Philip Morris International Inc. (PM) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 26	$2.05	$2.2	+7.3%	—	$11.2B	—
Q1 26	$1.83	$1.96	+7.1%	—	$10.1B	—
Q4 25	$1.26	$1.39	+10.3%	—	$10.4B	—
Q3 25	$2.1	$2.24	+6.7%	—	$10.8B	—
Q2 25	$1.86	$1.91	+2.7%	—	$10.1B	—
Q1 25	$1.61	$1.69	+5.0%	—	$9.3B	—
Q4 24	$1.5	$1.55	+3.3%	—	$9.7B	—
Q3 24	$1.82	$1.91	+4.9%	—	$9.9B	—
Q2 24	$1.56	$1.59	+1.9%	—	$9.5B	—
Q1 24	$1.41	$1.5	+6.4%	—	$8.8B	—
Q4 23	$1.45	$1.36	-6.2%	—	$9B	—
Q3 23	$1.61	$1.67	+3.7%	—	$9.1B	—
Q2 23	$1.48	$1.6	+8.1%	—	$9B	—
Q1 23	$1.34	$1.38	+3.0%	—	$8B	—
Q4 22	$1.28	$1.39	+8.6%	—	$8.2B	—
Q3 22	$1.36	$1.53	+12.5%	—	$8B	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$7.27	—	—	$40.6B	—
FY24	—	$4.53	—	—	$37.9B	—
FY23	—	$5.02	—	—	$35.2B	—
FY22	—	$5.82	—	—	$31.8B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$26.7B	$28.7B	$29.6B	$29.8B	$28.7B	$31.4B	$31.8B	$35.2B	$37.9B	$40.6B
YoY change	-0.41%	+7.73%	+3.05%	+0.61%	-3.73%	+9.45%	+1.14%	+10.7%	+7.69%	+7.31%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	26.7B	28.7B	29.6B	29.8B	28.7B	31.4B	31.8B	35.2B	37.9B	40.6B
Cost of revenue	9.4B	10.4B	10.8B	10.5B	9.6B	10B	11.4B	12.9B	13.3B	13.4B
Gross profit	17.3B	18.3B	18.9B	19.3B	19.1B	21.4B	20.4B	22.3B	24.5B	27.3B
Gross margin	64.8%	63.7%	63.7%	64.7%	66.7%	68.1%	64.1%	63.3%	64.8%	67.1%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	6.4B	6.7B	7.4B	8.8B	7.5B	8.5B	8.1B	10.1B	11.1B	12.3B
Operating expenses	6.4B	6.7B	7.4B	8.8B	7.5B	8.5B	8.1B	10.1B	11.1B	12.3B
Operating income	10.8B	11.5B	11.3B	10.4B	11.6B	12.9B	12.2B	12.2B	13.4B	14.9B
Operating margin	40.5%	40%	38.3%	35%	40.3%	40.9%	38.5%	34.6%	35.4%	36.7%
Non-operating income, net	-88M	-78M	-41M	—	—	—	—	-665M	-60M	-87M
Pretax income	9.9B	10.6B	10.7B	9.9B	11B	12.2B	11.6B	10.4B	12.2B	13.9B
Income tax	2.8B	4.3B	2.4B	2.3B	2.4B	2.7B	2.2B	2.3B	3B	2.7B
Net income	7.3B	6.3B	8.3B	7.7B	8.6B	9.7B	9.5B	8.3B	7.5B	11.8B
Net margin	27.2%	22.1%	28%	25.9%	29.9%	30.9%	30%	23.5%	19.8%	29.1%
EBITDA	11.7B	12.6B	12.5B	11.6B	12.7B	14B	13.5B	14B	15.7B	17.5B
EPS	4.48	3.88	5.08	4.61	5.16	5.83	5.82	5.02	4.53	7.27
Diluted EPS	4.48	3.88	5.08	4.61	5.16	5.83	5.81	5.02	4.53	7.26

