JAPAN TOBACCO
Japan Tobacco: Q2 2026 Results
Ahead of the Q2 2026 Earnings release Date: July 30, 2026 (Thursday), After Market Close Consensus Estimates: ¥986.2 billion Revenue (+8.7% yoy); ¥97.6 EPS (+6.6% yoy) Guidance: JT’s FY26 guidance targets +6.6% revenue (+3.6% core tobacco revenue at constant FX), +7.9% adjusted operating profit (+8.9% at constant FX) and +14.2% basic EPS growth
Beyond Nicotine: Japan Tobacco
July 2026: JT Expands Processed Food Operations and Business Development Pipeline Japan Tobacco (JT) is expanding its non-tobacco capabilities, positioning its processed food segment as a complementary growth driver alongside its core tobacco and reduced-risk product operations. JT’s processed food segment operates primarily through its subsidiary TableMark, alongside Fuji Foods
Japan Tobacco: Q1 2026 Results
Japan Tobacco reported a strong start to FY2026, with broad-based growth across the tobacco business, continued pricing power in combustibles, accelerating reduced-risk product (RRP) momentum, and substantial earnings leverage aided by favorable foreign exchange movements. Management maintained its full-year outlook and emphasized that investments behind Ploom AURA and broader RRP
Credit Ratings: Japan Tobacco
April 2026: S&P Downgrades Japan Tobacco to “A” on Geopolitical Risk Exposure, Maintains Stable Outlook S&P Global has lowered its long-term issuer credit rating on Japan Tobacco (JT) to “A” from “A+”, while affirming its short-term issuer credit rating at “A-1”. The stable outlook reflects the view that JT will
Japan Tobacco: FY25 Results
Consolidated Results FY25 Revenue up +13.4% to ¥3,467.7 billion (+13.9% at constant FX); Adjusted operating profit up +21.5% to ¥902.2 billion (+24.9% at constant FX) Tobacco Segment: 91.8% weight in revenue, 100+% weight in adj. operating profit in FY25 Top-line & Bottom-line Results: Tobacco Segment Only Excluding Processed Food Segments;
Japan Tobacco: News
December 2025: Japan Tobacco completes the transfer of its pharmaceutical business to Shionogi Japan Tobacco (JT) completed the transfer of its pharmaceutical business to the Japanese pharmaceutical firm, Shionogi via a simplified absorption-type company split – a process first announced in May 2025 and updated in September 2025. As part
Japan Tobacco: Q3 2025 Results
Revenue: ¥947.2Bn (versus ¥901Bn expected) EPS: ¥109 (versus ¥92.9 expected) Starting from Q3 2025, the Pharmaceutical business is classified as discontinued operations Top-line & Bottom-line Results – Tobacco Segment Only (Excluding Pharmaceuticals and Processed Food Segments. Tobacco Segment has a 92.5% weight in revenue and 100+% weight in adjusted operating
Japan Tobacco: Manufacturing
Three key trends force tobacco companies to continuously re-assess and optimize their manufacturing footprint: (1) Cost savings: Transferring labor intensive operations to lower-cost countries within a certain geography (2) Geographical re-balancing: Fast-declining cigarette volume in the Western markets vs. Stable (even, increasing) cigarette volume in the emerging markets (especially, in
Japan Tobacco: Q2 2025 Results
Top-line & Bottom-line Results – Tobacco Segment Only (Excluding Pharmaceuticals and Processed Food Segments. Tobacco Segment has a 90% weight in revenue and 100+% weight in adjusted operating companies income in Q2 2025. Adjusted figures, at constant currencies) Revenue: +15.6% in Q2 2025, driven by strong pricing/mix, the inclusion of
Japan Tobacco: Q1 2025 Results
