Financial Data and Key Metrics Changes - In 2025, adjusted diluted earnings per share grew by 4.4% and the company returned $8 billion to shareholders through dividends and share repurchases combined [4] - The smokable product segment delivered over $11 billion in adjusted operating income (OCI) for the full year, expanding adjusted OCI margins by 1.8 percentage points to 63.4% [18] - For the fourth quarter, adjusted OCI declined by 2.4%, and adjusted OCI margins contracted by 0.8 percentage points to 60.4% [18] Business Line Data and Key Metrics Changes - Domestic cigarette volumes declined by 7.9% in the fourth quarter and 10% for the full year [18] - The oral tobacco product segment retail share was 29.6% for the fourth quarter and 31.9% for the full year [23] - Total segment reported shipment volume decreased 6.3% for the fourth quarter and 5.5% for the full year [22] Market Data and Key Metrics Changes - The estimated number of adult consumers in the e-vapor and oral tobacco categories grew to almost 30 million, reflecting the potential for tobacco harm reduction in the U.S. [7] - The e-vapor category grew approximately 15% in 2025, with illicit products representing approximately 70% of the category [8] - The nicotine pouch category drove overall oral tobacco volume growth, which increased an estimated 14% over the past six months [10] Company Strategy and Development Direction - The company is focused on advancing its smoke-free portfolio and building a portfolio of FDA-authorized smoke-free products for adult smokers [16] - Strategic collaborations, such as with KT&G, aim to enhance international modern oral and U.S. non-nicotine growth [5] - The company plans to maintain a measured approach to investments in e-vapor until the regulatory framework is functioning effectively [10] Management's Comments on Operating Environment and Future Outlook - Management noted that the growth in disposable vapers moderated in 2025 compared to the prior year, indicating a potential stabilization in the market [9] - The company expects to deliver 2026 full year adjusted diluted EPS in a range of $5.56-$5.72, reflecting a growth rate of 2.5%-5.5% from a $5.42 base in 2025 [16] - Management expressed confidence in the company's strategy and the opportunities ahead, emphasizing the importance of responsible participation in the e-vapor category [17] Other Important Information - The company recorded non-cash impairment charges of $1.3 billion related to e-vapor definite-lived intangible assets and goodwill [23] - The company paid $7 billion in dividends in 2025, marking its 60th increase in the last 56 years [25] - The total debt-to-EBITDA ratio as of December 31 was 2x, in line with the company's target [25] Q&A Session Summary Question: Can you provide any color on the scope of the import/export program? - Management indicated that the program involves both upfront investments and the opportunity for duty drawback, setting up manufacturing capabilities for international markets [32] Question: Is the elevated CapEx associated with the investments for import/export? - Management confirmed that the primary driver of the increase in CapEx is the investments for the import/export business, but they did not provide guidance for future CapEx [34] Question: How is the promotional strategy behind Basic affecting net price realization? - Management clarified that the strategy around Basic is independent of the duty drawback and is aimed at capturing consumers under economic pressure [41] Question: Are there any signs of increased smoking incidence among younger legal-aged nicotine users? - Management stated that there are no trends indicating increased incidence among younger cohorts, emphasizing the need for expedited authorization of smoke-free products [52] Question: What is the pricing strategy for on! PLUS? - Management believes that on! PLUS is a differentiated product that commands a premium in the marketplace, with various introductory price promotions planned [53]

