Altria Group reported its 2025 second-quarter and first-half business results and narrowed its guidance for 2025 full-year adjusted diluted earnings per share (EPS).
“In the second quarter, we continued the pursuit of our vision while maintaining our strong and profitable core businesses,” said Billy Gifford, Altria’s CEO. “In oral tobacco, on! delivered strong performance and was the substantial driver of the segment’s growth in the quarter. And we returned significant value to our loyal shareholders during the first half of the year, with more than $4 billion delivered through dividends and share repurchases.
“We are raising the lower-end of our 2025 full-year guidance and now expect to deliver adjusted diluted EPS in a range of $5.35 to $5.45. This range represents a growth rate of 3.0% to 5.0% from a base of $5.19 in 2024.”
For the second quarter, net revenues decreased 1.7% to $6.1 billion, primarily driven by lower net revenues in the smokeable products segment, partially offset by higher net revenues in the oral tobacco products segment. Revenues net of excise taxes increased 0.2% to $5.3 billion.
Reported diluted EPS decreased 36.2% to $1.41, primarily driven by the 2024 gain on the sale of the IQOS Tobacco Heating System commercialization rights, partially offset by higher reported operating companies income (OCI), which includes the 2024 non-cash impairment of the Skoal trademark, a 2024 change in the fair value of contingent payments associated with the acquisition of NJOY and fewer shares outstanding.
Adjusted diluted EPS increased 8.3% to $1.44, primarily driven by higher adjusted OCI and fewer shares outstanding.
For the first half of the year, net revenues decreased 3.6% to $11.4 billion, primarily driven by lower net revenues in the smokeable products segment. Revenues net of excise taxes decreased 1.9% to $9.8 billion.
Reported diluted EPS decreased 40.2% to $2.04, primarily driven by the 2024 gain on the sale of the IQOS Tobacco Heating System commercialization rights, lower reported OCI (which includes the first quarter 2025 non-cash impairment of the e-vapor reporting unit goodwill and 2025 costs associated with the acquisition of NJOY, partially offset by the 2024 non-cash impairment of the Skoal trademark), unfavorable ABI-related special items and 2024 income tax items. These factors were partially offset by fewer shares outstanding, lower change in the fair value of contingent payments associated with the acquisition of NJOY and a lower adjusted tax rate.
Adjusted diluted EPS increased 7.2% to $2.67, primarily driven by higher adjusted OCI, fewer shares outstanding and a lower adjusted tax rate, partially offset by lower income from our equity investment in ABI and higher financing costs.
