HQ lobby with chairs

2028 Enterprise Goals

Our 2028 Enterprise Goals offer more clarity on our aspirations to continue to lead in the U.S. tobacco space, maintain strong operating margins, generate earnings growth, steadily grow our dividend and maintain a strong balance sheet.

2028 Enterprise Goals

  Corporate

Financial Policy
& Capital Allocation

  • Deliver a mid-single digits adjusted diluted EPS* compounded annual growth rate in 2028 from a $4.87 base in 2022.
  • A progressive dividend goal targeting mid-single digits dividend per share growth annually** through 2028.
  • Target a debt-to-Consolidated EBITDA* ratio of approximately 2.0x.

Share of U.S.
Tobacco Space

  • Maintain our leadership position in the U.S. tobacco space.

Adjusted OCI
Margin

  • Maintain a total adjusted OCI margin* of at least 60% in each year through 2028 while investing behind innovative smoke-free products.

U.S. Smoke-free Products

U.S. Smoke-free
Volume and Revenue

Continued growth of the illicit e-vapor market and lack of enforcement have made the operating environment challenging for our businesses, which adhere to federal regulations. We believe this dynamic compromises our ability to achieve these goals, so we are reassessing them and anticipate providing updated smoke-free goals when we have more clarity on how the legitimate e-vapor market may evolve. In the meantime, we remain steadfast in our commitment to our Vision and to building a portfolio of FDA-authorized smoke-free products for adult smokers and adult tobacco consumers currently using smoke-free products.

Long-Term Growth

International
Innovative
Smoke-free

  • Compete internationally in the top innovative oral tobacco markets and develop a pathway to participate in heated tobacco and e-vapor markets.

Non-Nicotine

  • Enter non-nicotine categories with broad commercial distribution of at least five products by 2028.

* For reconciliations of non-GAAP to GAAP measures visit altria.com. EBITDA as defined in our senior unsecured revolving credit agreement.
** Future dividend payments remain subject to the discretion of our Board of Directors.