MOAltria
- Employees
- 5,900
- Headquarters
- Richmond, VA
- CEO
- Salvatore Mancuso
- Next results
- around Jan 28, 2027
6 paragraphs in Risk Factors of the 10-K filed Feb 25, 2026 with nothing like them in the 10-K filed Feb 26, 2025. Quoted exactly. Paragraphs that were only edited are under 10-K change.
Compared with the Risk Factors in the latest 10-K of the other 31 Consumer staples companies: a paragraph with at least half its words the same at another company is called similar, and the companies are listed under it. A paragraph most of them have is marked boilerplate. No line means no other company has one like it. This counts text; it does not say how serious a risk is.
Additional price competition has resulted from diversion into the United States market of cigarettes intended for sale outside the United States, diversion of tobacco products intended for sale in one taxing jurisdiction within the United States into another taxing jurisdiction, the sale of counterfeit cigarettes by third parties, the sale of cigarettes by third parties over the Internet and by other means designed to avoid collection of applicable taxes and imports of foreign lower-priced brands.
Tobacco products imported to the United States are subject to the same federal excise tax as those manufactured domestically. Manufacturers of tobacco products imported to the United States can receive refunds of certain duties, taxes and fees paid on those products when offsetting volumes of the same or substantially similar products are subsequently exported out of the United States. The program that allows for these refunds is referred to as “duty drawback.” 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.
Read in the 10-K ↗
Lengthy and unpredictable regulatory review periods complicate efforts to strategize and plan with respect to commercialization of new products, and we cannot predict or influence the speed with which the FDA reviews pre-market tobacco applications (“PMTA”). Our operating companies may decide to commercialize products that have not received marketing granted orders from the FDA if the operating company submitted a PMTA with respect to any such product in compliance with the FSPTCA and the FDA failed to issue a marketing order within the statutory review period. It is possible that the FDA may bring an enforcement action relating to commercialized products for which a PMTA has been pending longer than the statutory review period.
Read in the 10-K ↗
PM USA imports cigarettes manufactured outside the United States for sale domestically, and PM USA has entered into strategic commercial relationships to manufacture cigarettes in the United States for export to third parties for sale in international markets. If PM USA is unable to maintain, expand upon or enter into new relationships of this type, it may hinder PM USA’s ability to increase the efficiency of its cigarette manufacturing operations, develop capabilities needed to comply with various international product and other standards and invest in the long-term growth of our core tobacco businesses and the strategic growth of our innovative nicotine product portfolio.
Read in the 10-K ↗
finished product, raw materials and component parts and services in a timely manner or at all. If we are unable to identify alternate sources of raw materials, ingredients and component parts for our operating companies’ products, we could be exposed to supply risk.
Read in the 10-K ↗
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. If we experience unfavorable outcomes with respect to litigation proceedings (including actions alleging patent infringement), the discount rate used to estimate the fair values of the goodwill and other intangible assets within our e-vapor reporting unit increases or any of the judgments or assumptions we made regarding the future state of the e-vapor category and NJOY’s business fail to materialize, we could record additional non-cash impairments of our e-vapor reporting unit goodwill in future periods. The judgments and assumptions we made regarding the future state of the e-vapor category and NJOY’s business include the (i) timing and extent of effective enforcement against illicit flavored disposable e-vapor products; (ii) timing and likelihood of regulatory authorizations of e-vapor products, including of NJOY’s products; (iii) timing of the commercialization of NJOY e-vapor products in the United States; (iv) long-term growth of the e-vapor category; and (v) conversion rates of illicit flavored disposable e-vapor consumers to FDA-authorized e-vapor products and, specifically, NJOY’s e-vapor products. Fair value calculations are sensitive to changes in these judgments and assumptions, some of which relate to broader macroeconomic conditions and governmental actions outside of our control.
Read in the 10-K ↗
New in the latest 10-Q
9 paragraphs in the 10-Q filed Oct 29, 2026 with nothing like them in the 10-Q filed Jul 30, 2026 (at least half the words must differ; new numbers alone do not count). Quoted exactly, grouped by the item heading above them. This is text that changed, not a judgement of how serious it is.
