[MO] Altria: Q3 2026 earnings preview, can Marlboro pricing outrun volume?

Altria is the largest US tobacco company, owning Marlboro cigarettes, Copenhagen and Skoal moist smokeless tobacco and on! nicotine pouches, and it earns substantially all of its revenue in the United States[1][2]. Ahead of its Altria Q3 2026 earnings on 2026-10-29, the company will report the third quarter of 2026, ending September 30, 2026, and host its earnings call[3]. In the latest disclosed period, the second quarter of 2026, net revenues including excise taxes were $6.111 billion, up 0.1%, revenues net of excise taxes were $5.356 billion, up 1.2%, and adjusted diluted EPS was $1.48, up 2.8%[4]; within that, adjusted operating companies income (OCI) in the smokeable products segment rose 2.4% to $3.018 billion, while oral tobacco fell 8.0% to $460 million[5][6]. On July 30 the company narrowed full-year adjusted EPS guidance to $5.61 to $5.72, or 3.5% to 5.5% growth from $5.42 in 2025; with $2.80 earned in the first half, the second half needs $2.81 to $2.92, which is 2.2% to 6.2% above the $2.75 earned in the second half of 2025[4][7]. Drillr's aggregated data show a third-quarter adjusted EPS consensus of $1.51 from 8 analysts (range $1.49 to $1.54) and a consensus for revenues net of excise taxes of $5.316 billion from 6 analysts[8].

Three things matter most in the third-quarter report. The first is whether cigarette pricing can still outrun falling volume and trade-down: in the second quarter, pricing added $309 million of revenue while volume and discount mix subtracted $279 million, and with June gas prices averaging $4.05 a gallon and the discount category at a 33.8% share, the growth rate of cigarette profit largely decides where the full year lands in the guidance range[9][10]. The second is whether on! returns to growth after 12-milligram on! PLUS goes national in the third quarter: on! shipments fell 4.2% in the second quarter while Copenhagen and Skoal fell 10.9% and 13.7%, and oral tobacco is both the company's highest-margin segment and the only scaled business in its smoke-free transition[11][12]. The third is whether import-duty refunds on cigarettes expand in the second half as management described: the year-over-year refund contribution was only $27 million in the second quarter, below roughly $51 million in the first quarter, and the full-year guidance explicitly assumes larger second-half refunds[9][13]. Whether the report confirms, weakens or leaves open these three relationships bears directly on whether the implied 2.2% to 6.2% second-half growth holds.

Company Background and Business Structure

Altria is a tobacco holding company that operates almost entirely in the United States, with separate operating companies covering cigarettes, cigars, moist smokeless tobacco, nicotine pouches and e-vapor. Its international business was spun off long ago as Philip Morris International (PMI), and its current operating companies are PM USA, maker of Marlboro, which has been the best-selling US cigarette brand for more than 50 years; Middleton, maker of Black & Mild machine-made cigars; USSTC, maker of Copenhagen and Skoal moist smokeless tobacco (MST); Helix, maker of on! pouches; and e-vapor company NJOY[1]. NJOY's products hold FDA marketing authorization, but its main product, NJOY ACE, is barred from import and sale by the US International Trade Commission; Altria also holds a 75% economic interest in Horizon, a joint venture with Japan Tobacco to commercialize heated tobacco in the US, which had no product on the market as of February 25, 2026[1][14]. Altria accounts for its investments in Anheuser-Busch InBev (ABI) and Cronos under the equity method, recognizing results on a one-quarter lag[1].

Cigarettes are by far the profit center, and oral tobacco is the second pillar. From 2026 the company reports only two segments, smokeable products and oral tobacco, with e-vapor, Horizon and Helix International placed in "all other." On a 2025 basis, the smokeable segment had net revenues of $20.485 billion including excise taxes, or $17.443 billion after $3.042 billion of excise taxes, and adjusted OCI of $11.064 billion; domestic cigarette shipments were 61.8 billion units, down 10.0%, and premium brands made up 93.6% of shipments[15][1][16]. The oral segment had net revenues of $2.802 billion, or $2.704 billion net of excise taxes, adjusted OCI of $1.835 billion and full-year shipments of 732.4 million cans, of which on! was 177.8 million[17]; on revenues net of excise taxes, cigarettes account for 86.6% of the two segments combined and oral tobacco for 13.4%.