Financial Data and Key Metrics Changes - In 2025, adjusted diluted earnings per share grew by 4.4% and the company returned $8 billion to shareholders through dividends and share repurchases combined [4] - The smokable product segment delivered over $11 billion in adjusted operating income (OCI) for the full year, expanding adjusted OCI margins by 1.8 percentage points to 63.4% [18] - For the fourth quarter, adjusted OCI declined by 2.4%, and adjusted OCI margins contracted by 0.8 percentage points to 60.4% [18] Business Line Data and Key Metrics Changes - Domestic cigarette volumes declined by 7.9% in the fourth quarter and 10% for the full year [18] - The oral tobacco product segment reported a shipment volume decrease of 6.3% for the fourth quarter and 5.5% for the full year [22] - Nicotine pouches drove overall oral tobacco volume growth, which increased an estimated 14% over the past six months [10] Market Data and Key Metrics Changes - The estimated number of adult consumers in the e-vapor and oral tobacco categories grew to almost 30 million, reflecting the potential for tobacco harm reduction in the U.S. [7] - The e-vapor category grew approximately 15% in 2025, with illicit products representing approximately 70% of the category [8] - The nicotine pouch category saw a retail share of 29.6% for the fourth quarter and 31.9% for the full year [23] Company Strategy and Development Direction - The company is focused on advancing its smoke-free portfolio and building a portfolio of FDA-authorized smoke-free products for adult smokers [16] - Strategic collaborations, such as with KT&G, aim to enhance international modern oral and U.S. non-nicotine growth [5] - The company plans to maintain a measured approach to investments in e-vapor until the regulatory framework is functioning effectively [10] Management's Comments on Operating Environment and Future Outlook - Management noted that the growth in disposable vapers moderated in 2025, with a 10% increase compared to over 40% in 2024 [9] - The company expects to deliver 2026 full year adjusted diluted EPS in a range of $5.56-$5.72, representing a growth rate of 2.5%-5.5% from a $5.42 base in 2025 [16] - Management expressed confidence in the company's strategy and the opportunities ahead, emphasizing the importance of responsible participation in the e-vapor category [17] Other Important Information - The company recorded non-cash impairment charges of $1.3 billion related to e-vapor definite-lived intangible assets and goodwill [23] - The company paid $7 billion in dividends in 2025, marking its 60th increase in the last 56 years [25] - The total debt-to-EBITDA ratio as of December 31 was 2x, in line with the company's target [25] Q&A Session Summary Question: Can you provide any color on the scope of the import/export program? - Management indicated that the program involves both upfront investments and opportunities for duty drawback, setting up manufacturing capabilities for international markets [32] Question: Is the increase in CapEx a one-time increase or a multiyear higher level? - Management confirmed that the increase is primarily driven by investments for the import/export business, but future CapEx guidance was not provided [34] Question: How is the promotional strategy behind Basic affecting net price realization? - Management clarified that the strategy for Basic is independent of the duty drawback and is aimed at capturing consumers under economic pressure [41] Question: What is the strategy for Marlboro given the drop in retail share? - Management emphasized the importance of maximizing profitability while making appropriate investments in Marlboro and growth categories [46] Question: Are there any trends in smoking incidence among younger legal-aged nicotine users? - Management noted that there are no significant trends observed in the data regarding increased smoking incidence among younger cohorts [52] Question: What is the pricing strategy for on! PLUS? - Management believes on! PLUS is a differentiated product that commands a premium in the marketplace, with various introductory price promotions planned [53]

Financial Data and Key Metrics Changes - In 2025, adjusted diluted earnings per share grew by 4.4% and the company returned $8 billion to shareholders through dividends and share repurchases combined [4][24] - The smokable product segment delivered over $11 billion in adjusted operating income (OCI) for the full year, expanding adjusted OCI margins by 1.8 percentage points to 63.4% [16] - For the fourth quarter, adjusted OCI declined by 2.4%, and adjusted OCI margins contracted by 0.8 percentage points to 60.4% [16] Business Line Data and Key Metrics Changes - Domestic cigarette volumes declined by 7.9% in the fourth quarter and 10% for the full year [16] - The oral tobacco product segment retail share was 29.6% for the fourth quarter and 31.9% for the full year [21] - Total segment reported shipment volume decreased 6.3% for the fourth quarter and 5.5% for the full year [21] Market Data and Key Metrics Changes - The estimated number of adult consumers in the e-vapor and oral tobacco categories grew to almost 30 million, reflecting the potential for tobacco harm reduction in the U.S. [6] - The e-vapor category grew approximately 15% in 2025, with illicit products representing approximately 70% of the category [7][8] - The nicotine pouch category grew an estimated 14% over the past six months, with oral nicotine pouches now representing nearly 57% of the total oral category [9] Company Strategy and Development Direction - The company is focused on advancing its smoke-free portfolio and building new pathways for long-term growth in international modern oral and non-nicotine innovations [15] - Strategic investments in retail merchandising and product innovation are planned to support the national launch of on! PLUS in 2026 [12] - The company intends to maintain a measured approach to investments in e-vapor until the regulatory framework is functioning effectively [9] Management's Comments on Operating Environment and Future Outlook - Management noted that the primary driver of industry and smoke-free growth continues to be the widespread availability of illicit flavored, disposable e-vapor products [6] - The company expects to deliver 2026 full year adjusted diluted EPS in a range of $5.56-$5.72, representing a growth rate of 2.5%-5.5% from a $5.42 base in 2025 [14] - Management expressed confidence in the company's strategy and the opportunities ahead, emphasizing the importance of responsible participation in the e-vapor category [15] Other Important Information - The company recorded non-cash impairment charges of $1.3 billion related to e-vapor definite-lived intangible assets and goodwill [22] - The company paid $7 billion in dividends in 2025, marking its 60th increase in the last 56 years [24] Q&A Session Summary Question: Can you provide any color on the scope of the import/export program? - Management indicated that the program involves both upfront investments and the opportunity for duty drawback, setting up manufacturing capabilities for international markets [31] Question: Is the elevated CapEx associated with the investments for import/export a one-time increase? - Management confirmed that the primary driver of the increase is the investments for the import/export business, but they are not guiding for future CapEx [33] Question: How is the promotional strategy behind Basic affecting net price realization? - Management clarified that the strategy around Basic is independent of the duty drawback and is aimed at capturing consumers under economic pressure [40] Question: Are there any signs of increased smoking incidence among younger legal-aged nicotine users? - Management stated that there are no trends indicating increased smoking incidence among younger cohorts, emphasizing the need for expedited product authorizations [50] Question: What is the pricing strategy for on! PLUS? - Management believes on! PLUS is a differentiated product that commands a premium in the marketplace, with various introductory price promotions planned [51]

