Philip Morris International Inc. (PM)
Philip Morris International sells cigarettes and smoke-free nicotine products internationally. It is a Virginia holding company incorporated in 1987 that became a United States public company listed on the New York Stock Exchange in March 2008. Its stated direction is a smoke-free future, and it says it has invested over $16 billion since 2008 to develop, scientifically substantiate and commercialise smoke-free products for adults who would otherwise keep smoking, with the goal of ending cigarette sales entirely. Total shipment volume in 2025 was 786.5 billion equivalent units, up 1.4% on 2024: 607.4 billion cigarettes, down 1.5%, and 179.1 billion smoke-free units, up 12.8%.
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Latest results
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The years before, in words
Philip Morris International (PM) reported revenue of $40.6 billion for fiscal 2025, the year ended 31 December 2025, up 7.3% on the year before. Net income was $11.3 billion and diluted earnings per share $7.26. Revenue was $37.9 billion in fiscal 2024, $35.2 billion in fiscal 2023, $31.8 billion in fiscal 2022 and $31.4 billion in fiscal 2021. Net income in the same years was $7.1 billion, $7.8 billion, $9.0 billion and $9.1 billion. Over the twelve months to 30 September 2026, Philip Morris International reported revenue of $43.1 billion and net income of $10.7 billion. Revenue grew 7.2% a year, compounded, over the five years to fiscal 2025. Philip Morris International declared $6.01 a share in dividends over the last four quarters and had 1.56 billion shares outstanding at the latest filed count. At 30 September 2026 it carried $47.6 billion of debt and $6.7 billion of cash. At the close of 6 November 2026 the market cap of Philip Morris International was $308.3 billion, 28.9 times its earnings over the last twelve months.Ratios
From the filings
ROEn/a
ROCEn/a
Operating margin38.6%
Net margin24.8%
FCF margin31.5%
Interest covern/a
Debt to equityn/a
Cash conversion1.42x
Share count, last 12 months0.1%
Sales CAGR, 3 years8.6%
Profit CAGR, 3 years7.8%
EPS, TTM$6.85
At the close of 6 November 2026
Price$197.83
Market cap$308.3 billion
Stock P/E28.9x
Price to bookn/a
EV / EBITDA18.7x
Dividend yield3.0%
Market cap / sales7.2x
52-week high$211.31
52-week low$147.81
Price, 1 year32.0%
Price CAGR, 3 years29.4%
Price CAGR, 5 years16.0%
29 ready-made ratios, from FCF yield to net debt to EBITDA, wait on the Formulas page, each with what it tells you. Browse and add them →
Worked from the filed figures; hover a name for the formula.
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The priced ones use the latest price, the last regular-hours trade on IEX. Debt to equity here stands on the borrowing lines of Philip Morris International Inc.'s balance sheet, added together, finance leases inside them only where the company puts them there; operating leases are a separate line. Nothing here is a valuation or a view.PMgreeksoup.ai
Daily prices to 6 November 2026, adjusted for splits; from 28 September 2026 each day's price is the last regular-hours trade on IEX.
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Data provided for free by IEX. By accessing or using IEX Historical Data, you agree to the IEX Historical Data Terms of Use. Day by day for the last three years; before that one point a week, carrying the week's last close and its average daily volume, so a volume bar means the same thing across the whole series; the bars sit under the price on their own scale, on the right. The moving averages need consecutive days and are drawn from the daily part. P/E is the close over the trailing four quarters' EPS as filed at each filing date, on the current share count; the dashed line is the median over the range shown. Sales and margin are quarterly revenue and the operating margin from the tables above. EV/EBITDA, price to book and market cap to sales use the latest filed balance sheet and share count at each date. Before the quarters on file begin, P/E, price to book and market cap to sales stand on each annual report from the day it was filed. Drawn in your browser; the range and overlay you pick are remembered here only.Quarterly results
