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Philip Morris International financial statements

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) reports revenue of USD 11.2 billion and operating income of USD 4.53 billion for Q2 2026 in its Form 10-Q for the period ended 30 Jun 2026. Net income was USD 2.82 billion, while total liabilities of USD 74.9 billion exceed total assets of USD 68.3 billion.

Data as of Source: Form 10-Q for Q2 2026, filed

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, 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
Operating income, TTM (USD bn)
16.1
TTM to · derived
Net income, TTM (USD bn)
10.9
TTM to · derived
Free cash flow, TTM (USD bn)
12.7
TTM to · derived
Total assets (USD bn)
68.3
at · Form 10-Q
Net debt (USD bn)
43.1
at · derived: total debt minus cash and short-term investments

What the numbers show

Philip Morris International's income statement for Q2 2026, the quarter ended 30 Jun 2026, shows revenue of USD 11.2 billion, up 10.4% year on year, and operating income of USD 4.53 billion. That is an operating margin of 40.5%, our calculation. Net income was USD 2.82 billion, a net margin of 25.2%, our calculation, against 30.0% in Q2 2025.

Net income was lower than the USD 3.04 billion of Q2 2025 although operating income rose from USD 3.71 billion. Income tax was higher, and the 10-Q's statement of earnings has lines below pre-tax income of USD 4.29 billion that these tables do not show, among them an impairment related to the RBH equity investment. Annual revenue grew from USD 31.4 billion in FY2021 to USD 40.6 billion in FY2025, a compound annual growth rate of 6.7%, our calculation, against 3.5% for operating income. Operating margin, our calculation, was 41.3% in FY2021 and 36.6% in FY2025. Cost of sales for Q1 and Q2 2025 carries R, because the 2026 10-Qs reclassified it.

The balance sheet shows total assets of USD 68.3 billion at 30 Jun 2026, against USD 41.3 billion at the end of FY2021. Goodwill and intangibles, which we combine, were USD 27.1 billion at 30 Jun 2026 and USD 9.50 billion at the end of FY2021. The step came in FY2022, the year of the largest cash outflow for investing shown. Inventory was USD 11.4 billion.

Total liabilities were USD 74.9 billion at 30 Jun 2026, above total assets, so equity is negative: a deficit of USD 8.58 billion. Total debt, the sum of the borrowing lines, was USD 49.1 billion. With cash and short-term investments of USD 5,999 million, net debt was USD 43.1 billion, our calculation, against USD 23.3 billion at the end of FY2021.

In the cash flow statement, cash from operations was negative USD 399 million in Q1 2026 and negative USD 350 million in Q1 2025, but USD 5.49 billion in Q2 2026. A 10-Q reports cash flows year to date, so the Q2 cells marked D are our derivation. Free cash flow, our calculation, was USD 12.7 billion for the 4 quarters to 30 Jun 2026, against USD 10.7 billion in FY2025, after capital expenditure of USD 1.57 billion. Dividends paid were USD 8.62 billion in FY2025.

Diluted EPS was USD 1.80 per share in Q2 2026 and USD 1.95 per share in Q2 2025. For FY2025 it was USD 7.26 per share, against USD 4.52 per share in FY2024. From FY2021 to FY2025 diluted EPS grew 5.6% a year, our calculation, while the diluted share count stayed near 1,558 million shares. Philip Morris International stock fundamentals covers the reclassification.

