Altria Group (MO) Q2 FY2026 earnings: revenue $6.1 billion, up 0.1% on the year

Altria Group, Inc. (MO) reported revenue of $6.1 billion for Q2 FY2026, the quarter ended 30 June 2026, up 0.1% on the same quarter a year earlier. Net income was $2.3 billion, down 3.4% on the year, and diluted earnings per share $1.37. The figures are the company's own, from the 10-Q it filed with the SEC on 30 July 2026.

Revenue

$6.1 billion

+0.1% on the year · +12.6% on the quarter

Q3 FY2024Q2 FY2026

Operating margin

51.3%

52.9% a year earlier

Q3 FY2024Q2 FY2026

Net income

$2.3 billion

-3.4% on the year · +5.3% on the quarter

Q3 FY2024Q2 FY2026

Diluted EPS

$1.37

-2.8% on the year · +5.4% on the quarter

Q3 FY2024Q2 FY2026

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Guidance figures: 1 raised, 1 narrowed.

Second-quarter adjusted EPS rose 2.8%: Adjusted diluted EPS rose 2.8% to $1.48 on higher adjusted OCI and fewer shares outstanding. Reported diluted EPS fell 2.8% to $1.37.
Smokeable adjusted OCI rose on pricing: Smokeable adjusted OCI rose 2.4% to $3.0 billion and its margin rose 0.3 points to 64.8%, helped by higher pricing and refunds of taxes and duties on imported cigarettes.
Domestic cigarette volume down 3.2%: Reported domestic cigarette shipments fell 3.2% and about 4.5% after adjusting for trade inventory. Management linked the industry decline to discretionary income pressure on adult nicotine consumers.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q2 FY2026	Q1 FY2026	Q2 FY2025	On the quarter	On the year
Revenue	6,111	5,428	6,102	+12.6%	+0.1%
Cost of revenue	1,536	1,252	1,440	+22.7%	+6.7%
Gross profit	3,820	3,506	3,850	+9.0%	-0.8%
Gross margin	62.5%	64.6%	63.1%
Operating income	3,136	2,956	3,230	+6.1%	-2.9%
Operating margin	51.3%	54.5%	52.9%
Interest expense	295	258	n/a	+14.3%
Pre-tax income	2,929	2,859	3,118	+2.4%	-6.1%
Income tax	631	676	740	-6.7%	-14.7%
Effective tax rate	21.5%	23.6%	23.7%
Net income	2,298	2,183	2,378	+5.3%	-3.4%
Net margin	37.6%	40.2%	39.0%
Diluted EPS	$1.37	$1.30	$1.41	+5.4%	-2.8%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	Q2 FY2026	Q1 FY2026	Q2 FY2025	On the quarter	On the year
Operating cash flow	719	2,324	205	-69.1%	+250.7%
Capital expenditure	57.0	93.0	32.0	-38.7%	+78.1%
Free cash flow	662	2,231	173	-70.3%	+282.7%
Free cash flow margin	10.8%	41.1%	2.8%
Cash from investing	-57.0	-109	-36.0
Cash from financing	-1,831	-3,157	-3,608
Depreciation and amortisation	56.0	56.0	71.0	0.0%	-21.1%
Buybacks	55.0	280	274	-80.4%	-79.9%
Dividends paid	1,776	1,780	1,724	-0.2%	+3.0%
Dividend per share	$1.06	$1.06	$1.02	0.0%	+3.9%
Diluted shares, weighted	1,670m	1,673m	1,684m	-0.2%	-0.8%
Shares outstanding at period end	1,670m	1,670m	1,680m	-0.0%	-0.6%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q2 FY2026	Q1 FY2026	Q2 FY2025	On the quarter	On the year
Shareholders' equity	-2,668	-3,211	-3,256
Non-controlling interest	50.0	50.0	50.0	0.0%	0.0%
Short-term borrowings	0.0	0.0	0.0
Debt	24,577	24,602	24,720	-0.1%	-0.6%
Other liabilities	11,415	13,143	10,818	-13.1%	+5.5%
Total liabilities and equity	33,374	34,584	32,332	-3.5%	+3.2%
Fixed assets	1,757	1,730	1,610	+1.6%	+9.1%
Goodwill	5,787	5,787	6,072	0.0%	-4.7%
Intangible assets	11,850	11,873	12,900	-0.2%	-8.1%
Cash and equivalents	2,367	3,531	1,287	-33.0%	+83.9%
Receivables	306	284	241	+7.7%	+27.0%
Inventory	1,060	1,146	1,016	-7.5%	+4.3%
Other assets	10,247	10,233	9,206	+0.1%	+11.3%
Total assets	33,374	34,584	32,332	-3.5%	+3.2%

Questions

What was Altria Group's revenue in Q2 FY2026?

