Logo

PM

Philip Morris International Inc.

PM

Philip Morris International Inc. • NYSE
$157.44 ▲ 0.61% (+0.95)
Market Cap $245.07 B
52w High $186.69
52w Low $116.12
Dividend Yield 5.52%
P/E 22.46
Volume 1.88M
Outstanding Shares 1.56B

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $10.845B ▲ $3.095B ▼ $3.478B ▲ 32.07% ▲ $2.23 ▲ $5.14B ▲
Q2-2025 $10.14B ▲ $3.108B ▲ $3.031B ▲ 29.892% ▲ $1.95 ▲ $4.191B ▲
Q1-2025 $9.249B ▼ $2.193B ▼ $2.682B ▲ 28.998% ▲ $1.72 ▲ $4.012B ▼
Q4-2024 $9.706B ▼ $3.024B ▲ $-579M ▼ -5.965% ▼ $-0.37 ▼ $4.34B ▲
Q3-2024 $9.911B $2.891B $3.082B 31.097% $1.98 $4.137B

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $4.037B ▼ $67.061B ▼ $76.045B ▼ $-10.914B ▲
Q2-2025 $4.176B ▼ $68.506B ▲ $78.518B ▲ $-11.966B ▼
Q1-2025 $4.476B ▲ $65.079B ▲ $74.005B ▲ $-10.901B ▲
Q4-2024 $4.216B ▼ $61.784B ▼ $71.654B ▼ $-11.75B ▼
Q3-2024 $4.258B $66.892B $74.605B $-9.694B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $3.613B ▲ $4.462B ▲ $-607M ▲ $708M ▲ $-193M ▲ $4.097B ▲
Q2-2025 $3.148B ▲ $3.412B ▲ $-2.498B ▼ $-1.379B ▼ $-300M ▼ $3.056B ▲
Q1-2025 $2.837B ▲ $-350M ▼ $-434M ▼ $671M ▲ $222M ▲ $-754M ▼
Q4-2024 $-486M ▼ $4.002B ▲ $441M ▲ $-4.103B ▼ $-47M ▲ $3.724B ▲
Q3-2024 $3.215B $3.342B $-1.003B $-2.981B $-575M $2.963B

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Combustible Products
Combustible Products
 $5.82Bn ▲$5.41Bn ▼$5.98Bn ▲$6.40Bn ▲
ReducedRisk Products
ReducedRisk Products
 $3.89Bn ▲$3.90Bn ▲$4.16Bn ▲$4.45Bn ▲

Five-Year Company Overview

Income Statement

Income Statement Revenue has grown steadily over the past five years, and profit from core operations has also moved up, showing that the main business remains economically strong. However, bottom‑line earnings per share have slipped from their earlier peak, even as sales rose, suggesting pressure from higher financing costs, integration of acquisitions, and the cost of pushing into smoke‑free products. Overall profitability levels are still high for a consumer company, but the trend in net income is flatter to slightly weaker than the sales trend, which is worth noting in a business that is otherwise very mature.

Balance Sheet

Balance Sheet The balance sheet is built around large intangible assets and a heavy debt load, especially following recent acquisitions. Reported shareholder equity is negative, which is common in long‑time, high‑payout tobacco firms but still means the company relies on debt and strong cash flows rather than a thick equity cushion. Cash on hand is modest relative to total obligations, so ongoing access to credit markets and continued robust cash generation are important. In short, this is a highly leveraged but deliberately structured balance sheet that trades financial conservatism for shareholder distributions and deal‑making.

Cash Flow

Cash Flow Cash generation is a major strength. Operating cash flow has been consistently strong and has improved again in the most recent year, even after funding the shift toward smoke‑free products. Capital spending has risen over time but still represents a relatively small slice of the total cash produced, leaving healthy room for interest payments, dividends, and other uses. Free cash flow has been resilient through different environments, which helps support the leveraged balance sheet and the strategic transformation of the portfolio.

Competitive Edge

Competitive Edge Philip Morris holds a very strong competitive position in global nicotine markets. Traditional cigarette brands, led by Marlboro outside the U.S., still provide large and stable cash flows. In newer categories, IQOS is a leading heated tobacco system globally, and ZYN has become the reference brand for nicotine pouches in the U.S. The company benefits from powerful brands, scale in manufacturing and distribution across many countries, and a regulatory environment that makes it hard for new entrants to catch up. At the same time, PM faces intense competition from other large tobacco and nicotine players, shifting consumer preferences, and ongoing regulatory and social pressure on all nicotine products.

Innovation and R&D

Innovation and R&D The company has committed heavily to innovation, directing most of its research and development toward smoke‑free products. IQOS ILUMA, with its bladeless induction heating, illustrates a focus on solving customer pain points and differentiating the user experience, while the broader IQOS ecosystem shows repeated, incremental upgrades rather than one‑off launches. The acquisition of Swedish Match adds ZYN and strong oral nicotine know‑how, giving PM a broader toolkit across multiple smoke‑free formats. Beyond nicotine, early efforts in wellness and inhaled therapeutics signal an ambition to diversify over the long term. The big unknowns are how regulators will ultimately treat these products and whether smoke‑free growth fully offsets the long‑run decline in traditional cigarettes.

Summary

Philip Morris is a mature cash‑rich business that is using its legacy cigarette profits to finance a large pivot toward smoke‑free and potentially non‑nicotine products. The income statement shows solid underlying economics but some recent pressure on net earnings as the company absorbs higher debt costs and invests in its transformation. The balance sheet is intentionally aggressive, with sizable debt and negative equity, making continued strong cash flow and disciplined capital allocation essential. On the positive side, cash generation remains robust, supporting both investment and shareholder returns. Competitively, PM enjoys a wide moat built on brands, technology, and regulation, with leading positions in heated tobacco and nicotine pouches. The main story going forward is execution and regulation: how effectively the company can grow and scale its reduced‑risk offerings around the world while navigating evolving rules and societal scrutiny of all nicotine products.

NEWS

November 25, 2025 · 8:58 AM UTC

Philip Morris International to Present at 2025 Morgan Stanley Global Consumer & Retail Conference

Read more

November 4, 2025 · 6:59 AM UTC

Philip Morris International Evolves Organizational Model to Advance Smoke-Free Future

Read more

November 3, 2025 · 5:00 AM UTC

Philip Morris International Publishes Updated Climate Transition Plan to Achieve Net Zero by 2040

Read more

October 21, 2025 · 6:59 AM UTC

Philip Morris International Reports 2025 Third-Quarter & First Nine-Months Results

Read more

October 14, 2025 · 8:59 AM UTC

Philip Morris International to Host Webcast of 2025 Third-Quarter and First Nine-Months Results

Read more