Altria's PM Deal Can Strengthen Efficiency of Its Tobacco Business
MO's PM manufacturing deal targets greater tobacco efficiency, supporting investment as cigarette volumes remain under pressure.

Operating across the United States through its subsidiaries, Altria Group, Inc. is a prominent manufacturer and marketer of both combustible and oral ...
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$4.24 per share
Est. EPS $1.51 · Revenue $5.32B · 8 analysts
$4.24 per share
Est. EPS $1.37 · Revenue $5.12B · 7 analysts
| Metric | Latest | YoYYoY means Year-over-Year. It compares the latest annual value with the previous annual value to show long-term trend strength. | QoQQoQ means Quarter-over-Quarter. It compares the latest quarter with the immediately previous quarter to show short-term momentum changes. |
|---|---|---|---|
| RevenueThe total money that came through the front door from selling things, before paying a single bill. Think of it as the grand total of every credit card swipe from customers. (YoY compares this year to last year's performance, while QoQ compares the current three months to the previous three). | $20.1B | -1.5% | +12.6% |
| Net IncomeThe absolute bottom line. If the company paid every single supplier, employee, banker, and tax collector, this is the actual money left in their pocket at the end of the day. | $6.9B | -38.3% | +5.3% |
| Gross MarginThe basic markup. If they sell a $100 pair of sneakers, this percentage tells you how much of that price tag is profit right after paying for the rubber and shoelaces, but before paying for things like store rent or TV commercials. | +72.2% | +2.8% | +15.9% |
| Operating MarginThe 'day job' efficiency score. Out of every dollar a customer spends, this shows how many cents the company keeps after making the product AND paying for all the everyday corporate overhead (like salaries, marketing, and keeping the lights on). | +59.8% | +8.7% | -5.8% |
| Net MarginThe final take-home percentage. When you strip away every conceivable cost, tax, and interest payment, this is the exact number of cents the company truly gets to keep from every dollar in sales. | +34.5% | -37.4% | -6.5% |
| Free Cash FlowThe holy grail of corporate cash. It's the spendable, physical money left over after the business pays for its daily operations AND buys the big, expensive upgrades (like new factories or servers) it needs to survive. This is the 'free' money they can use to pay dividends or buy back stock. | $9.1B | +5.4% | -106.6% |
| FCF MarginThe ultimate cash conversion rate. It shows how good the company is at turning regular sales directly into cold, hard, spendable cash. A high percentage means the business is an absolute cash-printing machine. | +45.1% | +7.0% | -105.9% |
| Debt / EquityThe financial risk gauge. It compares how much of the company's empire was built using borrowed money (loans) versus the owners' own money (shareholders). A high number means they are heavily leveraged and playing a riskier game; a low number means they are playing it safe. | -734.1% | +34.1% | -20.2% |
| Current RatioThe 12-month survival check. It simply compares the cash they have right now (plus things they can quickly turn into cash) against the immediate bills they absolutely must pay this year. A score above 1 means they have enough in the wallet to cover the upcoming bills without panicking. | 0.61x | +17.8% | -20.7% |
| Total AssetsThe absolute size of the company's empire. It bundles together absolutely everything of value they own—from the cash in the register and the inventory in the warehouse, to the software patents in the vault and the factories on the ground. | $35.0B | -0.5% | -3.5% |
| Metric | Annual (A vs E) | Annual Surprise | Quarter (A vs E) | Quarter Surprise |
|---|---|---|---|---|
| EPS Surprise | 4.11 vs 5.43 | -24.4% | 1.37 vs 1.51 | -9.1% |
| Revenue Surprise | $20.1B vs $20.1B | +0.2% | $6.1B vs $5.3B | +15.0% |
| Date | Executive | Title | Security | Side | Shares | Price |
|---|---|---|---|---|---|---|
| Aug 27, 2026 | Presley Steven W. | director | Common Stock | — | 0 | — |
| May 26, 2026 | KELLY ENNIS DEBRA J | director | Common Stock | D | 5,790 | $72.25 |
| May 26, 2026 | Strahlman Ellen R | director | Common Stock | D | 2,000 | $72.56 |
| May 14, 2026 | Strahlman Ellen R | director | Common Stock | A | 2,571 | — |
| May 14, 2026 | Stoddart Richard S | director | Common Stock | A | 2,571 | — |
