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Philip Morris International (NYSE: PM) stock fundamentals

NYSE: PM · Consumer staples · United States

Signed off by OffScriptBySami on  · Updated

Data as of  · For information only, not investment advice.

In brief

Philip Morris International (NYSE: PM) sells cigarettes and smoke-free products, including IQOS heat-not-burn devices and ZYN nicotine pouches. Its Form 10-K reports revenue of USD 40.6 billion for FY2025. Its Form 10-Q for Q2 2026, the quarter ended 30 Jun 2026, reports revenue of USD 11.2 billion and operating income of USD 4.53 billion.

Data as of Source: Form 10-K for FY2025 and Form 10-Q for Q2 2026

Key facts

Data as of

Philip Morris International (NYSE: PM) · USD · fiscal year ends 31 December · figures from SEC filings; derived values are marked.

Revenue (USD bn)
40.6
FY2025 (ended ) · Form 10-K
Revenue, TTM (USD bn)
42.5
TTM to · derived
Revenue by quarter, from USD 9.91 bn in Q3 2024 to USD 11.2 bn in Q2 2026
Net income attributable to shareholders (USD bn)
11.3
FY2025 (ended ) · Form 10-K
Operating margin
36.6%
FY2025 (ended ) · derived
Free cash flow (USD bn)
10.7
FY2025 (ended ) · derived
Net debt (USD bn)
43.1
at · derived: total debt minus cash and short-term investments
Dividend declared per share (USD)
5.64
FY2025 (ended ) · Form 10-K
Shares outstanding (bn)
1.56
at · Form 10-Q cover page

Fundamentals profile

vs Philip Morris International's own FY2021–FY2025 range (fewer than 5 covered peers) · TTM to Q2 2026 · Data as of

Each row places Philip Morris International's value against its own FY2021–FY2025 range. It describes; it does not rate. There is no overall score. How we calculate this

Philip Morris International fundamentals profile compared with its own FY2021–FY2025 range. Each row names its period; values are percentages, multiples or years.
DimensionMetricPhilip Morris InternationalOwn 5-year medianPositionRange
GrowthRevenue, 3-year CAGR to FY20258.6%Own 5-year median 6.4%Above its 5-year median
Lower (2.0%) Higher (8.6%)
MarginsOperating margin (TTM to Q2 2026)37.7%Own 5-year median 36.6%Near its 5-year median
Lower (32.9%) Higher (41.3%)
LeverageNet debt / EBITDA (TTM to Q2 2026; below zero means net cash)2.4×Own 5-year median 2.7×Below its 5-year median
Lower (1.7×) Higher (3.5×)
Cash flowFCF margin (TTM to Q2 2026)29.9%Own 5-year median 28.4%Near its 5-year median
Lower (22.4%) Higher (35.7%)
Dividend historyConsecutive years of cash dividends, to FY2025Every fiscal year in our data, FY2009 to FY2025, had a dividend; our data starts in FY2009.At least 17Own 5-year median not availablenot availablenot available

Source: Philip Morris International Forms 10-Q and 10-K, SEC EDGAR. Derived by StockFactsheet. Data as of

Compared with Philip Morris International's own FY2021–FY2025 range because fewer than 5 covered peers exist. Descriptive only; not a rating.

How did Philip Morris International's revenue and operating margin change from Q3 2024 to Q2 2026?

Philip Morris International's quarterly revenue rose from USD 9.91 billion in Q3 2024 to USD 11.2 billion in Q2 2026, the quarter ended 30 Jun 2026. Revenue grew year on year in each of those 8 quarters, from 5.8% in Q1 2025 to 10.4% in Q2 2026 (our calculations).

