Substack

Invariant

Everything we have picked from this writer, newest first.

Altria's NJOY sued the FDA after launching unauthorized nicotine products, challenging e-cigarette regulation and pressing the agency to…

Invariant Sep 6

Altria's Q2 2026 smokeables earnings rose 2.4% as cigarette volume declines eased, while oral tobacco revenue fell 5.2% and volumes fell…

Invariant Aug 9

British American Tobacco targets 2 to 2.5x leverage by year-end as U.S. Vuse sales grow double digits and modern oral volumes rise 57.5% in…

Invariant Aug 2

Philip Morris grew Q2 cigarette volumes 1.1%, revenue 9.8% and gross profit 11.5%, while IQOS retained Japan leadership despite…

Invariant Jul 26

The Black Patch Tobacco Wars show how American Tobacco’s buying power drove Kentucky and Tennessee farmers to organize against below-cost…

Invariant Jul 19

James B. Duke built American Tobacco into a monopoly, then extended his legacy through Duke Power and the Duke Endowment.

Invariant Jun 14

British American Tobacco targets more than GBP 50 billion of free cash flow by 2030 as Velo oral nicotine gains offset uneven vapor and…

Invariant Jun 7

Altria's Q1 2026 revenue rose 3.2% and adjusted EPS 7.3%, while oral tobacco share fell to 29% amid nicotine-pouch competition and a long…

Invariant May 3