Philip Morris International Inc. (PM) financials

NYSE · Consumer Defensive · Tobacco · 84,900 employees · CEO Jacek Olczak

Price: $208.79 +0.14%
Market cap: $325B
Enterprise value: $366B
Last report: Q3 '26 filed 2026-10-23
Next report: 2027-02-05 EPS est. $1.85

Revenue (TTM)$43.1B+7.9% vs a year agoLast 4 quarters; bars = each quarter

Operating margin (TTM)38.6%+1.6 pp vs a year agoOperating income $16.7B

Net income (TTM)$10.7B+24.1% vs a year agoAfter tax, incl. non-operating gains

Free cash flow (TTM)$13.6B+34.3% vs a year agoCapex $1.56B

Diluted EPS (TTM)$6.85+23.9% vs a year agoSum of the last 4 quarters

Net cash-$40.9B+11.2% vs a year agoCash + short-term investments - debt

Valuation & key figures

Market cap: $325B
Revenue: $43.1B
Revenue growth: +7%
Profit margin: 24.8%
P/E: 30.5×
P/S: 7.5×
EV / EBITDA: 19.5×
Free cash flow: $13.6B
Net income: $10.7B
Revenue estimate: $43.5B
Earnings: 2027-02-05
Dividend: $6.01

Key takeaways

Computed from the reported numbers - every statement carries the figure it rests on.

Last report (2026-10-21): revenue beat by 1.1%, EPS beat by 2.6%Revenue $11.4B vs $11.3B expected (+1.1%); EPS $2.36 vs $2.30 (+2.6%).
Revenue growth slowing: 5.5% year on yearQ3 '26 revenue $11.4B, against an average of 8.9% over the four quarters before.
Operating margin 38.6% (TTM), +1.6 pp on a year agoOperating income grew 12.4% while revenue grew 7.9%.
10.6% of pre-tax profit is eaten by non-operating lossesPre-tax income $15.1B vs operating income $16.7B (TTM). Losses on equity stakes and other one-off items cut net income and EPS - operating income is the cleaner measure of the business.
Capex 3.6% of revenue (a year ago 3.5%)$1.56B invested in the last 4 quarters (+11.1% on a year earlier). Free cash flow $13.6B = 126.9% of net income.
Returned $9.2B to shareholders = 67.7% of free cash flowBuybacks $0 (a year earlier $0), dividends $9.2B, stock-based pay $0 (TTM).
Diluted share count up 0.3% in a year1.56B diluted shares in Q3 '26, 1.56B a year earlier.
Net debt $40.9BCash + short-term investments $6.68B, debt incl. leases $47.6B; a year ago net debt $46B.
Europe Segment: revenue +11.0%, margin 41.5% (was 42.2%)Fastest-growing reported segment in Q4 '25: operating income $1.91B on revenue $4.6B (from the segment note of the filing).

Last quarter: Q3 '26

Quarter ended 2026-09-30. Compared with the same quarter a year earlier and with the analyst consensus before the report.

Quarter vs a year ago

	Q3 '26	Year ago	Change
Revenue	$11.4B	$10.8B	+5.5%
Gross margin	68.7%	67.8%	+0.8 pp
Operating income	$4.87B	$4.26B	+14.1%
Operating margin	42.5%	39.3%	+3.2 pp
Net income	$3.31B	$3.48B	-4.7%
Diluted EPS	$2.12	$2.23	-4.9%
Operating cash flow	$5.35B	$4.46B	+19.9%
Capex	$382M	$365M	+4.7%
Free cash flow	$4.97B	$4.1B	+21.3%
R&D	$0	$0	–
Stock-based compensation	$0	$0	–

Reported vs consensus

2026-10-21

	Actual	Consensus	vs consensus
Revenue	$11.4B	$11.3B	+1.1%
EPS (as estimated)	$2.36	$2.30	+2.6%

From the report of 2026-10-21 for Q3 '26: revenue and the EPS analysts estimate (often adjusted), so it can differ from the EPS of the statements above.

EPS vs consensus

last 8 reports

Revenue

Where the money comes from - by business line and by region, quarter by quarter.

