Altria Group, Inc. (MO): Modelo de Negócios Canvas [Jan-2025 Atualizado]

No mundo dinâmico dos mercados de tabaco e nicotina, o Altria Group, Inc. (MO) se destaca como uma potência estratégica, navegando magistralmente paisagens complexas da indústria por meio de sua inovadora tela de modelo de negócios. Com um portfólio ancorado pelo icônico Marlboro Brand e investimentos estratégicos em tecnologias emergentes de nicotina, a Altria demonstra adaptabilidade notável em um mercado de consumidores em evolução. Esse detalhamento abrangente revela como a empresa aproveita as principais parcerias, diversos fluxos de receita e proposições de valor de ponta para manter sua vantagem competitiva em um ambiente regulatório desafiador.

Altria Group, Inc. (MO) - Modelo de Negócios: Principais Parcerias

Philip Morris International Collaboration

O Altria Group detém uma participação econômica de 35,1% na Philip Morris International (PMI), avaliada em US $ 12,8 bilhões em 31 de dezembro de 2022. A parceria se concentra nas estratégias internacionais de mercado do tabaco e em potenciais desenvolvimentos de produtos de tabaco aquecido.

Métrica de Parceria	Valor
Porcentagem de juros econômicos	35.1%
Valor de investimento	US $ 12,8 bilhões

Parceria Juul Labs

A Altria comprou uma participação de 35% na Juul Labs por US $ 12,8 bilhões em dezembro de 2018. Em 2024, o valor do investimento diminuiu significativamente devido a desafios regulatórios e dinâmica de mercado.

Detalhes da parceria	Valor
Investimento inicial	US $ 12,8 bilhões
Participação de propriedade	35%

Fornecedores agrícolas

Altria adquire tabaco de vários fornecedores agrícolas nos Estados Unidos. As principais regiões de compras incluem:

• Carolina do Norte
• Virgínia
• Kentucky
• Tennessee

Redes de distribuição de varejo

A Altria mantém parcerias com aproximadamente 250.000 locais de varejo em todo o país para distribuição de produtos.

Canal de distribuição	Número de locais
Locais de varejo	250,000

Altria Group, Inc. (MO) - Modelo de Negócios: Atividades -chave

Fabricação de produtos de tabaco

O Altria Group produz aproximadamente 126,1 bilhões de cigarros anualmente através de sua subsidiária Philip Morris USA. A empresa opera instalações de fabricação em Richmond, Virgínia, com uma capacidade de produção anual de US $ 25,4 bilhões.

Instalação de fabricação	Localização	Capacidade de produção anual
Planta Philip Morris USA	Richmond, VA	126,1 bilhões de cigarros

Marketing de marca e publicidade

A Altria investiu US $ 286 milhões em despesas de marketing em 2022, com foco em marcas principais como Marlboro, que mantém uma participação de mercado de 43,4% no mercado de cigarros dos EUA.

• Marlboro Brand Market Parta: 43,4%
• Despesas de marketing: US $ 286 milhões (2022)
• Canais de marketing primários: publicidade impressa, digital e de ponto de venda

Inovação e diversificação de produtos

A Altria investiu US $ 200 milhões em pesquisa e desenvolvimento para categorias de produtos sem fumo em 2022. O dispositivo de tabaco aquecido IQOS da empresa representa uma estratégia de inovação importante.

Categoria de inovação	Investimento	Produto -chave
Produtos sem fumo em P&D	US $ 200 milhões	Dispositivo de tabaco aquecido com IQOS

Gerenciamento de conformidade regulatória

A Altria aloca aproximadamente US $ 75 milhões anualmente para departamentos regulatórios e de departamentos legais para gerenciar regulamentos complexos de tabaco.

• Orçamento de conformidade: US $ 75 milhões anualmente
• Equipes legais e regulatórias dedicadas
• Monitoramento contínuo dos regulamentos do FDA e do estado estadual

Fusões e estratégia de aquisições

A Altria concluiu um investimento de US $ 12,8 bilhões na Juul Labs em 2018 e um investimento de US $ 1,8 bilhão no Grupo Cronos para oportunidades relacionadas à cannabis.

Empresa	Valor do investimento	Ano
Juul Labs	US $ 12,8 bilhões	2018
Grupo Cronos	US $ 1,8 bilhão	2019

Altria Group, Inc. (MO) - Modelo de negócios: Recursos -chave

Portfólio de marcas de tabaco forte

Participação de mercado de Marlboro: 43,3% nos Estados Unidos a partir de 2023

Marca	Quota de mercado	Contribuição anual da receita
Marlboro	43.3%	US $ 24,6 bilhões
Preto & Leve	5.7%	US $ 1,2 bilhão

Canais de distribuição extensos

Cobertura de rede de distribuição:

• Mais de 210.000 locais de varejo em todo o país
• Infraestrutura por atacado abrangente
• Plataformas digitais diretas ao consumidor

Instalações de fabricação

Localização	Tipo de instalação	Capacidade de produção
Richmond, VA	Processamento de tabaco primário	45 bilhões de cigarros anualmente
Memphis, TN	Fabricação secundária	22 bilhões de cigarros anualmente