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	9.1B	9B	8.8B	9.5B	9.9B	9.7B	9.3B	10.1B	10.8B	10.4B	10.1B	11.2B
Cost of revenue	3.2B	3.5B	3.2B	3.3B	3.4B	3.4B	3B	3.3B	3.5B	3.6B	3.2B	3.5B
Gross profit	6B	5.6B	5.6B	6.1B	6.5B	6.3B	6.3B	6.9B	7.4B	6.8B	6.9B	7.7B
Gross margin	65.4%	61.7%	63.7%	64.7%	66%	64.7%	67.3%	67.7%	67.8%	65.6%	68.1%	68.4%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	2.6B	2B	2.6B	2.7B	2.9B	3B	2.7B	3.1B	3.1B	3.4B	3B	3B
Operating expenses	2.6B	2B	2.6B	2.7B	2.9B	3B	2.7B	3.1B	3.1B	3.4B	3B	3.1B
Operating income	3.4B	3.5B	3B	3.4B	3.7B	3.3B	3.5B	3.8B	4.3B	3.4B	3.9B	4.5B
Operating margin	36.8%	39.2%	34.6%	36.4%	36.9%	33.6%	38.1%	37%	39.3%	32.6%	38.4%	40.5%
Non-operating income, net	—	—	-15M	-14M	-15M	-16M	-12M	-52M	-14M	-9M	5M	5M
Pretax income	3.1B	2.6B	2.7B	3.1B	3.5B	2.9B	3.3B	3.4B	4B	3.1B	3.7B	4.3B
Income tax	1B	320M	676M	734M	735M	872M	659M	652M	751M	675M	676M	955M
Net income	2.2B	2.3B	2.2B	2.5B	3.2B	-486M	2.8B	3.1B	3.6B	2.3B	2.6B	3B
Net margin	23.8%	25.6%	25.5%	26.7%	32.4%	-5.01%	30.5%	31%	33.3%	21.7%	25.4%	26.7%
EBITDA	3.8B	3.3B	3.4B	3.9B	4.1B	4.3B	4B	4.2B	4.8B	4.5B	4.4B	5B
EPS	1.32	—	1.38	1.54	1.98	-0.38	1.72	1.95	2.23	1.37	1.56	1.8
Diluted EPS	1.32	—	1.38	1.54	1.97	-0.38	1.72	1.95	2.23	1.37	1.56	1.8

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	141.9B	164B	103.8B	132.3B	128.9B	148B	156.9B	146B	187B	249.6B	302B
Enterprise value	166.7B	189.9B	129B	156.5B	153.2B	171.3B	196.8B	190.9B	228.5B	293.5B	341.9B
Shares outstanding	1.6B	1.6B	1.6B	1.6B	1.6B	1.6B	1.6B	1.6B	1.6B	1.6B	1.6B

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	19.6	25.9	12.5	17.1	15	15.2	16.5	17.7	24.9	21.1	26.2
P/S	5.32	5.7	3.5	4.44	4.49	4.71	4.94	4.15	4.94	6.14	6.98
P/B	-13	-16	-9.67	-13.8	-12.1	-18	-24.9	-15.5	-18.9	-31.1	-45.4
EV/EBITDA	14.2	15.1	10.3	13.5	12.1	12.3	14.6	13.6	14.5	16.8	19
EV/Sales	6.25	6.6	4.35	5.25	5.34	5.46	6.2	5.43	6.03	7.22	8.04
Earnings yield	5.11%	3.87%	7.98%	5.84%	6.67%	6.56%	6.07%	5.66%	4.01%	4.75%	3.82%
FCF yield	4.87%	4.49%	7.75%	6.98%	7.14%	7.58%	6.2%	5.4%	5.76%	4.27%	3.22%
PEG	—	—	—	—	—	—	—	—	—	—	-3.4

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	64.8%	63.7%	63.7%	64.7%	66.7%	68.1%	64.1%	63.3%	64.8%	67.1%	68.4%
Operating margin	40.5%	40%	38.3%	35%	40.3%	40.9%	38.5%	34.6%	35.4%	36.7%	40%
Net margin	27.2%	22.1%	28%	25.9%	29.9%	30.9%	30%	23.5%	19.8%	29.1%	25.6%
ROE	-66.5%	-62%	-77.2%	-80.5%	-80.8%	-118.3%	-151%	-87.5%	-76%	-147.6%	-141%
ROA	19.7%	14.8%	20.8%	18%	19.2%	23.5%	15.4%	12.7%	12.1%	17.1%	14.6%
ROIC	56%	43.6%	60.6%	55%	66.5%	66.6%	29.4%	26.7%	31.9%	33.4%	35.1%
Return on tangible assets	42%	27.8%	39.7%	28.7%	29.8%	43.6%	107%	68.8%	126.5%	91.9%	81.2%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	1.07	1.35	1.13	1.09	1.1	0.92	0.72	0.75	0.88	0.96	0.98
Quick ratio	0.52	0.8	0.62	0.6	0.61	0.47	0.36	0.34	0.47	0.51	0.55
Debt / equity	-2.67	-3.36	-2.96	-3.23	-2.97	-3.39	-6.83	-5.07	-4.63	-6.08	-0.07
Debt / assets	0.79	0.8	0.8	0.72	0.7	0.67	0.7	0.73	0.74	0.71	0.72
Net debt / EBITDA	2.12	2.06	2.01	2.08	1.92	1.67	2.96	3.19	2.63	2.51	2.3
Interest coverage	10.3	10.7	13.5	13.4	16	17.6	16.1	7.85	7.92	9.75	10.8
Effective tax rate	27.9%	40.7%	22.9%	23.2%	21.7%	21.8%	19.3%	22.4%	24.7%	19.7%	20.2%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	17.2	18.5	19.1	19.2	18.4	20.2	20.5	22.7	24.4	26.1	27.3
EPS (basic)	4.48	3.88	5.08	4.61	5.16	5.83	5.82	5.02	4.53	7.27	7.27
EPS (diluted)	4.48	3.88	5.08	4.61	5.16	5.83	5.81	5.02	4.53	7.26	7.28
Book value per share	-7.03	-6.59	-6.91	-6.17	-6.83	-5.27	-4.07	-6.09	-6.35	-5.16	-5.51
FCF per share	4.45	4.74	5.17	5.94	5.92	7.2	6.27	5.08	6.93	6.85	8.16
Cash per share	2.73	5.44	4.24	4.41	4.68	2.89	2.07	1.97	2.71	3.13	3.85
Capex per share	—	—	—	—	—	—	—	—	—	1.01	0.99

