false2026Q1000076418012/310.33330.33332xbrli:sharesiso4217:USDiso4217:USDxbrli:sharesxbrli:puremo:contractmo:segmentmo:statemo:claimmo:casemo:lawsuitmo:manufacturermo:rulingiso4217:CADmo:courtmo:thirdPartyClaimmo:patentmo:complaint00007641802026-01-012026-03-310000764180mo:CommonStock0.3313ParValueMember2026-01-012026-03-310000764180mo:CommonStock2.200NotesDue2027Member2026-01-012026-03-310000764180mo:CommonStock3.125NotesDue2031Member2026-01-012026-03-3100007641802026-04-2200007641802026-03-3100007641802025-12-3100007641802025-01-012025-03-310000764180us-gaap:CommonStockMember2025-12-310000764180us-gaap:AdditionalPaidInCapitalMember2025-12-310000764180us-gaap:RetainedEarningsMember2025-12-310000764180us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-12-310000764180us-gaap:TreasuryStockCommonMember2025-12-310000764180us-gaap:NoncontrollingInterestMember2025-12-310000764180us-gaap:RetainedEarningsMember2026-01-012026-03-310000764180us-gaap:AccumulatedOtherComprehensiveIncomeMember2026-01-012026-03-310000764180us-gaap:AdditionalPaidInCapitalMember2026-01-012026-03-310000764180us-gaap:TreasuryStockCommonMember2026-01-012026-03-310000764180us-gaap:CommonStockMember2026-03-310000764180us-gaap:AdditionalPaidInCapitalMember2026-03-310000764180us-gaap:RetainedEarningsMember2026-03-310000764180us-gaap:AccumulatedOtherComprehensiveIncomeMember2026-03-310000764180us-gaap:TreasuryStockCommonMember2026-03-310000764180us-gaap:NoncontrollingInterestMember2026-03-310000764180us-gaap:CommonStockMember2024-12-310000764180us-gaap:AdditionalPaidInCapitalMember2024-12-310000764180us-gaap:RetainedEarningsMember2024-12-310000764180us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-12-310000764180us-gaap:TreasuryStockCommonMember2024-12-310000764180us-gaap:NoncontrollingInterestMember2024-12-3100007641802024-12-310000764180us-gaap:RetainedEarningsMember2025-01-012025-03-310000764180us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-01-012025-03-310000764180us-gaap:AdditionalPaidInCapitalMember2025-01-012025-03-310000764180us-gaap:TreasuryStockCommonMember2025-01-012025-03-310000764180us-gaap:CommonStockMember2025-03-310000764180us-gaap:AdditionalPaidInCapitalMember2025-03-310000764180us-gaap:RetainedEarningsMember2025-03-310000764180us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-03-310000764180us-gaap:TreasuryStockCommonMember2025-03-310000764180us-gaap:NoncontrollingInterestMember2025-03-3100007641802025-03-310000764180mo:HorizonMembermo:PhilipMorrisUSAMember2026-03-310000764180mo:HorizonMembermo:JTIUHMember2026-03-310000764180mo:SmokeableProductsSegmentMember2026-03-310000764180mo:SmokeableProductsSegmentMember2025-12-310000764180mo:OralTobaccoSegmentMember2026-03-310000764180mo:OralTobaccoSegmentMember2025-12-310000764180us-gaap:AllOtherSegmentsMember2026-03-310000764180us-gaap:AllOtherSegmentsMember2025-12-310000764180mo:USTIncMember2026-03-310000764180mo:TrademarksCopenhagenMembermo:USTIncMember2026-03-310000764180mo:TrademarksSkoalMembermo:USTIncMember2026-03-310000764180mo:TrademarksMSTMembermo:USTIncMember2026-03-310000764180mo:MiddletonMember2026-03-310000764180srt:WeightedAverageMembermo:DefiniteLivedIntangibleAssetsMember2026-03-3100007641802025-01-012025-12-3100007641802025-10-012025-12-310000764180mo:EVaporMember2025-01-012025-12-310000764180mo:EVaporMember2025-10-012025-12-310000764180mo:EVaporMember2024-12-310000764180mo:EVaporMember2025-01-012025-03-310000764180mo:EVaporMember2025-03-310000764180mo:EVaporMembersrt:MinimumMember2025-03-310000764180mo:EVaporMembersrt:MaximumMember2025-03-310000764180us-gaap:OperatingSegmentsMembermo:SmokeableProductsSegmentMember2026-01-012026-03-310000764180us-gaap:OperatingSegmentsMembermo:SmokeableProductsSegmentMember2025-01-012025-03-310000764180us-gaap:OperatingSegmentsMembermo:OralTobaccoSegmentMember2026-01-012026-03-310000764180us-gaap:OperatingSegmentsMembermo:OralTobaccoSegmentMember2025-01-012025-03-310000764180us-gaap:OperatingSegmentsMember2026-01-012026-03-310000764180us-gaap:OperatingSegmentsMember2025-01-012025-03-310000764180mo:ExitCostsMembermo:InitiativeMember2026-01-012026-03-310000764180mo:InitiativeMember2026-03-310000764180mo:InitiativeMember2026-01-012026-03-310000764180mo:InitiativeMember2024-10-012025-12-310000764180mo:ExitCostsMembermo:InitiativeMember2024-10-012025-12-310000764180mo:ImplementationCostsMembermo:InitiativeMember2024-10-012025