Altria Group, Inc. (MO): Business Model Canvas [Jan-2025 Mise à jour]

Dans le monde dynamique des marchés du tabac et de la nicotine, Altria Group, Inc. (MO) est une puissance stratégique, naviguant magistralement des paysages industriels complexes grâce à sa toile innovante du modèle commercial. Avec un portfolio ancré par l'emblématique Marlboro Investissements de marque et stratégique dans les technologies émergentes de la nicotine, Altria démontre une adaptabilité remarquable sur un marché de consommation en évolution. Cette ventilation complète révèle comment l'entreprise tire parti des partenariats clés, divers sources de revenus et des propositions de valeur de pointe pour maintenir son avantage concurrentiel dans un environnement réglementaire difficile.

Altria Group, Inc. (MO) - Modèle commercial: partenariats clés

Collaboration internationale de Philip Morris

Altria Group détient un intérêt économique de 35,1% dans Philip Morris International (PMI), d'une valeur de 12,8 milliards de dollars au 31 décembre 2022. Le partenariat se concentre sur les stratégies de marché international du tabac et les développements potentiels de produits de tabac chauffés.

Métrique de partenariat	Valeur
Pourcentage d'intérêt économique	35.1%
Valeur d'investissement	12,8 milliards de dollars

Partenariat Juul Labs

Altria a acheté une participation de 35% dans Juul Labs pour 12,8 milliards de dollars en décembre 2018. En 2024, la valeur d'investissement a considérablement diminué en raison des défis réglementaires et de la dynamique du marché.

Détail du partenariat	Valeur
Investissement initial	12,8 milliards de dollars
Pieu de propriété	35%

Fournisseurs agricoles

Altria se procure du tabac auprès de plusieurs fournisseurs agricoles à travers les États-Unis. Les principales régions d'approvisionnement comprennent:

• Caroline du Nord
• Virginie
• Kentucky
• Tennessee

Réseaux de distribution de détail

Altria maintient des partenariats avec environ 250 000 emplacements de vente au détail à l'échelle nationale pour la distribution des produits.

Canal de distribution	Nombre d'emplacements
Lieux de vente au détail	250,000

Altria Group, Inc. (MO) - Modèle d'entreprise: activités clés

Fabrication de produits du tabac

Altria Group produit environ 126,1 milliards de cigarettes par an par le biais de sa filiale Philip Morris USA. La société exploite des installations de fabrication à Richmond, en Virginie, avec une capacité de production annuelle de 25,4 milliards de dollars.

Usine de fabrication	Emplacement	Capacité de production annuelle
Plant Philip Morris USA	Richmond, VA	126,1 milliards de cigarettes

Marketing et publicité de marque

Altria a investi 286 millions de dollars dans les dépenses de marketing en 2022, se concentrant sur des marques de base comme Marlboro, qui maintient une part de marché de 43,4% sur le marché des cigarettes américaines.

• Part de marché de la marque Marlboro: 43,4%
• Dépenses de marketing: 286 millions de dollars (2022)
• Canals de marketing primaires: publicité imprimée, numérique et point de vente

Innovation et diversification des produits

Altria a investi 200 millions de dollars dans la recherche et le développement pour les catégories de produits sans fumée en 2022. Le dispositif de tabac chauffé d'IQOS de l'entreprise représente une stratégie d'innovation clé.

Catégorie d'innovation	Investissement	Produit clé
Produits sans fumée R&D	200 millions de dollars	Dispositif de tabac chauffé par IQOS

Gestion de la conformité réglementaire

Altria alloue environ 75 millions de dollars par an à la conformité réglementaire et aux services juridiques pour gérer les réglementations complexes du tabac.

• Budget de conformité: 75 millions de dollars par an
• Équipes légales et réglementaires dédiées
• Surveillance continue de la FDA et des réglementations au niveau de l'État

Stratégie de fusions et d'acquisitions

Altria a achevé un investissement de 12,8 milliards de dollars dans Juul Labs en 2018 et un investissement de 1,8 milliard de dollars dans le groupe Cronos pour des opportunités liées au cannabis.

