⚡What does Altria do, in 30 seconds?
Altria sells tobacco and nicotine products in the United States, for people aged 21 and over 15. Its cigarette business is Philip Morris USA, whose principal brand is Marlboro 1. The US National Cancer Institute says smoking causes cancers including lung cancer, as well as heart disease and stroke 35. The FDA says no tobacco product is safe and that nicotine is highly addictive 4. As of 26 October 2026, 282 individual smoking and health cases were pending against Altria companies in the United States 8. That count leaves out Engle progeny cases, a group of smoking lawsuits in Florida 8. In FY2025, the year to 31 December 2025, Altria took in $23.3bn ✓. That figure includes excise taxes billed to customers 2. Smokeable products made up 88% ✓ of it.
📱What does Altria sell?
Altria reports two main business lines, and smokeable products are by far the bigger one. The US National Cancer Institute says cigarette smoking and exposure to tobacco smoke cause about 480,000 premature deaths a year in the United States 35. Altria gets substantially all of its revenue from US customers 15.
Smokeable products
Cigarettes from Philip Morris USA and machine-made large cigars from John Middleton Co. 1. Cigarette brands include Marlboro, the premium brands Virginia Slims and Parliament, and the discount brands L&M and Basic 2. Middleton's principal brand is Black & Mild, and a third-party importer supplies substantially all of its cigars 1. This line brought in $20.5bn ✓ in FY2025. Altria shipped 61.8 billion cigarettes in the United States in 2025, down 10.0% from 2024 1. The FDA says smoked cigarettes are the most harmful type of tobacco product 4.
👥 People aged 21 and over in the United States 15. Altria's companies sell mainly to wholesalers, including distributors, and to large retailers such as chain stores 1.
Oral tobacco
Moist smokeless tobacco under the premium brands Copenhagen and Skoal and the value brand Red Seal, from U.S. Smokeless Tobacco Company, plus on! oral nicotine pouches from Helix Innovations 1. This line brought in $2.8bn ✓ in FY2025. It shipped 732.4 million units in 2025, down 5.5% from 2024 1. The FDA says authorization of nicotine pouches, a list that includes on! and on! PLUS, does not mean they are safe 6. It also says people who do not use tobacco should not start 6.
👥 People aged 21 and over in the United States 15, reached through wholesalers and large retailers 1.
All other
This line brought in $5.0m ✓ in FY2025, less than 1% of sales. That figure leaves out e-vapor, which was a separately reported segment in its fiscal 2025 annual report 7. In the first quarter of 2026, Altria moved e-vapor back into all other for all periods shown 7. On that newer basis, the category includes the NJOY e-vapor business, the Horizon heated-tobacco joint venture, Helix International, and research on new product platforms 7. Horizon had no products on the market at 30 September 2026 17. NJOY ACE lost a patent case and was ordered off the US market from 31 March 2025 8. Altria has appealed, and the orders stay in place during the appeal 8.
👥 NJOY's e-vapor products are sold to US customers 1. The FDA says use of e-cigarettes is not risk free 4.
How the mix has shifted
💸How does Altria make money?
Follow the money: what customers pay for, what it costs to make, and what is left as profit.
Altria took in $23.3bn ✓ of sales in FY2025. That figure includes excise taxes billed to customers, which were $3,140 million in 2025 2. Making the products and paying excise taxes took $8.7bn ✓. That amount is cost of sales plus the excise taxes 12. It includes about $3.0 billion for the state settlement agreements in 2025 34. What is left is gross profit, the money kept after paying for what was sold. That came to $14.5bn ✓.
Next come the costs of running the company. Research and development took $0.2bn ✓, and other operating costs took $4.4bn ✓. What remains is operating profit, the profit from the main business, which was $9.9bn ✓. Items outside the main business came to -$0.5bn ✓, and income tax took $2.4bn ✓. That left net income of $6.9bn ✓. Put simply, out of every hundred dollars of sales, about $30 ✓ was left as profit.
