Philip Morris International (PM) FY2023 results: revenue $35.2 billion, up 10.7% on the year
Philip Morris International Inc. (PM) reported revenue of $35.2 billion for fiscal 2023, the year ended 31 December 2023, up 10.7% on the year before. Net income was $7.8 billion, down 13.6%, and diluted earnings per share $5.02. The figures are the company's own, from the 10-K it filed with the SEC on 8 February 2024.
Revenue
$35.2 billion
+10.7% on the year
FY2016FY2023
Operating margin
32.9%
38.6% a year earlier
FY2016FY2023
Net income
$7.8 billion
-13.6% on the year
FY2016FY2023
Diluted EPS
$5.02
-13.6% on the year
FY2016FY2023
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
FY2023
FY2022
FY2021
On the year
Last 8 years
Operating cash flow
9,204
10,803
11,967
-14.8%
Capital expenditure
1,321
1,077
748
+22.7%
Free cash flow
7,883
9,726
11,219
-18.9%
Free cash flow margin
22.4%
30.6%
35.7%
Cash from investing
-3,598
-15,679
-2,358
Cash from financing
-5,582
3,806
-11,977
Depreciation and amortisation
1,398
1,077
998
+29.8%
Buybacks
0.0
209
775
Dividends paid
7,964
7,812
7,580
+1.9%
Dividend per share
$5.14
$5.04
$4.90
+2.0%
Diluted shares, weighted
1,553m
1,552m
1,559m
+0.1%
Balance sheet
$ million
FY2023
FY2022
FY2021
On the year
Last 8 years
Shareholders' equity
-11,225
-8,957
-10,106
Non-controlling interest
1,779
2,646
1,898
-32.8%
Debt
47,909
43,123
27,806
+11.1%
Operating lease liabilities
456
436
344
+4.6%
Finance lease liabilities
23.0
20.0
23.0
+15.0%
Other liabilities
26,362
24,413
21,325
+8.0%
Total liabilities and equity
65,304
61,681
41,290
+5.9%
Goodwill
16,779
19,655
6,680
-14.6%
Intangible assets
9,864
6,732
2,818
+46.5%
Investments
4,929
4,431
4,463
+11.2%
Cash and equivalents
3,060
3,207
4,496
-4.6%
Receivables
3,461
3,850
3,123
-10.1%
Inventory
10,774
9,886
8,720
+9.0%
Other assets
16,437
13,920
10,990
+18.1%
Total assets
65,304
61,681
41,290
+5.9%
10-K for the year ended 31 December 2023, filed 8 February 2024: the filing.