Income statement

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

Annual

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Table 1 Philip Morris International income statement, annual, FY2021–FY2025 (USD millions) USD millions, except per-share data (USD) and percentages · Fiscal year ends 31 December
USD mFY2025ended FY2024ended FY2023ended FY2022ended FY2021ended CAGRFY21–FY25
Revenue40,64837,87835,17431,76231,405increased 6.7%
Revenue YoY %increased 7.3%increased 7.7%increased 10.7%increased 1.1%increased 9.4%not available
Cost of revenue13,36613,32912,89311,40210,030increased 7.4%
Gross profit27,28224,54922,28120,36021,375increased 6.3%
Gross margin %67.1%64.8%63.3%64.1%68.1%not available
R&D756759709642617increased 5.2%
Operating income14,89213,40211,55612,24612,975increased 3.5%
Operating margin %36.6%35.4%32.9%38.6%41.3%not available
Net interest−966−1,143−1,061−588−628n/m
Pre-tax income13,88012,19910,45011,63412,232increased 3.2%
Income tax2,7373,0172,3392,2442,671increased 0.6%
Net income11,3487,0577,8139,0489,109increased 5.6%
Net margin %27.9%18.6%22.2%28.5%29.0%not available
Per share
Diluted EPS (USD)7.264.525.025.815.83increased 5.6%
Diluted shares (m)1,5581,5561,5531,5521,559not available
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Source: Philip Morris International Forms 10-Q and 10-K, SEC EDGAR Data as of

  • Not available
  • Not meaningful

CAGR: compound annual growth rate from FY2021 to FY2025, our calculation; n/m when the endpoints differ in sign or the base is zero or negative.

Totals may not add up because of rounding.

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

Quarterly

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Table 2 Philip Morris International income statement, quarterly, 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%
Cost of revenue3,5333,2413,560 D3,4873,274 R3,031 R3,423 D3,366
Gross profit7,6596,9056,802 D7,3586,866 R6,270 R6,283 D6,545
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 interest−243−237−218 D−230−277−241−326 D−189
Pre-tax income4,2923,6613,146 D4,0193,4243,2912,917 D3,450
Income tax955676675 D751652659872 D735
Net income2,8172,4382,141 D3,4783,0392,690−579 D3,082
Net margin %25.2%24.0%20.7%32.1%30.0%28.9%−6.0%31.1%
Per share
Diluted EPS (USD)1.801.56not available2.231.951.72not available1.97
Diluted shares (m)1,5601,559not available1,5581,5581,557not available1,556
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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 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 ).
  • Not available

Totals may not add up because of rounding.

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

Balance sheet

Annual

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Table 3 Philip Morris International assets, annual, FY2021–FY2025 (USD millions) USD millions
USD mFY2025at FY2024at FY2023at FY2022at FY2021at
Cash and short-term investments4,8724,2163,0603,2074,496
Receivables4,5723,7893,4613,8503,123
Inventory11,4789,45310,7749,8868,720
Total current assets24,36320,17019,75519,61917,717
PP&E (net)8,3977,3107,5166,7106,168
Goodwill and intangibles28,148 D27,927 D26,643 D26,387 D9,498 D
Total assets69,18561,78465,30461,68141,290
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Source: Philip Morris International Forms 10-Q and 10-K, SEC EDGAR Data as of

  • D Goodwill plus the intangible assets the filing reports under the standard intangible-asset tags or the components our mapping lists for the company, from the same filing. Intangible assets a company shows on separate balance sheet lines under other tags, such as licences, may not be included, so for some companies this line is goodwill alone; the lines included can change when the company changes its balance sheet.

Totals may not add up because of rounding.

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Table 4 Philip Morris International liabilities and shareholders' equity, annual, FY2021–FY2025 (USD millions) USD millions · net cash shown as a negative net debt
USD mFY2025at FY2024at FY2023at FY2022at FY2021at
Current liabilities25,42722,91526,38327,33619,255
Total debt48,835 D45,695 D47,909 D43,123 D27,806 D
Total liabilities77,21371,65474,75067,99249,498
Shareholders' equity−9,994−11,750−11,225−8,957−10,106
Net debt / (net cash)43,963 D41,479 D44,849 D39,916 D23,310 D
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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.

Totals may not add up because of rounding.