| Q4 FY2021 * | Q1 FY2022 | Q2 FY2022 | Q3 FY2022 | Q4 FY2022 * | Q1 FY2023 | Q2 FY2023 | Q3 FY2023 | Q4 FY2023 * | Q1 FY2024 | Q2 FY2024 | Q3 FY2024 | Q4 FY2024 * | Q1 FY2025 † | Q2 FY2025 | Q3 FY2025 | Q4 FY2025 * | Q1 FY2026 | Q2 FY2026 | Q3 FY2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 8,104 | 7,746 | 7,832 | 8,032 | 8,152 | 8,019 | 8,967 | 9,141 | 9,047 | 8,793 | 9,468 | 9,911 | 9,706 | 9,301 | 10,140 | 10,845 | 10,362 | 10,146 | 11,192 | 11,438 |
| Cost of revenue | 2,807 | 2,608 | 2,648 | 2,935 | 3,211 | 3,038 | 3,228 | 3,165 | 3,462 | 3,195 | 3,345 | 3,366 | 3,423 | 3,031 | 3,279 | 3,487 | 3,560 | 3,241 | 3,533 | 3,584 |
| Gross profit | 5,297 | 5,138 | 5,184 | 5,097 | 4,941 | 4,981 | 5,739 | 5,976 | 5,585 | 5,598 | 6,123 | 6,545 | 6,283 | 6,261 | 6,861 | 7,358 | 6,802 | 6,905 | 7,659 | 7,854 |
| Gross margin | 65% | 66% | 66% | 63% | 61% | 62% | 64% | 65% | 62% | 64% | 65% | 66% | 65% | 67% | 68% | 68% | 66% | 68% | 68% | 69% |
| Operating income | 2,947 | 3,298 | 3,056 | 2,968 | 2,924 | 2,731 | 2,566 | 3,370 | 2,889 | 3,045 | 3,444 | 3,654 | 3,259 | 3,544 | 3,712 | 4,263 | 3,373 | 3,893 | 4,530 | 4,866 |
| Operating margin | 36% | 43% | 39% | 37% | 36% | 34% | 29% | 37% | 32% | 35% | 36% | 37% | 34% | 38% | 37% | 39% | 33% | 38% | 40% | 43% |
| Interest expense | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | 237 | 243 | 199 |
| Pre-tax income | 2,768 | 3,140 | 2,925 | 2,823 | 2,746 | 2,479 | 2,263 | 3,101 | 2,607 | 2,731 | 3,101 | 3,450 | 2,917 | 3,291 | 3,424 | 4,019 | 3,146 | 3,661 | 4,292 | 4,594 |
| Tax rate | 21% | 20% | 20% | 22% | 15% | 17% | 25% | 33% | 12% | 25% | 24% | 21% | 30% | 20% | 19% | 19% | 21% | 18% | 22% | 21% |
| Net income | 2,093 | 2,331 | 2,233 | 2,087 | 2,397 | 1,995 | 1,568 | 2,054 | 2,196 | 2,148 | 2,406 | 3,082 | -579 | 2,690 | 3,039 | 3,478 | 2,141 | 2,438 | 2,817 | 3,313 |
| Net margin | 26% | 30% | 29% | 26% | 29% | 25% | 17% | 22% | 24% | 24% | 25% | 31% | -6% | 29% | 30% | 32% | 21% | 24% | 25% | 29% |
| Diluted EPS | $1.34 | $1.50 | $1.43 | $1.34 | $1.54 | $1.28 | $1.01 | $1.32 | $1.41 | $1.38 | $1.54 | $1.97 | -$0.38 | $1.72 | $1.95 | $2.23 | $1.37 | $1.56 | $1.80 | $2.12 |
| Operating cash flow | 4,032 | 1,118 | 3,524 | 3,068 | 3,093 | -955 | 3,442 | 3,415 | 3,302 | 241 | 4,632 | 3,342 | 4,002 | -350 | 3,412 | 4,462 | 4,709 | -399 | 5,492 | 5,352 |
| Capital expenditure | 289 | 229 | 249 | 252 | 347 | 279 | 360 | 371 | 311 | 417 | 370 | 379 | 278 | 404 | 356 | 365 | 444 | 353 | 380 | 382 |
| Free cash flow | 3,743 | 889 | 3,275 | 2,816 | 2,746 | -1,234 | 3,082 | 3,044 | 2,991 | -176 | 4,262 | 2,963 | 3,724 | -754 | 3,056 | 4,097 | 4,265 | -752 | 5,112 | 4,970 |
| Buybacks | 681 | 209 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a |
| Dividends paid | 1,952 | 1,952 | 1,945 | 1,942 | 1,973 | 1,987 | 1,977 | 1,977 | 2,023 | 2,037 | 2,027 | 2,027 | 2,106 | 2,116 | 2,106 | 2,107 | 2,295 | 2,307 | 2,297 | 2,299 |
| Shares outstanding | 1,550m | 1,550m | 1,550m | 1,550m | 1,550m | 1,552m | 1,552m | 1,552m | 1,552m | 1,555m | 1,555m | 1,555m | 1,555m | 1,557m | 1,557m | 1,557m | 1,557m | 1,559m | 1,559m | 1,559m |
| Filing | 10-K | 10-Q | 10-Q | 10-Q | 10-K | 10-Q | 10-Q | 10-Q | 10-K | 10-Q | 10-Q | 10-Q | 10-K | 10-Q | 10-Q | 10-Q | 10-K | 10-Q | 10-Q | 10-Q |
Each quarter as filed, linked to its filing.