Out of every $100 customers paid in FY2025…
📈How is Altria doing?
Altria's sales have been shrinking slowly for years, and one-off gains and charges make its net income swing. Sales were $23.3bn ✓ in FY2025, a change of -3.1% ✓ from FY2024. Altria shipped 61.8 billion cigarettes in the United States in 2025, down 10.0% from 2024 1. Its shipments were about 122.9 billion in 2016, so they have roughly halved 251. Free cash flow was $9.1bn ✓ in FY2025.
In the four quarters to 30 September 2026, sales were $23.5bn ✓, up 0.5% ✓ on the four quarters before. In the third quarter of 2026, Altria's domestic cigarette shipments fell 2.9% 19. After adjustments, it estimated its shipments fell about 4% and US industry volume about 5% 19. Marlboro held 39.5% of US cigarette retail share in that quarter, down 1.0 point from a year earlier 19.
One-off items make net income hard to compare from one year to the next. It reached $14.2bn ✓ in FY2016, when Altria recorded a pre-tax gain of about $13.9 billion as Anheuser-Busch InBev (AB InBev) combined with SABMiller 25. It was -$1.3bn ✓ in FY2019, a year with a non-cash pre-tax write-down of $8.6 billion on JUUL 2829. It was $2.5bn ✓ in FY2021, a year with a non-cash pre-tax write-down of $6.2 billion on the AB InBev stake 1537. FY2024's $11.3bn ✓ came with a $2.7 billion pre-tax gain on US rights to the IQOS heated tobacco system 30. FY2025's $6.9bn ✓ came with e-vapor write-downs: $1,158 million of non-cash goodwill impairment and $970 million of impairment on intangible assets 32. Altria says net earnings fell $4,317 million, or 38.3%, in 2025, due primarily to the 2024 IQOS gain and lower operating income 30.
Over the long run, sales changed by -0.9% ✓ a year on average from FY2015 to FY2025. They rose in only 2 ✓ of those 10 ✓ years. Altria sold its Ste. Michelle wine business in October 2021, and earlier revenue includes wine 15.
📝 The report card
Altria earns top marks for profit, cash and steadiness, but an F ✓ for growth and an F ✓ for its balance sheet. Every company is graded on the same fixed scale, so an A means the same thing on every page. The strip shows where Altria (orange) and its 2 peers land; further right is better.
Growth
Altria's sales changed by -2.5% ✓ a year over its last three fiscal years, which earns an F ✓. Philip Morris International (PMI) grew 8.6% ✓ a year over its own three years, a C ✓. PMI's revenue excludes excise taxes 11, while Altria's includes them 12. PMI's figure includes Swedish Match, which it has owned since 2022 1314.
Why this measure? (higher is better)
Growing sales is the engine of a business. Mature giants rarely grow fast, so 5% a year already earns a C.
Profitability
Over the last three years combined, Altria kept 45.5% ✓ of sales as operating profit, above the 30% bar for an A ✓. Its sales include excise taxes billed to customers 2.
Why this measure? (higher is better)
Operating margin is the share of each sales dollar left after running the business. Software and platforms often clear 30%; hardware makers usually sit below 10%.
Cash generation
Over the last three years combined, Altria turned 37.3% ✓ of sales into free cash flow, an A ✓.
Why this measure? (higher is better)
Free cash flow is the cash left after paying for factories, data centres and equipment. It funds dividends, buybacks and new bets.
Balance sheet
At the end of FY2025, Altria had more borrowings than cash, and net cash came to -91.2% ✓ of a year's sales, an F ✓. Altria also holds stakes in other companies. At 30 September 2026, it owned about 8.1% of Anheuser-Busch InBev and about 42.6% of Cronos Group 7.
Why this measure? (higher is better)
More cash than debt gives a company room to ride out bad years. Some debt is normal; a lot of it makes a company fragile.
Steadiness
Altria's yearly sales growth swings very little, with a standard deviation of 2.2% ✓, which earns an A ✓. Steady does not mean growing here. Sales rose in only 2 ✓ of the last 10 ✓ years. Earlier years include wine, which Altria sold in October 2021 15.
