JT Delivers Record FY2025 Results as RRP Accelerates and Ploom Expands Globally

Feb.12

JT reported record FY2025 revenue and adjusted operating profit, supported by combustible resilience and accelerating reduced-risk product growth. Heated tobacco volumes surged, led by Ploom. The group confirmed a major three-year RRP investment plan and projected further growth in 2026.

Key Points

Revenue rose 13.4% YoY to JPY 3,467.7 billion (approx. USD 23.1 billion).
Adjusted operating profit increased 21.5% to JPY 902.2 billion (approx. USD 6.0 billion); 24.9% growth at constant FX.
Profit attributable to owners of the parent reached JPY 510.2 billion (approx. USD 3.4 billion).
RRP-related revenue grew 23.9% to JPY 122.5 billion (approx. USD 817 million).
Heated products volume increased 38.6% to 11.3 billion units.
Combustible tobacco volume rose 1.7% to 563.8 billion units.
Ploom AURA was available in 17 markets by year-end 2025.
JT committed approximately JPY 800 billion (approx. USD 5.3 billion) to RRP investment (2026–2028).

2Firsts, February 12, 2026

Japan Tobacco Inc. (JT Group) reported record-high financial results for the fiscal year ended December 31, 2025, in its earnings release issued on February 12, 2026, supported by steady combustible performance and accelerated growth in reduced-risk products (RRP).

Revenue from continuing operations increased 13.4% year-on-year to JPY 3,467.7 billion (approx. USD 23.1 billion). Adjusted operating profit rose 21.5% to JPY 902.2 billion (approx. USD 6.0 billion), while profit attributable to owners of the parent reached JPY 510.2 billion (approx. USD 3.4 billion). The group announced a planned annual dividend of JPY 234 per share (approx. USD 1.56).

Within the Tobacco Business, RRP continued to gain momentum. RRP-related revenue increased 23.9% to JPY 122.5 billion (approx. USD 817 million). Heated tobacco product (HTS) volume, driven primarily by the Ploom brand, rose 38.6% to 11.3 billion units. In Japan, Ploom’s share of the heated tobacco segment increased to 14.4%, reflecting continued consumer adoption.

By the end of 2025, Ploom AURA had been launched in 17 markets, marking a further step in JT’s international expansion of its heated tobacco portfolio.

Traditional combustible products remained the primary earnings base. Combustible tobacco volume increased 1.7% to 563.8 billion units, supported in part by the integration of Vector Group in the United States and performance of global flagship brands including Winston and Camel.

Strategically, JT completed the transfer of its Pharmaceutical Business to Shionogi & Co., Ltd., sharpening its focus on tobacco and food operations. Under its newly announced Business Plan 2026, the group committed approximately JPY 800 billion (approx. USD 5.3 billion) in investment toward RRP development and market expansion over the 2026–2028 period.

For FY2026, JT forecasts revenue of JPY 3,697.0 billion (approx. USD 24.6 billion) and plans to raise its annual dividend to JPY 242 per share (approx. USD 1.61).

Further updates and in-depth analysis will follow. Stay tuned to 2Firsts for continued coverage.

Cover image sourced from a screenshot of Japan Tobacco Inc.’s “2025 Full Year Results & 2026 Forecasts (All Presentation)” (released February 12, 2026).