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Pyxus International Inc

pyxusintl.com

What Do They Do?

Sells processed leaf tobacco and provides tobacco processing services to major manufacturers of tobacco products.

How Do They Make Money?

Tobacco product manufacturers buy processed tobacco when it ships; customers pay processing fees as the work is done, measured by kilograms of packed tobacco.

FY2026 revenue by reportable segment revenue

Segment	Share	Revenue	How money arrives
Leaf:	100%
All Other Sold outright	0.3% FY2023: 0.8%		Sold outright

Who Are Their Customers?

Major consumer tobacco product manufacturers are the primary customers for processed leaf tobacco and processing services.

Do Revenues Turn Into Profits?

Yes. It kept 1 cent of every revenue dollar as net income in FY2026, but spent more cash than it brought in: free cash flow was −$230.5M.

Operating income, FY2026

7% of revenue

▲ +6% vs FY2025 ($153.3M, 6%)

Net income, FY2026

1% of revenue

▼ −4% vs FY2025 ($15.2M, 1%)

Free cash flow, FY2026

−10% of revenue

▲ +533% (Loss) vs FY2025 (−$36.4M, −1%)

How Are They Changing?

Since the FY2026 annual report

Latest quarter: Q1 FY2027, the three months to Jun 30, 2026

Revenue: ▼ −14%; vs $508.8M in Q1 FY2026
Net income: ▼ −54% (Loss); vs −$15.8M in Q1 FY2026

Leaf share of revenue vs 99.9% in Q1 FY2026

Growing. Revenue grew 47% in 4 years, from $1.6B in FY2022 to $2.4B in FY2026, about 10% a year.

Revenue over time

Leaf: All Other Leaf

$2.5B$1.3B$0

FY2022 FY2023 FY2024 FY2025 FY2026