TPB’s Q4 2025 Revenue Increases By 29% To $121 Million

Turning Point Brands, a US nicotine and tobacco related consumer goods company, disclosed its fourth quarter fiscal year 2025 performance: quarterly revenue of $121 million, a year-on-year increase of 29%; Adjusted EBITDA (earnings before interest, tax, depreciation, and amortization) was $30 million, a year-on-year increase of 14%. The nicotine pouches was 41.3 million US dollars, a year-on-year increase of 266%.

Quick overview of key points
• On March 2, 2026, TPB released its fourth quarter performance and key points for the fiscal year 2025;
• Fourth quarter revenue: $121 million, up 29% year-on-year;
• Modern Oral Net Revenue: $41.3 million, a year-on-year increase of 266%;
• Adjusted EBITDA: $30 million, a year-on-year increase of 14%, with a profit margin of 24.8%;
• 2026 Modern Oral Nicotine Products Guide: Gross Sales of $220 million to $240 million; Net sales of $180 million to $190 million.

The company disclosed that the adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) for the fourth quarter increased by 14% year-on-year to $30 million, corresponding to a profit margin of 24.8%; The gross profit margin was 55.9%, unchanged from the same period last year. The fourth quarter SG&A expenses were $47.7 million, an increase of $3.1 million from the previous quarter.

In terms of business, Stoker’s segment (including modern nicotine pouches, traditional oral cigarettes, and chewing cigarettes) saw a year-on-year increase in net sales of 70% to $81 million in the fourth quarter; The net sales of the Zig Zag segment (cigarette paper) in the fourth quarter decreased by 13% year-on-year to $40 million. The company disclosed that the net revenue of the nicotine pouches segment in the fourth quarter was $41.3 million, a year-on-year increase of 266%.

In terms of cash flow and capital expenditures, the company disclosed a free cash flow of $19.2 million for the fourth quarter; The capital expenditure for the current quarter (CapEx) was 3.3 million US dollars; The ending cash balance is $222.8 million.

The company also provides guidance for 2026: the gross sales revenue of nicotine pouche is expected to be between $220 million and $240 million, and the net sales revenue of nicotine pouche is expected to be between $180 million and $190 million; And provide EBITDA guidance for the first quarter of 2026 at $24-27 million. The company also disclosed that the future effective income tax rate range is 23% -26%; The budget for CapEx in 2026 is $4-5 million (excluding the Modern Oral Project).

In terms of business progress and risk warning, the company stated that it is expanding its distribution network, and ALP nicotine pouches are beginning to appear in physical retail stores ahead of schedule; And it stated that it will make strategic investments in sales and marketing, including expanding the sales team and improving online layout. The company also mentioned that there are challenges in accurately predicting EBITDA after the first quarter due to continuous investment in sales and marketing; And it is suggested that the potential increase in tax burden on nicotine pouches may affect pricing and promotion strategies, in addition to the impact of higher tariff rates on Stoker’s gross profit margin.

Reference: Why Turning Point Brands Stock Is Plummeting Today

Turning Point Brands – Turning Point Brands Announces Fourth Quarter and Full Year 2025 Results

Dank Smoke sales team has been try to contact with TPB for discuss nicotine vape product business. At the present, TPB with no vape product line.