-12-310000764180mo:ExitCostsMembermo:InitiativeMember2024-12-310000764180mo:ImplementationCostsMembermo:InitiativeMember2024-12-310000764180mo:InitiativeMember2024-12-310000764180mo:ExitCostsMembermo:InitiativeMember2025-01-012025-12-310000764180mo:ImplementationCostsMembermo:InitiativeMember2025-01-012025-12-310000764180mo:InitiativeMember2025-01-012025-12-310000764180mo:ExitCostsMembermo:InitiativeMember2025-12-310000764180mo:ImplementationCostsMembermo:InitiativeMember2025-12-310000764180mo:InitiativeMember2025-12-310000764180mo:ImplementationCostsMembermo:InitiativeMember2026-01-012026-03-310000764180mo:ExitCostsMembermo:InitiativeMember2026-03-310000764180mo:ImplementationCostsMembermo:InitiativeMember2026-03-310000764180mo:ABInBevMember2026-03-310000764180mo:ABInBevMember2025-12-310000764180mo:CronosGroupInc.Member2026-03-310000764180mo:CronosGroupInc.Member2025-12-310000764180mo:ABInBevMember2026-01-012026-03-310000764180mo:ABInBevMember2025-01-012025-03-310000764180mo:CronosGroupInc.Member2026-01-012026-03-310000764180mo:CronosGroupInc.Member2025-01-012025-03-310000764180mo:ABInBevMemberus-gaap:FairValueInputsLevel1Member2026-03-310000764180mo:ABInBevMemberus-gaap:FairValueInputsLevel1Member2025-12-310000764180mo:ForeignCurrencyDenominatedDebtMember2026-03-310000764180mo:ForeignCurrencyDenominatedDebtMember2025-12-310000764180mo:ForeignCurrencyDenominatedDebtMemberus-gaap:NetInvestmentHedgingMember2026-01-012026-03-310000764180mo:ForeignCurrencyDenominatedDebtMemberus-gaap:NetInvestmentHedgingMember2025-01-012025-03-310000764180mo:NJOYHoldingsIncMember2023-06-010000764180mo:MentholPodMembermo:NJOYHoldingsIncMember2023-06-010000764180mo:BlueberryPodMembermo:NJOYHoldingsIncMember2023-06-010000764180mo:WatermelonPodMembermo:NJOYHoldingsIncMember2023-06-010000764180mo:NJOYHoldingsIncMember2025-12-310000764180mo:NJOYHoldingsIncMember2024-12-310000764180mo:NJOYHoldingsIncMember2026-01-012026-03-310000764180mo:NJOYHoldingsIncMember2025-01-012025-12-310000764180mo:NJOYHoldingsIncMember2026-03-310000764180us-gaap:PensionPlansDefinedBenefitMember2026-01-012026-03-310000764180us-gaap:PensionPlansDefinedBenefitMember2025-01-012025-03-310000764180us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2026-01-012026-03-310000764180us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2025-01-012025-03-310000764180srt:MaximumMemberus-gaap:PensionPlansDefinedBenefitMember2026-03-310000764180srt:MaximumMemberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2026-03-310000764180us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2025-12-310000764180mo:AccumulatedEquityMethodInvestmentsAttributableToParentMember2025-12-310000764180us-gaap:AccumulatedTranslationAdjustmentMember2025-12-310000764180us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2026-01-012026-03-310000764180mo:AccumulatedEquityMethodInvestmentsAttributableToParentMember2026-01-012026-03-310000764180us-gaap:AccumulatedTranslationAdjustmentMember2026-01-012026-03-310000764180us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2026-03-310000764180mo:AccumulatedEquityMethodInvestmentsAttributableToParentMember2026-03-310000764180us-gaap:AccumulatedTranslationAdjustmentMember2026-03-310000764180us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2024-12-310000764180mo:AccumulatedEquityMethodInvestmentsAttributableToParentMember2024-12-310000764180us-gaap:AccumulatedTranslationAdjustmentMember2024-12-310000764180us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2025-01-012025-03-310000764180mo:AccumulatedEquityMethodInvestmentsAttributableToParentMember2025-01-012025-03-310000764180us-gaap:AccumulatedTranslationAdjustmentMember2025-01-012025-03-310000764180us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2025-03-310000764180mo:AccumulatedEquityMethodInvestmentsAttributableToParentMember2025-03-310000764180us-gaap:AccumulatedTranslationAdjustmentMember2025-03-310000764180us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetUnamortizedGainLossMember2026-01-012026-03-310000764180us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetUnamortizedGainLossMember2025-01-012025-03-310000764180us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetPriorServiceCostCreditMember2026-01-012026-03-310000764180us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetPriorServiceCostCreditMember2025-01-012025-03-310000764180us