Philip Morris International (PM) FY2021 results: revenue $31.4 billion, up 9.4% on the year
Philip Morris International Inc. (PM) reported revenue of $31.4 billion for fiscal 2021, the year ended 31 December 2021, up 9.4% on the year before. Net income was $9.1 billion, up 13.1%, and diluted earnings per share $5.83. The figures are the company's own, from the 10-K it filed with the SEC on 11 February 2022.
Revenue
$31.4 billion
+9.4% on the year
FY2014FY2021
Operating margin
41.3%
40.7% a year earlier
FY2014FY2021
Net income
$9.1 billion
+13.1% on the year
FY2014FY2021
Diluted EPS
$5.83
+13.0% on the year
FY2014FY2021
this yearthe year beforeHover a bar for its figure.
$ 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
FY2021
FY2020
FY2019
On the year
Last 8 years
Operating cash flow
11,967
9,812
10,090
+22.0%
Capital expenditure
748
602
852
+24.3%
Free cash flow
11,219
9,210
9,238
+21.8%
Free cash flow margin
35.7%
32.1%
31.0%
Cash from investing
-2,358
-1,154
-1,811
Cash from financing
-11,977
-8,496
-8,061
Depreciation and amortisation
998
981
964
+1.7%
Buybacks
775
0.0
0.0
Dividends paid
7,580
7,364
7,161
+2.9%
Dividend per share
$4.90
$4.74
$4.62
+3.4%
Diluted shares, weighted
1,559m
1,558m
1,556m
+0.1%
Balance sheet
$ million
FY2021
FY2020
FY2019
On the year
Last 8 years
Shareholders' equity
-10,106
-12,567
-11,577
Non-controlling interest
1,898
1,936
1,978
-2.0%
Debt
27,806
31,536
31,045
-11.8%
Operating lease liabilities
344
517
569
-33.5%
Finance lease liabilities
23.0
24.0
56.0
-4.2%
Other liabilities
21,325
23,369
20,804
-8.7%
Total liabilities and equity
41,290
44,815
42,875
-7.9%
Fixed assets
n/a
6,365
6,631
Goodwill
6,680
5,964
5,858
+12.0%
Intangible assets
2,818
2,019
2,113
+39.6%
Investments
4,463
4,798
4,635
-7.0%
Cash and equivalents
4,496
7,280
6,861
-38.2%
Receivables
3,123
2,905
3,080
+7.5%
Inventory
8,720
9,591
9,235
-9.1%
Other assets
10,990
5,893
4,462
+86.5%
Total assets
41,290
44,815
42,875
-7.9%
10-K for the year ended 31 December 2021, filed 11 February 2022: the filing.