Philip Morris International yields 3.2% and has raised its dividend every year since its 2008 listing, with its latest increase at 8.8%. Its cigarette volumes held flat in the third quarter of 2026, while Altria's domestic cigarette volume fell 3.2%, and organic gross profit from combustibles rose 7.4% on pricing power. Reduced-risk products such as oral nicotine pouches, vapes and heat-not-burn devices accounted for 42% of net revenue in the first nine months of 2026. The company's cash payout ratio is about 67%, and free cash flow has trended upward despite heavy investment in Swedish Match and Zyn capacity. Analysts expect earnings to grow nearly 9% a year over the next three to five years.
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