Philip Morris International (PM) FY2020 results: revenue $28.7 billion, down 3.7% on the year
Philip Morris International Inc. (PM) reported revenue of $28.7 billion for fiscal 2020, the year ended 31 December 2020, down 3.7% on the year before. Net income was $8.1 billion, up 12.1%, and diluted earnings per share $5.16. The figures are the company's own, from the 10-K it filed with the SEC on 9 February 2021.
Revenue
$28.7 billion
-3.7% on the year
FY2013FY2020
Operating margin
40.7%
35.3% a year earlier
FY2013FY2020
Net income
$8.1 billion
+12.1% on the year
FY2013FY2020
Diluted EPS
$5.16
+11.9% on the year
FY2013FY2020
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Revenue
28,694
29,805
29,625
-3.7%
Cost of revenue
9,569
10,513
10,758
-9.0%
Gross profit
19,125
19,292
18,867
-0.9%
Gross margin
66.7%
64.7%
63.7%
Research and development
495
465
383
+6.5%
Operating income
11,668
10,531
11,377
+10.8%
Operating margin
40.7%
35.3%
38.4%
Interest expense
728
796
855
-8.5%
Pre-tax income
10,953
9,872
10,671
+11.0%
Income tax
2,377
2,293
2,445
+3.7%
Effective tax rate
21.7%
23.2%
22.9%
Net income
8,056
7,185
7,911
+12.1%
Net margin
28.1%
24.1%
26.7%
Diluted EPS
$5.16
$4.61
$5.08
+11.9%
$ 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
FY2020
FY2019
FY2018
On the year
Last 8 years
Operating cash flow
9,812
10,090
9,478
-2.8%
Capital expenditure
602
852
1,436
-29.3%
Free cash flow
9,210
9,238
8,042
-0.3%
Free cash flow margin
32.1%
31.0%
27.1%
Cash from investing
-1,154
-1,811
-998
Cash from financing
-8,496
-8,061
-9,651
Depreciation and amortisation
981
964
989
+1.8%
Buybacks
0.0
0.0
n/a
Dividends paid
7,364
7,161
6,885
+2.8%
Dividend per share
$4.74
$4.62
$4.49
+2.6%
Diluted shares, weighted
1,558m
1,556m
1,555m
+0.1%
Balance sheet
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Shareholders' equity
-12,567
-11,577
-12,459
Non-controlling interest
1,936
1,978
1,720
-2.1%
Debt
31,536
31,045
31,759
+1.6%
Operating lease liabilities
517
569
n/a
-9.1%
Finance lease liabilities
24.0
56.0
n/a
-57.1%
Other liabilities
23,369
20,804
18,781
+12.3%
Total liabilities and equity
44,815
42,875
39,801
+4.5%
Fixed assets
6,365
6,631
7,201
-4.0%
Goodwill
5,964
5,858
7,189
+1.8%
Intangible assets
2,019
2,113
2,278
-4.4%
Investments
4,798
4,635
n/a
+3.5%
Cash and equivalents
7,280
6,861
6,593
+6.1%
Receivables
2,905
3,080
2,950
-5.7%
Inventory
9,591
9,235
8,804
+3.9%
Other assets
5,893
4,462
4,786
+32.1%
Total assets
44,815
42,875
39,801
+4.5%
10-K for the year ended 31 December 2020, filed 9 February 2021: the filing.