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Bright Horizons Family Solutions Inc. ( BFAM ) Q3 2026 Earnings Call October 29, 2026 5:00 PM EDT Company Participants Michael Flanagan - Sr. Director of Investor Relations Stephen Kramer - CEO, President & Director Elizabeth Boland - Chief Financial Officer Conference Call Participants Ronan Kennedy Alex Lakritz - Goldman Sachs Group, Inc., Research Division Andrew Steinerman - JPMorgan Chase & Co, Research Division Jeffrey Meuler - Robert W. Baird & Co. Incorporated, Research Division Joshua Chan - UBS Investment Bank, Research Division Toni Kaplan - Morgan Stanley, Research Division Ryan Griffin - BMO Capital Markets Equity Research Stephanie Benjamin Moore - Jefferies LLC, Research Division Presentation Operator Good evening, and welcome to the Bright Horizons Family Solutions Third Quarter 2026 Earnings Call.

30.10.2026 08:00

Česká republika:

09:00 HDP (q-q) (3Q - první, předběžný): očekávání trhu: 0,5 %, předchozí hodnota: 0,3 %

09:00 HDP (y-y) (3Q - první, předběžný): očekávání trhu: 1,6 %, předchozí hodnota: 1,8 %

10:00 Měnová zásoba M2 (y-y) (září): očekávání trhu: --, předchozí hodnota: 5,5 %

Německo:

08:00 Index importních cen (m-m) (září): očekávání trhu: 2,0 %, předchozí hodnota: 1,0 %

08:00 Index importních cen (y-y) (září): očekávání trhu: 10,3 %, předchozí hodnota: 8,3 %

09:55 Změna počtu nezaměstnaných (říjen): očekávání trhu: 5,0 tis., předchozí hodnota: 12,0 tis.

09:55 Míra nezaměstnanosti (sezónně očištěno) (říjen): očekávání trhu: 6,4 %, předchozí hodnota: 6,4 %

10:00 HDP (sezónně očištěno) (q-q) (3Q - předběžný): očekávání trhu: 0,1 %, předchozí hodnota: 0,3 %

10:00 HDP (bez sezónního očištění) (y-y) (3Q - předběžný): očekávání trhu: 1,2 %, předchozí hodnota: 1,0 %

10:00 HDP (očištěno o počet pracovních dní) (y-y) (3Q - předběžný): očekávání trhu: 1,1 %, předchozí hodnota: 1,0 %

14:00 CPI (m-m) (říjen - předběžný): očekávání trhu: 0,1 %, předchozí hodnota: 0,6 %

14:00 CPI (y-y) (říjen - předběžný): očekávání trhu: 3,0 %, předchozí hodnota: 3,3 %

14:00 CPI - harmonizováno dle EU (m-m) (říjen - předběžný): očekávání trhu: 0,1 %, předchozí hodnota: 0,6 %

14:00 CPI - harmonizováno dle EU (y-y) (říjen - předběžný): očekávání trhu: 3,1 %, předchozí hodnota: 3,3 %

Eurozóna:

11:00 HDP (sezónně očištěno) (q-q) (3Q - první, předběžný): očekávání trhu: 0,2 %, předchozí hodnota: 0,6 %

11:00 HDP (y-y) (sezónně očištěno) (3Q - první, předběžný): očekávání trhu: 1,0 %, předchozí hodnota: 1,2 %

11:00 Míra nezaměstnanosti (září): očekávání trhu: 6,4 %, předchozí hodnota: 6,4 %

USA:

13:30 Index nákladů práce (3Q): očekávání trhu: 0,8 %, předchozí hodnota: 0,9 %

Zdroj: Bloomberg

Jan Prokeš
Fio banka, a.s.
Prohlášení

VAUGHAN, Ontario--(BUSINESS WIRE)--Bausch + Lomb Corporation (NYSE/TSX: BLCO), a leading global eye health company dedicated to helping people see better to live better, today announced the publication of results from a multinational survey examining symptoms, interactions with health care professionals (HCPs) and treatment experiences to better understand consumer perspectives on dry eye. The findings showed that self-reported dry eye symptoms were more common than reported HCP diagnosis and h.

Hot Inflation and Strong Growth Keep Gold Under Pressure Gold slipped on Friday and headed for a second straight monthly decline after US data showed inflation accelerating alongside faster growth. Both strengthen the case for a December Fed hike, and higher rates hurt gold because it pays no interest.

Gold: Data Reinforce the Hawks Gold fell more than 1% on Thursday after the Commerce Department reported the PCE price index, the Fed’s preferred inflation gauge, rose 0.5% in September, Reuters reported. Headline PCE inflation climbed to 3.6% from 3.4% over the year, while core, which strips out food and energy, rose to 3.1% from 3.0%, both in line with forecasts. High Ridge Futures’ David Meger said inflation running hotter than the Fed’s target is building expectations for a December hike, and the report did nothing to ease that fear. CME’s FedWatch tool, which turns futures prices into rate odds, puts the chance of at least one hike by December at about 83%.

Growth added to the pressure. Third-quarter GDP expanded at a 3.4% annualized pace, above the 3.2% expected and up from 2.2% in the second quarter, the Bureau of Economic Analysis said, with consumer spending growing about 3.8%. The one softer signal sits inside the same report: quarterly PCE inflation eased to a 2.1% pace from 5.0% in the second quarter, while core slowed to 2.5% from 3.3%. The market chose to focus on September’s monthly jump rather than the quarterly cooling, which tells you how one-sided the rate debate has become.

Oil and Dip Buyers Gold has lost more than 3% in October as Middle East fighting kept energy prices and inflation fears elevated. Oil rose on signs Washington could resume strikes on Iran after next week’s midterm elections. Chinese households and other long-term investors have been buying near recent lows, which has kept gold close to $4,000 after last week’s tech-led selloff.

Silver: Same Monthly Drag Silver and platinum are also on track for a second straight monthly loss. Higher-for-longer US rates and slower growth expectations weigh on silver’s industrial demand, which makes up more than half of its market.

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Gold Technical Analysis: XAU/USD Slips Below $4,000 as $3,975 Comes Into Focus

Gold Price Chart Gold is trading near $3,994 on the 4-hour chart, down about 0.7% today. Prices were turned back at $4,079 by a falling trendline, a line connecting lower highs since mid-October. Gold has now dropped below $4,015 and the $4,000 mark.

Support, where buyers tend to step in, is $3,975, last week’s low, then $3,943. Resistance, where sellers tend to step in, is $4,015, then $4,039.

RSI, which measures the strength of recent buying and selling, is near 37 and below its signal line, a slower average of RSI, so sellers have the edge. I stay bearish while gold is below $4,039. A close below $3,975 would open $3,943, while a move above $4,039 would ease the pressure.

Silver Technical Analysis: XAG/USD Breaks Below $52.69 as $50.71 Comes Into Focus

Silver Price Chart Silver is trading near $51.37 on the 4-hour chart, down about 1.5% today. Prices broke below the $52.69 floor that held all week and are still falling inside a channel, two parallel lines that have guided them lower since September.

The first support is $50.71, then $49.51. On the upside, the broken $52.69 floor is now the first resistance, followed by $54.68.

RSI is near 25, which is oversold, meaning prices fell very fast, so a short bounce is possible. In my view, silver stays bearish below $52.69. A close below $50.71 would open $49.51.

SAN DIEGO--(BUSINESS WIRE)--The Shareholders Foundation, Inc. announces that a lawsuit is pending against CoreWeave, Inc. (NASDAQ: CRWV) in the U.S. District Court for the District of New Jersey (Case No. 2:26-cv-00355). NOTICE: Investors who purchased CoreWeave, Inc. (NASDAQ: CRWV) shares before March 28, 2025, and continue to hold any of those shares may have certain legal options and should contact the Shareholders Foundation at [email protected] or call +1 (858) 779-1554. On J.

Figma: Steady Upward Revenue TrendFigma (FIG -3.84%) primarily develops a collaborative, browser-based software platform that allows product teams to design, prototype, and build digital experiences.

It recently launched several artificial intelligence design features, and it disclosed that its chief executive officer voluntarily forfeited $46 million in stock awards.

Palantir Technologies: Accelerating Upward Revenue TrendPalantir Technologies (PLTR -0.20%) engineers advanced software platforms that enable the intelligence community and commercial enterprises to uncover hidden patterns within complex datasets.

It secured a ground station production contract from the U.S. Army, while it established a collaboration with NVIDIA to manage internal supply chains.

Why Revenue Matters for InvestorsRevenue shows investors the total money a company brings in before deducting operating expenses. This metric reveals whether an organization is successfully attracting customers and growing its overall business volume over time.

Figma vs. Palantir Technologies Revenue over the last 8 quarters.

Quarterly Revenue for Figma and Palantir TechnologiesCalendar quarterFigma RevenuePalantir Technologies RevenueQ3 2024$198.6 million (quarter ended Sept. 30, 2024)$725.5 million (quarter ended Sept. 30, 2024)Q4 2024$216.9 million (quarter ended Dec. 31, 2024)$827.5 million (quarter ended Dec. 31, 2024)Q1 2025$228.2 million (quarter ended March 31, 2025)$883.9 million (quarter ended March 31, 2025)Q2 2025$249.6 million (quarter ended June 30, 2025)$1.0 billion (quarter ended June 30, 2025)Q3 2025$274.2 million (quarter ended Sept. 30, 2025)$1.2 billion (quarter ended Sept. 30, 2025)Q4 2025$303.8 million (quarter ended Dec. 31, 2025)$1.4 billion (quarter ended Dec. 31, 2025)Q1 2026$333.4 million (quarter ended March 31, 2026)$1.6 billion (quarter ended March 31, 2026)Q2 2026$370.1 million (quarter ended June 30, 2026)$1.9 billion (quarter ended June 30, 2026)Data source: Financial Modeling Prep. Data as of Oct. 22, 2026.

Foolish TakePalantir's revenue towers over Figma, since the former holds contracts with the U.S. and other governments in addition to commercial customers. Palantir also serves a key role through its AI platform, supporting the use of AI in warfare.

That aside, while both are experiencing year-over-year sales growth, Palantir has consistently delivered quarterly increases. This rapid rate of expansion demonstrates the strong customer demand it's seeing for its software solutions. The company expects to extend the trend in the third quarter, forecasting revenue to come in around $2.2 billion.

Figma's lower revenue reflects its smaller design-focused niche. In this arena, the company is producing outsized growth. Its second-quarter sales of $370.1 million represents an excellent 48% year-over-year increase.

Part of Figma's revenue expansion is due to its implementation of AI credits, with Q2 representing the first full quarter of AI credit monetization. This new revenue stream, where customers are charged based on usage of Figma's AI tools, enabled the company to raise its full-year guidance. Now, the question is whether AI usage continues to grow when Figma reports third-quarter earnings on Nov. 4.

Robert Izquierdo has positions in Figma, Nvidia, and Palantir Technologies. The Motley Fool has positions in and recommends Figma, Nvidia, and Palantir Technologies. The Motley Fool has a disclosure policy.

5 Cheap Dividend Stocks: Which to Buy NowAmbev NYSE: ABEV reported third-quarter growth in volume, revenue, profitability and normalized earnings, as the brewer cited portfolio gains, commercial execution and cost discipline across its markets.

Chief Executive Officer Carlos Lisboa said total volumes rose 0.8% from a year earlier, while net revenue increased 7.6% and normalized EBITDA grew 8.9% to BRL 7.3 billion. Normalized EBITDA margin expanded 40 basis points, and normalized earnings per share increased 15.4% to BRL 0.28.

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14 best consumer staples dividend stocksFor the first nine months of 2026, total volumes increased 0.7%, including beer growth at more than twice that pace. Net revenue rose 7.3%, normalized EBITDA grew 9.3%, and normalized EPS increased 12.3%. Lisboa said the company continued to increase market investment at a double-digit organic rate during both the quarter and year-to-date period.

Brazil Beer performance and pricing Brazil Beer volumes rose 0.5% in the third quarter, following 5% growth in the second quarter. Across the two quarters, beer volume increased 2.7%, while Nielsen data indicated approximately 3.5% sellout growth for Ambev over the period. Lisboa attributed the difference to market-share gains.

