OBPAI Geek Team•2026/8/12•0 阅读
Global Tobacco Companies of 2026
PMI $40.6bn; BAT ~$32.5bn; Altria $23.3bn; JT ~$23.1bn; Imperial ~$10.6bn net.
tobaccoPMIBAT2026
Main table: FY2025 net revenue
Compiled 2026-08-13. Ranked by listed tobacco groups’ latest full-year net revenue. FX used only for USD ranking: about GBP 1 = USD 1.27, USD 1 = JPY 150. Imperial uses Tobacco & NGP net revenue (ex-duty); Altria uses reported net revenues (net-of-excise noted).
| # | Company | Net revenue | USD equiv. | YoY / note |
|---|---|---|---|---|
| 1 | Philip Morris International | $40.65bn | 40.6 | CY2025 +7.3% (+6.5% organic); smoke-free ~$16.9bn (41.5%) |
| 2 | British American Tobacco | £25.61bn | ~32.5 | CY2025 reported −1.0%; +2.1% constant FX; New Categories £3.62bn |
| 3 | Altria | $23.28bn | 23.3 | CY2025 net revenues −3.1%; net of excise ~$20.14bn |
| 4 | Japan Tobacco | ¥3,467.7bn | ~23.1 | FY2025 revenue +13.4%; core revenue cc ¥3,347.8bn (+13.9%) |
| 5 | Imperial Brands | £8.32bn | ~10.6 | FY2025 Tobacco & NGP net revenue (+4.1% cc); reported revenue £32.17bn incl. duty |
PMI’s $40.6bn still leads listed international tobacco groups. BAT follows near $32.5bn in USD terms; Altria and JT sit around $23bn; Imperial’s ex-duty Tobacco & NGP net revenue is about $10.6bn.
Side table: China tobacco industry tax & profit
| Cut | Figure | Scope |
|---|---|---|
| China tobacco industry industrial & commercial tax + profit | ~RMB 1.657tn (+3.5%) | State Tobacco Monopoly Administration 2025; fiscal contribution ~RMB 1.58tn. Industry metric ≠ listed net revenue |
How we ranked
Latest full-year net revenue for listed groups (Imperial: Tobacco & NGP net). China industry tax/profit sits in the side table. Board defaults to S–D.
| Source | When | Used for |
|---|---|---|
| PMI FY2025 | 2026-02 | Net revenues $40.648bn |
| BAT FY2025 | 2026-02 | Revenue £25.610bn |
| Altria FY2025 | 2026 | Net revenues $23.279bn |
| JT FY2025 | 2026 | Revenue ¥3,467.7bn |
| Imperial FY2025 | 2025-11 | Tobacco & NGP net revenue £8.316bn |
| Xinhua / STMA | 2026-01 | Industry tax+profit RMB 1,657bn |
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