Chart 1

Philip Morris International quarterly revenue, Q3 2024 to Q2 2026

USD bn · quarters ended to

Revenue by quarter, from USD 9.91 bn in Q3 2024 to USD 11.2 bn in Q2 2026.05101511.2Q32024Q4Q12025Q2Q3Q4Q12026Q2stockfactsheet.com
Source: Philip Morris International Forms 10-Q and 10-K, SEC EDGAR Data as of
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Swipe for earlier periods

Table 1 Philip Morris International quarterly revenue, margins and profit, Q3 2024–Q2 2026 (USD millions) USD millions, except per-share data (USD) and percentages · Fiscal year ends 31 December
USD mQ2 2026ended Q1 2026ended Q4 2025ended Q3 2025ended Q2 2025ended Q1 2025ended Q4 2024ended Q3 2024ended
Revenue11,19210,14610,362 D10,84510,1409,3019,706 D9,911
Revenue YoY %increased 10.4%increased 9.1%increased 6.8%increased 9.4%increased 7.1%increased 5.8%increased 7.3%increased 8.4%
Gross margin %68.4%68.1%65.6%67.8%67.7% R67.4% R64.7%66.0%
Operating income4,5303,8933,373 D4,2633,7123,5443,259 D3,654
Operating margin %40.5%38.4%32.6%39.3%36.6%38.1%33.6%36.9%
Net income attributable to shareholders2,8172,4382,141 D3,4783,0392,690−579 D3,082
(opens in new tab)

Source: Philip Morris International Forms 10-Q and 10-K, SEC EDGAR Data as of

  • D Fourth quarter derived as the fiscal year minus the nine-month year-to-date total.
  • R Uses Q2 2025 gross profit as restated in Form 10-Q filed (USD 6,866 m; originally reported USD 6,861 m in Form 10-Q filed ).
  • R Uses Q1 2025 gross profit as restated in Form 10-Q filed (USD 6,270 m; originally reported USD 6,261 m in Form 10-Q filed ).

Totals may not add up because of rounding.

Arrows show direction of change only, not whether a change is good or bad.

Philip Morris International's operating margin, our calculation, ranged from 32.6% in Q4 2025 to 40.5% in Q2 2026 across the 8 quarters. Operating income was USD 4,530 million in Q2 2026, against USD 3,712 million in Q2 2025.

The table also shows a net loss of USD 579 million for Q4 2024, in a quarter with operating income of USD 3,259 million. The FY2024 10-K records a non-cash impairment charge of USD 2,316 million on PMI's investment in its Canadian subsidiary, Rothmans, Benson & Hedges, for the year ended 31 Dec 2024.[7] No 10-Q covers a fourth quarter, as our guide on how to read a 10-Q explains. So we derive Q4 2024 as the fiscal year less the first 3 quarters, and the charge falls in that column.

The Philip Morris International financial statements page sets out the rest of the quarterly income statement, from interest to tax. Each column links to its filing, and derived columns carry a D marker.

Why did Philip Morris International's 10-Qs of 2026 reclassify its cost of sales for Q1 and Q2 2025?

Philip Morris International's 10-Q filed 25 Jul 2025 reported cost of sales of USD 3,279 million for Q2 2025.[5] Its 10-Q filed 24 Jul 2026 reports a different amount for that quarter. The 10-Q reclassified foreign currency gains and losses and share-award compensation to a new caption, Corporate expenses and other.[1]

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Table 2 Philip Morris International restated quarterly figures, Q1 2025–Q2 2025 (USD millions) USD millions, except per-share data (USD) and percentages
USD mQ2 2025ended Q1 2025ended
Cost of revenue3,274 R3,031 R
Gross profit6,866 R6,270 R
Gross margin %67.7% R67.4% R
(opens in new tab)

Source: Philip Morris International Forms 10-Q and 10-K, SEC EDGAR Data as of

  • R Restated in Form 10-Q filed ; originally reported USD 3,279 m in Form 10-Q filed .
  • R Restated in Form 10-Q filed ; originally reported USD 3,040 m in Form 10-Q filed .
  • R Restated in Form 10-Q filed ; originally reported USD 6,861 m in Form 10-Q filed .
  • R Restated in Form 10-Q filed ; originally reported USD 6,261 m in Form 10-Q filed .
  • R Uses Q2 2025 gross profit as restated in Form 10-Q filed (USD 6,866 m; originally reported USD 6,861 m in Form 10-Q filed ).
  • R Uses Q1 2025 gross profit as restated in Form 10-Q filed (USD 6,270 m; originally reported USD 6,261 m in Form 10-Q filed ).

Totals may not add up because of rounding.

