Altria Group, Inc. is a leading American tobacco corporation that manufactures and sells combustible and smoke-free products primarily in the United States. The company's core business is its smokeable products segment, driven by its wholly owned subsidiary Philip Morris USA, which produces Marlboro, the dominant cigarette brand in the U.S. market. Altria also manufactures machine-made large cigars and pipe tobacco through its John Middleton Co. subsidiary. In response to declining cigarette consumption, Altria has strategically pivoted toward smoke-free alternatives. Its oral tobacco products segment includes moist smokeless tobacco brands like Copenhagen and Skoal, produced by U.S. Smokeless Tobacco Company, as well as on! oral nicotine pouches manufactured by Helix Innovations. Furthermore, Altria expanded its e-vapor presence by acquiring NJOY Holdings, Inc. in 2023, adding FDA-authorized e-vapor products to its portfolio. Beyond its core operations, Altria holds a significant equity investment in Anheuser-Busch InBev, the world's largest brewer, which contributes equity earnings to its financial results. The company previously held a major stake in JUUL Labs but exchanged it for heated tobacco intellectual property in 2023. Altria's competitive position is anchored by its formidable brand equity, extensive distribution network, and pricing power, allowing it to generate substantial cash flows and return significant capital to shareholders through dividends and share repurchases despite a challenging regulatory environment and secular declines in combustible tobacco volumes.