Altria's business chain makes most of its costs move with shipment volume. PM USA buys the majority of its burley and flue-cured leaf directly from US growers under contract, and the products are sold mainly to wholesalers and large retail chains[14]; in 2025 the two largest customers accounted for roughly 23% and 19% of consolidated net revenues[2]. On top of federal and state excise taxes, each cigarette carries state settlement payments based on volume and share, and the company estimates that settlement charges and FDA user fees charged to cost of sales will average about $3.0 billion a year over the next three years, with settlement amounts generally paid in April of the following year[18]. PM USA also manufactures cigarettes in the US for export by third parties, which lets the company reclaim duties and taxes paid on cigarettes it imports for domestic sale under a program called duty drawback[19][20]; separately, USSTC is moving production from its Nashville plant to a new facility on its existing campus in Hopkinsville, Kentucky[21].

Financial History and Current Position

Altria's annual revenue is drifting lower, and profit is held up mainly by pricing and by costs that fall with volume. Revenues net of excise taxes were $20.502 billion, $20.444 billion and $20.139 billion in 2023 through 2025; in 2025 net revenues including excise taxes were $23.279 billion, down 3.1% from $24.018 billion in 2024, and gross profit was $14.542 billion[22]. Operating income in 2025 was $9.899 billion, below $11.241 billion in 2024, mainly because of a $1.158 billion e-vapor goodwill impairment and $978 million of asset impairment and exit costs[22][23]. Net earnings in 2025 were $6.947 billion, reported EPS was $4.12 and adjusted EPS excluding special items was $5.42, up 4.4%[24].

Revenue and adjusted profit both grew in the first half of 2026, but the quarterly pace slowed. First-half net revenues including excise taxes were $11.539 billion, up 1.6%, revenues net of excise taxes were $10.114 billion, up 3.1%, and adjusted EPS was $2.80, up 4.9%; reported EPS was $2.67, up 30.9%, mainly because the prior-year period included the e-vapor goodwill impairment[4][7]. In the second quarter alone, operating income was $3.136 billion, down 2.9%, reported EPS was $1.37, down 2.8%, and adjusted EPS was $1.48, up 2.8%[25][7]. The gap between reported and adjusted results came mainly from tobacco and health and certain other litigation items, USSTC facilities consolidation costs and ABI-related special items[7][21].

Cash flow comfortably covers the dividend, and leverage sits near the company's target. Operating cash flow was $9.3 billion in 2025, dividends paid were $6.960 billion and capital expenditures were $216 million[26]; year-end debt was $25.709 billion, or 2.0 times EBITDA[27]. First-half 2026 operating cash flow was $3.043 billion because roughly $2.6 billion of settlement payments and FDA user fees were paid in the second quarter; over the same period the company paid $3.556 billion in dividends and spent $335 million to repurchase 5.3 million shares[28][29][30]. Debt stood at $24.577 billion at the end of June, or 1.9 times EBITDA, after the company repaid about $1.1 billion of maturing notes in February[31]; full-year capital expenditure guidance rose from $300 million to $375 million to a new range of $375 million to $450 million, mainly for the USSTC facilities consolidation[13].

Operating Model

Altria's revenue equals shipment volume by brand times net price per unit, so price increases and volume losses offset each other within the same line. Cigarette revenue depends on volume and net price, which is list price minus price promotions to retailers; PM USA raised the list price of Marlboro (excluding two menthol styles) and L&M by $0.20 a pack effective January 18, 2026[32]. In the second quarter of 2026 cigarette revenues including excise taxes rose $35 million, or 0.7%, as pricing added $309 million and volume and discount mix subtracted $279 million[9]; discount brands carry lower prices, and with discount shipments up 67.3% to 1.487 billion units while Marlboro fell 7.4%, mix pulled the average price down[33]. Oral revenue is MST cans and on! cans each multiplied by price, and in the second quarter volume subtracted $74 million while pricing added $31 million, leaving revenues including excise taxes down 5.3%[34]; because net revenues include excise taxes billed to customers, both the company and analysts focus on revenues net of excise taxes.

Pricing turns almost entirely into profit because the largest costs fall in step with volume. Cost of sales is mainly leaf, manufacturing and state settlement charges and FDA user fees accrued on volume and share, which totaled $1.6 billion in the first half[29]; excise taxes are paid per unit, duty drawback directly reduces excise taxes, and refunds added $78 million to smokeable segment profit year over year in the first half[9][35]. As a result, the smokeable segment's adjusted OCI margin rose from 61.6% in 2024 to 63.4% in 2025 and reached 64.8% in the second quarter of 2026[15][5]. Oral tobacco carries an even higher margin, 67.9% in 2025, but on! requires distribution and promotional spending, and the second-quarter margin fell to 66.7%[17][6].

