Risk Sleuth
MO · 10-K filed 25 Feb 2026 · year to 31 Dec 2025

Altria Group

27 named things its latest annual report says its results depend on, each in the company's own words. 12 of them are also named by other companies we've read.

Read the filing on SEC.gov ↗

Customers

Wholesalers and large retail organizations

earns from
Our tobacco subsidiaries sell their tobacco products principally to wholesalers (including distributors) and large retail organizations, including chain stores.Business (Item 1)

Suppliers

Third-party cigar importer (Middleton)

depends on · substantially all of its cigars
Middleton contracts with a third-party importer to supply substantially all of its cigars and sells substantially all of its cigars to customers in the United States.Business (Item 1)

Third-party e-vapor importers (NJOY)

depends on · all of its products
NJOY contracts with third-party importers to supply all of its products and sells its e-vapor products to customers in the United States.Business (Item 1)

Partners and platforms

Japan Tobacco Inc. (JTI)

depends on · 75% economic interestnamed as a risk
At December 31, 2025, we owned a 75% economic interest in Horizon Innovations LLC (“Horizon”), a joint venture with JTI (US) Holding, Inc. (“JTIUH”), a subsidiary of Japan Tobacco Inc. (“Japan Tobacco”), which owned the remaining 25% economic interest.Business (Item 1)

Also named by PM

Other companies

Commercial paper market

depends onnamed as a risk
We typically access the commercial paper market in the second quarter to help fund payments under the Master Settlement Agreement (“MSA”), tax obligations and shareholder dividends.Risk factors (Item 1A)

Also named by CAG, CAT, CPB, KMB, ROK

Anheuser-Busch InBev SA/NV (ABI)

named as a risk
The expected benefits of our investment in ABI may not materialize in the expected manner or timeframe or at all, including due to foreign currency exchange rates; ABI’s business results; ABI’s share price; impairment losses on the value of our investment; our incurrence of additional tax liabilities related to our investment in ABI; and potential reductions in the number of directors that we can have appointed to the ABI board of directors.Risk factors (Item 1A)

Cronos Group Inc.

named as a risk
Our investment in Cronos, a Canadian cannabinoid company, subjects us to various risks relating to Cronos’s business, such as legal, regulatory and reputational risks.Risk factors (Item 1A)

Competitors

JUUL Labs, Inc.

competes withnamed as a risk
JUUL has filed similar actions in the U.S. District Court for the District of Arizona and with the ITC alleging patent infringement based on our sale of NJOY Daily in the United States.Risk factors (Item 1A)

Illicit flavored disposable e-vapor products

competes withnamed as a risk
In the e-vapor category, illicit flavored disposable product usage has significantly increased, and such products now comprise the majority of the e-vapor category.Risk factors (Item 1A)

Places

United States

concentrated in · substantially all of our revenue
We operate primarily within the United States and generate substantially all of our revenue from domestic customers.Business (Item 1)

Also named by ABBV, ADP, AJG, AMGN, APA, AXGN, AXP, BALL and 139 more

Florida

concentrated innamed as a risk
We have extensive experience litigating tobacco-related cases in a number of jurisdictions, with the vast majority of these cases having been filed in Florida.Risk factors (Item 1A)

Also named by ABR, ALLY, AN, AXP, AZO, BBY, BJ, BRO and 54 more

Commodities and inputs

Euro

exposed to its pricenamed as a risk
In addition, ABI pays dividends in euros, which we convert into USD.Risk factors (Item 1A)

Also named by ABBV, ABNB, ABT, ADBE, ADI, AME, AMG, AMGN and 186 more

Aluminum

exposed to its pricenamed as a risk
Current geopolitical and macroeconomic conditions (including tariffs, inflation, labor shortages, supply and demand imbalances and international armed conflicts) are causing worldwide disruptions and delays to supply chains and commercial markets, which limit access to, and increase the cost of, raw materials, ingredients and component parts (for example, wood tips used in our cigar products and aluminum used in our packaging).Risk factors (Item 1A)

Also named by AAON, ACHR, ALSN, AYI, BA, BALL, BF/B, BWA and 59 more

Tobacco leaf

depends onnamed as a risk
In the United States, under a contract growing program, PM USA purchases the majority of its burley and flue-cured leaf tobaccos directly from domestic tobacco growers.Business (Item 1)

