Altria Reports 2025 Fourth-Quarter and Full-Year Results; Provides 2026 Earnings Guidance
RICHMOND, Va.--( BUSINESS WIRE)--Altria Group, Inc. (NYSE: MO) today reports our 2025 fourth-quarter and full-year business results and provides our guidance for 2026 full-year adjusted diluted earnings per share (EPS).
“2025 was a year of continued momentum for Altria, marked by strong financial performance, strategic progress across our smoke-free portfolio, new relationships in support of our long-term growth goals and significant cash returns to shareholders,” said Billy Gifford, Altria’s Chief Executive Officer. “For the full year, we grew adjusted diluted earnings per share by 4.4% and returned $8 billion to shareholders through dividends and share repurchases combined.”
“We expect to deliver 2026 full-year adjusted diluted EPS in a range of $5.56 to $5.72. This range represents a growth rate of 2.5% to 5.5% from a base of $5.42 in 2025.”
Altria Headline Financials 1
($ in millions, except per share data)
Q4 2025
Change vs.
Q4 2024
Full Year 2025
Change vs.
Full Year 2024
Net revenues
$5,846
(2.1)%
$23,279
(3.1)%
Revenues net of excise taxes
$5,079
(0.5)%
$20,139
(1.5)%
Reported tax rate
26.2%
35.6 pp
26.0%
8.5 pp
Adjusted tax rate 2
22.8%
(1.3) pp
23.2%
(1.0) pp
Reported diluted EPS
$0.66
(63.1)%
$4.12
(37.0)%
Adjusted diluted EPS 2
$1.30
—%
$5.42
4.4%
1 “Adjusted” financial measures presented in this release exclude the impact of special items. See “Basis of Presentation” for more information and see the schedules to this press release for reconciliations to corresponding GAAP measures.
2 Prior period amounts have been recast to conform with current period presentation for amortization expense associated with definite-lived intangible assets (amortization of intangibles) that were not previously identified as special items and that are now excluded from Altria’s adjusted financial measures. For more information, see 2026 Full-Year Guidance below.
As previously announced, a conference call with the investment community and news media will be webcast on January 29, 2026 at 9:00 a.m. Eastern Time. Access to the webcast is available at www.altria.com/webcasts.
Cash Returns to Shareholders
Share Repurchase Program
Dividends
Smoke-Free Portfolio Update
Optimize & Accelerate Initiative
2028 Enterprise Goals
Our 2028 Enterprise Goals and progress through 2025 are listed below.
Corporate
U.S. Smoke-Free Portfolio
Long-Term Growth
1 See “Basis of Presentation” for more information on these non-GAAP financial measures. Reconciliations of these non-GAAP financial measures are included in Schedules 14, 15 and 16.
2026 Full-Year Guidance
We expect to deliver 2026 full-year adjusted diluted EPS in a range of $5.56 to $5.72, representing a growth rate of 2.5% to 5.5% from a base of $5.42 in 2025. We expect 2026 adjusted diluted EPS growth to be weighted to the second half of the year, reflecting a progressive increase in cigarette import and export activity over the course of the year.
Our guidance contemplates:
(i) planned investments to support our contract manufacturing capabilities;
(ii) limited impact on combustible and e-vapor product volumes from illicit enforcement efforts; and
(iii) that NJOY ACE does not return to the marketplace in 2026.
Our 2026 full-year adjusted diluted EPS guidance range includes planned investments in support of our Vision, including cost savings generated from our Initiative, such as (i) marketplace activities in support of our smoke-free products and (ii) continued smoke-free product research, development and regulatory preparation expenses.
We expect our 2026 full-year adjusted effective tax rate to be in a range of 22.5% to 23.5%, our 2026 capital expenditures to be between $300 million and $375 million, which includes planned investments to support contract manufacturing capabilities and innovative products, and our 2026 depreciation and amortization expenses to be approximately $225 million.
Our full-year adjusted diluted EPS guidance range and full-year forecast for our adjusted effective tax rate exclude the impact of certain income and expense items that our management believes are not part of underlying operations. These items may include, for example, loss on early extinguishment of debt, restructuring charges, asset impairment charges, acquisition, disposition and integration-related items, equity investment-related special items, certain income tax items, charges associated with tobacco and health and certain other litigation items, resolutions of certain non-participating manufacturer (NPM) adjustment disputes under the Master Settlement Agreement (NPM Adjustment Items) and amortization of intangibles. Beginning in the first quarter of 2025, we changed our treatment of our amortization of intangibles, which was previously included in our adjusted results, including adjusted net earnings and adjusted diluted EPS, and now treat this expense as a special item and exclude it from our adjusted results. Net revenues generated from these definite-lived intangible assets during the periods presented, if applicable, are included in our adjusted financial measures. See Table 1 below for the income and expense items for the full-year 2025.
Our management cannot estimate on a forward-looking basis the impact of certain income and expense items, including those items noted in the preceding paragraph, on our reported diluted EPS or our effective tax rate because these items, which could be significant, may be unusual or infrequent, are difficult to predict and may be highly variable. As a result, we do not provide a corresponding U.S. generally accepted accounting principles (GAAP) measure for, or reconciliation to, our adjusted diluted EPS guidance or our adjusted effective tax rate forecast.
ALTRIA GROUP, INC.
See “Basis of Presentation” below for an explanation of financial measures and reportable segments discussed in this release.
Financial Performance
Fourth Quarter
Full Year
Table 1 - Altria’s Adjusted Results
Fourth Quarter
Full Year
2025
2024
Change
2025
2024
Change
Reported diluted EPS
$
0.66
$
1.79
(63.1
)%
$
4.12
$
6.54
(37.0
)%
NPM Adjustment Items
(0.01
)
—
(0.01
)
(0.01
)
Acquisition and disposition-related items
(0.01
)
—
0.04
(1.08
)
Asset impairment, exit and implementation costs
0.61
0.03
1.14
0.18
Tobacco and health and certain other litigation items
—
—
0.03
0.04
Amortization of intangibles
0.01
0.01
0.06
0.07
ABI-related special items
0.03
0.02
0.04
—
Cronos-related special items
—
—
—
0.01
Income tax items
0.01
(0.55
)
—
(0.56
)
Adjusted diluted EPS 1
$
1.30
$
1.30
—
%
$
5.42
$
5.19
4.4
%
1 Prior period amounts have been recast to conform with current period presentation for amortization of intangibles that were not previously identified as special items and that are now excluded from Altria’s adjusted financial measures. For further discussion of our special items, see the 2026 Full-Year Guidance section above.
