The nicotine pouch industry is getting more complex by the day, as new brands launch and vie for dominance. For those who really want to understand this landscape, it’s a must to get some intel about which companies are on the up and which are facing some turbulence. While we’re a nicotine pouch retailer ourselves, there’s nothing like having a nosy look at the rest of the industry.
This report breaks down the latest financial results of the main companies in the industry, including ZYN’s Philip Morris International and VELO’s British American Tobacco. We’ll also run through some other recent developments in the market.
Key Takeaways
- PMI has enjoyed rises in both ZYN shipments and its overall revenues in 2026, and it’s also been a year of new releases for the brand.
- BAT’s overall revenues rose in 2026, and VELO products performed well.
- There were more mixed results for Altria.
- Turning Point Brands continues to advance in the market.
Philip Morris International (PMI) Earnings
As the company behind market leader ZYN pouches, it would only be right to start with PMI.
2026 has brought mixed news for the company. On one hand, the second-quarter results for 2026 showed a 10.4% rise in net revenues compared to the same quarter in 2025. Its net revenues also climbed to over $11 billion for the first time, while ZYN shipments rose by 1.8%.
Despite this, PMI lowered its outlook for its earnings per share, blaming geopolitical factors like high energy costs due to Middle East tensions. This could mean that future results are less positive. However, its stock has performed well, rising around 14% between August 2025 and August 2026.
PMI also released its new ZYN Ultra range in summer 2026, and further releases are expected later this year. The success of these projects will become clear in future earnings reports. Another major development is the opening of PMI’s Aurora manufacturing campus, which began ZYN production in July 2026.
British American Tobacco (BAT) Earnings
VELO pouches are another big name in the pouch world, and they’re one of BAT’s star products. BAT’s half-year results for 2026 (from January to June) showcased a 2.9% increase in revenue worldwide. The US region was particularly strong, with total revenue rising 8.5%.
VELO performance was a standout, with its revenue up 220% and volume up 188% compared to the half-year period in 2025. Smokeless products now make up 19.8% of BAT’s total revenue, but this includes vapor and heated tobacco products as well as nicotine pouches.
The BAT stock has enjoyed modest growth over the last year, increasing by 7% between August 2025 and August 2026.
The results show that VELO Plus has been a success so far. Later this year, BAT will release VELO Max to complement its existing range, with a focus on higher-strength pouches.
Altria Earnings
Altria, the maker of on! pouches, experienced mixed results. In its half-year results, net revenues rose by 1.6% compared to the first half of 2025, and on! shipments rose by 5.1%. But shipments of total tobacco products fell by 6% and on! products didn’t perform as well in the second quarter of 2026, with shipments falling by 4.2% compared to the second quarter of 2025. This casts some doubt on whether the range can remain competitive.
As a result, the company missed its quarterly profit estimates. While the release of these results negatively affected Altria’s share value, the stock price has still increased by around 10% compared to where it was last year, despite a more recent dip.
Like PMI, Altria has blamed macroeconomic conditions for its struggles. To turn things around, the company plans to add to the on! Plus range by including more flavors and higher strengths, up to 12mg. It has also announced an expansion of on! Plus shipments, which are now available in 120,000 locations across the country.
Turning Point Brands (TPB) Earnings
Turning Point Brands is the machine behind ALP and FRE pouches. While it might not be a company on the scale of PMI or BAT, it certainly isn’t one to underestimate.
2025 was the first full year of ALP pouches, so it’s now possible to get a clear picture of how the public is receiving them.
The company’s second quarter results showed an impressive 40.6% increase in gross profit, largely thanks to modern oral products like nicotine pouches. There was also a 149% increase in modern oral gross revenue compared to the second quarter of 2025.
Despite these positive results, the stock performance isn’t in line with the rest of the financial results, with the stock down more than 20% since August 2025. But the future could be bright, as TPB announced in July that ALP would launch in the UK and EU, which could help to boost growth.
New Brands Entering the US Market
While it’s important to track what is happening with the biggest names in the pouch market, it’s also worth keeping an eye on newer brands.
The Swedish company Emplicure AB is currently in the process of seeking marketing authorization so it can expand to the US. Over in Sweden, the company has been working on its nicotine delivery technology (known as Seratek), which provides a fast release of nicotine in pouches with very low strength levels.
If successful, it could occupy a unique position in the market, appealing to users who want to limit their nicotine consumption without sacrificing the intensity that stronger, more potent portions bring.
Another Swedish firm planning to enter the market is Wijo Pouches, which has unveiled plans to invest $13.5 million in Lexington County by basing its manufacturing there. The company makes pouches on behalf of other brands, so keep an eye out for more pouch collections entering the market.
Other Market Stories
All in all, there’s little denying that it’s been a great year for the nicotine pouch market.
The Nicotine Nuggets survey from Goldman Sachs at the end of 2025 highlighted that many retailers are planning to take more retail space from cigarettes and allocate it to nicotine pouches. It revealed that 86% of respondents had seen more oral nicotine pouch promotional activity, with manufacturers investing more to get ahead.
But it’s never a time to get complacent, as there are always regulatory twists and turns around the corner.
Rogue Manufacturer Swisher Expands
Swisher, the company behind Rogue pouches and other Rogue nicotine products, announced in December that it will invest $135 million in expanding its production. This investment will be focused on the Springfield neighborhood in Jacksonville, Florida.
Ultra Pouches Receive $11 Million in Investments
Another winner has been the brand Ultra, which received $11 million in Series A funding. The brand is a nicotine-free option, but unlike the energy pouches currently on the market, the portions are also free from caffeine.
Instead, they use the caffeine metabolite paraxanthine — which helps to provide focus — along with other useful ingredients like B vitamins, ginseng extract, and L-theanine.
