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Philip Morris International Inc. (PM) Q2 FY2026 Financial Statements: Net revenues $11.19B, Net income $2.82B

CIK 0001413329 · NYSE · Latest period: Q2 FY2026 (ended 2026-06-30, 10-Q accession 0001628280-26-049493) · Annual report: FY2025 10-K (filed 2026-02-06, accession 0001628280-26-005939) · Next expected filing: 10-Q ~2026-10-22

More for Philip Morris International: Company index · 10-K and 10-Q summary · 8-K filings and events

PeriodQ2 FY2026

Published

Philip Morris International reported $11.19 billion in net revenues for Q2 FY2026, the quarter ended June 30, 2026, up 10.4% from a year earlier, with operating income of $4.53 billion, up 22.0%. Net income attributable to shareholders was $2.82 billion, down 7.3%, and diluted earnings per share fell to $1.80 from $1.95, held back by a non-cash impairment charge of $511 million against the company's equity investment in Canadian affiliate Rothmans, Benson & Hedges, by lower income from equity security investments and by a higher effective tax rate, all of which sit below the operating line. Smoke-free products accounted for $4.64 billion of the quarter's net revenues, up 11.6%.

MetricAmountvs. year ago
Net revenues$11,192,000,000up 10.4%
Net income$2,817,000,000down 7.3%
Diluted EPS$1.80down 7.7%
Operating income$4,530,000,000up 22.0%
Smoke-free net revenues$4,645,000,000up 11.6%
RBH impairment$511,000,000

About this file

TickerPM
CIK0001413329
CompanyPhilip Morris International Inc.
Business typeindustrial
Schema templatestandard (consumer products manufacturer): net revenues, cost of sales, gross profit, operating income, net earnings, per-share data; balance sheet with cash, debt, assets and equity; cash flow with operating cash flow, capital expenditures and free cash flow. Segment net revenues and segment gross profit are added because segment gross profit is the profitability measure Philip Morris International now uses to manage its reportable segments.
Reporting currencyUSD
Converted to USDno
Unitsactual dollars (not millions); share counts in actual shares; per-share amounts in dollars

PM annual income statement, balance sheet and cash flow

FY2025FY2024FY2023
Fiscal year202520242023
LabelFY2025FY2024FY2023
Period start2025-01-012024-01-012023-01-01
Period end2025-12-312024-12-312023-12-31
Period typefiscal yearfiscal yearfiscal year
Source accession0001628280-26-0059390001628280-26-0059390001628280-26-005939
Income statement
Net revenue40,648,000,00037,878,000,00035,174,000,000
Cost of sales13,366,000,00013,329,000,00012,893,000,000
Gross profit27,282,000,00024,549,000,00022,281,000,000
Marketing administration and research costs12,349,000,00011,147,000,00010,060,000,000
Impairment of goodwill41,000,0000665,000,000
Operating income14,892,000,00013,402,000,00011,556,000,000
Interest expense net966,000,0001,143,000,0001,061,000,000
Pension and other employee benefit costs46,000,00060,000,00045,000,000
Earnings before income taxes13,880,000,00012,199,000,00010,450,000,000
Provision for income taxes2,737,000,0003,017,000,0002,339,000,000
Impairment related to rbh equity investment02,316,000,0000
Equity investments and securities income loss net-705,000,000-637,000,000-157,000,000
Net earnings including noncontrolling interests11,848,000,0007,503,000,0008,268,000,000
Net earnings attributable to noncontrolling interests500,000,000446,000,000455,000,000
Net income attributable to shareholders11,348,000,0007,057,000,0007,813,000,000
Net income available to common stockholders11,316,000,0007,034,000,0007,791,000,000
Basic EPS7.274.535.02
Diluted EPS7.264.525.02
Basic shares1,556,000,0001,554,000,0001,552,000,000
Diluted shares1,558,000,0001,556,000,0001,553,000,000
Balance sheet
Cash and cash equivalents4,872,000,0004,216,000,000
Inventories11,478,000,0009,453,000,000
Total current assets24,363,000,00020,170,000,000
Goodwill17,264,000,00016,600,000,000
Other intangible assets net10,884,000,00011,327,000,000
Total assets69,185,000,00061,784,000,000
Short term borrowings168,000,000137,000,000
Current portion of long term debt3,533,000,0003,392,000,000
Total current liabilities25,427,000,00022,915,000,000
Long term debt45,134,000,00042,166,000,000
Total liabilities77,213,000,00071,654,000,000
Total pmi stockholders deficit-9,994,000,000-11,750,000,000
Noncontrolling interests1,966,000,0001,880,000,000
Total stockholders equity including noncontrolling interests-8,028,000,000-9,870,000,000
Total debt48,835,000,00045,695,000,000
Cash flow
Operating cash flow12,233,000,00012,217,000,0009,204,000,000
Capital expenditures-1,569,000,000-1,444,000,000-1,321,000,000
Investing cash flow-3,967,000,000-1,092,000,000-3,598,000,000
Dividends paid-8,624,000,000-8,197,000,000-7,964,000,000
Financing cash flow-8,132,000,000-9,481,000,000-5,582,000,000
Free cash flow10,664,000,00010,773,000,0007,883,000,000
Supplemental
Depreciation and amortization1,996,000,0001,787,000,0001,398,000,000
Dividends declared per share5.645.35.14
Excise taxes on products53,211,000,00051,563,000,00049,404,000,000

