Philip Morris had a strong 2025. Full-year revenue hit $40.6 billion, with the smoke-free segment accounting for close to $17 billion of that total. IQOS continues to dominate its category, holding roughly 76% of global heated tobacco unit volume share. ZYN shipped 794 million cans in the U.S. alone for the full year, growing 37%.
The stock market hates inflation. There are not many stocks that are little affected today, if any. However, safe-haven stocks may even rise due to demand. At the top of this list is Altria (NYSE: MO), the cigarette and tobacco king. People who smoke do not stop smoking, even during periods of conflict.
Big Tobacco continues obstructing progress by hijacking health narratives - notably through its calculated vaping shift in recent years. Despite its rhetoric on smokeless products, new data reported reveals that the tobacco industry remains firmly dependent on cigarette sales, which accounted for roughly three-quarters of Western tobacco giants' revenue in 2024. Moreover, Big Tobacco stocks are soaring, fueled by rising prices and continued global demand. Make no mistake - the tobacco industry has not used vaping as a tool for change, but as a hedge against decline.