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* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.Income statement (profit and loss)
Play it forward: change any box and its column follows; every box opens at the company's own record, shown under the row's name, and says when you set it outside every year in the table.
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Each column runs from the last twelve months as filed to the year chosen in its heading, at a yearly rate. Sales growth starts at the company's own five-year rate and eases a third of the way each year toward the median of the 2509 US companies covered here (8.7% a year), because a rate far from the rest rarely lasts. Before you open a year, the strip reads today's price backwards: the yearly sales growth that brings EPS, at the company's own margins, tax and share count, to today's price at the median P/E of the 1981 US companies covered here (19.6). Low, middle, high opens three columns for one year: the low and high cases take the company's own weaker and stronger years in the table (the lower and upper quarter of its yearly sales growth and operating margin) and the lower and higher of today's P/E and its peers'; the middle is the boxes as they open. Net income keeps the share that went to minority holders; EPS is net income over the diluted shares, on the same basis as the EPS in the table. The price is that year's EPS at the P/E you set, and the yearly return runs from today's price to the year's end. These are your assumptions and your arithmetic, not an estimate of ours. The link carries your columns, so you can send the forecast to someone.| FY2007 | FY2008 | FY2009 | FY2010 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 † | FY2017 † | FY2018 | FY2019 | FY2020 † | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 55,243 | 63,640 | 62,080 | 67,713 | 76,346 | 77,393 | 80,029 | 80,106 | 73,908 | 26,685 | 28,748 | 29,625 | 29,805 | 28,694 | 31,405 | 31,762 | 35,174 | 37,878 | 40,648 | 43,138 |
| Cost of revenue | 8,711 | 9,328 | 9,022 | 9,713 | 10,678 | 10,373 | 10,410 | 10,436 | 9,365 | 9,391 | 10,432 | 10,758 | 10,513 | 9,569 | 10,030 | 11,402 | 12,893 | 13,329 | 13,366 | 13,918 |
| Gross profit | 14,099 | 16,377 | 16,013 | 17,495 | 20,419 | 21,004 | 20,807 | 19,331 | 17,429 | 17,294 | 18,316 | 18,867 | 19,292 | 19,125 | 21,375 | 20,360 | 22,281 | 24,549 | 27,282 | 29,220 |
| Gross margin | 25.5% | 25.7% | 25.8% | 25.8% | 26.7% | 27.1% | 26.0% | 24.1% | 23.6% | 64.8% | 63.7% | 63.7% | 64.7% | 66.7% | 68.1% | 64.1% | 63.3% | 64.8% | 67.1% | 67.7% |
| Research and development | n/a | 334 | 335 | 391 | 413 | 415 | 449 | 433 | 423 | 429 | 453 | 383 | 465 | 495 | 617 | 642 | 709 | 759 | 756 | n/a |
| Operating income | 8,894 | 10,248 | 10,040 | 11,200 | 13,332 | 13,846 | 13,515 | 11,702 | 10,623 | 10,903 | 11,581 | 11,377 | 10,531 | 11,668 | 12,975 | 12,246 | 11,556 | 13,402 | 14,892 | 16,662 |
| Operating margin | 16.1% | 16.1% | 16.2% | 16.5% | 17.5% | 17.9% | 16.9% | 14.6% | 14.4% | 40.9% | 40.3% | 38.4% | 35.3% | 40.7% | 41.3% | 38.6% | 32.9% | 35.4% | 36.6% | 38.6% |
| Interest expense | n/a | 528 | 905 | 974 | 934 | 1,007 | 1,104 | 1,170 | 1,132 | 1,069 | 1,096 | 855 | 796 | 728 | 737 | 768 | 1,526 | 1,763 | 1,587 | n/a |
| Pre-tax income | n/a | 9,937 | 9,243 | 10,324 | 12,532 | 12,987 | 12,542 | 10,650 | 9,615 | 9,924 | 10,589 | 10,671 | 9,872 | 10,953 | 12,232 | 11,634 | 10,450 | 12,199 | 13,880 | 15,693 |
| Income tax | 2,570 | 2,787 | 2,691 | 2,826 | 3,653 | 3,833 | 3,670 | 3,097 | 2,688 | 2,768 | 4,307 | 2,445 | 2,293 | 2,377 | 2,671 | 2,244 | 2,339 | 3,017 | 2,737 | 3,292 |
| Effective tax rate | n/a | 28.0% | 29.1% | 27.4% | 29.1% | 29.5% | 29.3% | 29.1% | 28.0% | 27.9% | 40.7% | 22.9% | 23.2% | 21.7% | 21.8% | 19.3% | 22.4% | 24.7% | 19.7% | 21.0% |
| Net income | 6,038 | 6,890 | 6,342 | 7,259 | 8,591 | 8,800 | 8,576 | 7,493 | 6,873 | 6,967 | 6,035 | 7,911 | 7,185 | 8,056 | 9,109 | 9,048 | 7,813 | 7,057 | 11,348 | 10,709 |
| Net margin | 10.9% | 10.8% | 10.2% | 10.7% | 11.3% | 11.4% | 10.7% | 9.4% | 9.3% | 26.1% | 21.0% | 26.7% | 24.1% | 28.1% | 29.0% | 28.5% | 22.2% | 18.6% | 27.9% | 24.8% |
| Diluted EPS | $2.86 | $3.31 | $3.24 | $3.92 | $4.85 | $5.17 | $5.26 | $4.76 | $4.42 | $4.48 | $3.88 | $5.08 | $4.61 | $5.16 | $5.83 | $5.81 | $5.02 | $4.52 | $7.26 | $6.85 |
| Filing | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K |
From each year's 10-K, linked; TTM is the last four quarters.