Why this measure? (lower is better)
Steady growers are easier to plan around. Big swings mean sales depend on product cycles, the economy or one-off events.
🧑🏫 How the grades work
- Same scale for everyone. Each measure has fixed cut-offs (shown under each strip). Clear the A line and you get an A, whatever your peers do.
- Three years together. Profitability and cash generation add up the last three fiscal years before dividing, so one unusual year counts for less than it would on its own (a year much bigger than the others still weighs most).
- Peers for context. The rank shows how Altria compares with the group. Companies within 0.1 percentage point share a rank.
- Same source. Every company's figures come from its own latest annual report (10-K), so fiscal years end in different months.
- Judgement, openly stated. The cut-offs are QuantVantage.ai's view of what good looks like for a large, established company. They are not a forecast or a recommendation.
11 years at a glance
Where the cash goes
Over the 11 fiscal years from FY2015 to FY2025, Altria paid out almost exactly its free cash flow. It spent $80.8bn ✓ on buybacks and dividends, against $80.9bn ✓ of free cash flow. In FY2025, payouts equalled 88% ✓ of free cash flow. In August 2026 the board raised the quarterly dividend 4.7% to $1.11 per share, which Altria says was its 61st increase in 57 years 724. In October 2026 the board added $1 billion to its share repurchase program and extended it to 31 December 2027 41.
🧮Ratios 101: what are Altria's key financial ratios?
Ratios shrink Altria's big numbers into easy comparisons, but its one-off gains and write-downs move some of them from year to year. FY2015 figures include the wine business, which Altria sold in October 2021 15. Philip Morris International reports revenue after deducting excise taxes 11. Altria's revenue includes them 12. So the peer medians for margins are not like for like. A ratio divides one number by another so companies of any size can be compared. Each card shows the formula with Altria's real FY2025 numbers, the peer median and the trend.
💰 Profitability: how much of each sale is kept?
Gross margin
What is left from each sale after paying to make the product or deliver the service.
👉 Altria's 62.5% ✓ is what is left after cost of sales and excise taxes 12. Its sales include excise taxes billed to customers 2.
📏 Rule of thumb: Above 40% usually signals pricing power or a big software or services mix.
Operating margin
What is left after also paying for research, marketing and running the company.
👉 Altria's 42.5% ✓ is measured on sales that include excise taxes billed to customers 2.
📏 Rule of thumb: Above 20% is strong for a large company.
Net margin
The bottom line: profit after interest and taxes, per dollar of sales.
👉 Altria kept 29.8% ✓ of sales as final profit in FY2025, on sales that include excise taxes billed to customers 2. In 2025 it recorded e-vapor impairments of $1,158 million on goodwill and $970 million on intangible assets 32.
📏 Rule of thumb: Above 15% is strong; one-off tax items can move it in a single year.
⚙️ Efficiency: how hard do the assets work?
Return on assets (ROA)
Profit earned from everything the company owns, however it was paid for.
👉 ROA of 19.8% ✓ is above the 12.0% ✓ peer median.
📏 Rule of thumb: Above 10% is strong; banks and factories usually earn less.
Asset turnover
Dollars of sales squeezed out of each dollar of assets.
👉 Altria's sales, which include excise taxes billed to customers 2, are 0.7x ✓ the value of everything it owns.
📏 Rule of thumb: Retailers often top 2x; asset-heavy businesses can sit below 0.5x.
Inventory days
How many days of products sit in warehouses before they are sold.
👉 Altria holds 45 ✓ days of stock, measured against cost of sales plus excise taxes 12.
📏 Rule of thumb: Fewer days means less cash tied up and less risk of products going stale.
🛟 Safety: could it survive a bad year?
Current ratio
Can short-term assets (cash, money owed by customers, stock) pay the bills due within a year?
👉 Altria's 0.6x ✓ means current assets of $5.9bn ✓ against $9.2bn ✓ of bills due within a year at the end of FY2025. The peer median is 3.3x ✓.
