On this page of StockholderLetter.com we present the latest annual shareholder letter from ALTRIA GROUP, INC. — ticker symbol MO. Reading current and past MO letters to shareholders can bring important insights into the investment thesis.

 •  4/2/2026 Letter Continued (Full PDF)
 •  4/6/2023 MO Stockholder Letter
 •  4/4/2024 MO Stockholder Letter
 •  4/3/2025 MO Stockholder Letter
 •  More "Cigarettes & Tobacco" Category Stockholder Letters
 •  MO Benford's Law Stock Score = 87

MO Shareholder/Stockholder Letter Transcript:

2025
Altria Group, Inc.
Annual Report
From tobacco company
To tobacco harm reduction company.


D E A R F E L LOW S H A R E H O L D E R S
2025 was another year of continued momentum for Altria. We
made meaningful progress advancing our smoke-free portfolio,
delivered solid    nancial results and returned signi   cant cash to
you, our valued shareholders. Our teams executed with discipline
in a complex environment across our traditional tobacco
businesses while continuing to invest in our smoke-free products
and Vision.
Q Advancing Our Vision.
The potential for tobacco harm
reduction in the U.S. remains signi   cant with more than half of
U.S. nicotine consumers now choosing smoke-free products. In
2025, our companies achieved several milestones that we believe
position us for sustained success in the evolving U.S. nicotine space.
Helix grew on! reported shipment volume to more than 177 million
cans while on! retail share of the oral tobacco category reached
8.2%. Notably, Helix received marketing authorization from the FDA
for certain on! PLUS products and submitted PMTAs for on! PLUS
in six additional    avor varieties across three nicotine strengths.
We believe on! PLUS is a differentiated, premium product that is
well positioned to meet adult consumer preferences and support
continued growth for Helix.
In heated tobacco, Horizon, our joint venture with JT Group,
submitted a combined PMTA and modi   ed risk tobacco product
application to the FDA for Ploom and Marlboro heated tobacco
sticks. Our teams continue to advance Ploom   s go-to-market plans,
and we look forward to engaging smokers with this innovative
product.
Internationally, we expanded our position in the fastest-growing
smoke-free category, nicotine pouches. In 2025, on!, on! PLUS and
FUMi competed across attractive and growing markets through
e-commerce and targeted retail distribution. Early results are
encouraging and are providing valuable insights to inform our
domestic and international smoke-free product strategies.
In e-vapor, we are working on a pipeline of products designed
to meet evolving adult consumer preferences. We believe that
responsible participation with products that resonate with adult
consumers supports our Vision and broader smoke-free strategy.
Until meaningful progress is made to address the illicit market
and increase product authorizations, we plan to take a disciplined
approach to our investments in the e-vapor category.
Achieving the full promise of tobacco harm reduction requires a
fully-enforced, science-based regulatory framework. In 2025, we
continued to advocate for increased FDA authorization of smokefree products and meaningful enforcement against illicit products.
We were encouraged by increased engagement and action from
federal agencies and government officials throughout the year.
Kathryn B. McQuade, Chair of the Board
March 19, 2026
While this is early progress, more action is needed. Sustained
enforcement and a predictable regulatory framework are essential
to transition smokers to smoke-free alternatives and create a level
playing    eld for all manufacturers.
Q Resilient Traditional Tobacco Businesses. Our
traditional tobacco businesses demonstrated continued resilience
and delivered strong    nancial performance in 2025. For the full
year, the smokeable products segment contributed over $11
billion in adjusted OCI* and expanded adjusted OCI margins by
1.8 percentage points to 63.4%*. These results were supported
by strong net price realization and effective cost management.
Marlboro remained the dominant leader in the premium segment,
and PM USA   s total portfolio approach enabled it to compete
effectively across price tiers.
Our oral tobacco products segment    nancials remained strong,
driven by Copenhagen, the leader in MST. Segment adjusted OCI
grew by 1.3%* and adjusted OCI margins expanded to 67.9%*.
Q Strong Financial Performance and Shareholder Returns.
We grew full-year adjusted diluted earnings per share by 4.4%* and
continued our long-standing commitment to deliver shareholder
value by returning approximately $8 billion to shareholders through
dividends and share repurchases combined. Our Board raised the
dividend for the 60th time in 56 years. At year-end 2025, we had
$1 billion remaining under our current $2 billion share repurchase
program, which expires at the end of 2026.
Q Leadership Transition. After a distinguished career of over
30 years with the Altria family of companies, William    Billy    Gifford,
our CEO, has decided to retire, effective at the conclusion of the
2026 Annual Meeting of Shareholders. Billy has guided Altria
through a period of signi   cant change, reinforcing our    nancial
strength, sharpening our strategic focus and advancing our Vision.
His collaborative leadership style built a stronger organization
that we believe will continue to forge our path forward in Moving
Beyond Smoking  . The Board thanks Billy for his leadership,
integrity and unwavering commitment to Altria. The Board looks
forward to driving continued progress toward our Vision under Sal
Mancuso   s leadership.
Q
Looking Forward. The opportunities and challenges in
the U.S. nicotine space remain dynamic, but our priorities are
unchanged: responsibly deliver smoke-free alternatives, defend
and grow the pro   tability of our traditional tobacco businesses
over the long term, allocate capital with discipline and continue
returning substantial cash to shareholders.
We are con   dent in our path forward, and we thank you for your
continued support of Altria.
William F. Gifford, Jr., Chief Executive Officer
For important factors that may cause actual results to differ materially from those contained in the forward-looking statements included herein, see Item 1A. Risk
Factors in Part I of the enclosed Annual Report on Form 10-K.
* For explanations and reconciliations of adjusted measures to corresponding GAAP financial measures used herein, see Item 7. Management   s Discussion and
Analysis of Financial Condition and Results of Operations in Part II of the enclosed Annual Report on Form 10-K.

4/2/2026 Letter Continued (Full PDF)

 

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