Note: For details of pre-tax, tax and after-tax amounts, see Schedules 6, 7, 8 and 9.
Special Items
The EPS impact of the following special items is shown in Table 1 and Schedules 6, 7, 8 and 9.
Acquisition and Disposition-Related Items
For the full-year 2025, we recorded net pre-tax expense items of $76 million (or $0.04 per share), including $51 million related to the International Trade Commission’s (ITC) exclusion order and cease-and-desist orders prohibiting the importation and sale of NJOY ACE in the United States. The expenses related to the ITC orders were partially offset by insurance recoveries from insurance contracts associated with the acquisition of NJOY. Also included is a non-cash, pre-tax charge of $25 million related to a change in the fair value of the contingent payments associated with the acquisition of NJOY.
For the full-year 2024, we recorded net pre-tax income of $2.5 billion (or $1.08 per share) of acquisition and disposition-related items, primarily related to a pre-tax gain of $2.7 billion upon the assignment of the IQOS Tobacco Heating System commercialization rights to Philip Morris International Inc. in April 2024, partially offset by pre-tax expenses associated with the acquisition of NJOY, including a pre-tax charge of $140 million related to a change in the fair value of the contingent payments.
Asset Impairment, Exit and Implementation Costs
For the fourth quarter and full-year 2025, we recorded pre-tax charges of $1.3 billion (or $0.61 per share) and $2.2 billion (or $1.14 per share), respectively, primarily due to non-cash impairments of the e-vapor reporting unit goodwill and definite-lived intangible assets in our e-vapor products reportable segment.
In the fourth quarter of 2024, we recorded pre-tax charges of $68 million (or $0.03 per share) for employee separation costs and implementation costs related to our Initiative. For the full-year 2024, we recorded pre-tax charges of $422 million (or $0.18 per share) for a non-cash impairment of the Skoal trademark and employee separation costs and implementation costs related to our Initiative.
Tobacco and Health and Certain Other Litigation Items
For the full-year 2025, we recorded pre-tax charges of $58 million (or $0.03 per share) for tobacco and health and certain other litigation items and related interest costs.
For the full-year 2024, we recorded pre-tax charges of $101 million (or $0.04 per share) for tobacco and health and certain other litigation items and related interest costs.
Amortization of Intangibles
In the fourth quarter and full-year 2025, we recorded pre-tax amortization expenses of definite-lived intangible assets of $20 million (or $0.01 per share) and $132 million (or $0.06 per share), respectively.
In the fourth quarter and full-year 2024, we recorded pre-tax amortization expenses of definite-lived intangible assets of $37 million (or $0.01 per share) and $139 million (or $0.07 per share), respectively.
ABI-Related Special Items
In the fourth quarter and full-year 2025, we recorded net pre-tax losses of $59 million (or $0.03 per share) and $95 million (or $0.04 per share), respectively, for ABI-related special items, primarily related to mark-to-market losses on certain ABI financial instruments associated with its share commitments.
In the fourth quarter of 2024, we recorded net pre-tax expenses of $41 million (or $0.02 per share) for ABI-related special items, primarily related to mark-to-market losses and other activities on certain ABI financial instruments associated with its share commitments.
The ABI-related special items included our respective share of the amounts recorded by ABI and additional adjustments related to (i) the conversion of ABI-related special items from international financial reporting standards to GAAP and (ii) adjustments to our investment required under the equity method of accounting.
Income Tax Items
For the fourth quarter and full-year 2024, we recorded income tax items of $928 million (or $0.55 per share) and $969 million (or $0.56 per share), respectively, primarily related to the reversal of an unrecognized tax benefit resulting in the partial release of a valuation allowance related to our former investment in JUUL Labs, Inc. in connection with an agreement reached in October 2024 with the Internal Revenue Service. The amounts for the full-year 2024 also include the partial release of a valuation allowance in connection with the partial sale of our investment in ABI.
SMOKEABLE PRODUCTS
Revenues and OCI
Fourth Quarter
Full Year
Table 2 - Smokeable Products: Revenues and OCI ($ in millions)
Fourth Quarter
Full Year
2025
2024
Change
2025
2024
Change
Net revenues
$
5,119
$
5,263
(2.7
)%
$
20,485
$
21,204
(3.4
)%
Excise taxes
(743
)
(839
)
(3,042
)
(3,469
)
Revenues net of excise taxes
$
4,376
$
4,424
(1.1
)%
$
17,443
$
17,735
(1.6
)%
Reported OCI
$
2,643
$
2,638
0.2
%
$
10,984
$
10,821
1.5
%
NPM Adjustment Items
(22
)
—
(24
)
(29
)
Asset impairment, exit and implementation costs
11
60
49
60
Tobacco and health and certain other litigation items
11
11
55
70
Adjusted OCI
$
2,643
$
2,709
(2.4
)%
$
11,064
$
10,922
1.3
%
Reported OCI margins 1
60.4
%
59.6
%
0.8 pp
63.0
%
61.0
%
2.0 pp
Adjusted OCI margins 1
60.4
%
61.2
%
(0.8) pp
63.4
%
61.6
%
1.8 pp
1 Reported and adjusted OCI margins are calculated as reported and adjusted OCI, respectively, divided by revenues net of excise taxes.
Shipment Volume
Fourth Quarter
Full Year
Table 3 - Smokeable Products: Reported Shipment Volume (sticks in millions)
Fourth Quarter
Full Year
2025
2024
Change
2025
2024
Change
Cigarettes:
Marlboro
13,262
15,173
(12.6
)%
54,933
62,584
(12.2
)%
Other premium
704
789
(10.8
)%
2,845
3,186
(10.7
)%
Discount
1,324
631
100
%+
3,974
2,812
41.3
%
Total cigarettes
15,290
16,593
(7.9
)%
61,752
68,582
(10.0
)%
Cigars:
Black & Mild
448
430
4.2
%
1,783
1,750
1.9
%
Other
1
1
—
%
3
4
(25.0
)%
Total cigars
449
431
4.2
%
1,786
1,754
1.8
%
Total smokeable products
15,739
17,024
(7.5
)%
63,538
70,336
(9.7
)%
Note: Cigarettes volume includes domestic units sold as well as promotional units but excludes units not considered domestic, which are not material to our smokeable products segment.
