Japan Tobacco Inc

2914: XTKS (JPN)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Japan Tobacco Earnings: Raising Fair Value on Strong Pricing and Favorable Near-Term Volume

Kristoffer Inton

Oct 31, 2025

Japan Tobacco's strong performance continued into the third quarter, as tobacco core revenue grew 18% (constant-currency) on higher prices, the Vector acquisition, and better-than-expected volumes across the footprint. Tobacco adjusted operating profit margin expanded 1.8 percentage points to 33%.

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Japan Tobacco Inc

Japan Tobacco Earnings: Raising Fair Value on Strong Pricing and Favorable Near-Term Volume

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