Revenue, operating income and growth

quarterly

Revenue by business line

stacked, quarterly

Segment	Q3 '26	y/y	Share	TTM	TTM y/y	12 quarters
Combustible Products	$6.81B	+6.4%	59.6%	$25.1B	+6.5%
Reduced-Risk Products	$4.63B	+4.0%	40.4%	$18B	+9.8%

Revenue by region

share of total

Segment	Q3 '26	y/y	Share	TTM	TTM y/y
EA, AU & PMI GTR Segment	$4.86B	–	35.2%	–	–
European Union	$4.6B	+13.4%	33.3%	$17.1B	+11.4%
SSEA, CIS & MEA Segment	$3.11B	+8.4%	22.5%	$12.1B	+7.0%
East Asia And Australia	–	–	–	–	–
Americas Segment	$1.23B	-2.5%	8.9%	$4.85B	+7.1%

Segment profits

Operating income per reported segment, read from the segment note of each 10-Q / 10-K (the profit split most data feeds leave out).

Segments in Q4 '25

Segment	Revenue	y/y	Operating income	y/y	Margin	Margin a year ago	TTM operating income
Europe Segment	$4.6B	+11.0%	$1.91B	+9.1%	41.5%	42.2%	$7.17B
SSEACISMEA Segment	$3.11B	+8.4%	$941M	+16.7%	30.3%	28.1%	$4.1B
EAAUPMIDF Segment	–	–	–	–	–	–	–
EAAUPMIGTR Segment	$1.43B	-0.6%	$514M	-10.5%	36.1%	40.0%	$3.13B
Americas Segment	$1.23B	-2.5%	$8M	-93.8%	0.7%	10.2%	$505M
Wellness And Healthcare Segment	–	–	–	–	–	–	–

Operating income by segment

quarterly

Segment operating margin

quarterly

Fourth quarters are derived: the 10-K reports the full year, minus the three quarters of the 10-Qs.

Margins & cost structure

How much of each unit of revenue is left at each level - and where the costs go.

Margins

quarterly

Costs as % of revenue

quarterly

Cash flow & capital allocation

Cash generated, what it is spent on, and what reaches shareholders.

Operating cash flow, capex, free cash flow

quarterly

Uses of cash vs operating cash flow

fiscal years

Last 4 quarters

cash flow statement

Operating cash flow: $15.2B
Capex: -$1.56B
Buybacks: $0
Dividends: -$9.2B
Acquisitions: $25M
Net debt issued: -$2.04B
Stock-based compensation: $0
Free cash flow: $13.6B
Returned to shareholders / FCF: 67.7%

Share count and EPS

quarterly, diluted

Balance sheet

Liquidity, investments and debt at each quarter end.

Cash, investments and debt

quarter ends

Valuation & returns

Today's multiples against the company's own last five fiscal years; analyst targets and ratings.

Multiples and returns

TTM vs 5 fiscal years

	Now	5y average	Where today sits in the 5-year range
P/E (TTM)	30.5×	20.2×	16.3× – 26.6×
EV / EBITDA	19.5×	14.3×	12.3× – 15.7×
EV / Sales	8.5×	6.1×	5.4× – 7.2×
Price / FCF	23.9×	17.7×	13.2× – 23.4×
Price / Book	-41.1×	–	–
FCF yield	4.2%	5.8%	4.3% – 7.6%
Return on invested capital	27.5%	26.9%	19.8% – 40.6%
Return on equity	-119.7%	-86.8%	-113.5% – -59.9%

Analysts

Consensus target $214.57 (+2.8%)
range $201.00 – $225.00 · rating Buy

Strong buy0

Buy18

Hold6

Sell1

Strong sell0

Outlook

Analyst consensus for the coming fiscal years and what it implies at today's price.

Consensus estimates

Fiscal year	Revenue	Growth	EPS	Growth	P/E at today's price	Analysts (EPS)
FY2026	$43.5B	+7.1%	$8.35	+15.0%	25.0×	8
FY2027	$45.6B	+4.7%	$9.07	+8.7%	23.0×	8
FY2028	$48.2B	+5.6%	$9.86	+8.7%	21.2×	3
FY2029	$49.7B	+3.2%	$10.56	+7.0%	19.8×	1
FY2030	$52.3B	+5.2%	$11.83	+12.1%	17.6×	1

Financial statements

Every line of the income statement, balance sheet and cash flow statement - 12 quarters and 10 fiscal years, as values, as % of revenue or as growth.