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Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are. † The year as the company last restated it in a later filing; rest on a figure for the one first filed. EPS is as filed.Revenue by segment FY2019 to FY2025
| FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | Share of the parts, latest year | |
|---|---|---|---|---|---|---|---|---|
| Europe | n/a | n/a | 13,155 | 12,972 | 14,537 | 15,690 | 17,111 | 42.1% |
| SSEA, CIS & MEA | n/a | n/a | 9,858 | 10,467 | 10,629 | 11,261 | 12,051 | 29.6% |
| EA, AU & PMI GTR | n/a | n/a | n/a | n/a | 6,201 | 6,393 | 6,632 | 16.3% |
| Americas | 2,206 | 1,701 | 1,843 | 2,116 | 3,807 | 4,534 | 4,854 | 11.9% |
| EA, AU & PMI DF | n/a | n/a | 6,448 | 5,936 | n/a | n/a | n/a | n/a |
| East Asia & Australia | 5,364 | 5,429 | n/a | n/a | n/a | n/a | n/a | n/a |
| Eastern Europe | 3,282 | 3,378 | n/a | n/a | n/a | n/a | n/a | n/a |
| European Union | 9,817 | 10,702 | n/a | n/a | n/a | n/a | n/a | n/a |
| Middle East & Africa | 4,042 | 3,088 | n/a | n/a | n/a | n/a | n/a | n/a |
| Other | 0 | n/a | n/a | n/a | n/a | n/a | n/a | n/a |
| South & Southeast Asia | 5,094 | 4,396 | n/a | n/a | n/a | n/a | n/a | n/a |
| Swedish Match | n/a | 0 | 0 | n/a | n/a | n/a | n/a | n/a |
| Wellness & Healthcare | n/a | 0 | n/a | n/a | n/a | n/a | n/a | n/a |
| Wellness and Healthcare | n/a | n/a | 101 | 271 | n/a | n/a | n/a | n/a |
Europe FY2021 to FY2025SSEA, CIS & MEA FY2021 to FY2025EA, AU & PMI GTR FY2023 to FY2025AmericasEA, AU & PMI DF FY2021 to FY2022Wellness and Healthcare FY2021 to FY2022European Union FY2019 to FY2020East Asia & Australia FY2019 to FY2020South & Southeast Asia FY2019 to FY2020Middle East & Africa FY2019 to FY2020Eastern Europe FY2019 to FY2020
$ billion; hover a block for its figure and share; a part named with years is one the company split its revenue into only then
From the company's 10-Ks, in its own words (latest 10-K).
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Each year's figures come from the most recent 10-K that includes that year. A year is shown only where the parts add up to the revenue above. Fiscal years are labelled by the year they end in.Profit by segment FY2019 to FY2025
The operating profit each segment reports. Costs Philip Morris International does not charge to a segment are left out, so the segments can add up to more than the company's own operating profit.
| FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | Margin FY2025 | |
|---|---|---|---|---|---|---|---|---|
| Europe | n/a | n/a | 6,409 | 5,776 | 5,299 | 6,547 | 7,165 | 41.9% |
| SSEA, CIS & MEA | n/a | n/a | 3,295 | 3,864 | 3,136 | 3,429 | 4,096 | 34.0% |
| EA, AU & PMI GTR | n/a | n/a | n/a | n/a | 2,539 | 2,878 | 3,126 | 47.1% |
| Americas | 235 | 564 | 487 | 440 | 582 | 548 | 505 | 10.4% |
| EA, AU & PMI DF | n/a | n/a | 2,836 | 2,424 | n/a | n/a | n/a | n/a |
| East Asia & Australia | 1,932 | 2,400 | n/a | n/a | n/a | n/a | n/a | n/a |
| Eastern Europe | 547 | 871 | n/a | n/a | n/a | n/a | n/a | n/a |
| European Union | 3,970 | 5,098 | n/a | n/a | n/a | n/a | n/a | n/a |
| Middle East & Africa | 1,684 | 1,026 | n/a | n/a | n/a | n/a | n/a | n/a |
| Other | 0 | n/a | n/a | n/a | n/a | n/a | n/a | n/a |
| South & Southeast Asia | 2,163 | 1,709 | n/a | n/a | n/a | n/a | n/a | n/a |
| Swedish Match | n/a | 0 | 0 | n/a | n/a | n/a | n/a | n/a |
| Wellness & Healthcare | n/a | 0 | n/a | n/a | n/a | n/a | n/a | n/a |
| Wellness and Healthcare | n/a | n/a | -52 | -258 | n/a | n/a | n/a | n/a |
Europe FY2021 to FY2025European Union FY2019 to FY2020SSEA, CIS & MEA FY2021 to FY2025East Asia & Australia FY2019 to FY2020EA, AU & PMI GTR FY2023 to FY2025EA, AU & PMI DF FY2021 to FY2022South & Southeast Asia FY2019 to FY2020AmericasMiddle East & Africa FY2019 to FY2020Wellness and Healthcare FY2021 to FY2022Eastern Europe FY2019 to FY2020
$ billion; the figure over a bar is all the segments together; a year a segment lost money, it hangs below the line. Hover a block for its profit, sales and margin.
FY2025Share of salesShare of profit
Europe42%48%
SSEA, CIS & MEA30%28%
EA, AU & PMI GTR16%21%
Americas12%3%
Each column adds to 100%. A segment with a bigger share of the profit than of the sales makes more on each dollar it sells.
From the company's 10-Ks, in its own words (latest 10-K).
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Each year's figures come from the most recent 10-K that includes that year. A year is shown only where every segment with sales that year has an operating profit figure. A margin is a segment's operating profit over its own sales.Revenue by product or service FY2016 to FY2025
| FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | Share of the parts, latest year | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Combustible Tobacco Products | n/a | n/a | n/a | n/a | n/a | 22,067 | 21,572 | 22,334 | 23,218 | 23,794 | 58.5% |
| Smoke-Free Products | n/a | n/a | n/a | n/a | 6,947 | 9,338 | 10,190 | 12,840 | 14,660 | 16,854 | 41.5% |
| Combustible Products | 25,952 | 25,107 | 25,529 | 24,218 | 21,747 | n/a | n/a | n/a | n/a | n/a | n/a |
| Reduced-Risk Products | 733 | 3,640 | 4,096 | 5,587 | n/a | n/a | n/a | n/a | n/a | n/a | n/a |
Combustible Tobacco Products FY2021 to FY2025Smoke-Free Products FY2020 to FY2025Combustible Products FY2016 to FY2020Reduced-Risk Products FY2016 to FY2019
$ billion; hover a block for its figure and share; a part named with years is one the company split its revenue into only then
From the company's 10-Ks, in its own words (latest 10-K).
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Each year's figures come from the most recent 10-K that includes that year. A year is shown only where the parts add up to the revenue above. Fiscal years are labelled by the year they end in.Cash flow
Follow the cash: free cash flow, which is operating cash flow less capital expenditure and share-based pay, for five years and after, in today's money.
