Altria Group, Inc. (NYSE: MO) today reports our 2025 second-quarter and first-half business results and narrows our guidance for 2025 full-year adjusted diluted earnings per share (EPS).

“In the second quarter, we continued the pursuit of our Vision while maintaining our strong and profitable core businesses,” said Billy Gifford, Altria’s Chief Executive Officer. “In oral tobacco, on! delivered strong performance and was the substantial driver of the segment’s growth in the quarter. And we returned significant value to our loyal shareholders during the first-half of the year, with more than $4 billion delivered through dividends and share repurchases.”

“We are raising the lower-end of our 2025 full-year guidance and now expect to deliver adjusted diluted EPS in a range of $5.35 to $5.45. This range represents a growth rate of 3.0% to 5.0% from a base of $5.19 in 2024.”

Altria Headline Financials 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.
2 Prior period amounts have been recast to conform with current period presentation for amortization expense associated with definite-lived intangible assets that were not previously identified as special items and that are now excluded from Altria’s adjusted financial measures. For more information, see discussion below.
3 “EPS” represents diluted earnings per share.

As previously announced, a conference call with the investment community and news media will be webcast on July 30, 2025 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 second quarter, we repurchased 4.7 million shares at an average price of $58.63, for a total cost of $274 million.
• Through the first half, we repurchased 10.4 million shares at an average price of $57.71, for a total cost of $600 million.
• As of June 30, 2025, we had $400 million remaining under our currently authorized $1 billion share repurchase program, which we expect to complete by December 31, 2025. Share repurchases depend on marketplace conditions and other factors, and the program remains subject to the discretion of our Board of Directors (Board).

Dividends

• We paid dividends of $1.7 billion and $3.5 billion in the second quarter and first half, respectively. Future dividend payments remain subject to the discretion of our Board.

2025 Full-Year Guidance

We narrow our guidance for 2025 full-year adjusted diluted EPS to be in a range of $5.35 to $5.45, representing a growth rate of 3.0% to 5.0% from a base of $5.19 in 2024. We expect EPS growth to moderate as we lap the lower share count associated with the 2024 accelerated share repurchase program completion and the Master Settlement Agreement legal fund expiration benefit in the fourth quarter.

Our guidance contemplates the current estimated impact of increased tariffs on our costs, based on presently available information about tariffs. In addition, our guidance assumes limited impact on combustible and e-vapor product volumes from enforcement efforts against products that have evaded the regulatory process (illicit) and that ACE does not return to the marketplace this year. The guidance range also includes the reinvestment of anticipated cost savings related to our previously announced Optimize & Accelerate initiative (Initiative) and lower expected net periodic benefit income.

While our 2025 full-year adjusted EPS guidance accounts for a range of scenarios, the external environment remains dynamic. We will continue to monitor conditions related to (i) the economy, including the cumulative impact of inflation and increased tariffs, (ii) adult tobacco consumer (ATC) dynamics, including purchasing patterns and adoption of smoke-free products, (iii) illicit product enforcement and (iv) regulatory, litigation and legislative developments.

Our 2025 full-year adjusted diluted EPS guidance range includes planned investments in support of our Vision, such as (i) marketplace activities in support of our smoke-free products and (ii) continued smoke-free product research, development and regulatory preparation expenses. This guidance range excludes the per share impacts related to charges associated with our Initiative.

We continue to expect our 2025 full-year adjusted effective tax rate to be in a range of 23% to 24%, our 2025 capital expenditures to be between $175 million and $225 million and our 2025 depreciation and amortization expenses to be approximately $290 million.

Our full-year adjusted diluted EPS guidance range and full-year forecast for our adjusted effective tax rate exclude 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, restructuring charges, 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 of intangibles. Beginning in the first quarter of 2025, we changed our treatment of our amortization of intangibles, which was previously included in our adjusted results, including adjusted net earnings and adjusted diluted EPS, and now treat this expense as a special item and exclude it from our adjusted results. Net revenues generated from these definite-lived intangible assets during the periods presented, if applicable, are included in our adjusted financial measures. See Table 1 below for the income and expense items for the second quarter and first half of 2025.

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 or our effective tax rate 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 U.S. generally accepted accounting principles (GAAP) measure for, or reconciliation to, our adjusted diluted EPS guidance or our adjusted effective tax rate forecast.

ALTRIA GROUP, INC.

