AI interpretation based on checked source excerpts. Issuer assertions and evidence limitations remain explicit.
Policy quality-scores-3: six equally weighted categories. The overall score requires full coverage. Missing inputs are not zero. Qualitative grades are sourced interpretations, not probabilities. 5/6 · 29/10/2026
Moat63
Equal-weight average of four evidence-backed rubric grades (0–4), scaled to 100.
structural advantage · 3/4 · Protected brands, reported Marlboro premium leadership and loyalty, and realized pricing demonstrate a current intangible-assets advantage. This conclusion does not depend on margins alone and is concentrated in traditional tobacco.
durability · 2/4 · Current brand demand and pricing coexist with discount migration, cigarette shipment contraction and realized Skoal impairment. The evidence supports persistence with substantial erosion risk rather than exceptional durability.
customer dependency · 3/4 · Reported Marlboro loyalty above 95% supports strong repeat brand preference in 2025. This is issuer-reported behavioral evidence, not contractual dependency; subsequent Marlboro overall retail-share loss shows that loyalty does not prevent category migration or down-trading.
erosion resilience · 2/4 · Smokeables grew operating income despite adverse volume/mix, demonstrating current resilience. Oral-tobacco share and income losses, declining on! pouch-category share year over year, and NJOY impairment show uneven portfolio resilience.
Pricing power63
Equal-weight average of four evidence-backed rubric grades (0–4), scaled to 100.
realized pricing · 3/4 · Smokeables realized $1.680 billion of favorable pricing in 2025 and $639 million in first-half 2026, including higher promotional investments. First-half and second-quarter 2026 pricing exceeded adverse volume/mix. Pricing did not fully offset 2025 smokeables volume losses or first-half 2026 oral-tobacco volume losses, limiting breadth.
retention · 3/4 · Marlboro's reported 2025 loyalty above 95% demonstrates repeat demand appropriate to a consumer brand. Coverage is limited to that brand and period; falling Marlboro overall share and oral-tobacco share prevent extrapolation to portfolio-wide retention.
margin resilience · 2/4 · First-half smokeables reported and adjusted OCI margins increased to 64.0% and 64.9%, respectively, with pricing and tax/duty refunds contributing. However, second-quarter reported smokeables margin declined, and first-half oral-tobacco reported and adjusted margins fell 7.6 and 1.9 percentage points. Portfolio protection is mixed.
contractual freedom · 2/4 · Implemented cigarette and oral-tobacco list-price changes demonstrate practical discretion over posted prices, including the ability to lower Marlboro Black pricing. Promotions and regulatory restrictions constrain effective terms. Customer contracts and repricing restrictions are not supplied, so unrestricted contractual freedom is unproven.
Predictability75
5 consecutive published annual periods. Equal weights: nondeclining revenue frequency; revenue-growth volatility (5–40pp); positive FCF frequency; FCF-margin volatility (3–20pp). Stability indicator, not a growth forecast.
- Nondeclining revenue years (%)
- 0.00
- Revenue growth volatility (pp)
- 0.62
- Positive FCF years (%)
- 100.00
- FCF margin volatility (pp)
- 2.85
- observedAnnualPeriods
- 5.00
Financial strength50
Equal-weight grades: debt/FCF (1–8x), net debt/earnings before interest and tax (0–5x), interest service (1–12x), current ratio (0.75–2x). Earnings use reported operating income, an original issuer-reported unadjusted EBIT reconciled to net income, income tax and signed net interest, or reported pretax profit plus reported gross interest expense. Reported EBIT is distinct from GAAP operating income and gross interest. Interest service uses earnings/interest expense; if unavailable, it uses reported operating cash flow/cash interest paid, without relabeling cash paid as accrued expense. Nonpositive cash flow/earnings score 0 for their service component; reported zero interest with a positive numerator scores 100. Net cash scores 100 for net leverage. Missing disclosures remain unavailable. General nonfinancial-company rubric, not a credit rating; exceptional and nonoperating gains are not normalized out. IFRS finance-cost and cash-flow classifications retain their reported scope.