Quarterly

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Table 5 Philip Morris International assets, quarterly, Q3 2024–Q2 2026 (USD millions) USD millions
USD mQ2 2026at Q1 2026at Q4 2025at Q3 2025at Q2 2025at Q1 2025at Q4 2024at Q3 2024at
Cash and short-term investments5,9995,4504,8724,0374,1384,4434,2164,258
Receivables5,1795,1204,5724,7964,9944,8803,7894,239
Inventory11,43611,39211,47810,26710,72810,1279,4539,355
Total current assets26,00625,60224,36322,66523,36422,19620,17020,796
PP&E (net)8,3138,2598,3978,1158,0437,5327,3107,548
Goodwill and intangibles27,095 D27,581 D28,148 D28,327 D28,607 D28,209 D27,927 D29,060 D
Total assets68,27168,91369,18567,06168,50665,07961,78466,892
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Source: Philip Morris International Forms 10-Q and 10-K, SEC EDGAR Data as of

  • D Goodwill plus the intangible assets the filing reports under the standard intangible-asset tags or the components our mapping lists for the company, from the same filing. Intangible assets a company shows on separate balance sheet lines under other tags, such as licences, may not be included, so for some companies this line is goodwill alone; the lines included can change when the company changes its balance sheet.

Totals may not add up because of rounding.

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Table 6 Philip Morris International liabilities and shareholders' equity, quarterly, Q3 2024–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 Q1 2025at Q4 2024at Q3 2024at
Current liabilities26,54226,22225,42726,71928,14828,08722,91523,366
Total debt49,113 D51,948 D48,835 D50,082 D51,462 D49,579 D45,695 D49,222 D
Total liabilities74,92876,21377,21376,04578,51874,00571,65474,605
Shareholders' equity−8,583−9,279−9,994−10,914−11,966−10,901−11,750−9,694
Net debt / (net cash)43,114 D46,498 D43,963 D46,045 D47,324 D45,136 D41,479 D44,964 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.

Totals may not add up because of rounding.

Cash flow

Chart 2

Philip Morris International quarterly free cash flow, Q3 2024 to Q2 2026

USD bn · quarters ended to

Free cash flow by quarter, from USD 2.96 bn in Q3 2024 to USD 5.11 bn in Q2 2026.−20246−0.8−0.85.1Q32024Q4Q12025Q2Q3Q4Q12026Q2stockfactsheet.com
Source: Philip Morris International Forms 10-Q and 10-K, SEC EDGAR Data as of

Annual

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Table 7 Philip Morris International cash flow, annual, FY2021–FY2025 (USD millions) USD millions · outflows shown with a minus sign
USD mFY2025ended FY2024ended FY2023ended FY2022ended FY2021ended
Cash from operations12,23312,2179,20410,80311,967
Capital expenditure−1,569−1,444−1,321−1,077−748
Free cash flow10,664 D10,773 D7,883 D9,726 D11,219 D
Dividends paid−8,624−8,197−7,964−7,812−7,580
Share buybacksnot available00−209−775
Cash from investing−3,967−1,092−3,598−15,679−2,358
Cash from financing−8,132−9,481−5,5823,806−11,977
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Source: Philip Morris International Forms 10-Q and 10-K, SEC EDGAR Data as of

  • D Free cash flow = cash from operations minus capital expenditure.
  • Not available

Totals may not add up because of rounding.

Quarterly

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Table 8 Philip Morris International cash flow, quarterly, Q3 2024–Q2 2026 (USD millions) USD millions · outflows shown with a minus sign
USD mQ2 2026ended Q1 2026ended Q4 2025ended Q3 2025ended Q2 2025ended Q1 2025ended Q4 2024ended Q3 2024ended
Cash from operations5,492 D−3994,709 D4,462 D3,412 D−3504,002 D3,342 D
Capital expenditure−380 D−353−444 D−365 D−356 D−404−278 D−379 D
Free cash flow5,112 D−752 D4,265 D4,097 D3,056 D−754 D3,724 D2,963 D
Dividends paid−2,297 D−2,307−2,295 D−2,107 D−2,106 D−2,116−2,106 D−2,027 D
Cash from investing26 D−3−428 D−789 D−2,316 D−434441 D−1,003 D
Cash from financing−4,975 D1,096−3,581 D−3,661 D−1,561 D671−4,103 D−2,981 D
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Source: Philip Morris International Forms 10-Q and 10-K, SEC EDGAR Data as of

  • D Quarter derived from year-to-date totals: the six- or nine-month figure minus the earlier quarters.
  • D Fourth quarter derived as the fiscal year minus the nine-month year-to-date total.
  • D Free cash flow = cash from operations minus capital expenditure.

