# Turning Point Brands, Inc. (TPB)

Informational only - not investment advice.

CIK: 0001290677
SIC: 2100 Tobacco Products
SIC breadcrumb: [Manufacturing](/division/D/) > [SIC Major Group 21](/major-group/21/) > [SIC 2100 Tobacco Products](/industry/2100/)
Latest 10-K filed: 2026-03-02
SEC page: https://www.sec.gov/edgar/browse/?CIK=1290677
Filing source: https://www.sec.gov/Archives/edgar/data/1290677/000143774926006405/tpb20251231_10k.htm

## At a glance

FY2025 · period end 2025-12-31 · filed 2026-03-02 · accession 0001437749-26-006405 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001290677.json

| Metric | Value | FY | Provenance |
| --- | ---: | ---: | --- |
| Revenue | 463,062,000 USD | 2025 | verified |
| Net income | 58,165,000 USD | 2025 | verified |
| Assets | 763,750,000 USD | 2025 | verified |
| Free cash flow | 43,845,000 USD | 2025 | computed |
| Net margin | 12.56% | 2025 | computed |
| Operating margin | 20.59% | 2025 | computed |
| Revenue YoY | +28.39% | 2025 | computed |
| ROE | 15.64% | 2025 | computed |

Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Free cash flow = operating cash flow − capital expenditures. Net margin = net income ÷ revenue. Operating margin = operating income ÷ revenue. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity.

No market price, no rating, no forecast on this site. Not investment advice.


## Selected Fundamentals
| Metric | Value | Unit | FY | Filed |
| --- | ---: | --- | ---: | --- |
| Revenue | 463062000 | USD | 2025 | 2026-03-02 |
| Net income | 58165000 | USD | 2025 | 2026-03-02 |
| Assets | 763750000 | USD | 2025 | 2026-03-02 |

## Financials

Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-03-02. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001290677.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts.

| Metric | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Revenue |  | 206,228,000 | 285,777,000 | 332,683,000 | 361,989,000 | 405,111,000 | 445,471,000 | 321,229,000 | 325,064,000 | 360,660,000 | 463,062,000 |
| Net income |  | 26,913,000 | 20,209,000 | 25,289,000 | 16,233,000 | 38,192,000 | 52,059,000 | 11,641,000 | 38,462,000 | 39,809,000 | 58,165,000 |
| Operating income |  | 43,919,000 | 49,680,000 | 48,484,000 | 27,230,000 | 64,427,000 | 90,321,000 | 74,008,000 | 82,960,000 | 80,832,000 | 95,327,000 |
| Gross profit |  | 100,545,000 | 124,970,000 | 142,559,000 | 137,117,000 | 189,990,000 | 217,834,000 | 177,830,000 | 182,942,000 | 201,565,000 | 264,314,000 |
| Diluted EPS |  | 1.49 | 1.04 | 1.28 | 0.78 | 1.85 | 2.52 | 0.64 | 2.01 | 2.14 | 3.11 |
| Operating cash flow |  | 9,128,000 | 29,690,000 | 13,090,000 | 37,795,000 | 43,678,000 | 68,217,000 | 30,273,000 | 66,881,000 | 67,062,000 | 57,374,000 |
| Capital expenditures |  | 3,207,000 | 2,021,000 | 2,267,000 | 4,815,000 | 6,135,000 | 6,156,000 | 7,834,000 | 5,707,000 | 4,623,000 | 13,529,000 |
| Dividends paid |  | 0.00 | 768,000 | 2,318,000 | 3,531,000 | 3,802,000 | 4,096,000 | 4,250,000 | 4,497,000 | 4,905,000 | 5,519,000 |
| Share buybacks | 0.00 | 0.00 |  | 0.00 | 0.00 | 10,191,000 | 38,678,000 | 29,224,000 | 0.00 | 5,051,000 | 0.00 |
| Assets |  | 285,020,000 | 282,277,000 | 339,377,000 | 446,584,000 | 496,049,000 | 601,560,000 | 572,106,000 | 569,369,000 | 493,353,000 | 763,750,000 |
| Liabilities |  | 250,962,000 | 228,953,000 | 256,754,000 | 339,999,000 | 378,562,000 | 467,844,000 | 458,726,000 | 417,363,000 | 302,973,000 | 391,767,000 |
| Stockholders' equity |  |  | 53,324,000 | 86,600,000 | 88,082,000 | 117,487,000 | 133,716,000 | 113,380,000 | 152,006,000 | 190,380,000 | 371,983,000 |
| Cash and cash equivalents |  | 2,865,000 | 2,607,000 | 3,306,000 | 95,250,000 | 41,765,000 | 128,320,000 | 106,403,000 | 117,886,000 | 48,941,000 | 222,760,000 |
| Free cash flow |  | 5,921,000 | 27,669,000 | 10,823,000 | 32,980,000 | 37,543,000 | 62,061,000 | 22,439,000 | 61,174,000 | 62,439,000 | 43,845,000 |