Between segment profit and EPS sit corporate expenses, interest, ABI income, the tax rate and the share count, while cash flow follows the timing of settlement payments. Second-quarter interest and other debt expense was $295 million and diluted shares were 1.670 billion, down 0.8% year over year[25]; adjusted ABI equity earnings were $158 million, up 21.5% and recognized on a one-quarter lag, and the adjusted tax rate was about 23.0%[36][4]. Settlement charges are paid in April of the year after they are accrued, which makes the second quarter the weakest cash-flow quarter of the year[18]; capital spending is low, and most remaining cash goes to a dividend running at an annualized $4.24 a share and to buybacks, with $665 million left at the end of June on a $2 billion authorization that expires at the end of 2026[28][30].

Industry and Competitive Position

Altria holds the largest share of a US cigarette market that keeps shrinking. In 2025 the company held a 45.2% retail share of cigarettes, and Marlboro held 40.5% of all cigarettes and 59.4% of the premium segment[16]; competition runs on brand, taste, price and promotion[14]. Industry volume declines every year and fell an estimated 8% in 2025, and the company estimates that illicit flavored disposable e-vapor products, which make up about 70% of the e-vapor category, accounted for 2 to 3 percentage points of that decline[16][37][23].

The industry decline narrowed in the first half of 2026, but trade-down accelerated. Industry volume adjusted for trade inventory fell about 5% in the second quarter, compared with 4.5% for PM USA[33]; management attributes the moderation, which began in the third quarter of 2025, mainly to less switching between cigarettes and illicit e-vapor, while June gas prices of $4.05 a gallon and a 33.8% discount category share show that pressure on disposable income is still driving trade-down[10]. PM USA's total cigarette share in the second quarter was 45.5%, up 0.3 points, but that gain came mainly from discount brands rising from 2.0% to 3.9% while Marlboro's total share fell 1.5 points to 39.5%[38].

Growth in oral tobacco is going mainly to nicotine pouches, Altria's share there is falling, and the available comparison has clear limits. Pouches now account for 59.9% of the oral tobacco category, up 8.1 points year over year[39]; Altria's oral segment share fell from 31.9% in 2025 to 29.0% in the second quarter of 2026, and on!'s share within pouches was 14.4%, below 15.4% for full-year 2025[40][36][39]. Legal new products need FDA premarket authorization, so regulation and enforcement shape competition directly: on! PLUS received authorization in three flavors at 6 and 9 milligrams in December 2025, and in May 2026 the FDA issued guidance saying it generally will not prioritize enforcement against pouch and e-vapor products whose applications remain under scientific review[41][42]. Share data come from Circana and MSAi sample tracking and can be restated, and this comparison covers share only, not competitors' financials[16].

Core Debates

Marlboro shipments fell 7.4% in the second quarter, and price increases alone kept cigarette profit growing 2.4%. With gas prices up and discount brands at a 33.8% share, can pricing still outrun volume losses in the third quarter?

This debate largely decides where the full year lands within the guidance range. The smokeable segment produces 86.6% of revenues net of excise taxes, and in 2025 it earned adjusted OCI of $11.064 billion at a 63.4% margin[15]. Full-year guidance implies 2.2% to 6.2% EPS growth in the second half[4], and whether cigarette profit growth moves toward the top or the bottom of that range depends on pricing continuing to outrun volume.

Pricing still outran volume in the second quarter, but the cushion has become thin. Cigarette revenues net of excise taxes were $4.660 billion, up 2.0%, and adjusted OCI was $3.018 billion, up 2.4%, at a 64.8% margin[5]; pricing added $309 million of revenue, while volume and discount mix subtracted $279 million of revenue and $221 million of profit[9]. PM USA's cigarette volume adjusted for trade inventory fell 4.5%, better than the industry's roughly 5% decline; Marlboro's share of the premium segment was 59.6%, flat year over year, and the discount category share was 33.8%, up 2.6 points year over year and 0.5 points sequentially[33][38].