Retail Share and Brand Activity
Fourth Quarter
Full Year
Table 4 - Smokeable Products: Cigarettes Retail Share (percent)
Fourth Quarter
Full Year
2025
2024
Percentage
point
change
2025
2024
Percentage
point
change
Cigarettes:
Marlboro
39.8
%
41.3
%
(1.5
)
40.5
%
41.7
%
(1.2
)
Other premium
2.2
2.2
—
2.2
2.3
(0.1
)
Discount
3.2
1.9
1.3
2.5
1.9
0.6
Total cigarettes
45.2
%
45.4
%
(0.2
)
45.2
%
45.9
%
(0.7
)
Note: Retail share results for cigarettes are based on data from Circana, LLC (Circana) as well as MSAi. Circana maintains a blended retail service that uses a sample of stores and certain wholesale shipments to project market share and depict share trends. This service tracks sales in the food, drug, mass merchandisers, convenience, military, dollar store and club trade classes. For other trade classes selling cigarettes, retail share is based on shipments from wholesalers to retailers through the Store Tracking Analytical Reporting System (STARS), as provided by MSAi. This service is not designed to capture sales through other channels, including the internet, direct mail and some tax-advantaged outlets. It is the standard practice of retail services to periodically refresh their retail scan services, which could restate retail share results that were previously released in these services.
ORAL TOBACCO PRODUCTS
Revenues and OCI
Fourth Quarter
Full Year
Table 5 - Oral Tobacco Products: Revenues and OCI ($ in millions)
Fourth Quarter
Full Year
2025
2024
Change
2025
2024
Change
Net revenues
$
706
$
692
2.0
%
$
2,802
$
2,776
0.9
%
Excise taxes
(24
)
(29
)
(98
)
(105
)
Revenues net of excise taxes
$
682
$
663
2.9
%
$
2,704
$
2,671
1.2
%
Reported OCI
$
438
$
453
(3.3
)%
$
1,828
$
1,449
26.2
%
Asset impairment, exit and implementation costs
2
8
7
362
Adjusted OCI
$
440
$
461
(4.6
)%
$
1,835
$
1,811
1.3
%
Reported OCI margins 1
64.2
%
68.3
%
(4.1) pp
67.6
%
54.2
%
13.4 pp
Adjusted OCI margins 1
64.5
%
69.5
%
(5.0) pp
67.9
%
67.8
%
0.1 pp
1 Reported and adjusted OCI margins are calculated as reported and adjusted OCI, respectively, divided by revenues net of excise taxes.
Shipment Volume
Beginning in the first quarter of 2025, our estimated oral tobacco industry volume has been updated for the current and comparable periods to include synthetic oral nicotine pouch products.
Fourth Quarter
Full Year
Table 6 - Oral Tobacco Products: Reported Shipment Volume (cans in millions)
Fourth Quarter
Full Year
2025
2024
Change
2025
2024
Change
Copenhagen
88.4
97.1
(9.0
)%
362.8
401.5
(9.6
)%
Skoal
31.3
35.4
(11.6
)%
127.9
147.0
(13.0
)%
on!
44.2
43.9
0.7
%
177.8
160.3
10.9
%
Other
16.3
15.9
2.5
%
63.9
65.9
(3.0
)%
Total oral tobacco products
180.2
192.3
(6.3
)%
732.4
774.7
(5.5
)%
Note: Volume includes cans sold, as well as promotional units, but excludes non-domestic volume, which is currently not material to our oral tobacco products segment. New types of oral tobacco products, as well as new packaging configurations of existing oral tobacco products, may or may not be equivalent to existing MST products on a can-for-can basis. To calculate volumes of cans shipped, one can of oral nicotine pouches, irrespective of the number of pouches in the can, is assumed to be equivalent to one can of MST.
Retail Share and Brand Activity
Beginning in the first quarter of 2025, our reported oral tobacco products segment retail share performance data has been updated for the current and comparable periods to include synthetic oral nicotine pouch products. Additionally, in the fourth quarter of 2025, Circana refreshed its retail scan data to account for a retailer data revision that impacted on! and total oral tobacco products retail share data for the second and third quarters of 2025. Restated share results are summarized in Schedule 13.
Fourth Quarter
Full Year
Table 7 - Oral Tobacco Products: Retail Share (percent)
Fourth Quarter
Full Year
2025
2024
Percentage
point
change
2025
2024
Percentage
point
change
Copenhagen
14.2
%
17.8
%
(3.6
)
15.4
%
19.0
%
(3.6
)
Skoal
5.5
7.0
(1.5
)
5.9
7.5
(1.6
)
on!
7.7
8.7
(1.0
)
8.2
8.1
0.1
Other
2.2
2.6
(0.4
)
2.4
2.7
(0.3
)
Total oral tobacco products
29.6
%
36.1
%
(6.5
)
31.9
%
37.3
%
(5.4
)
Note: Our oral tobacco products segment’s retail share results exclude non-domestic volume, which is currently not material to our oral tobacco products segment. Retail share results for oral tobacco products are based on data from Circana, a tracking service that uses a sample of stores to project market share and depict share trends. This service tracks sales in the food, drug, mass merchandisers, convenience, military, dollar store and club trade classes on the number of cans sold. Oral tobacco products are defined by Circana as domestic oral products, in the form of MST and oral nicotine pouch products (inclusive of tobacco-derived and synthetic oral nicotine products). New types of oral tobacco products, as well as new packaging configurations of existing oral tobacco products, may or may not be equivalent to existing MST products on a can-for-can basis. For example one can of oral nicotine pouches, irrespective of the number of pouches in the can, is assumed to be equivalent to one can of MST. Because this service represents retail share performance only in key trade channels, it should not be considered a precise measurement of actual retail share. It is the standard practice of retail services to periodically refresh their retail scan services, which could restate retail share results that were previously released in these services.
Altria’s Profile
We have a leading portfolio of tobacco products for U.S. tobacco consumers age 21+. We are Moving Beyond Smoking®, by responsibly transitioning adult smokers to a smoke-free future, competing vigorously for existing smoke-free adult nicotine consumers (ANC) and exploring new growth opportunities — beyond the United States and beyond nicotine (Vision). To achieve our Vision, we will pursue initiatives designed to promote the long-term welfare of our company, our stakeholders, society at large and the environment.
