Altria Group, Inc.’s MO on! PLUS has moved into a broader phase of expansion after reaching about 120,000 stores nationwide in the second quarter of 2026. The retail footprint covers roughly 90% of nicotine-product volume, giving the brand substantial availability following its national rollout. The expansion is already contributing to on!’s performance, with retail share reaching 8.6% in the second quarter, up 0.8 share points sequentially and 0.3 share points year over year.
Volume trends also show the early contribution from on! PLUS. Reported on! shipment volume was 49.9 million cans in the second quarter, down 4.2% year over year because of trade inventory movements. However, first-half shipment volume increased 5.1%, reflecting the early impact of the on! PLUS expansion. Early retail data also indicated incremental volume contributions and encouraging repeat-purchase rates. Brand-building investments supported awareness, with on! brand awareness rising to 57% from 53% among adult nicotine consumers aged 21-54 in the first half.
The next expansion phase centers on product variety. Shipments of 12-milligram on! PLUS resumed in Florida, North Carolina and Texas in three flavors, with national expansion planned for the third quarter. Additional flavors across 6, 9 and 12-milligram strengths, beginning with Blueberry Mint and Mango Pineapple, are planned for the fourth quarter. These additions broaden the portfolio beyond the initial rollout and extend the brand’s presence across strengths and flavors.
MO’s on! PLUS Faces Expanding Competition in Nicotine Pouches
Philip Morris International Inc. PM is strengthening its U.S. nicotine pouch position through ZYN. In the second quarter of 2026, ZYN shipments rose 1.8% to 2.9 billion pouches, while offtake was flat to slightly higher year over year. Philip Morris also launched 9 and 11-milligram ZYN ULTRA moist variants. In the third quarter, Philip Morris plans 1.5 and 8-milligram dry variants and higher U.S. investment.
Turning Point Brands, Inc. TPB is also building momentum in nicotine pouches through FRE and ALP. In the second quarter of 2026, Modern Oral net sales surged 128% to $68.4 million and represented 48% of total company net sales. Turning Point Brands is expanding retail distribution, with chain-store count expected to rise 70% year over year by 2026-end. To support its Modern Oral brands, Turning Point Brands is also investing in sales and marketing.
Altria’s Price Performance, Valuation & Estimates
Shares of Altria have gained 0.5% in the past month compared with the industry’s growth of 1%.
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From a valuation standpoint, MO trades at a forward price-to-earnings ratio of 11.87X, down from the industry’s average of 15.18X.
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The Zacks Consensus Estimate for MO’s 2026 and 2027 earnings implies year-over-year growth of 4.6% and 3%, respectively.
Altria currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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