Altria Group, Inc. is a leading manufacturer and marketer of tobacco products in the United States for adult tobacco consumers age 21+. The company's vision is to responsibly lead the transition of adult smokers to a smoke-free future. Altria is moving adult smokers away from cigarettes by offering potentially less harmful choices. Altria's wholly owned subsidiaries include Philip Morris USA Inc. (PM USA), manufacturer and seller of cigarettes; John Middleton Co. (Middleton), manufacturer and seller of cigars and pipe tobacco; U.S. Smokeless Tobacco Company LLC (USSTC), manufacturer and seller of moist smokeless tobacco (MST) and snus products; Helix Innovations, manufacturer and seller of oral nicotine pouches; and NJOY, LLC (NJOY), manufacturer and seller of e-vapor products. Altria also owns Altria Group Distribution Company, which provides sales and distribution services, and Altria Client Services LLC (ALCS), which provides support services. Altria's brands include Marlboro, Black & Mild, Copenhagen, Skoal, on!, and NJOY. The company also has investments in Anheuser-Busch InBev SA/NV (ABI) and Cronos Group Inc. (Cronos).

• Employees: Approximately 6,400 (as of December 31, 2023)
• Headquarters: Richmond, Virginia
• Founded: Not Available
• Number of locations/facilities: Not Available
• Revenue: $24.483 billion (FY2023)
• Market Cap: $80 Billion (as of June 30, 2023)
• Key Subsidiaries/Brands: PM USA (Marlboro, other premium brands, discount brands); Middleton (Black & Mild); USSTC (Copenhagen, Skoal, Red Seal); Helix (on!); NJOY (NJOY ACE)

• CEO: William F. Gifford, Jr.
• CFO: Salvatore Mancuso
• Board Chair: Not Available
• Other Key Executives: Jody L. Begley (Executive Vice President and Chief Operating Officer); Daniel J. Bryant (Vice President and Treasurer); Steven D'Ambrosia (Vice President and Controller); Murray R. Garnick (Executive Vice President and General Counsel); Heather A. Newman (Senior Vice President, Chief Strategy & Growth Officer); W. Hildebrandt Surgner, Jr. (Vice President, Corporate Secretary and Associate General Counsel); Charles N. Whitaker (Senior Vice President, Chief Human Resources Officer and Chief Compliance Officer)

• Annual Revenue: $24.483 billion (FY2023)
• Net Income: $8.130 billion (FY2023)
• Market Cap: $80 billion (as of June 30, 2023)
• Total Assets: $38.570 billion (FY2023)
• Key Financial Highlights: Net revenue decreased $613 million (2.4%); Cost of sales decreased $224 million (3.5%); Operating income decreased $372 million (3.1%); Reported net earnings increased $2,366 million (41.0%); Adjusted diluted EPS increased 2.3%

Altria's product portfolio primarily consists of tobacco products, including cigarettes, cigars, MST, snus, oral nicotine pouches, and e-vapor products. Cigarettes are manufactured and sold by PM USA, with Marlboro being their flagship brand. Middleton manufactures and sells machine-made large cigars and pipe tobacco, primarily under the Black & Mild brand. USSTC manufactures and sells MST and snus products, with Copenhagen and Skoal as premium brands and Red Seal as a value brand. Helix manufactures and sells oral nicotine pouches, primarily under the on! brand. NJOY manufactures and sells e-vapor products, with NJOY ACE as its primary offering. Specific revenue contributions for each product category are not available in aggregate.

As of December 31, 2023, Altria's reportable segments were smokeable products and oral tobacco products. The smokeable products segment includes cigarettes and cigars, while the oral tobacco products segment includes MST, snus, and oral nicotine pouches. Net revenues for smokeable products were $21.756 billion in FY2023, while net revenues for oral tobacco products were $2.667 billion in FY2023. All other products and services, including NJOY, Horizon, Helix ROW, and the IQOS System, are reported within "All Other." Prior to October 1, 2021, wine was a separate reportable segment.

Altria's core strategy is to responsibly lead the transition of adult smokers to a smoke-free future. This involves significant investments in innovative smoke-free products, including oral nicotine pouches and e-vapor products, while maintaining a leading position in the combustible tobacco market. Altria aims to grow its smoke-free product volume and revenue significantly by 2028, with a focus on transitioning adult smokers to potentially less harmful alternatives. The company also plans to expand internationally in innovative oral tobacco markets and explore opportunities in heated tobacco and e-vapor markets. Additionally, Altria aims to enter non-nicotine categories with broad commercial distribution. Altria has a progressive dividend goal targeting mid-single digits dividend per share growth annually through 2028 and aims to maintain a debt-to-Consolidated EBITDA ratio of approximately 2.0x.

Altria operates in the highly competitive U.S. tobacco industry. The market is driven by brand recognition, loyalty, product quality, taste, price, innovation, marketing, and distribution. Altria faces competition from both domestic and international manufacturers in all product categories, including from lower-priced brands and illicit trade. The industry is subject to extensive regulation by the FDA, including marketing restrictions, pre-market review pathways, and potential product standards. Key market trends include evolving consumer preferences, the growth of innovative smoke-free products, and increasing excise taxes.

• Changing Consumer Preferences and Economic Conditions: Altria's business is susceptible to shifts in adult tobacco consumer preferences and purchase behavior, particularly during economic downturns. Premium brands may be impacted by consumers switching to discount or lower-priced products.
• Intense Competition: Altria faces intense competition in all product categories, including from lower-priced brands not subject to the same litigation settlement costs. The growth of innovative tobacco products adds another layer of competitive pressure.
• Regulation: Extensive federal, state, and local regulations, particularly FDA actions related to product approvals, marketing, and potential product standards (e.g., menthol, nicotine levels), pose significant challenges.
• Supply Chain Disruptions: Altria's business is vulnerable to disruptions in the supply of tobacco, other raw materials, or component parts due to factors such as weather, regulations, or geopolitical instability.
• Litigation: Ongoing and potential future litigation, especially related to product liability and health care costs, could have a material adverse impact on Altria's financial position.