Altria entered the second quarter of 2025 at a time when the tobacco business continues to transform and the pressure on traditional cigarettes is intensifying. The company faces regulatory hurdles, changes in consumer behavior and increasing competition from alternative nicotine products. Yet it has been able to confirm its ability to generate stable profits while strengthening its smokeless portfolio, which is becoming an increasingly important component of future growth.

The company has also shown that it can maintain robust margins and manage its capital allocation effectively despite the structural decline in the cigarette segment. The dividend payout and continued share buybacks confirm management's commitment to continue to deliver a strong return to investors, while a key priority remains the expansion of the on! and strengthening the smoke-free categories, which have the potential to ensure the company's long-term relevance in the marketplace.

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The second…