Key Points
- All seven companies referenced nicotine-pouch business growth as a common performance driver.
- PMI: Pouch shipments doubled; U.S. ZYN sales up 39% year-on-year.
- Imperial Brands: Nicotine Pouch Brand ZONE Expands in the U.S., Reaches 2.8% Market Share。
- Altria: on! shipments up 14.8%; on!PLUS launched in three U.S. states.
- KT&G: Acquired Nordic pouch maker ASF with Altria; global rollout planned for 2026.
- RLX Technology:TA self-developed oral film product has been launched in the UK.
- Turning Point Brands (TPB): Pouch sales up 627.6%, accounting for 30.8% of total revenue.
- Haypp Group: Pouches represent 68% of oral-nicotine sales; like-for-like volume up 21%.
2Firsts, November 14, 2025 — Several global tobacco and next-generation nicotine companies have released their financial results for the third quarter of 2025. The nicotine-pouch segment was highlighted across multiple reports, showing strong growth, market expansion, and strategic advancement. 2Firsts has compiled and summarized the key figures from seven leading companies.
PMI: Pouch Shipments Double; U.S. ZYN Sales Up 39%
Philip Morris International (PMI) reported net revenues of US$10.845 billion, up 9.4% year-on-year; gross profit of US$7.4 billion, up 12.4%; and operating income of US$4.3 billion, up 16.7%.
Smoke-free products accounted for 41% of total revenue and over 42% of gross profit. Oral nicotine shipments rose 16.9%, with pouch volumes more than doubling. In the U.S., ZYN sales climbed 39%, driving over 40% growth in the oral category.
Imperial Brands: Nicotine Pouch Brand ZONE Expands in the U.S., Reaches 2.8% Market Share
Imperial Brands PLC (LON: IMB) reported its financial results for the fiscal year ended September 30, 2025.
The company’s next-generation product (NGP) net revenue increased 13.7% year-on-year at constant currency to £368 million, with its modern oral nicotine business in the United States emerging as the primary growth driver.
According to the report, Imperial’s nicotine pouch brand ZONE, launched in February 2024, continues to expand and is now available in approximately 100,000 retail stores across the U.S., holding an estimated 2.8% share of the modern oral nicotine market.
The ZONE product range includes 11 flavors and two nicotine strengths (6 mg and 9 mg), positioned to compete directly with leading brands in the category.
The company noted that rapid growth in the U.S. modern oral nicotine segment has significantly boosted overall NGP performance. In FY2025,
NGP revenue in the Americas increased 69.8% year-on-year to £70 million, marking the fastest growth rate among all regions.
Imperial Brands FY25 Results: NGP Net Revenue Up 13.7%, Americas Surges Nearly 70%
Altria: on! Shipments Up 14.8%; on!PLUS Expands to Three States
Altria’s Q3 net revenue reached US$6.072 billion (-3.0% YoY), with net revenue excluding excise tax at US$5.251 billion (-1.7%).
Its on! brand shipments grew 14.8% year-on-year, reaching a 16.6% U.S. market share. Subsidiary Helix launched on!PLUS in Florida, North Carolina, and Texas, offering three flavors and three nicotine strengths.
The oral-tobacco segment’s adjusted operating profit rose 3.3% to a 69.0% margin (+1.8 p.p.).
Altria also signed a non-binding global cooperation MOU with KT&G to co-develop new oral nicotine products.
Altria Q3 2025 Earnings Report: Net Revenue of $6.072 Billion and Launch of on!PLUS in the U.S.
KT&G: Global Nicotine-Pouch Expansion Underway
KT&G reported Q3 revenue of ₩1.83 trillion (≈ US$1.307 billion, +11.6%), operating profit of ₩465.3 billion (≈ US$332 million, +11.4%), and net profit of ₩418.7 billion (≈ US$299 million, +73.4%).
Next-generation product revenue reached ₩279.1 billion (≈ US$199 million), up from ₩193.2 billion last year.
KT&G confirmed a strategic partnership with Altria to acquire Nordic nicotine-pouch maker ASF, with plans to expand the product line from seven Nordic markets to Europe, the Middle East, Africa, Asia, and North America beginning in 2026.
RLX Technology: Net Revenue Up 49.3% Year-on-Year; CEO Highlights Oral Film Product Launch
RLX Technology Inc. (NYSE: RLX) reported third-quarter net revenue of RMB 1.1293 billion (approximately US $158.6 million), representing a 49.3% year-on-year and 28.3% quarter-on-quarter increase.
Company founder, Chairwoman, and CEO Wang Ying noted that RLX’s self-developed oral film product has been launched in the U.K., emphasizing that the innovation embodies years of R&D investment and marks a significant step forward in expanding the company’s presence and product diversification within the oral-nicotine segment.
Turning Point Brands: Pouch Revenue Soars 627.6%
Turning Point Brands (TPB) posted net sales of US$119 million (+31.2%), gross profit of US$70.4 million (+39.7%), and net income of US$21.1 million (+70.3%).
The Modern Oral segment (nicotine pouches) generated US$36.7 million in revenue, up 627.6% year-on-year and 22% quarter-on-quarter, accounting for 30.8% of total sales.
TPB plans to launch its first U.S. white-pouch production line in H1 2026 to localize manufacturing.
The broader Stoker’s division, which includes pouches, posted revenue of US$74.8 million, up 80.8%.
Haypp Group: Pouches Account for 68% of Oral-Nicotine Sales
Sweden-based Haypp Group reported Q3 net sales of SEK 952.1 million (≈ US$101 million), up 0.8% year-on-year.
Gross margin improved from 17.6% to 18.8%.
Like-for-like (LFL) pouch volumes rose 21%, representing 68% of the company’s total oral-nicotine sales.
The company highlighted strong consumer demand and noted that the reintroduction of ZYN in the U.S. boosted Q3 performance, with further impact expected in Q4.
Its Nordic operations remained stable, maintaining high customer retention and solid category penetration.
Summary
Across all seven companies’ Q3 2025 results:
- Nicotine-pouch operations featured prominently in financial disclosures.
- Companies reported gains in shipments, category share, and geographic reach.
- Strategic actions included acquisitions, capacity expansion, and new product rollouts, reflecting the nicotine-pouch category’s emergence as a critical global growth driver.