Totals may not add up because of rounding.

Per share and dividends

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Table 9 Philip Morris International per-share data and dividends, annual, FY2021–FY2025 USD per share, split-adjusted · shares in millions
USDFY2025ended FY2024ended FY2023ended FY2022ended FY2021ended
Basic EPS (USD)7.274.535.025.825.83
Diluted EPS (USD)7.264.525.025.815.83
Dividends declared per share (USD)5.645.305.145.044.90
Diluted shares (m)1,5581,5561,5531,5521,559
Shares outstanding at year end (m)1,557 D1,555 D1,552 D1,550 D1,550 D
FCF cover (×)1.2×1.3×1.0×1.2×1.5×
(opens in new tab)

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

  • D Shares issued minus treasury shares, from the same filing.

Notes on these figures

  • R Restated
    • Restated in Form 10-Q filed ; originally reported USD 3,279 m in Form 10-Q filed .
    • Restated in Form 10-Q filed ; originally reported USD 3,040 m in Form 10-Q filed .
    • Restated in Form 10-Q filed ; originally reported USD 6,861 m in Form 10-Q filed .
    • Restated in Form 10-Q filed ; originally reported USD 6,261 m in Form 10-Q filed .
    • 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 ).
    • 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 ).
  • D Derived by StockFactsheet
    • Fourth quarter derived as the fiscal year minus the nine-month year-to-date total.
    • Goodwill plus the intangible assets the filing reports under the standard intangible-asset tags or the components our mapping lists for the company, from the same filing. Intangible assets a company shows on separate balance sheet lines under other tags, such as licences, may not be included, so for some companies this line is goodwill alone; the lines included can change when the company changes its balance sheet.
    • Total debt = short-term debt + long-term debt, from the same filing.
    • Net debt = total debt minus cash and short-term investments; a negative value is net cash.
    • Free cash flow = cash from operations minus capital expenditure.
    • Quarter derived from year-to-date totals: the six- or nine-month figure minus the earlier quarters.
    • Shares issued minus treasury shares, from the same filing.
  • Template: standard statement set (not bank or insurer).
  • Arrows show direction of change only, not whether a change is good or bad.

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 2024 to Q2 2026) and 10-K (FY2021 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. CAGR = compound annual growth across the annual table.
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
None: this page shows the company's own figures only.
Currency
As reported (USD); no FX conversion.
Read the full methodology

CSV downloads

One file per statement, with the annual and quarterly figures on this page in full units.

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-K, fiscal year ended 31 Dec 2023 Philip Morris International Inc. · · sec.gov
  10. [10] Filing Form 10-K, fiscal year ended 31 Dec 2022 Philip Morris International Inc. · · sec.gov
  11. [11] Filing Form 10-K, fiscal year ended 31 Dec 2021 Philip Morris International Inc. · · sec.gov
  12. [12] Filing Form 10-Q, quarter ended 30 Jun 2024 Philip Morris International Inc. · · sec.gov
  13. [13] Filing Form 10-Q, quarter ended 31 Mar 2024 Philip Morris International Inc. · · sec.gov
  14. [14] Filing Form 10-Q, quarter ended 30 Sep 2023 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] 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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StockFactsheet (2026). "Philip Morris International financial statements." Signed off by OffScriptBySami. Updated ; data as of . https://stockfactsheet.com/stocks/pm/financials/

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