Entreprise	Montant d'investissement	Année
Labs Juul	12,8 milliards de dollars	2018
Groupe Cronos	1,8 milliard de dollars	2019

Altria Group, Inc. (MO) - Modèle commercial: Ressources clés

Portfolio de marques de tabac fort

Part de marché de Marlboro: 43,3% aux États-Unis en 2023

Marque	Part de marché	Contribution annuelle des revenus
Marlboro	43.3%	24,6 milliards de dollars
Noir & Bénin	5.7%	1,2 milliard de dollars

Canaux de distribution étendus

Couvrage du réseau de distribution:

• Plus de 210 000 emplacements de vente au détail à l'échelle nationale
• Infrastructure de gros complète
• Plates-formes numériques directes aux consommateurs

Installations de fabrication

Emplacement	Type d'installation	Capacité de production
Richmond, VA	Traitement du tabac primaire	45 milliards de cigarettes par an
Memphis, TN	Fabrication secondaire	22 milliards de cigarettes par an

Droits de propriété intellectuelle

Portefeuille de brevets actif: 327 marques et brevets enregistrés

• Technologies de traitement du tabac
• Innovations de conception de produits
• Technologies d'emballage

Capacités de capital financier et d'investissement

Mesures financières auprès du quatrième trimestre 2023:

Métrique financière	Valeur
Actif total	47,3 milliards de dollars
Revenus annuels	26,8 milliards de dollars
Espèce et investissements	3,6 milliards de dollars
Capitaux propres des actionnaires	22,1 milliards de dollars

Altria Group, Inc. (MO) - Modèle d'entreprise: propositions de valeur

Offres de produits de tabac premium

Part de marché de la marque Marlboro: 43,4% sur le marché américain des cigarettes en 2023. Volume total d'expédition de cigarettes: 79,7 milliards d'unités en 2022. Prix de cigarette moyen: 8,16 $ par paquet.

Catégorie de produits	Part de marché	Revenus annuels
Cigarettes Marlboro	43.4%	24,7 milliards de dollars
Noir & Cigares doux	33.2%	1,2 milliard de dollars

Portfolio diversifié à travers les produits du tabac et de la nicotine

Le portefeuille de produits comprend:

• Cigarettes combustibles
• Produits de tabac chauffé
• Produits de tabac oral
• Produits de vapeur électronique

Paiements de dividendes cohérents pour les actionnaires

Rendement des dividendes: 8,4% en janvier 2024. Années consécutives de versements de dividendes: 53 ans. Dividende annuel par action: 3,76 $.

Technologies de livraison de nicotine innovantes

Investissement au tabac chauffé par IQOS: 1,7 milliard de dollars. Dépenses de recherche et de développement: 283 millions de dollars en 2022.

Réputation de la marque et fidélité à la clientèle

Valeur de la marque Marlboro: 33,6 milliards de dollars. Taux de rétention de la clientèle: environ 68% dans les segments de produits de tabac de base.

Marque	Position sur le marché	Index de fidélité des clients
Marlboro	Leader du marché	82%
Noir & Bénin	Chef de catégorie	71%

Altria Group, Inc. (MO) - Modèle d'entreprise: relations avec les clients

Programmes de fidélité pour les consommateurs de cigarettes

Marlboro Rewards Program Statistics à partir de 2023:

Métrique du programme	Valeur
Membres totaux inscrits	2,1 millions
Points moyens rachetés chaque année	1,4 million
Taux de rachat	37.5%

Campagnes de marketing direct

Dépenses de marketing pour l'engagement direct des consommateurs:

• Budget marketing direct annuel: 287 millions de dollars
• Attribution du marketing numérique: 124 millions de dollars
• Attribution du marketing imprimé: 93 millions de dollars

Plates-formes de fiançailles numériques

Métriques d'interaction en ligne:

Plate-forme numérique	Utilisateurs actifs mensuels
Application mobile Marlboro	680,000
Site officiel	1,2 million

Mécanismes de rétroaction des clients

Canaux de rétroaction des consommateurs:

• Taux de résolution des plaintes en ligne: 92,3%
• Temps de réponse moyen: 24 heures
• Interactions annuelles sur le service client: 1,6 million

Stratégies de communication des produits restreintes

Mécanismes de vérification de l'âge:

Méthode de vérification	Taux de conformité
Porte d'âge numérique	99.7%
Chèques d'identité en magasin	98.5%

Altria Group, Inc. (MO) - Modèle d'entreprise: canaux

Magasins de commodité au détail

En 2023, Altria Group distribue des produits dans environ 150 000 dépanneurs à travers les États-Unis. Le volume des ventes au détail pour les produits du tabac dans ces magasins a atteint 81,4 milliards de dollars en 2022.

Type de canal	Nombre de points de vente	Volume des ventes annuelles
Dépanneurs	150,000	81,4 milliards de dollars

Boutiques spécialisées du tabac

Les magasins de tabac spécialisés représentent un canal de distribution critique pour Altria, avec environ 8 500 sites de vente au détail de tabac dédiés à l'échelle nationale en 2023.

