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Sentiment · FY2026 Q2
| Analyst | Firm | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Bonnie Herzog | Goldman Sachs | 14 (43%) |
| Matt Smith | Stifel | 14 (7%) |
| Eric Serotta | Morgan Stanley | 10 (0%) |
| Gaurav Jain | Barclays | 9 (44%) |
| Faham Baig | UBS | 8 (25%) |
| Mirza Baig | UBS | 5 (20%) |
| Damian McNeil | Deutsche Bank | 4 (0%) |
| Pallav Mittal | Barclays | 4 (25%) |
| Firm | Analysts | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Barclays | 3 | 14 (36%) |
| Goldman Sachs | 1 | 14 (43%) |
| Stifel | 1 | 14 (7%) |
| UBS | 2 |
| Quarter | Revenue | Rev YoY | EPS | EPS YoY | Gross margin | Op margin | Net margin | FCF |
|---|---|---|---|---|---|---|---|---|
| FY2024 Q4 | $5.97B | -0.0% | $1.79 | +54.3% | 60.3% | 48.2% | 50.9% | $3.29B |
| FY2025 Q1 | $5.26B | -5.7% | $0.63 | -47.9% | 61.8% | 34.0% | 20.5% | $2.68B |
| FY2025 Q2 | $6.10B | -1.7% | $1.41 |
| Morgan Stanley | 1 | 10 (0%) |
| Deutsche Bank | 1 | 4 (0%) |
Altria opened 2026 with adjusted diluted EPS up 7.3% as the smokeable segment carried the quarter, with segment adjusted OCI up 6.3% on 6.3% net price realization and adjusted OCI margin expanding to 65.1%. Reported domestic cigarette volumes fell just 2.4%, the fourth consecutive quarter of year-over-year moderation, as cross-category movement to illicit disposable vapor slowed. Oral tobacco was softer: total on! shipment volume grew nearly 18% and on! PLUS reached roughly 100,000 stores nationally, but segment retail share fell 5.5 percentage points amid intense nicotine pouch competition. Management flagged a consumer under pressure from gas prices and inflation, with discount-segment share up 2.4 points on trade-down, yet reaffirmed full-year adjusted diluted EPS guidance of $5.56 to $5.72. The quarter was also CEO Billy Gifford's final earnings call before retirement.
Competitive Dynamics | Product Launch | Pricing | Regulation Policy | Demand | Guidance Reliability | Macroeconomic | Margin | |
|---|---|---|---|---|---|---|---|---|
| 2024Q4 | 4 | 2 | 1 | 3 | 4 | 3 | 2 | 1 |
| 2025Q1 | 6 | 2 | 3 | 2 | 1 | 1 | 1 | |
| 2025Q2 | 7 | 5 | 2 | 4 | 1 | 2 | 1 | |
| 2025Q3 | 1 | 2 | 1 | 1 | 1 | 2 | 1 | 1 |
| 2025Q4 | 4 | 2 | 3 | 1 | 2 | 1 | ||
| 2026Q1 | 3 | 2 | 2 | 2 | 2 | 1 | 2 |
| '24Q4 | '25Q1 | '25Q2 | '25Q3 | '25Q4 | '26Q1 | |
|---|---|---|---|---|---|---|
| Competitive Dynamics | 4 | 6 | 7 | 1 | 4 | 3 |
| Product Launch | 2 | 2 | 5 | 2 | 2 | 2 |
| Pricing | 1 | 3 | 2 | 1 | 3 | 2 |
| Regulation Policy | 3 | 2 | 4 | 1 | 1 | |
| Demand | 4 | 1 | 1 | 1 | 2 | 2 |
| Guidance Reliability | 3 | 1 | 2 | 2 | 2 | |
| Macroeconomic | 2 | 1 | 1 | 1 | 1 | |
| Margin | 1 | 1 | 1 | 2 |
| -36.2% |
| 63.1% |
| 52.9% |
| 39.0% |
| $173M |
| FY2025 Q3 | $6.07B | -3.0% | $1.41 | +5.2% | 62.8% | 53.2% | 39.1% | $3.04B |
| FY2025 Q4 | $5.85B | -2.1% | $0.66 | -63.1% | 62.1% | 28.2% | 19.1% | $3.18B |
| FY2026 Q1 | $5.43B | +3.2% | $1.30 | +106.3% | 64.6% | 54.5% | 40.2% | $2.23B |
| FY2026 Q2 | $6.11B | +0.1% | $1.37 | -2.8% | 74.9% | 51.3% | 37.6% | $-147M |
Management’s own words, often on a non-GAAP, constant-currency, or adjusted basis — so these can differ from the GAAP figures above (e.g. constant-currency revenue growth excludes currency swings).
What MO and other companies said about each other on FY2026 Q1 earnings calls — extracted verbatim from public transcripts. Mentions from the newest quarter are a Pro feature.
“Turning to our investment in ABI -- we recorded $160 million in adjusted equity earnings in the quarter, up 9.6% versus the prior year.”
Altria's equity investment in Anheuser-Busch InBev (ABI) delivered $160M adjusted equity earnings, up 9.6% YoY.
| Company | Score | Trend | Rev YoY |
|---|---|---|---|
MO Altria | 6 | +3.2% | |
| PM Philip Morris International | 7 | +9.1% |