MO · Earnings call · 2026Q3T · Full report

Smokeable Products Performance

ALTRIA GROUP, INC. · 2026-10-29 · Importance 49 · Surprise 32 · No source text

PM USA adjusted operating companies income increased 3.9% to $3.1 billion in the third quarter and 4.1% to $8.8 billion for the first nine months of 2026. Adjusted OCI margin was 64.5% for the quarter, up 0.1 percentage points year over year, and 64.8% year to date, up 0.4 percentage points. Price realization was 4.4% in the quarter, reflecting mix effects from Marlboro Cowboy Cut and Basic volume growth. Reported domestic cigarette volumes declined 2.9% in the quarter and 2.8% for the first nine months; after adjusting for trade inventory movements, management estimated declines of 4% in both periods, slightly below the industry's estimated 5% decline.

Key facts

• Altria's adjusted smokeable operating companies income grew 3.9% to $3.1 billion in Q3 2026 and 4.1% to $8.8 billion for the first 9 months.
• Middleton's reported cigar shipment volume increased 0.9% in Q3 2026 and 2% for the first 9 months.
• Smokeable adjusted OCI margins were 64.5% in Q3 2026 and 64.8% for the first 9 months, up 0.1 and 0.4 percentage points, respectively.
• Smokeable price realization was 4.4% in Q3 2026.

Impact estimates