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The figure a share at the top is what a discounted cash flow calls intrinsic value, worked out on your assumptions. Everything after year five is one sum: the sixth year's cash, growing at the long-run rate every year after, added up and brought back to today's money. Each year runs from the last twelve months as filed. Sales growth opens where Play it forward does: the company's own five-year rate, easing a third of the way each year toward the median of the 2509 US companies covered here (8.7% a year); change a year and the years after it follow. Operating cash flow, capital expenditure and share-based pay open at the company's own median share of sales over its last five years, shown under each row. Share-based pay is taken off because operating cash flow adds back the shares paid to staff as if they cost nothing; set it to 0 to leave it in. Capital spending counts every capital line the company files in its cash flow, such as equipment it leases to customers, software, wells or property it develops, named under the row, while the Capital expenditure row in the table below stays the one line as filed; buying a business, securities or a finished property is not counted. The discount rate opens at 10%, about what US stocks have returned a year over the long run, so it is the return you give up by holding this company instead of the market; the growth after year five opens at 3%, a little under the US economy's long-run growth in dollars, because no company outgrows it for ever. Net debt is the debt and short-term borrowings less the cash on the latest balance sheet that shows the debt; the figure per share divides what is left by the diluted share count. These are your assumptions and your arithmetic, not an estimate of ours. The link carries them, so you can send them to someone.| FY2007 | FY2008 | FY2009 | FY2010 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 † | FY2017 † | FY2018 | FY2019 | FY2020 † | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | 5,550 | 7,935 | 7,884 | 9,437 | 10,529 | 9,421 | 10,135 | 7,739 | 7,865 | 8,077 | 8,912 | 9,478 | 10,090 | 9,812 | 11,967 | 10,803 | 9,204 | 12,217 | 12,233 | 15,154 |
| Capital expenditure | 1,072 | 1,099 | 715 | 713 | 897 | 1,056 | 1,200 | 1,153 | 960 | 1,172 | 1,548 | 1,436 | 852 | 602 | 748 | 1,077 | 1,321 | 1,444 | 1,569 | 1,559 |
| Free cash flow | 4,478 | 6,836 | 7,169 | 8,724 | 9,632 | 8,365 | 8,935 | 6,586 | 6,905 | 6,905 | 7,364 | 8,042 | 9,238 | 9,210 | 11,219 | 9,726 | 7,883 | 10,773 | 10,664 | 13,595 |
| Free cash flow margin | 8.1% | 10.7% | 11.5% | 12.9% | 12.6% | 10.8% | 11.2% | 8.2% | 9.3% | 25.9% | 25.6% | 27.1% | 31.0% | 32.1% | 35.7% | 30.6% | 22.4% | 28.4% | 26.2% | 31.5% |
| Cash from investing | -2,586 | -3,161 | -1,098 | -710 | -1,032 | -992 | -2,680 | -996 | -708 | -834 | -3,083 | -998 | -1,811 | -1,154 | -2,358 | -15,679 | -3,598 | -1,092 | -3,967 | -912 |
| Cash from financing | -3,594 | -4,178 | -6,911 | -8,578 | -8,338 | -8,100 | -8,215 | -6,839 | -4,736 | -5,413 | -2,769 | -9,651 | -8,061 | -8,496 | -11,977 | 3,806 | -5,582 | -9,481 | -8,132 | -11,401 |
| Depreciation and amortisation | 748 | 842 | 853 | 932 | 993 | 898 | 882 | 889 | 754 | 743 | 875 | 989 | 964 | 981 | 998 | 1,077 | 1,398 | 1,787 | 1,996 | 2,055 |
| Share-based compensation | n/a | 68.0 | 93.0 | 127 | 162 | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a |
| Buybacks | 0.0 | 5,256 | 5,625 | 5,030 | 5,372 | 6,525 | 5,963 | 3,833 | 48.0 | 0.0 | 0.0 | n/a | 0.0 | 0.0 | 775 | 209 | 0.0 | 0.0 | n/a | n/a |
| Dividends paid | 0.0 | 2,060 | 4,327 | 4,423 | 4,788 | 5,404 | 5,720 | 6,035 | 6,250 | 6,378 | 6,520 | 6,885 | 7,161 | 7,364 | 7,580 | 7,812 | 7,964 | 8,197 | 8,624 | 9,198 |
| Dividend per share | n/a | $1.54 | $2.24 | $2.44 | $2.82 | $3.24 | $3.58 | $3.88 | $4.04 | $4.12 | $4.22 | $4.49 | $4.62 | $4.74 | $4.90 | $5.04 | $5.14 | $5.30 | $5.64 | n/a |
| Diluted shares, weighted | n/a | 2,076m | 1,950m | 1,842m | 1,762m | 1,692m | 1,622m | n/a | 1,549m | 1,551m | 1,553m | 1,555m | 1,556m | 1,558m | 1,559m | 1,552m | 1,553m | 1,556m | 1,558m | 1,560m |
| Shares outstanding at period end | n/a | 2,007m | 1,887m | 1,802m | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | 1,559m |
| Filing | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K |
Cash paid in the year, from the cash flow statement.