- debtFcfGrade
- 73.81
- netDebtEbitGrade
- 57.10
- interestCoverageGrade
- 67.37
- currentRatioGrade
- 0.00
- Debt / FCF (x)
- 2.83
- Net debt / operating income (x)
- 2.15
- Interest coverage (x)
- 8.41
- Current ratio (x)
- 0.65
Capital allocation—
Missing required inputs: sbcRevenue. Three-year equal-weight indicators: pretax return on average invested capital (0–25%; equity + debt − cash, each year and its prior year), share-count growth (0–5%, lower better), share-based cost/revenue (2–20%, lower better), consolidated FCF/net income (0–1x). Return uses reported operating income, an original issuer-reported unadjusted EBIT reconciled to net income, income tax and signed net interest, or EBIT calculated from reported pretax profit plus reported gross interest expense; the issuer-reported EBIT is distinct from GAAP operating income and gross interest; exceptional/nonoperating gains are not normalized out. Share-based cost uses the reported cash-flow add-back or, if absent, separately reported recognized compensation expense; the latter never becomes an FCF adjustment. Nonpositive net income scores 0 for cash conversion; absent income/FCF stays unavailable. ROIC remains undefined for nonpositive invested capital; the explicit asset-return alternative does not change the ROIC chart. Missing financial inputs alone never trigger an alternative. Does not establish acquisition quality or buyback timing.
- 3-year pre-tax operating return (%)
- 57.40
- 3-year average dilution (%)
- -2.28
- cashConversionGrade
- 100.00
Management56
Equal-weight average of four evidence-backed rubric grades (0–4), scaled to 100.
capital discipline · 2/4 · Actual operating cash generation, repurchases and debt repayments demonstrate capital execution. First-half 2026 dividends and repurchases exceeded operating cash generation before capital expenditure, contributing to cash depletion. NJOY impairments reveal unsuccessful investment outcomes; cash returns alone do not establish value creation.
incentive alignment · 2/4 · Disclosed compensation uses cash-flow, EPS and relative-TSR measures, with ownership requirements and hedging prohibitions. The incoming CEO's approved grant has five-year vesting and performance-contingent PSUs. Former CEO retirement cash replacements soften forfeiture, although PSU payments retain performance conditions. Future vesting and target payment amounts are not realized payouts; ownership amounts and full payout outcomes remain missing.
execution · 2/4 · Operating results indirectly demonstrate effective traditional-tobacco pricing execution, and on! PLUS authorization is a completed regulatory milestone. Oral-tobacco share and income declines and realized NJOY restrictions and impairments offset those achievements. Authorization does not establish commercial success, and historical results cannot be attributed wholly to the new CEO.
governance · 3/4 · Existing independent-chair and committee structures, annual elections, one-share-one-vote rights, clawbacks and trading safeguards support strong formal governance. Completed elections and the August independent-director appointment provide subsequent evidence of implementation. JUUL-related investigations remain unresolved concerns, not findings of misconduct; formal structures do not prove oversight effectiveness.
Evidence
▪Intellectual Property: Trademarks are of material importance to us and are protected by registration or otherwise.
2025 Form 10-K, Business, Intellectual Property · Filed 25/02/2026
expanded Marlboro share of premium to 59.4%, supported by brand loyalty rates above 95% in 2025;
2026 proxy statement, reported 2025 Marlboro premium share and brand loyalty · Filed 02/04/2026
Net revenues, which include excise taxes billed to customers, increased $171 million (1.7%), due primarily to higher pricing ($639 million), which includes higher promotional investments, lower shipment volume and a higher percentage of discount shipment volume relative to premium (“volume/cigarette mix”) ($475 million).
June 2026 Form 10-Q, Smokeable Products, first-half revenue bridge · Filed 30/07/2026
Net revenues, which include excise taxes billed to customers, increased $35 million (0.7%), due primarily to higher pricing ($309 million), which includes higher promotional investments, partially offset by volume/cigarette mix ($279 million).
June 2026 Form 10-Q, Smokeable Products, second-quarter revenue bridge · Filed 30/07/2026
Overall discretionary income pressures on adult nicotine consumers have resulted in increased discount brand share and contributed to evolving adult nicotine consumer preferences, each of which has negatively impacted the sales volumes of certain of our operating companies’ premium brands.
June 2026 Form 10-Q, consumer income pressures and premium-brand volumes · Filed 30/07/2026
For the second quarter of 2026, the discount retail share of the cigarette category reached 33.8%, an increase of 2.6 share points versus the second quarter of 2025 and 0.5 share points sequentially.
