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Long-Term Debt
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
Long-Term Debt Long-Term Debt
Our long-term debt consisted of the following at December 31:
(in millions)20252024
USD notes, 2.450% to 10.200%, interest payable semi-annually, due through 2061 (1)
$23,029 $21,784 
USD debenture, 7.75%, interest payable semi-annually, due 2027
42 42 
Euro notes, 2.200% to 3.125%, interest payable annually, due through 2031 (2)
2,638 3,100 
25,709 24,926 
Less current portion of long-term debt1,569 1,527 
$24,140 $23,399 
(1) Weighted-average coupon interest rate of 4.7% and 4.6% at December 31, 2025 and 2024, respectively.
(2) Weighted-average coupon interest rate of 2.7% and 2.5% at December 31, 2025 and 2024, respectively.
At December 31, 2025, our outstanding long-term debt consisted of the following:
(in millions)
TypeFace ValueInterest RateIssuanceMaturity
USD notes$1,0694.400%February 2019February 2026
USD notes$5002.625%September 2016September 2026
USD debenture$427.750%January 1997January 2027
Euro notes€1,0002.200%February 2019June 2027
USD notes$5004.875%February 2025February 2028
USD notes$5006.200%November 2023November 2028
USD notes$1,9064.800%February 2019February 2029
USD notes$7503.400%May 2020May 2030
USD notes$5004.500%August 2025August 2030
Euro notes€1,2503.125%February 2019June 2031
USD notes$1,7502.450%February 2021February 2032
USD notes$5006.875%November 2023November 2033
USD notes$5005.625%February 2025February 2035
USD notes$5005.250%August 2025August 2035
USD notes$1779.950%November 2008November 2038
USD notes$20810.200%February 2009February 2039
USD notes$2,0005.800%February 2019February 2039
USD notes$1,5003.400%February 2021February 2041
USD notes$9004.250%August 2012August 2042
USD notes$6504.500%May 2013May 2043
USD notes$1,8005.375%October 2013January 2044
USD notes$1,5003.875%September 2016September 2046
USD notes$2,5005.950%February 2019February 2049
USD notes$5004.450%May 2020May 2050
USD notes$1,2503.700%February 2021February 2051
USD notes$2716.200%February 2019February 2059
USD notes$1,0004.000%February 2021February 2061
At December 31, 2025, aggregate maturities of our long-term debt were as follows:
(in millions)Aggregate Maturities
2026$1,569 
20271,217 
20281,000 
20291,906 
20301,250 
Thereafter18,974 
25,916 
Less:debt issuance costs129 
debt discounts78 
$25,709 
At December 31, 2025 and 2024, accrued interest on long-term debt of $425 million and $389 million, respectively, was included in other accrued liabilities on our consolidated balance sheets.
In the third quarter of 2025, we issued U.S. dollar denominated senior unsecured notes in the aggregate principal amount of $1.0 billion. The net proceeds from the notes are being used for general corporate purposes. The notes contain the following terms:
▪$0.5 billion at 4.500%, due 2030, interest payable semiannually beginning February 6, 2026; and
▪$0.5 billion at 5.250%, due 2035, interest payable semiannually beginning February 6, 2026.
In the first quarter of 2025, we issued U.S. dollar denominated senior unsecured notes in the aggregate principal amount of $1.0 billion. The net proceeds from the notes were used for general corporate purposes, which included repayment of certain of our notes in the second quarter of 2025 as discussed below. The notes contain the following terms:
▪$0.5 billion at 4.875%, due 2028, interest payable semiannually beginning August 4, 2025; and
▪$0.5 billion at 5.625%, due 2035, interest payable semiannually beginning August 6, 2025.
Similar to our other notes, the notes issued in 2025 are senior unsecured obligations and rank equally in right of payment with all of our existing and future senior unsecured indebtedness. Following the occurrence of both (i) a change of control of Altria and (ii) the notes ceasing to be rated investment grade by each of Moody’s, S&P and Fitch Ratings Inc., we will be required to make an offer to purchase the notes at a price equal to 101% of the aggregate principal amount of such notes, plus accrued and unpaid interest to the date of repurchase as and to the extent set forth in the terms of the notes.
In the second quarter of 2025, we repaid in full at maturity our 2.350% and 1.700% senior unsecured notes in the aggregate principal amounts of $750 million and €750 million ($857 million), respectively.
For a discussion of the fair value of our long-term debt and the designation of our Euro denominated senior unsecured notes as a net investment hedge of our investment in ABI, see Note 7. Financial Instruments.
▪PM USA Guarantees: PM USA (“Guarantor”), which is a 100% owned subsidiary of Altria Group, Inc. (“Parent”), has guaranteed the Parent’s obligations under its outstanding debt securities, any borrowings under its Credit Agreement and any amounts outstanding under its commercial paper program (“Guarantees”). Pursuant to the Guarantees, the Guarantor fully and unconditionally guarantees, as primary obligor, the payment and performance of the Parent’s obligations under the guaranteed debt instruments (“Obligations”), subject to release under certain customary circumstances as noted below.
The Guarantees provide that the Guarantor guarantees the punctual payment when due, whether at stated maturity, by acceleration or otherwise, of the Obligations. The liability of the Guarantor under the Guarantees is absolute and unconditional irrespective of: any lack of validity, enforceability or genuineness of any provision of any agreement or instrument relating thereto; any change in the time, manner or place of payment of, or in any other term of, all or any of the Obligations, or any other amendment or waiver of or any consent to departure from any agreement or instrument relating thereto; any exchange, release or non-perfection of any collateral, or any release or amendment or waiver of or consent to departure from any other guarantee, for all or any of the Obligations; or any other circumstance that might otherwise constitute a defense available to, or a discharge of, the Parent or the Guarantor.
The Parent is a holding company; therefore, its access to the operating cash flows of its subsidiaries consists of cash received from the payment of dividends and distributions, and the payment of interest on intercompany loans by its subsidiaries. Neither the Guarantor nor other subsidiaries of the Parent that are not guarantors of the Obligations are limited by contractual obligations on their ability to pay cash dividends or make other distributions with respect to their equity interests.