PM quarterly income statement, balance sheet and cash flow

Q2 2026Q2 2025
LabelQ2 2026Q2 2025
Fiscal year20262025
Fiscal quarter22
Period start2026-04-012025-04-01
Period end2026-06-302025-06-30
Period typethree monthsthree months
Source accession0001628280-26-0494930001628280-26-049493
Income statement
Net revenue11,192,000,00010,140,000,000
Cost of sales3,533,000,0003,274,000,000
Gross profit7,659,000,0006,866,000,000
Marketing administration and research costs2,981,000,0002,988,000,000
Impairment of goodwill041,000,000
Corporate expenses and other148,000,000125,000,000
Operating income4,530,000,0003,712,000,000
Interest expense net243,000,000277,000,000
Pension and other employee benefit costs-5,000,00011,000,000
Earnings before income taxes4,292,000,0003,424,000,000
Provision for income taxes955,000,000652,000,000
Impairment related to rbh equity investment511,000,0000
Equity investments and securities income loss net-159,000,000-376,000,000
Net earnings including noncontrolling interests2,985,000,0003,148,000,000
Net earnings attributable to noncontrolling interests168,000,000109,000,000
Net income attributable to shareholders2,817,000,0003,039,000,000
Basic EPS1.81.95
Diluted EPS1.81.95
Net income available to common stockholders2,810,000,0003,031,000,000
Basic shares1,559,000,0001,557,000,000
Diluted shares1,560,000,0001,558,000,000
Balance sheet
Cash and cash equivalents5,999,000,000
Inventories11,436,000,000
Total current assets26,006,000,000
Goodwill16,917,000,000
Other intangible assets net10,178,000,000
Total assets68,271,000,000
Short term borrowings3,341,000,000
Current portion of long term debt3,406,000,000
Total current liabilities26,542,000,000
Long term debt42,366,000,000
Total liabilities74,928,000,000
Total pmi stockholders deficit-8,583,000,000
Noncontrolling interests1,926,000,0001,954,000,000
Total stockholders equity including noncontrolling interests-6,657,000,000-10,012,000,000
Total debt49,113,000,000
Supplemental
Depreciation and amortization513,000,000490,000,000
Dividends declared per share1.471.35
Excise taxes on products14,973,000,00013,272,000,000
Segments
International smoke free
Net revenues3,877,000,0003,395,000,000
Cost of sales-1,161,000,000-1,076,000,000
Gross profit2,716,000,0002,319,000,000
International combustibles
Net revenues6,459,000,0005,883,000,000
Cost of sales-2,071,000,000-1,947,000,000
Gross profit4,388,000,0003,936,000,000
US
Net revenues856,000,000862,000,000
Cost of sales-301,000,000-252,000,000
Gross profit555,000,000611,000,000
Net revenue by product category
Total smoke free4,645,000,0004,161,000,000
Total combustible tobacco6,547,000,0005,979,000,000