Those items came out of cost of sales and out of marketing, administration and research costs.[1] The 10-Q says this followed a change on 1 Jan 2026, when 3 new reportable segments replaced 4 geographic ones.[1] It says the reclassifications did not impact consolidated financial position, results of operations or cash flows in any period presented.[1] The 10-Q filed 24 Apr 2026 does the same for Q1 2025, for which the 10-Q filed 24 Apr 2025 reported cost of sales of USD 3,040 million.[2][6]

Revenue for both quarters is unchanged, so gross profit moves with cost of sales. Gross profit as first filed was USD 6,861 million for Q2 2025 and USD 6,261 million for Q1 2025. Our gross margin calculation uses the reclassified amounts, and those cells carry the R marker.

The footnote on each R cell gives the amount first reported and both filing dates. Our methodology explains how we mark restated and derived figures. The Q3 2025 and Q4 2025 columns come from filings dated before the change, so the 8 quarters mix 2 presentations.

How did Philip Morris International's net debt change from 30 Jun 2025 to 30 Jun 2026?

Philip Morris International's net debt, our calculation, was USD 43.1 billion at 30 Jun 2026, against USD 47.3 billion at 30 Jun 2025. At 30 Jun 2026, its total debt was USD 49.1 billion and its cash and short-term investments were USD 5,999 million, from its Form 10-Q for Q2 2026.

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Table 3 Philip Morris International cash, debt and net debt, Q2 2025–Q2 2026 (USD millions) USD millions · net cash shown as a negative net debt
USD mQ2 2026at Q1 2026at Q4 2025at Q3 2025at Q2 2025at
Cash and short-term investments5,9995,4504,8724,0374,138
Total debt49,113 D51,948 D48,835 D50,082 D51,462 D
Net debt / (net cash)43,114 D46,498 D43,963 D46,045 D47,324 D
(opens in new tab)

Source: Philip Morris International Forms 10-Q and 10-K, SEC EDGAR Data as of

  • D Total debt = short-term debt + long-term debt, from the same filing.
  • D Net debt = total debt minus cash and short-term investments; a negative value is net cash.

Cash and short-term investments rose from USD 4,138 million at 30 Jun 2025 to USD 5,999 million. Total debt fell from USD 51.5 billion to USD 49.1 billion over the same 12 months. Net debt was USD 46.0 billion at 30 Sep 2025, USD 44.0 billion at 31 Dec 2025 and USD 46.5 billion at 31 Mar 2026. Net debt to EBITDA, our calculation, was 2.4× in Q2 2026.

Total debt is our sum of the borrowing lines on the balance sheet, so it can differ from a single line in the filing. Altria Group, with which Philip Morris International agreed in 2022 to end their U.S. commercial relationship on IQOS, has its own page: Altria Group stock fundamentals.[3]

How we got these numbers

Every figure comes from Philip Morris International's Forms 10-Q and 10-K as filed with the SEC. Derived values are marked D and explained below.

Full method for this page
Source documents
Forms 10-Q (Q3 2023 to Q2 2026) and 10-K (FY2018 to FY2025)
Period covered
8 quarters and 5 fiscal years
Calculations
TTM = sum of the last 4 quarters. Q4 = fiscal year minus the nine-month YTD. Margins = line item ÷ revenue. FCF = cash from operations − capital expenditure. EBITDA = operating income + depreciation and amortisation (our calculation). Net debt = total debt − cash and short-term investments. CAGR = compound annual growth over three fiscal years.
Restatements
Q2 2025 gross profit, an input of the Q2 2025 ratio, was restated in Form 10-Q filed (originally USD 6,861 m). Q1 2025 gross profit, an input of the Q1 2025 ratio, was restated in Form 10-Q filed (originally USD 6,261 m). Restated figures carry the R marker; its footnote gives the originally reported value.
Comparator
Each profile row compares the current value with Philip Morris International's own last five fiscal years, FY2021 to FY2025: the median of those five years and their range, from the lowest to the highest. A current value outside that range is drawn just past the end of the strip. Fewer than 5 covered peers exist, so there is no sector median yet.
Currency
As reported (USD); no FX conversion.
Read the full methodology

Latest filings and disclosures

SEC filings behind Philip Morris International's figures, newest first.