### Ratios

ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported.

| Metric | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Net margin |  | 13.05% | 7.07% | 7.60% | 4.48% | 9.43% | 11.69% | 3.62% | 11.83% | 11.04% | 12.56% |
| Operating margin |  | 21.30% | 17.38% | 14.57% | 7.52% | 15.90% | 20.28% | 23.04% | 25.52% | 22.41% | 20.59% |
| Return on equity |  |  | 37.90% | 29.20% | 18.43% | 32.51% | 38.93% | 10.27% | 25.30% | 20.91% | 15.64% |
| Return on assets |  | 9.44% | 7.16% | 7.45% | 3.63% | 7.70% | 8.65% | 2.03% | 6.76% | 8.07% | 7.62% |
| Liabilities / equity |  |  | 4.29 | 2.96 | 3.86 | 3.22 | 3.50 | 4.05 | 2.75 | 1.59 | 1.05 |
| Current ratio |  | 1.90 | 2.08 | 1.75 | 3.39 | 2.89 | 6.18 | 6.23 | 2.67 | 4.42 | 5.56 |

## As-reported value updates

12 tracked differences above grepcent's stated thresholds were found between the earliest XBRL-filed value and the value currently on file for the same fiscal period.

Ledger: /company/TPB/revisions/


## Quarterly

Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-08-04. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001290677.json.

Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived.

| Quarter | End date | Revenue | Net income | Diluted EPS | Method |
| --- | --- | ---: | ---: | ---: | --- |
| 2022-Q1 | 2022-03-31 |  |  | 0.55 | reported discrete quarter |
| 2022-Q2 | 2022-06-30 |  |  | 0.30 | reported discrete quarter |
| 2022-Q3 | 2022-09-30 |  |  | 0.60 | reported discrete quarter |
| 2023-Q1 | 2023-03-31 |  |  | 0.41 | reported discrete quarter |
| 2023-Q2 | 2023-06-30 |  |  | 0.53 | reported discrete quarter |
| 2023-Q3 | 2023-09-30 | 101,722,000 | 10,831,000 | 0.58 | reported discrete quarter |
| 2023-Q4 | 2023-12-31 | 97,120,000 | 10,109,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2024-Q1 | 2024-03-31 | 97,058,000 | 12,010,000 | 0.63 | reported discrete quarter |
| 2024-Q2 | 2024-06-30 | 108,512,000 | 13,004,000 | 0.68 | reported discrete quarter |
| 2024-Q3 | 2024-09-30 | 105,617,000 | 12,375,000 | 0.68 | reported discrete quarter |
| 2024-Q4 | 2024-12-31 | 49,473,000 | 2,420,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2025-Q1 | 2025-03-31 | 106,436,000 | 14,395,000 | 0.79 | reported discrete quarter |
| 2025-Q2 | 2025-06-30 | 116,634,000 | 14,480,000 | 0.79 | reported discrete quarter |
| 2025-Q3 | 2025-09-30 | 118,979,000 | 21,080,000 | 1.13 | reported discrete quarter |
| 2025-Q4 | 2025-12-31 | 121,013,000 | 8,210,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2026-Q1 | 2026-03-31 | 124,278,000 | 11,667,000 |  | reported discrete quarter |
| 2026-Q2 | 2026-06-30 | 142,960,000 | 3,598,000 |  | reported discrete quarter |

## Filed narrative (10-K & 10-Q)

## Business

Verbatim Item 1 Business section from TPB's latest 10-K: [/company/TPB/business/](/company/TPB/business/).

