Short answer
Turning Point Brands, Inc. (TPB) filed its fiscal 2025 10-K annual report with the SEC on Mar 2, 2026. It reported revenue of $463M (+28.4% year over year) and net income of $58M.
- Top risk flagged: Regulatory risk: U.S. Supreme Court invalidated tariffs imposed under International Emergency Economic Powers Act (IEEPA), causing $1.99M tariff cost adjustment with no refund mechanism
FY2025 key financial metrics · XBRL
- Revenue
- $463M
- +28.4% YoY
- Net income
- $58M
- +46.1% YoY
- Operating margin
- 20.6%
- −1.8 pp YoY
- Gross margin
- 57.1%
- +1.2 pp YoY
- EPS (diluted)
- $3.11
- +45.3% YoY
- ROE
- 15.6%
- −5.3 pp YoY
- Operating cash flow
- $57M
- −14.4% YoY
Source: XBRL data from the Turning Point Brands, Inc. (TPB) FY2025 10-K on SEC EDGAR. USD.
Turning Point Brands, Inc. FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business model focus on tobacco-related products, specifically no longer selling generic or Zig-Zag MYO cigarette tobacco since 2017-2019
- Discontinued MSA-covered product lines, resulting in no future escrow deposits or loss contingencies under Master Settlement Agreement
- Escrow deposit balance slightly decreased to $31.992 million from $32.073 million as of December 31, 2025 vs 2024
- No foreign currency contracts outstanding at December 31, 2025, down from contracts involving €2.1 million in 2024
- Emphasis on future cash needs directed at operations, lease payments, debt service, and capital expenditures
Management Discussion & Analysis
- Segment performance not described in provided text
- Cash flow and capital allocation details absent in provided text
- Forward-looking statements mention risks and uncertainties without specifics
Risk Factors
- Regulatory risk: U.S. Supreme Court invalidated tariffs imposed under International Emergency Economic Powers Act (IEEPA), causing $1.99M tariff cost adjustment with no refund mechanism
- Geopolitical risk: 10% blanket tariff under Section 122 of the Trade Act of 1974 imposed on all imports, affecting Zig-Zag cigar wraps margins
- Operational risk: 75% of production outsourced; reliance on third-party manufacturers creates supply chain dependency
- Competitive risk: Significant $107.7M sales growth in modern oral products competing within a dynamic alternative smoking accessories market
- Financial risk: Increased interest expense by $3.5M in 2025 due to issuance of higher-rate 2032 Notes replacing 2026 Notes
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