Philip Morris International (PM) FY2024 results: revenue $37.9 billion, up 7.7% on the year
Philip Morris International Inc. (PM) reported revenue of $37.9 billion for fiscal 2024, the year ended 31 December 2024, up 7.7% on the year before. Net income was $7.1 billion, down 9.7%, and diluted earnings per share $4.52. The figures are the company's own, from the 10-K it filed with the SEC on 6 February 2025.
Revenue
$37.9 billion
+7.7% on the year
FY2017FY2024
Operating margin
35.4%
32.9% a year earlier
FY2017FY2024
Net income
$7.1 billion
-9.7% on the year
FY2017FY2024
Diluted EPS
$4.52
-10.0% on the year
FY2017FY2024
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
FY2024
FY2023
FY2022
On the year
Last 8 years
Operating cash flow
12,217
9,204
10,803
+32.7%
Capital expenditure
1,444
1,321
1,077
+9.3%
Free cash flow
10,773
7,883
9,726
+36.7%
Free cash flow margin
28.4%
22.4%
30.6%
Cash from investing
-1,092
-3,598
-15,679
Cash from financing
-9,481
-5,582
3,806
Depreciation and amortisation
1,787
1,398
1,077
+27.8%
Buybacks
0.0
0.0
209
Dividends paid
8,197
7,964
7,812
+2.9%
Dividend per share
$5.30
$5.14
$5.04
+3.1%
Diluted shares, weighted
1,556m
1,553m
1,552m
+0.2%
Balance sheet
$ million
FY2024
FY2023
FY2022
On the year
Last 8 years
Shareholders' equity
-11,750
-11,225
-8,957
Non-controlling interest
1,880
1,779
2,646
+5.7%
Debt
45,695
47,909
43,123
-4.6%
Operating lease liabilities
427
456
436
-6.4%
Finance lease liabilities
30.0
23.0
20.0
+30.4%
Other liabilities
25,502
26,362
24,413
-3.3%
Total liabilities and equity
61,784
65,304
61,681
-5.4%
Goodwill
16,600
16,779
19,655
-1.1%
Intangible assets
11,327
9,864
6,732
+14.8%
Investments
2,654
4,929
4,431
-46.2%
Cash and equivalents
4,216
3,060
3,207
+37.8%
Receivables
3,789
3,461
3,850
+9.5%
Inventory
9,453
10,774
9,886
-12.3%
Other assets
13,745
16,437
13,920
-16.4%
Total assets
61,784
65,304
61,681
-5.4%
10-K for the year ended 31 December 2024, filed 6 February 2025: the filing.