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Turning Point Brands (TPB) investor relations material
Turning Point Brands Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary5 Nov, 2025
Executive summary
Q3 2025 net sales rose 31.2% year-over-year to $119.0 million, driven by a 627.6% surge in Modern Oral sales, now 30.8% of total sales, and strong Stoker's segment growth, while Zig-Zag sales declined.
Adjusted EBITDA increased 17.2% to $31.3 million, and net income attributable to shareholders grew 68.1% to $21.1 million, with diluted EPS of $1.13.
For the nine months ended September 30, 2025, net sales grew 28.1% to $342.0 million, and net income attributable to shareholders rose 32.9% to $50.0 million.
The company completed the divestiture of its CDS segment, now reported as discontinued operations.
Modern Oral sales grew 22% sequentially from the prior quarter, and the company expects to qualify its first U.S. white pouch production lines in H1 2026.
Financial highlights
Q3 2025 gross profit increased 39.7% year-over-year to $70.4 million, with gross margin improving to 59.2%.
SG&A expenses were $44.5 million, up 50.5% year-over-year, mainly due to Modern Oral marketing and higher freight costs.
Operating income for Q3 2025 was $25.9 million, up 24.4% from the prior year.
Cash on hand at September 30, 2025, was $201.2 million, with no borrowings under the $75 million ABL facility.
Free cash flow was negative $1 million, including a bond coupon payment.
Outlook and guidance
Full-year 2025 adjusted EBITDA guidance raised to $115–$120 million (from $110–$114 million).
Full-year Modern Oral sales guidance increased to $125–$130 million (from $100–$110 million).
Effective income tax rate expected to be 23%–26% going forward; CapEx for 2025 budgeted at $4–$5 million, with an additional $3–$5 million for Modern Oral PMTAs.
Management expects continued growth in Modern Oral products and ongoing investment in organic growth, acquisitions, and joint ventures.
Liquidity is expected to remain strong, with ample cash and borrowing capacity to meet operating needs.
Impact of US white pouch production on Modern Oral
How will ATM proceeds accelerate Modern Oral growth
Zig-Zag's strategy post-Clipper wind-down
US white pouch manufacturing impact on COGS
Modern Oral promotional strategy outlook
Modern Oral growth impact on legacy brands
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Next Turning Point Brands earnings date
Q4 20255 Mar, 2026
Next Turning Point Brands earnings date
Q4 20255 Mar, 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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