The same numbers support two explanations, and the evidence does not yet separate them. Management says the narrower industry decline reflects less diversion to illicit e-vapor, that Basic investment is limited to about 35,000 stores to participate in discount growth rather than accelerate it, and that Cowboy Cut is meant to keep value-sensitive premium smokers[43][44]. The other reading is that part of the profit growth came from import-duty refunds: refunds added $27 million year over year in the second quarter, and without them segment profit grew only about 1.5%, suggesting pricing is close to its limit in covering volume[9]. The transmission runs from gas prices and inflation squeezing disposable income, to rising discount share and falling Marlboro shipments, to a lower average net price from mix; pricing minus the volume and mix drag sets the change in segment revenue, which then reaches adjusted OCI through settlement charges and unit costs, and management has also flagged that the second half laps strong Basic growth from the second half of 2025[45].

In the third-quarter report, watch the year-over-year change in smokeable adjusted OCI and the company's dollar split among pricing, volume and mix, and refunds. Readers should also watch trade-inventory-adjusted volume against the industry decline, whether Marlboro holds its 59.6% premium share and whether the discount category share accelerates sequentially[38]. If adjusted OCI turns negative year over year, or the volume decline returns above 6% and premium share falls below 59.2%, the case that pricing covers volume breaks down under high gas prices; if segment profit excluding refunds still grows more than 4%, the concern has been overstated.

on! shipments fell 4.2% in the second quarter and oral tobacco profit dropped 8%. Once 12-milligram on! PLUS goes national in the third quarter, can on! offset the losses at Copenhagen and Skoal?

Oral tobacco is only 13.4% of revenues net of excise taxes, yet it is the highest-margin business and the only scaled part of the smoke-free transition. The oral segment's adjusted OCI margin was 67.9% in 2025[17], and pouches now make up nearly 60% of the oral category[39]. If on! cannot absorb the losses in moist smokeless tobacco, segment profit will fall with MST, and the company has warned that if Skoal's volume decline exceeds its estimates, the Skoal trademark could face material non-cash impairments[46].

Oral revenue and profit both fell in the second quarter, and on! did not grow. Segment revenues net of excise taxes were $690 million, down 5.2%, and adjusted OCI was $460 million, down 8.0%, at a 66.7% margin[6]; Copenhagen shipments fell 10.9%, Skoal fell 13.7% and on! shipped 49.9 million cans, down 4.2%, although first-half on! shipments of 96.1 million cans were up 5.1%[11]. on!'s share of the oral tobacco category was 8.6%, up 0.8 points sequentially, but its share within nicotine pouches was 14.4%, down 1.7 points year over year[39].

Management blames a high base for the weak quarter, while another reading points to competitiveness. Management says the second quarter of 2025 was inflated by a major competitor's supply disruption, heavy promotion by Altria at the time and inventory timing ahead of the national on! PLUS launch; 12-milligram on! PLUS resumed shipping in Florida, North Carolina and Texas in the second quarter, with national expansion planned for the third quarter and new flavors such as Blueberry Mint and Mango Pineapple due in the fourth[47][36][12]. The other reading is that competitors are capturing most of the category's growth: on!'s share within pouches fell from 15.4% in 2025 to 14.4%, while on! PLUS already reaches about 120,000 stores covering roughly 90% of US nicotine product volume, so further growth has to come from the product itself[40][47]. The transmission runs from pouches replacing MST, to falling Copenhagen and Skoal shipments; whether growth in on! cans offsets the decline in MST cans sets segment revenue, and promotional and launch spending then sets adjusted OCI and margin.

In the third-quarter report, watch on! shipments year over year and sequentially, on!'s share of both the oral category and the pouch category, whether 12-milligram on! PLUS completes its national rollout, and the decline in segment adjusted OCI along with what the company says about promotional spending. If on! shipments fall year over year for a second straight quarter and its share within pouches drops below 13.4%, the high-base explanation does not hold; if on! grows more than 15% while segment profit stabilizes, on! PLUS will have shown early evidence that it can absorb MST losses.

Import-duty refunds on cigarettes did not grow sequentially in the second quarter, and EPS came in 2 cents below expectations. Management says second-half refunds will be larger and spread more evenly across the third and fourth quarters. Will the third quarter deliver?

Duty drawback is small, but nearly all of it falls to profit, and the full-year guidance explicitly depends on it. The company's guidance calls for a greater benefit from cigarette import and export activity in the second half than in the first, spread more evenly between the third and fourth quarters[13]. In the first half, refunds added $78 million to smokeable segment profit year over year, about one-third of that segment's $229 million increase in adjusted OCI[9].

