Item 2. Unregistered Sales of Equity Securities
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
In January 2025, our Board authorized a $1.0 billion share repurchase program (“January 2025 share repurchase program”). In October 2025, the Board authorized a $1.0 billion expansion of the January 2025 share repurchase program to $2.0 billion, which now expires on December 31, 2026. Share repurchases depend on marketplace conditions and other factors, and the program remains subject to the discretion of our Board.
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Our share repurchase activity for each of the three months in the period ended September 30, 2025, 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
July 1-31, 2025 1,386,709 $ 58.69 1,386,709 $ 318,612,531
August 1-31, 2025 238,130 $ 63.91 181,310 $ 307,232,450
September 1-30, 2025 295,505 $ 65.30 295,505 $ 287,937,179
1,920,344 $ 60.36 1,863,524
(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 56,820 in August).
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