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

Financial Performance

Second Quarter

• Net revenues decreased 1.7% to $6.1 billion, primarily driven by lower net revenues in the smokeable products segment, partially offset by higher net revenues in the oral tobacco products segment. Revenues net of excise taxes increased 0.2% to $5.3 billion.
• Reported diluted EPS decreased 36.2% to $1.41, primarily driven by the 2024 gain on the sale of the IQOS Tobacco Heating System commercialization rights, partially offset by higher reported operating companies income (OCI), which includes the 2024 non-cash impairment of the Skoal trademark, a 2024 change in the fair value of contingent payments associated with the acquisition of NJOY and fewer shares outstanding.
• Adjusted diluted EPS increased 8.3% to $1.44, primarily driven by higher adjusted OCI and fewer shares outstanding.

First Half

• Net revenues decreased 3.6% to $11.4 billion, primarily driven by lower net revenues in the smokeable products segment. Revenues net of excise taxes decreased 1.9% to $9.8 billion.
• Reported diluted EPS decreased 40.2% to $2.04, primarily driven by the 2024 gain on the sale of the IQOS Tobacco Heating System commercialization rights, lower reported OCI (which includes the first quarter 2025 non-cash impairment of the e-vapor reporting unit goodwill and 2025 costs associated with the acquisition of NJOY, partially offset by the 2024 non-cash impairment of the Skoal trademark), unfavorable ABI-related special items and 2024 income tax items. These factors were partially offset by fewer shares outstanding, lower change in the fair value of contingent payments associated with the acquisition of NJOY and a lower adjusted tax rate.
• Adjusted diluted EPS increased 7.2% to $2.67, primarily driven by higher adjusted OCI, fewer shares outstanding and a lower adjusted tax rate, partially offset by lower income from our equity investment in ABI and higher financing costs.

1 Prior period amounts have been recast to conform with current period presentation for amortization expense associated with definite-lived intangible assets that were not previously identified as special items and that are now excluded from Altria’s adjusted financial measures. For further discussion of our special items, see the 2025 Full-Year Guidance section above.

Note: For details of pre-tax, tax and after-tax amounts, see Schedules 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 and Disposition-Related Items

In the first half of 2025, we recorded net pre-tax expense items of $95 million (or $0.05 per share), including $70 million related to the International Trade Commission’s (ITC) exclusion order and cease-and-desist orders prohibiting the importation and sale of NJOY ACE in the United States. The expenses related to the ITC orders were partially offset by insurance recoveries from insurance contracts associated with the acquisition of NJOY. Also included is a non-cash, pre-tax charge of $25 million related to a change in the fair value of the contingent payments associated with the acquisition of NJOY.

In the second quarter and first half of 2024, we recorded net pre-tax charges of $2.6 billion (or $1.09 per share), primarily related to a pre-tax gain of $2.7 billion upon the assignment of the IQOS Tobacco Heating System commercialization rights to Philip Morris International Inc. in April 2024, partially offset by a pre-tax charge related to a change in the fair value of the contingent payments associated with the acquisition of NJOY.

Asset Impairment, Exit and Implementation Costs

In the first half of 2025, we recorded pre-tax charges of $903 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. There was no income tax benefit associated with the impairment of the e-vapor reporting unit goodwill because the impairment is non-deductible for tax purposes.

In the second quarter and first half of 2024, we recorded a non-cash, pre-tax charge of $354 million (or $0.15 per share) for an impairment of the Skoal trademark.

Tobacco and Health and Certain Other Litigation Items

In the first half of 2025, we recorded pre-tax charges of $45 million (or $0.02 per share) for tobacco and health and certain other litigation items.

In the second quarter and first half of 2024, we recorded pre-tax charges of $44 million (or $0.02 per share) and $68 million (or $0.03 per share), respectively, for tobacco and health and certain other litigation items.

Amortization of Intangibles

In the second quarter and first half of 2025, we recorded pre-tax amortization expenses of definite-lived intangible assets of $37 million (or $0.02 per share) and $74 million (or $0.04 per share), respectively.

In the second quarter and first half of 2024, we recorded pre-tax amortization expenses of definite-lived intangible assets of $37 million (or $0.02 per share) and $64 million (or $0.03 per share), respectively.

ABI-Related Special Items

In the first half of 2024, ABI-related special items included net pre-tax income of $62 million (or $0.02 per share) primarily related to our pre-tax gain on the sale of a portion of our investment in ABI, partially offset by transaction costs.

The ABI-related special items included 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.

Income Tax Items

In the first half of 2024, we recorded income tax items of $52 million (or $0.03 per share), primarily due to an income tax benefit from the partial release of a valuation allowance on our losses related to our former investment in JUUL Labs, Inc., partially offset by interest expense on tax reserves recorded in prior years. The valuation allowance release was due to our capital gain in connection with the sale of a portion of our investment in ABI.