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2026-01-012026-03-310000764180us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2025-01-012025-03-310000764180us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMembermo:AccumulatedEquityMethodInvestmentsAttributableToParentMember2026-01-012026-03-310000764180us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMembermo:AccumulatedEquityMethodInvestmentsAttributableToParentMember2025-01-012025-03-310000764180us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2026-01-012026-03-310000764180us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2025-01-012025-03-310000764180mo:SmokeableProductsSegmentMember2026-01-012026-03-310000764180mo:SmokeableProductsSegmentMember2025-01-012025-03-310000764180mo:OralTobaccoSegmentMember2026-01-012026-03-310000764180mo:OralTobaccoSegmentMember2025-01-012025-03-310000764180us-gaap:AllOtherSegmentsMember2026-01-012026-03-310000764180us-gaap:AllOtherSegmentsMember2025-01-012025-03-310000764180us-gaap:OperatingSegmentsMemberus-gaap:AllOtherSegmentsMember2026-01-012026-03-310000764180us-gaap:OperatingSegmentsMemberus-gaap:AllOtherSegmentsMember2025-01-012025-03-310000764180us-gaap:CorporateNonSegmentMember2026-01-012026-03-310000764180us-gaap:CorporateNonSegmentMember2025-01-012025-03-310000764180us-gaap:OperatingSegmentsMembermo:TobaccoandHealthLitigationCasesMemberus-gaap:OperatingIncomeLossMembermo:PhilipMorrisUSAMembermo:SmokeableProductsSegmentMember2026-01-012026-03-310000764180us-gaap:OperatingSegmentsMembermo:TobaccoandHealthLitigationCasesMemberus-gaap:OperatingIncomeLossMembermo:PhilipMorrisUSAMembermo:SmokeableProductsSegmentMember2025-01-012025-03-310000764180us-gaap:MaterialReconcilingItemsMembermo:TobaccoandHealthLitigationCasesMembermo:InterestAndOtherDebtExpenseNetMember2026-01-012026-03-310000764180us-gaap:MaterialReconcilingItemsMembermo:TobaccoandHealthLitigationCasesMembermo:InterestAndOtherDebtExpenseNetMember2025-01-012025-03-310000764180mo:TobaccoandHealthLitigationCasesMember2026-01-012026-03-310000764180mo:TobaccoandHealthLitigationCasesMember2025-01-012025-03-310000764180us-gaap:RevolvingCreditFacilityMembermo:RevolvingCreditFacilityDueOctober242029Memberus-gaap:LineOfCreditMember2025-07-300000764180us-gaap:RevolvingCreditFacilityMembermo:RevolvingCreditFacilityDueOctober242029Memberus-gaap:LineOfCreditMember2025-07-012025-07-300000764180us-gaap:RevolvingCreditFacilityMembermo:RevolvingCreditFacilityDueOctober242028Memberus-gaap:LineOfCreditMember2026-03-310000764180us-gaap:RevolvingCreditFacilityMembermo:RevolvingCreditFacilityDueOctober242028Memberus-gaap:LineOfCreditMember2026-01-012026-03-310000764180mo:USDNotes4400MaturingFebruary2026Memberus-gaap:SeniorNotesMember2026-03-310000764180mo:TobaccoandHealthJudgmentMembermo:LitigationCasesResultsMember2026-01-012026-03-310000764180mo:TobaccoandHealthJudgmentMembermo:LitigationCasesResultsMember2025-01-012025-03-310000764180mo:JUULMembermo:LitigationCasesResultsMember2026-01-012026-03-310000764180mo:JUULMembermo:LitigationCasesResultsMember2025-01-012025-03-310000764180mo:InterestExpenseRelatedToLitigationMember2026-01-012026-03-310000764180mo:InterestExpenseRelatedToLitigationMember2025-01-012025-03-310000764180mo:TobaccoandHealthJudgmentMember2004-10-012026-03-310000764180mo:EngleProgenyCasesMember2004-10-012026-03-310000764180us-gaap:PendingLitigationMemberus-gaap:AssetsMembermo:PhilipMorrisUSAMember2026-03-310000764180mo:IndividualSmokingAndHealthCasesMemberus-gaap:SubsequentEventMember2026-04-270000764180mo:IndividualSmokingAndHealthCasesMember2025-04-240000764180mo:IndividualSmokingAndHealthCasesMember2024-04-220000764180mo:HealthCareCostRecoveryActionsMemberus-gaap:SubsequentEventMember2026-04-270000764180mo:HealthCareCostRecoveryActionsMember2025-04-240000764180mo:HealthCareCostRecoveryActionsMember2024-04-220000764180mo:EvaporLitigationMemberus-gaap:SubsequentEventMember2026-04-270000764180mo:EvaporLitigationMember2025-04-240000764180mo:EvaporLitigationMember2024-04-220000764180mo:OtherTabaccoRelatedCasesMemberus-gaap:SubsequentEventMember2026-04-270000764180mo:OtherTabaccoRelatedCasesMember2025-04-240000764180mo:OtherTabaccoRelatedCasesMember2024-04-220000764180stpr:ILus-gaap:PendingLitigationMembermo:IndividualSmokingAndHealthCasesMemberus-gaap:SubsequentEventMember2026-04-270000764180stpr:NMus-gaap:PendingLitigationMembermo:IndividualSmokingAndHealthCasesMemberus-gaap:SubsequentEventMember2026-04-270000764180stpr:MAus-gaap:PendingLitigationMembermo:IndividualSmokingAndHealthCasesMemberus-gaap:SubsequentEventMember2026-04-270000764180stpr:ORus-gaap:PendingLitigationMembermo:IndividualSmokingAndHealthCasesMemberus-gaap:SubsequentEventMember2026-04-270000764180stpr:HIus-gaap:PendingLitigationMembermo:IndividualSmokingAndHealthCasesMemberus-gaap:SubsequentEventMember2026-04-270000764180country:VIus-gaap:PendingLitigationMembermo:IndividualSmokingAndHealthCasesMemberus-gaap:SubsequentEventMember2026-04-270000764180stpr:PAus-gaap:PendingLitigationMembermo:IndividualSmokingAndHealthCasesMemberus-gaap:SubsequentEventMember2026-04-270000764180stpr:FLus-gaap:PendingLitigationMembermo:IndividualSmokingAndHealthCasesMemberus-gaap:SubsequentEventMember2026-04-270000764180mo:OptedOutOfSettlementMemberus-gaap:SubsequentEventMember2026-04-272026-04-270000764180country:CAmo:EvaporLitigationMemberus-gaap:SubsequentEventMember2026-04-270000764180mo:PendingIndividualLawsuitsMembermo:EvaporLitigationMemberus-gaap:SubsequentEventMember2026-04-270000764180country:CAmo:HealthCareCostRecoveryActionsMembermo:PhilipMorrisUSAMemberus-gaap:SubsequentEventMember2026-04-270000764180country:CAmo:HealthCareCostRecoveryActionsMembermo:PhilipMorrisUSAandAltriaGroupMemberus-gaap:SubsequentEventMember2026-04-270000764180country:CAmo:SmokingAndHealthClassActionsAndAggregatedClaimsLitigationMembermo:PhilipMorrisUSAandAltriaGroupMemberus-gaap:SubsequentEventMember2026-04-270000764180mo:EngleProgenyCasesMembermo:PhilipMorrisUSAMemberus-gaap:SubsequentEventMember2026-04-270000764180mo:IndividualSmokingAndHealthCasesMembermo:PhilipMorrisUSAMemberus-gaap:SubsequentEventMember2026-04-270000764180mo:EvaporLitigationMembermo:PhilipMorrisUSAMemberus-gaap:SubsequentEventMember2026-04-270000764180mo:NonEngleProgenyCasesMembermo:PhilipMorrisUSAMemberus-gaap:SubsequentEventMember1999-01-012026-04-270000764180mo:NonEngleProgenySmokingAndHealthCasePetruzzielloMember2025-11-300000764180mo:NonEngleProgenySmokingAndHealthCasePetruzzielloMembermo:PhilipMorrisUSAMember2025-11-300000764180mo:NonEngleProgenySmokingAndHealthCasePerezTrinidadMember2025-10-310000764180mo:NonEngleProgenySmokingAndHealthCasePerezTrinidadMembermo:PhilipMorrisUSAMember2025-10-310000764180mo:NonEngleProgenySmokingAndHealthCaseAmaralMember2025-03-310000764180mo:NonEngleProgenySmokingAndHealthCaseAmaralMembermo:PhilipMorrisUSAMember2025-03-310000764180mo:NonEngleProgenySmokingAndHealthCaseRicaporHallMember2023-08-310000764180mo:NonEngleProgenySmokingAndHealthCaseRicaporHallMembermo:PhilipMorrisUSAMember2023-08-310000764180mo:NonEngleProgenySmokingAndHealthCaseFontaineMember2022-09-300000764180mo:NonEngleProgenySmokingAndHealthCaseFontaineMembermo:PhilipMorrisUSAMember2022-09-300000764180mo:NonEngleProgenySmokingAndHealthCaseWoodleyMembermo:PhilipMorrisUSAMember2026-01-012026-03-310000764180mo:NonEngleProgenySmokingAndHealthCaseTaylorMember2024-04-300000764180mo:EngleProgenyCasesStateMember2008-01-310000764180mo:EngleProgenyCasesStateMemberus-gaap:SubsequentEventMember2026-04-270000764180mo:EngleProgenyCasesMemberus-gaap:SubsequentEventMember2026-04-272026-04-270000764180mo:EngleProgenyCasesMembermo:PhilipMorrisUSAMemberus-gaap:SubsequentEventMember2026-04-272026-04-270000764180us-gaap:PendingLitigationMembermo:EngleProgenyCasesGarciaMember2024-06-300000764180us-gaap:PendingLitigationMembermo:EngleProgenyCasesGarciaMembermo:PhilipMorrisUSAMember2024-06-300000764180us-gaap:SettledLitigationMembermo:EngleProgenyCasesChaconMember2026-01-012026-03-310000764180us-gaap:SettledLitigationMembermo:EngleProgenyCasesMcCallMember2026-01-012026-03-310000764180mo:SmokingAndHealthClassActionsAndAggregatedClaimsLitigationMembermo:PhilipMorrisUSAMember1996-05-012026-03-310000764180mo:BritishColumbiaSaskatchewanMembermo:SmokingAndHealthClassActionsAndAggregatedClaimsLitigationMembermo:PhilipMorrisUSAandAltriaGroupMemberus-gaap:SubsequentEventMember2026-04-270000764180country:CAmo:SmokingAndHealthClassActionsAndAggregatedClaimsLitigationMembermo:CanadianTobaccoManufacturersMember2019-03-310000764180country:CAmo:SmokingAndHealthClassActionsMembermo:AltriaGroupMember2019-03-310000764180country:CAmo:SmokingAndHealthClassActionsAndAggregatedClaimsLitigationMembermo:CanadianTobaccoManufacturersMember2019-03-012019-03-310000764180country:CAmo:SmokingAndHealthClassActionsMembermo:CanadianTobaccoManufacturersMember2025-08-012025-08-310000764180mo:HealthCareCostRecoveryActionsMember2026-03-310000764180country:CAus-gaap:ThreatenedLitigationMembermo:HealthCareCostRecoveryActionsMember2026-03-310000764180country:CAmo:SmokingAndHealthClassActionsAndAggregatedClaimsLitigationMembermo:CanadianTobaccoManufacturersMember2026-03-310000764180mo:HealthCareCostRecoveryActionsMember1998-11-011998-11-300000764180mo:HealthCareCostRecoveryActionsMember2026-01-012026-03-310000764180mo:HealthCareCostRecoveryActionsMember2025-01-012025-03-310000764180us-gaap:SettledLitigationMembermo:HealthCareCostRecoveryActionsMembermo:PhilipMorrisUSAMember2025-12-012025-12-310000764180mo:HealthCareCostRecoveryActionsMembermo:PhilipMorrisUSAMember2014-01-012026-03-310000764180stpr:NYus-gaap:SettledLitigationMembermo:HealthCareCostRecoveryActionsMembermo:PhilipMorrisUSAMember2015-01-012025-12-310000764180stpr:MAmo:HealthCareCostRecoveryActionsMembermo:PhilipMorrisUSAMemberus-gaap:SubsequentEventMember2026-04-012026-04-300000764180stpr:MAmo:PhilipMorrisUSAMember2024-07-012024-09-300000764180stpr:WAus-gaap:SettledLitigationMembermo:PhilipMorrisUSAMemberus-gaap:SubsequentEventMember2026-01-012026-12-310000764180stpr:WAus-gaap:SettledLitigationMemberus-gaap:CostOfSalesMembermo:PhilipMorrisUSAMember2025-10-012025-12-310000764180stpr:WAus-gaap:SettledLitigationMemberus-gaap:InterestExpenseMembermo:PhilipMorrisUSAMember2025-10-012025-12-310000764180us-gaap:PendingLitigationMembermo:HealthCareCostRecoveryActions2004NPMAdjustmentMembermo:PhilipMorrisUSAMember2026-01-012026-03-310000764180us-gaap:PendingLitigationMembermo:HealthCareCostRecoveryActions2004NPMAdjustmentMembermo:PhilipMorrisUSAMember2023-04-012023-04-300000764180us-gaap:PendingLitigationMembermo:HealthCareCostRecoveryActions20052007NPMAdjustmentMembermo:PhilipMorrisUSAMember2026-01-012026-03-310000764180us-gaap:PendingLitigationMembermo:PeriodOneMembermo:HealthCareCostRecoveryActions20052007NPMAdjustmentMembermo:PhilipMorrisUSAMember2026-01-012026-03-310000764180us-gaap:PendingLitigationMembermo:PeriodTwoMembermo:HealthCareCostRecoveryActions20052007NPMAdjustmentMembermo:PhilipMorrisUSAMember2026-01-012026-03-310000764180us-gaap:SubsequentEventMemberus-gaap:PendingLitigationMembermo:PeriodOneMembermo:HealthCareCostRecoveryActions20052007NPMAdjustmentMembermo:PhilipMorrisUSAMember2026-04-272026-04-270000764180us-gaap:PendingLitigationMembermo:HealthCareCostRecoveryActions20052007NPMAdjustmentMemberus-gaap:CostOfSalesMembermo:PhilipMorrisUSAMember2023-10-012023-12-310000764180us-gaap:PendingLitigationMembermo:HealthCareCostRecoveryActions20052007NPMAdjustmentMemberus-gaap:InterestExpenseMembermo:PhilipMorrisUSAMember2023-10-012023-12-310000764180mo:PhilipMorrisUSAMember2018-01-012023-12-310000764180us-gaap:CostOfSalesMembermo:PhilipMorrisUSAMember2024-07-012024-09-300000764180us-gaap:InterestExpenseMembermo:PhilipMorrisUSAMember2024-07-012024-09-300000764180mo:OtherDisputesUndertheStateSettlementAgreementsMembermo:PhilipMorrisUSAMember2025-03-012025-03-310000764180mo:OtherDisputesUndertheStateSettlementAgreementsMembermo:PhilipMorrisUSAMember2025-10-012025-10-310000764180mo:EvaporLitigationMember2023-05-012023-05-310000764180stpr:CAmo:EvaporLitigationMember2023-05-012023-05-310000764180mo:EvaporLitigationMember2024-04-012024-06-300000764180mo:EvaporLitigationMember2023-06-012023-06-300000764180mo:EvaporLitigationMember2025-01-292025-01-290000764180mo:EvaporLitigationMember2024-05-012024-08-310000764180mo:EvaporLitigationMember2024-06-012024-06-300000764180mo:IQOSMember2022-09-012022-09-300000764180mo:IQOSMember2023-01-310000764180us-gaap:SubsequentEventMember2026-04-2700007641802020-11-300000764180mo:LightsMembermo:PhilipMorrisUSAMemberus-gaap:SubsequentEventMember2026-04-270000764180mo:LightsMemberus-gaap:SubsequentEventMember2026-04-270000764180mo:SmokingAndHealthClassActionsMemberus-gaap:SubsequentEventMember2026-04-270000764180us-gaap:LetterOfCreditMember2026-03-310000764180mo:CreditAgreementMemberus-gaap:RevolvingCreditFacilityMember2026-03-310000764180mo:January2025ShareRepurchaseProgramMember2025-01-310000764180mo:January2025ShareRepurchaseProgramMember2025-10-290000764180mo:January2025ShareRepurchaseProgramMember2026-03-310000764180mo:January2025ShareRepurchaseProgramMember2026-01-012026-03-310000764180mo:January2024ShareRepurchaseProgramMember2025-01-012025-03-31

