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1. Coca-Cola for tobacco products

2. Anheuser-Busch for tobacco products

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• Cigarettes: Primarily sold under the Marlboro brand.
• Cigars and Pipe Tobacco: Offered principally under the Black & Mild brand.
• Moist Smokeless Tobacco: Products include Copenhagen, Skoal, Red Seal, and Husky brands.
• Oral Nicotine Pouches: Provided under the on! brand.

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Altria (MO) sells its tobacco products primarily to other businesses, specifically wholesalers/distributors and large retail organizations (chain stores), rather than directly to individual consumers. Given the widespread distribution of tobacco products, Altria serves a broad network of such business customers across the United States. While Altria typically does not disclose a specific list of individual major customers due to the broad nature of its distribution, prominent examples of types of companies that serve as Altria's customers include:

• Wholesalers and Distributors: These companies purchase products directly from Altria and then distribute them to various smaller retail outlets (e.g., convenience stores, gas stations, independent grocers).
  • Performance Food Group Company (NYSE: PFGC) - A major food service distributor whose subsidiaries, such as Core-Mark, are significant distributors of tobacco products to convenience stores and other retailers.
• Large Retail Organizations and Chain Stores: These major retailers often purchase directly from Altria due to their scale and broad reach.
  • Walmart Inc. (NYSE: WMT) - The largest retail corporation in the United States, operating numerous stores that sell tobacco products.
  • The Kroger Co. (NYSE: KR) - One of the largest grocery retailers in the United States, selling tobacco products in many of its supermarket chains.
  • Walgreens Boots Alliance, Inc. (NASDAQ: WBA) - A major drugstore chain in the U.S. that sells tobacco products in many of its locations.
  • Dollar General Corporation (NYSE: DG) - A large discount retailer with a broad footprint across the U.S., many of its stores sell tobacco products.

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William F. Gifford, Jr. Chief Executive Officer

Mr. Gifford was appointed Chief Executive Officer in April 2020. He has over 30 years of experience with Altria and its subsidiaries, having joined Philip Morris USA in 1994. Prior to his current role, he served as Vice Chairman and Chief Financial Officer. His career at Altria has included various senior leadership positions in Strategy & Business Development, Finance, Marketing Information & Consumer Research, and he also served as President and Chief Executive Officer of Philip Morris USA. Before joining Philip Morris USA, he worked at the public accounting firm Coopers & Lybrand. Mr. Gifford has also served on the Board of Directors of Anheuser-Busch InBev. He is scheduled to retire as CEO effective May 14, 2026.

Salvatore T. Mancuso Executive Vice President, Chief Financial Officer

Mr. Mancuso has served as Altria's Executive Vice President and Chief Financial Officer since 2020. He has a career spanning over 30 years with Altria, having joined Philip Morris USA in 1990. Throughout his tenure, he has held various leadership roles in Finance, Compliance, and Strategy & Business Development. Before becoming CFO, he was Senior Vice President of Finance and Procurement, overseeing critical functions such as Treasury, Tax, Audit, Financial Planning & Analysis, Controller, Procurement, and Information Services. Mr. Mancuso is also a board designee to Anheuser-Busch InBev. Effective May 14, 2026, he will assume the role of Chief Executive Officer of Altria.

Heather A. Newman Senior Vice President, Chief Strategy & Growth Officer

Ms. Newman has served as Senior Vice President, Chief Strategy & Growth Officer since March 2022. She joined the Altria family of companies in 1999 and previously held the position of Senior Vice President, Corporate Strategy. In her current role, she is responsible for corporate strategy and development, international and new growth ventures, and the digital and transformation organization. Ms. Newman has also served as President and CEO of Philip Morris USA. She is slated to become Executive Vice President and Chief Financial Officer effective May 14, 2026.

Jody L. Begley Executive Vice President, Chief Operating Officer

Mr. Begley is the Executive Vice President and Chief Operating Officer, and also serves as the President of Altria Group's Smokable Products segment. He joined Altria in 1995 and has extensive experience across various functions, including sales, operations, brand management, and strategy within the organization.

Murray S. Garnick Executive Vice President, General Counsel

Mr. Garnick holds the position of Executive Vice President, General Counsel for Altria Group, Inc.

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Key Risks to Altria (MO) Business

1. Declining cigarette volumes and market share: Altria faces a significant risk from the continuous decline in domestic cigarette shipment volumes, which directly impacts its core smokeable products segment. This decline is driven by broader industry trends and is further exacerbated by the growth of illicit e-vapor products in the market.
2. Evolving regulatory environment and product restrictions: The company is subject to increasing regulatory scrutiny and potential restrictions from the U.S. Food and Drug Administration (FDA). Key regulatory risks include potential flavor bans for cigarettes (such as menthol) and increased restrictions on e-vapor products, which could significantly impact Altria's product portfolio and revenue streams. Additionally, the company faces ongoing litigation and investigations related to its products, including its NJOY e-vapor devices.
3. Intense competition in the alternative nicotine market: While Altria is diversifying into smoke-free products like oral nicotine pouches (on!) and e-vapor (NJOY), it faces aggressive competition in these emerging categories. The company's "on!" pouches have lost market share to competitors like Philip Morris International's Zyn, and its NJOY e-vapor products have faced challenges including patent infringement rulings and declining shipment volumes.

