MO · 10-Q · 2026Q2 · Full report
Revenue Performance and Mix
ALTRIA GROUP, INC. · 2026-07-30 · Importance 49 · Surprise 32 · No source text
Smokeable Products net revenues increased $171 million, or 1.7%, to $10.150 billion for the six months ended June 30, 2026, and increased $35 million, or 0.7%, to $5.392 billion for the three months ended June 30, 2026. Six-month revenue growth reflected $639 million of higher pricing, including higher promotional investments, partially offset by a $475 million adverse volume/cigarette mix impact from lower shipment volume and a higher percentage of discount shipments. Domestic cigarette shipment volume declined 2.8% for the six-month period and 3.2% for the quarter, while discount cigarette volume increased 94.4% and 67.3%, respectively, signaling a significant shift toward lower-priced products. PM USA increased Marlboro and L&M list prices by $0.20 per pack and other premium cigarette brands by $0.25 per pack effective April 12, 2026.
Key facts
- For the six months ended June 30, 2026, net revenues were $11,539 million and for the six months ended June 30, 2025 net revenues were $11,361 million. source
- For the six months ended June 30, 2026, smokeable products net revenues were $10,150 million and for the three months ended June 30, 2026 were $5,392 million. source
- For the six months ended June 30, 2026, net revenues for the smokeable products segment were $10,150 million versus $9,979 million for the six months ended June 30, 2025. source
- For the six months ended June 30, 2026, revenues net of excise taxes for the smokeable products segment were $8,770 million versus $8,477 million for the prior-year period. source
- For the three months ended June 30, 2026 net revenues were $5,392 million versus $5,357 million for the three months ended June 30, 2025. source
- For the six months ended June 30, 2026, net revenues for the oral tobacco products segment were $1,382 million versus $1,407 million for the six months ended June 30, 2025, a decrease of 1.8%. source
- Net revenues increased $178 million (1.6%) for the six months ended June 30, 2026 versus the six months ended June 30, 2025 due primarily to higher net revenues in the smokeable products segment. source
- When adjusted for trade inventory movements, Altria's smokeable products segment domestic cigarette shipment volume declined by an estimated 4.5% in the second quarter of 2026 versus the second quarter of 2025. source
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| revenue | positive | realized | +2.9% | For the six months ended June 30, 2026, net revenues were $11,539 million and for the six months ended June 30, 2025 net revenues were… |
| revenue | positive | realized | +2.8% | For the six months ended June 30, 2026, net revenues for the smokeable products segment were $10,150 million versus $9,979 million for the… |
| revenue | positive | realized | +0.6% | For the three months ended June 30, 2026 net revenues were $5,392 million versus $5,357 million for the three months ended June 30, 2025. |
| revenue | negative | realized | -0.4% | For the six months ended June 30, 2026, net revenues for the oral tobacco products segment were $1,382 million versus $1,407 million for… |