📏 Rule of thumb: Above 1.0x is the classic comfort line, but cash-rich giants can run below it on purpose.
Interest cover
How many times over operating profit could pay the year's interest bill.
👉 Altria's operating profit covered its interest bill 8.4x ✓ in FY2025, above the 6.6x ✓ peer median.
📏 Rule of thumb: Above 5x is comfortable; below 2x is a warning sign.
💵 Cash and owners: where does the money end up?
Cash conversion
Does reported profit turn into real cash? Free cash flow is operating cash minus capital spending.
👉 Altria turned profit into cash at 1.3x ✓ in FY2025, above the 0.8x ✓ peer median.
📏 Rule of thumb: Near or above 1.0x means profits are backed by cash.
R&D intensity
How much of each sales dollar goes into inventing future products.
👉 Altria spends 0.8% ✓ of sales on R&D, and its sales include excise taxes billed to customers 2.
📏 Rule of thumb: Tech companies often spend 10% to 20%; more is not always better if it does not pay off.
Shareholder payout
How much of the year's profit was handed back to owners.
👉 Altria returned 114.6% ✓ of FY2025 net income to shareholders, against a peer median of 42.7% ✓. Net income that year came with e-vapor impairments of $1,158 million on goodwill and $970 million on intangible assets 32.
📏 Rule of thumb: Above 100% means it returned more than it earned, using cash savings or debt.
Ratios use fiscal-year-end balance sheet values. Inputs are shown rounded, so dividing them can differ from the result in the last digit. A peer median leaves out peers that do not report the inputs, or where the ratio means nothing (for example, negative shareholders' equity). Rules of thumb are general guides from QuantVantage.ai, not hard limits. No share-price ratios (like price-to-earnings) are shown on this page.
🥊Who are Altria's competitors?
Altria's competitors include Philip Morris International (PMI) in nicotine pouches and Turning Point Brands in moist smokeless tobacco and pouches 1617181920. PMI sells ZYN pouches in the US and Altria sells on! 161718. PMI owns Marlboro outside the United States, while Altria sells Marlboro inside it 161718. PMI and Turning Point Brands each name Altria as a competitor 4344.
| Company | Where they compete | Revenue | Growth/yr (3y) | Op. margin | FCF margin |
|---|---|---|---|---|---|
| Altria (MO, FY2025) | Cigarettes, cigars, moist smokeless tobacco and nicotine pouches in the United States 1 | $23.3bn | -2.5% | 42.5% | 39.0% |
| Philip Morris International (PM, FY2025) | ZYN pouches against on! in the US; owns Marlboro outside the United States 161718 | $40.6bn | 8.6% | 36.6% | 26.2% |
| Turning Point Brands (TPB, FY2025) | Moist smokeless tobacco and nicotine pouches in the US, under names including Stoker's, FRE and ALP 1920 | $0.5bn | 13.0% | 20.6% | 9.5% |
R.J. Reynolds and, for certain brands, ITG Brands are the other US cigarette makers named as original participants in the state settlements 3422. Altria says Philip Morris USA also faces lower-priced brands from certain domestic and foreign makers 3422.
🧭Altria SWOT: strengths, weaknesses, opportunities and threats
💪 Strengths
- Marlboro held 40.5% of US cigarette retail share in 2025 and 59.4% of the premium segment 2.
- Over the last three years combined, Altria kept 45.5% ✓ of sales as operating profit, an A ✓.
- Over the last three years combined, Altria turned 37.3% ✓ of sales into free cash flow, an A ✓.
- All Altria cigarettes held 45.7% of US retail share in the third quarter of 2026, up 0.3 point from a year earlier, with discount brand Basic gaining share 1924.
🩹 Weaknesses
- Smokeable products were 88% ✓ of FY2025 sales, and the FDA says smoked cigarettes are the most harmful type of tobacco product 4.
- Altria's cigarette shipments fell from about 122.9 billion in 2016 to 61.8 billion in 2025, roughly half 251.
- At 30 September 2026, Altria had $24.1bn ✓ of borrowings and $2.7bn ✓ of cash and securities.
- In 2025 one customer made up about 23% and another about 19% of Altria's net revenues 5.
- Altria paid $12.8 billion in December 2018 for a minority interest in JUUL Labs 27. It recorded non-cash pre-tax write-downs on JUUL of $11.2 billion in total across 2019 and 2020 2829, and ended the investment in March 2023 30.
- Altria completed its purchase of NJOY on 1 June 2023 for about $2.9 billion in total 31. In 2025 it recorded $1,158 million of non-cash goodwill impairment on its e-vapor unit and $970 million on e-vapor intangible assets 32.
🚀 Opportunities
- Nicotine pouches were 61.2% of the US oral tobacco category in the third quarter of 2026, up 5.8 points 19. But on! held 13.5% of the pouch category, down 1.3 points 19.
- The FDA granted marketing orders to on! PLUS nicotine pouches in December 2025 33. In August 2026 it granted them to on! pouches in three flavors 33. The FDA says authorization does not mean they are safe 6.
- Altria says it aims to move adult smokers toward smoke-free products 12. It says that because of illicit e-vapor products, it is reassessing those goals 12. The FDA says use of e-cigarettes and nicotine pouches is not risk free 4.
- Altria owns 75% of Horizon, and Japan Tobacco's US unit owns 25% 17. Horizon is to market heated tobacco sticks in the United States once authorized 17.
⚠️ Threats
- As of 26 October 2026, 282 individual smoking and health cases were pending against Altria companies in the United States 8. That count leaves out Engle progeny cases, a group of smoking lawsuits in Florida 8. Another 25 e-vapor cases were pending, including four class actions in Canada 8. Altria says an unfavorable outcome could materially affect results in a particular quarter or year 34.
- In July 2026 a British Columbia court certified a nationwide class of Canadian JUUL users in a suit naming Altria 8. The suit seeks compensatory and punitive damages 8. Altria has appealed, as of October 2026 8.
- The FDA proposed a nicotine limit in January 2025 33. It would cut nicotine in cigarettes and most cigars to levels meant to make them minimally or non-addictive 33. Altria expects the rulemaking to take multiple years 33.
- Altria says tax increases on nicotine products are likely to keep being proposed or enacted, and expects them to keep hurting sales 22.
- Altria says growth in legal and illicit e-vapor products and oral nicotine pouches has hurt its business 22. It says that growth has cut its cigarette and moist smokeless tobacco volumes 22.
- Altria recorded about $3.0 billion in cost of sales for the state settlement agreements in 2025 34. It says the settlements' inflation adjustment uses the higher of 3% or the consumer price index 23.
🏰Does Altria have a moat?
Why 4?
Marlboro has been the top-selling US cigarette brand for over 50 years 1. It held 40.5% of US cigarette retail share in 2025 and 59.4% of the premium segment 2. Philip Morris USA raised the list price of most Marlboro cigarettes four times in 2025 2. But the discount share of US cigarette retail sales reached 34.1% in the third quarter of 2026, up 2.0 share points from a year earlier 19.
Why 1?
Altria says a significant number of adult consumers switch among tobacco categories 2. It says they also use more than one product type 2. Altria says that in periods of high inflation buyers smoke less, buy discount brands and consider lower-priced nicotine products 22. The discount share of US cigarette retail sales reached 34.1% in the third quarter of 2026 19.
Why 1?
Altria's companies sell mainly to wholesalers, including distributors, and to large retailers such as chain stores 1. That is a route to market, not a network that gets better with each extra buyer.
Why 3?
Philip Morris USA is the largest US cigarette company 1. It buys most of its burley and flue-cured leaf directly from US growers under a contract growing program 1. Altria has its own adjusted profit measure, and its goal is a margin of at least 60% on it in each year through 2028 2. That measure is not the same as operating margin. But Altria says lower-priced makers that are not party to the state settlements have cost advantages, because they do not make the annual settlement payments 22.
