ALTRIA GROUP, INC. (MO)

Altria Group, Inc. is a holding company operating through wholly owned subsidiaries in the U.S. tobacco products industry, with a stated vision of transitioning adult smokers to smoke-free alternatives. Its principal operating companies include Philip Morris USA (cigarettes, led by the Marlboro brand, the top-selling U.S. cigarette brand for 50 years), John Middleton Co. (machine-made large cigars, led by Black & Mild), U.S. Smokeless Tobacco Company (moist smokeless tobacco brands Copenhagen, Skoal, and Red Seal), Helix Innovations (on! oral nicotine pouches, with international operations through Helix International), and NJOY, LLC (e-vapor products, primarily NJOY ACE, acquired via the June 2023 NJOY Holdings acquisition). Supporting subsidiaries Altria Group Distribution Company and Altria Client Services provide distribution and shared corporate services, respectively.

The company also holds a 75% interest in the Horizon Innovations joint venture with Japan Tobacco's JTIUH for future U.S. commercialization of heated tobacco stick products, though no such products were in the market as of early 2025; it also assigned exclusive U.S. rights for the IQOS Tobacco Heating System to Philip Morris International in April 2024. Altria's reportable segments are smokeable products and oral tobacco products, with an "all other" category comprising NJOY, Horizon, Helix International, and other R&D activities. The company holds equity-method investments in Anheuser-Busch InBev and Cronos Group, having sold part of its ABI stake in March 2024 to fund share repurchases, and exited its JUUL investment in March 2023.

In 2024, smokeable products segment cigarette shipment volume was 68.6 billion units (down 10.2%) and cigar volume was about 1.8 billion units (down 1.5%), while oral tobacco products shipment volume was 774.7 million units (down 1.0%). Products are sold mainly to wholesalers and large retail chains in a highly competitive market driven by brand loyalty, quality, price, and innovation; tobacco leaf is sourced through contract growing programs and leaf merchants, with adequate global supply believed available. As of December 31, 2024, Altria employed approximately 6,200 people, 26% of whom are unionized hourly manufacturing workers, and the company emphasizes human capital initiatives including pay equity, employee benefits, safety programs, and an "Optimize & Accelerate" efficiency initiative.

The company maintains a significant intellectual property portfolio of trademarks, patents, and trade secrets, and is subject to extensive federal, state, and local regulation, including FDA oversight under the Family Smoking Prevention and Tobacco Control Act and various environmental laws.