Ever walked into a gas station or a convenience store and looked at the back wall? You’re basically looking at an Altria showroom. Most people still call them "Big Tobacco," and honestly, that’s fair. But the reality of what does Altria Group own is a lot weirder and more diverse than just a pack of Marlboros. They’ve got their hands in craft-style cigars, high-tech vaping, nicotine pouches that look like mint containers, and even a massive chunk of the beer you drink on the weekend.
Altria is essentially the parent company—the "umbrella"—that sits over a bunch of smaller, specialized businesses. They used to be called Philip Morris Companies Inc., but they rebranded back in 2003 to try and show the world they were more than just a cigarette maker. Since then, it’s been a wild ride of multibillion-dollar deals, some massive failures (looking at you, Juul), and a desperate, expensive scramble to figure out what people will buy once they stop smoking.
The Big Three: Tobacco and Cigars
If you want to understand Altria, you have to start with Philip Morris USA. This is the golden goose. It’s the subsidiary that owns Marlboro, which has been the best-selling cigarette brand in the U.S. for literally fifty years. Even though fewer people smoke every year, Marlboro still commands about 42% of the entire U.S. retail market. That is a staggering amount of dominance.
Then you’ve got John Middleton. Altria bought them back in 2007 for about $2.9 billion. If you’ve ever seen a Black & Mild cigar at a checkout counter, that’s them. They basically own the "large machine-made cigar" category. It’s a very profitable niche because while cigarette volumes are dropping, these tipped cigars have a weirdly loyal following.
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Finally, there’s U.S. Smokeless Tobacco Company (USSTC). Think dipping tobacco and snuff. They own the two heavy hitters in that world: Copenhagen and Skoal. If you see someone with a round tin in their back pocket, there is a very high chance Altria made it.
The "Moving Beyond Smoking" Portfolio
The company knows the clock is ticking on traditional cigarettes. Their CEO, Billy Gifford (who’s actually set to retire in May 2026, with Sal Mancuso taking the reins), has been pushing a "Moving Beyond Smoking" strategy.
- NJOY Holdings: In 2023, Altria dropped $2.75 billion to buy NJOY. This was a massive "do-over" after their $12.8 billion investment in Juul went up in smoke. NJOY is a big deal because its NJOY ACE was the first pod-based e-vapor product to get actual marketing authorization from the FDA.
- Helix Innovations: This is the crew behind on! nicotine pouches. You’ve probably seen these—they’re small, white, and spit-less. As of early 2026, they’re fighting tooth and nail for market share against brands like ZYN.
- Horizon Innovations: This is a joint venture with JT Group. They’re focused on "heated tobacco" (burning the tobacco just enough to release nicotine but not enough to create smoke).
The Secret Alcohol and Cannabis Stashes
This is where it gets interesting for investors. Altria isn't just about things you puff or chew. They have a massive "equity investment" portfolio, which basically means they own huge slices of other giant companies.
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For a long time, Altria owned a massive chunk of Anheuser-Busch InBev (AB InBev)—the company that makes Budweiser, Stella Artois, and Michelob Ultra. They’ve trimmed that stake down recently, but as of 2026, they still hold about 8% of the world’s largest brewer. That’s billions of dollars sitting in beer stock.
They also went all-in on the "green rush" a few years back. Altria owns about 41% of Cronos Group, a Canadian cannabis company. It hasn't been the smoothest ride—the cannabis market has been volatile, to say the least—but it gives them a seat at the table if federal legalization ever happens in the U.S.
What Happened to the Wine?
You might see older articles saying Altria owns Ste. Michelle Wine Estates (famous for Chateau Ste. Michelle). They actually sold that off in 2021 to a private equity firm for about $1.2 billion. They’re trying to lean out and focus strictly on nicotine and "functional" products.
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Speaking of functional products, they recently took a minority stake in Proper Wild, which makes "clean" energy shots. It’s a small move, but it shows they are looking for ways to use their massive distribution network for things that have nothing to do with tobacco.
Why This Matters for You
Understanding what does Altria Group own gives you a glimpse into how a "sin stock" giant tries to survive a changing world. They are a "Dividend King," meaning they’ve increased their dividend for over 50 years straight. They do this by using the massive cash from Marlboro to buy their way into new industries.
If you’re looking at Altria as an investor or just a curious consumer, keep an eye on NJOY and on!. The cigarettes pay the bills for now, but the future of the company lives or dies based on whether they can get people to switch to those little white pouches and vapor pods.
Quick Summary of Altria's 2026 Empire:
- Cigarettes: Philip Morris USA (Marlboro, L&M, Benson & Hedges).
- Cigars: John Middleton (Black & Mild).
- Smokeless: USSTC (Copenhagen, Skoal) and Helix (on!).
- Vaping: NJOY Holdings.
- Investments: 8% of AB InBev (Beer) and 41% of Cronos Group (Cannabis).
Next Steps:
If you're tracking their stock (MO), check the upcoming Q4 2025 earnings report scheduled for late January 2026. This will reveal the latest retail share numbers for NJOY and whether the transition to "smoke-free" is actually hitting its $5 billion revenue goal.