Why 3?
US law allows tobacco products that were on the market on 15 February 2007 and not changed since, or new and modified products authorized by the FDA 23. FDA marketing rules restrict advertising and promotion for cigarettes, smokeless tobacco and other tobacco products 23. Altria holds material trademarks and a US patent portfolio that is material as a whole 1. But it says no single patent or related group of patents was material at 31 December 2025 1. NJOY ACE lost a patent case and was ordered off the US market from 31 March 2025 8. In its fiscal 2025 annual report, Altria estimated that flavored disposable e-vapor products were about 70% of the US e-vapor category 23. It believes most of them have evaded FDA review 23.
A moat is what keeps rivals from taking a company's customers and profits. Scores are QuantVantage.ai's judgement (5 = strongest), set with the same rubric on every explainer (orange is Altria; grey dots are peers).
🔭What should you watch next?
Altria's 2026 earnings forecast
Altria expects 2026 adjusted diluted earnings per share of $5.66 to $5.74, up 4.5% to 6.0% from $5.42 in 2025 24.
📚Learn the words
❓Frequently asked questions about Altria
How does Altria make money?
Altria makes most of its money selling cigarettes and cigars in the United States. In FY2025, smokeable products brought in $20.5bn ✓ and oral tobacco $2.8bn ✓. Its reported sales include excise taxes billed to customers 2.
Are Altria's products harmful?
US health agencies say tobacco products cause serious harm. The National Cancer Institute says smoking causes cancers including lung cancer, as well as heart disease, stroke and chronic obstructive pulmonary disease 35. It says cigarette smoking and exposure to tobacco smoke cause about 480,000 premature deaths each year in the United States 35. The FDA says no tobacco product is safe, smoked cigarettes are the most harmful type and nicotine is highly addictive 4.
Are nicotine pouches and e-cigarettes safe?
The FDA says no tobacco product is safe 4. It says e-cigarettes and nicotine pouches can generally be a lower-risk alternative for adults who smoke cigarettes 4. It says their use is not risk free 4. It says adults who smoke should switch completely to get the full health benefit 4. It also says authorization of nicotine pouches does not mean they are safe, and that people who do not use tobacco should not start 6.
What lawsuits does Altria face?
Altria companies face smoking and health lawsuits and e-vapor lawsuits. As of 26 October 2026, 282 individual smoking and health cases were pending in the United States 8. That count leaves out Engle progeny cases, a group of smoking lawsuits in Florida 8. There were also 25 e-vapor cases, including four class actions in Canada, and 1 health care cost recovery case 8. At that date, 148 Engle progeny cases involving Philip Morris USA had reached verdicts 8. Of those, 88 were for plaintiffs and 60 for Philip Morris USA 8. From October 2004 through 30 September 2026, Philip Morris USA paid about $1.2 billion in judgments and settlements 8. It paid about $249 million in interest over that time 8.
Is Altria the same company as Philip Morris International?
They are separate companies. Altria's cigarette business, Philip Morris USA, is separate from Philip Morris International, which Altria spun off in 2008 361.
Why does Altria's net income swing so much?
Altria's net income moves with one-off gains and write-downs on its stakes and deals. It recorded non-cash pre-tax write-downs on its AB InBev investment of $6.2 billion in 2021 and $2.5 billion in 2022 1537. It also recorded non-cash write-downs on Cronos of $205 million in 2021 and $107 million in 2022 37. In 2024 it recorded a $2.7 billion pre-tax gain on US rights to the IQOS system 30.
Does Altria pay a dividend?
Altria pays a quarterly dividend, and it paid $7.0bn ✓ in dividends in FY2025. In August 2026 its board raised the quarterly dividend 4.7% to $1.11 per share 724. It has a goal of mid-single-digit growth in dividends per share each year through 2028, subject to its board's discretion 2.
🎮Play: higher or lower, then test yourself
Figures come from each company's latest annual report (10-K); fiscal years end in different months. Sources: [9] [10] [21].
🧠 Test yourself
5 quick questions. Score: 0 / 5
1. About how much of Altria's FY2025 sales came from smokeable products?
2. Which of these is included in Altria's reported revenue?
3. When did Philip Morris International become separate from Altria?
4. Which company sold its wine business in October 2021?
5. Why was Altria's net income so high in FY2016?
🔎Sources and method
Every figure comes from a source listed here or is calculated from those sources (marked ✓). Company financials come from the reports each company files with the SEC (10-K annual and 10-Q quarterly reports). Peer grades rank the same measures across the company and its peers. This page contains no share-price data and no valuation.
- Altria Group Form 10-K for fiscal year 2025 — Item 1: operating companies, products, brands, shipment volumes, employees (accessed 2026-11-08)
- Altria Group Form 10-K for fiscal year 2025 — Item 7: net revenues and excise taxes, retail share, shipments, list prices and 2028 goals (accessed 2026-11-08)
- Altria (MO) Form 10-K for fiscal year 2025, filed 2026-02-25 — revenue by product, segment and geography (accessed 2026-11-04)
- FDA, The Relative Risks of Tobacco Products — Relative risk of cigarettes and other tobacco products; nicotine addiction (accessed 2026-11-08)
- Altria Group Form 10-K for fiscal year 2025 — Note 15: customer concentration and U.S. revenue (accessed 2026-11-08)
- FDA, Nicotine Pouch Products Authorized by the FDA — Authorized pouch products and what authorization means (accessed 2026-11-08)
- Altria Group Form 10-Q for the quarter ended September 30, 2026 — Notes and Item 2: e-vapor segment change, all other category, Horizon joint venture, UST trademarks, ownership of ABI and Cronos, dividends (accessed 2026-11-08)
- Altria Group Form 10-Q for the quarter ended September 30, 2026 — Note 12 contingencies: pending case counts, trial results, Canadian class action, JUUL patent orders (accessed 2026-11-08)
- SEC EDGAR companyfacts: Altria (MO) — annual 10-K facts (accessed 2026-11-04)
- SEC EDGAR companyfacts: Philip Morris International Inc. (PM) — annual 10-K facts (accessed 2026-11-04)
- Philip Morris International Form 10-K for fiscal year 2025 — Item 8 statements of earnings: net revenues shown net of excise tax on products, and excise tax amounts (accessed 2026-11-08)
- Altria Group Form 10-K for fiscal year 2025 — Item 8 consolidated statements of earnings: net revenues, cost of sales, excise taxes, gross profit (accessed 2026-11-08)
- Turning Point Brands Form 10-K for fiscal year 2025 — Products, competitors named, supply agreement with Swedish Match, modern oral products (accessed 2026-11-08)
- Philip Morris International Form 10-K for fiscal year 2022 — Note 3: Swedish Match, Vectura, Fertin Pharma, Altria IQOS agreement; Item 7: Swedish Match timeline (accessed 2026-11-08)
- Altria Group Form 10-K for fiscal year 2021 — Item 1 and Item 7: sale of the wine business, ABI impairment in 2021, finance leases in all other (accessed 2026-11-08)
- Philip Morris International Form 10-K for fiscal year 2025 — Item 1 human capital and intellectual property; Item 2 properties (accessed 2026-11-08)
- Altria Group Form 10-K for fiscal year 2025 — Products, retail shares of Marlboro and on!, IQOS rights assignment, heated tobacco joint venture (accessed 2026-11-08)
- Philip Morris International Form 10-K for fiscal year 2025 — Item 7 Business Environment: approach to smoke-free products, health statements, commercialization (accessed 2026-11-08)
- Altria Group Form 10-Q for the quarter ended September 30, 2026 — Item 2: trends, retail share, shipment changes, nicotine pouch category (accessed 2026-11-08)
- Turning Point Brands Form 10-K for fiscal year 2025 — Item 1: moist snuff, FRE and ALP pouches, share data (accessed 2026-11-08)
- SEC EDGAR companyfacts: Turning Point Brands, Inc. (TPB) — annual 10-K facts (accessed 2026-11-04)
- Altria Group Form 10-K for fiscal year 2025 — Item 1A: competition, discount brands, category movement, illicit products, excise taxes (accessed 2026-11-08)
- Altria Group Form 10-K for fiscal year 2025 — Item 7 regulation: FDA authority, marketing rule, premarket review pathways, illicit e-vapor trend (accessed 2026-11-08)
- Altria Group press release on third-quarter 2026 results (Form 8-K exhibit 99.1) — 2026 guidance, dividend history, on! PLUS expansion (accessed 2026-11-08)
- Altria Group Form 10-K for fiscal year 2016 — Item 1 and Item 7: 2016 cigarette shipments, AB InBev and SABMiller transaction gain (accessed 2026-11-08)
- SEC EDGAR companyfacts: Altria (MO) — balance sheet at 2026-09-30 (accessed 2026-11-04)
- Altria Group Form 10-K for fiscal year 2018 — Item 1: incorporation, JUUL investment, Cronos agreement, Nat Sherman, Nu Mark e-vapor exit (accessed 2026-11-08)
- Altria Group Form 10-K for fiscal year 2019 — Item 1: on! acquisition and Cronos purchase; Item 1A: JUUL impairment in 2019 (accessed 2026-11-08)
- Altria Group Form 10-K for fiscal year 2020 — Item 1A and Item 7: JUUL impairment charges (accessed 2026-11-08)
- Altria Group Form 10-K for fiscal year 2025 — Notes 4, 6 and Item 7: IQOS rights sale gain, partial sale of ABI, JUUL disposal, capital spending (accessed 2026-11-08)
- Altria Group Form 10-K for fiscal year 2023 — Item 1: NJOY acquisition (accessed 2026-11-08)
- Altria Group Form 10-K for fiscal year 2025 — Item 7 and Note 4: e-vapor goodwill and intangible asset impairments in 2025 (accessed 2026-11-08)
- Altria Group Form 10-Q for the quarter ended September 30, 2026 — Item 2 regulation: FDA marketing orders, proposed nicotine and flavor standards (accessed 2026-11-08)
- Altria Group Form 10-K for fiscal year 2025 — Note 18: litigation overview, state settlement agreements, judgments paid, Canadian cases (accessed 2026-11-08)
- National Cancer Institute, Harms of Cigarette Smoking and Health Benefits of Quitting — U.S. deaths and diseases caused by smoking (accessed 2026-11-08)
- Altria Group Form 10-K for fiscal year 2008 — Item 1: UST acquisition and the Philip Morris International and Kraft spin-offs (accessed 2026-11-08)
- Altria Group Form 10-K for fiscal year 2022 — Item 7 and notes: ABI and Cronos impairments in 2022 (accessed 2026-11-08)
- Altria Group Form 8-K filed December 11, 2025 — Item 5.02: CEO and CFO succession (accessed 2026-11-08)
- Altria Group Form 8-K filed May 18, 2026 — Item 5.02: new CEO and CFO in office after the 2026 annual meeting (accessed 2026-11-08)
- Altria Group Form 10-K for fiscal year 2025 — Item 2 and cover page: headquarters and fiscal year end (accessed 2026-11-08)
- Altria Group Form 8-K filed October 29, 2026 — Item 8.01: share repurchase program expansion (accessed 2026-11-08)
- SEC EDGAR companyfacts: Altria (MO) — quarterly 10-Q/10-K facts (accessed 2026-11-04)
- Philip Morris International Form 10-K for fiscal year 2025 — Item 1: competition, raw materials, suppliers, customers (accessed 2026-11-08)
- Turning Point Brands, Inc. Form 10-K for fiscal year 2025 — Item 1 business: brands, market positions, distribution, supply agreements, competition, trademarks, FDA review, employees (accessed 2026-11-08)