MO · 10-Q · 2026Q3 · Full report
Liquidity and Debt Position
ALTRIA GROUP, INC. · 2026-10-29 · Importance 49 · Surprise 32 · In source text
At September 30, 2026, Altria held $2.7 billion in cash and cash equivalents and had up to $3.0 billion available under its senior unsecured revolving credit agreement; the company reported compliance with the agreement’s covenants. Total debt was $24.061 billion, down from $25.7 billion at December 31, 2025, after repayment at maturity of $0.5 billion of 2.625% notes in September and approximately $1.1 billion of 4.400% notes in February. Debt was 3.0 times trailing-twelve-month consolidated net earnings and 1.9 times consolidated EBITDA of $12.806 billion. Moody’s rated long-term debt A3, S&P rated it BBB+, and Fitch rated it BBB+, each with a stable outlook.
Key facts
- Altria repaid approximately $1.1 billion of 4.400% senior unsecured notes at maturity in February 2026. source
- At September 30, 2026, Altria had $2.7 billion of cash and cash equivalents and access to borrowings under a $3.0 billion senior unsecured five-year revolving credit agreement. source
- Altria's total long-term debt was $24.1 billion at September 30, 2026, compared with $25.7 billion at December 31, 2025. source
- Altria repaid $0.5 billion of 2.625% senior unsecured notes at maturity in September 2026. source
- At September 30, 2026, Altria had up to $3.0 billion available under its Credit Agreement and was in compliance with its covenants. source
- Altria stated that cash, future operating cash flows, borrowing capacity under its Credit Agreement and access to credit and capital markets were sufficient to meet projected requirements for the foreseeable future, including the next 12 months. source
- At September 30, 2026, Altria's short-term and long-term credit ratings were Moody's P-2 and A3, S&P A-2 and BBB+, and Fitch F1 and BBB+, all with stable outlooks. source
- At September 30, 2026, Altria's debt-to-consolidated net earnings ratio was 3.0 and its debt-to-consolidated EBITDA ratio was 1.9. source
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| liability | positive | realized | +4.6% | Altria's total long-term debt was $24.1 billion at September 30, 2026, compared with $25.7 billion at December 31, 2025. |
| cash | negative | realized | -1.4% | Altria repaid $0.5 billion of 2.625% senior unsecured notes at maturity in September 2026. |
| liability | positive | realized | +1.4% | Altria repaid $0.5 billion of 2.625% senior unsecured notes at maturity in September 2026. |