Also named by PM

Tobacco-derived nicotine

depends onnamed as a risk
In addition, the nicotine used in our operating companies’ innovative smoke-free products is extracted from tobacco produced in one country.Risk factors (Item 1A)

Wood tips

exposed to its pricenamed as a risk
Current geopolitical and macroeconomic conditions (including tariffs, inflation, labor shortages, supply and demand imbalances and international armed conflicts) are causing worldwide disruptions and delays to supply chains and commercial markets, which limit access to, and increase the cost of, raw materials, ingredients and component parts (for example, wood tips used in our cigar products and aluminum used in our packaging).Risk factors (Item 1A)

Regulators

U.S. Food and Drug Administration (FDA)

subject tonamed as a risk
Any federal, state or local governmental action, including regulatory actions and inaction by the FDA, may have a material adverse impact on our business, results of operations, cash flows or financial position.Risk factors (Item 1A)

Also named by A, ABBV, ABT, AMGN, ARE, ARWR, ATR, AXGN and 112 more

U.S. International Trade Commission (ITC)

subject tonamed as a risk
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.Risk factors (Item 1A)

Also named by ANET, IDCC, KEYS, LKQ, MSI, NUE, PKG, QCOM

Laws and programs

Controlled Substances Act

subject tonamed as a risk
In the United States, these laws include the Controlled Substances Act, the Civil Assets Forfeiture Reform Act (as it relates to violation of the Controlled Substances Act), all related applicable anti-money laundering laws and FDA regulations.Risk factors (Item 1A)

Also named by SMG, UNFI, WM

Extended producer responsibility packaging laws

subject tonamed as a risk
Because certain of our operating companies’ products’ packaging consists of single-use plastics, single-use plastic bans and extended producer responsibility mandates could result in bans on some of our operating companies’ product packaging or their products and adversely impact our costs and revenues.Risk factors (Item 1A)

Also named by CMG

Family Smoking Prevention and Tobacco Control Act (FSPTCA)

subject tonamed as a risk
For example, the Family Smoking Prevention and Tobacco Control Act (“FSPTCA”) provides the FDA with broad authority to regulate the design, manufacture, packaging, advertising, promotion, sale and distribution of tobacco products; the authority to require disclosures of related information; and the authority to enforce the FSPTCA and related regulations.Business (Item 1)

Master Settlement Agreement (MSA)

subject tonamed as a risk
These settlement payments, which are inflation-adjusted, are significant for PM USA and have contributed to substantial cigarette price increases to help cover their cost.Risk factors (Item 1A)

Florida bond cap statute

subject tonamed as a risk
However, tobacco litigation plaintiffs have challenged the constitutionality of Florida’s bond cap statute in several cases and plaintiffs may challenge state bond cap statutes in other jurisdictions as well.Risk factors (Item 1A)

Racketeer Influenced and Corrupt Organizations Act (RICO)

subject tonamed as a risk
For example, in the Federal Government’s lawsuit alleging that certain defendants, including Altria and PM USA, violated RICO and engaged in certain “sub-schemes” to defraud, the district court did not impose monetary penalties but ordered significant non-monetary remedies, including the issuance of “corrective statements.”Risk factors (Item 1A)

Duty drawback

subject tonamed as a risk
If PM USA is unable to realize duty drawback to the same extent as other manufacturers, we may be at a competitive disadvantage with respect to our ability to invest in the long-term growth of our core tobacco businesses and contribute to the strategic growth of our innovative nicotine product portfolio.Risk factors (Item 1A)

Tobacco excise taxes

subject tonamed as a risk
Any increases in taxes or fees applicable to our operating companies’ products could have a material adverse impact on our business, results of operations, cash flows or financial position.Risk factors (Item 1A)

Superfund (CERCLA)

subject to
Altria and our former subsidiaries are involved in several matters subjecting them to potential costs of remediation and natural resource damages under Superfund or other laws and regulations.Business (Item 1)

Also named by ABBV, ABT, AMD, CRS, ED, FLS, IR, KVUE and 4 more