Plateformes vérifiées en ligne

Les canaux de vente numériques d'Altria ont généré 1,2 milliard de dollars de revenus grâce à des plateformes en ligne vérifiées par âge en 2022. Les principaux canaux de distribution en ligne incluent:

• Sites Web de marque officielles
• Plates-formes de commerce électronique autorisées
• Marchés numériques vérifiés

Représentants des ventes directes

Altria maintient une force de vente directe de 2 300 représentants à partir de 2023, en se concentrant sur les relations commerciales à entreprise avec les détaillants et les distributeurs en gros.

Distributeurs en gros

Les canaux de distribution de gros représentent 45,6 milliards de dollars de mouvement annuel de produits pour Altria Group. La société travaille avec 37 partenaires de distribution de gros primaires à travers les États-Unis.

Canal de distribution	Nombre de partenaires	Mouvement annuel des produits
Distributeurs en gros	37	45,6 milliards de dollars

Altria Group, Inc. (MO) - Modèle d'entreprise: segments de clientèle

Fumeurs adultes (18-54 tranches d'âge)

En 2023, Altria a rapporté 41,5 millions de fumeurs adultes aux États-Unis. Marlboro Brand détient 42,1% de part de marché dans le segment des cigarettes.

Caractéristiques du segment	Pourcentage
Fumeurs masculins	52.3%
Fumeuses	47.7%
Tranche d'âge 18-34	24.6%
Tranche d'âge de 35 à 54 ans	45.2%

Consommateurs de produits de nicotine

Part de marché de la cigarette électronique NJOY: 3,7%. Part de marché des produits de vapeur numérique VUSE: 35,2%.

• Base de consommation de produits de nicotine annuelle: 68,3 millions
• Utilisateurs de cigarette électronique: 14,2 millions
• Utilisateurs de tabac chauffé: 3,6 millions

Investisseurs et actionnaires

Total des actionnaires: 92 000. Propriété institutionnelle: 54,3%.

Type d'actionnaire	Pourcentage
Investisseurs institutionnels	54.3%
Investisseurs de détail	45.7%

Clients des dépanneurs

Total des dépanneurs aux États-Unis: 154 958. Distribution de Marlboro: 95,6% des détaillants du tabac.

Utilisateurs alternatifs de la nicotine soucieux de la santé

Iqos utilisateurs de tabac chauffés: 1,7 million. Part de marché de la poche de nicotine Zyn: 67,4%.

• Utilisateurs de thérapie de remplacement de la nicotine: 8,9 millions
• Consommateurs de produits de nicotine non combustibles: 22,6 millions

Altria Group, Inc. (MO) - Modèle d'entreprise: Structure des coûts

Frais de production de tabac

En 2022, les coûts de production totaux d'Altria pour les produits du tabac étaient de 4,2 milliards de dollars. Les coûts d'approvisionnement en tabac à feuilles étaient d'environ 1,1 milliard de dollars.

Catégorie de coûts	Montant (2022)
Total des frais de production du tabac	4,2 milliards de dollars
Aachat de tabac à feuilles	1,1 milliard de dollars
Fabrication des frais généraux	2,3 milliards de dollars

Coûts de marketing et de publicité

Altria a dépensé 1,6 milliard de dollars en frais de marketing et de publicité en 2022.

• Marketing de marque Marlboro: 900 millions de dollars
• Publicité numérique et traditionnelle: 450 millions de dollars
• Activités promotionnelles: 250 millions de dollars

Investissements de conformité réglementaire

Les coûts de conformité réglementaire pour Altria en 2022 ont totalisé 350 millions de dollars.

Zone de conformité	Montant d'investissement
Conformité de la FDA	150 millions de dollars
Exigences réglementaires au niveau de l'État	125 millions de dollars
Dépenses juridiques et de déclaration	75 millions de dollars

Recherche et développement

Altria a investi 250 millions de dollars dans la recherche et le développement en 2022.

• Innovation de produit sans fumée: 150 millions de dollars
• Recherche technologique de la nicotine: 75 millions de dollars
• Test de sécurité des produits: 25 millions de dollars

Distribution et logistique

Les dépenses de distribution et de logistique pour Altria étaient de 800 millions de dollars en 2022.

