ALTRIA GROUP Business Summary

Altria Group, Inc. (MO) operates a high-margin business model centered on the manufacturing and distribution of tobacco products for the U.S. market, generating revenue through transaction-based sales across three primary segments: Smokeable Products, Oral Tobacco Products, and All Other. The Smokeable segment, anchored by the Marlboro brand’s approximately 42% retail share, remains the company’s primary profit driver, while the Oral Tobacco segment focuses on moist smokeless tobacco and the rapidly growing on! nicotine pouch category. The "All Other" segment includes the NJOY e-vapor portfolio and significant equity investments in Anheuser-Busch InBev and Cronos Group. Relative to its primary global peers—Philip Morris International, British American Tobacco, and Imperial Brands—Altria remains the dominant domestic incumbent, leveraging its massive distribution scale to fund a multi-year "Moving Beyond Smoking" strategic pivot into FDA-authorized smoke-free alternatives. Altria’s leadership is currently navigating a planned transition under Chief Executive Officer William F. Gifford, Jr., who is slated to retire in May 2026 after more than three decades with the firm. His successor, Salvatore "Sal" Mancuso, currently serves as Executive Vice President and Chief Financial Officer and has been a key architect of the company’s financial strategy since joining Philip Morris USA in 1990. The executive suite also includes Chief Operating Officer Jody Begley and Chief Strategy and Growth Officer Heather Newman, the latter of whom will ascend to the CFO role upon Mancuso’s promotion. This veteran team, supported by a Board of Directors chaired by Kathryn McQuade, manages a corporate legacy that traces back to the 1919 incorporation of Philip Morris & Co., Ltd. and maintains a shareholder base dominated by institutional giants including Vanguard, BlackRock, and State Street.