Altria vs. Philip Morris International: how they make money

• Largest customer (not named) · 23.0% of revenueOne customer paid about 23% of FY2025 net revenues, against 22% in FY2024 and 25% in FY2023. Altria sells mainly to wholesalers, including distributors, and large retail chains.
• Second-largest customer (not named) · 19.0% of revenueAnother customer paid about 19% of FY2025 net revenues, against 20% in FY2024 and 23% in FY2023.
• Other wholesalers, distributors and retail chains · 58.0% of revenueNo other customer paid 10% or more of net revenues. The rest of FY2025 net revenues, about 58%, came from these buyers (Cityfort calculation from FY2025 10-K).

• Cigarette buyers outside the US · 57.7% of revenueDistributors, wholesalers and retailers buying cigarettes and other combustible tobacco: the International Combustibles segment, $23.4 billion or 57.7% of FY2025 net revenues.
• Smoke-free buyers outside the US · 34.4% of revenueThe same trade buying IQOS devices and sticks, ZYN, VEEV and wellness products: the International Smoke-Free segment, $14.0 billion or 34.4%.
• US buyers · 7.9% of revenueThe U.S. segment, $3.2 billion or 7.9%: $2.9 billion of smoke-free products, mainly ZYN, and $358 million of combustible tobacco.

FY2025

FY2025 (recast under the segments PMI adopted on Jan 1, 2026)

Debt

$24.1B

Cash and investments

$2.7B

On Sep 30, 2026.

At Sep 30, 2026 Altria owed $24.1 billion and held $2.7 billion of cash; net debt was about 2.3 times its FY2025 cash from operations.

Debt

$47.6B

Cash and investments

$6.7B

On Sep 30, 2026.

At Sep 30, 2026 PMI's debt exceeded its cash by $40.9 billion, about 3.3 times its $12.2 billion of cash from operations in FY2025.

• One class of shares.
• Officers and directors as a group: 0.1% of shares (as of Mar 25, 2026).
• BlackRock: 7.6% (as of Apr 2, 2026).
• Vanguard Capital Management: 7.5% (as of Apr 29, 2026).
• The Vanguard Group: 0.0% (as of Mar 26, 2026).

• One class of shares.
• Officers and directors as a group: 0.1% of shares (as of Mar 13, 2026).
• Capital World Investors: 8.2% (as of Mar 31, 2025).
• Vanguard Capital Management: 7.5% (as of Mar 31, 2026).
• BlackRock, Inc.: 6.2% (as of Dec 31, 2023).
• 1 more holders on the Philip Morris International page.

• Fewer cigarettes sold each year (demand)Altria's U.S. cigarette shipments fell 10.0% in FY2025 to 61.8 billion, and 2.9% in Q3 FY2026. The 10-K lists shifting adult consumer preferences and falling industry volumes as risks; smokeable products were 88.0% of FY2025 net revenues.
• Illicit e-vapor and the NJOY setback (competition)Altria estimates flavored disposable e-vapor products, most of which it believes have evaded FDA review, are about 70% of the e-vapor category. NJOY ACE has been under ITC orders since Mar 31, 2025, and the 10-K says further e-vapor impairments are possible.
• The ABI investment (other)Altria wrote down its ABI investment by $6.2 billion in 2021 and $2.5 billion in 2022. Its stake of about 8.1% was carried at $9.0 billion at Sep 30, 2026.

• Business in Russia (other)Russia was about 6% of PMI's 2025 net revenues and 9% of its cigarette and heated tobacco shipments. About $2.3 billion of cash sat there at Dec 31, 2025, mostly in rubles, and PMI says a sale would likely bring a material impairment.
• Write-downs move net income (other)RBH write-downs cut net income by $2,316 million in FY2024 and $511 million in Q2 FY2026. Fair-value changes on holdings in India and Sri Lanka also move profit: a $339 million after-tax loss in the first nine months of 2026.