Turning Point Brands outlined its growth strategy for the modern oral nicotine segment during the 17th Annual Midwest IDEAS Conference on August 26, 2026, projecting to reach $1 billion in revenue by 2030.
The company reported net sales of $463 million in 2025, up 42.5% from $325 million in 2023, while gross profit rose to approximately $264 million with a gross margin of 57%. Adjusted EBITDA reached $120 million, and leverage improved from 2.7x to below 1.0x over the same period. Market capitalization was estimated at $1.6 billion to $1.7 billion.
Modern oral products now represent 42% of total revenue, up from a 128% year-over-year increase in Q2 2025 and a 140% compound annual growth rate since Q1 2025. The segment’s total U.S. market size closed 2025 at roughly $5 billion and is expected to double by 2030. Turning Point Brands currently holds about 5% market share in the category but aims to reach double-digit share, targeting approximately $1 billion in revenue by the end of the decade.
The company operates in approximately 265,000 U.S. retail points of sale through 1,000 distributors and employs around 500 people. Retail chain distribution grew 70% in 2025, and the sales force doubled in size last year with a planned 50% increase in 2026. Turning Point Brands owns roughly 50% of the online modern oral market, though online channels account for less than 10% of total category volume.
Supply chain constraints persist as production is outsourced to India, leading to air freight costs that pressure margins. Domestic manufacturing could potentially raise modern oral gross margins to around 70%, according to management. The company’s FRĒ brand, available in 3, 6, 9, 12, and 15 milligram formats, expanded into physical retail in Q1 2024, while the ALP joint venture with the Tucker Carlson Network launched in late 2024 in 3, 6, and 9 milligram variants.
Traditional tobacco remains a core business, with the Stoker’s brand holding a 30% market share in chewing tobacco, up from 6% in 2022, and approximately 60% share in large-format packaging.