PM year-to-date income statement and cash flow

Six months ended June 30, 2026
LabelSix months ended June 30, 2026
Period start2026-01-01
Period end2026-06-30
Period typesix months
Source accession0001628280-26-049493
Income statement
Net revenue21,338,000,000
Cost of sales6,774,000,000
Gross profit14,564,000,000
Marketing administration and research costs5,838,000,000
Impairment of goodwill0
Corporate expenses and other303,000,000
Operating income8,423,000,000
Interest expense net480,000,000
Pension and other employee benefit costs-10,000,000
Earnings before income taxes7,953,000,000
Provision for income taxes1,631,000,000
Impairment related to rbh equity investment511,000,000
Equity investments and securities income loss net244,000,000
Net earnings including noncontrolling interests5,567,000,000
Net earnings attributable to noncontrolling interests312,000,000
Net income attributable to shareholders5,255,000,000
Net income available to common stockholders5,241,000,000
Basic EPS3.36
Diluted EPS3.36
Basic shares1,558,000,000
Diluted shares1,560,000,000
Cash flow
Operating cash flow5,093,000,000
Capital expenditures-733,000,000
Investing cash flow23,000,000
Dividends paid-4,604,000,000
Financing cash flow-3,879,000,000
Free cash flow4,360,000,000
Supplemental
Depreciation and amortization1,023,000,000
Dividends declared per share2.94
Excise taxes on products27,826,000,000
Segments
International smoke free
Net revenues7,713,000,000
Cost of sales-2,313,000,000
Gross profit5,400,000,000
International combustibles
Net revenues12,147,000,000
Cost of sales-3,917,000,000
Gross profit8,229,000,000
US
Net revenues1,478,000,000
Cost of sales-544,000,000
Gross profit935,000,000
Net revenue by product category
Total smoke free9,024,000,000
Total combustible tobacco12,314,000,000
Prior year comparative
LabelSix months ended June 30, 2025
Period start2025-01-01
Period end2025-06-30
Period typesix months
Source accession0001628280-26-049493
Income statement
Net revenue19,441,000,000
Cost of sales6,305,000,000
Gross profit13,136,000,000
Marketing administration and research costs5,416,000,000
Impairment of goodwill41,000,000
Corporate expenses and other423,000,000
Operating income7,256,000,000
Interest expense net518,000,000
Pension and other employee benefit costs23,000,000
Earnings before income taxes6,715,000,000
Provision for income taxes1,311,000,000
Impairment related to rbh equity investment0
Equity investments and securities income loss net-581,000,000
Net earnings including noncontrolling interests5,985,000,000
Net earnings attributable to noncontrolling interests256,000,000
Net income attributable to shareholders5,729,000,000
Net income available to common stockholders5,713,000,000
Basic EPS3.67
Diluted EPS3.67
Basic shares1,556,000,000
Diluted shares1,558,000,000
Cash flow
Operating cash flow3,062,000,000
Capital expenditures-760,000,000
Investing cash flow-2,750,000,000
Dividends paid-4,222,000,000
Financing cash flow-890,000,000
Free cash flow2,302,000,000
Supplemental
Depreciation and amortization970,000,000
Dividends declared per share2.7
Excise taxes on products25,274,000,000
Segments
International smoke free
Net revenues6,471,000,000
Cost of sales-2,066,000,000
Gross profit4,405,000,000
International combustibles
Net revenues11,209,000,000
Cost of sales-3,774,000,000
Gross profit7,435,000,000
US
Net revenues1,762,000,000
Cost of sales-466,000,000
Gross profit1,296,000,000
Net revenue by product category
Total smoke free8,055,000,000
Total combustible tobacco11,386,000,000

PM trailing twelve month income statement and cash flow

Trailing twelve months ended June 30, 2026
LabelTrailing twelve months ended June 30, 2026
Period start2025-07-01
Period end2026-06-30
Period typetrailing twelve months
Source accession0001628280-26-005939 and 0001628280-26-049493
DerivationFull year 2025 plus the six months ended June 30, 2026, less the six months ended June 30, 2025.
Income statement
Net revenue42,545,000,000
Cost of sales13,835,000,000
Gross profit28,710,000,000
Impairment of goodwill0
Operating income16,059,000,000
Interest expense net928,000,000
Pension and other employee benefit costs13,000,000
Earnings before income taxes15,118,000,000
Provision for income taxes3,057,000,000
Impairment related to rbh equity investment511,000,000
Equity investments and securities income loss net120,000,000
Net earnings including noncontrolling interests11,430,000,000
Net earnings attributable to noncontrolling interests556,000,000
Net income attributable to shareholders10,874,000,000
Net income available to common stockholders10,844,000,000
Diluted EPS6.95
Cash flow
Operating cash flow14,264,000,000
Capital expenditures-1,542,000,000
Investing cash flow-1,194,000,000
Dividends paid-9,006,000,000
Financing cash flow-11,121,000,000
Free cash flow12,722,000,000
Supplemental
Depreciation and amortization2,049,000,000
Excise taxes on products55,763,000,000

Adjustments

Value
Splits appliednone
Splits notePhilip Morris International has not split its stock in the period covered by these filings, so no per-share figure has been restated here.
ADR ration/a
ADR notePhilip Morris International is a U.S. domestic filer and its common stock trades directly on the New York Stock Exchange, so no American depositary share conversion applies.
FXNone applied. Philip Morris International reports in U.S. dollars.