June 2026 Form 10-Q, second-quarter cigarette discount retail share · Filed 30/07/2026
When adjusted for trade inventory movements, our smokeable products segment domestic cigarette shipment volume declined by an estimated 4.5% in the second quarter of 2026 versus the second quarter of 2025.
June 2026 Form 10-Q, inventory-adjusted domestic cigarette shipment decline · Filed 30/07/2026
Our oral tobacco products segment’s retail share was 29.0%, a decrease of 3.7 share points versus the prior year due primarily to share declines for MST products, and unchanged sequentially.
June 2026 Form 10-Q, Oral Tobacco Products, retail share · Filed 30/07/2026
As a result of (i) lower projected revenue and income due to lower volume assumptions, (ii) a decrease in the perpetual growth rate to 0% (1% at October 1, 2023 valuation) and (iii) an increase in the discount rate to 11.5% (11.0% at October 1, 2023 valuation), we determined the estimated fair value of our Skoal trademark was below its carrying value and recorded a non-cash, pre-tax impairment of $354 million during the second quarter of 2024, which was recorded in our consolidated statements of earnings for the year ended December 31, 2024.
2025 Form 10-K, Skoal trademark impairment recognized in 2024 · Filed 25/02/2026
In 2025, we recorded impairments of the values of the goodwill and other intangible assets within our e-vapor reporting unit as a result of the ITC exclusion order and cease-and-desist orders prohibiting the importation and sale of NJOY ACE into the United States and our expectation that effective enforcement against illicit flavored disposable e-vapor products would occur more gradually than initially anticipated.
2025 Form 10-K, realized e-vapor impairments and NJOY ACE restrictions · Filed 25/02/2026
In addition to the outcomes discussed above, actions and inaction by the FDA and other federal, state or local governments or agencies can (i) impact the adult nicotine consumer acceptability of or access to nicotine products (for example, through nicotine or constituent limits or menthol or other flavor bans), (ii) limit adult nicotine consumer choices, (iii) restrict communications to adult nicotine consumers, (iv) restrict the ability to differentiate nicotine products, (v) impose additional manufacturing, labeling or packaging requirements, (vi) interrupt manufacturing or otherwise significantly increase the cost of doing business, (vii) result in increased illicit trade in nicotine products, (viii) restrict or prevent the use of specified nicotine products in certain locations or the sale of nicotine products by certain retail establishments, (ix) require the recall of nicotine products due to a determination relating to product contamination or (x) otherwise require the removal of nicotine products from the marketplace (for example, due to a determination that one or more nicotine products fail to satisfy the statutory requirements for substantial equivalence, must proceed through the pre-market review process or must be removed from the marketplace for the protection of public health).
2025 Form 10-K, potential effects of government actions and inaction · Filed 25/02/2026
Percentage point change
Cigarettes:
Marlboro
39.7
%
41.1
%
(1.4)
Other premium
2.1
2.2
(0.1)
Discount
3.6
1.7
1.9
Total cigarettes
45.4
%
45.0
%
0.4
Note: Retail share results for cigarettes are based on data from Circana, LLC (Circana) as well as MSAi.
First-quarter 2026 earnings release, cigarette retail share by brand tier · Filed 30/04/2026
Operating Results
Smokeable Products Segment
Financial Results
The following table summarizes operating results, includes reported and adjusted OCI margins, and provides a reconciliation of reported OCI to adjusted OCI for our smokeable products segment:
Operating Results
For the Six Months Ended June 30,
For the Three Months Ended June 30,
(in millions)
2026
2025
Change
2026
2025
Change
Net revenues
$
10,150
$
9,979
1.7
%
$
5,392
$
5,357
0.7
%
Excise taxes
(1,380)
(1,502)
(732)
(787)
Revenues net of excise taxes
$
8,770
$
8,477
$
4,660
$
4,570
Reported OCI
$
5,615
$
5,399
4.0
%
$
2,942
$
2,930
0.4
%
NPM Adjustment Items
(4)
—
—
—
Asset impairment, exit and implementation costs
14
26
9
13
Tobacco and health and certain other litigation items
69
40
67
4
Adjusted OCI
$
5,694
$
5,465
4.2
%
$
3,018
$
2,947
2.4
%
Reported OCI margins (1)
64.0
%
63.7
%
0.3 pp
63.1
%
64.1
%
(1.0) pp
Adjusted OCI margins (1)
64.9
%
64.5
%
0.4 pp
64.8
%
64.5
%
0.3 pp
(1) Reported and adjusted OCI margins are calculated as reported and adjusted OCI, respectively, divided by revenues net of excise taxes.