## Risk Factors

Verbatim Item 1A Risk Factors from TPB's latest 10-K: [/company/TPB/risk-factors/](/company/TPB/risk-factors/).

## Latest quarter (10-Q)

Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/1290677/000143774926025664/tpb20260630_10q.htm

Extracted from a substantive MD&A body after the formal Item 2 span was a TOC or reference stub.
Confidence: high
Filing date: 2026-08-04
Report date: 2026-06-30

Overview

Turning Point Brands, Inc. is a leading manufacturer, marketer and distributor of branded consumer products. We sell a wide range of products to adult consumers consisting of staple products with our iconic brands Zig-Zag® and Stoker’s® and our next-generation products to fulfill evolving consumer preferences. Among other markets, we compete in the alternative smoking accessories and Other Tobacco Products (“OTP”) industries. The alternative smoking accessories market is a dynamic market experiencing robust secular growth driven by cannabinoid legalization in the U.S. and Canada and positively evolving consumer perception and acceptance in North America. The OTP industry, which consists of non-cigarette tobacco products, exhibited flat consumer unit annualized growth during the full year period ended 2025 as reported by MSAi a third-party analytics and information company. Our segments are led by our core proprietary and iconic brands: Zig-Zag® in the Zig-Zag products segment and Stoker’s® along with FRE®, Beech-Nut® and Trophy® in the Stoker’s products segment. Our businesses generate solid cash flow which we use to invest in our business, finance acquisitions, increase brand support, expand our distribution infrastructure, and strengthen our capital position. We currently ship to approximately 900 distributors with an additional approximately 600 secondary, indirect wholesalers in the U.S. that carry and sell our products. Under the leadership of a senior management team with extensive experience in the consumer products, alternative smoking accessories and tobacco industries, we have grown and diversified our business through new product launches, category expansions and acquisitions while concurrently improving operational efficiency.

We believe there are meaningful opportunities to expand through investing in organic growth via acquisitions and joint ventures across all product categories. Our products are currently available in approximately 220,000 retail locations in North America. Our sales team targets widespread distribution to all traditional retail channels, including convenience stores, and we have a growing e-commerce business.

Recent Developments

On February 20, 2026, the U.S. Supreme Court issued a ruling regarding tariffs imposed under the International Emergency Economic Powers Act ("IEEPA") on goods imported into the United States, concluding that such tariffs were unauthorized. The Company paid approximately $17.9 million in IEEPA tariffs.

The ruling did not address the availability, timing, or amount of any potential refunds. Subsequently, the U.S. Court of International Trade ("CIT") ordered U.S. Customs and Border Protection ("CBP") to refund the collected IEEPA tariffs. On April 20, 2026, CBP launched the Consolidated Administration and Processing of Entries ("CAPE") system to facilitate IEEPA tariff refunds. In June 2026, the Company received approximately $17.8 million of tariff refunds from CBP related to previously paid IEEPA tariffs. The refund consisted of $5.5 million in costs that were capitalized and on the balance sheet with the remaining $12.3 million recognized as a reduction of cost of goods sold.

The Company continues to monitor developments related to the ruling, including any ongoing legal, regulatory, or administrative actions. In addition, following the U.S. Supreme Court's decision, the U.S. administration announced additional tariffs under Section 122 of the Trade Act of 1974 and could implement additional tariffs in the future. Changes in U.S. and foreign trade, import, and export policies could have a material impact on the Company's financial position, results of operations, and cash flows.

Products

We operate in two segments: Zig-Zag products and Stoker’s products segments. In our Zig-Zag products segment, we principally market and distribute (i) rolling papers, tubes and related products; (ii) finished cigars and make-your-own (“MYO”) cigar wraps; and (iii) lighters and other accessories. In addition, we have a majority stake in Turning Point Brands Canada which is a specialty marketing and distribution firm focused on building brands in the Canadian cannabis accessories, tobacco and alternative products categories. In our Stoker’s products segment, we (i) manufacture and market moist snuff tobacco (“MST”); (ii) contract for and market modern oral products; and (iii) contract for and market loose-leaf chewing tobacco products. 

29

Table of Contents

Operations

Our Zig-Zag products and Stoker’s products segments primarily generate revenues from the sale of our products to wholesale distributors who, in turn, resell the products to retail operations. Our net sales, which include federal excise taxes, consist of gross sales net of cash discounts, returns, and selling and marketing allowances.

