# Altria Stock Q3 2026: Adjusted EPS Up 4.8% as Pricing Offsets Falling Volumes
> Altria stock Q3 2026: revenue net of excise rose 3.6% to $5.44bn and adjusted EPS 4.8% to $1.52 as pricing offset volumes; guidance and buybacks rose.

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## Facts
- Ticker: MO
- QSILabs fair value: $101.49 USD
- Price: $77.17 (as of 2026-11-02)
- As of: Q3 2026 results (quarter ended 2026-09-30, reported 2026-10-29); balance sheet from Form 10-Q for the quarter ended 2026-09-30 (filed 2026-10-29); price as of 2026-11-02 close
- Fiscal period: Q3 2026 (July-September 2026)
- Published: 2026-11-02
- Updated: 2026-11-02
- Author: QSI Labs Research
- Canonical: https://www.quantitativesuperintelligencelabs.com/research/altria-stock-q3-2026-earnings-marlboro-pouches-buybacks/

## Short answer
Altria stock Q3 2026 is a story of higher prices on fewer cigarettes. Altria reported net revenues of $6,132m for the three months to 30 September 2026, up 1.0%, and revenues net of excise taxes of $5,441m, up 3.6%. Reported diluted earnings per share rose 7.1% to $1.51 and adjusted earnings per share 4.8% to $1.52, while domestic cigarette shipments fell 2.9%. Altria raised its 2026 adjusted earnings guidance to $5.66 to $5.74 a share and expanded its share buyback by $1bn. The shares rose 5.2% on results day and closed at $77.17 on 2 November 2026, up 33.8% for the year. Our discounted cash flow model values the shares at $101.49, about 1.32 times the price; the gap comes mainly from a low 6.72% cost of capital and the $13.4bn market value of Altria's stake in Anheuser-Busch InBev, while the model assumes margins come down from today's levels.

## Key takeaways
- Revenue grew 1%, or 3.6% before excise taxes. Net revenues were $6,132m, up from $6,072m. Excise taxes fell to $691m from $821m, so revenues net of excise taxes rose to $5,441m.
- Earnings rose faster than revenue. Operating income rose 2.6% to $3,313m and net earnings attributable to Altria 6.0% to $2,518m. Income from the Anheuser-Busch InBev (ABI) stake rose, and diluted shares fell 0.7% to 1,669 million.
- Cigarette volumes keep falling. Domestic cigarette shipments fell 2.9% to 15.7 billion sticks; adjusted for trade inventory, Altria estimates a 4% fall for its own shipments and 5% for the industry. Marlboro's retail share fell 1.0 point to 39.5%.
- Pricing carried the smokeable business. Smokeable products operating companies income rose 3.8% to $3,053m and the adjusted margin was 64.5% of revenues net of excise taxes.
- Pouches grew, but oral tobacco shrank. on! nicotine pouch shipments rose 13.3% to 47.8 million cans, while Copenhagen fell 10.1% and Skoal 12.6%; oral tobacco income fell 5.4% to $434m.
- Our value: $101.49 a share, against a $77.17 close on 2 November 2026. Across costs of capital from 5.72% to 7.72% and terminal growth from 1.5% to 3.5% the model gives $77.27 to $165.98. Analysts' average target is $73.45.
- What to watch. The pace of cigarette volume declines, the shift to discount brands, on! against rival pouches, NJOY ACE, which Altria does not expect back on the market in 2026, and litigation.

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