MO · 10-Q · 2026Q2 · Full report
Liquidity and Debt Position
ALTRIA GROUP, INC. · 2026-07-30 · Importance 54 · Surprise 14 · In source text
Altria held $2.4 billion of cash and cash equivalents at June 30, 2026 and had access to a $3.0 billion senior unsecured five-year revolving credit agreement. Total long-term debt declined to $24.6 billion from $25.7 billion at December 31, 2025 after repayment at maturity of approximately $1.1 billion of 4.400% senior unsecured notes in February 2026. Debt totaled $24.577 billion, equal to 3.1 times consolidated net earnings and 1.9 times consolidated EBITDA of $12.739 billion. Moody’s rated short-term and long-term debt P-2 and A3, while S&P and Fitch assigned A-2/BBB+ ratings, all with stable outlooks.
Key facts
- PM USA (Guarantor), a 100% owned subsidiary of Altria, fully and unconditionally guarantees as primary obligor the payment and performance of the Parent’s obligations under the guaranteed debt instruments, subject to release under customary circumstances. source
- At June 30, 2026, Altria had $2.4 billion of cash and cash equivalents. source
- In February 2026, Altria repaid in full at maturity its 4.400% senior unsecured notes in the aggregate principal amount of approximately $1.1 billion. source
- At June 30, 2026, Altria had availability under its Credit Agreement for borrowings of up to an aggregate principal amount of $3.0 billion. source
- For the twelve months ended June 30, 2026, Consolidated net earnings were $7,973 million, EBITDA was $11,707 million and Consolidated EBITDA was $12,739 million. source
- At June 30, 2026 and December 31, 2025, total long-term debt was $24.6 billion and $25.7 billion, respectively. source
- At June 30, 2026, Debt was $24,577 million, Debt / Consolidated net earnings was 3.1, and Debt / Consolidated EBITDA was 1.9. source
- Altria's management uses adjusted financial measures including adjusted OCI, adjusted OCI margins, adjusted net earnings, adjusted diluted EPS and adjusted effective tax rates and reviews the ratio of debt-to-Consolidated EBITDA as a factor to determine ability to access capital markets and make investments to pursue its Vision. source
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| liability | positive | realized | +3.3% | In February 2026, Altria repaid in full at maturity its 4.400% senior unsecured notes in the aggregate principal amount of approximately… |
| cash | negative | realized | -3.3% | In February 2026, Altria repaid in full at maturity its 4.400% senior unsecured notes in the aggregate principal amount of approximately… |
| liability | negative | contingent | — | PM USA (Guarantor), a 100% owned subsidiary of Altria, fully and unconditionally guarantees as primary obligor the payment and performance… |