SMOKEABLE PRODUCTS

Revenues and OCI

Second Quarter

• Net revenues decreased 2.5%, primarily driven by lower shipment volume, partially offset by higher pricing. Revenues net of excise taxes decreased 0.4%.
• Reported OCI increased 4.4%, primarily driven by higher pricing, lower per unit settlement charges, lower costs and lower tobacco and health and certain other litigation items, partially offset by lower shipment volume and 2025 Initiative costs.
• Adjusted OCI increased 4.2%, primarily driven by higher pricing, lower per unit settlement charges and lower costs, partially offset by lower shipment volume. Adjusted OCI margins increased by 2.9 percentage points to 64.5%.

First Half

• Net revenues decreased 4.1%, primarily driven by lower shipment volume, partially offset by higher pricing. Revenues net of excise taxes decreased 2.1%.
• Reported OCI increased 2.9%, primarily driven by higher pricing, lower per unit settlement charges and lower costs, partially offset by lower shipment volume and 2025 Initiative costs.
• Adjusted OCI increased 3.5%, primarily driven by higher pricing, lower per unit settlement charges and lower costs, partially offset by lower shipment volume. Adjusted OCI margins increased by 3.5 percentage points to 64.5%.

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

Shipment Volume

Second Quarter

• Smokeable products segment reported domestic cigarette shipment volume decreased 10.2%, primarily driven by the industry’s decline rate (impacted by the continued growth of flavored disposable e-vapor products, the majority of which we believe have evaded the regulatory process, and discretionary income pressures on ATCs) and retail share losses.
• When adjusted for trade inventory movements, smokeable products segment domestic cigarette shipment volume decreased by an estimated 10.5%.
• When adjusted for trade inventory movements, total estimated domestic cigarette industry volume decreased by an estimated 8.5%.
• Reported cigar shipment volume increased 3.7%.

First Half

• Smokeable products segment reported domestic cigarette shipment volume decreased 11.9%, primarily driven by the industry’s decline rate (impacted by the continued growth of flavored disposable e-vapor products, the majority of which we believe have evaded the regulatory process, and discretionary income pressures on ATCs), retail share losses and calendar differences.
• When adjusted for calendar differences and trade inventory movements, smokeable products segment domestic cigarette shipment volume decreased by an estimated 11%.
• When adjusted for trade inventory movements, calendar differences and other factors, total estimated domestic cigarette industry volume decreased by an estimated 8.5%.
• Reported cigar shipment volume increased 0.6%.

Note: Cigarettes volume includes domestic units sold as well as promotional units but excludes units not considered domestic, which are not material to our smokeable products segment.

Retail Share and Brand Activity

Second Quarter

• Marlboro retail share of the total cigarette category was 41.0%, a decrease of 0.9 share points versus the prior year and unchanged sequentially. Marlboro share of the premium segment was 59.5%, an increase of 0.2 share points versus the prior year and sequentially.
• The cigarette industry discount retail share was 31.2%, an increase of 1.9 share points versus the prior year and 0.4 share points sequentially, primarily due to continued discretionary income pressures on ATCs.

First Half

• Marlboro retail share of the total cigarette category was 41.0%, a decrease of 1.0 share point. Marlboro share of the premium segment was 59.4%, an increase of 0.1 share point.
• The cigarette industry discount retail share was 31.0%, an increase of 1.8 share points, primarily due to continued discretionary income pressures on ATCs.

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

Second Quarter

• Net revenues increased 5.9%, primarily driven by higher pricing, partially offset by a higher percentage of on! shipment volume relative to MST versus the prior year (mix change) and lower shipment volume. Revenues net of excise taxes increased 6.0%.
• Reported OCI increased 100+%, primarily driven by the 2024 non-cash impairment of the Skoal trademark and higher pricing, partially offset by mix change and lower shipment volume.
• Adjusted OCI increased 10.9%, driven by higher pricing and lower costs, partially offset by mix change and lower shipment volume. Adjusted OCI margins increased 3.1 percentage points to 68.7%.

First Half

• Net revenues increased 3.3%, primarily driven by higher pricing, partially offset by lower shipment volume and mix change. Revenues net of excise taxes increased 3.4%.
• Reported OCI increased 75.0%, primarily driven by the 2024 non-cash impairment of the Skoal trademark and higher pricing, partially offset by lower shipment volume and mix change.
• Adjusted OCI increased 5.5%, driven by higher pricing and lower costs, partially offset by lower shipment volume and mix change. Adjusted OCI margins increased 1.4 percentage points to 68.9%.

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

Shipment Volume

Beginning in the first quarter of 2025, our estimated oral tobacco industry volume has been updated for the current and comparable periods to include synthetic oral nicotine pouch products.

