April 30th, 2026

The call presented a mixed picture: operational and financial strengths (7.3% adjusted EPS growth, strong smokeable segment margins, on! shipment growth and national rollout, ABI earnings growth, robust dividends and buybacks, and a solid balance sheet) were balanced against meaningful headwinds (notably sizable adjusted declines in Oral Tobacco volumes and retail share, cigarette volume declines, Marlboro retail share pressure and persistent illicit e-vapor market issues). Management’s reaffirmed but modest full-year guidance and emphasis on macro uncertainty underscore a cautious tone despite strong cash generation and execution in key areas.

Company Guidance

Altria reaffirmed 2026 full‑year adjusted diluted EPS guidance of $5.56–$5.72 (growth of 2.5%–5.5% from a $5.42 base in 2025) and said Q1’s stronger results (adjusted diluted EPS up 7.3% year‑over‑year) make 2026 growth likely to be more balanced between the first and second halves of the year; the company noted the guidance already contemplates moderated industry growth in combustible and e‑vapor volumes and heightened macroeconomic uncertainty. Management reiterated its capital return and balance‑sheet posture (Q1 dividends ≈ $1.8B; share repurchases of 4.5M shares for $280M with ~$72M remaining under the program; >$1B of debt retired; total debt/EBITDA 1.9x). They also cited related operating metrics that underpin the outlook: smokeable adjusted OCI +6.3% with a 65.1% margin (+0.7 ppt), oral tobacco adjusted OCI >$400M with a 67.4% margin, on! portfolio shipments ~46M cans (+~18%), nicotine pouches now >58% of oral tobacco (category +9.1 share points), reported domestic cigarette volumes −2.4% (−4% adjusted shipments; industry −5% adjusted).