February 2026: Fitch Upgrades Altria to BBB+ Fitch Ratings upgraded Altria’s Long-Term Issuer Default Rating (IDR) to “BBB+” from “BBB” and Short-Term IDR to “F1” from “F2”. Additionally, Fitch removed Altria’s ratings from Under Criteria Observation (UCO). Fitch previously placed Altria’s ratings on UCO following the publication of its “Corporate Rating

Top-line & Bottom-line Results Q4 2024 Revenue: $5.11Bn (exp. $5.04Bn; +1.6% vs. $5.02 in Q4 2023) Q4 2024 EPS: $1.29 (exp. $1.28; +9.3 vs. $1.18 in Q4 2023) FY24 Revenue: $20.44Bn (-0.3% vs. $20.5Bn in FY23) FY24 EPS: $5.12 (+3.4%vs. $4.95 in FY23) –  latest FY24 guidance: adjusted diluted EPS

Top-line & Bottom-line Results Q3 2024 Revenue: $5.33Bn (exp. $5.33Bn; up +1.3% from $5.28Bn in Q3 2023) Q3 2024 EPS: $1.38 (exp. $1.35; up +7.8% vs. $1.28 in Q3 2023) Commentary: Solid operating profit growth behind the resilience of Marlboro and MST brands. Maintained growth momentum by on! FY24 Guidance:

Top-line & Bottom-line Results Q2 2024 Revenue: $5.28Bn (exp. $5.39Bn; down -3% from $5.44Bn in Q2 2023) Q2 2024 EPS: $1.31 (exp. $1.34; flat vs. $1.31 in Q2 2023) FY24 Guidance: Narrowed. Adjusted diluted EPS in a range of $5.07 to $5.15, representing a growth rate of 2.5% to 4.0%

Top-line & Bottom-line Results Q1 2024 Revenue: $4.72Bn (exp. $4.72Bn; down -1% vs. Q1 2023) Q1 2024 EPS: $1.15 (exp. $1.15; down -2.5% vs. Q1 2023) FY24 Guidance: Re-affirmed: FY24 adj. EPS in a range of $5.05 to $5.17 (midpoint: $5.11), representing a growth rate of 2% to 4.5% from

Release date: April 25, 2024 (before the opening bell) Sell-side analyst expectations Revenue and EPS decline are already factored in. Revenue: $4.72Bn (down -0.9% vs. Q1 2023) EPS: $1.15 (down -2.5% vs. Q1 2023) FY24 Guidance Following the Anheuser-Busch InBev stake sale and expansion of the existing share repurchase program (from $1Bn

March 2024 Altria reduced its stake in Anheuser-Busch InBev (ABI) to buyback own shares. Altria agreed to sell 35Mn shares of ABI through a global secondary offering at a price of $61.5 per ADS (BUD) and €56.17 per ABI ordinary share. In addition, ABI will repurchase $200Mn of shares directly

Presumably, everyone is aware of the “Bear Case” for Altria by now. We have written about it so many times over the past three years: until Altria has a proven/working strategy to break out of the ailing US cigarette business, its share price (MO) is set to be in an

Top-line & Bottom-line Results Q4 2023 Revenue: $5.02Bn (exp. $5.07Bn; -1.2% vs. Q4 2022) Q4 2023 EPS: $1.18 (exp. $1.17; unchanged vs. Q4 2022) FY23 Revenue: $20.5Bn (-0.9% vs. FY22) FY23 EPS: $4.95 (+2.3% vs. FY22) => middle of the guidance (“in a range of $4.91-$4.98”) FY24 Guidance: “FY24 EPS

Release date: February 1, 2024 (before the opening bell) Sell-side analyst expectations Marginal revenue and EPS decline are already factored in. Revenue: $5.07Bn (down -0.3% vs. Q4 2022) EPS: $1.17 (down -0.8% vs. Q4 2022) FY23 Guidance Altria narrowed and lowered the FY23 guidance during the Q2 2023 Earnings release (October 26,

Top-line & Bottom-line Results Revenue: $5.28Bn (exp. $5.43Bn; down -2.5% vs. Q3 2022) EPS: $1.28 (exp. $1.29; unchanged vs. Q3 2022) Narrows the FY23 guidance: adj. EPS in a range of $4.91 to $4.98, representing 1.5% to 3% growth from $4.84 in FY22 (previously, in a range of $4.89 to

Release date: October 26, 2023 (before the opening bell) Sell-side analyst expectations Revenue: $5.43Bn (up +0.3% vs. Q3 2022) EPS: $1.29 (up +1% vs. Q3 2022) FY23 Guidance Altria re-affirmed its updated FY23 guidance during the Q2 2023 Earnings release (August 1, 2023): “FY23 adjusted diluted EPS in a range of $4.89

Another dividend hike Altria increased its quarterly Dividend by 4.3% to $0.98/share on August 24, 2023. The new annualized dividend rate is $3.92 per share, representing a yield of 9.1% based on the closing stock price of Aug 23 and making Altria the the top dividend paying tobacco company (-

Top-line & Bottom-line Results Revenue: $5.44Bn (exp. $5.43Bn; up +1.2% vs. Q2 2022) EPS: $1.31 (exp. $1.30; up 4% vs. Q2 2022) Reaffirms the FY23 guidance: adj. EPS in a range of $4.89 to $5.03, representing 1% to 4% growth from $4.84 in FY22 (midpoint 2.5% is lower than the

Release date: August 1, 2023 (Tuesday) – 9:00am ET Sell-side consensus Revenue: $5.43Bn (+1% vs. $5.37Bn in Q2 2022) EPS: $1.30 (+3% vs. $1.26 in Q2 2022) Implying a flat revenue and 4% EPS growth in H1 2023 for Altria. Note that BAT reported 5.4% revenue decline and -0.2% operating

Top-line & Bottom-line results Revenue: down -1.2% to $4.76Bn in Q1 2023 (expected $4.9Bn) Adjusted diluted EPS: up +5.4% to $1.18 in Q1 2023 (expected $1.18) FY23 EPS Guidance re-iterated: $4.98-5.13 representing a growth rate of 3-6% from the base of $4.84 in FY22 (midpoint 4.5% is a touch lower

2023-2028: 5-year Guidance – Mid-single digit annual EPS growth (in line with the 5% EPS growth posted in 2022, but significantly lower than the 8.8% annual EPS growth achieved in the 2016-2021 period) – OCI margin of at least 60% – New progressive dividend goal: mid-single digit annual dividend growth

NJOY acquisition – confirmed Altria acquires NJOY for ~$2.75Bn in cash. The Transaction terms also include additional $500Mn in cash payments that are contingent on the – MGO for the ACE Menthol pods ($125Mn for each concentration: 2.4% and 5.0%) – MGO for the access-restriction technology paired ACE pods (PMTA

Top-line & Bottom-line results Revenue: down -0.1% to $5.08Bn in Q4 (expected $5.15Bn); down -2% to $20.7Bn in FY22 Adjusted diluted EPS: up +8.3% to $1.18 in Q4 (expected $1.17); up +5% to $4.84 in FY22 FY23 EPS Guidance: $4.98-5.13 representing a growth rate of 3-6% from the base of