Contract export volume rose in the second quarter, but refunds did not follow. Contract-manufactured export shipments were 736 million units, up 54.9% year over year, compared with 610 million in the first quarter[33][48]; the year-over-year refund contribution was $27 million, below roughly $51 million in the first quarter[9]. Smokeable segment excise taxes were $732 million, down 7.0%, a steeper fall than the 2.9% decline in domestic smokeable shipments; dividing excise taxes by shipments, the per-unit excise tax fell from $47.6 to $45.6 per thousand units (including differences in cigar tax rates)[5][33]. Second-quarter adjusted EPS of $1.48 was 2 cents below the $1.50 expectation aggregated by Drillr[7][8].

Management attributes the flat refunds to timing, while another reading holds that refunds are inherently volatile. On the earnings call, management said the lack of sequential growth in refunds was purely a matter of the timing of credit applications and inventory staging, and that export volumes will be higher in the second half[49][44]. The other reading is that refund growth depends on contract customers' orders and on how regulators treat drawback eligibility, and the annual report lists an inability to realize drawback to the same extent as other manufacturers as a competitive risk, so refunds may keep swinging from quarter to quarter[20][19]. The transmission runs from contract export volume to the import duties, excise taxes and fees that can be reclaimed; refunds reduce smokeable excise taxes and lift adjusted OCI, which then passes through corporate expenses, interest and ABI equity income, taxes and a share count reduced by buybacks to reach adjusted EPS.

In the third-quarter report, watch whether contract export volume exceeds 736 million units, the dollar amount of the year-over-year refund contribution to smokeable profit in the 10-Q, whether the decline in smokeable excise taxes continues to outpace the decline in shipments, and the growth rate of adjusted EPS along with full-year guidance. If export volume drops, the refund contribution falls below $27 million or adjusted EPS growth comes in below 2.2%, the planned second-half increment has not materialized; if the refund contribution is at least $39 million and EPS grows more than 4%, the upper half of the guidance range becomes more credible.

Risks and Falsifiers

The first risk is weaker enforcement against, or a resurgence of, illicit flavored disposable e-vapor, which could widen the cigarette industry decline from about 5% back to the 8% seen in the third quarter of 2025[37][10]. This risk hits smokeable shipments and revenue directly: the company estimates that e-vapor diversion accounted for 2 to 3 percentage points of the industry decline in 2025, and it took an e-vapor goodwill impairment because enforcement was arriving more slowly than anticipated[37][23]. If the third-quarter industry decline adjusted for trade inventory is no worse than 5%, this risk has not materialized.

The second risk is one-time costs and product restrictions from tobacco and health litigation and e-vapor patent disputes. Tobacco and health and certain other litigation items cost $95 million before tax in the second quarter and reduced reported EPS by $0.05[7]; NJOY ACE remains barred from import and sale, and the full-year guidance assumes it does not return to the market in 2026[1][13]. If the third quarter brings no major new litigation charge and no new product ban, this risk has not grown.

The third risk is that gas prices and inflation push consumers to trade down to discount cigarettes faster, pressuring Marlboro's volume and price at the same time. The exposed line is smokeable adjusted OCI and its margin; that profit was $3.018 billion in the second quarter, and the drag from volume and mix already reached $221 million of profit in a single quarter[5][9]. If the discount category share stops rising sequentially in the third quarter and Marlboro's premium share stays at or above 59.6%, this risk is falsified.

The fourth risk is that on! PLUS sells through poorly once distribution is complete, on! keeps losing to competitors within pouches, and nothing absorbs the losses in moist smokeless tobacco. The exposed lines are oral segment adjusted OCI, $460 million in the second quarter, and the carrying value of the Skoal trademark, where the company's analysis indicates that each 1-point increase in the discount rate corresponds to an impairment of about $90 million[6][46]. If on! shipments grow year over year in the third quarter and its share within pouches stays at or above 14.4%, this risk is falsified.

The fifth risk is that drawback eligibility faces a tax or regulatory challenge, or that contract export orders shrink, erasing the planned second-half profit increment. The exposed lines are smokeable excise taxes and adjusted OCI; refunds added $78 million year over year in the first half[9][20]. If the third-quarter refund contribution is at least $27 million and export volume exceeds 736 million units, this risk is falsified.