Our wholly owned subsidiaries include leading manufacturers of both combustible and smoke-free products. In combustibles, we own Philip Morris USA Inc. (PM USA), the most profitable U.S. cigarette manufacturer, and John Middleton Co. (Middleton), a leading U.S. cigar manufacturer. Our smoke-free portfolio includes ownership of U.S. Smokeless Tobacco Company LLC (USSTC), the leading global moist smokeless tobacco (MST) manufacturer, Helix Innovations LLC (Helix), a leading manufacturer of oral nicotine pouches, and NJOY, LLC (NJOY), an e-vapor manufacturer with products covered by marketing granted orders from the U.S. Food and Drug Administration (FDA).
Additionally, we have a majority-owned joint venture, Horizon Innovations LLC (Horizon), for the U.S. marketing and commercialization of heated tobacco stick products.
Our equity investments include Anheuser-Busch InBev SA/NV (ABI), the world’s largest brewer, and Cronos Group Inc. (Cronos), a leading Canadian cannabinoid company.
The brand portfolios of our operating companies include Marlboro®, Black & Mild®, Copenhagen®, Skoal®, on!® and NJOY®. Trademarks related to Altria referenced in this release are the property of Altria or our subsidiaries or are used with permission.
Learn more about Altria at www.altria.com and follow us on X, Facebook and LinkedIn.
Basis of Presentation
We report our financial results in accordance with GAAP. Our management reviews OCI, which is defined as operating income before general corporate expenses and amortization of intangibles, to evaluate the performance of, and allocate resources to, our segments. Our management also reviews certain financial results, including OCI, OCI margins and diluted EPS, on an adjusted basis, which excludes certain income and expense items, including those items noted under “2026 Full-Year Guidance.” In addition, our management reviews the ratio of debt-to-Consolidated EBITDA, which we use as a factor to determine our ability to access the capital markets and make investments in pursuit of our Vision. Consolidated EBITDA is calculated in accordance with our credit agreement and contains adjustments. Our management does not view any of these special items to be part of our underlying results as they may be highly variable, may be unusual or infrequent, are difficult to predict and can distort underlying business trends and results. Our management also reviews income tax rates on an adjusted basis. Our adjusted effective tax rate may exclude certain income tax items from our reported effective tax rate. Our management believes that adjusted financial measures provide useful additional insight into underlying business trends and results, and provide a more meaningful comparison of year-over-year results. Our management uses adjusted financial measures for planning, forecasting and evaluating business and financial performance, including allocating capital and other resources and evaluating results relative to employee compensation targets. These adjusted financial measures are not required by, or calculated in accordance with, GAAP and may not be calculated the same as similarly titled measures used by other companies. These adjusted financial measures should thus be considered as supplemental in nature and not considered in isolation or as a substitute for the related financial information prepared in accordance with GAAP. We provide reconciliations of historical adjusted financial measures to corresponding GAAP measures in this release.
We use the equity method of accounting for our investments in ABI and Cronos and report our share of ABI’s and Cronos’s results using a one-quarter lag because ABI’s and Cronos’s results are not available in time for us to record them in the concurrent period. The one-quarter reporting lag for ABI and Cronos does not affect our cash flows.
Our reportable segments are (i) smokeable products, consisting of combustible cigarettes and machine-made large cigars, (ii) oral tobacco products, consisting of MST and oral nicotine pouches, and (iii) e-vapor products, consisting of our NJOY business. For the year ended December 31, 2025, we concluded that our e‑vapor products operating segment met the quantitative threshold for presentation as a reportable segment in accordance with GAAP as a result of the non‑cash impairments of e-vapor reporting unit goodwill and related definite-lived intangible assets recorded in 2025. As a result, we presented e-vapor products as a reportable segment (previously in our all other category) and recast segment information for comparative periods. Our all other category included Horizon, Helix International and other business activities, which primarily consists of research and development expense related to certain new product platforms and technologies. Comparisons are to the corresponding prior-year period unless otherwise stated.
Forward-Looking and Cautionary Statements
This release contains projections of future results and other forward-looking statements that are subject to a number of risks and uncertainties and are made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995.
Important factors that could cause actual results to differ materially from those contained in the forward-looking statements included in this release are described in our publicly filed reports, including our Annual Report on Form 10-K for the year ended December 31, 2024 and our Quarterly Report on Form 10-Q for the quarter ended March 31, 2025. These factors and risks include the following:
You should understand that it is not possible to predict or identify all factors and risks. Consequently, you should not consider the foregoing list to be complete. We do not undertake to update any forward-looking statement that we may make from time to time except as required by applicable law. All subsequent written and oral forward-looking statements attributable to Altria or any person acting on our behalf are expressly qualified in their entirety by the cautionary statements referenced above.
Schedule 1
ALTRIA GROUP, INC.
and Subsidiaries
Consolidated Statements of Earnings
For the Quarters Ended December 31,
(dollars in millions, except per share data)
(Unaudited)
2025
2024
% Change
Net revenues
$
5,846
$
5,974
(2.1
)%
Cost of sales 1
1,448
1,502
Excise taxes on products 1
767
868
Gross profit
3,631
3,604
0.7
%
Marketing, administration and research costs
618
601
Asset impairment and exit costs
975
35
Impairment of goodwill
285
—
Operating companies income
1,753
2,968
(40.9
)%
Amortization of intangibles
20
37
General corporate expenses
82
49
Operating income
1,651
2,882
(42.7
)%
Interest and other debt expense, net
264
255
Net periodic benefit income, excluding service cost
(14
)
(28
)
(Income) losses from investments in equity securities 1
(112
)
(122
)
Earnings before income taxes
1,513
2,777
(45.5
)%
Provision (benefit) for income taxes
396
(262
)
Net earnings
$
1,117
$
3,039
(63.2
)%
Per share data:
Diluted earnings per share
$
0.66
$
1.79
(63.1
)%
Weighted-average diluted shares outstanding
1,677
1,694
(1.0
)%
1 Cost of sales includes charges for resolution expenses related to state settlement agreements and FDA user fees. Supplemental information concerning those items, excise taxes on products sold and (income) losses from investments in equity securities is shown in Schedule 5.
