Philip Morris International (PM) FY2017 results: revenue $28.7 billion, up 7.7% on the year
Philip Morris International Inc. (PM) reported revenue of $28.7 billion for fiscal 2017, the year ended 31 December 2017, up 7.7% on the year before. Net income was $6.0 billion, down 13.4%, and diluted earnings per share $3.88. The figures are the company's own, from the 10-K it filed with the SEC on 7 February 2019.
Revenue
$28.7 billion
+7.7% on the year
FY2010FY2017
Operating margin
40.3%
40.9% a year earlier
FY2010FY2017
Net income
$6.0 billion
-13.4% on the year
FY2010FY2017
Diluted EPS
$3.88
-13.4% on the year
FY2010FY2017
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2017
FY2016
FY2015
On the year
Last 8 years
Revenue
28,748
26,685
73,908
+7.7%
Cost of revenue
10,432
9,391
9,365
+11.1%
Gross profit
18,316
17,294
17,429
+5.9%
Gross margin
63.7%
64.8%
23.6%
Research and development
453
429
423
+5.6%
Operating income
11,581
10,903
10,623
+6.2%
Operating margin
40.3%
40.9%
14.4%
Interest expense
1,096
1,069
1,132
+2.5%
Pre-tax income
10,589
9,924
9,615
+6.7%
Income tax
4,307
2,768
2,688
+55.6%
Effective tax rate
40.7%
27.9%
28.0%
Net income
6,035
6,967
6,873
-13.4%
Net margin
21.0%
26.1%
9.3%
Diluted EPS
$3.88
$4.48
$4.42
-13.4%
$ 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
FY2017
FY2016
FY2015
On the year
Last 8 years
Operating cash flow
8,912
8,077
7,865
+10.3%
Capital expenditure
1,548
1,172
960
+32.1%
Free cash flow
7,364
6,905
6,905
+6.6%
Free cash flow margin
25.6%
25.9%
9.3%
Cash from investing
-3,083
-834
-708
Cash from financing
-2,769
-5,413
-4,736
Depreciation and amortisation
875
743
754
+17.8%
Buybacks
0.0
0.0
48.0
Dividends paid
6,520
6,378
6,250
+2.2%
Dividend per share
$4.22
$4.12
$4.04
+2.4%
Diluted shares, weighted
1,553m
1,551m
1,549m
+0.1%
Balance sheet
$ million
FY2017
FY2016
FY2015
On the year
Last 8 years
Shareholders' equity
-12,086
-12,688
-13,244
Non-controlling interest
1,856
1,788
1,768
+3.8%
Debt
34,339
29,067
28,480
+18.1%
Other liabilities
18,859
18,684
16,952
+0.9%
Total liabilities and equity
42,968
36,851
33,956
+16.6%
Fixed assets
7,271
6,064
5,721
+19.9%
Goodwill
7,666
7,324
7,415
+4.7%
Intangible assets
2,432
2,470
2,623
-1.5%
Cash and equivalents
8,447
4,239
3,417
+99.3%
Receivables
3,194
3,499
2,778
-8.7%
Inventory
8,806
9,017
8,473
-2.3%
Other assets
5,152
4,238
3,529
+21.6%
Total assets
42,968
36,851
33,956
+16.6%
10-K for the year ended 31 December 2017, filed 7 February 2019: the filing.