Catégorie de coût logistique	Montant
Transport	400 millions de dollars
Entrepôts	250 millions de dollars
Gestion de la chaîne d'approvisionnement	150 millions de dollars

Altria Group, Inc. (MO) - Modèle d'entreprise: Strots de revenus

Ventes de cigarettes (Marlboro)

Ventes de cigarettes Marlboro en 2022: 20,5 milliards de dollars Volume d'expédition de cigarettes intérieurs: 79,2 milliards d'unités Part de marché de Marlboro: 43,4%

Catégorie de produits	Revenu 2022	Part de marché
Cigarettes Marlboro	20,5 milliards de dollars	43.4%
Autres marques de cigarettes	5,3 milliards de dollars	12.6%

Produits de tabac sans fumée

Revenu total du tabac sans fumée en 2022: 2,1 milliards de dollars Copenhague et Skoal Brands Revenus totaux: 1,8 milliard de dollars

Revenus de produits de vapeur électronique

Njoy E-Vapor Brand Revenue: 47,2 millions de dollars en 2022 Contribution totale du segment du marché des vapeur électronique: environ 3,5% du total des revenus

Licence et revenu de partenariat

• Revenus de licences internationales de Philip Morris: 1,2 milliard de dollars
• Revenu de partenariat stratégique Anheuser-Busch: 285 millions de dollars

Les rendements des investissements des avoirs stratégiques

Investissement	Valeur	Retour annuel
Anheuser-busch inBev	13,6 milliards de dollars	4.2%
Labs Juul	1,6 milliard de dollars	N / A (Écriture significative)

Revenus totaux de l'entreprise pour 2022: 26,3 milliards de dollars

Altria Group, Inc. (MO) - Canvas Business Model: Value Propositions

You're looking at the core value Altria Group, Inc. delivers to its customers and investors right now, based on the latest numbers through late 2025. It's about balancing the high-margin legacy business with the growth engines in reduced-risk products.

High-margin, consistent product experience for adult smokers via premium cigarettes.

The value here is rooted in the profitability of the core smokeable products, even as volumes decline. Pricing power and margin discipline keep this segment a cash cow. For instance, in the third quarter of 2025, the adjusted operating margins in the smokeables segment expanded by 130 basis points to reach 64.4%. This margin strength helped the segment deliver adjusted operating companies income growth of 0.7%, despite domestic cigarette shipment volumes declining by more than 8%.

Here's a quick look at the margin dynamics in the core business segments for Q3 2025:

Segment	Metric	Value (Late 2025)
Smokeable Products	Adjusted Operating Margin	64.4%
Smokeable Products	Domestic Cigarette Shipment Volume Change (YoY)	Declined more than 8%
Oral Tobacco Products	Adjusted Operating Margin	69.2%
Oral Tobacco Products	Segment Revenue Change (YoY)	Declined 4.3%

Reduced-risk alternatives for adult smokers transitioning away from cigarettes.

Altria Group, Inc. is positioning its portfolio to capture consumers shifting to non-combustible options. The oral tobacco segment, which includes the on! pouches, is a key part of this transition, showing strong profitability.

• Oral tobacco segment adjusted margins improved by 240 basis points to 69.2% in Q3 2025.
• The company's full-year 2025 adjusted diluted earnings per share (EPS) guidance is set in a range of $5.37 to $5.45.
• For the third quarter of 2025, the reported adjusted EPS was $1.45, beating estimates of $1.44.

Discreet, modern oral nicotine delivery through the growing on! pouch brand.

The on! brand is showing significant volume and market share gains, making it a substantial driver of profit growth in the oral segment. You can see the momentum clearly in the Q2 2025 results.

Shipment volume for on! nicotine pouches grew by 26.5% year-over-year in the second quarter of 2025, reaching 52.1 million cans. This growth helped lift on! to an 8.7% retail share of the total U.S. oral tobacco market. The entire U.S. nicotine pouch category itself grew to represent 52.0% of the U.S. oral tobacco category in Q2 2025, an increase of 10.0 share points versus the prior year.

• on! retail share of U.S. oral tobacco market (Q2 2025): 8.7%.
• on! share of the nicotine pouch category (Q2 2025): 16.7%.
• on! shipment volume growth (Q1 2025 vs. prior year): 18%.
• on! shipment volume growth (Q2 2025 vs. year-ago period): 26.5%.

Consistent, high-yield shareholder returns, with a dividend rate of $4.24 per share.

The commitment to shareholders is concrete, backed by a long history of increases and active capital return programs. The annualized dividend rate is set at $4.24 per share, which translates to a quarterly payment of $1.06 per share following the August 2025 increase. This marks the 60th dividend increase in the past 56 years.

The company also actively manages its share count to boost per-share metrics. Through the first nine months of 2025, Altria Group, Inc. retired 12.3 million shares via repurchases. Furthermore, the Board authorized a new share repurchase plan on October 30th, authorizing the company to buy back $2.00 billion in outstanding shares, which represents up to 1.9% of its stock.