Schedule 2
ALTRIA GROUP, INC.
and Subsidiaries
Selected Financial Data
For the Quarters Ended December 31,
(dollars in millions)
(Unaudited)
Net Revenues
Smokeable
Products
Oral
Tobacco
Products
E-Vapor
Products
All Other
Total
2025
$
5,119
$
706
$
21
$
—
$
5,846
2024
5,263
692
22
(3
)
5,974
% Change
(2.7
)%
2.0
%
(4.5
)%
100.0
%
(2.1
)%
Reconciliation:
For the quarter ended December 31, 2024
$
5,263
$
692
$
22
$
(3
)
$
5,974
Acquisition and disposition-related items - 2025
—
—
19
—
19
Operations
(144
)
14
(20
)
3
(147
)
For the quarter ended December 31, 2025
$
5,119
$
706
$
21
$
—
$
5,846
Operating Companies Income (Loss)
Smokeable
Products
Oral
Tobacco
Products
E-Vapor
Products
All Other
Total
2025
$
2,643
$
438
$
(1,259
)
$
(69
)
$
1,753
2024
2,638
453
(58
)
(65
)
2,968
% Change
0.2
%
(3.3
)%
(100%+)
(6.2
)%
(40.9
)%
Reconciliation:
For the quarter ended December 31, 2024
$
2,638
$
453
$
(58
)
$
(65
)
$
2,968
Asset impairment, exit and implementation costs - 2024
60
8
—
—
68
Tobacco and health and certain other litigation items - 2024
11
—
—
—
11
71
8
—
—
79
NPM Adjustment Items - 2025
22
—
—
—
22
Acquisition and disposition-related items - 2025
—
—
19
—
19
Asset impairment, exit and implementation costs - 2025
(11
)
(2
)
(1,255
)
—
(1,268
)
Tobacco and health and certain other litigation items - 2025
(11
)
—
—
—
(11
)
—
(2
)
(1,236
)
—
(1,238
)
Operations
(66
)
(21
)
35
(4
)
(56
)
For the quarter ended December 31, 2025
$
2,643
$
438
$
(1,259
)
$
(69
)
$
1,753
Schedule 3
ALTRIA GROUP, INC.
and Subsidiaries
Consolidated Statements of Earnings
For the Years Ended December 31,
(dollars in millions, except per share data)
(Unaudited)
2025
2024
% Change
Net revenues
$
23,279
$
24,018
(3.1
)%
Cost of sales 1
5,597
6,077
Excise taxes on products 1
3,140
3,574
Gross profit
14,542
14,367
1.2
%
Marketing, administration and research costs
2,120
2,122
Asset impairment and exit costs
978
389
Impairment of goodwill
1,158
—
Operating companies income
10,286
11,856
(13.2
)%
Amortization of intangibles
132
139
General corporate expenses
255
476
Operating income
9,899
11,241
(11.9
)%
Interest and other debt expense, net
1,079
1,037
Net periodic benefit income, excluding service cost
(59
)
(102
)
(Income) losses from investments in equity securities 1
(510
)
(652
)
Gain on the sale of IQOS System commercialization rights
—
(2,700
)
Earnings before income taxes
9,389
13,658
(31.3
)%
Provision for income taxes
2,442
2,394
Net earnings
$
6,947
$
11,264
(38.3
)%
Per share data 2:
Diluted earnings per share
$
4.12
$
6.54
(37.0
)%
Weighted-average diluted shares outstanding
1,683
1,718
(2.0
)%
1 Cost of sales includes charges for resolution expenses related to state settlement agreements and FDA user fees. Supplemental information concerning those items, excise taxes on products sold and (income) losses from investments in equity securities is shown in Schedule 5.
2 Diluted earnings per share are computed independently for each period. Accordingly, the sum of the quarterly earnings per share amounts may not agree to the year-to-date amounts.
Schedule 4
ALTRIA GROUP, INC.
and Subsidiaries
Selected Financial Data
For the Years Ended December 31,
(dollars in millions)
(Unaudited)
Net Revenues
Smokeable
Products
Oral
Tobacco
Products
E-Vapor
Products
All Other
Total
2025
$
20,485
$
2,802
$
(13
)
$
5
$
23,279
2024
21,204
2,776
40
(2
)
24,018
% Change
(3.4
)%
0.9
%
(100%+)
100%+
(3.1
)%
Reconciliation:
For the year ended December 31, 2024
$
21,204
$
2,776
$
40
$
(2
)
$
24,018
Acquisition and disposition-related items - 2025
—
—
(23
)
—
(23
)
Operations
(719
)
26
(30
)
7
(716
)
For the year ended December 31, 2025
$
20,485
$
2,802
$
(13
)
$
5
$
23,279
Operating Companies Income (Loss)
Smokeable
Products
Oral
Tobacco
Products
E-Vapor
Products
All Other
Total
2025
$
10,984
$
1,828
$
(2,297
)
$
(229
)
$
10,286
2024
10,821
1,449
(171
)
(243
)
11,856
% Change
1.5
%
26.2
%
(100%+)
(5.8
)%
(13.2
)%
Reconciliation:
For the year ended December 31, 2024
$
10,821
$
1,449
$
(171
)
$
(243
)
$
11,856
NPM Adjustment Items - 2024
(29
)
—
—
—
(29
)
Asset impairment, exit and implementation costs - 2024
60
362
—
—
422
Tobacco and health and certain other litigation items - 2024
70
—
—
—
70
101
362
—
—
463
NPM Adjustment Items - 2025
24
—
—
—
24
Acquisition and disposition-related items - 2025
—
—
(67
)
—
(67
)
Asset impairment, exit and implementation costs - 2025
(49
)
(7
)
(2,128
)
—
(2,184
)
Tobacco and health and certain other litigation items - 2025
(55
)
—
—
—
(55
)
(80
)
(7
)
(2,195
)
—
(2,282
)
Operations
142
24
69
14
249
For the year ended December 31, 2025
$
10,984
$
1,828
$
(2,297
)
$
(229
)
$
10,286
Schedule 5
ALTRIA GROUP, INC.
and Subsidiaries
Supplemental Financial Data
(dollars in millions)
(Unaudited)
For the Quarters
Ended December 31,
For the Years Ended
December 31,
2025
2024
2025
2024
The segment detail of excise taxes on products sold is as follows:
Smokeable products
$
743
$
839
$
3,042
$
3,469
Oral tobacco products
24
29
98
105
$
767
$
868
$
3,140
$
3,574
The segment detail of charges for resolution expenses related to state settlement agreements included in cost of sales is as follows:
Smokeable products
$
750
$
806
$
3,028
$
3,460
Oral tobacco products
—
—
—
8
$
750
$
806
$
3,028
$
3,468
The segment detail of FDA user fees included in cost of sales is as follows:
Smokeable products
$
61
$
59
$
245
$
249
Oral tobacco products
1
1
5
5
$
62
$
60
$
250
$
254
The detail of (income) losses from investments in equity securities is as follows:
ABI
$
(102
)
$
(118
)
$
(498
)
$
(673
)
Cronos
(10
)
(4
)
(12
)
21
$
(112
)
$
(122
)
$
(510
)
$
(652
)
Schedule 6
ALTRIA GROUP, INC.
