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Despite a recent EPS miss of $2 in its last earnings report (February 2026) against a revenue of $18.2 billion , the long-term outlook remains supported by its strong cash conversion and strategic focus on New Categories

The Foundation of Vaping Laws in Illinois At the heart of Illinoiss approach to vaping is a clear focus on preventing underage access, supported by both state and federal law, alongside specific definitions that categorize these products for regulatory purposes

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Mark Stehr, Cigarette tax avoidance and evasion, Journal of Health Economics 24:2, (March 2005), 277-297, [4] Shu Wang, David Merriman, and Frank Chaloupka, Relative Tax Rates, Proximity, and Cigarette Tax Noncompliance: Evidence from a National Sample of Littered Cigarette Packs, Public Finance Review 47:2 (March 2019), 276-311