Philip Morris International (PM) FY2018 results: revenue $29.6 billion, up 3.1% on the year
Philip Morris International Inc. (PM) reported revenue of $29.6 billion for fiscal 2018, the year ended 31 December 2018, up 3.1% on the year before. Net income was $7.9 billion, up 31.1%, and diluted earnings per share $5.08. The figures are the company's own, from the 10-K it filed with the SEC on 7 February 2019.
Revenue
$29.6 billion
+3.1% on the year
FY2011FY2018
Operating margin
38.4%
40.3% a year earlier
FY2011FY2018
Net income
$7.9 billion
+31.1% on the year
FY2011FY2018
Diluted EPS
$5.08
+30.9% on the year
FY2011FY2018
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Revenue
29,625
28,748
26,685
+3.1%
Cost of revenue
10,758
10,432
9,391
+3.1%
Gross profit
18,867
18,316
17,294
+3.0%
Gross margin
63.7%
63.7%
64.8%
Research and development
383
453
429
-15.5%
Operating income
11,377
11,581
10,903
-1.8%
Operating margin
38.4%
40.3%
40.9%
Interest expense
855
1,096
1,069
-22.0%
Pre-tax income
10,671
10,589
9,924
+0.8%
Income tax
2,445
4,307
2,768
-43.2%
Effective tax rate
22.9%
40.7%
27.9%
Net income
7,911
6,035
6,967
+31.1%
Net margin
26.7%
21.0%
26.1%
Diluted EPS
$5.08
$3.88
$4.48
+30.9%
$ 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
FY2018
FY2017
FY2016
On the year
Last 8 years
Operating cash flow
9,478
8,912
8,077
+6.4%
Capital expenditure
1,436
1,548
1,172
-7.2%
Free cash flow
8,042
7,364
6,905
+9.2%
Free cash flow margin
27.1%
25.6%
25.9%
Cash from investing
-998
-3,083
-834
Cash from financing
-9,651
-2,769
-5,413
Depreciation and amortisation
989
875
743
+13.0%
Buybacks
n/a
0.0
0.0
Dividends paid
6,885
6,520
6,378
+5.6%
Dividend per share
$4.49
$4.22
$4.12
+6.4%
Diluted shares, weighted
1,555m
1,553m
1,551m
+0.1%
Balance sheet
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Shareholders' equity
-12,459
-12,086
-12,688
Non-controlling interest
1,720
1,856
1,788
-7.3%
Debt
31,759
34,339
29,067
-7.5%
Other liabilities
18,781
18,859
18,684
-0.4%
Total liabilities and equity
39,801
42,968
36,851
-7.4%
Fixed assets
7,201
7,271
6,064
-1.0%
Goodwill
7,189
7,666
7,324
-6.2%
Intangible assets
2,278
2,432
2,470
-6.3%
Cash and equivalents
6,593
8,447
4,239
-21.9%
Receivables
2,950
3,194
3,499
-7.6%
Inventory
8,804
8,806
9,017
-0.0%
Other assets
4,786
5,152
4,238
-7.1%
Total assets
39,801
42,968
36,851
-7.4%
10-K for the year ended 31 December 2018, filed 7 February 2019: the filing.