Operator: Good day, and welcome to the Altria Group 2026 Second Quarter Earnings Conference Call. [Operator Instructions] I would now like to turn the call over to Mac Livingston, Vice President of Investor Relations. Please go ahead, sir. Mac Livingston: Thanks, Olivia. Good morning, and thank you for joining us. This morning, Sal Mancuso, Altria's CEO; and Heather Newman, our CFO, will discuss Altria's 2026 second quarter business results. Earlier today, we issued a press release providing our results. The release, presentation and quarterly metrics are all available at altria.com. During our call today, unless otherwise stated, we're comparing results to the same period in 2025. Our remarks contain forward-looking statements, including projections of future results. Please review the forward-looking and cautionary statements section at the end of today's earnings release for various factors that could cause actual results to differ materially from projections. Future dividend payments and share repurchases remain subject to the discretion of our Board of Directors. We report our financial results in accordance with U.S. generally accepted accounting principles. Today's call will contain various operating results on both a reported and adjusted basis. Adjusted results exclude special items that affect comparisons with reported results. Descriptions of these non-GAAP financial measures and reconciliations to the most comparable GAAP financial measures are included in today's earnings release and on our website at altria.com. Finally, all references in today's remarks to nicotine consumers or consumers within a specific nicotine category or segment refer to existing adult nicotine consumers 21 years of age or older. With that, I'll turn the call over to Sal. Salvatore Mancuso: Thanks, Mac. Good morning, and thank you for joining us. In the second quarter, our operating companies continue to deliver against the priorities we outlined at the start of the year, advancing our smoke-free portfolio, strengthening our traditional tobacco businesses and delivering significant returns to shareholders. In smoke-free, Helix expanded on! PLUS to 120,000 stores nationwide, engaged in trial-generating activities and prepared for additional line extensions to come later this year. In smokeable products, PM USA advanced its data-driven total portfolio approach to drive profitability as Marlboro Cowboy Cut generated strong interest among premium smokers and Basic continued to gain traction in discount. We delivered strong first half results, driving adjusted diluted EPS growth of 4.9% and returned nearly $3.9 billion to shareholders through dividends and share repurchases combined. This performance reflects steady, disciplined execution and confidence in our full year plan, which allowed us to narrow our earnings guidance for the year. This morning, I'll cover second quarter and first half results from on!, recent FDA actions and e-vapor category dynamics and …
| Name | Title | Compensation | Gender | Year Born | Status |
|---|---|---|---|---|---|
William F. Gifford Jr. | Consultant | USD 10,275,278 | Male | 1970 | Active |
Salvatore Mancuso | Chief Executive Officer & Director | USD 3,609,274 | Male | 1965 | Active |
Jody L. Begley | Executive Vice President & Chief Operating Officer | USD 3,383,920 | Male | 1973 | Active |
Charles N. Whitaker | Senior Vice President, Chief Human Resources Officer & Chief Compliance Officer | USD 2,539,550 | Male | 1967 | Active |
Heather A. Newman | Executive Vice President & Chief Financial Officer | USD 2,344,042 | Female | 1977 | Active |
Robert A. McCarter | Executive Vice President & General Counsel | USD 2,070,638 | Male | 1973 | Active |
Mac Livingston | Vice President of Investor Relations | — | Male | — | Active |
Shannon Leistra | President & CEO of NJOY, LLC, Senior VP and Chief Growth Officer | — | Female | — | Active |
Jennifer Hunter | Senior Vice President of Corporate Citizenship & Chief Sustainability Officer - Altria Client Services LLC | — | Female | — | Active |
Daniel J. Bryant | VP, Senior Vice President Technology & Corporate Development and Treasurer | — | Male | 1970 | Active |
MO's PM manufacturing deal targets greater tobacco efficiency, supporting investment as cigarette volumes remain under pressure.

Brandywine Trust Co. bought a new stake in Altria Group, Inc. (NYSE: MO) during the undefined quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund bought 30,814 shares of the company's stock, valued at approximately $2,217,000. Altria Group makes up about 0.4% of Brandywine

STAMFORD, CT--(BUSINESS WIRE)--Regulatory News: Philip Morris International Inc. (PMI) (NYSE: PM) today announced that it has entered, through its non-U.S. affiliates, into a contract manufacturing arrangement for combustible cigarettes with Philip Morris USA, an operating company of Altria (NYSE:MO). The collaboration is expected to leverage the respective combustible cigarette manufacturing capabilities and expertise of both organizations while we continue to focus on delivering a smoke-free.

RICHMOND, Va.--(BUSINESS WIRE)--Altria Announces Arrangement with Philip Morris International to Enhance Operational Efficiency.

Fund Advisors of America Inc FL bought a new position in shares of Altria Group, Inc. (NYSE: MO) in the undefined quarter, according to the company in its most recent disclosure with the SEC. The fund bought 10,586 shares of the company's stock, valued at approximately $762,000. Other institutional investors and hedge funds