3 Reasons Boston Beer Stock Could Finally Hop HigherHe said Brazil’s beer industry grew about 4% in Nielsen’s third-quarter measurement, which also included some late-June demand associated with the FIFA World Cup. Taken together, Nielsen data showed industry volume growth of 1.3% across the second and third quarters, according to Lisboa, who estimated nearly half of that growth came from World Cup-related demand.

Ambev said it gained share in both on- and off-trade channels compared with the prior year, with progress in premium and zero-alcohol beer and broadly stable performance in mainstream products. Premium volumes grew at a high-teens rate in the quarter, balanced-choice products more than doubled, and no-alcohol beer grew in the “40s,” Lisboa said.

On pricing, Lisboa said Ambev’s approach remains to manage revenue per hectoliter broadly in line with inflation over time while preserving affordability and profitability. Brazil net revenue per hectoliter grew 5.8% year to date, while third-quarter net revenue per hectoliter excluding Marketplace rose 4.8%, compared with consumer inflation of roughly 5.4%, he said. The company maintained price relativity above the prior-year level.

Lisboa added that inventory levels were at an appropriate level entering Brazil’s high season. He said the company experienced a late-December pickup in demand last year that put pressure on service levels into mid-January.

Digital platforms and portfolio expansion The company highlighted the role of its B2B platform, BEES, and consumer delivery platform, Zé Delivery, in supporting commercial execution and new revenue opportunities. BEES serves more than 1 million points of sale, according to Lisboa, and more than 80% of Ambev’s customer base has purchased through its Marketplace. Marketplace gross merchandise value grew more than 80% in both the quarter and year to date.

Zé Delivery’s GMV increased by a mid-teens percentage rate in the quarter, while its Marketplace represented nearly 20% of GMV. Lisboa said Zé connects Ambev with roughly 27 million consumers annually, while later describing its direct consumer base as roughly 20 million consumers annually. He said the platform provides data that helps Ambev test and scale product propositions.

Premium products account for around the mid-30% range of Zé volumes, compared with nearly the mid-20% range in Brazil Beer overall, management said. Balanced-choice products also over-index on the platform. Chief Financial Officer and Investor Relations Officer Guilherme Fleury cited the company’s use of direct consumer feedback in launching a pink lemonade flavor.

Margins, cash flow and shareholder returns Fleury said consolidated cash cost of goods sold per hectoliter, excluding Marketplace, increased 6.5% in the quarter, while gross margin expanded 60 basis points. Cash selling, general and administrative expenses rose 7.6%, reflecting higher sales and marketing investment, distribution expenses and bonus accruals.

In Brazil Beer, commodity pressures from aluminum and diesel-related costs affected cash COGS per hectoliter. However, Lisboa said better sourcing, vertical integration and operational improvements generated about BRL 450 million in non-commodity savings during the first nine months. Hectoliters sold per full-time employee increased about 4% from the prior year and more than 20% over five years.

Net financial expenses totaled BRL 312 million in the third quarter, down 71% from a year earlier. Fleury cited lower costs associated with sourcing U.S. dollars in Bolivia after changes in that country’s foreign-exchange dynamics, as well as gains from translating local hard-currency balances following further currency devaluation.

Stated net income was approximately BRL 4.4 billion, down 10.2% from the prior year, primarily because the third quarter of 2025 included one-time items. Normalized net income was also about BRL 4.4 billion, rising 14.3%.

Cash flow from operating activities increased 39% to BRL 15.6 billion in the first nine months, supported by higher EBITDA and improved working-capital dynamics. The company completed its 2025 share repurchase program, representing roughly BRL 3.3 billion in cash disbursements, and paid the final BRL 1.9 billion tranche of 2025 interest on capital on Oct. 6. On Oct. 28, Ambev’s board approved a new share repurchase program for up to 190 million shares, representing approximately BRL 3 billion.

Outlook and market conditions Ambev maintained its guidance for Brazil Beer cash COGS per hectoliter, excluding non-Ambev Marketplace products, to increase between 4.5% and 7.5% for the year.

In Latin America South, normalized EBITDA rose 41.5% and gross margin expanded 300 basis points despite a 1.4% volume decline, which Lisboa attributed largely to weather and a soft consumer environment in Argentina. Bolivia posted high-single-digit volume growth after a second-quarter disruption, he said.

Management also addressed potential Brazilian tax changes, saying it would provide more information when there is greater visibility on a proposed excise tax on alcohol. Lisboa said beer already faces a tax burden of more than 50% of the final consumer price and that Ambev supports simplification of Brazil’s tax system while seeking tax neutrality.

Regarding restrictions on online betting, Lisboa said Ambev was monitoring the debate and noted that the Brazilian Supermarket Association had cited signs of improved household consumption in food retail following new restrictions. He said the company’s focus remained on executing its strategy and supporting customers in a volatile environment.

About Ambev (NYSE:ABEV)Ambev SA is a Brazilian beverage company headquartered in São Paulo and one of the largest beverage producers in Latin America. Its principal business is the production, distribution and sale of beer, although it also offers soft drinks, carbonated beverages, bottled water, energy drinks and other non-alcoholic products.

The company's beer portfolio includes brands such as Brahma, Skol, Antarctica, Bohemia, Original, Budweiser, Stella Artois and Corona, with brand availability varying by market.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected].

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United Overseas Bank strategists Quek Ser Leang and Lee Sue highlight a strong EUR/USD rebound after an early New York selloff, shifting their stance from negative to cautiously constructive. The Euro (EUR) is now expected to probe higher resistance levels, with upside contingent on holding nearby supports, while a failure could see the pair revert to range trading rather than a sustained advance.

Euro recovery eyes 1.1220–1.1250 "24-HOUR VIEW: Following Wednesday’s price action, we highlighted yesterday that EUR “has likely entered a range-trading phase between 1.1120 and 1.1190.” The subsequent price movements did not unfold as expected. During the early NY session, EUR fell sharply to a low of 1.1103. The decline was, however, brief, as EUR rebounded strongly to close at 1.1178 (+0.23%). Strong momentum suggests there is scope for EUR to rise further toward 1.1220. Given the overbought conditions, EUR is unlikely to break clearly above this level. To keep the momentum going, EUR must hold above 1.1155, with minor support at 1.1170."

"1-3 WEEKS VIEW: We turned negative on EUR on Tuesday (27 Oct, spot at 1.1175). After EUR dropped to a low of 1.1111 and rebounded strongly, we highlighted the following yesterday (29 Oct, spot at 1.1160): “Downward momentum has slowed somewhat with the rebound, and EUR must break and close below 1.1110 before a sustained decline can be expected. The likelihood of EUR closing below 1.1110 will remain intact as long as 1.1190 (‘strong resistance’ level) is not breached.” EUR subsequently dropped briefly to 1.1103 before rebounding strongly to 1.1185. In the early Asian session today, EUR rose above our ‘strong resistance’ at 1.1190. Downward momentum has eased. There has been a tentative buildup in upward momentum, and EUR could rebound further to 1.1220. Looking ahead, if EUR closes above 1.1220, it could rise further to 1.1250. On the downside, a breach of 1.1130 would indicate that EUR is more likely to range-trade rather than heading to 1.1220."

(This article was created with the help of an Artificial Intelligence tool and reviewed by an editor. Know more.)

SAN DIEGO, Oct. 30, 2026 (GLOBE NEWSWIRE) -- Shareholder rights law firm Robbins LLP reminds investors that a class action was filed on behalf of persons or entities who purchased or otherwise acquired Alphabet Inc. (NASDAQ: GOOG/GOOGL) securities between May 19, 2026 and July 16, 2026, inclusive (the “Class Period”). Alphabet offers various products and platforms in the United States, Europe, the Middle East, Africa, the Asia-Pacific, Canada, and Latin America.

Investors who suffered significant losses during the Class Period should contact Robbins LLP for information before the November 30, 2026 lead plaintiff deadline.

Why Was Alphabet Sued?

According to the complaint, on May 19, 2026, Alphabet hosted its annual Google I/O developer conference. During the conference, the Company’s Chief Executive Officer, Sundar Pichai, announced its much-anticipated latest artificial intelligence offering Gemini 3.5 Pro would launch in June 2026.

Plaintiff alleges that during the Class Period, defendants failed to disclose to investors that the Gemini 3.5 Pro was delivering disappointing training results, and that, as a result, the launch of Gemini 3.5 Pro would be significantly delayed.

Why Did Alphabet Stock Drop?

On July 16, 2026, at approximately 2:00 PM EST, Bloomberg reported that Google is “months behind schedule on delivering Gemini 3.5 Pro, its most powerful flagship AI model” due to the Company’s ongoing coding efforts. Specifically, “[l]ate last month, Google updated the data being used to train Gemini in an attempt to improve [its] skills, but the results were disappointing.” On this news, Alphabet’s Class A common stock price fell $16.46, or 4.4%, to close at $354.46 per share on July 16, 2026, on unusually heavy trading volume. Alphabet’s Class C common stock price fell $16.39, or 4.4%, to close at $353.58 per share on July 16, 2026.

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What Can Shareholders Do Now?

Investors who purchased Alphabet Inc. during the Class Period may be eligible to serve as lead plaintiff. The lead plaintiff is a court-appointed investor who represents the interests of all class members throughout the litigation. Stockholders who wish to lead the class action should contact Robbins LLP for information before the November 30, 2026 lead plaintiff deadline.

Serving as lead plaintiff is not required to share in any potential recovery. Investors who do not seek appointment may remain absent class members.

Does It Cost Anything to Participate?

No. Robbins LLP represents investors on a contingency fee basis.

Contact Robbins LLP

Investors seeking additional information about the Alphabet Inc. securities class action may contact Robbins LLP by submitting an inquiry, emailing attorney Aaron Dumas, Jr., or calling (800) 350-6003.

Why Robbins LLP

A recognized leader in shareholder rights litigation, Robbins LLP represents investors in securities fraud and shareholder derivative litigation. We have helped restore more than $2 billion in value to shareholders and secured some of the largest recoveries in shareholder derivative litigation history.

"Companies have an obligation to provide investors with complete and accurate information so that markets can function fairly and efficiently," said Brian J. Robbins, Founding Partner of Robbins LLP.

To be notified if a class action against Alphabet Inc. settles or to receive free alerts when corporate executives engage in wrongdoing, sign up for Stock Watch today.

Attorney Advertising. Past results do not guarantee a similar outcome.

Amazon.com Inc. (NASDAQ:AMZN) CEO Andy Jassy confirmed during the e-commerce giant’s Q3 2026 earnings call that the Leo (formerly Project Kuiper) satellite internet service will begin its initial rollout this year.

Amazon to Factor in Leo Costs in Q4During Thursday’s earnings call, Jassy said, “Amazon Leo remains on track to begin initial service this year.” The CEO then said that the e-commerce giant was “heading into one of our most exciting stretches of the year,” citing the upcoming re:Invent developer conference hosted by Amazon Web Services (AWS), the company’s cloud computing division.

Brian Olsavsky, the company’s Chief Financial Officer, also weighed in on the Leo internet service, saying that the company expects to “begin capitalizing certain costs in Q1 of next year,” which will include “satellite and launch costs.”

This will impact Amazon’s Q4 guidance. He said that Leo’s cost capitalization was later than anticipated. “As a result, we will continue to expense the majority of Leo-related costs in Q4,” he said.

AMZN Earnings Draws ReactionsThe company posted revenue of $201.94 billion during Q3, which missed the market’s consensus estimate of $202.31 billion. The e-commerce giant’s earnings also missed Wall Street’s estimates, coming in at $1.89 per share; analysts put earnings at $1.97 per share.

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However, analysts like Deepwater Asset Management‘s Gene Munster believe that the earnings may indicate that the company was positioning itself as an AI and Semiconductor company rather than solely an online marketplace.

Elon Musk vs Delta Airlines Over LeoLeo has attracted attention from Space Exploration Technologies Corp. (NASDAQ:SPCX) CEO Elon Musk after Delta Air Lines Inc. (NYSE:DAL) announced it would be opting for the Leo service over SpaceX’s Starlink satellite internet on its flights, with the rollout expected to be in 2028.