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The dividend per share is as declared. Diluted shares are the weighted average for the year; a falling count is the buybacks net of issuance. TTM sums the last four quarters; the share counts are the latest quarter's.Balance sheet
| FY2007 | FY2008 | FY2009 | FY2010 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 † | FY2017 † | FY2018 | FY2019 | FY2020 † | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Funded by | ||||||||||||||||||||
| Shareholders' equity | 16,013 | 7,500 | 5,716 | 3,506 | 229 | -3,476 | -7,766 | -12,629 | -13,244 | -12,688 | -12,086 | -12,459 | -11,577 | -12,567 | -10,106 | -8,957 | -11,225 | -11,750 | -9,994 | -7,937 |
| Non-controlling interest | n/a | 404 | 429 | 427 | 322 | 322 | 1,492 | 1,426 | 1,768 | 1,788 | 1,856 | 1,720 | 1,978 | 1,936 | 1,898 | 2,646 | 1,779 | 1,880 | 1,966 | 1,992 |
| Redeemable equity | n/a | n/a | n/a | n/a | 1,212 | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a |
| Short-term borrowings | n/a | 375 | 1,662 | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a |
| Debt | n/a | 11,586 | 13,754 | 16,502 | 18,545 | 22,839 | 27,678 | 29,455 | 28,480 | 29,067 | 34,339 | 31,759 | 31,045 | 31,536 | 27,806 | 43,123 | 47,909 | 45,695 | 48,835 | 47,562 |
| Operating lease liabilities | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | 569 | 517 | 344 | 436 | 456 | 427 | 526 | n/a |
| Finance lease liabilities | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | 56.0 | 24.0 | 23.0 | 20.0 | 23.0 | 30.0 | 49.0 | n/a |
| Other liabilities | n/a | 13,107 | 12,991 | 14,615 | 15,180 | 17,985 | 16,764 | 16,935 | 16,952 | 18,684 | 18,859 | 18,781 | 20,804 | 23,369 | 21,325 | 24,413 | 26,362 | 25,502 | 27,803 | 25,113 |
| Total liabilities and equity | n/a | 32,972 | 34,552 | 35,050 | 35,488 | 37,670 | 38,168 | 35,187 | 33,956 | 36,851 | 42,968 | 39,801 | 42,875 | 44,815 | 41,290 | 61,681 | 65,304 | 61,784 | 69,185 | 66,730 |
| Owned | ||||||||||||||||||||
| Fixed assets | n/a | 6,348 | 6,390 | 6,499 | 6,250 | 6,645 | 6,755 | 6,071 | 5,721 | 6,064 | 7,271 | 7,201 | 6,631 | 6,365 | n/a | n/a | n/a | n/a | n/a | n/a |
| Goodwill | n/a | 8,015 | 9,112 | 10,161 | 9,928 | 9,900 | 8,893 | 8,388 | 7,415 | 7,324 | 7,666 | 7,189 | 5,858 | 5,964 | 6,680 | 19,655 | 16,779 | 16,600 | 17,264 | 16,789 |
| Intangible assets | n/a | 3,084 | 3,546 | 3,873 | 3,697 | 3,619 | 3,193 | 2,985 | 2,623 | 2,470 | 2,432 | 2,278 | 2,113 | 2,019 | 2,818 | 6,732 | 9,864 | 11,327 | 10,884 | 9,824 |
| Investments | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | 4,635 | 4,798 | 4,463 | 4,431 | 4,929 | 2,654 | 2,891 | 1,975 |
| Cash and equivalents | 1,501 | 1,531 | 1,540 | 1,703 | 2,550 | 2,983 | 2,154 | 1,682 | 3,417 | 4,239 | 8,447 | 6,593 | 6,861 | 7,280 | 4,496 | 3,207 | 3,060 | 4,216 | 4,872 | 6,683 |
| Receivables | n/a | 2,848 | 3,098 | 3,009 | 3,201 | 3,589 | 3,853 | 4,004 | 2,778 | 3,499 | 3,194 | 2,950 | 3,080 | 2,905 | 3,123 | 3,850 | 3,461 | 3,789 | 4,572 | 5,156 |
| Inventory | n/a | 9,664 | 9,207 | 8,317 | 8,120 | 8,949 | 9,846 | 8,592 | 8,473 | 9,017 | 8,806 | 8,804 | 9,235 | 9,591 | 8,720 | 9,886 | 10,774 | 9,453 | 11,478 | 10,326 |
| Other assets | n/a | 1,482 | 1,659 | 1,488 | 1,742 | 1,985 | 3,474 | 3,465 | 3,529 | 4,238 | 5,152 | 4,786 | 4,462 | 5,893 | 10,990 | 13,920 | 16,437 | 13,745 | 17,224 | 15,977 |
| Total assets | n/a | 32,972 | 34,552 | 35,050 | 35,488 | 37,670 | 38,168 | 35,187 | 33,956 | 36,851 | 42,968 | 39,801 | 42,875 | 44,815 | 41,290 | 61,681 | 65,304 | 61,784 | 69,185 | 66,730 |
| Filing | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | |
At the fiscal year end; the TTM column is the latest quarter end.