and Subsidiaries
Net Earnings and Diluted Earnings Per Share
For the Quarters Ended December 31,
(dollars in millions, except per share data)
(Unaudited)
Net Earnings
Diluted EPS
2025 Net Earnings
$
1,117
$
0.66
2024 Net Earnings
$
3,039
$
1.79
% Change
(63.2
)%
(63.1
)%
Reconciliation:
2024 Net Earnings
$
3,039
$
1.79
2024 Acquisition and disposition-related items
(13
)
—
2024 Asset impairment, exit and implementation costs
51
0.03
2024 Tobacco and health and certain other litigation items
8
—
2024 Amortization of intangibles
30
0.01
2024 ABI-related special items
32
0.02
2024 Cronos-related special items
(5
)
—
2024 Income tax items
(928
)
(0.55
)
Subtotal 2024 special items 1
(825
)
(0.49
)
2025 NPM Adjustment Items
13
0.01
2025 Acquisition and disposition-related items
14
0.01
2025 Asset impairment, exit and implementation costs
(1,015
)
(0.61
)
2025 Tobacco and health and certain other litigation items
(7
)
—
2025 Amortization of intangibles
(18
)
(0.01
)
2025 ABI-related special items
(47
)
(0.03
)
2025 Cronos-related special items
7
—
2025 Income tax items
(12
)
(0.01
)
Subtotal 2025 special items
(1,065
)
(0.64
)
Fewer shares outstanding
—
0.01
Change in tax rate
38
0.02
Operations
(70
)
(0.03
)
2025 Net Earnings
$
1,117
$
0.66
1 Prior period amounts have been recast to conform with current period presentation for amortization of intangibles that were not previously identified as special items and that are now excluded from Altria’s adjusted financial measures.
Schedule 7
ALTRIA GROUP, INC.
and Subsidiaries
Reconciliation of GAAP and non-GAAP Measures
For the Quarters Ended December 31,
(dollars in millions, except per share data)
(Unaudited)
Earnings
before Income
Taxes
Provision
(benefit)
for Income
Taxes
Net
Earnings
Diluted
EPS
2025 Reported
$
1,513
$
396
$
1,117
$
0.66
NPM Adjustment Items
(18
)
(5
)
(13
)
(0.01
)
Acquisition and disposition-related items
(20
)
(6
)
(14
)
(0.01
)
Asset impairment, exit and implementation costs
1,268
253
1,015
0.61
Tobacco and health and certain other litigation items
10
3
7
—
Amortization of intangibles
20
2
18
0.01
ABI-related special items
59
12
47
0.03
Cronos-related special items
(7
)
—
(7
)
—
Income tax items
—
(12
)
12
0.01
2025 Adjusted for Special Items
$
2,825
$
643
$
2,182
$
1.30
2024 Reported
$
2,777
$
(262
)
$
3,039
$
1.79
Acquisition and disposition-related items
(14
)
(1
)
(13
)
—
Asset impairment, exit and implementation costs
68
17
51
0.03
Tobacco and health and certain other litigation items
11
3
8
—
Amortization of intangibles
37
7
30
0.01
ABI-related special items
41
9
32
0.02
Cronos-related special items
(4
)
1
(5
)
—
Income tax items
—
928
(928
)
(0.55
)
2024 Adjusted for Special Items 1
$
2,916
$
702
$
2,214
$
1.30
2025 Reported Net Earnings and Reported Diluted EPS
$
1,117
$
0.66
2024 Reported Net Earnings and Reported Diluted EPS
$
3,039
$
1.79
% Change
(63.2
)%
(63.1
)%
2025 Adjusted Net Earnings and Adjusted Diluted EPS
$
2,182
$
1.30
2024 Adjusted Net Earnings and Adjusted Diluted EPS
$
2,214
$
1.30
% Change
(1.4
)%
—
%
1 Prior period amounts have been recast to conform with current period presentation for amortization of intangibles that were not previously identified as special items and that are now excluded from Altria’s adjusted financial measures.
Schedule 8
ALTRIA GROUP, INC.
and Subsidiaries
Net Earnings and Diluted Earnings Per Share
For the Years Ended December 31,
(dollars in millions, except per share data)
(Unaudited)
Net Earnings
Diluted EPS 1
2025 Net Earnings
$
6,947
$
4.12
2024 Net Earnings
11,264
$
6.54
% Change
(38.3
)%
(37.0
)%
Reconciliation:
2024 Net Earnings
$
11,264
$
6.54
2024 NPM Adjustment Items
(20
)
(0.01
)
2024 Acquisition and disposition-related items
(1,862
)
(1.08
)
2024 Asset impairment, exit and implementation costs
315
0.18
2024 Tobacco and health and certain other litigation items
76
0.04
2024 Amortization of intangibles
115
0.07
2024 ABI-related special items
2
—
2024 Cronos-related special items
15
0.01
2024 Income tax items
(969
)
(0.56
)
Subtotal 2024 special items 2
(2,328
)
(1.35
)
2025 NPM Adjustment Items
15
0.01
2025 Acquisition and disposition-related items
(66
)
(0.04
)
2025 Asset impairment, exit and implementation costs
(1,921
)
(1.14
)
2025 Tobacco and health and certain other litigation items
(44
)
(0.03
)
2025 Amortization of intangibles
(110
)
(0.06
)
2025 ABI-related special items
(75
)
(0.04
)
2025 Cronos-related special items
5
—
2025 Income tax items
(5
)
—
Subtotal 2025 special items
(2,201
)
(1.30
)
Fewer shares outstanding
—
0.11
Change in tax rate
119
0.07
Operations
93
0.05
2025 Net Earnings
$
6,947
$
4.12
1 Diluted earnings per share are computed independently for each period. Accordingly, the sum of the quarterly earnings per share amounts may not agree to the year-to-date amounts.
2 Prior period amounts have been recast to conform with current period presentation for amortization of intangibles that were not previously identified as special items and that are now excluded from Altria’s adjusted financial measures.
