MO · Q2 2026

Archived report (Q2 2026). Latest deep dive →

US GAAP, Q2 2026 · released Jul 30

The quarter in brief

A steady but unspectacular quarter — flat revenue and a 2.9% operating income decline driven by litigation charges and USSTC facilities consolidation costs in oral tobacco, partly offset by resilient smokeable pricing and lower ABI equity income drag, leaving net earnings down 3.4% while adjusted EPS still grew 2.8% on buybacks.

Net Earnings

$2,298M

down 3.4% y/y

Net Revenues

$6,111M

up 0.1% y/y

Operating Income

$3,136M

down 2.9% y/y

Gross Profit

$3,820M

down 0.8% y/y

All figures in $M.

Sankey diagram of MO earnings report for Q2 2026: revenue, costs and profit
Line item	Amount and change
Smokeable Products	$5,392 · +0.7%
Oral Tobacco Products	$713 · −5.3%
All Other	$6 · n/m
Net Revenues	$6,111 · +0.1%
Cost of Sales + Excise Taxes	$2,291
Gross Profit	$3,820 · −0.8% · 62.5% margin
Marketing, Admin, R&D + Exit Costs	$574
Amortization + Corporate Expense	$110
Operating Income	$3,136 · −2.9% · 51.3% margin
Interest & Other Debt Expense, net	$295 · +7.3%
Pension Income + Equity Investments*	$88 income · ABI $81 + Cronos $6 + pension $1
Earnings Before Income Taxes	$2,929 · −6.1%
Provision for Income Taxes	$631 · 21.5% effective rate
Net Earnings	$2,298 · −3.4% · $1.37 diluted EPS

Verdict: a steady but unspectacular quarter — flat revenue and a 2.9% operating income decline driven by litigation charges and USSTC facilities consolidation costs in oral tobacco, partly offset by resilient smokeable pricing and lower ABI equity income drag, leaving net earnings down 3.4% while adjusted EPS still grew 2.8% on buybacks.

H1 shareholder returns ≈$3.9B (dividends $3.6B + buybacks $335M); Q2 buybacks $55M (0.8M shares); FY2026 adjusted diluted EPS guidance narrowed to $5.61–$5.72 (+3.5% to +5.5% vs $5.42 base); FY2026 capex guidance raised to $375M–$450M.

Source and notation

* marks non-cash / ≈ estimated. Source: Altria Group press release / 10-Q (SEC EDGAR).

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MO — Altria Group is a consumer goods company primarily focused on tobacco products.

It manufactures and sells cigarettes, smokeless tobacco, and invests in alternative nicotine delivery systems, headquartered in Richmond, Virginia.

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MO · Q2 2026

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