Second Quarter

• Oral tobacco products segment reported domestic shipment volume decreased 1.0%,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 shipment volume decreased by an estimated 4%.

First Half

• Oral tobacco products segment reported domestic shipment volume decreased 2.9%,primarily driven by retail share losses, calendar differences and other factors, partially offset by the industry’s growth rate and trade inventory movements. When adjusted for calendar differences and trade inventory movements, oral tobacco products segment shipment volume decreased by an estimated 2.5%.
• Total oral industry volume increased by an estimated 11% for the six months ended June 30, 2025, primarily driven by growth in oral nicotine pouches, partially offset by declines in MST volumes.

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

Beginning in the first quarter of 2025, our reported oral tobacco products segment retail share performance data has been updated for the current and comparable periods to include synthetic oral nicotine pouch products.

Second Quarter

• Oral tobacco products segment retail share was 33.1%, as share declines for MST products were partially offset by oral nicotine pouch segment share growth.
• Total U.S. oral tobacco category share for on! nicotine pouches was 8.7%, an increase of 0.7 share points versus the prior year, and a decrease of 0.1 share point sequentially.
• The U.S. nicotine pouch category grew to 52.0% of the U.S. oral tobacco category, an increase of 10.0 share points versus the prior year. In addition, on!’sshare of the nicotine pouch category was 16.7%, a decrease of 2.3 share points versus the prior year.

First Half

• Oral tobacco products segment retail share was 33.9%, as share declines for MST products were partially offset by oral nicotine pouch segment share growth.
• Total U.S. oral tobacco category share for on! nicotine pouches was 8.7%, an increase of 1.2 share points versus the prior year.
• The U.S. nicotine pouch category grew to 50.6% of the U.S. oral tobacco category, an increase of 9.4 share points versus the prior year. In addition, on!’sshare of the nicotine pouch category was 17.3%, a decrease of 0.9 share points versus the prior year.

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 have a leading portfolio of tobacco products for U.S. tobacco consumers age 21+. 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). To achieve our Vision, we will pursue initiatives designed to promote the long-term welfare of our company, our stakeholders, society at large and the environment.

Our wholly owned subsidiaries include leading manufacturers of both combustible and smoke-free products. In combustibles, we own Philip Morris USA Inc. (PM USA), the most profitable U.S. cigarette manufacturer, and John Middleton Co. (Middleton), a leading U.S. cigar manufacturer. Our smoke-free portfolio includes ownership of U.S. Smokeless Tobacco Company LLC (USSTC), the leading global moist smokeless tobacco (MST) manufacturer, Helix Innovations LLC (Helix), a leading manufacturer of oral nicotine pouches, and NJOY, LLC (NJOY), an e-vapor manufacturer with products covered by marketing granted orders from the U.S. Food and Drug Administration (FDA).

Additionally, we have a majority-owned joint venture, Horizon Innovations LLC (Horizon), for the U.S. marketing and commercialization of heated tobacco stick products.

Our equity investments include Anheuser-Busch InBev SA/NV (ABI), the world’s largest brewer, and Cronos Group Inc. (Cronos), a leading Canadian cannabinoid company.

The brand portfolios of our operating companies include Marlboro®, Black & Mild®, Copenhagen®, Skoal®, on!® and NJOY®. Trademarks related to Altria referenced in this release are the property of Altria or our subsidiaries or are used with permission.

Learn more about Altria at www.altria.com and follow us on X (formerly known as Twitter), Facebook and LinkedIn.

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 “2025 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 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.

Important factors that may 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, 2024 and our Quarterly Report on Form 10-Q for the quarter ended March 31, 2025. These factors and risks include the following:

• our inability to anticipate and respond to changes in adult tobacco 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 tobacco products and the sale of products designed to avoid the regulatory framework for tobacco products, each of which contribute to reductions in the consumption levels and shipment volumes of our businesses’ products;
• our failure to develop and commercialize innovative products, including tobacco products that may reduce health risks relative to other tobacco products and appeal to adult tobacco consumers;
• changes, including in macroeconomic and geopolitical conditions (including inflation and tariffs), that result in shifts in adult tobacco 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 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 tobacco product-related taxes;
• our failure to complete or manage successfully strategic transactions, including acquisitions, dispositions, joint ventures 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, climate and geopolitical 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 Optimize & Accelerate initiative, including risks relating to business continuity, our internal control over financial reporting and audit procedures and our ability to recognize the expected savings;
• 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 risks associated with the various U.S. and foreign laws and regulations to which we are subject due to our international business operations;
• 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 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.