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	—	—	—	—	—	—	—	—	—	3.86%	3.62%
Capex / operating cash flow	—	—	—	—	—	—	—	—	—	12.8%	10.8%
Payout ratio	88%	102.8%	83.1%	92.7%	85.7%	78.1%	82%	96.3%	109.2%	72.8%	80.7%
Dividend yield	4.49%	3.98%	6.63%	5.41%	5.71%	5.12%	4.98%	5.45%	4.38%	3.46%	3.03%

Yield

3.03%

trailing twelve months

Frequency

Quarterly

Last dividend

$1.47

ex-dividend Jun 25, 2026

Payout ratio

81%

of earnings

Dividend growth

17 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Jun 25, 2026	$1.47
Mar 19, 2026	$1.47
Dec 26, 2025	$1.47

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$9.1B	$9B	$8.8B	$9.5B	$9.9B	$9.7B	$9.3B	$10.1B	$10.8B	$10.4B	$10.1B	$11.2B
YoY change	+13.8%	+11%	+9.65%	+5.59%	+8.42%	+7.28%	+5.78%	+7.1%	+9.42%	+6.76%	+9.09%	+10.4%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	4.2B	8.4B	6.6B	6.9B	7.3B	4.5B	3.2B	3.1B	4.2B	4.9B
Receivables	3.5B	3.2B	3B	3.1B	2.9B	3.1B	3.9B	3.5B	3.8B	4.6B
Inventory	9B	8.8B	8.8B	9.2B	9.6B	8.7B	9.9B	10.8B	9.5B	11.5B
Total current assets	17.6B	21.6B	19.4B	20.5B	21.5B	17.7B	19.6B	19.8B	20.2B	24.4B
Property, plant & equipment	2.6B	3.3B	3.2B	2.5B	2B	1.9B	2.4B	2.9B	2.9B	3.3B
Goodwill & intangibles	19.6B	20.2B	18.9B	15.9B	16B	19B	52.8B	53.3B	55.9B	56.3B
Total assets	36.9B	43B	39.8B	42.9B	44.8B	41.3B	61.7B	65.3B	61.8B	69.2B
Accounts payable	1.7B	2.2B	2.1B	2.3B	2.8B	3.3B	4.1B	4.1B	4B	4.4B
Short-term debt	3.2B	3B	4.8B	4.4B	3.4B	3B	8.2B	6.7B	3.5B	3.7B
Total current liabilities	16.5B	16B	17.2B	18.8B	19.6B	19.3B	27.3B	26.4B	22.9B	25.4B
Long-term debt	25.9B	31.3B	27B	26.7B	28.2B	24.8B	34.9B	41.2B	42.2B	45.1B
Total liabilities	47.8B	53.2B	50.5B	52.5B	55.4B	49.5B	68B	74.8B	71.7B	77.2B
Shareholders' equity	-10.9B	-10.2B	-10.7B	-9.6B	-10.6B	-8.2B	-6.3B	-9.4B	-9.9B	-8B
Total debt	29.1B	34.3B	31.8B	31B	31.5B	27.8B	43.1B	47.9B	45.7B	48.8B
Net debt	24.8B	25.9B	25.2B	24.2B	24.3B	23.3B	39.9B	44.8B	41.5B	44B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	3B	3.1B	4B	4.8B	4.3B	4.2B	4.4B	4.1B	4B	4.9B	5.5B	6B
Receivables	3.9B	3.5B	4.2B	4.2B	4.2B	3.8B	4.9B	5B	4.8B	4.6B	5.1B	5.2B
Inventory	9.6B	10.8B	10B	9.4B	9.4B	9.5B	10.1B	10.7B	10.3B	11.5B	11.4B	11.4B
Total current assets	19.2B	19.8B	20.9B	21B	20.8B	20.2B	22.2B	23.4B	22.7B	24.4B	25.6B	26B
Property, plant & equipment	-9B	2.9B	-9.3B	-9.5B	-10B	2.9B	-9.9B	-11B	-11.1B	3.3B	-11.2B	-11.2B
Goodwill & intangibles	52.2B	53.3B	51.8B	58B	58.1B	55.9B	56.4B	57.2B	56.7B	56.3B	55.2B	54.2B
Total assets	62.9B	65.3B	65.3B	65.8B	66.9B	61.8B	65.1B	68.5B	67.1B	69.2B	68.9B	68.3B
