Turning Point Brands, Inc.
turningpointbrands.comWhat Do They Do?
Manufactures and markets tobacco and oral nicotine products, and distributes rolling papers and other smoking accessories to wholesale distributors and retailers.
10-K for FY2025, filed Mar 2, 2026Turning Point Brands, Inc. (the “Company,” “we,” “our,” or “us”) is a leading manufacturer, marketer and distributor of branded consumer…View ↗
In our Zig-Zag products (“Zig-Zag”) segment, we principally market and distribute (i) rolling papers, tubes, and related products; (ii)…View ↗
In our Stoker’s products (“Stoker’s”) segment, we (i) manufacture and market moist snuff tobacco (“MST”), (ii) contract for and market FRE®…View ↗
Our Zig-Zag and Stoker’s Products sales efforts are focused on wholesale distributors and retail merchants in the independent and chain…View ↗
How Do They Make Money?
The company sells mainly to wholesale distributors, who resell products to retailers; a sale counts when the goods are delivered.
10-K for FY2025, filed Mar 2, 2026
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10-K for FY2025, filed Mar 2, 2026
FY2025 revenue by reportable segment ↗
$463.1M
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10-K for FY2025, filed Mar 2, 2026
$463.1M ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Zig Zag Products
Sold outright
10-K for FY2025, filed Mar 2, 2026 |
39%
FY2022: 59%
|
Zig Zag Products, FY2025
$178.5M Sources
|
Sold outright |
|
Stokers Products
Sold outright
10-K for FY2025, filed Mar 2, 2026 |
61%
FY2022: 41%
|
Stokers Products, FY2025
$284.6M Sources
|
Sold outright |
Who Are Their Customers?
Sells mainly to wholesale distributors, which resell products to retailers; it also targets retail merchants and alternative channels, and sells Zig-Zag products online.
10-K for FY2025, filed Mar 2, 2026Our Zig-Zag products and Stoker’s products segments primarily generate revenues from the sale of our products to wholesale distributors…View ↗
Our Zig-Zag and Stoker’s Products sales efforts are focused on wholesale distributors and retail merchants in the independent and chain…View ↗
Our business is built around a powerful sales and distribution infrastructure that currently reaches an estimated 220,000 retail outlets in…View ↗
Do Revenues Turn Into Profits?
Yes. It kept 13 cents of every revenue dollar as net income in FY2025 and turned 9 cents into free cash flow.
10-K for FY2025, filed Mar 2, 2026
$95.3MView ↗
10-K for FY2025, filed Mar 2, 2026
$58.2MView ↗
10-K for FY2025, filed Mar 2, 2026
$43.8MView ↗
How Are They Changing?
10-Q for Q2 FY2026, filed Aug 4, 2026
Open tableView ↗
Flat. Revenue was $463.1M in FY2025, about the same as the $445.5M of FY2021.
Modern oral products
The Stoker’s business has expanded from moist snuff and loose-leaf chewing tobacco to include contracted modern oral products, including FRE and tobacco-free nicotine pouches.
10-K for FY2022, filed Mar 15, 2023 10-K for FY2025, filed Mar 2, 2026Our Stoker’s Products (“Stoker’s”) segment includes both moist snuff tobacco (“MST”) and loose-leaf chewing tobacco. Stoker’s® is our focus…View ↗
In our Stoker’s products (“Stoker’s”) segment, we (i) manufacture and market moist snuff tobacco (“MST”), (ii) contract for and market FRE®…View ↗
In September 2024, one of the Company's wholly-owned subsidiaries acquired a 50% stake in ALP Supply Co., LLC (“ALP”). ALP is a joint…View ↗
In late 2023, we expanded our oral nicotine offering to include FRE®, a white pouch nicotine product, with a national rollout started in…View ↗
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