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Altria Group, Inc.: Inside Altria’s Nicotine Pouch Push—What’s Driving the Surge in on! PLUS?

Altria Group, a leading tobacco company, reported its 2025 fourth-quarter and full-year earnings, revealing a mix of strategic advancements and challenges. The company achieved a 4.4% increase in adjusted diluted earnings per share over the year and returned $8 billion to shareholders through dividends and share repurchases. A significant positive aspect of Altria’s performance in 2025 was its progress in developing a smoke-free product portfolio. The year saw the achievement of important milestones such as FDA marketing authorizations for certain on! PLUS products and a strategic collaboration with KT&G to enhance international oral and non-nicotine product growth. These developments are aligned with Altria’s long-term vision of reducing smoking harm. However, there are challenges worth noting. The e-vapor category, a major component of Altria’s smoke-free strategy, faced growth that year but was largely driven by illicit flavored disposable products.