Top Takeaways:
- Altria Q3 2025 net revenues fell 3%, while adjusted EPS rose 3.6% to $1.45, beating expectations.
- The company expanded its share-repurchase program to $2 billion and confirmed NJOY ACE will not return to the U.S. market in 2025.
- Shipments of On! nicotine pouches grew 14.8%, with On!PLUS launching in three U.S. states.
Altria Group reported Q3 2025 net revenues of $6.072 billion, a 3% decline from the same period last year, while net revenues after excise taxes fell 1.7% to $5.251 billion. Adjusted diluted earnings per share increased 3.6% to $1.45, bringing year-to-date adjusted EPS to $4.12, a 5.9% rise and surpassing analyst expectations.
The company revised its full-year 2025 adjusted diluted EPS guidance to a range of $5.37 to $5.45, indicating 3.5% to 5% growth. The Q3 adjusted tax rate decreased to 23.1%, a 0.7 percentage point improvement compared to the previous year.
Altria returned $5.912 billion to shareholders during the first nine months of the year, consisting of $5 billion in dividends and $712 million in share repurchases. The Board of Directors approved increasing the existing buyback program from $1 billion to $2 billion and extended its expiration date to December 31, 2026.
The company confirmed that NJOY ACE will not re-enter the U.S. market in 2025 following the ITC injunction that halted sales on March 31. Altria recorded $96 million in related pre-tax charges, including $71 million tied to the injunction and $25 million related to acquisition and contingent payment adjustments.
The company also reported an $873 million goodwill impairment in its vaping products business.
In oral tobacco, shipments of the on! nicotine pouch brand rose 14.8% in the first nine months, capturing a 16.6% share of the U.S. nicotine-pouch market. Helix, Altria’s subsidiary, launched the new On!PLUS line in Florida, North Carolina, and Texas, offering mint, wintergreen, and tobacco flavors in 6 mg, 9 mg, and 12 mg strengths.
Despite ongoing declines in traditional moist snuff, oral tobacco adjusted operating income increased by 3.3%, with margins rising to 69%, up 1.8 percentage points year over year.
Altria also signed a non-binding global collaboration memorandum of understanding with KT&G to develop modern oral products internationally, expand non-nicotine offerings in the U.S., and pursue operational efficiencies across traditional tobacco businesses.
The company’s heated-tobacco joint venture, Horizon—created with Japan Tobacco—has submitted combined premarket tobacco product and modified-risk applications to the FDA for the Ploom device and Marlboro heated tobacco sticks. If approved, the platform would grow Altria’s smoke-free offerings alongside oral nicotine.
Altria stated it will continue to rely on the profitability of its core combustible-tobacco business to fund the development and commercialization of smoke-free alternatives. The company anticipates progress on its KT&G collaboration, ongoing rollout of On!PLUS, and regulatory progress for Ploom to support growth in 2026 and beyond.