The billionaire warned that Delta airlines could lose customers over its Starlink snub, also warning that CEO Ed Bastian may lose his job. Starlink, on the other hand, has become the go-to in-flight Wi-Fi connectivity provider for multiple airlines, including United Airlines Holdings Inc. (NASDAQ:UAL).

SpaceX President Gwynne Shotwell also said that Starlink was contracted to be on 12,000 aircraft during SpaceX’s Q3 earnings call earlier this month, saying that the figure also represents “almost a quarter” of all the available aircraft in the world.

Amazon’s planned Leo constellation consists of more than 3,000 satellites, with nearly 400 launched so far. On the other hand, Starlink’s over 11,000-strong satellite constellation dwarfs the Amazon Leo by a significant margin, as things stand.

Price Action: AMZN dropped 7.22% to $226.18 during overnight trading on Thursday.

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Check out more of Benzinga’s Future Of Mobility coverage by following this link.

Photo courtesy: Markus Mainka via Shutterstock

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© 2026 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

PORTLAND, Ore.--(BUSINESS WIRE)-- #AI--Eclypsium released new research demonstrating the importance of addressing security risks in the infrastructure underpinning AI models and agents.

RICHMOND, Va.--(BUSINESS WIRE)--Altria Group, Inc. (NYSE: MO) today reports our 2026 third-quarter and nine-months business results and raises our guidance for 2026 full-year adjusted diluted earnings per share (EPS).

“Altria delivered strong financial performance in the third quarter, growing adjusted diluted earnings per share by 4.8%, while continuing to invest in our Vision and building on our foundation for the future,” said Sal Mancuso, Altria’s Chief Executive Officer.

“In smokeable products, PM USA grew operating companies income through its data-driven, total portfolio approach, with Cowboy Cut strengthening Marlboro’s premium position and Basic continuing to gain share in discount. In smoke-free, Helix made meaningful progress by expanding on! PLUS 12-milligram nationwide, investing in brand-building initiatives and preparing for its next wave of innovation, which is now underway with the introduction of Blueberry Mint and Mango Pineapple flavor extensions at retail.”

“Our highly cash-generative businesses supported significant returns to shareholders through dividends and share repurchases, while we continued to invest in support of our Vision. In August, we announced our 61st dividend increase in 57 years, and our Board of Directors (Board) recently authorized a $1 billion expansion of our existing share repurchase program.”

“Our strong performance through the first nine months and confidence in our full-year plan allowed us to raise our earnings guidance for the year. We now expect to deliver adjusted diluted EPS in a range of $5.66 to $5.74, representing a growth rate of 4.5% to 6.0% from a base of $5.42 in 2025.”

Altria Headline Financials 1

($ in millions, except per share data)

Q3 2026

Change vs.
Q3 2025

Q3 YTD 2026

Change vs.
Q3 YTD 2025

Net revenues

$6,132

1.0%

$17,671

1.4%

Revenues net of excise taxes

$5,441

3.6%

$15,555

3.3%

Reported effective tax rate

23.6%

0.8 pp

22.9%

(3.1) pp

Adjusted effective tax rate

23.0%

(0.1) pp

23.0%

(0.3) pp

Reported diluted EPS

$1.51

7.1%

$4.18

21.2%

Adjusted diluted EPS

$1.52

4.8%

$4.33

5.1%

1 “Adjusted” financial measures presented in this release exclude the impact of special items. See “Basis of Presentation” for more information and see the schedules to this press release for reconciliations to corresponding GAAP measures.

As previously announced, a conference call with the investment community and news media will be webcast on October 29, 2026 at 9:00 a.m. Eastern Time. Access to the webcast is available at www.altria.com/webcasts.

Cash Returns to Shareholders

Share Repurchase Program

In the third quarter, we repurchased 5.9 million shares at an average price of $68.52 per share, for a total cost of $400 million. Through the first nine months, we repurchased 11.2 million shares at an average price of $65.78 per share, for a total cost of $735 million. Yesterday, our Board authorized a $1 billion expansion of our existing share repurchase program, which now expires on December 31, 2027. Dividends

We paid dividends of $1.7 billion and $5.3 billion in the third quarter and first nine months, respectively. In August, our Board increased our regular quarterly dividend by 4.7%, marking the 61st increase in the past 57 years. Our current annualized dividend rate is $4.44 per share. We maintain our progressive dividend goal that targets mid-single digits dividend per share growth annually through 2028. Smoke-Free Portfolio Update

Helix recently expanded its on! PLUS portfolio with two new flavors, Blueberry Mint and Mango Pineapple, across 6-, 9- and 12-milligram nicotine strengths. In the fourth quarter, Helix plans to further expand its on! PLUS portfolio with Watermelon Mint, across 6-, 9- and 12-milligram nicotine strengths, in select retail locations. 2026 Full-Year Guidance

We expect our 2026 full-year adjusted diluted EPS to be in a range of $5.66 to $5.74, representing a growth rate of 4.5% to 6.0% from a base of $5.42 in 2025.

As previously disclosed, our guidance contemplates:

(i) the impact of moderated e-vapor industry growth on combustible and e-vapor product volumes;

(ii) increased macroeconomic uncertainty facing adult nicotine consumers;

(iii) investments in support of our contract manufacturing capabilities;

(iv) that NJOY ACE does not return to the marketplace in 2026;

(v) reinvestment of anticipated cost savings related to our Optimize & Accelerate initiative (Initiative); and

(vi) investments in support of our Vision.

Our full-year adjusted diluted EPS guidance range excludes the impact of certain income and expense items that our management believes are not part of underlying operations. These items may include, for example, loss on early extinguishment of debt, charges related to restructuring and other exit activities, asset impairment charges, acquisition, disposition and integration-related items, equity investment-related special items, certain income tax items, charges associated with tobacco and health and certain other litigation items, resolutions of certain non-participating manufacturer (NPM) adjustment disputes under the Master Settlement Agreement (NPM Adjustment Items) and amortization expense associated with definite-lived intangible assets (amortization of intangibles). See Table 1 below for the income and expense items for the third quarter and first nine months of 2026.

Our management cannot estimate on a forward-looking basis the impact of certain income and expense items, including those items noted in the preceding paragraph, on our reported diluted EPS because these items, which could be significant, may be unusual or infrequent, are difficult to predict and may be highly variable. As a result, we do not provide a corresponding GAAP measure for, or reconciliation to, our adjusted diluted EPS guidance.

ALTRIA GROUP, INC.

See “Basis of Presentation” for an explanation of the financial measures and reportable segments discussed in this release.

Financial Performance

Third Quarter

Net revenues increased 1.0% to $6.1 billion, primarily driven by higher net revenues in the smokeable products segment. Revenues net of excise taxes increased 3.6% to $5.4 billion. Reported diluted EPS increased 7.1% to $1.51, primarily driven by higher reported operating companies income (OCI) and higher reported earnings from our investment in ABI. Adjusted diluted EPS increased 4.8% to $1.52, primarily driven by higher adjusted OCI and higher adjusted earnings from our investment in ABI. First Nine Months

Net revenues increased 1.4% to $17.7 billion, primarily driven by higher net revenues in the smokeable products segment. Revenues net of excise taxes increased 3.3% to $15.6 billion. Reported diluted EPS increased 21.2% to $4.18, primarily driven by higher reported OCI, which includes a 2025 non-cash impairment of the e-vapor reporting unit goodwill. Adjusted diluted EPS increased 5.1% to $4.33, primarily driven by higher adjusted OCI, fewer shares outstanding and higher adjusted earnings from our investment in ABI. Table 1 - Altria’s Adjusted Results

Third Quarter

Nine Months Ended September 30,

2026

2025

Change

2026

2025

Change

Reported diluted EPS

$

1.51

$

1.41

7.1

%

$

4.18

$

3.45

21.2

%

Acquisition-related items

—

—

—

0.05

Asset impairment, exit and implementation costs

—

—

0.05

0.53

Tobacco and health and certain other litigation items

0.01

—

0.05

0.02

Amortization of intangibles

0.01

0.02

0.04

0.05

ABI-related special items

(0.02

)

0.02

0.02

0.02

Cronos-related special items

—

0.01

—

—

Income tax items

0.01

(0.01

)

(0.01

)

—

Adjusted diluted EPS

$

1.52

$

1.45

4.8

%

$

4.33

$

4.12

5.1

%

Note: For details of pre-tax, tax and after-tax amounts, see Schedule 6, 7, 8 & 9.

Special Items

The EPS impact of the following special items is shown in Table 1 and Schedules 6, 7, 8 and 9.

Acquisition-Related Items

In the first nine months of 2025, we recorded net pre-tax expense items of $96 million (or $0.05 per share), including $71 million related to the U.S. International Trade Commission’s exclusion order and cease-and-desist orders prohibiting the importation and sale of NJOY ACE in the United States, partially offset by insurance recoveries from insurance contracts associated with the acquisition of NJOY. Also included was a $25 million non-cash, pre-tax charge related to a change in the fair value of contingent payments associated with the acquisition of NJOY.

Asset Impairment, Exit and Implementation Costs

In the first nine months of 2026, we recorded pre-tax charges of $106 million (or $0.05 per share), primarily due to our plans to consolidate USSTC’s manufacturing operations (USSTC Facilities Consolidation).

In the first nine months of 2025, we recorded pre-tax charges of $916 million (or $0.53 per share), primarily due to a non-cash impairment charge of $873 million to the e-vapor reporting unit goodwill in our all other category.

Tobacco and Health and Certain Other Litigation Items

In the first nine months of 2026, we recorded pre-tax charges of $120 million (or $0.05 per share) for tobacco and health and certain other litigation items and related interest costs.

In the first nine months of 2025, we recorded pre-tax charges of $48 million (or $0.02 per share) for tobacco and health and certain other litigation items and related interest costs.

Amortization of Intangibles

In the first nine months of 2026, we recorded pre-tax amortization of intangibles of $67 million (or $0.04 per share).

In the third quarter and first nine months of 2025, we recorded pre-tax amortization of intangibles of $38 million (or $0.02 per share) and $112 million (or $0.05 per share), respectively.

ABI-Related Special Items

In the third quarter of 2026, we recorded net pre-tax income of $37 million (or $0.02 per share), primarily due to mark-to-market gains on certain ABI financial instruments associated with its share commitments. In the first nine months of 2026, we recorded net pre-tax losses of $41 million (or $0.02 per share), primarily due to a dilution loss resulting from ABI’s share activity that reduced our ABI ownership interest, partially offset by mark-to-market gains on certain ABI financial instruments associated with its share commitments.

In the third quarter and first nine months of 2025, we recorded net pre-tax losses of $34 million (or $0.02 per share) and $36 million (or $0.02 per share), respectively, for ABI-related special items, primarily related to mark-to-market losses on certain ABI financial instruments associated with its share commitments.

The ABI-related special items include our respective share of the amounts recorded by ABI and additional adjustments related to (i) the conversion of ABI-related special items from international financial reporting standards to GAAP and (ii) adjustments to our investment required under the equity method of accounting.