Schedule 9
ALTRIA GROUP, INC.
and Subsidiaries
Reconciliation of GAAP and non-GAAP Measures
For the Years Ended December 31,
(dollars in millions, except per share data)
(Unaudited)
Earnings
before
Income Taxes
Provision
for Income
Taxes
Net
Earnings
Diluted
EPS 1
2025 Reported
$
9,389
$
2,442
$
6,947
$
4.12
NPM Adjustment Items
(20
)
(5
)
(15
)
(0.01
)
Acquisition and disposition-related items
76
10
66
0.04
Asset impairment, exit and implementation costs
2,184
263
1,921
1.14
Tobacco and health and certain other litigation items
58
14
44
0.03
Amortization of intangibles
132
22
110
0.06
ABI-related special items
95
20
75
0.04
Cronos-related special items
(5
)
—
(5
)
—
Income tax items
—
(5
)
5
—
2025 Adjusted for Special Items
$
11,909
$
2,761
$
9,148
$
5.42
2024 Reported
13,658
2,394
11,264
6.54
NPM Adjustment Items
(27
)
(7
)
(20
)
(0.01
)
Acquisition and disposition-related items
(2,527
)
(665
)
(1,862
)
(1.08
)
Asset impairment, exit and implementation costs
422
107
315
0.18
Tobacco and health and certain other litigation items
101
25
76
0.04
Amortization of intangibles
139
24
115
0.07
ABI-related special items
2
—
2
—
Cronos-related special items
18
3
15
0.01
Income tax items
—
969
(969
)
(0.56
)
2024 Adjusted for Special Items 2
$
11,786
$
2,850
$
8,936
$
5.19
2025 Reported Net Earnings and Reported Diluted EPS
$
6,947
$
4.12
2024 Reported Net Earnings and Reported Diluted EPS
$
11,264
$
6.54
% Change
(38.3
)%
(37.0
)%
2025 Adjusted Net Earnings and Adjusted Diluted EPS
$
9,148
$
5.42
2024 Adjusted Net Earnings and Adjusted Diluted EPS
$
8,936
$
5.19
% Change
2.4
%
4.4
%
1 Diluted earnings per share are computed independently for each period. Accordingly, the sum of the quarterly earnings per share amounts may not agree to the year-to-date amounts.
2 Prior period amounts have been recast to conform with current period presentation for amortization of intangibles that were not previously identified as special items and that are now excluded from Altria’s adjusted financial measures.
Schedule 10
ALTRIA GROUP, INC.
and Subsidiaries
Condensed Consolidated Balance Sheets
(dollars in millions)
(Unaudited)
December 31, 2025
December 31, 2024
Assets
Cash and cash equivalents
$
4,474
$
3,127
Inventories
1,070
1,080
Other current assets
388
306
Property, plant and equipment, net
1,710
1,617
Goodwill and other intangible assets, net
17,663
19,918
Investments in equity securities
8,617
8,195
Other long-term assets
1,095
934
Total assets
$
35,017
$
35,177
Liabilities and Stockholders’ Equity (Deficit)
Current portion of long-term debt
$
1,569
$
1,527
Accrued settlement charges
2,178
2,354
Other current liabilities
5,407
4,900
Long-term debt
24,140
23,399
Deferred income taxes
3,370
3,749
Accrued pension costs
122
136
Accrued postretirement health care costs
939
935
Other long-term liabilities
744
365
Total liabilities
38,469
37,365
Total stockholders’ equity (deficit) attributable to Altria
(3,502
)
(2,238
)
Noncontrolling interest
50
50
Total liabilities and stockholders’ equity (deficit)
$
35,017
$
35,177
Total debt
$
25,709
$
24,926
Schedule 11
ALTRIA GROUP, INC.
and Subsidiaries
Supplemental Financial Data for Special Items
For the Quarters Ended December 31,
(dollars in millions)
(Unaudited)
Net
Revenues
Cost of
Sales
Marketing,
administration
and research
costs
Impairment of
goodwill
Amortization
of intangibles
Asset
impairment
and exit
costs
General
corporate
expenses
Interest and
other debt
(income)
expense, net
(Income)
losses from
investments
in equity
securities
2025 Special Items - (Income) Expense
NPM Adjustment Items
$
(22
)
$
—
$
—
$
—
$
—
$
—
$
4
$
—
Acquisition and disposition-related items
(19
)
—
—
—
—
—
(1
)
—
—
Asset impairment, exit and implementation costs
—
—
8
285
—
975
—
—
—
Tobacco and health and certain other litigation items
—
—
11
—
—
—
—
(1
)
—
Amortization of intangibles
—
—
—
—
20
—
—
—
—
ABI-related special items
—
—
—
—
—
—
—
—
59
Cronos-related special items
—
—
—
—
—
—
—
—
(7
)
2024 Special Items - (Income) Expense 1
Acquisition and disposition-related items
—
—
—
—
—
—
(14
)
—
—
Asset impairment, exit and implementation costs
33
—
35
Tobacco and health and certain other litigation items
—
—
11
—
—
—
—
—
—
Amortization of intangibles
—
—
—
—
37
—
—
—
—
ABI-related special items
—
—
—
—
—
—
—
—
41
Cronos-related special items
—
—
—
—
—
—
—
—
(4
)
Note: This schedule is intended to provide supplemental financial data for certain income and expense items that management believes are not part of underlying operations and their presentation in Altria’s consolidated statements of earnings. This schedule is not intended to provide, or reconcile, non-GAAP financial measures.
1 Prior period amounts have been recast to conform with current period presentation for amortization of intangibles that were not previously identified as special items and that are now excluded from Altria’s adjusted financial measures.
Schedule 12
ALTRIA GROUP, INC.