Notes

  • Every figure is stated in actual U.S. dollars, converted from the millions the filings print. Share counts are in actual shares and per-share amounts in dollars.
  • The annual periods come from the consolidated financial statements in the Form 10-K for the year ended December 31, 2025 (accession 0001628280-26-005939). That filing prints the years ended December 31, 2025, 2024 and 2023 on its statements of earnings and cash flows, and balance sheets at December 31, 2025 and 2024 only. FY2023 therefore carries an income statement and a cash flow statement but no balance sheet.
  • The quarterly and year-to-date figures come from the Form 10-Q for the quarter ended June 30, 2026 (accession 0001628280-26-049493). That filing prints a three-month statement of earnings and a separate six-month statement of earnings. The three-month columns are reported here as the June 2026 and June 2025 quarters; the six-month columns are held in the year-to-date block, with the prior-year six months stored alongside them.
  • The 10-Q presents cash flows for the six-month period only, so no cash flow figures are reported for the June 2026 or June 2025 quarters.
  • Effective January 1, 2026 Philip Morris International reorganized into three reportable segments - International Smoke-Free, International Combustibles and the U.S., which includes the Aspeya wellness unit - replacing the four geographic segments used previously, and adopted segment gross profit in place of regional operating income as its primary measure of segment profitability. At the same time it added a "Corporate expenses and other" caption to the statement of earnings, moving foreign currency gains and losses and restricted and performance share unit compensation expense out of cost of sales and out of marketing, administration and research costs. The 10-Q restates the 2025 interim comparatives on this basis. The 10-K, filed before the change, presents the annual years on the earlier basis. The company states that the reclassification did not change its financial position, results of operations or cash flows; net revenues, operating income and net earnings are identical on either basis.
  • The trailing-twelve-month view adds the six months ended June 30, 2026 to full-year 2025 and subtracts the six months ended June 30, 2025. Its cost of sales and gross profit therefore combine the 10-K's presentation of 2025 with the current presentation of the 2026 interim periods. Recast schedules the company furnished on March 13, 2026 (accession 0001628280-26-017497) show the difference between the two presentations to be about $22 million of full-year 2025 cost of sales, which is immaterial against a trailing-twelve-month cost of sales of $13.8 billion. Marketing, administration and research costs are affected far more by the same reclassification and are deliberately left out of the trailing-twelve-month view.
  • Cash flow lines are carried with the signs the statements print, so capital expenditures, dividends paid and net cash used in investing and financing activities are negative. Free cash flow is operating cash flow less capital expenditures.
  • "Equity investments and securities (income)/loss, net" and "Pension and other employee benefit (income) costs" are presented in the statements of earnings as deductions in arriving at net earnings. A negative amount in those two lines is income, matching the parentheses the filing prints.
  • Philip Morris International reports a stockholders' deficit rather than positive equity: total stockholders' deficit including noncontrolling interests was $8.0 billion at December 31, 2025 and $6.7 billion at June 30, 2026. That is what the balance sheet reports. It reflects the cumulative cost of repurchased stock and dividends exceeding earnings reinvested in the business, and the deficit has narrowed over the periods shown.
  • Total debt is the sum of short-term borrowings, the current portion of long-term debt and long-term debt as those three lines appear on the balance sheet. The filings do not print a total debt line.
  • Earnings per share is computed under the two-class method. "Net income available to common stockholders" here is the filing's "Net earnings for basic and diluted EPS", which is net earnings attributable to PMI less the distributed and undistributed earnings attributable to participating share-based payment awards. Both that figure and net earnings attributable to PMI are reported.
  • Segment net revenues, cost of sales and gross profit are reported for the quarters and the year-to-date period only, on the three-segment structure adopted in 2026. The 10-K's annual segment disclosure uses the four geographic segments that structure replaced and is not comparable, so no annual segment data is carried here. Segment cost of sales is shown as a deduction in the filing's segment table and keeps that negative sign.
  • Only figures reported under U.S. generally accepted accounting principles are used. The adjusted, currency-neutral and "operating companies income" measures that appear in the company's management discussion and in its earnings materials are non-GAAP and are not reported here.
  • No balance sheet at June 30, 2025 appears in the 10-Q, which presents balance sheets at June 30, 2026 and December 31, 2025. The total stockholders' deficit and noncontrolling interests shown for the June 2025 quarter are taken from that filing's statement of stockholders' (deficit) equity, the only balance sheet information it gives for that date.
  • The balance sheet at December 31, 2025 as printed in the 10-Q agrees line for line with the 10-K, so no prior-period balance sheet has been restated.

