Saturday 17 October 2026 Export PM’s income statement to Excel — free account

Philip Morris International Inc.

Philip Morris International Inc.’s revenue for fiscal 2025 (year ended December 2025) was $40.6 billion, up 7.31% from fiscal 2024. In the quarter to June 2026, revenue grew 10.4%, EPS fell 7.69%, free cash flow grew 67.3% and total debt fell 4.56%, each against the same quarter a year earlier. Member of the S&P 500; dividend growth for ten consecutive years, revenue growth for five.

205.20 5.30 +2.65%

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Market cap: $311.6B
P/E: 29.5×
Fwd P/E: 22.6×
Dividend yield: 2.93%
F-score: 7/9
Altman Z: 3.94
Beneish M: −2.33
Dividend safety: 47/100

Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios Filings 10-Q 10-K

Insider Decisions trades per month

Total sells 28.82

Totals in millions of $.

	Dec 25			Mar 26			Jun 26			Sep 26
Buy	—	—	—	—	—	—	—	—	—	—	—	—
Sell	—	—	—	6	—	—	—	—	—	—	—	—

Insider Ownership 0.00%

Capital & Financial Ratios $m

Market Cap 311,570.00

Revenue 42,545.00

Net Income 11,430.00

Free Cash Flow 12,722.00

Net Debt 43,114.00

Current Ratio 0.98

Debt/Equity (7.38)

P/E ratio 29.48

Fwd P/E 22.60

P/S ratio 7.52

P/B ratio 0.00

Past 5Y EPS Growth 7.07%

This Y EPS Growth 11.39%

Next Y EPS Growth 9.12%

Next Y revenue growth 7.03%

Next 5Y EPS Growth 9.92%

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years

P/E against its own 10 years 93.99%

10-year low 10-year high

P/S against its own 10 years 95.17%

10-year low 10-year high

EV/Sales against its own 10 years 94.68%

10-year low 10-year high

EV/FCF against its own 10 years 88.17%

10-year low 10-year high

Dividends

Payout Ratio 0.86

Annual Dividend Rate 6.01

Annual Dividend Yield 2.93%

	total	individual payouts
2028	Powerpack
2027	Powerpack
2026	6.11	1.47 1.47 1.60
2025	5.64	1.35 1.35 1.47 1.47
2024	5.30	1.30 1.30 1.35 1.35
2023	5.14	1.27 1.27 1.30 1.30
2022	5.04	1.25 1.25 1.27 1.27
2021	4.90	1.20 1.20 1.25 1.25
2020	4.74	1.17 1.17 1.20 1.20
2019	4.62	1.14 1.14 1.17 1.17
2018	4.49	1.07 1.14 1.14 1.14
2017	4.22	1.04 1.04 1.07 1.07
2016	5.14	1.02 1.02 1.02 1.04 1.04

predictions special payouts not included in total or ratios

Assets vs Liabilities $m

	2023	2024	2025	Q'26
Cash	3,060	4,216	4,872	5,999
Receivables	4,391	4,675	5,810	6,474
Inventory	10,774	9,453	11,478	11,436
Other	1,530	1,826	2,203	2,097
	19,755	20,170	24,363	26,006

	2023	2024	2025	Q'26
Payables	4,143	3,952	4,407	3,919
ST’ Debt	6,666	3,529	3,701	6,747
Other	—	—	—	19,795
	26,383	22,915	25,427	26,542

Compound Annual Growth %

	10y	5y	3y
Sales	(5.80%)	7.21%	8.57%
Cash Flow	4.52%	4.51%	4.23%
Earnings	5.15%	7.09%	7.84%
Book Value	0.00%	0.00%	0.00%

Revenue $m

	Mar	Jun	Sep	Dec	Year
’26	10,146	11,192	—	—	—
’25	9,301	10,140	10,845	10,362	40,648
’24	8,793	9,468	9,911	9,706	37,878
’23	8,019	8,967	9,141	9,047	35,174
’22	7,746	7,832	8,032	8,152	31,762
’21	7,585	7,594	8,122	8,104	31,405
’20	7,153	6,651	7,446	7,444	28,694

Fiscal quarters ending in the months shown.

Operating Cash Flow $m

	Mar	Jun	Sep	Dec	Year
’26	(399)	5,492	—	—	—
’25	(350)	3,412	4,462	4,709	12,233
’24	241	4,632	3,342	4,002	12,217
’23	(955)	3,442	3,415	3,302	9,204
’22	1,118	3,524	3,068	3,093	10,803
’21	435	3,630	3,870	4,032	11,967
’20	1,111	1,925	3,614	3,162	9,812

Fiscal quarters ending in the months shown.