(opens in new tab)
  1. Filing Form 10-Q, quarter ended 30 Jun 2026 sec.gov
  2. Filing Form 10-Q, quarter ended 31 Mar 2026 sec.gov
  3. Filing Form 10-K, fiscal year ended 31 Dec 2025 sec.gov
  4. Filing Form 10-Q, quarter ended 30 Sep 2025 sec.gov
  5. Filing Form 10-Q, quarter ended 30 Jun 2025 sec.gov
  6. Filing Form 10-Q, quarter ended 31 Mar 2025 sec.gov
  7. Filing Form 10-K, fiscal year ended 31 Dec 2024 sec.gov
  8. Filing Form 10-Q, quarter ended 30 Sep 2024 sec.gov
All filings on SEC EDGAR

Company identifiers

Data as of
(opens in new tab)
Legal name
Philip Morris International Inc.
Exchange
NYSE
Ticker
PM
Sector
Consumer staples
Country
United States
Fiscal year end
31 December
Reporting currency
USD
Accounting standard
US GAAP
SEC CIK
0001413329
Latest filing in this page's data
Form 10-Q, quarter ended 30 Jun 2026 · filed

Sources and data

Data as of Figures are as reported in the filings below. Derived figures are our calculations (see Methodology).

(opens in new tab)
  1. [1] Filing Form 10-Q, quarter ended 30 Jun 2026 Philip Morris International Inc. · · sec.gov
  2. [2] Filing Form 10-Q, quarter ended 31 Mar 2026 Philip Morris International Inc. · · sec.gov
  3. [3] Filing Form 10-K, fiscal year ended 31 Dec 2025 Philip Morris International Inc. · · sec.gov
  4. [4] Filing Form 10-Q, quarter ended 30 Sep 2025 Philip Morris International Inc. · · sec.gov
  5. [5] Filing Form 10-Q, quarter ended 30 Jun 2025 Philip Morris International Inc. · · sec.gov
  6. [6] Filing Form 10-Q, quarter ended 31 Mar 2025 Philip Morris International Inc. · · sec.gov
  7. [7] Filing Form 10-K, fiscal year ended 31 Dec 2024 Philip Morris International Inc. · · sec.gov
  8. [8] Filing Form 10-Q, quarter ended 30 Sep 2024 Philip Morris International Inc. · · sec.gov
  9. [9] Filing Form 10-Q, quarter ended 30 Jun 2024 Philip Morris International Inc. · · sec.gov
  10. [10] Filing Form 10-Q, quarter ended 31 Mar 2024 Philip Morris International Inc. · · sec.gov
  11. [11] Filing Form 10-K, fiscal year ended 31 Dec 2023 Philip Morris International Inc. · · sec.gov
  12. [12] Filing Form 10-Q, quarter ended 30 Sep 2023 Philip Morris International Inc. · · sec.gov
  13. [13] Filing Form 10-K, fiscal year ended 31 Dec 2022 Philip Morris International Inc. · · sec.gov
  14. [14] Filing Form 10-K, fiscal year ended 31 Dec 2021 Philip Morris International Inc. · · sec.gov
  15. [15] Filing Form 10-K, fiscal year ended 31 Dec 2020 Philip Morris International Inc. · · sec.gov
  16. [16] Filing Form 10-K, fiscal year ended 31 Dec 2019 Philip Morris International Inc. · · sec.gov
  17. [17] Filing Form 10-K, fiscal year ended 31 Dec 2018 Philip Morris International Inc. · · sec.gov
  18. [18] Our dataset StockFactsheet fundamentals dataset, extracted from SEC EDGAR XBRL on ; derived values (Q4, TTM, free cash flow, net debt, margins, growth rates and ratios) are explained in Methodology.

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Cite this page

StockFactsheet (2026). "Philip Morris International (NYSE: PM) stock fundamentals." Signed off by OffScriptBySami. Updated ; data as of . https://stockfactsheet.com/stocks/pm/

Not investment advice

For information only. StockFactsheet does not recommend buying, selling or holding any security. Figures can contain errors; always check the original filings. Full disclaimer

Author and editor

OffScriptBySami

Founder and editor, StockFactsheet

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How this page was made
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Update history

  1. Published First published version.