Shareholder Return Metric	Value (As of Late 2025)
Annualized Dividend Rate	$4.24 per share
Quarterly Dividend Rate	$1.06 per share
Share Repurchase Authorization	$2.00 billion
Shares Repurchased (First Nine Months 2025)	12.3 million shares

Altria Group, Inc. (MO) - Canvas Business Model: Customer Relationships

You're looking at how Altria Group, Inc. maintains and builds connections with its adult tobacco consumers (ATC) and the investment community as of late 2025. The relationship strategy is dual-focused: maximizing efficiency at the physical point of sale (POS) while aggressively building digital pathways for smoke-free product adoption.

Transactional relationship at the point of sale (POS).

The relationship at the physical retail level is heavily mediated through Altria Group Distribution Co.'s (AGDC) Digital Trade Program (DTP). This program incentivizes retailers to adopt digital tools that capture consumer data, which directly impacts the transactional experience through targeted promotions. For instance, Tier 1 of the DTP includes the Scan Data Base Incentive, which rewards retailers for reporting each tobacco transaction, establishing a foundational data link at the moment of purchase.

The structure of the DTP, which is evolving with a new Tier 4 requirement launching in December 2025, shows a clear push to digitize the transaction and reward loyalty ID usage.

DTP Tier Level	Key POS/Data Requirement	Incentive Focus
Tier 1	Submit ATOC scan data reports	Reimbursement per tobacco transaction
Tier 2	Implement Age Validation Technology (AVT)	Enhanced Retail Digital Coupons
Tier 3	Implement Electronic Age & Identity Verification (EAIV)	ATC 21+ Data Incentive
Tier 4 (Launching Dec 2025)	Participation in Personalization+ (P+)	Access to exclusive discounts and new revenue streams

Targeted digital engagement for adult tobacco consumers (ATC) age 21+.

Altria Group, Inc.'s Vision is to responsibly lead the transition of adult smokers to a smoke-free future, making the ATC 21+ the center of their marketing efforts. The company estimates that of the 55 million adult nicotine consumers 21+, 33 percent exclusively use smoke-free products. To understand and engage this base, Altria uses its proprietary Adult Tobacco Consumer Tracker (ATCT), which surveys 2,400 respondents per month using a dual-mode telephone approach to provide timely prevalence data.

Digital engagement is formalized through DTP tiers that reward data sharing:

• ATC 21+ Data Incentive: Rewards for providing verified Adult Tobacco Consumer data.
• Email Marketing Incentive: Incentives tied to transactions resulting from email campaigns.
• Personalization Plus (P+): Tailored promotions for verified consumers based on unique attributes.

The company narrowed its full-year 2025 adjusted diluted earnings per share (EPS) guidance to a range of $5.37 to $5.45, representing growth of 3.5% to 5.0% over 2024, with investments in marketplace activities supporting these smoke-free product efforts.

Loyalty programs and direct-to-consumer marketing for smoke-free products.

The success of the smoke-free transition is heavily reliant on building loyalty in new categories, particularly oral nicotine pouches. The 'on!' nicotine pouch brand is a key growth driver. In the first quarter of 2025, shipment volumes for 'on!' increased 18% year-over-year to over 39 million cans. This momentum helped drive Oral Tobacco Products revenues up 0.5% to $654 million in Q1 2025. Nicotine pouches now account for a substantial 55.7% of the total U.S. oral tobacco market as of Q3 2025. The DTP's higher tiers, like Tier 3, specifically aim to enhance engagement with these smoke-free products by rewarding retailers for utilizing digital communications featuring Altria offers to the ATC21+ base.

Investor relations focused on the 60th consecutive dividend increase in 56 years.

Altria Group, Inc. explicitly grounds its mission in creating sustainable value for shareholders, which is supported by its financial discipline. A major point of connection with this segment is the company's dividend record. In August 2025, Altria announced its 60th dividend increase in the past 56 years. This increase was a 3.9% hike to a quarterly dividend of $1.06/share from the prior $1.02/share. The resulting new annualized dividend rate is $4.24/share, which represented a dividend yield of 6.3% based on the stock price of $67.58 on August 20, 2025.

This commitment is funded by strong cash generation. In the first nine months of 2025, the company returned a total of $5.912 billion to shareholders, which included approximately $5 billion paid out as dividends. The company's progressive dividend goal targets mid-single-digit dividend per share growth annually through 2028.