Free Cash Flow $m

	Mar	Jun	Sep	Dec	Year
’26	(752)	5,112	—	—	—
’25	(754)	3,056	4,097	4,265	10,664
’24	(176)	4,262	2,963	3,724	10,773
’23	(1,234)	3,082	3,044	2,991	7,883
’22	889	3,275	2,816	2,746	9,726
’21	256	3,502	3,718	3,743	11,219
’20	941	1,785	3,462	3,022	9,210

Fiscal quarters ending in the months shown.

EPS $

	Mar	Jun	Sep	Dec	Year
’26	1.56	1.80	—	—	—
’25	1.72	1.95	2.23	1.37	7.26
’24	1.38	1.54	1.97	(0.38)	4.52
’23	1.28	1.01	1.32	1.41	5.02
’22	1.50	1.43	1.34	1.54	5.81
’21	1.55	1.39	1.55	1.34	5.83
’20	1.17	1.25	1.48	1.27	5.16

Fiscal quarters ending in the months shown.

Group	Line	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026e
Price, $
Price, $	Low	84.46	89.97	64.67	65.74	56.01	78.34	82.85	87.23	87.82	116.12	Analyst estimates 2026–2028 Powerpack
	High	104.20	123.55	111.25	92.74	90.17	106.51	112.48	105.62	134.15	186.69
People
People	Employees	79,500	80,600	77,400	73,500	71,000	69,600	79,800	82,700	83,100	84,900
	Revenue/emp, $m	0.34	0.36	0.38	0.41	0.40	0.45	0.40	0.43	0.46	0.48
Income, $m
Income, $m	Revenue	26,685	28,748	29,625	29,805	28,694	31,405	31,762	35,174	37,878	40,648
	Gross margin, %	64.81	63.71	63.69	64.73	66.65	68.06	64.10	63.35	64.81	67.12
	EBT	9,924	10,589	10,671	9,872	10,953	12,232	11,634	10,450	12,199	13,880
	EBT margin, %	37.19	36.83	36.02	33.12	38.17	38.95	36.63	29.71	32.21	34.15
	Net income	7,250	6,341	8,286	7,728	8,592	9,710	9,527	8,268	7,503	11,848
	Depreciation	743	875	989	964	981	998	1,189	2,078	1,814	2,037
Per share, $
Per share, $	Revenue	17.21	18.52	19.05	19.17	18.43	20.16	20.49	22.66	24.37	26.12
	Earnings	4.48	3.88	5.08	4.61	5.16	5.83	5.82	5.02	4.53	7.27
	Cash flow	5.21	5.74	6.10	6.49	6.30	7.68	6.97	5.93	7.86	7.86
	Capex	(0.76)	(1.00)	(0.92)	(0.55)	(0.39)	(0.48)	(0.69)	(0.85)	(0.93)	(1.01)
	Free cash flow	4.45	4.74	5.17	5.94	5.92	7.20	6.27	5.08	6.93	6.85
	Book value	(7.03)	(6.59)	(6.91)	(6.17)	(6.83)	(5.27)	(4.07)	(6.09)	(6.35)	(5.16)
	Shares, m	1,551	1,552	1,555	1,555	1,557	1,558	1,550	1,552	1,554	1,556
Valuation, ×
Valuation, ×	P/E	20.36	26.97	13.14	18.42	16.01	16.30	17.41	19.04	26.63	22.06
	P/S	5.30	5.64	3.50	4.44	4.49	4.71	4.94	4.22	4.94	6.14
	P/B	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	EV/Sales	6.23	6.54	4.35	5.25	5.34	5.46	6.20	5.49	6.03	7.22
	EV/FCF	24.09	25.52	16.04	16.94	16.63	15.27	20.25	24.50	21.21	27.53
Cash, $m
Cash, $m	Operating cash flow	8,077	8,912	9,478	10,090	9,812	11,967	10,803	9,204	12,217	12,233
	Capex	(1,172)	(1,548)	(1,436)	(852)	(602)	(748)	(1,077)	(1,321)	(1,444)	(1,569)
	Free cash flow	6,905	7,364	8,042	9,238	9,210	11,219	9,726	7,883	10,773	10,664
Balance, $m
Balance, $m	Working capital	1,141	5,632	2,251	1,681	1,877	(1,538)	(7,717)	(6,628)	(2,745)	(1,064)
	Total debt	29,067	34,339	31,759	31,045	31,536	27,806	43,123	47,909	45,695	48,835
	Net debt	24,828	25,892	25,166	24,184	24,256	23,310	39,916	44,849	41,479	43,963
	Shareholders’ equity	(10,900)	(10,230)	(10,739)	(9,599)	(10,631)	(8,208)	(6,311)	(9,446)	(9,870)	(8,028)
Returns, %
Returns, %	ROA	19.63	15.09	19.08	17.34	18.33	21.10	17.53	12.27	11.07	17.28
	ROIC	48.93	46.21	49.29	45.13	53.52	53.70	22.78	20.40	26.50	25.90
	ROE	(62.10)	(56.99)	(75.30)	(70.49)	(79.45)	(96.43)	(124.31)	(98.89)	(72.83)	(126.45)

Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

Company	Market cap	P/E	Fwd P/E	Revenue growth (Q)	EPS growth (Q)	FCF growth (Q)	Gross margin (Q)	EBIT margin (Q)	Compare
PM Philip Morris International Inc.	$311.6B	29.5×	22.6×	+10.37% (above 0%: growing)	−7.69% (below 0%: shrinking)	+67.28% (above 0%: growing)	68.43%	40.48%
BTI British American Tobacco p.l.c.	$124.7B	7.6×	12.9×	+0.62% (above 0%: growing)	+13.60% (above 0%: growing)	+12.44% (above 0%: growing)	69.38%	0.00%	Compare
MO Altria Group, Inc.	$123.3B	15.8×	12.9×	+0.15% (above 0%: growing)	−2.84% (below 0%: shrinking)	+282.66% (above 0%: growing)	62.51%	51.32%	Compare
RLX RLX Technology Inc. Sponsored ADR	$1.6B	16.0×	17.0×	+21.90% (above 0%: growing)	+30.00% (above 0%: growing)	−129.25% (below 0%: shrinking)	39.03%	14.22%	Compare
TPB Turning Point Brands, Inc.	$1.2B	26.3×	60.5×	+22.57% (above 0%: growing)	−77.78% (below 0%: shrinking)	+235.11% (above 0%: growing)	65.55%	11.69%	Compare
AIIR Air Global PLC	$1.2B	— (loss-making)	—	—	n/m	−487.91% (below 0%: shrinking)	56.58%	(46.44%)	Compare
UVV Universal Corporation	$1.0B	53.4×	12.5×	−11.79% (below 0%: shrinking)	n/m	+38.82% (above 0%: growing)	15.86%	0.44%	Compare
ISPR Ispire Technology Inc.	$83.2M	— (loss-making)	— (loss-making)	+32.55% (above 0%: growing)	n/m	−26.12% (below 0%: shrinking)	6.32%	(50.72%)	Compare
RYM RYTHM, Inc.	$40.1M	— (loss-making)	— (loss-making)	+1,027.38% (above 0%: growing)	n/m	+202.80% (above 0%: growing)	80.52%	8.41%	Compare
Median of peers	$1.2B	16.0×	12.9×	+21.90%	+5.38%	+25.63%	59.55%	4.43%

All 11 Tobacco stocks →

Philip Morris International Inc. (PM) key facts

Strength: Philip Morris International Inc.’s revenue for fiscal 2025 (year ended December 2025) was $40.6 billion, up 7.31% from fiscal 2024.
Strength: Net income was $11.8 billion, or $7.27 per share (basic), a net margin of 27.8%.
Philip Morris International Inc. (PM) is a Tobacco company in the Consumer Defensive sector, listed on the New York Stock Exchange.
As of October 16, 2026, PM traded at $205.20, a market capitalization of $311.6 billion.
At that price the stock trades at 29.5× trailing-twelve-month earnings and 7.5× sales; its P/E is higher than 94% of its own readings over the past ten years.
Philip Morris International Inc. pays an annual dividend of $6.01 per share, a yield of 2.93%, with a payout ratio of 86.4%.
Return on equity was −126.5% and debt-to-equity -7.38.
Its Piotroski F-score is 7 out of 9 and its Altman Z-score is 3.94 (safe zone) for fiscal 2025.

Source: company filings (standardised) and stockrow calculations.

Financial Analysis (summary)

Updated 25 September 2026

Philip Morris International generated $40.6 billion of revenue and $11.8 billion of net income in FY2025. The company reported $42.5 billion of trailing-twelve-month revenue and $11.4 billion of trailing-twelve-month net income to Q2 FY2026. Total debt was $48.8 billion at FY2025, while shareholders’ equity was −$8.0 billion.

In Q2 FY2026, revenue was $11.2 billion, operating income was $4.5 billion and free cash flow was $5.1 billion. Revenue, gross margin and operating margin each increased from Q1 FY2026. Net debt declined to $43.1 billion in Q2 FY2026, while weighted average shares remained at 1.6 billion shares.

Read the full analysis →