Altria is a U.S.-focused tobacco company whose core business is manufacturing and selling cigarettes through its subsidiary PM USA, the largest cigarette company in the U.S. Altria's flagship product, Marlboro, has been the best-selling cigarette brand in the U.S. for over 50 years. Altria sells almost exclusively to U.S. consumers, distributing through wholesalers and distributors rather than directly to end consumers. The business model is built around a highly addictive, legally regulated product with strong brand loyalty, creating a predictable, recurring revenue stream. The key profit driver is net price realization — Altria raises prices regularly, and Marlboro's brand loyalty means volumes decline more slowly than prices rise, allowing profit per unit to grow even as total volume falls. Cost structure is dominated by excise taxes and Master Settlement Agreement payments, not manufacturing costs, so Altria competes on pricing power and brand strength rather than cost efficiency. Beyond cigarettes, Altria has a growing portfolio of smoke-free products: oral tobacco brands Copenhagen and Skoal, the on! nicotine pouch brand, NJOY e-vapor (currently pulled from market due to a patent dispute), and a heated tobacco joint venture pursuing FDA authorization for Marlboro-branded sticks. Altria also holds an equity stake in Anheuser-Busch InBev. Altria's stated long-term strategy is to transition adult smokers to smoke-free products, with near-term focus on growing on! and its premium successor on! PLUS nationally.