We rely on long-standing relationships with high-quality, established manufacturers to provide the majority of our produced products. Approximately 75% of our production, as measured by net sales, is outsourced to suppliers. The remaining production consists primarily of our moist snuff tobacco operations located in Dresden, Tennessee and Louisville, Kentucky. Our principal operating expenses include the cost of raw materials used to manufacture the limited number of our products which we produce in-house; the cost of finished products, which are generally purchased goods; federal excise taxes; legal expenses; and compensation expenses, including benefits and costs of salaried personnel.

Key Factors Affecting Our Results of Operations

We consider the following to be the key factors affecting our results of operations:

[[GREPCENT_TABLE]]
[["","\u25cf","Our ability to further penetrate markets with our existing products;"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","Our ability to introduce new products and product lines that complement our core business;"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","Decreasing interest in some tobacco products among consumers;"],["","\u25cf","Competition;"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","Price sensitivity in our end-markets;"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","Marketing and promotional initiatives, which cause variability in our results;"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","Cost related to increasing regulation of promotional and advertising activities;"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","General economic conditions, including consumer access to disposable income and other conditions affecting purchasing power such as inflation and the interest rate environment;"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","Labor and production costs;"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","Cost of complying with regulation, including the \u201cdeeming regulation\u201d, as well as the unpredictable nature of the regulatory regimes;"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","Changes to U.S. trade policies, including tariff policies, as well as the unpredictable nature and legality of tariff schemes;"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","Counterfeit and other illegal products in our end-markets;"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","Currency fluctuations;"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","Our ability to identify attractive acquisition opportunities; and"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","Our ability to successfully integrate acquisitions."]]
[[/GREPCENT_TABLE]]

Critical Accounting Policies and Uses of Estimates

There have been no material changes to our critical accounting policies and estimates from the information provided in “Management’s Discussion and Analysis of Financial Condition and Results of Operations” included in our 2025 Annual Report on Form 10-K.

Recent Accounting Pronouncements

See Item 1 of Part I, “Notes to Consolidated Financial Statements - Note 2 - Summary of Significant Accounting Policies - Recent Accounting Pronouncements.”

30

Table of Contents

Results of Operations

Summary

The table and discussion set forth below relates to our consolidated results of continuing operations:

[[GREPCENT_TABLE]]
[["(in thousands)","","","Three Months Ended June 30,"],["","","2026","","","2025","","","% Change"],["Consolidated Results of Operations Data:"],["Net sales"],["Zig-Zag products","","$","35,381","","","$","47,018","","","","-24.8","%"],["Stoker\u2019s products","","","107,579","","","","69,616","","","","54.5","%"],["Total net sales","","","142,960","","","","116,634","","","","22.6","%"],["Cost of sales","","","49,256","","","","50,011","","","","-1.5","%"],["Gross profit"],["Zig-Zag products","","","22,623","","","","23,099","","","","-2.1","%"],["Stoker\u2019s products","","","71,081","","","","43,524","","","","63.3","%"],["Total gross profit","","","93,704","","","","66,623","","","","40.6","%"],["Selling, general, and administrative expenses","","","76,991","","","","40,296","","","","91.1","%"],["Operating income"],["Zig-Zag products","","","8,751","","","","14,741","","","","-40.6","%"],["Stoker\u2019s products","","","29,929","","","","30,079","","","","-0.5","%"],["Total segment operating income","","","38,680","","","","44,820","","","","-13.7","%"],["Corporate unallocated","","","(21,967",")","","","(18,493",")","","","18.8","%"],["Total operating income","","","16,713","","","","26,327","","","","-36.5","%"],["Other expense, net","","","63","","","","-","","","","NM"],["Interest expense, net","","","4,251","","","","5,140","","","","-17.3","%"],["Investment loss (gain)","","","1,089","","","","(78",")","","","-1496.2","%"],["(Income) loss from equity method investment","","","(2,674",")","","","61","","","","NM"],["Income from continuing operations before income taxes","","","13,984","","","","21,204","","","","-34.1","%"],["Income tax (benefit) expense","","","3,683","","","","4,244","","","","-13.2","%"],["Consolidated net income from continuing operations","","","10,301","","","","16,960","","","","-39.3","%"],["Net income attributable to non-controlling interest","","","6,703","","","","2,480","","","","170.3","%"],["Net income from continuing operations attributable to Turning Point Brands, Inc.","","$","3,598","","","$","14,480","","","","-75.2","%"]]
[[/GREPCENT_TABLE]]

31

Table of Contents

Comparison of the Three Months Ended June 30, 2026, to the Three Months Ended June 30, 2025

Net Sales: For the three months ended June 30, 2026, consolidated net sales increased $26.3 million, or 22.6% compared to the prior year period, driven primarily by an increase in the Stoker’s products segment. 