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Altria Group, Inc. operates within several addressable markets in the United States for its main tobacco and nicotine products. The addressable markets for Altria's primary products in the U.S. are: * Smokeable Tobacco Products: * Cigarettes: The U.S. cigarette market size reached approximately USD 82.2 billion in 2025. Another estimate valued the U.S. tobacco market at USD 112.82 billion in 2024, projecting it to reach USD 180.48 billion by 2030, with traditional cigarettes historically leading sales. The cigarette category's annual run-rate in sales was reported at $52.4 billion as of October 5, 2025. * Cigars and Pipe Tobacco (Black & Mild): The U.S. cigar and cigarillos market generated a revenue of USD 13,065.4 million in 2024, with projections to reach USD 24,973.5 million by 2033. Another report valued the U.S. cigar market at USD 13.3 billion in 2024, with an expectation to grow to USD 19.97 billion by 2032. In 2025, this market was valued at USD 13.6 billion and is anticipated to reach USD 25.9 billion by the end of 2035. Specific market sizing for pipe tobacco alone in the U.S. was not readily available as a separate financial value. * Oral Tobacco Products: * Moist Smokeless Tobacco (Copenhagen, Skoal, Red Seal, Husky): The U.S. smokeless tobacco industry was estimated at US$ 4.02 billion in 2024 and is projected to grow to US$ 5.3 billion by 2033. Another assessment valued the U.S. Smokeless Tobacco Market at USD 3.36 billion in 2025, with a projection to reach USD 4.94 billion by 2033. Moist snuff constituted 90.15% of the global smokeless tobacco market share in 2025, with North America leading global revenue. * Oral Nicotine Pouches (on!): The U.S. nicotine pouches market was valued at USD 1.43 billion in 2024. It was also estimated at USD 3.95 billion in 2024, with a projection to reach USD 49.54 billion by 2033. Another report estimated the U.S. nicotine pouches market size at USD 5,415.7 million in 2025, with a forecast to reach USD 32,570.5 million by 2033. Historically, U.S. sales of nicotine lozenges, pucks, and pouches more than doubled from $452.76 million in 2020 to $1.06 billion in 2022.

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Altria Group, Inc. (MO) is expected to drive future revenue growth over the next two to three years through several key strategies and market dynamics:

1. Continued Pricing Power in Traditional Smokeable Products: Despite declining volumes in the traditional cigarette market, Altria has demonstrated consistent pricing power, particularly with its premium Marlboro brand. This ability to implement price increases helps to offset volume declines and sustain revenue in its core smokeable products segment.
2. Growth and Expansion of the on! Oral Nicotine Pouch Brand: The on! oral nicotine pouch brand has shown positive shipment volume growth and retail price increases. Altria is actively expanding this smoke-free portfolio with new product introductions, such as on! Plus, which has garnered high purchase intent scores. Regulatory advancements, including the FDA's pilot program to streamline the review process for oral nicotine pouches, could further accelerate market penetration for Altria's products in this category.
3. Introduction and Market Penetration of Heated Tobacco Products: Altria is strategically moving into the heated tobacco segment, as evidenced by its Horizon subsidiary filing Pre-Market Tobacco Applications (PMTA) and Modified Risk Tobacco Product Applications (MRTPA) for its Plume and Marlboro heated tobacco sticks. This initiative represents an important avenue for future revenue growth as the company expands its smoke-free offerings.
4. Benefiting from Increased Enforcement Against Illicit E-Vapor Products: Stricter regulatory enforcement against illicit and unregulated e-vapor products is anticipated to reduce competition in the broader nicotine market. This shift could direct consumers toward Altria's compliant, regulated smoke-free alternatives, thereby contributing to its revenue growth.

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Share Repurchases

• In 2024, Altria completed a $3.4 billion share repurchase program, repurchasing 73.5 million shares. A new $1 billion share repurchase program was subsequently authorized, with an expectation for completion by December 31, 2025.
• By October 2025, Altria's Board expanded its ongoing share repurchase program from $1 billion to $2 billion, which is set to expire on December 31, 2026.
• For the full year 2025, Altria repurchased over 17 million shares for $1 billion under its then-$2 billion share repurchase program, with $1 billion remaining under the authorization at the close of the fourth quarter.

Share Issuance

• Altria's shares outstanding decreased by 2.04% in 2025 to 1.683 billion from 1.718 billion in 2024.
• Shares outstanding declined by 3.32% in 2024 (1.718 billion from 1.777 billion in 2023) and by 1.5% in 2023 (1.777 billion from 2022).

Outbound Investments

• In 2023, Altria acquired the vaping company Njoy Holdings for $2.75 billion as part of its strategy to grow in smoke-free products.
• In October 2025, Altria formed a strategic collaboration with KT&G aimed at advancing international modern oral and U.S. non-nicotine growth, as well as optimizing traditional tobacco operations. Additionally, Altria agreed to acquire an ownership interest in Another Snus Factory, which produces the LOOP Nicotine Pouch brand.
• The company continues to hold an 8% interest in Anheuser-Busch InBev and a 41% stake in cannabis manufacturer Cronos, though earlier investments in Juul and Cronos have resulted in billions of dollars in losses.

Capital Expenditures

• Altria's capital expenditures for 2025 reached $216 million, marking a 52.1% increase from the prior year, primarily driven by investments in manufacturing capabilities and innovative products.
• For 2026, the company anticipates capital expenditures to be in the range of $300 million to $375 million, with funding expected from operating cash flows. These expenditures are projected to support contract manufacturing capabilities.
• In 2024, capital expenditures decreased by 27.6% to $142 million.