June 2026 Form 10-Q, Smokeable Products, reported and adjusted operating results · Filed 30/07/2026
Reported and adjusted OCI increased $216 million (4.0%) and $229 million (4.2%), respectively, due primarily to higher pricing, which includes higher promotional investments, higher refunds of taxes and duties paid on imported cigarettes ($78 million), partially offset by volume/cigarette mix ($381 million) and higher costs ($110 million).
June 2026 Form 10-Q, first-half smokeables operating-income bridge · Filed 30/07/2026
51
Table of Contents
Oral Tobacco Products Segment
Financial Results
The following table summarizes operating results, includes reported and adjusted OCI margins, and provides a reconciliation of reported OCI to adjusted OCI for our oral tobacco products segment:
Operating Results
For the Six Months Ended June 30,
For the Three Months Ended June 30,
(in millions)
2026
2025
Change
2026
2025
Change
Net revenues
$
1,382
$
1,407
(1.8)
%
$
713
$
753
(5.3)
%
Excise taxes
(45)
(50)
(23)
(25)
Revenues net of excise taxes
$
1,337
$
1,357
$
690
$
728
Reported OCI
$
816
$
931
(12.4)
%
$
381
$
498
(23.5)
%
Asset impairment, exit and implementation costs
80
4
79
2
Adjusted OCI
$
896
$
935
(4.2)
%
$
460
$
500
(8.0)
%
Reported OCI margins (1)
61.0
%
68.6
%
(7.6) pp
55.2
%
68.4
%
(13.2) pp
Adjusted OCI margins (1)
67.0
%
68.9
%
(1.9) pp
66.7
%
68.7
%
(2.0) pp
(1) Reported and adjusted OCI margins are calculated as reported and adjusted OCI, respectively, divided by revenues net of excise taxes.
June 2026 Form 10-Q, Oral Tobacco Products, reported and adjusted operating results · Filed 30/07/2026
Net revenues, which include excise taxes billed to customers, decreased $25 million (1.8%), due primarily to lower shipment volume ($99 million), partially offset by higher pricing ($78 million), which includes higher promotional investments.
June 2026 Form 10-Q, first-half oral-tobacco revenue bridge · Filed 30/07/2026
2025 Compared with 2024
Net revenues, which include excise taxes billed to customers, decreased $719 million (3.4%), due primarily to lower shipment volume ($2,426 million), partially offset by higher pricing ($1,680 million), which includes higher promotional investments.
2025 Form 10-K, Smokeable Products, annual pricing and volume revenue effects · Filed 25/02/2026
▪Effective October 12, 2025, PM USA increased the list price of Marlboro (excluding Mainline Menthol and 72s Menthol) and L&M by $0.17 per pack.
June 2026 Form 10-Q, implemented October 2025 cigarette list-price action · Filed 30/07/2026
PM USA decreased the list price of Marlboro Black by $0.28 per pack.
June 2026 Form 10-Q, implemented Marlboro Black list-price reduction · Filed 30/07/2026
▪Effective May 12, 2026, USSTC increased the list price on its Copenhagen, Skoal and Red Seal brands by $0.10 per can.
June 2026 Form 10-Q, implemented May 2026 oral-tobacco list-price action · Filed 30/07/2026
Financial Review Cash Provided by/Used in Operating Activities During 2025, net cash provided by operating activities was $9.3 billion compared with $8.8 billion during 2024.