What to Watch Next

• Cigarette pricing versus trade-down: smokeable adjusted OCI was $3.018 billion in the second quarter, up 2.4%[5]. Watch its growth and the split among pricing, volume and mix, and refunds; a year-over-year decline would break the pricing case, while growth above 4% excluding refunds would mean the concern is overstated.
• Cigarette volume: trade-inventory-adjusted volume fell 4.5% against an industry decline of about 5%[33]. A decline back above 6% would be a negative signal.
• Share: Marlboro held 59.6% of premium and the discount category held 33.8%[38]. A premium share below 59.2% would be a negative signal.
• on! shipments: 49.9 million cans in the second quarter, down 4.2%[11]. A second straight year-over-year decline would undercut the high-base explanation, while growth above 15% would be early confirmation; also watch the national 12-milligram on! PLUS rollout.
• on! pouch share and oral profit: 14.4% of pouches and $460 million of adjusted OCI, down 8.0%[39][6]. A share below 13.4% would be a negative signal.
• Duty drawback: export volume of 736 million units and a $27 million refund contribution[33][9]. A contribution below $27 million would mean the plan has not materialized, while $39 million or more would be supportive.
• Adjusted EPS: $1.48 in the second quarter, up 2.8%[7]. Growth below 2.2% would be negative, while growth above 4% would support the upper half of guidance.

Conclusion

Altria's results are still driven by premium cigarette pricing offsetting falling volume, and its finances are sound, but the cushion for profit growth is narrowing. First-half 2026 adjusted EPS was $2.80, up 4.9%, debt was 1.9 times EBITDA at the end of June, and full-year guidance stands at $5.61 to $5.72[4][31]. The open questions are three relationships: how much volume loss and trade-down cigarette pricing can still cover, whether on! can absorb the losses at Copenhagen and Skoal, and whether duty drawback expands in the second half at the pace management described.

Outside commentary has a clear coverage gap this period. Between the second-quarter release and early October, the related articles that could be found were mostly recaps of results and the earnings call, dividend-themed pieces, share-price and institutional-holdings news, and law-firm announcements of securities investigations; the articles that could be read in full only repeated company guidance and the view that volume and oral tobacco were a drag, and others could not be read in full to verify. As a result, there is currently no attributable, verifiable outside interpretation with independent reasoning to compare against, and the three debates can be judged only against the company's own disclosures.

The combination that would materially strengthen the current understanding is smokeable profit excluding refunds still growing more than 4% with Marlboro holding a 59.6% premium share, on! shipments returning to year-over-year growth with a pouch share of at least 14.4%, and a refund contribution of at least $39 million alongside adjusted EPS growth above 4%. Conversely, if smokeable adjusted OCI declines year over year, on! shipments fall for a second straight quarter, the refund contribution drops below $27 million and adjusted EPS growth comes in below 2.2%, the current understanding of the full-year growth path would be significantly weakened.

Sources

[1] MO 10-K filed 2026-02-25 · business and operating companies · 2026-02-25 · 10-K · https://www.sec.gov/Archives/edgar/data/764180/000076418026000017/mo-20251231.htm

[2] MO 10-K filed 2026-02-25 · customer concentration · 2026-02-25 · 10-K · https://www.sec.gov/Archives/edgar/data/764180/000076418026000017/mo-20251231.htm

[3] Drillr earnings calendar (updated 2026-10-01) · MO 2026-10-29 call · 2026-10-01 · Drillr earnings calendar

[4] MO 8-K filed 2026-07-30 · Q2 2026 headline and guidance · 2026-07-30 · 8-K · https://www.sec.gov/Archives/edgar/data/764180/000076418026000093/exhibit991erq22026.htm

[5] MO 8-K filed 2026-07-30 · Q2 2026 smokeable revenue and OCI · 2026-07-30 · 8-K · https://www.sec.gov/Archives/edgar/data/764180/000076418026000093/exhibit991erq22026.htm

[6] MO 8-K filed 2026-07-30 · Q2 2026 oral revenue and OCI · 2026-07-30 · 8-K · https://www.sec.gov/Archives/edgar/data/764180/000076418026000093/exhibit991erq22026.htm

[7] MO 8-K filed 2026-07-30 · Q2 2026 adjusted EPS reconciliation · 2026-07-30 · 8-K · https://www.sec.gov/Archives/edgar/data/764180/000076418026000093/exhibit991erq22026.htm

[8] Drillr analyst_financial_estimates (updated 2026-10-01) · MO quarter ending 2026-09-30 · 2026-10-01 · Drillr analyst_financial_estimates · https://gateway.drillr.ai/mcp/private

[9] MO 10-Q filed 2026-07-30 · Q2 2026 smokeable revenue and OCI drivers · 2026-07-30 · 10-Q · https://www.sec.gov/Archives/edgar/data/764180/000076418026000094/mo-20260630.htm