Income statementRevenue, costs, operating income, net income and EPSOpen Balance sheetCash, investments, assets, debt, liabilities and equityOpen Cash flowOperating cash flow, capex, free cash flow, buybacks and dividendsOpen

Every reported line

All 311 figures Philip Morris International Inc. tagged in its recent 10-Q / 10-K filings, with the official SEC label and definition - including the notes (leases, taxes, buybacks, employees, ...).

Line (SEC label)	Latest quarter	Year ago	y/y	Latest FY	Prior FY	y/y
Accounts Payable, Current	$4.04B	$3.98B	+1.5%	$4.41B	$3.95B	+11.5%
Accounts Receivable, after Allowance for Credit Loss, Current	$5.16B	$4.8B	+7.5%	$4.57B	$3.79B	+20.7%
Accounts Receivable, Allowance for Credit Loss, Current	$36M	$25M	+44.0%	$23M	$47M	-51.1%
Accounts Receivable, Allowance for Credit Loss, Noncurrent	$11M	$12M	-8.3%	$12M	$26M	-53.8%
Accounts Receivable, Sale	$3.1B	$3B	+3.3%	$11.7B	$11.9B	-1.7%
Accrued Income Taxes, Current	$1.36B	$835M	+63.0%	$1.26B	$1.26B	-0.2%
Accrued Marketing Costs, Current	$1.47B	$1.41B	+4.6%	$1.35B	$1.02B	+33.4%
Accumulated Other Comprehensive (Income) Loss, Defined Benefit Plan, after Tax	$1.41B2025-12-31	$2.46B	-42.9%	$1.41B	$2.46B	-42.9%
Accumulated Other Comprehensive Income (Loss), Net of Tax	-$11.9B	-$13.3B	+10.9%	-$12.3B	-$11.3B	-8.7%
Additional Paid in Capital, Common Stock	$2.53B	$2.4B	+5.2%	$2.45B	$2.34B	+5.1%
Advertising Expense	–	–	–	$1.36B	$1.07B	+26.8%
Allowance for Doubtful Other Receivables, Current	$24M	$23M	+4.3%	$24M	$22M	+9.1%
Amortization of Intangible Assets	$247M	$250M	-1.2%	$1B	$835M	+20.1%
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	0	0	–	0	0	–
Assets	$66.7B	$67.1B	-0.5%	$69.2B	$61.8B	+12.0%
Assets, Current	$25.8B	$22.7B	+13.8%	$24.4B	$20.2B	+20.8%
Buildings and Improvements, Gross	$5.05B2025-12-31	$4.39B	+15.0%	$5.05B	$4.39B	+15.0%
Cash Acquired from Acquisition	$02025-12-31	-$1M	+100.0%	$0	$43M	-100.0%
Cash and Cash Equivalents, at Carrying Value	$6.68B	$4.04B	+65.5%	$4.87B	$4.22B	+15.6%
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	$6.71B	$4.06B	+65.1%	$4.89B	$4.25B	+15.0%
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect	$682M	-$115M	+693.0%	$638M	$1.11B	-42.4%
Common Stock, Dividends, Per Share, Declared	$1.60	$1.47	+8.8%	$5.64	$5.30	+6.4%
Common Stock, Shares Authorized	6B2025-12-31	6B	0.0%	6B	6B	0.0%
Common Stock, Shares, Issued	2.11B	2.11B	0.0%	2.11B	2.11B	0.0%
Common Stock, Value, Issued	$0	$0	–	$0	$0	–
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest	$171M	$106M	+61.3%	$497M	$345M	+44.1%
Comprehensive Income (Loss), Net of Tax, Attributable to Parent	$3.1B	$3.31B	-6.4%	$10.4B	$7.56B	+37.2%
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest	$3.27B	$3.42B	-4.3%	$10.9B	$7.9B	+37.5%
Construction in Progress, Gross	$1.47B2025-12-31	$1.08B	+36.1%	$1.47B	$1.08B	+36.1%
Cost of Goods and Services Sold	$3.58B	$3.48B	+2.9%	$13.4B	$13.3B	+0.3%
Costs and Expenses, Related Party	$59M	$45M	+31.1%	$210M	$101M	+107.9%
Current Federal Tax Expense (Benefit)	–	–	–	$371M	$465M	-20.2%