Altria Group (MO) reported revenue of $6.1 billion for Q2 FY2026, the quarter ended 30 June 2026, up 0.1% on the same quarter a year earlier.

How much did Altria Group earn in Q2 FY2026?

Net income for Q2 FY2026 was $2.3 billion, down 3.4% on the year, and diluted earnings per share $1.37.

When did Altria Group report Q2 FY2026 results?

Altria Group filed its 10-Q for the quarter ended 30 June 2026 with the SEC on 30 July 2026.

Quarterly results, the last 20 quarters

	Q4 FY2021 *	Q1 FY2022	Q2 FY2022	Q3 FY2022	Q4 FY2022 *	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	6,255	5,892	6,543	6,550	6,111	5,719	6,508	6,281	5,975	5,576	6,209	6,259	5,974	5,259	6,102	6,072	5,846	5,428	6,111	6,132
Cost of revenue	1,771	1,446	1,708	1,715	1,573	1,434	1,681	1,578	1,525	1,437	1,602	1,536	1,502	1,270	1,440	1,439	1,448	1,252	1,536	1,500
Gross profit	3,315	3,373	3,666	3,697	3,510	3,329	3,757	3,699	3,499	3,280	3,675	3,808	3,604	3,249	3,850	3,812	3,631	3,506	3,820	3,941
Gross margin	53%	57%	56%	56%	57%	58%	58%	59%	59%	59%	59%	61%	60%	62%	63%	63%	62%	65%	63%	64%
Operating income	2,733	2,884	3,105	3,112	2,818	2,757	2,905	3,089	2,796	2,674	2,533	3,152	2,882	1,788	3,230	3,230	1,651	2,956	3,136	3,313
Operating margin	44%	49%	47%	48%	46%	48%	45%	49%	47%	48%	41%	50%	48%	34%	53%	53%	28%	54%	51%	54%
Interest expense	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	258	295	270
Pre-tax income	2,280	2,673	1,605	407	2,704	2,479	2,806	2,908	2,735	2,739	5,116	3,026	2,777	1,683	3,118	3,075	1,513	2,859	2,929	3,290
Tax rate	29%	27%	44%	45%	1%	28%	25%	26%	25%	22%	26%	24%	-9%	36%	24%	23%	26%	24%	22%	24%
Net income	1,624	1,959	891	224	2,690	1,787	2,117	2,166	2,060	2,129	3,803	2,293	3,039	1,077	2,378	2,375	1,117	2,183	2,298	2,518
Net margin	26%	33%	14%	3%	44%	31%	33%	34%	34%	38%	61%	37%	51%	20%	39%	39%	19%	40%	38%	41%
Diluted EPS	$0.89	$1.08	$0.49	$0.12	$1.50	$1.00	$1.19	$1.22	$1.16	$1.21	$2.21	$1.34	$1.79	$0.63	$1.41	$1.41	$0.66	$1.30	$1.37	$1.51
Operating cash flow	2,663	3,075	-514	3,076	2,619	2,984	124	2,952	3,227	2,877	-75.0	2,611	3,340	2,720	205	3,094	3,271	2,324	719	3,108
Capital expenditure	67.0	45.0	38.0	64.0	58.0	55.0	48.0	40.0	53.0	35.0	29.0	31.0	47.0	38.0	32.0	54.0	92.0	93.0	57.0	109
Free cash flow	2,596	3,030	-552	3,012	2,561	2,929	76.0	2,912	3,174	2,842	-104	2,580	3,293	2,682	173	3,040	3,179	2,231	662	2,999
Buybacks	703	576	507	368	374	0.0	472	260	268	2,400	10.0	680	310	326	274	112	288	280	55.0	400
Dividends paid	1,659	1,645	1,634	1,629	1,691	1,683	1,682	1,675	1,739	1,733	1,687	1,688	1,737	1,730	1,724	1,721	1,785	1,780	1,776	1,774
Shares outstanding	1,823m	1,811m	1,801m	1,792m	1,786m	1,785m	1,775m	1,769m	1,763m	1,718m	1,706m	1,695m	1,691m	1,684m	1,680m	1,679m	1,674m	1,670m	1,670m	1,663m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-Q for the period ended 30 June 2026, filed 30 July 2026: the filing.