Philip Morris International (PM) FY2015 results: revenue $73.9 billion, down 7.7% on the year
Philip Morris International Inc. (PM) reported revenue of $73.9 billion for fiscal 2015, the year ended 31 December 2015, down 7.7% on the year before. Net income was $6.9 billion, down 8.3%, and diluted earnings per share $4.42. The figures are the company's own, from the 10-K it filed with the SEC on 17 February 2016.
Revenue
$73.9 billion
-7.7% on the year
FY2008FY2015
Operating margin
14.4%
14.6% a year earlier
FY2008FY2015
Net income
$6.9 billion
-8.3% on the year
FY2008FY2015
Diluted EPS
$4.42
-7.1% on the year
FY2008FY2015
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2015
FY2014
FY2013
On the year
Last 8 years
Revenue
73,908
80,106
80,029
-7.7%
Cost of revenue
9,365
10,436
10,410
-10.3%
Gross profit
17,429
19,331
20,807
-9.8%
Gross margin
23.6%
24.1%
26.0%
Research and development
423
433
449
-2.3%
Operating income
10,623
11,702
13,515
-9.2%
Operating margin
14.4%
14.6%
16.9%
Interest expense
1,132
1,170
1,104
-3.2%
Pre-tax income
9,615
10,650
12,542
-9.7%
Income tax
2,688
3,097
3,670
-13.2%
Effective tax rate
28.0%
29.1%
29.3%
Net income
6,873
7,493
8,576
-8.3%
Net margin
9.3%
9.4%
10.7%
Diluted EPS
$4.42
$4.76
$5.26
-7.1%
$ million except per share. Read moreFree 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.
Cash flow
$ million
FY2015
FY2014
FY2013
On the year
Last 8 years
Operating cash flow
7,865
7,739
10,135
+1.6%
Capital expenditure
960
1,153
1,200
-16.7%
Free cash flow
6,905
6,586
8,935
+4.8%
Free cash flow margin
9.3%
8.2%
11.2%
Cash from investing
-708
-996
-2,680
Cash from financing
-4,736
-6,839
-8,215
Depreciation and amortisation
754
889
882
-15.2%
Buybacks
48.0
3,833
5,963
-98.7%
Dividends paid
6,250
6,035
5,720
+3.6%
Dividend per share
$4.04
$3.88
$3.58
+4.1%
Diluted shares, weighted
1,549m
n/a
1,622m
Balance sheet
$ million
FY2015
FY2014
FY2013
On the year
Last 8 years
Shareholders' equity
-13,244
-12,629
-7,766
Non-controlling interest
1,768
1,426
1,492
+24.0%
Debt
28,480
29,455
27,678
-3.3%
Other liabilities
16,952
16,935
16,764
+0.1%
Total liabilities and equity
33,956
35,187
38,168
-3.5%
Fixed assets
5,721
6,071
6,755
-5.8%
Goodwill
7,415
8,388
8,893
-11.6%
Intangible assets
2,623
2,985
3,193
-12.1%
Cash and equivalents
3,417
1,682
2,154
+103.2%
Receivables
2,778
4,004
3,853
-30.6%
Inventory
8,473
8,592
9,846
-1.4%
Other assets
3,529
3,465
3,474
+1.8%
Total assets
33,956
35,187
38,168
-3.5%
10-K for the year ended 31 December 2015, filed 17 February 2016: the filing.