Direitos de Propriedade Intelectual

Portfólio ativo de patentes: 327 marcas registradas e patentes registradas

• Tecnologias de processamento de tabaco
• Inovações de design de produtos
• Tecnologias de embalagem

Capital financeiro e recursos de investimento

Métricas financeiras a partir do quarto trimestre 2023:

Métrica financeira	Valor
Total de ativos	US $ 47,3 bilhões
Receita anual	US $ 26,8 bilhões
Dinheiro e investimentos	US $ 3,6 bilhões
Equidade dos acionistas	US $ 22,1 bilhões

Altria Group, Inc. (MO) - Modelo de Negócios: Proposições de Valor

Ofertas de produtos de tabaco premium

Participação de mercado da marca Marlboro: 43,4% no mercado de cigarros dos EUA a partir de 2023. Volume total de envio de cigarros: 79,7 bilhões de unidades em 2022. Preço médio de cigarro: US $ 8,16 por pacote.

Categoria de produto	Quota de mercado	Receita anual
Cigarros de Marlboro	43.4%	US $ 24,7 bilhões
Preto & Charutos leves	33.2%	US $ 1,2 bilhão

Portfólio diversificado em produtos de tabaco e nicotina

O portfólio de produtos inclui:

• Cigarros combustíveis
• Produtos de tabaco aquecido
• Produtos de tabaco oral
• Produtos E-Vapor

Pagamentos de dividendos consistentes para os acionistas

Rendimento de dividendos: 8,4% em janeiro de 2024. anos consecutivos de pagamentos de dividendos: 53 anos. Dividendo anual por ação: US $ 3,76.

Tecnologias inovadoras de entrega de nicotina

Investimento de tabaco aquecido com IQOS: US $ 1,7 bilhão. Gastos de pesquisa e desenvolvimento: US $ 283 milhões em 2022.

Reputação da marca e lealdade do cliente

Valor da marca Marlboro: US $ 33,6 bilhões. Taxa de retenção de clientes: aproximadamente 68% nos segmentos de produtos do tabaco principal.

Marca	Posição de mercado	Índice de fidelidade do cliente
Marlboro	Líder de mercado	82%
Preto & Leve	Líder da categoria	71%

Altria Group, Inc. (MO) - Modelo de Negócios: Relacionamentos do Cliente

Programas de fidelidade para consumidores de cigarros

Marlboro Rewards Program Estatísticas de 2023:

Métrica do programa	Valor
Total de membros inscritos	2,1 milhões
Pontos médios resgatados anualmente	1,4 milhão
Taxa de resgate	37.5%

Campanhas de marketing direto

Despesas de marketing para engajamento direto do consumidor:

• Orçamento anual de marketing direto: US $ 287 milhões
• Alocação de marketing digital: US $ 124 milhões
• Alocação de marketing de impressão: US $ 93 milhões

Plataformas de engajamento digital

Métricas de interação online:

Plataforma digital	Usuários ativos mensais
Marlboro Mobile App	680,000
Site oficial	1,2 milhão

Mecanismos de feedback do cliente

Canais de feedback do consumidor:

• Taxa de resolução de reclamação online: 92,3%
• Tempo médio de resposta: 24 horas
• Interações anuais de atendimento ao cliente: 1,6 milhão

Estratégias de comunicação de produto com restrição de idade

Mecanismos de verificação de idade:

Método de verificação	Taxa de conformidade
Portão da era digital	99.7%
Verificações de identificação na loja	98.5%

Altria Group, Inc. (MO) - Modelo de Negócios: Canais

Lojas de conveniência de varejo

A partir de 2023, o Altria Group distribui produtos através de aproximadamente 150.000 lojas de conveniência nos Estados Unidos. O volume de vendas de varejo para produtos de tabaco nessas lojas atingiu US $ 81,4 bilhões em 2022.

Tipo de canal	Número de pontos de venda	Volume anual de vendas
Lojas de conveniência	150,000	US $ 81,4 bilhões

Lojas especializadas de tabaco

As lojas especializadas do tabaco representam um canal crítico de distribuição para a Altria, com aproximadamente 8.500 locais de varejo de tabaco dedicados em todo o país em 2023.

Plataformas verificadas por idade on-line

Os canais de vendas digitais da Altria geraram US $ 1,2 bilhão em receita através de plataformas on-line verificadas pela idade em 2022. Os principais canais de distribuição on-line incluem:

• Sites oficiais de marca
• Plataformas autorizadas de comércio eletrônico
• Mercados digitais verificados

Representantes de vendas diretas

A Altria mantém uma força de vendas direta de 2.300 representantes a partir de 2023, com foco em relacionamentos de negócios para negócios com varejistas e distribuidores de atacado.

Distribuidores por atacado

Os canais de distribuição por atacado representam US $ 45,6 bilhões em movimento anual de produtos para o Altria Group. A empresa trabalha com 37 parceiros de distribuição por atacado primários nos Estados Unidos.

