Altria

Altria Group, Inc. (NYSE: MO) is an American tobacco and consumer goods corporation headquartered in Richmond, Virginia, and one of the world's largest producers and marketers of tobacco, cigarettes, and related products. Previously known as Philip Morris Companies, Inc. until 2003, Altria has evolved from its 1847 origins as a tobacco shop in London into a diversified holding company with a portfolio spanning combustible tobacco, smokeless tobacco, oral nicotine pouches, and e-vapor products. The company's flagship brand, Marlboro, holds approximately 43% of the U.S. cigarette market share and remains the leading cigarette brand in America. Through its principal subsidiaries—Philip Morris USA, John Middleton, U.S. Smokeless Tobacco Company, and NJOY Holdings—Altria serves millions of adult consumers across the United States with a revenue base of $20.3 billion (trailing twelve months through June 2025).

Altria's business strategy centers on "Moving Beyond Smoking," a vision to responsibly lead the transition of adult smokers to smoke-free alternatives by 2030. This transformation has driven significant investments in reduced-risk products including NJOY e-vapor devices (acquired for $2.75 billion in 2023), on! nicotine pouches (acquired 2019-2021), and strategic partnerships with companies like Cronos Group in the cannabis sector. The company operates through distinct product platforms: combustibles (Marlboro cigarettes with 42% annual share, Black & Mild cigars), smokeless tobacco (Copenhagen and Skoal brands as market leaders), oral nicotine pouches (on! brand with 26.5% shipment growth in 2025), and e-vapor (NJOY products authorized by FDA). Despite facing regulatory challenges including FDA authorizations, ITC rulings affecting NJOY products, and declining cigarette industry volumes, Altria maintains strong financial performance with $5.12 adjusted diluted EPS in 2024 and returned $10.2 billion to shareholders through dividends and share repurchases.

Under the leadership of CEO Billy Gifford, who assumed the role in April 2020, Altria has navigated the complex landscape of tobacco regulation, public health concerns, and evolving consumer preferences while maintaining its commitment to shareholder returns through its 60th consecutive year of dividend increases. The company employs approximately 600 scientists and engineers at its $350 million Center for Research and Technology in Richmond, focusing on harm reduction and product innovation. Altria's corporate evolution includes significant divestitures such as the 2008 spinoff of Philip Morris International (PMI), 2007 Kraft Foods separation, and the 2024 assignment of IQOS commercialization rights back to PMI for a $2.7 billion pre-tax gain. With a focus on adult tobacco consumers, regulatory compliance, and responsible marketing, Altria continues to adapt its business model to address declining smoking rates, increased regulation, and growing demand for alternative nicotine products while maintaining its position as a dividend aristocrat and major player in the U.S. tobacco industry.