filings.toolsItem 1A. Risk Factors
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Item 1A. Risk Factors
Information regarding Risk Factors appears in Part I, Item 1A. Risk Factors of our 2025 Form 10-K. There have been no material changes to the risk factors previously disclosed in our 2025 Form 10-K.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
In January 2025, our Board authorized a $1.0 billion share repurchase program. In October 2025, the Board authorized a $1.0 billion expansion of this program to $2.0 billion, which expires on December 31, 2026 (as expanded, “January 2025 share repurchase program”). Share repurchases depend on marketplace conditions and other factors, and the program remains subject to the discretion of our Board.
Our share repurchase activity for each of the three months in the period ended March 31, 2026, was as follows:
| Period | Total Number of Shares Purchased (1) | Average Price Paid Per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Approximate Dollar Value of Shares that May Yet be Purchased Under the Plans or Programs | ||||||||||||||||||||||
| January 1-31, 2026 | 2,184,939 | $ | 59.54 | 2,184,939 | $ | 869,907,063 | ||||||||||||||||||||
| February 1-28, 2026 | 645,463 | $ | 67.50 | 257,393 | $ | 853,382,426 | ||||||||||||||||||||
| March 1-31, 2026 | 2,059,077 | $ | 65.09 | 2,046,701 | $ | 720,179,319 | ||||||||||||||||||||
| 4,889,479 | $ | 62.93 | 4,489,033 |
(1) The total number of shares purchased includes (a) shares purchased under the January 2025 share repurchase program and (b) shares withheld by Altria in an amount equal to the statutory withholding taxes for vested stock-based awards previously granted to eligible employees (which totaled 388,070 in February and 12,376 in March).
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