Core Insights - Dividend stocks are favored by investors, particularly Boomers and older Gen X, due to their ability to provide steady passive income and total return potential [1][2] - Total return includes interest, capital gains, dividends, and distributions, exemplified by a stock purchased at $20 with a 3% dividend yielding a total return of 13% when the price rises to $22 [1] - Anticipation of two rate cuts in 2026 suggests that investors should consider high-yield dividend stocks now [1] Dividend Stocks Overview - Since 1926, dividends have contributed approximately 32% to the S&P 500's total return, with capital appreciation accounting for 68% [4] - A study indicates that dividend stocks delivered an annualized return of 9.18% from 1973 to 2023, significantly outperforming non-payers at 3.95% [4] Featured Companies - **Altria Group Inc.**: Offers a 7.30% dividend yield and is a major player in the tobacco industry, selling primarily through wholesalers [5][6] - **Apple Hospitality REIT Inc.**: Owns a large portfolio of upscale hotels, providing an 8.10% monthly dividend [9][10] - **Energy Transfer L.P.**: A leading midstream energy company with a 7.97% distribution, owning over 114,000 miles of pipelines [11][12] - **Healthpeak Properties Inc.**: Focuses on healthcare real estate with a 7.56% dividend, managing properties across various healthcare segments [17][18] - **Verizon Communications Inc.**: A telecommunications giant with a 6.71% dividend, showing strong financial metrics and consistent dividend growth over 20 years [19][20]

Core Insights - Altria reported quarterly earnings of $1.3 per share, missing the Zacks Consensus Estimate of $1.32 per share, but showing an increase from $1.29 per share a year ago [1][2] - The company posted revenues of $5.08 billion for the quarter, surpassing the Zacks Consensus Estimate by 1.54%, although this represents a slight decline from $5.11 billion in the previous year [3] Earnings Performance - The earnings surprise for the quarter was -1.13%, contrasting with a positive surprise of +0.69% in the previous quarter [2] - Over the last four quarters, Altria has exceeded consensus EPS estimates three times [2] Stock Performance - Altria shares have increased approximately 9.5% since the beginning of the year, outperforming the S&P 500's gain of 1.9% [4] - The stock currently holds a Zacks Rank 3 (Hold), indicating expected performance in line with the market in the near future [7] Future Outlook - The current consensus EPS estimate for the upcoming quarter is $1.24 on revenues of $4.51 billion, and for the current fiscal year, it is $5.58 on revenues of $20 billion [8] - The outlook for the tobacco industry is currently weak, with the industry ranking in the bottom 32% of over 250 Zacks industries, which may impact Altria's stock performance [9]

Altria's Fourth-Quarter and Full-Year 2025 Earnings Conference Call January 29, 2026 1 | ALCS | Q4 2025 | 1.29.26 | For Investor Purposes ONLY Safe Harbor Statement Statements, including earnings guidance, in this presentation that are not reported financial results or other historical information are "forward-looking statements" within the meaning of Private Securities Litigation Reform Act of 1995. Such forward-looking statements are based on current plans, estimates and expectations, and are not guarante ...

Core Viewpoint - Tobacco company Altria has forecasted full-year profit that exceeds analysts' estimates, driven by price increases for its cigarette and oral tobacco products [1] Group 1 - Altria's profit forecast indicates a positive outlook for the company, suggesting strong demand and pricing power in its product categories [1] - The price hikes for both cigarette and oral tobacco products are key factors contributing to the improved profit outlook [1]

Altria Is Losing Ground in the Smokeless Tobacco Race. The Stock Is Falling. - Barron'sSkip to Main ContentThis copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com.# Altria Is Losing Ground in the Smokeless Tobacco Race. The Stock Falls After Earnings.By [Nate Wolf]ShareResize---R ...

The maker of Marlboro cigarettes reports weaker-than-expected quarterly earnings. ...

Core Insights - Altria reported a decline in fourth-quarter profit due to a decrease in cigarette shipment volume, negatively impacting its smokeable product business [1] Financial Performance - The company's fourth-quarter profit was lower compared to previous periods, primarily driven by reduced cigarette shipments [1] Market Trends - The decline in cigarette shipment volume indicates a broader trend affecting the smokeable product market, suggesting potential challenges for the industry [1]