Securities registered pursuant to Section 12(b) of the Act:

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.     Yes   þ     No   ¨

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).     Yes   þ    No  ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).     Yes  ☐  No   þ

At April 22, 2026, there were 1,669,891,235 shares outstanding of the registrant’s common stock, par value $0.33 1/3 per share.

 

______________________________

 

 

 

(1) Represents the non-cash contribution made by JTIUH to Horizon. See Note 1. Background and Basis of Presentation.

(1) For a reconciliation to our condensed consolidated balance sheets, see Note 13. Additional Financial Statement Information - Cash, Cash Equivalents and Restricted Cash.

When used in these notes, the terms “Altria,” “we,” “us” and “our” refer to either (i) Altria Group, Inc. and its consolidated subsidiaries or (ii) Altria Group, Inc. only and not its consolidated subsidiaries, as appropriate in the context.

▪Background: At March 31, 2026, our wholly owned subsidiaries included Philip Morris USA Inc. (“PM USA”), which is engaged in the manufacture and sale of cigarettes; John Middleton Co. (“Middleton”), which is engaged in the manufacture and sale of machine-made large cigars and is a wholly owned subsidiary of PM USA; UST LLC (“UST”), which, through its wholly owned subsidiary U.S. Smokeless Tobacco Company LLC (“USSTC”), is engaged in the manufacture and sale of moist smokeless tobacco (“MST”) products; Helix Innovations LLC (“Helix”) and its foreign affiliates (“Helix International”), which are engaged in the manufacture and sale of oral nicotine pouches; and NJOY, LLC (“NJOY”), which is engaged in the manufacture and sale of e-vapor products. We operate primarily within the United States and generate substantially all of our revenue from domestic customers. Other wholly owned subsidiaries included Altria Group Distribution Company (“AGDC”), which provides domestic sales and distribution services to our operating companies, and Altria Client Services LLC (“ALCS”), which provides various support services to our companies in areas such as legal, regulatory, research and product development, consumer engagement, finance, human resources and external affairs. Our access to the operating cash flows of our subsidiaries consists of cash received from the payment of dividends and distributions, and the payment of interest on intercompany loans. At March 31, 2026, our significant subsidiaries were not limited by contractual obligations in their ability to pay cash dividends or make other distributions with respect to their equity interests.

At March 31, 2026, we owned a 75% economic interest in Horizon Innovations LLC (“Horizon”), a joint venture with JTI (US) Holding, Inc. (“JTIUH”), a subsidiary of Japan Tobacco Inc., which owned the remaining 25% economic interest. Horizon is responsible for the U.S. marketing and commercialization of heated tobacco stick products owned by either party. At March 31, 2026, Horizon had no products in the U.S. marketplace.

At March 31, 2026, we had investments in Anheuser-Busch InBev SA/NV (“ABI”) and Cronos Group Inc. (“Cronos”). For further discussion of our investments, see Note 4. Investments in Equity Securities.

▪Basis of Presentation: Our interim condensed consolidated financial statements are unaudited. We have prepared these interim condensed consolidated financial statements in conformity with United States generally accepted accounting principles (“GAAP”) and have applied such principles on a consistent basis. We have omitted certain information and footnote disclosures normally included in annual financial statements prepared in accordance with GAAP. Our management believes that all adjustments necessary for a fair statement of the interim results presented have been reflected in our interim condensed consolidated financial statements. All such adjustments were of a normal recurring nature. Net revenues and net earnings for any interim period are not necessarily indicative of results that may be expected for the entire year.

These condensed consolidated financial statements should be read in conjunction with our audited consolidated financial statements and related notes, which appear in our Annual Report on Form 10-K for the year ended December 31, 2025 (“2025 Form 10-K”).

Certain immaterial prior year amounts have been reclassified to conform with the current year’s presentation.

On January 1, 2026, we adopted Accounting Standards Update (“ASU”) 2025-05, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets (“ASU No. 2025-05”). This guidance provides a practical expedient for the calculation of current expected credit losses on current accounts receivable and current contract assets that assumes that current conditions as of the balance sheet date do not change for the remaining life of the asset. We elected to apply this practical expedient upon adoption of ASU No. 2025-05, which had no impact on our condensed consolidated financial statements for the period ended March 31, 2026.

For a description of issued accounting guidance applicable to, but not yet adopted by, us, see Note 14. New Accounting Guidance Not Yet Adopted.

Goodwill and other intangible assets, net, were as follows:

(1) Comprised primarily of e-vapor reporting unit goodwill and definite-lived intangible assets related to our 2023 acquisition of NJOY.

Other intangible assets consisted of the following:

At March 31, 2026, substantially all of our indefinite-lived intangible assets consisted of (i) MST trademarks of $8.5 billion, which consists of Copenhagen, Skoal and other MST trademarks of $4.0 billion, $3.6 billion and $0.9 billion, respectively, from our 2009 acquisition of UST, and (ii) cigar trademarks of $2.6 billion from our 2007 acquisition of Middleton. Definite-lived intangible assets, consisting primarily of intellectual property, certain cigarette trademarks and customer relationships, are amortized over a weighted-average period of approximately 19 years. Pre-tax amortization expense for definite-lived intangible assets was $23 million and $37 million for the three months ended March 31, 2026 and 2025, respectively.

The changes in goodwill and net carrying amount of intangible assets were as follows:

(1) Comprised of non-cash goodwill impairments of $873 million and $285 million recorded in the first and fourth quarters of 2025, respectively.

We conduct a required annual review of goodwill and indefinite-lived intangible assets for potential impairment as of October 1 of each year, in accordance with our accounting policy, and more frequently if an event occurs or circumstances change that would require us to perform an interim quantitative impairment assessment. There have been no events or changes in circumstances that indicate an interim quantitative impairment assessment was required as of March 31, 2026.

Our annual impairment test of goodwill and indefinite-lived intangible assets as of October 1, 2025 resulted in a non-cash, pre-tax impairment of $970 million to our e-vapor reporting unit’s definite-lived intangible assets and a non-cash impairment of $285 million to our e-vapor reporting unit goodwill which we recorded in our consolidated statement of earnings for the year ended December 31, 2025.

At March 31, 2026 and December 31, 2025, accumulated impairment losses related to goodwill were $1,158 million, which related to the e-vapor reporting unit.

At December 31, 2024, the carrying value of the e-vapor reporting unit goodwill was $1,768 million. The estimated fair value of the e-vapor reporting unit goodwill exceeded its carrying value by approximately 28% ($0.3 billion). As further discussed in Note 12. Contingencies, Altria and certain of our affiliates, including NJOY, are defendants in lawsuits alleging patent infringement based on the sale of NJOY ACE in the United States.