For the three months ended June 30, 2026, net sales in the Zig-Zag products segment decreased $11.6 million, or 24.8% compared to the prior year period. The decrease in net sales was driven primarily by declines of $4.7 million in U.S. papers and wraps, $6.2 million in the Clipper lighter business, and $1.0 million in our Canadian products. We were able to sell the majority of the Clipper inventory in the prior year and do not expect meaningful additional revenue from Clipper in future periods.

For the three months ended June 30, 2026, net sales in the Stoker’s products segment increased $38.0 million, or 54.5% compared to the prior year period. The increase in net sales was primarily driven by $38.4 million of growth in modern oral products.

Gross Profit: For the three months ended June 30, 2026, consolidated gross profit increased $27.1 million, or 40.6% compared to the prior year period. Gross profit as a percentage of net sales increased to 65.5% for the three months ended June 30, 2026, compared to 57.1% for the three months ended June 30, 2025. The overall increase in gross profit was driven by increases in net sales in the Stoker's products segment, margin contribution from modern oral products, and $12.3 million r

[Excerpt truncated for page length; source filing is linked above.]

## Latest 10-K MD&A (excerpt)

Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/1290677/000143774926006405/tpb20251231_10k.htm
Complete FY 2025 MD&A: /company/TPB/mda/fy2025/

Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary.
Confidence: high
Filing date: 2026-03-02
Report date: 2025-12-31

Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations

The following discussion is intended to help the reader understand the results of operations and financial condition of the Company. The discussion is provided as a supplement to, and should be read in conjunction with our historical consolidated financial statements and accompanying notes, which are included elsewhere in this Annual Report on Form 10-K and incorporated herein by reference. In addition, this discussion includes forward-looking statements subject to risks and uncertainties that may result in actual results differing from statements we make. See “Cautionary Note Regarding Forward-Looking Statements.” Factors that could cause actual results to differ include those risks and uncertainties discussed in Item 1A “Risk Factors.”

The following discussion relates to the audited financial statements of Turning Point Brands, Inc., included elsewhere in this Annual Report on Form 10-K. In this discussion, unless the context requires otherwise, references to “the Company” “we,” “our,” or “us” refer to Turning Point Brands, Inc., and its consolidated subsidiaries. References to “TPB” refer to Turning Point Brands, Inc., without any of its subsidiaries. We were incorporated in 2004 under the name North Atlantic Holding Company, Inc. On November 4, 2015, we changed our name to Turning Point Brands, Inc. Many of the amounts and percentages in this discussion have been rounded for convenience of presentation.

Overview

Turning Point Brands, Inc. is a leading manufacturer, marketer and distributor of branded consumer products. We sell a wide range of products to adult consumers consisting of staple products with our iconic brands Zig-Zag® and Stoker’s® and our next-generation products to fulfill evolving consumer preferences. Among other markets, we compete in the alternative smoking accessories and Other Tobacco Products (“OTP”) industries. The alternative smoking accessories market is a dynamic market experiencing robust secular growth driven by cannabinoid legalization in the U.S. and Canada and positively evolving consumer perception and acceptance in North America. The OTP industry, which consists of non-cigarette tobacco products, exhibited flat consumer unit annualized growth during the full year period ended 2025 as reported by MSAi a third-party analytics and information company. Our segments are led by our core proprietary and iconic brands: Zig-Zag® in the Zig-Zag products segment and Stoker’s® along with FRE®, Beech-Nut® and Trophy® in the Stoker’s products segment. Our businesses generate solid cash flow which we use to invest in our business, finance acquisitions, increase brand support, expand our distribution infrastructure, and strengthen our capital position. We currently ship to approximately 900 distributors with an additional 600 secondary, indirect wholesalers in the U.S. that carry and sell our products. Under the leadership of a senior management team with extensive experience in the consumer products, alternative smoking accessories and tobacco industries, we have grown and diversified our business through new product launches, category expansions and acquisitions while concurrently improving operational efficiency.