[10] MO 10-Q filed 2026-07-30 · Q2 2026 trends: gas prices and cigarette decline · 2026-07-30 · 10-Q · https://www.sec.gov/Archives/edgar/data/764180/000076418026000094/mo-20260630.htm

[11] MO 8-K filed 2026-07-30 · Q2 2026 oral shipment volume by brand · 2026-07-30 · 8-K · https://www.sec.gov/Archives/edgar/data/764180/000076418026000093/exhibit991erq22026.htm

[12] MO 8-K filed 2026-07-30 · on! PLUS 12 mg and flavor plans · 2026-07-30 · 8-K · https://www.sec.gov/Archives/edgar/data/764180/000076418026000093/exhibit991erq22026.htm

[13] MO 8-K filed 2026-07-30 · FY2026 guidance assumptions and drawback timing · 2026-07-30 · 8-K · https://www.sec.gov/Archives/edgar/data/764180/000076418026000093/exhibit991erq22026.htm

[14] MO 10-K filed 2026-02-25 · distribution, competition and raw materials · 2026-02-25 · 10-K · https://www.sec.gov/Archives/edgar/data/764180/000076418026000017/mo-20251231.htm

[15] MO 10-K filed 2026-02-25 · smokeable products FY2025 results · 2026-02-25 · 10-K · https://www.sec.gov/Archives/edgar/data/764180/000076418026000017/mo-20251231.htm

[16] MO 10-K filed 2026-02-25 · smokeable FY2025 shipment volume and share · 2026-02-25 · 10-K · https://www.sec.gov/Archives/edgar/data/764180/000076418026000017/mo-20251231.htm

[17] MO 10-K filed 2026-02-25 · oral tobacco FY2025 results · 2026-02-25 · 10-K · https://www.sec.gov/Archives/edgar/data/764180/000076418026000017/mo-20251231.htm

[18] MO 10-K filed 2026-02-25 · State Settlement Agreements payments · 2026-02-25 · 10-K · https://www.sec.gov/Archives/edgar/data/764180/000076418026000017/mo-20251231.htm

[19] MO 10-K filed 2026-02-25 · duty drawback and contract manufacturing · 2026-02-25 · 10-K · https://www.sec.gov/Archives/edgar/data/764180/000076418026000017/mo-20251231.htm

[20] MO 10-K filed 2026-02-25 · duty drawback definition · 2026-02-25 · 10-K · https://www.sec.gov/Archives/edgar/data/764180/000076418026000017/mo-20251231.htm

[21] MO 10-Q filed 2026-07-30 · USSTC Facilities Consolidation and special items · 2026-07-30 · 10-Q · https://www.sec.gov/Archives/edgar/data/764180/000076418026000094/mo-20260630.htm

[22] MO 10-K filed 2026-02-25 · FY2025 consolidated statement of earnings · 2026-02-25 · 10-K · https://www.sec.gov/Archives/edgar/data/764180/000076418026000017/mo-20251231.htm

[23] MO 10-K filed 2026-02-25 · illicit e-vapor and goodwill impairment · 2026-02-25 · 10-K · https://www.sec.gov/Archives/edgar/data/764180/000076418026000017/mo-20251231.htm

[24] MO 10-K filed 2026-02-25 · FY2025 net earnings and adjusted diluted EPS · 2026-02-25 · 10-K · https://www.sec.gov/Archives/edgar/data/764180/000076418026000017/mo-20251231.htm

[25] MO 8-K filed 2026-07-30 · Q2 2026 consolidated statement of earnings · 2026-07-30 · 8-K · https://www.sec.gov/Archives/edgar/data/764180/000076418026000093/exhibit991erq22026.htm

[26] MO 10-K filed 2026-02-25 · FY2025 dividends, cash flow and capex · 2026-02-25 · 10-K · https://www.sec.gov/Archives/edgar/data/764180/000076418026000017/mo-20251231.htm

[27] MO 10-K filed 2026-02-25 · debt and debt-to-EBITDA · 2026-02-25 · 10-K · https://www.sec.gov/Archives/edgar/data/764180/000076418026000017/mo-20251231.htm

[28] MO 10-Q filed 2026-07-30 · H1 2026 dividends, operating cash flow and capex · 2026-07-30 · 10-Q · https://www.sec.gov/Archives/edgar/data/764180/000076418026000094/mo-20260630.htm