In January 2025, the U.S. International Trade Commission (“ITC”) issued an exclusion order and cease-and-desist orders prohibiting the importation and sale of NJOY ACE in the United States, which became effective on March 31, 2025. As a result, in connection with the preparation of our condensed consolidated financial statements for the period ended March 31, 2025, we concluded a triggering event had occurred and performed an interim impairment assessment. Based on the results of that assessment, we recorded a non-cash goodwill impairment of $873 million during the three months ended March 31, 2025. This impairment was due primarily to (i) lower projected volume and revenue due to NJOY ACE’s removal from the U.S. market and (ii) higher projected costs associated with the commercialization of NJOY’s future e-vapor product portfolio, resulting in lower projected operating margins. As of March 31, 2025, after recording the impairment, the carrying value of goodwill within the e-vapor reporting unit was $895 million. In addition, the carrying value of the e-vapor reporting unit’s net assets (including the effect of intercompany debt), which was negative, approximated its estimated fair value.

We used an income approach to estimate the fair value of the e-vapor reporting unit. Due to the presence of uncertainties, our cash flows were based on a range of scenarios that consider certain potential regulatory and market outcomes, including the projected impact of enforcement on illicit flavored disposable e-vapor products. In performing the discounted cash flow analyses, we made various judgments, estimates and assumptions, the most significant of which were volume, price, revenue, income, operating margins, scenario weightings, perpetual growth rate and discount rates. We developed these significant assumptions based on our evaluation of the future state of the e-vapor category, including macroeconomic conditions, governmental actions, and other factors, and based these assumptions on factors specific to NJOY’s business. The discount rates used in performing the valuation ranged from 12.0% to 15.0% at March 31, 2025. All significant inputs are classified in Level 3 of the fair value hierarchy.

Pre-tax implementation costs consisted of the following:

(1) Recorded in marketing, administration and research costs in our condensed consolidated statements of earnings.

There were no exit costs for the three months ended March 31, 2026 and 2025.

In October 2024, we announced a multi-phase Optimize & Accelerate initiative (“Initiative”) designed to modernize our ways of working and enable us to increase our organization’s speed, efficiency and effectiveness by centralizing work, outsourcing certain transactional tasks and streamlining, automating and standardizing processes.

We estimate total pre-tax charges for the Initiative to be approximately $175 million. As of March 31, 2026, total pre-tax charges since the inception of the Initiative were $130 million, consisting of employee separation costs of $43 million and implementation costs of $87 million. We expect to record the majority of the remaining charges by the end of 2027. All of these charges result in cash expenditures and consist of severance payments associated with employee separations, implementation costs for new technology and business advisory services and other costs. We record employee separation costs when probable and reasonably estimable. As of March 31, 2026, total cash payments since the inception of the Initiative were $103 million, consisting of $23 million for exit costs and $80 million for implementation costs.

A summary of the charges and cash paid for exit and implementation costs related to the Initiative is as follows:

(1) Restructuring liabilities, all of which were severance liabilities.

The carrying amount of our investments consisted of the following:

(Income) losses from our investments in equity securities consisted of the following:

(1) Includes our share of amounts recorded by our investees and additional adjustments, if required, related to (i) the conversion from international financial reporting standards to GAAP and (ii) adjustments to our investments required under the equity method of accounting.

At March 31, 2026, we had an approximate 8.2% ownership interest in ABI, consisting of approximately 125 million restricted shares of ABI (“Restricted Shares”) and approximately 34 million ordinary shares of ABI. Our Restricted Shares:

▪are unlisted and not admitted to trading on any stock exchange;

▪are convertible by us into ordinary shares of ABI on a one-for-one basis;

▪rank equally with ordinary shares of ABI with regards to dividends and voting rights; and

▪have director nomination rights with respect to ABI.

We account for our investment in ABI under the equity method of accounting because we have active representation on ABI’s board of directors and certain ABI board committees. Through this representation, we believe we have the ability to exercise significant influence over the operating and financial policies of ABI and participate in ABI’s policy making processes.

We report our share of ABI’s results using a one-quarter lag because ABI’s results are not available in time for us to record them in the concurrent period.

The fair value of our investment in ABI is based on (i) unadjusted quoted prices in active markets for ABI’s ordinary shares and is classified in Level 1 of the fair value hierarchy and (ii) observable inputs other than Level 1 prices, such as quoted prices for similar assets for the Restricted Shares and is classified in Level 2 of the fair value hierarchy. Because we can convert our Restricted Shares into ordinary shares at our discretion, the fair value of each Restricted Share is based on the value of an ordinary share.

At March 31, 2026, the fair value of our investment in ABI was $11.0 billion, which exceeded its carrying value of $8.6 billion by approximately 27%. At December 31, 2025, the fair value of our investment in ABI was $10.3 billion, which exceeded its carrying value of $8.3 billion by approximately 24%.

At March 31, 2026, we had an approximate 41.6% ownership interest in Cronos, consisting of approximately 157 million shares, which we account for under the equity method of accounting. We report our share of Cronos’s results using a one-quarter lag because Cronos’s results are not available in time for us to record them in the concurrent period.

The fair value of our investment in Cronos is based on unadjusted quoted prices in active markets for Cronos’s common shares and is classified in Level 1 of the fair value hierarchy. At March 31, 2026, the fair value of our investment in Cronos was $396 million, which exceeded its carrying value of $320 million by approximately 24%. At December 31, 2025, the fair value of our investment in Cronos was $411 million, which exceeded its carrying value of $314 million by approximately 31%.