and Subsidiaries
Supplemental Financial Data for Special Items
For the Years Ended December 31,
(dollars in millions)
(Unaudited)
Net
Revenues
Cost of
Sales
Marketing,
administration
and research
costs
Amortization
of intangibles
Asset
impairment
and exit
costs
Impairment
of goodwill
General
corporate
expenses
Interest
and other
debt
(income) expense,
net
(Income)
losses from
investments
in equity
securities
Gain on the
sale of IQOS
System
commercialization rights
2025 Special Items - (Income) Expense
NPM Adjustment Items
$
—
$
(24
)
$
—
$
—
$
—
$
—
$
—
$
4
$
—
$
—
Acquisition and disposition-related items
23
44
—
—
—
9
—
—
—
Asset impairment, exit and implementation costs
—
—
48
—
978
1,158
—
—
—
—
Tobacco and health and certain other litigation items
—
—
55
—
—
—
—
3
—
—
Amortization of intangibles
—
—
—
132
—
—
—
—
—
—
ABI-related special items
—
—
—
—
—
—
(1
)
—
96
—
Cronos-related special items
—
—
—
—
—
—
—
—
(5
)
—
2024 Special Items - (Income) Expense 1
NPM Adjustment Items
$
—
$
(29
)
$
—
$
—
$
—
$
—
$
—
$
2
$
—
$
—
Acquisition and disposition-related items
—
—
—
—
—
—
173
—
—
(2,700
)
Asset impairment, exit and implementation costs
—
—
33
—
389
—
—
—
—
—
Tobacco and health and certain other litigation items
—
—
70
—
—
—
30
1
—
—
Amortization of intangibles
—
—
—
139
—
—
—
—
—
—
ABI-related special items
—
—
—
—
—
—
59
3
(60
)
—
Cronos-related special items
—
—
—
—
—
—
—
—
18
—
Note: This schedule is intended to provide supplemental financial data for certain income and expense items that management believes are not part of underlying operations and their presentation in Altria’s consolidated statements of earnings. This schedule is not intended to provide, or reconcile, non-GAAP financial measures.
1 Prior period amounts have been recast to conform with current period presentation for amortization of intangibles that were not previously identified as special items and that are now excluded from Altria’s adjusted financial measures.
Schedule 13
ALTRIA GROUP, INC.
and Subsidiaries
Supplemental Retail Share Data
(Unaudited)
Retail share results for oral tobacco products are based on data from Circana, a tracking service that uses a sample of stores to project market share and depict share trends. In the fourth quarter of 2025, Circana refreshed its retail scan data to account for a retailer data revision that impacted on! and total oral tobacco products retail share data for the second and third quarters of 2025. It is the standard practice of retail services to periodically refresh their retail scan services, which could restate retail share results that were previously released in these services. This update impacted previously reported retail share performance for on! and total oral tobacco products. Restated share results are summarized below.
Retail Share (percent)
For the Three Months Ended
9/30/2025
6/30/2025
on!
8.3
8.4
Total oral tobacco products
30.9
%
32.9
%
Retail Share (percent)
For the Nine Months Ended
For the Six Months Ended
9/30/2025
6/30/2025
on!
8.4
8.5
Total oral tobacco products
32.8
%
33.8
%
Schedule 14
ALTRIA GROUP, INC.
and Subsidiaries
Calculation of Total Debt to Consolidated EBITDA and Net Debt to Consolidated EBITDA Ratios
For the Twelve Months Ended December 31, 2025 1
(dollars in millions)
(Unaudited)
Total
Consolidated Net Earnings
$
6,947
Interest and other debt expense, net
1,079
Provision for income taxes
2,442
Depreciation and amortization
266
EBITDA 2
10,734
(Income) loss from investments in equity securities and noncontrolling interest, net
(510
)
Dividends from less than 50% owned affiliates
208
Fair value adjustment for NJOY Transaction contingent payments
25
Impairment of goodwill
1,158
Asset impairment and exit costs
978
Consolidated EBITDA 3
$
12,593
Current portion of long-term debt
$
1,569
Long-term debt
24,140
Total Debt 4
25,709
Cash and cash equivalents 5
4,474
Net Debt 6
$
21,235
Ratios:
Total Debt / Consolidated Net Earnings
3.7
Total Debt / Consolidated EBITDA
2.0
Net Debt / Consolidated EBITDA
1.7
1 Calculated as of the end of the applicable quarter on a rolling four quarters basis.
2 Reflects earnings before interest, taxes, depreciation and amortization (“EBITDA”).
3 Reflects the term “Consolidated EBITDA” as defined in Altria’s revolving credit agreement.
4 Reflects total debt as presented on Altria’s Consolidated Balance Sheet at December 31, 2025. See Schedule 10.
5 Reflects cash and cash equivalents as presented on Altria’s Consolidated Balance Sheet at December 31, 2025. See Schedule 10.
6 Reflects total debt, less cash and cash equivalents at December 31, 2025.
Schedule 15
ALTRIA GROUP, INC.
and Subsidiaries
Reconciliation of Reported OCI to Adjusted OCI
For the Year Ended December 31, 2025
(dollars in millions)
(Unaudited)
Smokeable
Products
Oral Tobacco
Products
E-Vapor
Products
All Other
Total
Net revenues
$
20,485
$
2,802
$
(13
)
$
5
$
23,279
Excise taxes
(3,042
)
(98
)
—
—
(3,140
)
Revenues net of excise taxes
$
17,443
$
2,704
$
(13
)
$
5
$
20,139
Reported operating companies income (OCI)
$
10,984
$
1,828
$
(2,297
)
$
(229
)
$
10,286
NPM Adjustment Items
(24
)
—
—
—
(24
)
Acquisition and disposition-related items
—
—
67
—
67
Asset impairment, exit and implementation costs
49
7
2,128
—
2,184
Tobacco and health and certain other litigation items
55
—
—
—
55
Adjusted OCI
$
11,064
$
1,835
$
(102
)
$
(229
)
$
12,568
Reported OCI margins 1
63.0
%
67.6
%
(100%+)
(100%+)
51.1
%
Adjusted OCI margins 1
63.4
%
67.9
%
(100%+)
(100%+)
62.4
%
1 Reported and adjusted OCI margins are calculated as reported and adjusted OCI, respectively, divided by revenues net of excise taxes.
Schedule 16
ALTRIA GROUP, INC.
and Subsidiaries
Reconciliation of Reported Diluted EPS to Adjusted Diluted EPS
For the Years Ended December 31, 2025 and 2022
(Unaudited)
For the Years Ended December 31,
Compounded
Annual Growth
Rate
2025
2022
Reported diluted EPS
$
4.12
$
3.19
8.9
%
NPM Adjustment Items
(0.01
)
(0.03
)
Acquisition and disposition-related items
0.04
—
Asset impairment, exit and implementation costs
1.14
—
Tobacco and health and certain other litigation items
0.03
0.05
Amortization of intangibles 1
0.06
0.03
JUUL changes in fair value
—
0.81
ABI-related special items
0.04
1.12
Cronos-related special items
—
0.10
Income tax items
—
(0.40
)
Adjusted diluted EPS
$
5.42
$
4.87
3.6
%
1 Prior period amounts have been recast to conform with current period presentation for amortization of intangibles that were not previously identified as special items and that are now excluded from Altria’s adjusted financial measures.