JT Q3 2025: Revenue +18%, Profit +30%; RRP Volume +40%; Guidance Up

key points

• Strong results: Q3 2025 revenue ¥947.2 billion (US$6.2 billion), up 18.3% year over year; net profit up 29.7%, beating expectations across the board.
• RRP momentum: RRP volumes rose 40% YoY; heated tobacco (HTS) up 53%; RRP revenue up 42.6%.
• Market expansion: Ploom AURA and EVO pods lifted Japan HTS share to 15.5%.
• Combustibles still steady: Cigarette volumes grew 4.2% YoY, providing stable cash flow.
• Guidance raised: JT now forecasts full-year revenue of ¥3.46 trillion and will continue to strengthen its RRP strategy.

2Firsts, October 30, 2025 — Japan Tobacco released its Q3 2025 financial results. Thanks to the strong performance of its tobacco operations—particularly the accelerating growth in reduced-risk products (RRP)—the company beat quarterly expectations and raised its full-year guidance for FY2025.

Q3 2025 Results

Revenue: ¥947.2 billion (US$6.2 billion), +18.3% YoY.

Adjusted Operating Profit: ¥279.0 billion (US$1.8 billion), +27.8% YoY; +20.8% at constant currency.

Net Profit: ¥176.7 billion (US$1.1 billion), +29.7% YoY.

Reduced-Risk Products (RRP)

Volumes: Total RRP volume +40.1% YoY; HTS volume +53.4% YoY.

Market expansion: In Japan, the successful launch of Ploom AURA and EVO pods pushed HTS category share in Q3 up to 15.5%; the number of Ploom users has nearly doubled compared with two years ago.

Revenue contribution: RRP revenue rose 42.6% YoY to ¥35.5 billion (US$0.2 billion), a key driver of overall revenue growth.

Combustibles

Despite the strategic shift toward next-gen products, the combustibles business remained resilient, with Q3 cigarette volumes up 4.2% YoY, underpinning the company’s cash generation.

Upgraded FY2025 Outlook

On the back of robust performance, JT Group raised its full-year FY2025 guidance:

Revenue: +13.1% YoY to ¥3.456 trillion (US$22.5 billion).

Adjusted Operating Profit: +21.6% YoY to ¥903.0 billion (US$5.9 billion).

Adjusted Operating Profit (constant currency): +24.3% YoY to ¥923.0 billion (US$6.0 billion).

JT Group President and CEO Masamichi Terabatake said, “Our RRP volumes for the first three quarters increased by 27.0% year over year, with growth accelerating each quarter. In Japan in particular, the launches of Ploom AURA and EVO pods have significantly reinforced our market share.” (Note: figures in the quote refer to the cumulative first three quarters.)