SMOKEABLE PRODUCTS

Revenues and OCI

Third Quarter

Net revenues increased 0.8%, primarily driven by higher pricing, partially offset by higher promotional investments, lower shipment volume and a higher percentage of discount shipment volume relative to premium versus the prior year (volume mix change). Revenues net of excise taxes increased 3.7%. Reported and adjusted OCI increased 3.8% and 3.9%, respectively, primarily driven by higher pricing and higher refunds of taxes and duties paid on imported cigarettes, partially offset by higher promotional investments, lower shipment volume, volume mix change and higher costs (primarily manufacturing). Adjusted OCI margins increased by 0.1 percentage point to 64.5%. First Nine Months

Net revenues increased 1.4%, primarily driven by higher pricing, partially offset by higher promotional investments, lower shipment volume and volume mix change. Revenues net of excise taxes increased 3.6%. Reported OCI increased 3.9%, primarily driven by higher pricing and higher refunds of taxes and duties paid on imported cigarettes, partially offset by higher promotional investments, lower shipment volume, volume mix change, higher manufacturing costs and higher tobacco and health and certain other litigation items. Adjusted OCI increased 4.1%, primarily driven by higher pricing and higher refunds of taxes and duties paid on imported cigarettes, partially offset by higher promotional investments, lower shipment volume, volume mix change and higher manufacturing costs. Adjusted OCI margins increased by 0.4 percentage points to 64.8%. Table 2 - Smokeable Products: Revenues and OCI ($ in millions)

Third Quarter

Nine Months Ended September 30,

2026

2025

Change

2026

2025

Change

Net revenues

$

5,432

$

5,387

0.8

%

$

15,582

$

15,366

1.4

%

Excise taxes

(670

)

(797

)

(2,050

)

(2,299

)

Revenues net of excise taxes

$

4,762

$

4,590

3.7

%

$

13,532

$

13,067

3.6

%

Reported OCI

$

3,053

$

2,942

3.8

%

$

8,668

$

8,341

3.9

%

NPM Adjustment Items

—

(2

)

(4

)

(2

)

Asset impairment, exit and implementation costs

3

12

17

38

Tobacco and health and certain other litigation items

16

4

85

44

Adjusted OCI

$

3,072

$

2,956

3.9

%

$

8,766

$

8,421

4.1

%

Reported OCI margins 1

64.1

%

64.1

%

0.0 pp

64.1

%

63.8

%

0.3 pp

Adjusted OCI margins 1

64.5

%

64.4

%

0.1 pp

64.8

%

64.4

%

0.4 pp

1 Reported and adjusted OCI margins are calculated as reported and adjusted OCI, respectively, divided by revenues net of excise taxes.

Shipment Volume

Third Quarter

Smokeable products segment reported domestic cigarette shipment volume decreased 2.9%, primarily driven by the industry’s decline rate, partially offset by trade inventory movements and retail share gains. When adjusted for trade inventory movements, smokeable products segment domestic cigarette shipment volume decreased by an estimated 4%. When adjusted for trade inventory movements, total domestic cigarette industry volume decreased by an estimated 5%. Reported cigar shipment volume increased 0.9%. First Nine Months

Smokeable products segment reported domestic cigarette shipment volume decreased 2.8%, primarily driven by the industry’s decline rate, partially offset by trade inventory movements and retail share gains. When adjusted for trade inventory movements, smokeable products segment domestic cigarette shipment volume decreased by an estimated 4%. When adjusted for trade inventory movements, total domestic cigarette industry volume decreased by an estimated 5%. Reported cigar shipment volume increased 2.0%. Table 3 - Smokeable Products: Reported Shipment Volume (sticks in millions)

Third Quarter

Nine Months Ended September 30,

2026

2025

Change

2026

2025

Change

Cigarettes:

Marlboro

13,324

14,235

(6.4

)%

38,673

41,671

(7.2

)%

Other premium

697

744

(6.3

)%

1,976

2,141

(7.7

)%

Discount

1,704

1,213

40.5

%

4,497

2,650

69.7

%

Total domestic cigarettes 1

15,725

16,192

(2.9

)%

45,146

46,462

(2.8

)%

Cigars:

Black & Mild

456

452

0.9

%

1,362

1,335

2.0

%

Other

1

1

—

%

2

2

—

%

Total cigars

457

453

0.9

%

1,364

1,337

2.0

%

Total domestic smokeable products

16,182

16,645

(2.8

)%

46,510

47,799

(2.7

)%

Contract manufactured export cigarettes 2

1,595

311

100%+

2,941

786

100%+

1 Domestic cigarettes shipment volume includes Marlboro; Other premium brands, such as Virginia Slims and Parliament; and Discount brands, which include L&M and Basic. Domestic cigarettes volume includes units sold as well as promotional units sold for distribution in the U.S. and excludes units sold for distribution to Puerto Rico, U.S. Territories to overseas military and by Philip Morris Duty Free Inc., none of which, individually or in the aggregate, is material to our smokeable products segment.

2 Contract manufactured export cigarettes shipment volume represents contract manufactured cigarettes for third parties that market and sell tobacco products outside the U.S.

Retail Share and Brand Activity

Third Quarter

Marlboro retail share of the total cigarette category was 39.5%, a decrease of 1.0 share point versus the prior year and unchanged sequentially. Marlboro share of the premium segment was 60.0%, an increase of 0.3 share points versus the prior year and 0.4 share points sequentially. The cigarette industry discount retail share was 34.1%, an increase of 2.0 share points versus the prior year and 0.3 share points sequentially, primarily due to continued discretionary income pressures on adult smokers. First Nine Months

Marlboro retail share of the total cigarette category was 39.5%, a decrease of 1.4 share points. Marlboro share of the premium segment was 59.7%, an increase of 0.1 share point versus the prior year. The cigarette industry discount retail share was 33.8%, an increase of 2.4 share points, primarily due to continued discretionary income pressures on adult smokers. Table 4 - Smokeable Products: Domestic Cigarettes Retail Share (percent)

Third Quarter

Nine Months Ended September 30,

2026

2025

Percentage
point
change

2026

2025

Percentage
point
change

Cigarettes:

Marlboro

39.5%

40.5%

(1.0)

39.5%

40.9%

(1.4)

Other premium

2.1

2.2

(0.1)

2.1

2.2

(0.1)

Discount

4.1

2.7

1.4

4.0

2.1

1.9

Total cigarettes

45.7%

45.4%

0.3

45.6%

45.2%

0.4

Note: Retail share results for cigarettes are based on data from Circana, LLC (Circana) as well as MSAi. Circana maintains a blended retail service that uses a sample of stores and certain wholesale shipments to project market share and depict share trends. This service tracks sales in the food, drug, mass merchandisers, convenience, military, dollar store and club trade classes. For other trade classes selling cigarettes, retail share is based on shipments from wholesalers to retailers through the Store Tracking Analytical Reporting System (STARS), as provided by MSAi. This service is not designed to capture sales through other channels, including the internet, direct mail and some tax-advantaged outlets. It is the standard practice of retail services to periodically refresh their retail scan services, which could restate retail share results that were previously released in these services.

ORAL TOBACCO PRODUCTS

Revenues and OCI

Third Quarter

Net revenues decreased 0.1%, as lower shipment volume and higher promotional investments mostly offset higher pricing. Revenues net of excise taxes increased 0.3%. Reported OCI decreased 5.4%, primarily driven by lower shipment volume, higher costs, which include 2026 costs related to the USSTC Facilities Consolidation, and higher promotional investments, partially offset by higher pricing. Adjusted OCI decreased 3.7%, primarily driven by lower shipment volume, higher costs and higher promotional investments, partially offset by higher pricing. Adjusted OCI margins decreased 2.8 percentage points to 66.4%. First Nine Months

Net revenues decreased 1.2%, primarily driven by lower shipment volume and higher promotional investments, partially offset by higher pricing. Revenues net of excise taxes decreased 0.9%. Reported OCI decreased 10.1%, primarily driven by lower shipment volume, higher costs, which include 2026 costs related to the USSTC Facilities Consolidation, and higher promotional investments, partially offset by higher pricing. Adjusted OCI decreased 4.0%, primarily driven by lower shipment volume, higher promotional investments and higher costs, partially offset by higher pricing. Adjusted OCI margins decreased 2.2 percentage points to 66.8%. Table 5 - Oral Tobacco Products: Revenues and OCI ($ in millions)

Third Quarter

Nine Months Ended September 30,

2026

2025

Change

2026

2025

Change

Net revenues

$

688

$

689

(0.1

)%

$

2,070

$

2,096

(1.2

)%

Excise taxes

(21

)

(24

)

(66

)

(74

)

Revenues net of excise taxes

$

667

$

665

0.3

%

$

2,004

$

2,022

(0.9

)%

Reported OCI

$

434

$

459

(5.4

)%

$

1,250

$

1,390

(10.1

)%

Asset impairment, exit and implementation costs

9

1

89

5

Adjusted OCI

$

443

$

460

(3.7

)%

$

1,339

$

1,395

(4.0

)%

Reported OCI margins 1

65.1

%

69.0

%

(3.9) pp

62.4

%

68.7

%

(6.3) pp

Adjusted OCI margins 1

66.4

%

69.2

%

(2.8) pp

66.8

%

69.0

%

(2.2) pp

1 Reported and adjusted OCI margins are calculated as reported and adjusted OCI, respectively, divided by revenues net of excise taxes.

Shipment Volume

Third Quarter

Oral tobacco products segment reported domestic shipment volume decreased 4.3%, primarily driven by retail share losses and other factors, partially offset by the industry’s growth rate and trade inventory movements. When adjusted for trade inventory movements, oral tobacco products segment domestic shipment volume decreased by an estimated 5%. First Nine Months

Oral tobacco products segment reported domestic shipment volume decreased 5.4%, primarily driven by retail share losses and trade inventory movements, partially offset by the industry’s growth rate and other factors. When adjusted for trade inventory movements, oral tobacco products segment domestic shipment volume decreased by an estimated 5%. Total oral industry volume increased by an estimated 5.5% for the six months ended September 30, 2026, primarily driven by growth in oral nicotine pouches, partially offset by declines in moist smokeless tobacco (MST). Table 6 - Oral Tobacco Products: Reported Shipment Volume (cans in millions)

Third Quarter

Nine Months Ended September 30,

2026

2025

Change

2026

2025

Change

Copenhagen

79.8

88.8

(10.1

)%

245.6

274.4

(10.5

)%

Skoal

27.1

31.0

(12.6

)%

84.5

96.6

(12.5

)%

on!

47.8

42.2

13.3

%

143.9

133.6

7.7

%

Other

15.9

16.2

(1.9

)%

48.2

47.6

1.3

%

Total oral tobacco products

170.6

178.2

(4.3

)%

522.2

552.2

(5.4

)%

Note: Volume includes cans sold, as well as promotional units, but excludes non-domestic volume, which is currently not material to our oral tobacco products segment. New types of oral tobacco products, as well as new packaging configurations of existing oral tobacco products, may or may not be equivalent to existing MST products on a can-for-can basis. To calculate volumes of cans shipped, one can of oral nicotine pouches, irrespective of the number of pouches in the can, is assumed to be equivalent to one can of MST.

Retail Share and Brand Activity

Third Quarter

on! retail share of the oral tobacco category was 8.3%, an increase of 0.1 share point versus the prior year and down 0.3 share points sequentially. The nicotine pouch category was 61.2% of the oral tobacco category, an increase of 5.8 share points versus the prior year and 1.3 share points sequentially. on! retail share of the nicotine pouch category was 13.5%, a decrease of 1.3 share points versus the prior year and a decrease of 0.9 share points sequentially. First Nine Months

on! retail share of the U.S. oral tobacco category was 8.2%, a decrease of 0.2 share points. The nicotine pouch category was 59.8% of the oral tobacco category, an increase of 7.6 share points. on! retail share of the nicotine pouch category was 13.8%, a decrease of 2.3 share points. Table 7 - Oral Tobacco Products: Retail Share (percent)

Third Quarter

Nine Months Ended September 30,

2026

2025

Percentage
point
change

2026

2025

Percentage
point
change

Copenhagen

12.6%

14.6%

(2.0)

13.1%

15.7%

(2.6)

Skoal

4.8

5.5

(0.7)

5.1

6.0

(0.9)

on!

8.3

8.2

0.1

8.2

8.4

(0.2)

Other

2.2

2.3

(0.1)

2.2

2.4

(0.2)

Total oral tobacco products

27.9%

30.6%

(2.7)

28.6%

32.5%

(3.9)

Note: Our oral tobacco products segment’s retail share results exclude non-domestic volume, which is currently not material to our oral tobacco products segment. Retail share results for oral tobacco products are based on data from Circana, a tracking service that uses a sample of stores to project market share and depict share trends. This service tracks sales in the food, drug, mass merchandisers, convenience, military, dollar store and club trade classes on the number of cans sold. Oral tobacco products are defined by Circana as domestic oral products, in the form of MST and oral nicotine pouch products (inclusive of tobacco-derived and synthetic oral nicotine products). New types of oral tobacco products, as well as new packaging configurations of existing oral tobacco products, may or may not be equivalent to existing MST products on a can-for-can basis. For example, one can of oral nicotine pouches, irrespective of the number of pouches in the can, is assumed to be equivalent to one can of MST. Because this service represents retail share performance only in key trade channels, it should not be considered a precise measurement of actual retail share. It is the standard practice of retail services to periodically refresh their retail scan services, which could restate retail share results that were previously released in these services.