2025 Form 10-K, annual operating cash generation · Filed 25/02/2026
and Subsidiaries Condensed Consolidated Statements of Cash Flows (in millions of dollars) (Unaudited) _____________________ For the Six Months Ended June 30, 2026 2025 Cash Provided by (Used in) Operating Activities Net earnings $ 4,481 $ 3,455 Adjustments to reconcile net earnings to operating cash flows: Depreciation and amortization 112 142 Deferred income tax provision 33 33 Fair value adjustment for NJOY Transaction contingent payments — 25 (Income) losses from investments in equity securities (245) (291) Dividends from ABI 186 181 Exit costs, net of cash paid 11 (4) Impairment of goodwill — 873 Cash effects of changes: Receivables (43) (62) Inventories (48) 27 Accounts payable (47) (123) Income taxes 185 267 Accrued liabilities and other current assets (655) (489) Accrued settlement charges (1,009) (1,256) Pension plan contributions (8) (9) Pension and postretirement, net (11) (37) Other, net 101 193 Net cash provided by (used in) operating activities 3,043 2,925 Cash Provided by (Used in) Investing Activities Capital expenditures (150) (70) Other, net (16) (9) Net cash provided by (used in) investing activities (166) (79) Cash Provided by (Used in) Financing Activities Long-term debt issued — 997 Long-term debt repaid (1,069) (1,607) Repurchases of common stock (335) (600) Dividends paid on common stock (3,556) (3,454) Other, net (28) (29) Net cash provided by (used in) financing activities (4,988) (4,693) Cash, cash equivalents and restricted cash: (1) Increase (decrease) (2,111) (1,847) Balance at beginning of period 4,492 3,158 Balance at end of period $ 2,381 $ 1,311 (1) For a reconciliation to our condensed consolidated balance sheets, see Note 13.
June 2026 Form 10-Q, consolidated cash flows, six months ended June 30 · Filed 30/07/2026
Our total share repurchase activity was as follows for the years ended December 31: January 2025 Share Repurchase Program January 2024 Share Repurchase Program January 2023 Share Repurchase Program (in millions, except per share data) 2025 2024 (1) 2023 Total number of shares repurchased 17.1 73.5 22.7 Aggregate cost of shares repurchased $ 1,000 $ 3,400 $ 1,000 Average price per share of shares repurchased $ 58.50 $ 46.26 $ 43.96 (1) Includes 53.9 million shares repurchased under the ASR Agreements at an average price per share of $44.50.
2025 Form 10-K, completed annual share-repurchase activity · Filed 25/02/2026
– 2026 Proxy Statement 7
Table of Contents
Summary
Governance
Proposal 1
Audit Matters
Proposal 2
Compensation
Proposal 3
Ownership
Q&A
Exhibit A
Executive Compensation Highlights
Executive Compensation Framework
In 2025, the total direct compensation of our executive officers named in the Summary Compensation Table on page 60 (“named executive officers” or “NEOs”) consisted of the following elements:
Form of
Compensation
Performance
Period
Award Criteria
Company Performance Alignment
Salary
Cash
Ongoing
Individual performance
Annual Incentive
Cash
Annual
Company and individual performance
■
Adjusted diluted EPS growth
■
Adjusted discretionary cash flow
■
Total adjusted OCI
■
Strategic initiatives
Long-Term Incentive Awards
Cash
Cash
Three years; overlapping cycles
Company and individual performance
■
Adjusted diluted EPS growth
■
Cash conversion
■
Relative total shareholder return (“TSR”) modifier
■
Strategic initiatives
Equity
Restricted Stock Units (“RSUs”) / Performance Stock Units (“PSUs”)
Ongoing for RSUs; three years for PSUs
Individual performance, advancement potential and criticality of talent with additional payment criteria for PSUs based on company performance
■
RSUs: Stock price appreciation
■
PSUs: Company performance (adjusted diluted EPS growth, cash conversion and relative TSR modifier) and stock price appreciation
2026 proxy statement, actual 2025 executive compensation framework · Filed 02/04/2026
– 2026 Proxy Statement 9 Table of Contents Summary Governance Proposal 1 Audit Matters Proposal 2 Compensation Proposal 3 Ownership Q&A Exhibit A Board and Governance Matters Corporate Governance Highlights Board Structure and Independence ■ Nine of our 10 director nominees are independent ■ Five of our independent directors have been added since the beginning of 2021 ■ Separate Board Chair and CEO roles, with an independent Board Chair ■ All New York Stock Exchange (“NYSE”) required Board committees consist solely of independent directors ■ Independent committee chairs ■ Executive sessions of independent directors at each meeting ■ Director retirement guidelines ■ Limitations on other public company board service ■ Board diversity from various perspectives Shareholder Rights ■ Annual election of directors ■ Directors elected by majority voting, except in contested elections ■ Resignation policy for directors who fail to