Our investment in ABI, whose functional currency is the Euro, exposes us to foreign currency exchange risk on the carrying value of our investment. To manage this risk, we may designate Euro denominated unsecured long-term notes (“foreign currency denominated debt”) and certain foreign exchange contracts, including cross-currency swap contracts and forward contracts (collectively, “foreign currency contracts”), as net investment hedges of our investment in ABI. At March 31, 2026 and December 31, 2025, we had no outstanding foreign currency contracts.

The aggregate carrying value and fair value of our total long-term debt were as follows:

The fair value of our total long-term debt is based on observable market information derived from a third-party pricing source and is classified in Level 2 of the fair value hierarchy.

We recognize changes in the carrying value of the foreign currency denominated debt due to changes in the Euro to U.S. dollar exchange rate in accumulated other comprehensive losses related to ABI. We recognized pre-tax (gains) losses of our net investment hedges of $(43) million and $139 million for the three months ended March 31, 2026 and 2025, respectively.

In 2023, we acquired NJOY Holdings, Inc. (“NJOY Transaction”). The total consideration for the NJOY Transaction included the fair value of up to $500 million in additional cash payments contingent on receipt of U.S. Food and Drug Administration (“FDA”) authorizations with respect to NJOY ACE menthol ($250 million, paid in 2024 following FDA authorization), blueberry ($125 million) and watermelon ($125 million) pod products.

The changes in the liability associated with contingent payments were as follows:

(1) These pre-tax charges were recorded in the first quarter of 2025 in marketing, administration and research costs in our condensed consolidated statements of earnings and related to NJOY ACE blueberry and watermelon pod products.

We recognized the liability for contingent payments related to the NJOY Transaction at its estimated fair value as of the acquisition date. We recognize subsequent changes to the fair value in earnings until the contingency is resolved. In determining the estimated fair value, we made certain judgments, estimates and assumptions, the most significant of which was the likelihood of certain potential regulatory outcomes. We classified the liability for contingent payments in Level 3 of the fair value hierarchy.

Net periodic benefit cost (income) consisted of the following:

We make contributions to our pension plans to the extent that the contributions are tax deductible and pay benefits that relate to plans for salaried employees that cannot be funded under Internal Revenue Service regulations.

We made employer contributions of $4 million to our pension plans and did not make any contributions to our postretirement plans during the three months ended March 31, 2026. Currently, we anticipate making additional employer contributions in 2026 to our pension and postretirement plans of up to approximately $56 million and $100 million, respectively. However, the foregoing estimates of 2026 contributions to our pension and postretirement plans are subject to change as a result of changes in tax and other benefit laws, changes in interest rates and asset performance significantly above or below the assumed long-term rate of return for each respective plan.

We calculated basic and diluted earnings per share (“EPS”) using the following:

Unvested share-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents are participating securities and, therefore, are included in our EPS calculation pursuant to the two-class method.

Changes in each component of accumulated other comprehensive losses, net of deferred income taxes, attributable to Altria were as follows:

(1) Primarily reflects our share of ABI’s currency translation adjustments and the impact of our designated net investment hedges related to our investment in ABI. For further discussion of designated net investment hedges, see Note 5. Financial Instruments.

Pre-tax amounts by component, reclassified from accumulated other comprehensive losses to net earnings were as follows:

(1) Amounts are included in net periodic benefit income, excluding service cost. For further details, see Note 6. Benefit Plans.

(2) Amounts are included in (income) losses from investments in equity securities.

At March 31, 2026, our reportable segments were (i) smokeable products, consisting of combustible cigarettes and machine-made large cigars; and (ii) oral tobacco products, consisting of MST products and oral nicotine pouches.

For the year ended December 31, 2025, we concluded that our e-vapor products operating segment met the quantitative threshold for presentation as a reportable segment in accordance with Accounting Standards Codification 280, Segment Reporting (“ASC 280”), as a result of the non-cash impairments of e-vapor reporting unit goodwill and related definite-lived intangible assets recorded in 2025. See Note 2. Goodwill and Other Intangible Assets, net. As a result, in our 2025 Form 10-K, we presented e-vapor products as a reportable segment (previously in our all other category) and recast segment information for comparative periods. As of March 31, 2026, we concluded that the e-vapor products operating segment was not expected to be of continuing significance and did not meet the quantitative thresholds as prescribed under ASC 280 for separate reportable segments. As such, the e-vapor products operating segment is no longer considered a reportable segment, and we included the e-vapor products operating segment results in our all other category for all periods presented.

At March 31, 2026, our all other category included (i) e-vapor products, consisting of our NJOY business; (ii) Horizon; (iii) Helix International; and (iv) other business activities, which primarily consists of research and development (“R&D”) expense related to certain new product platforms and technologies.

Altria’s Chief Executive Officer is our chief operating decision maker (“CODM”). Our measure of segment profitability is segment operating companies income (loss) (“OCI”), which is defined as operating income before general corporate expenses and amortization of intangibles. Our CODM uses OCI for planning, forecasting and evaluating business and financial performance of the segments, including allocating capital and other resources to our segments and evaluating results relative to employee compensation targets. Interest and other debt expense, net, along with net periodic benefit income, excluding service cost, and provision for income taxes are centrally managed at the corporate level and, accordingly, such items are not presented by segment since they are excluded from the measure of segment profitability reviewed by our CODM. We do not disclose information about total assets by segment because such information is not reported to or used by our CODM. Segment goodwill and other intangible assets, net, are disclosed in Note 2. Goodwill and Other Intangible Assets, net.

Segment data were as follows:

Smokeable products segment OCI consisted of the following, including expenses under the significant expense principle in accordance with GAAP: