ALTRIA GROUP, INC. (MO)

Altria Group, Inc. holds a portfolio of tobacco products for U.S. tobacco consumers age 21+. Its stated Vision is "Moving Beyond Smoking," which means responsibly transitioning adult smokers to a smoke-free future, competing for existing smoke-free adult nicotine consumers, and exploring growth opportunities beyond the United States and beyond nicotine. It operates primarily in the United States and generates substantially all of its revenue from domestic customers.

Its reportable segments are smokeable products, oral tobacco products and e-vapor products. Smokeable products include cigarettes made and sold by Philip Morris USA (PM USA), led by Marlboro, and machine-made large cigars made and sold by John Middleton Co., led by Black & Mild. In 2025 the segment shipped 61.8 billion cigarettes (down 10.0%) and about 1.8 billion cigars (up 1.8%). Oral tobacco products include moist smokeless tobacco from U.S. Smokeless Tobacco Company (Copenhagen, Skoal and the value brand Red Seal) and on! oral nicotine pouches from Helix. Segment shipments were 732.4 million units in 2025, down 5.5%. E-vapor products are sold by NJOY, whose tobacco and menthol products hold FDA marketing granted orders. Its principal product, NJOY ACE, is subject to ITC orders prohibiting its importation and sale in the United States. An "all other" category covers Horizon, Helix International and R&D for new product platforms. Horizon is a joint venture, 75% owned by Altria and 25% by a Japan Tobacco subsidiary, that will commercialize heated tobacco stick products in the U.S. once the FDA authorizes them. As of February 25, 2026, it had no products on the market. Altria also holds equity-method investments in Anheuser-Busch InBev and Cronos Group.

The tobacco subsidiaries sell principally to wholesalers, including distributors, and to large retail organizations such as chain stores. The text refers to Note 15 of the financial statements for the largest customers and their share of net revenues. PM USA is described as the largest U.S. cigarette company, Marlboro as the largest-selling U.S. cigarette brand for over 50 years, and U.S. Smokeless Tobacco Company as the leading producer and marketer of moist smokeless tobacco. The market is highly competitive, with competition based on brand recognition and loyalty, product quality, taste, price, innovation, marketing, packaging, distribution and promotions.

PM USA and U.S. Smokeless Tobacco Company buy most of their leaf tobacco from domestic growers under contract growing programs. PM USA also buys some through leaf merchants, and Middleton buys through leaf merchants. Helix and NJOY buy tobacco-derived nicotine from suppliers. Middleton relies on a third-party importer for substantially all of its cigars, and NJOY relies on third-party importers for all of its products. Altria Group Distribution Company provides sales and distribution services, and Altria Client Services provides legal, regulatory, R&D, finance, HR and other support. Altria had about 5,900 employees at December 31, 2025, 26% of them unionized hourly manufacturing workers. It is regulated by the FDA under the Family Smoking Prevention and Tobacco Control Act and by environmental laws. It also relies on trademarks, patents and trade secrets. The text does not state where its headquarters are.