Friday 6 November 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.

Revenue: +5.47%
EPS: −4.93%
Free cash flow: +21.3%
Total debt: −5.03%

Quarter to September 2026, against a year earlier

201.98 9.30 −4.40%

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Market cap: $314.1B
P/E: 29.5×
Fwd P/E: 28.3×
Dividend yield: 2.98%
F-score: 7/9
Altman Z: 3.94
Beneish M: −2.33
Dividend safety: 47/100

Overview Business Profile Earnings & Analysis Segments Valuation Filings

Philip Morris International Inc. (PM) revenue by segment, product and region

Where the money comes from and where it goes

Fiscal 2025: revenue by segment, and margins
Europe	17,111	42.10%
SSEA, CIS & MEA	12,051	29.65%
EA, AU & PMI GTR	6,632	16.32%
Americas	4,854	11.94%
Gross margin		67.12%
Operating margin		36.64%
Pre-tax margin		34.15%

Revenue by product or service $m

Line	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016
Combustible Tobacco Products	23,794 58.54%	23,218 61.30%	22,334 63.50%	21,572 67.92%	22,067 70.27%	21,747 75.79%	24,218 81.25%	25,529 86.17%	25,107 87.33%	25,952 97.25%
Smoke-Free Products	16,854 41.46%	14,660 38.70%	12,840 36.50%	10,190 32.08%	9,338 29.73%	6,947 24.21%	—	—	—	—
Reduced-Risk Products	—	—	—	—	—	—	5,587 18.75%	4,096 13.83%	3,640 12.66%	733 2.75%
Revenue	40,648	37,878	35,174	31,762	31,405	28,694	29,805	29,625	28,748	26,685

Revenue by segment $m

Line	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016
Europe	17,111 42.10%	15,690 41.42%	14,537 41.33%	12,972 40.84%	13,155 41.89%	—	—	—	—	—
SSEA, CIS & MEA	12,051 29.65%	11,261 29.73%	10,629 30.22%	10,467 32.95%	9,858 31.39%	—	—	—	—	—
EA, AU & PMI GTR	6,632 16.32%	6,393 16.88%	6,201 17.63%	5,936 18.69%	6,448 20.53%	—	—	—	—	—
Americas	4,854 11.94%	4,534 11.97%	3,807 10.82%	2,116 6.66%	1,843 5.87%	1,701 5.93%	2,206 7.40%	3,056 10.32%	2,941 10.23%	2,842 10.65%
Wellness and Healthcare	—	—	—	271 0.85%	101 0.32%	0 0.00%	0 0.00%	—	—	—
Swedish Match AB	—	—	—	—	0 0.00%	0 0.00%	—	—	—	—
European Union	—	—	—	—	—	10,702 37.30%	9,817 32.94%	9,298 31.39%	8,318 28.93%	8,162 30.59%
East Asia And Australia	—	—	—	—	—	5,429 18.92%	5,364 18.00%	5,580 18.84%	6,373 22.17%	4,285 16.06%
South And Southeast Asia	—	—	—	—	—	4,396 15.32%	5,094 17.09%	4,656 15.72%	4,417 15.36%	4,396 16.47%
Eastern Europe	—	—	—	—	—	3,378 11.77%	3,282 11.01%	2,921 9.86%	2,711 9.43%	2,484 9.31%
Middle East And Africa	—	—	—	—	—	3,088 10.76%	4,042 13.56%	4,114 13.89%	3,988 13.87%	4,516 16.92%
Revenue	40,648	37,878	35,174	31,762	31,405	28,694	29,805	29,625	28,748	26,685

Operating income by segment $m, and margin

	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016
Europe	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
SSEA, CIS & MEA	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
EA, AU & PMI GTR	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Americas	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Wellness and Healthcare	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Swedish Match AB	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
European Union	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
East Asia And Australia	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
South And Southeast Asia	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Middle East And Africa	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Eastern Europe	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Corporate and other	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Operating income	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡

Operating figures as reported in each quarter’s results release or filing

Figure	Quarter	Latest	A year before	Change
Adjusted in-market sales for HTUs	Q3 FY2026	7.10%	9.00%	—
Cigarettes	Q3 FY2026	158.0B	157.9B	+0.04%
Cigarettes	Q3 FY2026	25.9%	—	—
E-vapor shipment volume	Q3 FY2026	1.4B	900.0M	+55.56%
Heated Tobacco Units	Q3 FY2026	41.5B	40.8B	+1.63%
IQOS market share of combined cigarette and HTU industry volumes	Q3 FY2026	9.90%	—	—
Markets where nicotine pouch products are available	Q3 FY2026	62.00	46.00	+34.78%
Markets where smoke-free products were available for sale	Q3 FY2026	110.00	100.00	+10.00%
Moist Snuff	Q4 FY2025	31.2M	32.0M	−2.50%
Nicotine Pouches	Q4 FY2025	217.0M	183.8M	+18.06%
Quarterly shipments of smoke-free products	Q3 FY2026	48.2B	46.9B	+2.77%
Snus	Q4 FY2025	51.9M	58.2M	−10.82%
Total Cig. & HTU Shipment Volume	Q4 FY2025	187.8B	188.5B	−0.36%
Total Oral Products	Q3 FY2026	5.3B	313.2M	+1,592.21%
Total shipment volume	Q3 FY2026	206.2B	204.9B	+0.63%
ZYN nicotine pouch shipment volume in the U.S.	Q3 FY2026	3.2B	205.0M	+1,460.98%

	Q3 FY2026	Q2 FY2026	Q1 FY2026	Q4 FY2025	Q3 FY2025	Q2 FY2025	Q1 FY2025	Q4 FY2024	Q3 FY2024	Q2 FY2024	Q1 FY2024	Q4 FY2023
Adjusted in-market sales for HTUs	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Cigarettes	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Cigarettes	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
E-vapor shipment volume	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Heated Tobacco Units	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
IQOS market share of combined cigarette and HTU industry volumes	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Markets where nicotine pouch products are available	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Markets where smoke-free products were available for sale	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Moist Snuff	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Nicotine Pouches	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Quarterly shipments of smoke-free products	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Snus	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Total Cig. & HTU Shipment Volume	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Total Oral Products	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Total shipment volume	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
ZYN nicotine pouch shipment volume in the U.S.	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡

As each company reports them in its 10-K and 10-Q filings, in US dollars. Where a later filing recast a year's segments, the year is shown as recast; a period whose breakdown does not add up to the company's revenue is left out.