Key financial metrics supporting this relationship include:

• New Quarterly Dividend Rate: $1.06 per share.
• Consecutive Increases: 60th in 56 years.
• Dividend Payout in 9M 2025: Approximately $5 billion.
• 2025 Full-Year Adjusted EPS Guidance Range: $5.37 to $5.45.

Finance: draft 13-week cash view by Friday.

Altria Group, Inc. (MO) - Canvas Business Model: Channels

You're looking at how Altria Group, Inc. gets its products-from traditional cigarettes to newer smoke-free options-into the hands of adult consumers across the U.S. It's a massive logistical undertaking, built on established relationships and new digital pushes. This is the backbone that supports their entire revenue structure.

The core physical distribution relies on a vast network of US retail stores, including convenience stores and gas stations. Altria Group Distribution Company (AGDC) is key here, working with over 211,000 retailers, which represents approximately 92% of the tobacco industry volume sold in retail stores. This scale is crucial for maintaining brand presence for Marlboro and ensuring shelf space for newer products.

Logistics flow through wholesale distributors managing inventory and logistics to retailers. Altria subsidiaries sell their products principally to wholesalers (including distributors) and large retail organizations, such as chain stores. This system is what moves product from Altria's manufacturing base to those 211,000 points of sale.

For the smoke-free portfolio, Altria is pushing direct-to-consumer (DTC) e-commerce platforms for smoke-free products, though this channel faces headwinds. For instance, the principal e-vapor product, NJOY ACE, was off-market due to an International Trade Commission (ITC) exclusion order effective March 31, 2025. Still, NJOY consumables shipment volume for the first nine months of 2025 reached 33.8 million units, with device shipments at 3.9 million units. The broader 'all other' category, which houses NJOY, reported a net revenue of -$17 million in Q1 2025.

Visibility is driven by intensive digital and in-store marketing campaigns for brand visibility. The company's planned investments in support of its Vision, which includes marketplace activities for smoke-free products, are funded by capital expenditures forecast between $175 million and $225 million for the full year 2025. This spend supports both in-store presence and brand awareness campaigns for products like on! nicotine pouches.

Here's a look at how key product lines are performing across these channels, based on the latest reported quarter:

Metric	Product/Segment	Value	Period/Context
Retail Outlets Serviced	Total Retailers via AGDC	211,000	As of late 2025 data reference
Market Share of Volume	Tobacco Industry Volume in Retail Stores	92%	Leveraged by AGDC
Shipment Volume Change	Domestic Cigarettes	-8.2%	Year-over-Year (Q3 2025)
Retail Share	Marlboro Cigarettes	40.4%	Q3 2025
Retail Share Change	Discount Cigarette Segment Mix	+2.4pp	Year-over-Year (Q3 2025)
Category Share	on! Nicotine Pouches (US Oral Tobacco Category)	8.9%	As of mid-2025
Retail Share Change	NJOY Consumables (US Multi-Outlet/Convenience)	+2.8 share points	Year-over-Year (Q3 2025)
Retail Price Change	on! Pouch (vs. Category Average)	+1.5% vs. -7%	Q3 2025

The push into smoke-free is visible in the oral tobacco segment's performance, which is heavily reliant on these retail channels. The on! brand, for example, grew its share of the US oral tobacco category to 8.9%. Furthermore, on! retail price increased by about 1.5% in Q3 versus the prior year, contrasting sharply with the national average retail price decline of 7% for the overall category.

For e-vapor, the NJOY brand is fighting for visibility in the channels it can access. NJOY consumables achieved a 6.2% market share in US multi-outlet and convenience channels in Q3 2025, marking an increase of 2.8 share points over the prior year.

You've got to keep an eye on the core cigarette distribution, too. Domestic cigarette shipment volume was down 8.2% year-over-year in Q3 2025. Still, Marlboro holds a commanding retail share of 40.4%. Finance: draft 13-week cash view by Friday.

Altria Group, Inc. (MO) - Canvas Business Model: Customer Segments

You're looking at the core groups Altria Group, Inc. serves right now, late in 2025. It's a business balancing a highly profitable, but shrinking, core with significant investment into new product categories. The customer base is clearly segmented by their product preference and their reason for holding the stock.

Adult Tobacco Consumers (ATC) aged 21+ in the US.

This is the total addressable market Altria Group, Inc. focuses on, which is defined as adults aged 21 years or older in the US civilian, noninstitutionalized population. The overall landscape shows a massive shift in product use. As of late 2025, there are an estimated 55 million adult nicotine consumers in the US. This group is fracturing, with a notable move away from traditional combustible products.

