Philip Morris International (PM) FY2016 results: revenue $26.7 billion, down 63.9% on the year
Philip Morris International Inc. (PM) reported revenue of $26.7 billion for fiscal 2016, the year ended 31 December 2016, down 63.9% on the year before. Net income was $7.0 billion, up 1.4%, and diluted earnings per share $4.48. The figures are the company's own, from the 10-K it filed with the SEC on 7 February 2019.
Revenue
$26.7 billion
-63.9% on the year
FY2009FY2016
Operating margin
40.9%
14.4% a year earlier
FY2009FY2016
Net income
$7.0 billion
+1.4% on the year
FY2009FY2016
Diluted EPS
$4.48
+1.4% on the year
FY2009FY2016
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2016
FY2015
FY2014
On the year
Last 8 years
Revenue
26,685
73,908
80,106
-63.9%
Cost of revenue
9,391
9,365
10,436
+0.3%
Gross profit
17,294
17,429
19,331
-0.8%
Gross margin
64.8%
23.6%
24.1%
Research and development
429
423
433
+1.4%
Operating income
10,903
10,623
11,702
+2.6%
Operating margin
40.9%
14.4%
14.6%
Interest expense
1,069
1,132
1,170
-5.6%
Pre-tax income
9,924
9,615
10,650
+3.2%
Income tax
2,768
2,688
3,097
+3.0%
Effective tax rate
27.9%
28.0%
29.1%
Net income
6,967
6,873
7,493
+1.4%
Net margin
26.1%
9.3%
9.4%
Diluted EPS
$4.48
$4.42
$4.76
+1.4%
$ 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
FY2016
FY2015
FY2014
On the year
Last 8 years
Operating cash flow
8,077
7,865
7,739
+2.7%
Capital expenditure
1,172
960
1,153
+22.1%
Free cash flow
6,905
6,905
6,586
0.0%
Free cash flow margin
25.9%
9.3%
8.2%
Cash from investing
-834
-708
-996
Cash from financing
-5,413
-4,736
-6,839
Depreciation and amortisation
743
754
889
-1.5%
Buybacks
0.0
48.0
3,833
Dividends paid
6,378
6,250
6,035
+2.0%
Dividend per share
$4.12
$4.04
$3.88
+2.0%
Diluted shares, weighted
1,551m
1,549m
n/a
+0.1%
Balance sheet
$ million
FY2016
FY2015
FY2014
On the year
Last 8 years
Shareholders' equity
-12,688
-13,244
-12,629
Non-controlling interest
1,788
1,768
1,426
+1.1%
Debt
29,067
28,480
29,455
+2.1%
Other liabilities
18,684
16,952
16,935
+10.2%
Total liabilities and equity
36,851
33,956
35,187
+8.5%
Fixed assets
6,064
5,721
6,071
+6.0%
Goodwill
7,324
7,415
8,388
-1.2%
Intangible assets
2,470
2,623
2,985
-5.8%
Cash and equivalents
4,239
3,417
1,682
+24.1%
Receivables
3,499
2,778
4,004
+26.0%
Inventory
9,017
8,473
8,592
+6.4%
Other assets
4,238
3,529
3,465
+20.1%
Total assets
36,851
33,956
35,187
+8.5%
10-K for the year ended 31 December 2016, filed 7 February 2019: the filing.