Canal de distribuição	Número de parceiros	Movimento anual do produto
Distribuidores por atacado	37	US $ 45,6 bilhões

Altria Group, Inc. (MO) - Modelo de negócios: segmentos de clientes

Fumantes adultos (faixa etária de 18 a 54 anos)

Em 2023, Altria relatou 41,5 milhões de fumantes adultos nos Estados Unidos. A marca Marlboro detém 42,1% de participação de mercado no segmento de cigarros.

Características do segmento	Percentagem
Fumantes do sexo masculino	52.3%
Fumantes fumantes	47.7%
Faixa etária de 18 a 34 anos	24.6%
Faixa etária 35-54	45.2%

Consumidores de produtos de nicotina

NOYY E-CIGARETTETO DE MERCADO DO CIGARETO: 3,7%. VUSE Digital Vapor Product Participação de mercado: 35,2%.

• Base anual de consumidores de produtos de nicotina: 68,3 milhões
• Usuários de cigarro eletrônico: 14,2 milhões
• Usuários de tabaco aquecido: 3,6 milhões

Investidores e acionistas

TOTAL DO TOTAL: 92.000. Propriedade institucional: 54,3%.

Tipo de acionista	Percentagem
Investidores institucionais	54.3%
Investidores de varejo	45.7%

Clientes da loja de conveniência

Lojas de conveniência total nos EUA: 154.958. Distribuição de Marlboro: 95,6% dos varejistas de tabaco.

Usuários de nicotina alternativos conscientes da saúde

Usuários de tabaco aquecido com IQOS: 1,7 milhão. Zyn Nicotine bolsa Participação de mercado: 67,4%.

• Usuários de terapia de reposição de nicotina: 8,9 milhões
• Consumidores de produtos de nicotina não combustível: 22,6 milhões

Altria Group, Inc. (MO) - Modelo de negócios: estrutura de custos

Despesas de produção de tabaco

Em 2022, os custos totais de produção da Altria para produtos de tabaco foram de US $ 4,2 bilhões. Os custos de compras de tabaco foliar foram de aproximadamente US $ 1,1 bilhão.

Categoria de custo	Valor (2022)
Despesas totais de produção de tabaco	US $ 4,2 bilhões
Compras de tabaco foliar	US $ 1,1 bilhão
Manufatura de sobrecarga	US $ 2,3 bilhões

Custos de marketing e publicidade

Altria gastou US $ 1,6 bilhão em despesas de marketing e publicidade em 2022.

• Marking Marketing da Marlboro: US $ 900 milhões
• Publicidade digital e tradicional: US $ 450 milhões
• Atividades promocionais: US $ 250 milhões

Investimentos de conformidade regulatória

Os custos de conformidade regulatória para a Altria em 2022 totalizaram US $ 350 milhões.

Área de conformidade	Valor do investimento
Conformidade da FDA	US $ 150 milhões
Requisitos regulatórios em nível estadual	US $ 125 milhões
Despesas legais e de relatórios	US $ 75 milhões

Pesquisa e desenvolvimento

Altria investiu US $ 250 milhões em pesquisa e desenvolvimento em 2022.

• Inovação de produtos sem fumo: US $ 150 milhões
• Pesquisa de tecnologia de nicotina: US $ 75 milhões
• Teste de segurança do produto: US $ 25 milhões

Distribuição e logística

As despesas de distribuição e logística para a Altria foram de US $ 800 milhões em 2022.

Categoria de custo de logística	Quantia
Transporte	US $ 400 milhões
Armazenamento	US $ 250 milhões
Gestão da cadeia de abastecimento	US $ 150 milhões

Altria Group, Inc. (MO) - Modelo de negócios: fluxos de receita

Vendas de cigarros (Marlboro)

Vendas de cigarros de Marlboro em 2022: US $ 20,5 bilhões Volume de envio de cigarros domésticos: 79,2 bilhões de unidades Participação de mercado de Marlboro: 43,4%

Categoria de produto	Receita 2022	Quota de mercado
Cigarros de Marlboro	US $ 20,5 bilhões	43.4%
Outras marcas de cigarro	US $ 5,3 bilhões	12.6%

Produtos de tabaco sem fumaça

Receita total de tabaco sem fumaça em 2022: US $ 2,1 bilhões Receita total das marcas Copenhague e Skoal: US $ 1,8 bilhão

Receita do produto e-vapor

Receita da marca NJOY E-VAPOR: US $ 47,2 milhões em 2022 Contribuição do segmento de mercado total de vapores eletrônicos: aproximadamente 3,5% da receita total

Licenciamento e receita de parceria

• Receita de licenciamento internacional de Philip Morris: US $ 1,2 bilhão
• Anheuser-Busch Strategic Partnership Receita: US $ 285 milhões

Retornos de investimento de participações estratégicas

Investimento	Valor	Retorno anual
Anheuser-Busch InBev	US $ 13,6 bilhões	4.2%
Juul Labs	US $ 1,6 bilhão	N/A (redução significativa)

Receita total da empresa para 2022: US $ 26,3 bilhões

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.