Altria Group, Inc.

Business overview

Altria Group, Inc. is a U.S.-focused tobacco and nicotine product company operating through wholly owned subsidiaries and select joint ventures. Its strategy, Move Beyond Smoking, aims to transition adult smokers to smoke-free options while pursuing growth beyond the United States and beyond nicotine.

Operating companies

• PM USA — manufacture and sale of cigarettes.
• Middleton — manufacture and sale of machine-made large cigars (principal brand: Black & Mild).
• USSTC (via subsidiary USSTC) — manufacture and sale of moist smokeless tobacco (MST) products, including Copenhagen, Skoal, and Red Seal.
• Helix Innovations LLC — manufacture and sale of on! oral nicotine pouches (and related products through Helix International for international operations).
• NJOY, LLC — manufacture and sale of e-vapor products.

Product volumes (2025)

• Cigarettes (smokeable products): 61.8 billion units shipped in the U.S. (down 10.0% vs. 2024). Marlboro is the principal brand and has been the largest-selling cigarette brand in the U.S. for more than 50 years.
• Large cigars (smokeable products): 1.8 billion units shipped in 2025 (up 1.8% vs. 2024). Black & Mild is the principal brand.
• Oral tobacco products (MST and pouches): 732.4 million units shipped in 2025 (down 5.5% vs. 2024). This includes premium Copenhagen and Skoal, value brand Red Seal, and on! oral nicotine pouches produced by Helix.
• E-vapor products: NJOY contracts with third-party importers to supply products. NJOY ACE is affected by ITC actions and FDA marketing order processes; certain NJOY products are covered by FDA marketing grant orders (MGO).

Reportable segments and other activities

• Reportable segments: Smokeable products, Oral tobacco products, E-vapor products.
• All other: Horizon Innovations LLC (HTS joint venture with Japan Tobacco), Helix International, and other activities (primarily R&D for new product platforms and technologies).

Joint ventures, investments and ownership

• Horizon Innovations LLC: Altria held a 75% economic interest as of December 31, 2025; JTIUH held 25%. Horizon manages U.S. marketing and commercialization of HTS products owned by either party; U.S. exclusivity depends on FDA authorization.
• Horizon is a joint venture with Japan Tobacco (via JTIUH) for heated tobacco stick products.
• Investments accounted for under the equity method include Anheuser‑Busch InBev SA/NV (ABI) and Cronos Group Inc. These investments are reported under equity-method accounting; Horizon is reported at a 75% stake for Altria.

Customers and channels

The company sells primarily to wholesalers (including distributors) and large retail organizations (chain stores) in the United States. The Form 10-K references largest customers and related detail in Note 15 (Segment Reporting).

Employees and workforce

• Approximately 5,900 employees as of December 31, 2025.
• About 26% of employees are hourly manufacturing workers who are unionized under collective bargaining agreements.
• The company emphasizes diversity, development, compensation and benefits, safety, and ongoing investment in human capital to attract, develop, retain, and deploy talent.

Key brands and positioning

• Cigarettes: Marlboro (flagship).
• Large cigars: Black & Mild.
• MST and oral nicotine pouches: Copenhagen, Skoal (premium), Red Seal (value), and on! oral nicotine pouches (Helix).
• E-vapor: NJOY (subject to U.S. market access and regulatory considerations for specific products such as NJOY ACE).

Regulatory and market environment

• Altria operates under U.S. FDA regulation (FSPTCA) and engages with the U.S. International Trade Commission (ITC) on matters of product importation and sales.
• Illicit trade and regulatory actions, especially in the e-vapor category, affect volumes and competitive dynamics.
• The company manages regulatory processes and enforcement actions related to reduced-risk nicotine products and heated tobacco sticks.

Risk, governance and controls

The company identifies risks from litigation, regulatory and legislative changes, macroeconomic conditions, supply chain disruptions, cybersecurity, tax law changes, and environmental/sustainability requirements. Corporate responsibility, governance, and data/privacy controls are emphasized within its risk management framework.

Summary

Altria Group, Inc. operates a primarily U.S.-focused portfolio across cigarettes, large cigars, smokeless tobacco, oral nicotine pouches, and e-vapor. It maintains leading brands (Marlboro, Copenhagen, Skoal, Red Seal, Black & Mild), participates in heated tobacco stick development through Horizon (75% ownership), and holds equity investments in ABI and Cronos. As of year-end 2025, the company employed about 5,900 people and reported the shipment volumes listed above across its product categories.