receive majority support in an uncontested election ■ One share, one vote standard ■ Proxy access with market terms ■ No shareholder rights plan or “poison pill” Board Performance and Key Responsibilities ■ Attendance by each director then serving of at least 75% of Board and committee meetings in 2025 ■ 100% director attendance at our 2025 Annual Meeting of Shareholders (“2025 Annual Meeting”) by directors then serving ■ Oversight of strategic plan development and execution ■ Oversight of key risk areas and risk management processes ■ Oversight of executive compensation, with assistance from an independent consultant ■ Participation in executive succession planning ■ Review of investor perspectives and engagement ■ Annual Board and committee self-evaluations ■ Oversight of human capital management and corporate culture initiatives ■ Oversight of ESG programs and activities, including stakeholder engagement ■ Oversight of public affairs activities Policies, Programs and Guidelines ■ Comprehensive Code of Conduct, Code of Business Conduct and Ethics for Directors and Corporate Governance Guidelines ■ Policies consistent with the Investor Stewardship Group’s Corporate Governance Principles ■ Robust political activity disclosure and compliance program ■ Extensive Corporate Responsibility Reports ■ Compensation “clawback” policies ■ Robust stock ownership and holding requirements for directors and executive officers ■ Policies prohibiting hedging and pledging of our shares by directors and executive officers ■ Comprehensive new director orientation and ongoing director education programs 10 Altria Group, Inc.
2026 proxy statement, governance practices, ownership requirements and compensation safeguards · Filed 02/04/2026
Mancuso a grant of 40,634 restricted stock units (“RSUs”) and 37,246 performance stock units (“PSUs”).
May 2026 Form 8-K, approved incoming CEO equity grant · Filed 18/05/2026
The RSUs and any PSUs earned will vest on May 15, 2031, five years after the grant date.
May 2026 Form 8-K, incoming CEO grant vesting terms · Filed 18/05/2026
The actual number of PSUs that will be earned will range between 0% and 200% of target, depending on actual performance during the 2026 - 2028 performance period.
May 2026 Form 8-K, incoming CEO PSU performance contingency · Filed 18/05/2026
Based on the average closing price of Altria’s common stock on the NYSE on each of the 20 trading days immediately preceding and including May 14, 2026, the aggregate cash payment for the RSUs is $6,859,062 and the aggregate cash payment for the PSUs at a target business performance, which also includes target dividend equivalents, is $7,837,712.
May 2026 Form 8-K, approved former CEO retirement cash-payment amounts · Filed 18/05/2026
The values of the PSU payments will be determined based on the closing price of Altria’s common stock on the NYSE on the day before the vest date, adjusted by the PSU performance rating as determined by the Compensation Committee after the conclusion of each three-year performance cycle ending in 2026 and 2027.
May 2026 Form 8-K, former CEO replacement PSU payment performance conditions · Filed 18/05/2026
received FDA authorization for on! PLUS in three flavors at two nicotine strengths in December 2025;
2026 proxy statement, December 2025 on! PLUS authorization milestone · Filed 02/04/2026
Securities and Exchange Commission commenced an investigation relating to our acquisition, disclosures and accounting controls in connection with the JUUL investment; and (iii) the New York State Office of the Attorney General and the Commonwealth of Massachusetts Office of the Attorney General, separately, issued independent subpoenas to us seeking documents relating to our former investment in and provision of services to JUUL.
June 2026 Form 10-Q, JUUL-related investigation and subpoenas · Filed 30/07/2026
(“Altria”) increased the size of the Board from 10 to 11 directors and elected Steven W.
August 2026 Form 8-K, board expansion and director election · Filed 28/08/2026
Presley to the Board, in each case, effective August 27, 2026.
August 2026 Form 8-K, effective date of director election · Filed 28/08/2026
Presley qualifies as an independent director under the New York Stock Exchange listing standards and Altria’s standards for director independence.
August 2026 Form 8-K, appointed director independence determination · Filed 28/08/2026
Max Yzaguirre
1,013,302,757
8,247,365
3,728,209
339,188,240
All nominees were duly elected as directors of Altria.
May 2026 Form 8-K, completed annual director election results · Filed 18/05/2026
on!’s share of the nicotine pouch category was 14.4%, a decrease of 1.7 share points versus the prior year and an increase of 1.0 share point sequentially.
June 2026 Form 10-Q, on! nicotine-pouch category share · Filed 30/07/2026
