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Altria Earnings Fall Short Amid Lower Cigarette Sales and Competition
Tobacco giant reports flat earnings due to declining cigarette sales and competition from unauthorized disposable e-cigarettes and nicotine pouches.
Jan. 29, 2026 at 10:39am
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Altria, the tobacco company behind Marlboro cigarettes, reported flat earnings in the fourth quarter due to declining cigarette sales and increasing competition from unauthorized disposable e-cigarettes and nicotine pouches. The company's revenue slid 2% to $5.8 billion, mainly driven by lower cigarette sales, as tobacco companies continue to manage shrinking sales of their main product category.
Why it matters
Altria's struggles highlight the ongoing challenges facing the tobacco industry as consumers shift away from traditional cigarettes toward newer nicotine products. The rise of unauthorized disposable e-cigarettes, often with fruit and candy flavors, is putting pressure on Altria's efforts to diversify into next-generation products like e-cigarettes and nicotine pouches.
The details
Altria reported adjusted net income of $1.30 per share, falling short of Wall Street expectations. The company's nicotine pouch brand, on! Plus, saw its market share shrink to about 13%, down 5 points from the prior year, as it faced pricing competition from Philip Morris International's dominant Zyn brand. Altria also took a $1.3 billion charge on the value of its vaping business after international trade regulators ruled its NJOY Ace products infringed on patents held by Juul.
- Altria reported its fourth-quarter earnings on January 29, 2026.
- In December 2025, the FDA officially authorized Altria's on! Plus nicotine pouch brand in several flavors.
The players
Altria
A tobacco company based in Richmond, Virginia, and the maker of Marlboro cigarettes.
Billy Gifford
The CEO of Altria.
Philip Morris International
A tobacco company that owns the dominant Zyn nicotine pouch brand, which accounts for more than two-thirds of the U.S. pouch market.
Juul
A vaping company whose patents were ruled to be infringed upon by Altria's NJOY Ace vaping products, leading to a $1.3 billion charge for Altria.
NJOY
A vaping company that Altria acquired for $2.75 billion in 2023.
What they’re saying
“We have long advocated for stronger enforcement against illicit products.”
— Billy Gifford, CEO, Altria
“Certainly as we introduce at retail we'll have various introductory price promotions. We feel very excited about the differentiation we have and the consumer feedback.”
— Billy Gifford, CEO, Altria
What’s next
Altria plans to expand its on! Plus nicotine pouch brand at the regional and then national level later in 2026.
The takeaway
Altria's struggles highlight the ongoing shift away from traditional cigarettes toward newer nicotine products, with the rise of unauthorized disposable e-cigarettes and competition from market-leading brands like Zyn posing challenges for the tobacco giant as it tries to diversify its business.
