Altria is a giant. Honestly, it’s one of those companies that is so massive it’s almost invisible until you start looking at the labels of things you see every day. You probably know them as the "Marlboro people," and while that’s still their bread and butter, the portfolio in 2026 is way more complicated than just cigarettes.
Basically, Altria Group is the parent company that sits at the top of a pyramid. Underneath, they own everything from the most famous cigarette brand on the planet to high-tech vape companies and even a massive chunk of the world’s biggest beer maker. They're currently in the middle of a massive pivot. They call it "Moving Beyond Smoking," which sounds kinda ironic for a tobacco company, but the numbers show they're dead serious about it.
If you're wondering what does Altria own right now, you have to look at it in three buckets: the stuff they burn (combustibles), the stuff they don't (smoke-free), and the massive investments they have in other industries.
The Big One: Philip Morris USA and the Marlboro Empire
Let’s be real—the engine behind Altria is still Philip Morris USA.
A lot of people get confused here because there is another company called Philip Morris International (PMI). They used to be the same thing, but they split up years ago. Altria owns Philip Morris USA, which means they own the rights to Marlboro only inside the United States. If you buy a pack of Marlboros in London, that’s PMI. If you buy them in Richmond, Virginia, that’s Altria.
It’s a cash cow. Marlboro holds about 42% of the U.S. cigarette market share. That is a staggering number for a single brand. Along with Marlboro, they own other cigarette names like:
- Virginia Slims
- Parliament
- Basic
- Benson & Hedges (U.S. rights)
They also own John Middleton Co., which is the company behind Black & Mild cigars. If you’ve ever seen those plastic-tipped cigars at a gas station, you’re looking at an Altria product.
The Smoke-Free Pivot: NJOY, Helix, and on!
The world is changing. People are quitting smoking, or at least trying to. To stay alive, Altria has been buying up "smoke-free" platforms like crazy.
Their biggest recent move was buying NJOY Holdings in 2023. This was a huge deal because NJOY’s "ACE" pod system was one of the very few e-vapor products to actually get the FDA’s seal of approval. Unlike their disastrous investment in Juul—which they famously walked away from after losing billions—Altria now has full control over NJOY. They’re betting the farm that vapers will choose NJOY over the flood of illegal, flavored disposables coming from overseas.
Then there’s the "modern oral" category. This is basically nicotine pouches that don’t use tobacco leaf. Altria owns Helix Innovations, which makes on! nicotine pouches. Just recently, at the tail end of 2025, the FDA authorized on! PLUS, which are spit-free pouches that use a "soft-feel" material. It's a huge win for them because these products are growing while cigarette volumes are dropping by double digits.
And we can't forget the "traditional" smokeless stuff. They own U.S. Smokeless Tobacco Company, the makers of:
- Copenhagen
- Skoal
- Red Seal
- Husky
The Beer and Weed Investments
This is where it gets interesting. Altria isn't just a nicotine company. They’ve spent the last decade trying to diversify their money so they aren't totally reliant on tobacco.
For a long time, they’ve held a massive stake in Anheuser-Busch InBev (AB InBev). You know them as the makers of Budweiser, Stella Artois, and Corona. As of 2026, Altria still owns about 8% of AB InBev. This stake is worth billions and provides a nice cushion of dividend income, though Altria has been slowly trimming its position to fund their move into vapes and pouches.
Then there's the cannabis play. In 2019, they dropped $1.8 billion for a 45% stake in Cronos Group, a Canadian cannabis company. Honestly? It hasn't been a smooth ride. The "green rush" didn't pan out as fast as everyone thought, and Altria has taken some big write-downs on this investment. But they still own about 41% of Cronos, waiting for the day the U.S. finally moves toward federal legalization.
The Juice and The Junk: What They Don't Own
It’s worth noting that Altria used to own a lot more. Decades ago, they owned Kraft Foods and Miller Brewing. They even had a wine business called Ste. Michelle Wine Estates, but they sold that off in 2021 for $1.2 billion.
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They are leaner now. More focused.
What happened to Juul?
If you're searching for Altria’s ownership, you might see old articles saying they own 35% of Juul. That is no longer true. In early 2023, Altria officially ditched its entire stake in Juul in exchange for some heated tobacco intellectual property rights. They basically traded a sinking ship for some blueprints. It was a massive financial loss, but it allowed them to buy NJOY without running into monopoly issues.
Looking Ahead: The 2026 Strategy
Altria is in a race against time. Their cigarette sales are falling—down about 10% year-over-year in recent reports—but they are raising prices to keep the profits steady. It’s a delicate balancing act.
They’ve recently set up a joint venture called Horizon Innovations with JT Group. The goal? To bring "heated tobacco" products (like the Ploom device) to the U.S. market. They're also developing their own internal tech called SWIC, which is a heated tobacco capsule.
The strategy is simple: use the massive profits from Marlboro to buy or build the next generation of nicotine products. Whether it's vapes, pouches, or heated sticks, they want a piece of whatever the "2030 smoker" is using.
Actionable Insights for the Curious:
- Check the Label: If you're an investor or a conscious consumer, look for the "Altria" or "PM USA" markings on tobacco products to understand their reach.
- Watch the FDA: The success of Altria’s portfolio depends almost entirely on the FDA. Keep an eye on "Marketing Granted Orders" (MGOs) for NJOY and on! pouches, as these are the company's future growth drivers.
- Monitor the AB InBev Stake: If Altria sells more of its beer stock, it usually means they are gearing up for another massive acquisition in the smoke-free space.
- Dividend Reliability: For those holding the stock, remember that the high yield (often over 7-8%) is fueled by Marlboro's pricing power, but the long-term safety of that dividend depends on how fast NJOY and on! can grow to replace lost cigarette revenue.