Philip Morris International (PM) FY2019 results: revenue $29.8 billion, up 0.6% on the year
Philip Morris International Inc. (PM) reported revenue of $29.8 billion for fiscal 2019, the year ended 31 December 2019, up 0.6% on the year before. Net income was $7.2 billion, down 9.2%, and diluted earnings per share $4.61. The figures are the company's own, from the 10-K it filed with the SEC on 7 February 2020.
Revenue
$29.8 billion
+0.6% on the year
FY2012FY2019
Operating margin
35.3%
38.4% a year earlier
FY2012FY2019
Net income
$7.2 billion
-9.2% on the year
FY2012FY2019
Diluted EPS
$4.61
-9.3% on the year
FY2012FY2019
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Revenue
29,805
29,625
28,748
+0.6%
Cost of revenue
10,513
10,758
10,432
-2.3%
Gross profit
19,292
18,867
18,316
+2.3%
Gross margin
64.7%
63.7%
63.7%
Research and development
465
383
453
+21.4%
Operating income
10,531
11,377
11,581
-7.4%
Operating margin
35.3%
38.4%
40.3%
Interest expense
796
855
1,096
-6.9%
Pre-tax income
9,872
10,671
10,589
-7.5%
Income tax
2,293
2,445
4,307
-6.2%
Effective tax rate
23.2%
22.9%
40.7%
Net income
7,185
7,911
6,035
-9.2%
Net margin
24.1%
26.7%
21.0%
Diluted EPS
$4.61
$5.08
$3.88
-9.3%
$ 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
FY2019
FY2018
FY2017
On the year
Last 8 years
Operating cash flow
10,090
9,478
8,912
+6.5%
Capital expenditure
852
1,436
1,548
-40.7%
Free cash flow
9,238
8,042
7,364
+14.9%
Free cash flow margin
31.0%
27.1%
25.6%
Cash from investing
-1,811
-998
-3,083
Cash from financing
-8,061
-9,651
-2,769
Depreciation and amortisation
964
989
875
-2.5%
Buybacks
0.0
n/a
0.0
Dividends paid
7,161
6,885
6,520
+4.0%
Dividend per share
$4.62
$4.49
$4.22
+2.9%
Diluted shares, weighted
1,556m
1,555m
1,553m
+0.1%
Balance sheet
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Shareholders' equity
-11,577
-12,459
-12,086
Non-controlling interest
1,978
1,720
1,856
+15.0%
Debt
31,045
31,759
34,339
-2.2%
Operating lease liabilities
569
n/a
n/a
Finance lease liabilities
56.0
n/a
n/a
Other liabilities
20,804
18,781
18,859
+10.8%
Total liabilities and equity
42,875
39,801
42,968
+7.7%
Fixed assets
6,631
7,201
7,271
-7.9%
Goodwill
5,858
7,189
7,666
-18.5%
Intangible assets
2,113
2,278
2,432
-7.2%
Investments
4,635
n/a
n/a
Cash and equivalents
6,861
6,593
8,447
+4.1%
Receivables
3,080
2,950
3,194
+4.4%
Inventory
9,235
8,804
8,806
+4.9%
Other assets
4,462
4,786
5,152
-6.8%
Total assets
42,875
39,801
42,968
+7.7%
10-K for the year ended 31 December 2019, filed 7 February 2020: the filing.