Uncertainties

  • No cash flow figures are reported for the June 2026 or June 2025 quarters. The 10-Q reports cash flows for the six months only, and the first-quarter statement that would allow the quarter to be derived by difference is not part of this filing set.
  • Trailing-twelve-month cost of sales and gross profit combine two presentations of the same lines, as described in the notes. The amounts are within roughly $22 million of a like-for-like basis but are not exactly comparable.
  • Trailing-twelve-month diluted earnings per share of $6.95 is the reported full-year 2025 amount plus the reported six months of 2026 less the reported six months of 2025 ($7.26 + $3.36 - $3.67). It is an approximation, because the weighted-average share counts of the three periods differ slightly, and no trailing-twelve-month share count is reported.
  • Total debt is a sum of three balance-sheet lines rather than a figure the company itself prints.
  • FY2023 carries no balance sheet, and the June 2025 quarter carries only total equity and noncontrolling interests, because those are the only figures the filings present for those dates.

Company details

Value
NamePhilip Morris International Inc.
TickerPM
CIK0001413329
ExchangeNYSE
StateConnecticut
IncorporationVirginia
SIC2111
OfficeManufacturing
IndustryCigarettes

Fiscal period

FY2026
Fiscal year2026
Fiscal periodQ2
TagFY26Q2
Period end2026-06-30
Form10-Q
Accession0001628280-26-049493
Fiscal year end1231
Sourcefacts

FAQ · Philip Morris International financial statements

How much revenue did Philip Morris International report in Q2 FY2026?

Philip Morris International reported $11.19 billion in net revenues for Q2 FY2026, the quarter ended June 30, 2026. That is up 10.4% from $10.14 billion in the same quarter a year earlier.

What was Philip Morris International's net income in Q2 FY2026?

Philip Morris International reported net income attributable to shareholders of $2.82 billion for Q2 FY2026, the quarter ended June 30, 2026, down 7.3% from $3.04 billion a year earlier.

Why did Philip Morris International's earnings per share fall in Q2 FY2026?

Philip Morris International posted diluted earnings per share of $1.80 in Q2 FY2026, down from $1.95 a year earlier, even as operating income rose to $4.53 billion. The decline came from items below the operating line: a non-cash impairment charge of $511 million against the company's equity investment in Rothmans, Benson & Hedges, lower income from equity security investments and a higher effective tax rate.

How much of Philip Morris International's revenue comes from smoke-free products?

Smoke-free products generated $4.64 billion of Philip Morris International's $11.19 billion in total net revenues in Q2 FY2026, up 11.6% from a year earlier. The balance came from combustible tobacco.

Where can I get Philip Morris International Inc. (PM) financial data in machine-readable form?

Ticker Scout publishes Philip Morris International Inc.'s financial statements as JSON at https://tickerscout.ai/pm/financials.json, free, with no API key and no signup. The 10-K and 10-Q narrative and the 8-K events digest are published as Markdown at https://tickerscout.ai/pm/narrative.md and https://tickerscout.ai/pm/events.md. Philip Morris International Inc.'s SEC CIK is 0001413329. Every figure cites the SEC accession number it came from, so it can be checked against sec.gov.

When does Philip Morris International Inc. (PM) next file with the SEC?

Philip Morris International Inc. (PM) is expected to file its next Form 10-Q with the SEC on or around October 22, 2026. That date is a projection rather than a company-announced date: it is derived from Philip Morris International Inc.'s own filing history with the SEC, by taking the date the company filed the same fiscal period a year earlier and adding 52 weeks. The most recent periodic report on file is the 10-Q for Q2 FY2026, the period ended 2026-06-30, SEC accession 0001628280-26-049493.

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How this page was built

This page was built from three of Philip Morris International Inc.'s own filings with the SEC, read one at a time. Nothing on it is taken from a pre-tagged dataset, a data vendor or another website. The figures are on the company's own fiscal calendar and in actual dollars, as the filings report them. Where the filings do not support a figure, the record says so instead of reporting a zero; this period names five such gaps.

A single company files thousands of pages with the SEC in a year, and no two companies file them the same way, so the reading and the assembly here are done by AI rather than by rules that break on the differences. Every pass is then audited back against the filings it came from before the page is published, and anything the filings do not support is left out and named rather than filled in. AI can still make mistakes. That is why the accession numbers are printed: the filing is the authority, and this page is a route to it.

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Built from Philip Morris International Inc.'s SEC filings by Ticker Scout; accession numbers are cited throughout so every figure can be checked against sec.gov. Free to cite with attribution: Ticker Scout (tickerscout.ai). Not investment advice, see the Disclaimer.