[29] MO 10-Q filed 2026-07-30 · H1 2026 settlement payments · 2026-07-30 · 10-Q · https://www.sec.gov/Archives/edgar/data/764180/000076418026000094/mo-20260630.htm

[30] MO 8-K filed 2026-07-30 · Q2 2026 share repurchases and dividends · 2026-07-30 · 8-K · https://www.sec.gov/Archives/edgar/data/764180/000076418026000093/exhibit991erq22026.htm

[31] MO 10-Q filed 2026-07-30 · June 30 2026 debt and debt-to-EBITDA · 2026-07-30 · 10-Q · https://www.sec.gov/Archives/edgar/data/764180/000076418026000094/mo-20260630.htm

[32] MO 10-K filed 2026-02-25 · PM USA list price actions · 2026-02-25 · 10-K · https://www.sec.gov/Archives/edgar/data/764180/000076418026000017/mo-20251231.htm

[33] MO 8-K filed 2026-07-30 · Q2 2026 cigarette shipment volume · 2026-07-30 · 8-K · https://www.sec.gov/Archives/edgar/data/764180/000076418026000093/exhibit991erq22026.htm

[34] MO 10-Q filed 2026-07-30 · Q2 2026 oral revenue and OCI drivers · 2026-07-30 · 10-Q · https://www.sec.gov/Archives/edgar/data/764180/000076418026000094/mo-20260630.htm

[35] MO 10-Q filed 2026-07-30 · H1 2026 excise taxes and cost of sales · 2026-07-30 · 10-Q · https://www.sec.gov/Archives/edgar/data/764180/000076418026000094/mo-20260630.htm

[36] MO Q2 2026 earnings call 2026-07-30 · segment performance · 2026-07-30 · earnings-call · https://gateway.drillr.ai/mcp/private

[37] MO 10-K filed 2026-02-25 · trends: discount share and cigarette decline decomposition · 2026-02-25 · 10-K · https://www.sec.gov/Archives/edgar/data/764180/000076418026000017/mo-20251231.htm

[38] MO 8-K filed 2026-07-30 · Q2 2026 Marlboro and discount retail share · 2026-07-30 · 8-K · https://www.sec.gov/Archives/edgar/data/764180/000076418026000093/exhibit991erq22026.htm

[39] MO 8-K filed 2026-07-30 · Q2 2026 on! and nicotine pouch share · 2026-07-30 · 8-K · https://www.sec.gov/Archives/edgar/data/764180/000076418026000093/exhibit991erq22026.htm

[40] MO 10-K filed 2026-02-25 · oral FY2025 retail share and pouch category · 2026-02-25 · 10-K · https://www.sec.gov/Archives/edgar/data/764180/000076418026000017/mo-20251231.htm

[41] MO 10-K filed 2026-02-25 · on! PLUS authorization · 2026-02-25 · 10-K · https://www.sec.gov/Archives/edgar/data/764180/000076418026000017/mo-20251231.htm

[42] MO 10-Q filed 2026-07-30 · FDA pouch enforcement guidance and on! PLUS PMTAs · 2026-07-30 · 10-Q · https://www.sec.gov/Archives/edgar/data/764180/000076418026000094/mo-20260630.htm

[43] MO Q2 2026 earnings call 2026-07-30 · management highlights on BASIC and e-vapor · 2026-07-30 · earnings-call · https://gateway.drillr.ai/mcp/private

[44] MO Q2 2026 earnings call 2026-07-30 · Q&A on discount strategy and drawback · 2026-07-30 · earnings-call · https://gateway.drillr.ai/mcp/private

[45] MO Q2 2026 earnings call 2026-07-30 · stated risks · 2026-07-30 · earnings-call · https://gateway.drillr.ai/mcp/private

[46] MO 10-Q filed 2026-07-30 · Skoal trademark impairment sensitivity · 2026-07-30 · 10-Q · https://www.sec.gov/Archives/edgar/data/764180/000076418026000094/mo-20260630.htm

[47] MO Q2 2026 earnings call 2026-07-30 · Q&A on on! PLUS volume · 2026-07-30 · earnings-call · https://gateway.drillr.ai/mcp/private

[48] MO 8-K filed 2026-04-30 · Q1 2026 shipment volume · 2026-04-30 · 8-K · https://www.sec.gov/Archives/edgar/data/764180/000076418026000056/exhibit991erq12026.htm

[49] MO Q2 2026 earnings call 2026-07-30 · guidance and drawback timing · 2026-07-30 · earnings-call · https://gateway.drillr.ai/mcp/private