Richmond, April 30, 2026, 11:01 EDT
- Altria posted adjusted earnings of $1.32 per share on net revenues of $5.43 billion, topping analyst forecasts of $1.25 per share and $4.58 billion in revenue, LSEG figures quoted by Reuters show.
- Altria leaned on stronger cigarette and oral tobacco pricing to counter falling shipment volumes—always a key concern for shareholders.
- The company stuck to its 2026 adjusted EPS forecast of $5.56 to $5.72, but pointed to sluggish e-vapor growth and lingering consumer uncertainty.
Altria topped Wall Street’s forecasts for both profit and revenue in the first quarter, reporting Thursday that price hikes cushioned the drop in cigarette shipments. Shares of the Marlboro parent jumped around 7% late in the morning.
The report surfaces as big tobacco faces pressure. American smokers have been cutting back on cigarettes, some opting for cheaper brands, others moving over to vapes and nicotine pouches. Now, investors are pushing to see if price hikes can keep supporting earnings much longer.
Chief Executive Billy Gifford heads into his final quarter before his planned mid-May departure with a bit more momentum. Investors responded positively as Reuters noted slower Marlboro share declines and some support coming from Altria’s lower-priced brands, like Basic.
Altria posted net revenues of $5.43 billion, a 3.2% increase. Stripping out excise taxes—those tobacco duties funneled to the government—revenue climbed 5.3% to $4.76 billion. Adjusted earnings per share, which leave out one-time items, came in at $1.32, up 7.3%.
Altria turned in a profit of $2.18 billion, or $1.30 per share, up from $1.08 billion, or 63 cents a share, a year ago, according to .
Gifford described the quarter as a “strong start to the year,” noting Marlboro “strengthened its position” among premium cigarettes. Buybacks reached $280 million, with $1.8 billion paid out in dividends. The company still has $720 million remaining on its $2 billion repurchase authorization. Sitecore
Simon Hales at Citi described the result as a “big beat,” pointing out cigarette volumes that outperformed what analysts had penciled in, according to Reuters. Altria’s numbers also got a lift from contract manufacturing work for international companies—linked to exports and some related tax rebates. Reuters
Net revenues in smokeable products climbed 2.9%, lifted by higher prices that more than made up for lower volumes, heavier promotions, and a consumer move toward budget brands. Domestic cigarette shipments dropped 2.4%—around 4% lower once trade inventory shifts are stripped out. Altria put the overall U.S. cigarette market decline closer to 5%.
Marlboro shipments slid 7.8%. Even so, the brand grabbed a slightly bigger slice of the premium market than it held both a year ago and last quarter. Still, discount brands are biting harder: value cigarettes now claim 33.3% of retail sales, up 2.4 points from a year back.
Oral tobacco performance was a mixed bag. Altria’s on! shipped 46.2 million nicotine pouch cans, up 17.6%. Yet, on!’s grip on the U.S. oral tobacco space slipped to 7.8%. In the nicotine pouch niche, share dropped 4.2 points to 13.4%.
Competition in the pouch market is heating up. Philip Morris International trimmed its annual profit outlook last week, citing regulatory concerns surrounding Zyn and intensifying rivals, even as British American Tobacco’s Velo continues to make inroads in the space.
Still, risks linger. Altria’s updated outlook bakes in softer e-vapor category growth—vape sales aren’t rising as fast—and heightened economic pressure on adult nicotine users. NJOY ACE, for its part, isn’t expected to reappear in 2026. The company also pointed to ongoing threats from unauthorized vape products, shifting regulations, litigation, and changes in how consumers shop.