Altria’s Profile

We are a leader in nicotine with a growing portfolio of products for adult nicotine consumers age 21+. Today, we are focused on elevating everyday moments by offering adult nicotine consumers a range of product choices and the information they need to make informed decisions. All adult nicotine consumers deserve clear and accurate information – whether they continue using nicotine, switch from cigarettes to regulated smoke-free alternatives, or quit entirely.

We are Moving Beyond Smoking® by responsibly transitioning adult smokers to a smoke-free future, competing vigorously for existing smoke-free adult nicotine consumers and exploring new growth opportunities – beyond the United States and beyond nicotine (Vision). Guided by innovation, science and responsible business practices, we are committed to creating long-term value for Altria, our stakeholders and society.

For decades, we have led the nicotine industry in advocating for science-based regulation and accountability. Our more than 5,000 employees across the U.S. advance that work in partnership with thousands of companies across our value chain.

Our American roots stretch back more than 200 years, and our operating companies’ brands have served adult nicotine consumers for generations. The brand portfolios of our operating companies include Marlboro®, Black & Mild®, Copenhagen®, Skoal®, on!® and NJOY®. Our wholly owned subsidiaries include Philip Morris USA Inc. (PM USA), John Middleton Co. (Middleton), U.S. Smokeless Tobacco Company LLC (USSTC), Helix Innovations LLC (Helix) and NJOY, LLC (NJOY).

We also have a majority-owned joint venture, Horizon Innovations LLC (Horizon), for the U.S. marketing and commercialization of heated tobacco stick products. Our investments in equity securities include Anheuser-Busch InBev SA/NV (ABI), the world’s largest brewer, and Cronos Group Inc. (Cronos), a leading Canadian cannabinoid company.

Basis of Presentation

We report our financial results in accordance with GAAP. Our management reviews OCI, which is defined as operating income before general corporate expenses and amortization of intangibles, to evaluate the performance of, and allocate resources to, our segments. Our management also reviews certain financial results, including OCI, OCI margins and diluted EPS, on an adjusted basis, which excludes certain income and expense items, including those items noted under “2026 Full-Year Guidance.” Our management does not view any of these special items to be part of our underlying results as they may be highly variable, may be unusual or infrequent, are difficult to predict and can distort underlying business trends and results. Our management also reviews income tax rates on an adjusted basis. Our adjusted effective tax rate may exclude certain items from our reported effective tax rate. Our management believes that adjusted financial measures provide useful additional insight into underlying business trends and results, and provide a more meaningful comparison of year-over-year results. Our management uses adjusted financial measures for planning, forecasting and evaluating business and financial performance, including allocating capital and other resources and evaluating results relative to employee compensation targets. These adjusted financial measures are not required by, or calculated in accordance with, GAAP and may not be calculated the same as similarly titled measures used by other companies. These adjusted financial measures should thus be considered as supplemental in nature and not considered in isolation or as a substitute for the related financial information prepared in accordance with GAAP. We provide reconciliations of historical adjusted financial measures to corresponding GAAP measures in this release.

We use the equity method of accounting for our investments in ABI and Cronos and report our share of ABI’s and Cronos’s results using a one-quarter lag because ABI’s and Cronos’s results are not available in time for us to record them in the concurrent period. The one-quarter reporting lag for ABI and Cronos does not affect our cash flows.

Our reportable segments are (i) smokeable products, consisting of combustible cigarettes and machine-made large cigars, and (ii) oral tobacco products, consisting of MST and oral nicotine pouches. We have included results for NJOY, Horizon, Helix International and other business activities, which primarily consists of research and development expense related to certain new product platforms and technologies, in “All Other.” Comparisons are to the corresponding prior-year period unless otherwise stated.

Forward-Looking and Cautionary Statements

This release contains projections of future results and other forward-looking statements that are subject to a number of risks and uncertainties and are made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. Share repurchases depend on marketplace conditions and other factors. In addition, future dividend payments and share repurchases remain subject to the discretion of our Board of Directors.

Important factors that could cause actual results to differ materially from those contained in the forward-looking statements included in this release are described in our publicly filed reports, including our Annual Report on Form 10-K for the year ended December 31, 2025. These factors and risks include the following:

our inability to anticipate and respond to changes in adult nicotine consumer preferences and purchase behavior; our inability to compete effectively; the growth of the e-vapor category, including illicit disposable e-vapor products, which contributes to reductions in domestic cigarette consumption levels and shipment volume; the impact of illicit trade in nicotine products and the sale of products designed to avoid the regulatory framework for nicotine products, each of which contribute to reductions in the consumption levels and shipment volumes of our operating companies’ products; our failure to develop and commercialize innovative products, including nicotine products that may reduce health risks relative to other nicotine products and appeal to adult nicotine consumers; changes, including in macroeconomic and geopolitical conditions (including inflation, tariffs and the economic impacts of international armed conflicts), that result in shifts in adult nicotine consumer disposable income and purchasing behavior, including choosing lower-priced and discount brands or products, and reductions in shipment volumes; unfavorable outcomes with respect to litigation proceedings or any governmental investigations, including significant monetary and non-monetary remedies and importation bans; the risks associated with significant federal, state and local government actions, including U.S. Food and Drug Administration (FDA) regulatory actions and inaction, and various private sector actions; the risk that regulators, including the FDA, and courts may interpret laws, rules and regulations applicable to our operating companies’ products differently than we do; increases in nicotine product-related taxes; our failure to complete or manage successfully strategic relationships or transactions, including acquisitions, dispositions, joint ventures, commercial relationships and investments in third parties, or realize the anticipated benefits of such transactions; significant changes in price, availability or quality of tobacco, other raw materials or component parts, including as a result of changes in macroeconomic, geopolitical, climate and environmental conditions; our reliance on a few significant facilities and a small number of key suppliers, distributors and distribution chain service providers and the risks associated with an extended disruption at a facility or in service by a supplier, distributor or distribution chain service provider; the risk that we may be required to write down goodwill and intangible assets, including trademarks and other intellectual property, due to impairment; the risks associated with our Initiative, including risks relating to business continuity, our internal control over financial reporting and audit procedures and our ability to recognize the expected efficiencies; the risk that we could decide, or be required, to recall products; the various risks related to health epidemics and pandemics and the measures that international, federal, state and local governments, agencies, law enforcement and health authorities implement to address them; our inability to attract and retain a highly skilled workforce due to the decreasing social acceptance of tobacco usage, tobacco control actions and other factors; the compliance risks associated with our expanded international business activities and the related complexity of U.S. and foreign laws and regulations applicable to those activities; the risks concerning a challenge to our tax positions, an increase in the income tax rate or other changes to federal or state tax laws; the risks associated with legal and regulatory requirements related to climate change and other environmental sustainability matters; disruption and uncertainty in the credit and capital markets, including the risk of losing access to these markets; a downgrade or potential downgrade of our credit ratings; the impact of heightened focus by investors and other stakeholders on our performance relating to corporate responsibility matters; the failure of our, or our key service providers’ or key suppliers’, information systems to function as intended, or cyber-attacks or security breaches affecting us or our key service providers or key suppliers; our failure, or the failure of our key service providers or key suppliers, to comply with laws related to personal data protection, privacy, artificial intelligence and information security; the risk that the expected benefits of our investment in ABI may not materialize in the expected manner or timeframe or at all; and the risks associated with our investment in Cronos, including legal, regulatory and reputational risks and the risk that the expected benefits of the transaction may not materialize in the expected manner or timeframe or at all. You should understand that it is not possible to predict or identify all factors and risks. Consequently, you should not consider the foregoing list to be complete. We do not undertake to update any forward-looking statement that we may make from time to time except as required by applicable law. All subsequent written and oral forward-looking statements attributable to Altria or any person acting on our behalf are expressly qualified in their entirety by the cautionary statements referenced above.

Schedule 1

ALTRIA GROUP, INC.

and Subsidiaries

Consolidated Statements of Earnings

For the Quarters Ended September 30,

(dollars in millions, except per share data)

(Unaudited)

2026

2025

% Change

Net revenues

$

6,132

$

6,072

1.0

%

Cost of sales 1

1,500

1,439

Excise taxes on products 1

691

821

Gross profit

3,941

3,812

3.4

%

Marketing, administration and research costs

539

485

Exit costs

3

2

Operating companies income

3,399

3,325

2.2

%

Amortization of intangibles

21

38

General corporate expenses

65

57

Operating income

3,313

3,230

2.6

%

Interest and other debt expense, net

270

278

Net periodic benefit income, excluding service cost

(5

)

(16

)

(Income) losses from investments in equity securities 1

(242

)

(107

)

Earnings before income taxes

3,290

3,075

7.0

%

Provision for income taxes

776

700

Net earnings

2,514

2,375

5.9

%

Net losses attributable to noncontrolling interest

4

—

Net earnings attributable to Altria

$

2,518

$

2,375

6.0

%

Per share data:

Diluted earnings per share

$

1.51

$

1.41

7.1

%

Weighted-average diluted shares outstanding

1,669

1,680

(0.7

)%

1 Cost of sales includes charges for resolution expenses related to state settlement agreements and FDA user fees. Supplemental information concerning those items, excise taxes on products sold and (income) losses from investments in equity securities is shown in Schedule 5.

Schedule 2

ALTRIA GROUP, INC.

and Subsidiaries

Selected Financial Data

For the Quarters Ended September 30,

(dollars in millions)

(Unaudited)

Net Revenues

Smokeable
Products

Oral
Tobacco
Products

All Other

Total

2026

$

5,432

$

688

$

12

$

6,132

2025

5,387

689

(4

)

6,072

% Change

0.8

%

(0.1

)%

100%+

1.0

%

Reconciliation:

For the quarter ended September 30, 2025

$

5,387

$

689

$

(4

)

$

6,072

Operations

45

(1

)

16

60

For the quarter ended September 30, 2026

$

5,432

$

688

$

12

$

6,132

Operating Companies Income (Loss)

Smokeable
Products

Oral
Tobacco
Products

All Other

Total

2026

$

3,053

$

434

$

(88

)

$

3,399

2025

2,942

459

(76

)

3,325

% Change

3.8

%

(5.4

)%

(15.8

)%

2.2

%

Reconciliation:

For the quarter ended September 30, 2025

$

2,942

$

459

$

(76

)

$

3,325

NPM Adjustment Items - 2025

(2

)

—

—

(2

)

Asset impairment, exit and implementation costs - 2025

12

1

—

13

Tobacco and health and certain other litigation items - 2025

4

—

—

4

14

1

—

15

Asset impairment, exit and implementation costs - 2026

(3

)

(9

)

—

(12

)

Tobacco and health and certain other litigation items - 2026

(16

)

—

—

(16

)

(19

)

(9

)

—

(28

)

Operations

116

(17

)

(12

)

87

For the quarter ended September 30, 2026

$

3,053

$

434

$

(88

)

$

3,399

Schedule 3

ALTRIA GROUP, INC.

and Subsidiaries

Consolidated Statements of Earnings

For the Nine Months Ended September 30,

(dollars in millions, except per share data)

(Unaudited)

2026

2025

% Change

Net revenues

$

17,671

$

17,433

1.4

%

Cost of sales 1

4,288

4,149

Excise taxes on products 1

2,116

2,373

Gross profit

11,267

10,911

3.3

%

Marketing, administration and research costs

1,566

1,502

Exit costs

24

3

Impairment of goodwill

—

873

Operating companies income

9,677

8,533

13.4

%

Amortization of intangibles

67

112

General corporate expenses

205

173

Operating income

9,405

8,248

14.0

%

Interest and other debt expense, net

823

815

Net periodic benefit income, excluding service cost

(9

)

(45

)

(Income) losses from investments in equity securities 1

(487

)

(398

)

Earnings before income taxes

9,078

7,876

15.3

%

Provision for income taxes

2,083

2,046

Net earnings

6,995

5,830

20.0

%

Net losses attributable to noncontrolling interest

4

—

Net earnings attributable to Altria

$

6,999

$

5,830

20.1

%

Per share data 2:

Diluted earnings per share

$

4.18

$

3.45

21.2

%

Weighted-average diluted shares outstanding

1,671

1,685

(0.8

)%

1 Cost of sales includes charges for resolution expenses related to state settlement agreements and FDA user fees. Supplemental information concerning those items, excise taxes on products sold and (income) losses from investments in equity securities is shown in Schedule 5.

