MO · Earnings call · 2026Q3T · Full report

Macroeconomic Consumer Pressure

ALTRIA GROUP, INC. · 2026-10-29 · Importance 25 · Surprise 6

Management said the overall cost of goods and services had risen roughly 30% since 2021, sustaining pressure on adult smokers’ household budgets. More recent increases in gas prices further constrained discretionary income, and management said gas prices remained elevated during the quarter. Altria expects this difficult consumer environment to continue to require effective revenue growth management, pricing and portfolio actions.

Key facts

• Altria said the overall cost of goods and services had risen roughly 30% since 2021, pressuring household budgets.
• Altria said the cigarette price-elasticity coefficient remained negative 0.35.