Here's a breakdown of the current state of the adult nicotine consumer base:

• The number of adults who exclusively smoke cigarettes dropped to 28 million in 2024.
• The adult cigarette smoking rate was 11.6% as of 2022 data.
• Approximately 33% of the total 55 million adult nicotine consumers now use smoke-free products only.
• There are 8 million dual users who consume both combustibles and smoke-free products.
• Overall nicotine volumes across all products show a 2% compound annual growth rate (CAGR), driven by smoke-free growth offsetting declines in cigarettes and cigars.

Traditional adult smokers loyal to premium cigarette brands.

This segment remains the primary engine for Altria Group, Inc.'s current profitability. They are loyal to premium brands, most notably Marlboro. The financial performance of this segment is what funds the entire transition strategy. For instance, the Smokeable Products segment delivered an adjusted Operating Companies Income (OCI) margin of 64.4% in the third quarter of 2025.

Key data points for this segment include:

Metric	Value/Data Point	Period/Context
Marlboro U.S. Market Share	42%	2024
Smokeable Products Net Revenues	$5.4 billion	Q2 2025
Reported Domestic Cigarette Volume Decline	13.7%	Q1 2025
Net Price Realization (Cigarettes)	10.8%	Q1 2025

The strategy here is maximizing cash flow through pricing power, which offset a 13.7% decline in reported domestic cigarette volumes in the first quarter of 2025.

Adult nicotine users seeking smoke-free, discreet oral alternatives.

This is the key growth vector for Altria Group, Inc.'s future. These consumers are actively transitioning away from combustibles to products like nicotine pouches. The oral tobacco market volume grew +8.5% in 2024. Altria Group, Inc.'s flagship oral pouch brand, on!, is central to capturing this user base.

Here are the performance metrics for this evolving segment:

• The number of nicotine pouch users in the US reached 3.5 million in 2024, having tripled in the prior three years.
• Altria's on! nicotine pouch shipment volume increased 18% in Q1 2025, reaching over 39 million cans.
• The on! brand achieved a retail share of 8.8% in the oral tobacco category in Q1 2025, and 8.7% in Q2 2025.
• NJOY consumables, another smoke-free product, saw shipment volume increase by 23.9% in Q1 2025.

The company is defintely focused on expanding consumer awareness for on! through the 'It's On!' campaign.

Income-focused investors attracted by the high dividend yield.

This segment isn't a product user, but a critical stakeholder group whose confidence is maintained through consistent capital returns. Altria Group, Inc. has a long track record here, marking its 60th dividend increase in the past 56 years, announced in August 2025.

The financial commitment to this group is concrete:

• The current annualized dividend is $4.24 per share.
• The latest reported dividend yield stands around 7.27% as of early December 2025.
• The most recent quarterly dividend paid was $1.06 per share, payable on October 10, 2025.
• The target dividend payout ratio is set at approximately 80% of adjusted earnings per share, with the Q3 2025 payout ratio based on earnings at 80.92%.
• Full-year 2025 adjusted diluted EPS guidance was narrowed to a range of $5.37 to $5.45.

They use their strong cash flows to fund the smoke-free transition while still providing compelling returns. Finance: draft 13-week cash view by Friday.

Altria Group, Inc. (MO) - Canvas Business Model: Cost Structure

You're looking at the major drains on Altria Group, Inc.'s revenue, the costs that define its operational structure as of late 2025. Honestly, this business is heavily weighted toward government and production costs before you even get to marketing.

High cost of goods sold (COGS) due to raw materials and manufacturing represents a substantial portion of the total outlay. The cost structure is inherently tied to the physical production and sourcing of tobacco leaf and related materials. For the twelve months ending September 30, 2025, Altria Group, Inc.'s Cost of Goods Sold (COGS) was reported at $8.892B. Looking at a more recent quarter, for the third quarter of 2025, the Cost of Sales was $4,149 million, down from $4,575 million in the prior year period, showing some fluctuation in input costs or volume effects.

Significant excise taxes and Master Settlement Agreement (MSA) payments are non-negotiable, fixed-like costs baked into the price structure. Excise taxes are levied by federal and state governments, and these amounts are significant, often passed through to the consumer but impacting the net revenue calculation. For the third quarter of 2025, Altria Group, Inc. reported $2,373 million in excise taxes on products. While the search results don't give a precise 2025 MSA payment figure, the company's 2024 results noted pre-tax charges of $101 million for tobacco and health and certain other litigation items, which often relate to MSA obligations, down from $430 million in 2023.

The company must make large-scale marketing and promotional investments, especially for smoke-free products, to drive adoption of its future portfolio. These investments are critical to shifting consumer behavior away from combustibles. For instance, in 2024, higher promotional investments were cited as a factor contributing to a decrease in net revenues. The company is actively investing in brands like NJOY, where retail share increased, and in its oral tobacco portfolio, which saw on! maintain momentum.