2 Diluted earnings per share are computed independently for each period. Accordingly, the sum of the quarterly earnings per share amounts may not agree to the year-to-date amounts.

Schedule 4

ALTRIA GROUP, INC.

and Subsidiaries

Selected Financial Data

For the Nine Months Ended September 30,

(dollars in millions)

(Unaudited)

Net Revenues

Smokeable
Products

Oral
Tobacco
Products

All Other

Total

2026

$

15,582

$

2,070

$

19

$

17,671

2025

15,366

2,096

(29

)

17,433

% Change

1.4

%

(1.2

)%

100%+

1.4

%

Reconciliation:

For the nine months ended September 30, 2025

$

15,366

$

2,096

$

(29

)

$

17,433

Acquisition-related items - 2025

—

—

42

42

Operations

216

(26

)

6

196

For the nine months ended September 30, 2026

$

15,582

$

2,070

$

19

$

17,671

Operating Companies Income (Loss)

Smokeable
Products

Oral
Tobacco
Products

All Other

Total

2026

$

8,668

$

1,250

$

(241

)

$

9,677

2025

8,341

1,390

(1,198

)

8,533

% Change

3.9

%

(10.1

)%

79.9

%

13.4

%

Reconciliation:

For the nine months ended September 30, 2025

$

8,341

$

1,390

$

(1,198

)

$

8,533

NPM Adjustment Items - 2025

(2

)

—

—

(2

)

Acquisition-related items - 2025

—

—

86

86

Asset impairment, exit and implementation costs - 2025

38

5

873

916

Tobacco and health and certain other litigation items - 2025

44

—

—

44

80

5

959

1,044

NPM Adjustment Items - 2026

4

—

—

4

Asset impairment, exit and implementation costs - 2026

(17

)

(89

)

—

(106

)

Tobacco and health and certain other litigation items - 2026

(85

)

—

—

(85

)

(98

)

(89

)

—

(187

)

Operations

345

(56

)

(2

)

287

For the nine months ended September 30, 2026

$

8,668

$

1,250

$

(241

)

$

9,677

Schedule 5

ALTRIA GROUP, INC.

and Subsidiaries

Supplemental Financial Data

(dollars in millions)

(Unaudited)

For the Quarters
Ended September 30,

For the Nine Months
Ended
September 30,

2026

2025

2026

2025

The segment detail of excise taxes on products sold is as follows:

Smokeable products

$

670

$

797

$

2,050

$

2,299

Oral tobacco products

21

24

66

74

$

691

$

821

$

2,116

$

2,373

The segment detail of charges for resolution expenses related to state settlement agreements included in cost of sales is as follows:

Smokeable products

$

775

$

792

$

2,228

$

2,278

$

775

$

792

$

2,228

$

2,278

The segment detail of FDA user fees included in cost of sales is as follows:

Smokeable products

$

60

$

64

$

187

$

184

Oral tobacco products

1

2

4

4

$

61

$

66

$

191

$

188

The detail of (income) losses from investments in equity securities is as follows:

ABI

$

(228

)

$

(123

)

$

(468

)

$

(396

)

Cronos

(14

)

16

(19

)

(2

)

$

(242

)

$

(107

)

$

(487

)

$

(398

)

Schedule 6

ALTRIA GROUP, INC.

and Subsidiaries

Net Earnings Attributable to Altria Group, Inc. and Diluted Earnings Per Share

For the Quarters Ended September 30,

(dollars in millions, except per share data)

(Unaudited)

Net Earnings
Attributable to
Altria

Diluted EPS

2026

$

2,518

$

1.51

2025

$

2,375

$

1.41

% Change

6.0

%

7.1

%

Reconciliation:

2025

$

2,375

$

1.41

2025 NPM Adjustment Items

(2

)

—

2025 Acquisition-related items

3

—

2025 Asset impairment, exit and implementation costs

10

—

2025 Tobacco and health and certain other litigation items

3

—

2025 Amortization of intangibles

30

0.02

2025 ABI-related special items

27

0.02

2025 Cronos-related special items

18

0.01

2025 Income tax items

(20

)

(0.01

)

Subtotal 2025 special items

69

0.04

2026 Asset impairment, exit and implementation costs

(8

)

—

2026 Tobacco and health and certain other litigation items

(17

)

(0.01

)

2026 Amortization of intangibles

(18

)

(0.01

)

2026 ABI-related special items

27

0.02

2026 Cronos-related special items

6

—

2026 Income tax items

(19

)

(0.01

)

Subtotal 2026 special items

(29

)

(0.01

)

Fewer shares outstanding

—

0.01

Change in tax rate

6

—

Operations

97

0.06

2026

$

2,518

$

1.51

Schedule 7

ALTRIA GROUP, INC.

and Subsidiaries

Reconciliation of GAAP and non-GAAP Measures

For the Quarters Ended September 30,

(dollars in millions, except per share data)

(Unaudited)

Earnings
before
Income Taxes

Provision
for Income
Taxes

Net Earnings
Attributable to
Altria

Diluted
EPS

2026 Reported

$

3,290

$

776

$

2,518

$

1.51

Acquisition-related items

(1

)

(1

)

—

—

Asset impairment, exit and implementation costs

12

4

8

—

Tobacco and health and certain other litigation items

23

6

17

0.01

Amortization of intangibles

21

3

18

0.01

ABI-related special items

(37

)

(10

)

(27

)

(0.02

)

Cronos-related special items

(7

)

(1

)

(6

)

—

Income tax items

—

(19

)

19

0.01

2026 Adjusted for Special Items

$

3,301

$

758

$

2,547

$

1.52

2025 Reported

$

3,075

$

700

$

2,375

$

1.41

NPM Adjustment Items

(2

)

—

(2

)

—

Acquisition-related items

1

(2

)

3

—

Asset impairment, exit and implementation costs

13

3

10

—

Tobacco and health and certain other litigation items

3

—

3

—

Amortization of intangibles

38

8

30

0.02

ABI-related special items

34

7

27

0.02

Cronos-related special items

18

—

18

0.01

Income tax items

—

20

(20

)

(0.01

)

2025 Adjusted for Special Items

$

3,180

$

736

$

2,444

$

1.45

2026 Reported Net Earnings Attributable to Altria and Reported Diluted EPS

$

2,518

$

1.51

2025 Reported Net Earnings Attributable to Altria and Reported Diluted EPS

$

2,375

$

1.41

% Change

6.0

%

7.1

%

2026 Adjusted Net Earnings Attributable to Altria and Adjusted Diluted EPS

$

2,547

$

1.52

2025 Adjusted Net Earnings Attributable to Altria and Adjusted Diluted EPS

$

2,444

$

1.45

% Change

4.2

%

4.8

%

Reported 1

Adjusted 2

2026 Effective Tax Rate

23.6

%

23.0

%

2025 Effective Tax Rate

22.8

%

23.1

%

Change

0.8

pp

(0.1)

pp

1 Reported effective tax rate is calculated as reported provision for income taxes divided by reported earnings before income taxes provided above.

2 Adjusted effective tax rate is calculated as provision for income taxes adjusted for special items divided by earnings before income taxes adjusted for special items provided above.

Schedule 8

ALTRIA GROUP, INC.

and Subsidiaries

Net Earnings Attributable to Altria Group, Inc. and Diluted Earnings Per Share

For the Nine Months Ended September 30,

(dollars in millions, except per share data)

(Unaudited)

Net Earnings
Attributable to
Altria

Diluted EPS1

2026

$

6,999

$

4.18

2025

$

5,830

$

3.45

% Change

20.1

%

21.2

%

Reconciliation:

2025

$

5,830

$

3.45

2025 NPM Adjustment Items

(2

)

—

2025 Acquisition-related items

80

0.05

2025 Asset impairment, exit and implementation costs

906

0.53

2025 Tobacco and health and certain other litigation items

37

0.02

2025 Amortization of intangibles

92

0.05

2025 ABI-related special items

28

0.02

2025 Cronos-related special items

2

—

2025 Income tax items

(7

)

—

Subtotal 2025 special items

1,136

0.67

2026 NPM Adjustment Items

9

—

2026 Acquisition-related items

(10

)

—

2026 Asset impairment, exit and implementation costs

(80

)

(0.05

)

2026 Tobacco and health and certain other litigation items

(91

)

(0.05

)

2026 Amortization of intangibles

(60

)

(0.04

)

2026 ABI-related special items

(33

)

(0.02

)

2026 Cronos-related special items

8

—

2026 Income tax items

11

0.01

Subtotal 2026 special items

(246

)

(0.15

)

Fewer shares outstanding

—

0.04

Change in tax rate

29

0.02

Operations

250

0.15

2026

$

6,999

$

4.18

1 Diluted earnings per share are computed independently for each period. Accordingly, the sum of the quarterly earnings per share amounts may not agree to the year-to-date amounts.

Schedule 9

ALTRIA GROUP, INC.

and Subsidiaries

Reconciliation of GAAP and non-GAAP Measures

For the Nine Months Ended September 30,

(dollars in millions, except per share data)

(Unaudited)

Earnings
before
Income Taxes

Provision
for Income
Taxes

Net Earnings
Attributable
to Altria

Diluted
EPS 1

2026 Reported

$

9,078

$

2,083

$

6,999

$

4.18

NPM Adjustment Items

(11

)

(2

)

(9

)

—

Acquisition-related items

13

3

10

—

Asset impairment, exit and implementation costs

106

26

80

0.05

Tobacco and health and certain other litigation items

120

29

91

0.05

Amortization of intangibles

67

7

60

0.04

ABI-related special items

41

8

33

0.02

Cronos-related special items

(9

)

(1

)

(8

)

—

Income tax items

—

11

(11

)

(0.01

)

2026 Adjusted for Special Items

$

9,405

$

2,164

$

7,245

$

4.33

2025 Reported

$

7,876

$

2,046

$

5,830

$

3.45

NPM Adjustment Items

(2

)

—

(2

)

—

Acquisition-related items

96

16

80

0.05

Asset impairment, exit and implementation costs

916

10

906

0.53

Tobacco and health and certain other litigation items

48

11

37

0.02

Amortization of intangibles

112

20

92

0.05

ABI-related special items

36

8

28

0.02

Cronos-related special items

2

—

2

—

Income tax items

—

7

(7

)

—

2025 Adjusted for Special Items

$

9,084

$

2,118

$

6,966

$

4.12

2026 Reported Net Earnings Attributable to Altria and Reported Diluted EPS

$

6,999

$

4.18

2025 Reported Net Earnings Attributable to Altria and Reported Diluted EPS

$

5,830

$

3.45

% Change

20.1

%

21.2

%

2026 Adjusted Net Earnings Attributable to Altria and Adjusted Diluted EPS

$

7,245

$

4.33

2025 Adjusted Net Earnings Attributable to Altria and Adjusted Diluted EPS

$

6,966

$

4.12

% Change

4.0

%

5.1

%

Reported 2

Adjusted 3

2026 Effective Tax Rate

22.9

%

23.0

%

2025 Effective Tax Rate

26.0

%

23.3

%

Change

(3.1)

pp

(0.3)

pp

1 Diluted earnings per share are computed independently for each period. Accordingly, the sum of the quarterly earnings per share amounts may not agree to the year-to-date amounts.

2 Reported effective tax rate is calculated as reported provision for income taxes divided by reported earnings before income taxes provided above.

3 Adjusted effective tax rate is calculated as provision for income taxes adjusted for special items divided by earnings before income taxes adjusted for special items provided above.

Schedule 10

ALTRIA GROUP, INC.

and Subsidiaries

Reconciliation of GAAP and non-GAAP Measures

For the Year Ended December 31, 2025

(dollars in millions, except per share data)

(Unaudited)

Earnings
before
Income Taxes

Provision
for Income
Taxes

Net Earnings
Attributable to
Altria

Diluted
EPS

2025 Reported

$

9,389

$

2,442

$

6,947

$

4.12

NPM Adjustment Items

(20

)

(5

)

(15

)

(0.01

)

Acquisition-related items

76

10

66

0.04

Asset impairment, exit and implementation costs

2,184

263

1,921

1.14

Tobacco and health and certain other litigation items

58

14

44

0.03

Amortization of intangibles

132

22

110

0.06

ABI-related special items

95

20

75

0.04

Cronos-related special items

(5

)

—

(5

)

—

Income tax items

—

(5

)

5

—

2025 Adjusted for Special Items

$

11,909

$

2,761

$

9,148

$

5.42

Schedule 11

ALTRIA GROUP, INC.

and Subsidiaries

Condensed Consolidated Balance Sheets

(dollars in millions)

(Unaudited)

September 30, 2026

December 31, 2025

Assets

Cash and cash equivalents

$

2,697

$

4,474

Inventories

1,084

1,070

Other current assets

1,017

388

Property, plant and equipment, net

1,669

1,710

Goodwill and other intangible assets, net

17,616

17,663

Investments in equity securities

9,326

8,617

Other long-term assets

1,069

1,095

Total assets

$

34,478

$

35,017

Liabilities and Stockholders’ Equity (Deficit)

Current portion of long-term debt

$

1,175

$

1,569

Accrued settlement charges

1,942

2,178

Other current liabilities

5,173

5,407

Long-term debt

22,886

24,140

Deferred income taxes

3,577

3,370

Accrued pension costs

116

122

Accrued postretirement health care costs

942

939

Other long-term liabilities

840

744

Total liabilities

36,651

38,469

Total stockholders’ equity (deficit) attributable to Altria

(2,225

)

(3,502

)

Noncontrolling interest

52

50

Total liabilities and stockholders’ equity (deficit)

$

34,478

$

35,017

Total debt

$

24,061

$

25,709

Schedule 12

ALTRIA GROUP, INC.

and Subsidiaries

Supplemental Financial Data for Special Items

For the Quarters Ended September 30,

(dollars in millions)

(Unaudited)

Cost of
Sales

Marketing,
administration
and research costs

Exit costs

Amortization
of intangibles

General
corporate
expenses

Interest and
other debt
(income) expense, net

(Income)
losses from
investments
in equity
securities

2026 Special Items - (Income) Expense

Acquisition-related items

$

—

$

—

$

—

$

—

$

(1

)

$

—

$

—

Asset impairment, exit and implementation costs

7

2

3

—

—

—

—

Tobacco and health and certain other litigation items

—

16

—

—

—

7

—

Amortization of intangibles

—

—

—

21

—

—

—

ABI-related special items

—

—

—

—

—

—

(37

)

Cronos-related special items

—

—

—

—

—

—

(7

)

2025 Special Items - (Income) Expense

NPM Adjustment Items

$

(2

)

$

—

$

—

$

—

$

—

$

—

$

—

Acquisition-related items

—

—

—

—

1

—

—

Asset impairment, exit and implementation costs

—

11

2

—

—

—

—

Tobacco and health and certain other litigation items

—

4

—

—

(1

)

—

—

Amortization of intangibles

—

—

—

38

—

—

—

ABI-related special items

—

—

—

—

—

—

34

Cronos-related special items

—

—

—

—

—

—

18

Note: This schedule is intended to provide supplemental financial data for certain income and expense items that management believes are not part of underlying operations and their presentation in Altria’s consolidated statements of earnings. This schedule is not intended to provide, or reconcile, non-GAAP financial measures.

Schedule 13

ALTRIA GROUP, INC.

and Subsidiaries

Supplemental Financial Data for Special Items

For the Nine Months Ended September 30,

(dollars in millions)

(Unaudited)

Net
Revenues

Cost of
Sales

Marketing,
administration
and research
costs

Exit costs

Impairment
of goodwill

Amortization
of intangibles

General
corporate
expenses

Interest and
other
debt
(income)
expense, net

(Income)
losses from
investments
in equity
securities

2026 Special Items - (Income) Expense

NPM Adjustment Items

$

—

$

(4

)

$

—

$

—

$

—

$

—

$

—

$

(7

)

$

—

Acquisition-related items

—

—

—

—

—

—

13

—

—

Asset impairment, exit and implementation costs

—

66

16

24

—

—

—

—

—

Tobacco and health and certain other litigation items

—

—

85

—

—

—

4

31

—

Amortization of intangibles

—

—

—

—

—

67

—

—

—

ABI-related special items

—

—

—

—

—

—

—

—

41

Cronos-related special items

—

—

—

—

—

—

—

—

(9

)

2025 Special Items - (Income) Expense

NPM Adjustment Items

$

—

$

(2

)

$

—

$

—

$

—

$

—

$

—

$

—

$

—

Acquisition-related items

42

44

—

—

—

—

10

—

—

Asset impairment, exit and implementation costs

—

—

40

3

873

—

—

—

—

Tobacco and health and certain other litigation items

—

—

44

—

—

—

—

4

—

Amortization of intangibles

—

—

—

—

—

112

—

—

—

ABI-related special items

—

—

—

—

—

—

(1

)

—

37

Cronos-related special items

—

—

—

—

—

—

—

—

2

Note: This schedule is intended to provide supplemental financial data for certain income and expense items that management believes are not part of underlying operations and their presentation in Altria’s consolidated statements of earnings. This schedule is not intended to provide, or reconcile, non-GAAP financial measures.

SEATTLE--(BUSINESS WIRE)--Starbucks Corporation (Nasdaq: SBUX) today reported financial results for its 13-week fiscal fourth quarter and 52-week fiscal year ended September 27, 2026. GAAP results in fiscal 2026 and fiscal 2025 include items that are excluded from non-GAAP results. Please refer to the reconciliation of GAAP measures to non-GAAP measures at the end of this release for more information. Q4 Fiscal Year 2026 Highlights Global comparable coffeehouse sales increased 7.2%, primarily d.

Intel Corporation (INTC) Q3 2026 Earnings Call October 29, 2026 5:00 PM EDT

Company Participants

John Pitzer - Corporate Vice President of Corporate Planning & Investor Relations
Lip-Bu Tan - CEO & Director
David Zinsner - Executive VP, CFO and Principal Financial & Accounting Officer

Conference Call Participants

Timothy Arcuri - UBS Investment Bank, Research Division
Benjamin Reitzes - Melius Research LLC
Joseph Moore - Morgan Stanley, Research Division
Stacy Rasgon - Bernstein Institutional Services LLC, Research Division
Vivek Arya - BofA Securities, Research Division
Harlan Sur - JPMorgan Chase & Co, Research Division
Christopher Muse - Cantor Fitzgerald & Co., Research Division

Presentation

Operator

Thank you for standing by, and welcome to the Intel Corporation's Third Quarter 2026 Earnings Conference Call. [Operator Instructions] As a reminder, today's program is being recorded.

And now I'd like to introduce your host for today's program, Mr. John Pitzer, Corporate Vice President of Investor Relations. Please go ahead, sir.

John Pitzer
Corporate Vice President of Corporate Planning & Investor Relations

Thank you, Jonathan, and good afternoon to everyone joining us today. By now, you should have received a copy of the Q3 earnings release and presentation. Both are available on our Investor Relations website, intc.com. For those joining us online today, the presentation is also available in our webcast window.

I'm joined today by our CEO, Lip-Bu Tan; and our CFO, Dave Zinsner. Lip-Bu will open on comments on third quarter results and progress on our strategic priorities. Dave will then discuss overall financial results, including fourth quarter guidance, before we transition to answer your questions.

Before we begin, please note that today's presentation does contain forward-looking statements based on the environment as we currently see it. As such, they are subject to various risks and uncertainties. It also contains references to non-GAAP financial measures that we believe provide useful information to our

NEW YORK--(BUSINESS WIRE)--Today, American Express introduced a new way for eligible U.S. Consumer and Business Cash Back Card Members to redeem rewards for a deposit into eligible American Express bank accounts, creating a more integrated experience across their Card and banking products and giving customers more options in how to redeem the rewards they earn. U.S. Consumer Cash Back Card Members can now redeem Reward Dollars for a deposit directly into an American Express® High Yield Savings.

The GBP/USD pair trades in positive territory around 1.3380 during the early European trading hours on Friday. The British Pound (GBP) strengthens against the US Dollar (USD), while markets digest the UK Autumn Budget and look ahead to upcoming Bank of England (BoE) decisions.

The United Kingdom (UK) set out a target date for defense spending to rise to 3% of Gross Domestic Product (GDP), as the Finance Minister John Healey announced billions in aid for Ukraine in a “clear message to Moscow.” Healey on Wednesday set a target date of 2030 for the 3% figure while reaffirming its NATO commitment to reach 3.5% by 2035.

Data released by the Commerce Department’s Bureau of Economic Analysis on Thursday showed that the US Personal Consumption Expenditures (PCE) Price Index climbed 0.5% in September, versus a 0.3% rise prior. This figure came in line with market expectations.

The Federal Open Market Committee (FOMC) voted 10-2 to hold its benchmark federal funds rate steady in a range of 3.75% to 4% at its October policy meeting on Wednesday. Federal Reserve (Fed) officials said they hoped incoming data would help inform their next decision.

Markets are now pricing in ‌about 74.9% odds of a US rate hike in December, according to the CME FedWatch tool. Higher interest rates increase the opportunity cost of holding non-yielding gold.

UK budget seen as neutral for Pound and gilts as modest fiscal drag leaves BoE path intactAnalysts at Brown Brothers Harriman judge that the UK October 2026 Budget is “neutral for GBP and gilts,” noting that the government has “modestly increased fiscal tightening but plans to issue slightly more debt.” They highlight that the “cyclically adjusted primary balance, which excludes interest costs and adjusts for the economic cycle, is projected to improve from a deficit of -0.3% of GDP in 2026/27 to a surplus of +0.5% in 2027/28.” This shift implies “a fiscal drag of 0.8% of GDP, up from 0.6% projected in March,” but BBH cautions that “the additional fiscal restraint is probably too modest to materially curb the nearly 125bps of BoE rate hikes implied over the next twelve months.” On the funding side, they note that “£250.6 billion of total gilt sales are planned for 2026/27,” which is “roughly in line with expectations (around £249.6bn) and up £4.4bn from the £246.2bn planned in April.”

Greene flags stalled wage disinflation, keeping GBP rate-cut hopes in checkGreene’s 7.4/10 FXS Speechtracker score matches the historic average, signaling a steady but firmly hawkish stance rather than an escalation. Emphasis that wage disinflation has stalled above levels consistent with 2% inflation, alongside stronger-than-expected economic resilience and a possible peak in labor market slack, reinforces caution on loosening policy and supports GBP on the margins.

The call to “proactively lean against” second-round inflation effects, and the admission that these risks are greater than previously thought, underline resistance to near-term rate cuts. Forward-looking data pointing to pay growth closer to 3.5% backs the view that inflation pressures remain sticky, keeping the Bank of England biased toward a higher-for-longer stance that limits downside for GBP.

Technical Analysis: GBP/USD retains a bearish tone in the near termIn the daily chart, GBP/USD holds just beneath the 100-day simple moving average (SMA), which caps the topside and keeps the near-term bias cautiously bearish. Price remains above the 20-day Bollinger middle band, suggesting underlying demand on dips, while the Relative Strength Index (RSI) at 55.9 points to steady but moderate bullish momentum that has yet to overcome the immediate overhead supply.

On the topside, initial resistance level aligns in the 1.3390-1.3400 zone, representing the 100-day SMA and the psychological level. A decisive break above this level could pave the way to the upper boundary of Bollinger band near 1.3435, where a sustained break would be needed to ease downside pressure.

On the downside, the 20-day Bollinger middle band at 1.3300 acts as first support ahead of the October 27 low of 1.3272. The next contention level is located at the lower limit of Bollinger band near 1.3165, where a deeper slide would expose a more pronounced corrective phase.

(The technical analysis of this story was written with the help of an AI tool. Know more.)