We believe there are meaningful opportunities to expand through investing in organic growth via acquisitions and joint ventures across all product categories. Our products are currently available in approximately 220,000 retail locations in North America. Our sales team targets widespread distribution to all traditional retail channels, including convenience stores, and we have a growing e-commerce business.

Recent Developments

As a result of the U.S. trade policies beginning in 2025, we incurred tariff charges on certain products we import from overseas manufacturers.  Certain of these tariffs were imposed by the administration utilizing the International Emergency Economic Powers Act(IEEPA).   In February 2026, the United States Supreme Court held that the International Emergency Economic Powers Act does not authorize the president to impose tariffs and the government immediately ceased collecting such tariffs.  While this ruling prohibits the imposition of tariffs under IEEPA it does not provide for a refund mechanism, and we cannot assure as to when or how much of the tariffs the Company previously paid under IEEPA will be refunded.

In addition, the ruling does not prohibit the imposition of tariffs pursuant to other statutes.   For instance, in response to the ruling the administration imposed a blanket 10% on all products importers pursuant to section 122 of the Trade Act of 1974.

Products

We operate in two segments: Zig-Zag products and Stoker’s products segments. In our Zig-Zag products segment, we principally market and distribute (i) rolling papers, tubes, and related products; (ii) finished cigars and make-your-own (“MYO”) cigar wraps; and (iii) lighters and other accessories.  In addition, we have a majority stake in Turning Point Brands Canada which is a specialty marketing and distribution firm focused on building brands in the Canadian cannabis accessories, tobacco and alternative products categories. In our Stoker’s products segment, we (i) manufacture and market moist snuff tobacco (“MST”) and (ii) contract for and market FRE®, our modern oral product; and (iii) contract for and market loose-leaf chewing tobacco products. 

38

Table of Contents

Our portfolio of brands includes some of the most widely recognized names in the alternative smoking accessories and OTP industries such as Zig-Zag® and Stoker’s®. The following table sets forth the market share and category rank of our core products and demonstrates their industry positions within measured distribution channels:

[[GREPCENT_TABLE]]
[["Brand","Product","TPB Segment","","Market Share(1)","","","Category Rank(1)"],["Zig-Zag\u00ae","Cigarette Papers","Zig-Zag Products","","","32.7","%","","#1 premium, #1 overall"],["Zig-Zag\u00ae","MYO Cigar Wraps","Zig-Zag Products","","","34.3","%","","#1 overall"],["Stoker\u2019s\u00ae","Moist Snuff","Stoker\u2019s Products","","","8.1","%","","#2 discount, #5 overall"],["Stoker\u2019s\u00ae","Chewing Tobacco","Stoker\u2019s Products","","","34.1","%","","#1 discount, #1 overall"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["(1)","Market share and category rank data for all products are derived from MSAi data for the 52 week period ended December 27, 2025."]]
[[/GREPCENT_TABLE]]

We subscribe to a sales tracking system from MSAi that records all OTP product shipments (ours as well as those of our competitors) from approximately 600 wholesalers to over 265,000 traditional retail stores in the U.S. This system enables us to understand individual product share and volume trends across multiple categories down to the individual retail store level, allowing us to allocate field salesforce coverage to the highest opportunity stores. Our sales and marketing group of approximately 257 professionals utilize the MSAi system to efficiently target markets and sales channels with the highest sales potential.

Our Zig-Zag products and Stoker’s products segments primarily generate revenues from the sale of our products to wholesale distributors who, in turn, resell the products to retail operations. Our net sales, which include federal excise taxes, consist of gross sales net of cash discounts, returns, and selling and marketing allowances.

We rely on long-standing relationships with high-quality, established manufacturers to provide the majority of our produced products. Approximately 75% of our production, as measured by net sales, is outsourced to suppliers. The remaining production consists primarily of our moist snuff tobacco operations located in Dresden, Tennessee, and Louisville, Kentucky. Our principal operating expenses include the cost of raw materials used to manufacture the limited number of our products which we produce in-house; the cost of finished products, which are generally purchased goods; federal excise taxes; legal expenses; and compensation expenses, including benefits and costs of salaried personnel.

