
- Cash was $2.37B and total debt was $24.6B at 6/30/2026, vs $4.47B and $25.7B at 12/31/2025. USSTC Facilities Consolidation drove most of $88M in Q2 and $94M in H1 pre-tax asset impairment, exit and implementation charges.
Guidance
| Metric | Period | Guidance | Prior | Direction |
|---|---|---|---|---|
| Adjusted diluted EPS, non-GAAP | FY2026 | $5.61-$5.72; 3.5%-5.5% growth from FY2025 base of $5.42 | — | Narrowed; lower end raised |
| Capital expenditures | FY2026 | $375M-$450M | $300M-$375M | Raised |
FY2026 EPS guidance reflects an expected greater benefit from cigarette import and export activity in H2 than H1, with that benefit more balanced between Q3 and Q4. Higher capital spending primarily reflects USSTC manufacturing consolidation investments.
Investor Takeaways
- Track full-year adjusted EPS against the narrowed $5.61-$5.72 range, including the expected H2 cigarette import/export benefit.
- Watch Helix’s planned national expansion of 12-milligram on! PLUS in Q3 and additional on! PLUS flavors beginning in Q4.
The summary is written by an AI model reading the filing.
Model 005 · prompt 01d34d48e3