Pharmaceutical business (including a 55% stake in Torii Pharmaceutical): Sold to Shionogi on May 7, 2025. For further details: Beyond Nicotine: Japan Tobacco Top-line & Bottom-line Results – Tobacco Segment Only (Excluding Pharmaceuticals and Processed Food Segments. Tobacco Segment has a 89% weight in revenue and 98% weight in adjusted
Japan Tobacco: FY24 Results
Tobacco Segment: 88% weight in revenue, 100+% weight in adj. operating profit in FY24 Top-line & Bottom-line Results – Tobacco Segment Only Excluding Pharmaceuticals and Processed Food Segments; adjusted, at constant currencies Revenue: +14.5% in Q4 2024 and +9.1% in FY24 Operating profit: +56.1% in Q4 2024 and +9.7% in
Japan Tobacco: Q3 2024 Results
Tobacco Segment: 89% weight in revenue, 100+% weight in adjusted operating profit Top-line & Bottom-line Results – Tobacco Segment Only Excluding Pharmaceuticals and Processed Food Segments; adjusted, at constant currencies Revenue: +8.1% in Q3 2024, driven by positive pricing in multiple markets and RRP-related revenue growth (+9.8%), partially offset by
Japan Tobacco: Q2 2024 Results
Tobacco Segment: 89% weight in revenue, 100+% weight in adj. operating profit in H1 2024 Top-line & Bottom-line Results – Tobacco Segment Only Excluding Pharmaceuticals and Processed Food Segments; adjusted, at constant currencies Revenue: +7.6% in Q2 2024, driven by positive price/mix variance from all clusters and RRP-related revenue growth
Japan Tobacco: Q1 2024 Results
Tobacco Segment: 88% weight in revenue, 100+% weight in adj. operating profit in Q1 2024 Top-line & Bottom-line Results – Tobacco Segment Only Excluding Pharmaceuticals and Processed Food Segments; adjusted, at constant currencies Revenue: +6.6% in Q1 2024, driven by positive price/mix variance from all clusters and RRP-related revenue growth
Japan Tobacco: Share Price Surge
Since we noted that “in the League of Laggards to the transformation to RRPs (Altria, Imperial, JT), we clearly favor JT due its size/scale, higher emerging market exposure (supporting the combustible volume), very low indebtedness and strong focus on expanding its presence in the heated tobacco category” in February 2023,
Japan Tobacco: FY23 Results
Tobacco Segment: 87% weight in revenue, 97% weight in adj. operating profit in FY23 Top-line & Bottom-line Results – Tobacco Segment Only Excluding Pharmaceuticals and Processed Food Segments; adjusted, at constant currencies Revenue: +7.4% in Q4 2023 and +6.4% in FY23, driven by positive price/mix variance in the Western Europe
Japan Tobacco: Q3 2023 Results
Top-line & Bottom-line Results Adjusted, at constant currencies; Tobacco only – excluding Pharmaceuticals & Processed Food Revenue: +4.7% driven by positive price/mix variance and volume growth in the EMA cluster, more than offsetting the industry volume contractions in the Philippines (-11.5%) and the UK (-16.4%) Operating profit: +7.9% strong price/mix
Japan Tobacco: Q1 2023 Results
Top-line & Bottom-line results Adjusted, at constant currencies; Tobacco only – excluding Pharmaceuticals & Processed Food Revenue +6.3% (positive pricing contributions) Operating profit +4.6% (lower than top-line growth due to the higher supply chain costs) Total Volume +1.3% (combustible volume +1.2%; RRP volume +3%) Ploom X (heated tobacco) Update –
Japan Tobacco: FY22 Results
Top-line & Bottom-line results Adjusted, at constant currencies; Tobacco only – excluding Pharmaceuticals & Processed Food Core revenue: up +4.8% (RRP revenue: up +4.4%) Operating profit: up +8.2% Total volume: down -0.5% (combustibles: -0.7%, RRP +10.3%) Key Highlights – Re-defines its corporate purpose as: “Creating fulfilling moments. Creating a better
