MO · Earnings call · 2026Q3T · Full report

Competition and Market Share

ALTRIA GROUP, INC. · 2026-10-29 · Importance 31 · Surprise 32

Management described the nicotine pouch category as increasingly competitive, with elevated competitive investment during the quarter and new products contributing to market activity. On! retail share was up 0.1 point year over year but down 0.3 sequentially, even as its retail price moved higher. The company said its premium retail placement, broader flavor range, and higher-strength products are intended to strengthen its position against competitors. Management believes on! and on! PLUS are premium propositions and said tobacco-like margins are achievable in the category over the long term.

Key facts

• Discount cigarette retail share grew by 2 share points in Q3 2026 to 34.1% of the category.
• Basic's retail share expanded 0.3 sequentially and 1.8 share points year over year in Q3 2026.
• Total PM USA retail share expanded 0.2 share point sequentially and 0.3 versus a year ago.