MO · 10-Q · 2026Q2 · Full report

Capital Allocation and Capex

ALTRIA GROUP, INC. · 2026-07-30 · Importance 73 · Surprise 50 · From source text

Altria paid $3,556 million of dividends in the first six months of 2026, up 3.0% from $3,454 million in the prior-year period, and its annualized dividend rate was $4.24 per share. Management targets mid-single-digit annual dividend growth through 2028, subject to Board approval. Net cash used in investing activities increased to $166 million from $79 million, primarily because of investments in manufacturing capabilities and innovative products. Planned 2026 capital expenditures increased to $375 million-$450 million from the prior $300 million-$375 million range, primarily to support USSTC Facilities Consolidation.

Key facts

• Altria repurchased shares under its share repurchase programs which resulted in fewer shares outstanding contributing to diluted EPS increases for the six months ended June 30, 2026 (0.03) and for the three months ended June 30, 2026 (0.01). source
• During the first six months of 2026 and 2025, Altria paid dividends of $3,556 million and $3,454 million, respectively, an increase of 3.0%. source
• Altria's current annualized dividend rate is $4.24 per share and it has a progressive dividend goal targeting mid-single digits dividend growth annually through 2028. source
• During the first six months of 2026, net cash used in financing activities was $4,988 million compared with $4,693 million during the first six months of 2025; the increase was due to issuances of long-term debt in 2025 and higher dividends paid on common stock, partially offset by lower repayments of long-term debt and lower share repurchases. source
• Net cash used in investing activities for the first six months of 2026 was $166 million compared with $79 million for the first six months of 2025, due primarily to investments in manufacturing capabilities and innovative products. source

Impact estimates