Key Factors Affecting Our Results of Operations

We consider the following to be the key factors affecting our results of operations:

[[GREPCENT_TABLE]]
[["","\u2022","Our ability to further penetrate markets with our existing products;"],["","\u2022","Our ability to introduce new products and product lines that complement our core business;"],["","\u2022","Decreasing interest in some tobacco products among consumers;"],["","\u2022","Competition;"],["","\u2022","Price sensitivity in our end-markets;"],["","\u2022","Marketing and promotional initiatives, which cause variability in our results;"],["","\u2022","Cost related to increasing regulation of promotional and advertising activities;"],["","\u2022","General economic conditions, including consumer access to disposable income and other conditions affecting purchasing power such as inflation and the interest rate environment;"],["","\u2022","Labor and production costs;"],["","\u2022","Cost of complying with regulation as well as the unpredictable nature of the regulatory regimes;"],["","\u2022","Changes to U.S. trade policies, especially related to import tariffs;"],["","\u2022","Counterfeit and other illegal products in our end-markets;"],["","\u2022","Currency fluctuations;"],["","\u2022","Our ability to identify attractive acquisition opportunities; and"],["","\u2022","Our ability to successfully integrate acquisitions."]]
[[/GREPCENT_TABLE]]

39

Table of Contents

Results of Operations

Summary

The table and discussion set forth below relates to our consolidated results of continuing operations for the years ended:

[Excerpt truncated for page length; the complete text is on the linked full-MD&A page.]

Read the full FY 2025 MD&A: /company/TPB/mda/fy2025/
All MD&A years: /company/TPB/mda/


## MD&A history

Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page.

- [FY 2024 MD&A](/company/TPB/mda/fy2024/): filed 2025-03-06; accession 0001437749-25-006480 (https://www.sec.gov/Archives/edgar/data/1290677/000143774925006480/tpb20241231_10k.htm)
- [FY 2023 MD&A](/company/TPB/mda/fy2023/): filed 2024-02-28; accession 0001140361-24-010142 (https://www.sec.gov/Archives/edgar/data/1290677/000114036124010142/ef20015303_10k.htm)
- [FY 2022 MD&A](/company/TPB/mda/fy2022/): filed 2023-03-15; accession 0001140361-23-011882 (https://www.sec.gov/Archives/edgar/data/1290677/000114036123011882/brhc10049632_10k.htm)
- [FY 2021 MD&A](/company/TPB/mda/fy2021/): filed 2022-03-11; accession 0001140361-22-009150 (https://www.sec.gov/Archives/edgar/data/1290677/000114036122009150/brhc10034925_10k.htm)




## Macro cross-references

Indicators mapped to this company's SIC classification (industry 2100 Tobacco Products) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim.

- [INDPRO](/indicator/INDPRO/): Industrial Production: Total Index
- [TCU](/indicator/TCU/): Capacity Utilization: Total Index
- [PPIACO](/indicator/PPIACO/): Producer Price Index by Commodity: All Commodities
- [GDPC1](/indicator/GDPC1/): Real Gross Domestic Product
- [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity
- [FEDFUNDS](/indicator/FEDFUNDS/): Federal Funds Effective Rate
- [CES0500000003](/indicator/CES0500000003/): Average Hourly Earnings of All Employees, Total Private
- [PAYEMS](/indicator/PAYEMS/): All Employees, Total Nonfarm

Macro-to-micro threads including this sector: [Inflation (CPI / PCE / PPI)](/thread/inflation-cpi-pce-ppi/), [US labor market](/thread/us-labor-market/), [Growth & output](/thread/growth-output/), [Money & trade](/thread/money-trade/), [Government finances](/thread/government-finances/), [Sector employment](/thread/sector-employment/), [Industrial orders & inventories](/thread/industrial-orders/), [Trade & external](/thread/trade-external/).

All macro indicators: /indicators/


## For LLMs & downloads

Markdown twin: /company/TPB.md · JSON record: /company/TPB.json · verified financials: /company/TPB/financials.json / /company/TPB/financials.csv · machine TOC for the whole site: /llms.txt