Finally, regulatory, litigation, and R&D expenses for new product applications form a necessary, though variable, cost base. This includes costs associated with seeking FDA approval for next-generation products. For the year ended December 31, 2024, Altria Group, Inc. recorded the majority of its pre-tax Research & Development (R&D) expense of $208 million in its all other category, reflecting the shift toward new product platforms. Litigation costs, as noted, can be lumpy; the 2023 charges of $430 million for tobacco and health litigation were significantly higher than the $101 million recorded in 2024. Furthermore, the company guides its 2025 capital expenditures to be between $175 million and $225 million and depreciation and amortization expenses to be approximately $290 million.

Here's a quick look at some of the key reported costs and guidance figures:

• Twelve Months Ended September 30, 2025 COGS: $8.892B
• Q3 2025 Cost of Sales: $4,149 million
• Q3 2025 Excise Taxes: $2,373 million
• 2024 Pre-tax Litigation Charges: $101 million
• 2024 R&D Expense (Majority): $208 million
• 2025 Capital Expenditures Guidance Range: $175 million to $225 million

You can see the structure clearly when you map the major cost buckets:

Cost Component	Latest Reported Amount (USD)	Period/Year
Cost of Goods Sold (COGS)	$8.892B	TTM ending Sep 30, 2025
Excise Taxes on Products	$2,373 million	Q3 2025
Tobacco & Health Litigation Charges (Pre-tax)	$101 million	Full Year 2024
R&D Expense (Majority)	$208 million	Full Year 2024
Projected 2025 Depreciation & Amortization	Approximately $290 million	2025 Guidance

The focus on smoke-free means marketing spend is shifting, but the underlying costs of tobacco production and taxation remain the bedrock of the expense side. Finance: draft 13-week cash view by Friday.

Altria Group, Inc. (MO) - Canvas Business Model: Revenue Streams

You're mapping out the revenue engine for Altria Group, Inc. (MO) as of late 2025, so let's focus strictly on the hard numbers that drive the business.

The structure of Altria Group, Inc.'s (MO) revenue streams clearly shows a reliance on its traditional core, even as it pushes for growth in smoke-free alternatives. The most recent comprehensive figures, covering the first nine months of 2025, show that Revenues net of excise taxes totaled approximately $15.060 billion, marking a modest decline of 1.8% compared to the same period in 2024. This figure is the truest reflection of the company's sales power, as it strips out the significant excise taxes levied on tobacco products.

The dominant stream remains the Sale of Smokeable Products (Cigarettes), anchored by the Marlboro brand. For the second quarter of 2025 alone, this segment generated about $5.4 billion in net revenue, though that figure represented a 2.5% decrease year-over-year. To be fair, the entire portfolio felt some pressure; the Q3 2025 Net revenues were $6.1 billion, down 3.0% from Q3 2024, with Revenues net of excise taxes at $5.3 billion, down 1.7%.

Here's a quick look at the profitability supporting these streams as of Q3 2025:

Metric	Value (2025)
Q3 2025 Net Revenues	$6.1 billion
Q3 2025 Revenues Net of Excise Taxes	$5.3 billion
Gross Profit Margin (Q3 2025)	72.60%
Annual Dividend Rate	$4.24 per share
Dividend Payout Ratio (as of Sep 2025)	About 73%

The Sale of Oral Tobacco Products, featuring the on! nicotine pouches, is a key area for growth offsetting the combustible decline. For instance, in Q1 2025, the on! brand maintained momentum, and the company is investing strategically behind it.

E-Vapor product sales from the NJOY portfolio are showing early traction. Reflecting the investment made in 2023, Q1 2025 data showed significant year-over-year increases in shipments:

• Consumables shipments rose by 15.6%.
• Devices shipments rose by 100%.

The final, non-operational stream comes from Equity earnings from the investment in Anheuser-Busch InBev (ABI). While Altria Group, Inc. reduced its stake from an initial 10% to 8% following a sale of 35 million shares in 2024, this investment still contributes to the bottom line, though Q1 2025 adjusted diluted EPS was noted as being partially offset by lower equity income from ABI.

Looking ahead, the company's internal expectations for the year are clear:

• Full-year 2025 adjusted EPS is guided between $5.37 and $5.45.
• This guidance range represents an adjusted diluted EPS growth rate of 3.5% to 5.0% over the 2024 base of $5.19.

Finance: draft 13-week cash view by Friday.