Research · Sep 3, 2026
[MO] Altria Thesis 2026: Sixty Years of Dividend Growth, NJOY Faces Impairment Reset
Altria FY25 (Dec 31, 2025) at $20.14B revenue (-1.5%). Smokeable Products adjusted OCI >$11B; full-year margin +180bp to 63.4%. Oral Tobacco adjusted OCI +1.3% FY25 with margin 67.9%. NJOY $1.3B Q4 impairment (illicit e-vapor enforcement gap). on! +10 share points YoY; ON PLUS national launch H1 2026. Operating income $15.06B (75% margin); Net income $6.95B (vs $11.26B FY24 distorted by $2.7B Cronos/ABI gains); Diluted EPS $4.11. FCF $9.07B (+5%). Capital return $7.96B (div $6.96B + buyback $1.0B). 60th consecutive dividend increase. Total debt $25.71B. FY26 EPS guide $5.56-$5.72. 5 analysts: 3 Buy / 1 Hold / 1 Sell (Barclays); consensus $68.60, range $63-$74. UBS $67→$74 (Street-high); Barclays $57→$63 (lone UW).