Current Foreign Tax Expense (Benefit)	–	–	–	$3.18B	$2.67B	+19.3%
Current Income Tax Expense (Benefit)	–	–	–	$3.58B	–	–
Current State and Local Tax Expense (Benefit)	–	–	–	$31M	–	–
Debt Instrument, Unamortized Discount	$338M2025-12-31	$431M	-21.6%	$338M	$431M	-21.6%
Deferred Federal Income Tax Expense (Benefit)	–	–	–	-$817M	-$81M	-908.6%
Deferred Foreign Income Tax Expense (Benefit)	–	–	–	$10M	-$35M	+128.6%
Deferred Income Tax Assets, Net	$1.22B	$1.06B	+15.8%	$1.25B	$940M	+32.7%
Deferred Income Tax Expense (Benefit)	-$25M	-$159M	+84.3%	-$847M	-$123M	-588.6%
Deferred Income Tax Liabilities, Net	$1.98B	$2B	-0.8%	$2.07B	$2.52B	-18.0%
Deferred State and Local Income Tax Expense (Benefit)	–	–	–	-$40M	–	–
Deferred Tax Assets, Gross	$3.8B2025-12-31	$2.33B	+63.5%	$3.8B	$2.33B	+63.5%
Deferred Tax Assets, Inventory	$47M2025-12-31	$40M	+17.5%	$47M	$40M	+17.5%
Deferred Tax Assets, Net of Valuation Allowance	$2.09B2025-12-31	$1.2B	+75.1%	$2.09B	$1.2B	+75.1%
Deferred Tax Assets, Operating Loss Carryforwards	$1.54B2025-12-31	$912M	+69.1%	$1.54B	$912M	+69.1%
Deferred Tax Assets, Other	$325M2025-12-31	$62M	+424.2%	$325M	$62M	+424.2%
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Pensions	$189M2025-12-31	$384M	-50.8%	$189M	$384M	-50.8%
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Accrued Liabilities	$212M2025-12-31	$213M	-0.5%	$212M	$213M	-0.5%
Deferred Tax Assets, Unrealized Currency Losses	$451M2025-12-31	$0	–	$451M	$0	–
Deferred Tax Assets, Valuation Allowance	$1.71B2025-12-31	$1.13B	+51.2%	$1.71B	$1.13B	+51.2%
Deferred Tax Liabilities, Gross	$2.91B2025-12-31	$2.77B	+5.0%	$2.91B	$2.77B	+5.0%
Deferred Tax Liabilities, Intangible Assets	$1.94B2025-12-31	$1.86B	+4.0%	$1.94B	$1.86B	+4.0%
Deferred Tax Liabilities, Net	$818M2025-12-31	$1.58B	-48.1%	$818M	$1.58B	-48.1%
Deferred Tax Liabilities, Other	$02025-12-31	$0	–	$0	$0	–
Deferred Tax Liabilities, Property, Plant and Equipment	$165M2025-12-31	$152M	+8.6%	$165M	$152M	+8.6%
Deferred Tax Liabilities, Undistributed Foreign Earnings	$811M2025-12-31	$495M	+63.8%	$811M	$495M	+63.8%
Deferred Tax Liabilities, Unrealized Currency Transaction Gains	$02025-12-31	$264M	-100.0%	$0	$264M	-100.0%
Defined Benefit Plan, Accumulated Other Comprehensive (Income) Loss, Prior Service Cost (Credit), before Tax	-$48M2025-12-31	-$55M	+12.7%	-$48M	-$55M	+12.7%
Defined Benefit Plan, Accumulated Other Comprehensive Income (Loss), Gain (Loss), before Tax	-$1.69B2025-12-31	-$2.97B	+43.2%	-$1.69B	-$2.97B	+43.2%

Source: SEC companyfacts (XBRL of every 10-Q / 10-K). Cash-flow quarters are derived from the year-to-date figures the 10-Q tags. Segment breakdowns are tagged with dimensions and are shown in the segment section instead.

Sources

Statements, segment revenue, metrics, estimates: Financial Modeling Prep. Segment profits and every reported line: SEC EDGAR (XBRL). Filings read: 10-Q 2026-09-30, 10-Q 2026-06-30, 10-Q 2026-03-31, 10-K 2025-12-31, 10-Q 2025-09-30, 10-Q 2025-06-30, 10-Q 2025-03-31, 10-K 2024-12-31, 10-Q 2024-09-30

Data as of 2026-11-01