Accounts payable	3.5B	4.1B	3.6B	3.6B	3.5B	4B	3.7B	3.9B	4B	4.4B	3.9B	3.9B
Short-term debt	4.8B	6.7B	5.7B	4.5B	5B	3.5B	10.8B	9B	8.2B	3.7B	8.1B	6.7B
Total current liabilities	21.5B	26.4B	22.2B	22.4B	23.4B	22.9B	28.1B	28.1B	26.7B	25.4B	26.2B	26.5B
Long-term debt	42.9B	41.2B	44.7B	44.6B	44.2B	42.2B	38.8B	42.4B	41.9B	45.1B	43.8B	42.4B
Total liabilities	70.6B	74.8B	73.9B	73.7B	74.6B	71.7B	74B	78.5B	76B	77.2B	76.2B	74.9B
Shareholders' equity	-7.7B	-9.4B	-8.6B	-7.9B	-7.7B	-9.9B	-8.9B	-10B	-9B	-8B	-7.3B	-6.7B
Total debt	47.7B	47.9B	50.4B	49.1B	49.2B	45.7B	49.6B	51.5B	50.1B	48.8B	51.9B	49.1B
Net debt	44.7B	44.8B	46.4B	44.3B	45B	41.5B	45.1B	47.3B	46B	44B	46.5B	43.1B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	7.3B	6.3B	8.3B	7.7B	8.6B	9.7B	9.5B	8.3B	7.5B	11.8B
Depreciation & amortization	743M	875M	989M	964M	981M	998M	1.1B	1.4B	1.8B	2B
Stock-based compensation	—	—	—	—	—	—	—	—	—	—
Change in working capital	-63M	1.9B	164M	755M	128M	1.4B	162M	-1.3B	49M	-1.7B
Operating cash flow	8.1B	8.9B	9.5B	9.7B	9.8B	12B	10.8B	8.5B	9B	12.2B
Capital expenditure	—	—	—	—	—	—	—	—	—	-1.6B
Investing cash flow	43M	-8M	22M	-1.3B	-1M	-2.1B	-14.9B	-1.6B	352M	-4B
Dividends paid	-6.4B	-6.5B	-6.9B	-7.2B	-7.4B	-7.6B	-7.8B	-8B	-8.2B	-8.6B
Share repurchases	0	0	—	0	0	-775M	-209M	0	0	—
Financing cash flow	-5.4B	-2.9B	-9.7B	-8.1B	-8.6B	-12B	3B	-6.8B	-11.4B	-8.3B
Net change in cash	2.7B	6B	-148M	313M	1.3B	-2.1B	-1.1B	123M	-2B	-36M
Free cash flow	6.9B	7.4B	8B	9.2B	9.2B	11.2B	9.7B	7.9B	10.8B	10.7B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	2.2B	2.3B	2.2B	2.5B	3.2B	-486M	2.8B	3.1B	3.6B	2.3B	2.6B	3B
Depreciation & amortization	429M	-311M	367M	445M	498M	477M	480M	490M	505M	521M	510M	513M
Stock-based compensation	—	—	—	—	—	—	—	—	—	—	—	—
Change in working capital	698M	894M	-623M	218M	181M	273M	-1.4B	-617M	622M	-308M	-1.1B	-115M
Operating cash flow	3.5B	2.6B	1.9B	3B	3.3B	541M	2.1B	2.9B	4.5B	4.7B	-399M	5.5B
Capital expenditure	—	—	—	—	—	—	—	—	-365M	-444M	-353M	-380M
Investing cash flow	-1.5B	293M	224M	33M	-465M	560M	-30M	-2B	1.4B	-2.7B	-3M	26M
Dividends paid	-2B	-2B	-2B	-2B	-2B	-2.1B	-2.1B	-2.1B	-2.1B	-2.3B	-2.3B	-2.3B
Share repurchases	0	0	—	—	—	—	—	—	—	—	—	—
Financing cash flow	-1.8B	-3.5B	-624M	-1.8B	-2.5B	-4.5B	671M	-1.6B	-3.7B	-3.8B	1.1B	-5B
Net change in cash	225M	-595M	1.5B	1.3B	310M	-3.4B	2.7B	-719M	2.3B	-1.7B	694M	543M
Free cash flow	3B	3B	-176M	4.3B	3B	3.7B	-754M	3.1B	4.1B	4.3B	-752M	5.1B

Philip Morris International Inc. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement