Can Altria Sustain EPS Gains as Revenues Decrease 1.7% Y/Y?

Altria (MO) achieved a 3.6% growth in adjusted EPS in Q3 2025, despite a 1.7% decline in revenues, driven by margin expansion in smokeable and oral tobacco segments, and share repurchases. The company's EPS growth was shaped by profitability and capital return dynamics rather than top-line expansion. Altria's shares have gained 4.4% in the past month and trade at a lower forward P/E ratio compared to its industry.