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Turning Point Brands
Turning Point Brands (TPB) investor relations material
Turning Point Brands Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary2 Mar, 2026
Executive summary
Q4 net sales rose 29% year-over-year to $121 million, driven by 266% growth in Modern Oral segment, now 34% of total sales.
Adjusted EBITDA increased 14% to $30 million in Q4, with a margin of 24.8%.
Full-year 2025 net sales reached $463.1 million, with net income up 46.1% to $58.2 million.
White pouch brands FRĒ and ALP saw significant sales growth and expanded distribution.
Strategic investments prioritized Modern Oral, while legacy brands continued to generate strong cash flow.
Financial highlights
Q4 revenue: $121 million, up 29% year-over-year; Modern Oral net revenue: $41.3 million, up 266% year-over-year.
Stoker's segment Q4 net sales: $81 million, up 70% year-over-year; Zig-Zag segment Q4 net sales: $40 million, down 13%.
Q4 gross profit: $67.7 million, up 29.1%; gross margin: 55.9%, flat versus last year.
Free cash flow: $19.2 million; CapEx: $3.3 million for Q4; ending cash at $222.8 million.
Q4 SG&A expenses increased 38.2% year-over-year to $47.7 million, driven by Modern Oral investments and higher freight costs.
Outlook and guidance
FY 2026 Modern Oral gross revenue guidance: $220–$240 million; net revenue: $180–$190 million.
Q1 2026 Adjusted EBITDA expected between $24 million and $27 million, including continued Modern Oral investment.
Effective income tax rate projected at 23%–26% going forward.
2026 CapEx budgeted at $4–$5 million, plus $3–$5 million for Modern Oral PMTAs.
How do Modern Oral investments drive future share
Zig-Zag segment's long-term strategic role
PMTA costs: expected duration and total impact
Detail Modern Oral investment cadence beyond Q1
Modern Oral production mix: domestic vs. international?
ALP Q2 retail launch: leverage FRE distribution?
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Next Turning Point Brands earnings date
Q1 20266 May, 2026
Turning Point Brands
Next Turning Point Brands earnings date
Q1 20266 May, 2026
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Frequently asked questions
Turning Point Brands, Inc. provides tobacco products in the United States. It offers moist snuff; cigars; e-vapor products, such as electronic cigarettes, vaporizers, and e-liquids; and disposable e-cigarettes under the Zig-Zag brand.
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