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Both totals are the company's own. Other liabilities is the filed total less the rows above it: payables, deferred revenue, taxes, borrowings the rows above do not carry and the rest; other assets is the same on the other side. Investments add the current and non-current lines as filed. Debt is the company's own stated total where it files one, otherwise its long-term debt with the current maturities, never parts added together. A row is left blank in a year where the lines shown overlap and the remainder would fall below nil.Compounded growth
| 10 years | 5 years | 3 years | TTM | |
|---|---|---|---|---|
| Sales growth, compounded | -5.8% | 7.2% | 8.6% | 7.9% |
| Profit growth, compounded | 5.1% | 7.1% | 7.8% | 24.1% |
| Return on equity, average | n/a | n/a | n/a | n/a |
Yearly growth, compounded; TTM is the last four quarters against the four before.
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Return on equity is net income over shareholders' equity at each year end, averaged over the window (the TTM column is the latest year alone); equity is the parent's shareholders' equity as tagged in the 10-K. Arithmetic on filed numbers, nothing forecast.Questions
What was Philip Morris International's revenue in fiscal 2025?
Philip Morris International (PM) reported revenue of $40.6 billion for fiscal 2025, the year ended 31 December 2025, up 7.3% on the year before.
How much did Philip Morris International earn in fiscal 2025?
Net income was $11.3 billion for fiscal 2025, and diluted earnings per share $7.26.
What is Philip Morris International's P/E ratio?
At the close of 6 November 2026, Philip Morris International traded at 28.9 times its earnings over the twelve months to 30 September 2026.
What is Philip Morris International's market cap?
The market cap of Philip Morris International was $308.3 billion at the close of 6 November 2026.
Does Philip Morris International pay a dividend?
Yes. Philip Morris International declared $6.01 a share in dividends over the four quarters to 30 September 2026.
Peers: Tobacco Products
| Company | Market cap | P/E | ROE | Op. margin | Sales growth TTM | Debt to equity | Div. yield |
|---|---|---|---|---|---|---|---|
| Philip Morris International Inc. PM | $308.3 billion | 28.88 | n/a | 38.6% | 7.9% | n/a | 3.0% |
| British American Tobacco p.l.c. BTI * | $132.3 billion | 13.02 | 16.9% | 39.0% | -1.0% | 0.76 | 5.2% |
| Altria Group, Inc. MO | $126.6 billion | 15.73 | n/a | 47.0% | 0.5% | n/a | 5.6% |
| Turning Point Brands, Inc. TPB | $1.3 billion | 28.04 | 9.8% | 14.8% | 24.5% | 0.65 | 0.5% |
| Ispire Technology Inc. ISPR | $89 million | n/a | n/a | -33.9% | -24.7% | n/a | n/a |
3 companies share its SEC industry code (Cigarettes); the rest are the names nearest in size in its wider industry, Tobacco Products, one of the Fama-French 48 industries, a published grouping of SEC industry codes.
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By market capitalisation; a click on a heading sorts by it, largest first, and a second click turns it round. Each figure is the same arithmetic as the ratio box above, on each company's own filings and latest close; a name marked * is a foreign company that files once a year, on its latest fiscal year.The public record on PM
| Dividends | $6.01 a share over the four quarters to 30 September 2026, a 3.04% yield |
| Filings | 41 in twelve months: 26 current reports (8-K), about 15 regulation FD disclosure; 4 results of operations; 3 officer or director change; 3 other events; 1 shareholder vote |
| Planned insider sales | 7 Form 144 notices in twelve months, $28.8 million; latest 20 February 2026 |
| Options tape | put/call 0.88 by open interest at the 6 November 2026 close; the straddle prices a 3.2% move to 13 November 2026 |
| 13F holders | 2,946 funds reported a position for the quarter to 30 June 2026; largest Capital World Investors |
| Insider trading | 7 sales and 0 purchases on Form 4 in twelve months |
| Congress | 0 House trades disclosed in six months |
| Short interest | 17.3 million shares short, 3.89 days to cover at 15 October 2026 |
| Documents | the 10-K, the 10-Qs, the proxy and 4 earnings press releases, each linked |
Filings
| Filing | Period | Filed | Where |
|---|---|---|---|
| 10-Q | 30 September 2026 | 23 October 2026 | EDGAR |
| 10-Q | 30 June 2026 | 24 July 2026 | EDGAR |
| 10-Q | 31 March 2026 | 24 April 2026 | EDGAR |
| 10-K | 31 December 2025 | 6 February 2026 | EDGAR |
| 10-Q | 30 September 2025 | 24 October 2025 | EDGAR |
| 10-Q | 30 June 2025 | 25 July 2025 | EDGAR |
| 10-Q | 31 March 2025 | 24 April 2025 | EDGAR |
| 10-K | 31 December 2024 | 6 February 2025 | EDGAR |
| 10-Q | 30 September 2024 | 24 October 2024 | EDGAR |
| 10-Q | 30 June 2024 | 25 July 2024 | EDGAR |
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