Pound Sterling FAQs

The Pound Sterling (GBP) is the oldest currency in the world (886 AD) and the official currency of the United Kingdom. It is the fourth most traded unit for foreign exchange (FX) in the world, accounting for 12% of all transactions, averaging $630 billion a day, according to 2022 data.
Its key trading pairs are GBP/USD, also known as ‘Cable’, which accounts for 11% of FX, GBP/JPY, or the ‘Dragon’ as it is known by traders (3%), and EUR/GBP (2%). The Pound Sterling is issued by the Bank of England (BoE).

The single most important factor influencing the value of the Pound Sterling is monetary policy decided by the Bank of England. The BoE bases its decisions on whether it has achieved its primary goal of “price stability” – a steady inflation rate of around 2%. Its primary tool for achieving this is the adjustment of interest rates.
When inflation is too high, the BoE will try to rein it in by raising interest rates, making it more expensive for people and businesses to access credit. This is generally positive for GBP, as higher interest rates make the UK a more attractive place for global investors to park their money.
When inflation falls too low it is a sign economic growth is slowing. In this scenario, the BoE will consider lowering interest rates to cheapen credit so businesses will borrow more to invest in growth-generating projects.

Data releases gauge the health of the economy and can impact the value of the Pound Sterling. Indicators such as GDP, Manufacturing and Services PMIs, and employment can all influence the direction of the GBP.
A strong economy is good for Sterling. Not only does it attract more foreign investment but it may encourage the BoE to put up interest rates, which will directly strengthen GBP. Otherwise, if economic data is weak, the Pound Sterling is likely to fall.

Another significant data release for the Pound Sterling is the Trade Balance. This indicator measures the difference between what a country earns from its exports and what it spends on imports over a given period.
If a country produces highly sought-after exports, its currency will benefit purely from the extra demand created from foreign buyers seeking to purchase these goods. Therefore, a positive net Trade Balance strengthens a currency and vice versa for a negative balance.

ATLANTA--(BUSINESS WIRE)--Healthcare organizations have expanded digital payment options for patients, but the systems behind those transactions are not delivering the same gains in financial performance, according to a new survey released today by Elavon, a wholly owned subsidiary of U.S. Bank (NYSE: USB). Elavon's payment technology and expertise are a key part of U.S. Bank's broader commitment to helping healthcare organizations modernize financial operations and deliver more connected payme.

First Solar's advantage goes beyond tariffs and tax credits. Its CdTe process is hard to replicate at scale, and its non-Chinese supply chain keeps getting more valuable. Recent U.S. bookings near $0.36/W suggest pricing is holding up, and the Section 232 import measures starting December 4 should strengthen its position. Section 45X credits make up most of today's profit, but FSLR operated profitably before the Inflation Reduction Act and continues to demonstrate unsubsidized manufacturing profitability in India.

SEATTLE--(BUSINESS WIRE)---- $Z #classaction--Investor-rights attorneys at Hagens Berman announces a $212.5 million settlement reached with Zillow on behalf of investors.

Treasury Yields Hit a 19-Year High—These 2 Bond ETFs Offer Monthly IncomeAnheuser-Busch InBev SA/NV NYSE: BUD reported third-quarter revenue growth of 4.9% and a 22% increase in underlying earnings per share, supported by pricing, premiumization and continued investment in brands and digital capabilities.

The brewer said total volumes rose 0.4% during the quarter, marking its third consecutive quarter of volume growth. Beer volumes were roughly flat, as growth in two-thirds of its markets was offset by a difficult operating environment in China. Soft-drink volumes contributed to overall volume growth. Revenue per hectoliter increased 4.2%, while EBITDA rose 3.9% and margins remained broadly flat.

Get BUD alerts:

The World Cup Is Coming—These 3 Stocks Could Cash InUnderlying EPS reached $1.21, up 22.4% on a reported dollar basis and 13.9% on a constant-currency basis, according to CFO Fernando Tennenbaum. The company also announced an interim dividend of €0.40 per share, compared with €0.15 per share a year earlier.

Brand investment and category expansion Management said the company increased sales and marketing investment during the quarter to support its major brand platforms and future growth plans. Over the past 12 months, Anheuser-Busch InBev invested $8.1 billion in sales and marketing, Tennenbaum said.

Before the IPO: 4 Companies That Rewarded Investors Who Got In EarlyIts mega brands generated 7.7% net revenue growth in the quarter. Corona revenue increased 20% outside Mexico, while Corona volumes rose by double digits in 37 markets. Management also highlighted partnerships with Live Nation and Netflix as part of its effort to put its brands at the center of consumer entertainment and cultural events.

Non-alcohol beer was another source of growth, with revenue up 35%, led by Corona Zero and Michelob ULTRA Zero. Michel said the company estimates about 60% of non-alcohol beer volume comes from new occasions and consumers, making the category an opportunity for incremental growth.

Michelob ULTRA continued its international expansion, particularly across the Americas. Michel said 60% of the brand’s global growth in the third quarter came from outside the United States. The company views the low-calorie, low-carb and lower-sugar segment as a global consumer trend and said the brand is positioned as core-plus or premium outside the U.S.

Regional results were mixed In North America, the company said it gained share in beer and Beyond Beer and has gained share of total alcohol for 10 consecutive quarters. Michelob ULTRA and Busch Light were the industry’s top two volume share gainers, while Beyond Beer revenue grew by the low teens, led by Cutwater and NÜTRL.

Mexico posted mid-single-digit volume growth and double-digit bottom-line growth, helped by market-share gains and margin expansion. Colombia delivered double-digit top- and bottom-line growth on record third-quarter volumes, while Brazil recorded mid-single-digit top- and bottom-line growth. In Brazil, the premium and super-premium beer portfolio delivered high-teens volume growth.

European volumes were flat, though the company estimated it gained or maintained share in most key markets. South Africa recorded its highest-ever third-quarter volumes, with premium beer volumes growing by the mid-thirties percentage range, according to management.

China remained the company’s most significant challenge. Revenue and volumes there declined 16.8% as the company underperformed a weak industry. Michel said the beer industry in the company’s footprint declined by more than 10%, affected by unusually poor summer weather and ongoing weakness in on-premise consumption. He said the company had made progress in its in-home market-share trend, O2O channel growth and investments behind core-plus and super-premium brands.

Management said it aims to end the year with normal inventories in China after reducing channel inventory during the downturn.

Digital platforms and capital allocation The company’s BEES business-to-business platform processed $15.9 billion in gross merchandise value during the third quarter, up 12% from a year earlier. GMV from third-party products rose 45% to $1.4 billion. Its direct-to-consumer digital platforms served 13 million consumers and generated $158 million in revenue, while the company’s D2C marketplace reached annualized GMV of $200 million.

Tennenbaum said the company’s balance sheet has provided greater capital-allocation flexibility. He noted that 98% of debt is fixed-rate, with an average coupon of about 4%, and said the company has no relevant refinancing needs. The brewer has repurchased $2.6 billion of stock under its previously announced 24-month, $6 billion share-repurchase program.

Looking ahead, management reaffirmed confidence in delivering its 2026 outlook but did not provide 2027 guidance. Tennenbaum said current commodity-market conditions point to a more normal cost environment next year, subject to completion of the company’s hedging program.

About Anheuser-Busch InBev SA/NV (NYSE:BUD)Anheuser-Busch InBev SA/NV is a global beverage company headquartered in Leuven, Belgium, and one of the world's largest brewers. The company produces, markets and distributes beer and other alcoholic and nonalcoholic beverages through a portfolio of international, regional and local brands.

Its brand portfolio includes Budweiser, Bud Light, Corona, Stella Artois, Michelob ULTRA, Beck's, Hoegaarden and Leffe. AB InBev also offers a range of zero-alcohol and other beverage products, while its operations include brewing, packaging, sales and distribution.

The company was formed through the combination of Belgium's Interbrew and Brazil's AmBev in 2004.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected].

Should You Invest $1,000 in Anheuser-Busch InBev SA/NV Right Now?Before you consider Anheuser-Busch InBev SA/NV, you'll want to hear this.

MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Anheuser-Busch InBev SA/NV wasn't on the list.

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General Dynamics Corporation (NYSE:GD) will release earnings for its third quarter before the opening bell on Friday, Oct. 30.

Analysts expect the Reston, Virginia-based company to report quarterly earnings of $4.13 per share, compared to $3.88 per share in the year-ago period. The consensus estimate for GD’s quarterly revenue is $13.73 billion. It reported $12.91 billion last year, according to Benzinga Pro.

On Oct. 23, General Dynamics announced that Amy Johnson has been appointed as president of GDIT.

General Dynamics shares rose 4.7% to close at $370.82 on Thursday.

Benzinga readers can access the latest analyst ratings on the Analyst Stock Ratings page. Readers can sort by stock ticker, company name, analyst firm, rating change or other variables.

Let’s have a look at how Benzinga’s most-accurate analysts have rated the company in the recent period.

RBC Capital analyst Ken Herbert maintained a Sector Perform rating and cut the price target from $410 to $360 on Oct. 15, 2026. This analyst has an accuracy rate of 71%. TD Cowen analyst Gautam Khanna maintained a Buy rating and slashed the price target from $420 to $380 on Oct. 9, 2026. This analyst has an accuracy rate of 64%. UBS analyst Gavin Parsons maintained a Neutral rating and raised the price target from $395 to $408 on Sept. 8, 2026. This analyst has an accuracy rate of 60%. Wells Fargo analyst David Strauss maintained an Overweight rating and boosted the price target from $400 to $440 on Aug. 4, 2026. This analyst has an accuracy rate of 73%. Susquehanna analyst Charles Minervino maintained a Positive rating and raised the price target from $420 to $455 on July 30, 2026. This analyst has an accuracy rate of 72%. Considering buying GD stock? Here’s what analysts think:

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© 2026 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Everywhere/SAN FRANCISCO--(BUSINESS WIRE)--Coinbase Global, Inc. (Nasdaq: COIN) today announced financial results for the third quarter ended September 30, 2026. Coinbase's financial results demonstrate consistent execution through a softer crypto market, including its fourth consecutive quarter of gains in Coinbase Crypto Trading Volume Market Share and record Average USDC Held in Coinbase Products and Paid Coinbase One Subscribers. Coinbase prediction markets surpassed $200 million in annuali.

Spotify's logo at the headquarters on Regeringsgatan in Stockholm, Sweden November 18, 2025. TT News Agency/Fredrik Sandberg/via REUTERS Purchase Licensing Rights, opens new tab

Oct 30 (Reuters) - Spotify (SPOT.N), opens new tab aims to launch an AI-powered music remix service in the first quarter ​of 2027, targeting a potential unveiling around ‌the Grammy Awards in February, the Financial Times reported on Friday, citing people familiar with the ​plans.

The Swedish audio-streaming giant is considering charging ​subscribers an additional $4 to $5 a month for ⁠the service, according to the FT report. Spotify ​did not immediately respond to a Reuters ​request for comment.

Sign up here.

Here are a few more details:

The service would let paying subscribers use AI to create their ​own versions of songs, such as transforming ​a folk song into a dance track or making ‌one ⁠artist appear to cover another's music, the FT report said

Under Spotify's plan, royalties from fan-created remixes would flow back to original artists, and ​plays would ​count towards ⁠the original songs in Spotify's charts, the newspaper said

Spotify has struck ​licensing deals with Universal Music Group (UMG.AS), opens new tab, independent ​label ⁠group Merlin and French music company Believe for the remix feature, the FT said

The company is still negotiating ⁠with ​Sony Music and Warner ​Music (WMG.O), opens new tab to implement the feature, according to the FT report

Reporting by ​Chandni Shah in Bengaluru; Editing by Jochelle Mendonca

Our Standards: The Thomson Reuters Trust Principles., opens new tab

AUSTIN, Texas--(BUSINESS WIRE)--CrowdStrike (NASDAQ: CRWD) today announced 70 partner sponsors will come together at the sold-out Fal.Con Europe 2026 to secure the AI era. Just two months after Fal.Con in Las Vegas, the strong showing from leading technology and cybersecurity companies underscores the momentum powering CrowdStrike's global partner ecosystem. Amazon Web Services (AWS), Horizon3, and Schwarz Digits anchor the lineup as Premier sponsors at an event bringing together 3,000 security.