Financial statements and notes
In the third quarter of 2026, we entered into a line of credit arrangement (“LOC”) with a contract manufacturing customer under which the customer may borrow up to $ 300 million. There were no outstanding amounts under the LOC at September 30, 2026. Amounts borrowed under the LOC bear interest at a fixed rate. The LOC has a scheduled maturity in December 2029. All amounts borrowed, including any accrued and unpaid interest, are due upon maturity of the LOC. We evaluated the LOC for expected credit losses, and any such reserve was deemed immaterial at September 30, 2026.
Read in the 10-Q ↗
Thompson September 2026 PM USA IL $1 million $0 PM USA has filed post trial motions and will, if necessary, appeal.
Read in the 10-Q ↗
Ogbebor September 2026 PM USA IL <$1 million (<$1 million) $0 PM USA has filed post trial motions and will, if necessary, appeal.
Read in the 10-Q ↗
Lipp September 2026 PM USA Miami-Dade $50 million ($38 million) $0 PM USA intends to appeal.
Read in the 10-Q ↗
▪ Dividends: In August 2026, our Board of Directors (“Board”) approved a 4.7 % increase in the quarterly dividend rate to $ 1.11 per share of our common stock versus the previous rate of $ 1.06 per share. The current annualized dividend rate is $ 4.44 per share. Future dividend payments remain subject to the discretion of our Board.
Read in the 10-Q ↗
We are a leader in nicotine with a growing portfolio of products for adult nicotine consumers age 21+. Today, we are focused on elevating everyday moments by offering adult nicotine consumers a range of product choices and the information they need to make informed decisions.
Read in the 10-Q ↗
Our American roots stretch back more than 200 years, and our operating companies’ brands have served adult nicotine consumers for generations. The brand portfolios of our operating companies include Marlboro®, Black & Mild®, Copenhagen®, Skoal®, on!® and NJOY®. Our wholly owned subsidiaries include Philip Morris USA Inc. (“PM USA”), John Middleton Co. (“Middleton”), U.S. Smokeless Tobacco Company LLC (“USSTC”), Helix Innovations LLC (“Helix”) and NJOY, LLC (“NJOY”).
Read in the 10-Q ↗
In September 2026, Helix, NJOY and certain of their trade partners filed a lawsuit in the U.S. District Court for the Northern District of Texas claiming that the FDA routinely has failed to comply with its obligation under the FSPTCA to issue marketing orders within the 180-day statutory review period following receipt of a PMTA. Among other relief, plaintiffs have requested that the court order the FDA to adopt a new rule or process under the FSPTCA to facilitate compliance with statutory deadlines for the issuance of marketing orders with respect to PMTAs. In October 2026, the court granted the parties’ request to stay the litigation to permit the FDA to engage in rulemaking to address the defects in the current rule identified in the lawsuit.
Read in the 10-Q ↗
In September 2026, the State of California enacted legislation banning the manufacture and import of single-use, battery-powered e-vapor products effective January 2027 and the retail sale of such products effective January 2028.
Read in the 10-Q ↗
The 10-Q's risk factors against the 10-K
Item 1A of the 10-Q filed Oct 29, 2026 against Item 1A of the 10-K filed Feb 25, 2026.
A 10-Q repeats only the risks that changed, so a 10-K paragraph that is missing from it is not counted as removed.
Added is a paragraph with nothing like it in the 10-K, Reworded a sentence that is in both with several words changed,
Quiet changes a sentence in both where one to four words changed and one is a hedge or a modal
(cut words struck through, new words highlighted and underlined).
Text on the page, not a score; each links to the filing at sec.gov.
What the 10-Q itself says about its risk factors:
Read in the 10-Q ↗
Information regarding Risk Factors appears in Part I, Item 1A. Risk Factors of our 2025 Form 10-K. There have been no material changes to the risk factors previously disclosed in our 2025 Form 10-K.
1 paragraph in the 10-Q's Item 1A, and none of them adds, rewords or quietly edits a paragraph of the 10-K's.
Work on MO in a spreadsheet:
Excel workbook (a sheet per section, ten years by column, charts, links to the filings) ·
CSV.
For a Google Sheet that stays up to date, paste =IMPORTDATA("https://tickdelta.com/company/MO/export.csv") into a cell.