NYSE : PM
Philip Morris International Inc. — Financial statements
Consumer Staples · Tobacco · United States
Last price 208.5 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 324.98B
Overview · Financial statements · Key statistics · Dividends · Company profile · Price history · Reports
Financial statements
Philip Morris International Inc. (PM) reported revenue of 43.14B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 43.14B | 40.65B | 37.88B | 35.17B | 31.76B | 31.41B |
| Cost of Revenue | 13.94B | 13.37B | 13.33B | 12.89B | 11.10B | 10.03B |
| Gross Profit | 29.20B | 27.28B | 24.55B | 22.28B | 20.66B | 21.38B |
| Selling, General & Admin | 11.14B | 10.56B | 11.33B | 9.05B | 7.85B | 8.30B |
| Operating Expenses | 11.14B | 10.56B | 11.33B | 9.05B | 7.85B | 8.30B |
| Operating Income | 18.06B | 16.73B | 13.21B | 13.23B | 12.81B | 13.08B |
| Interest Expense | -1.48B | -1.59B | -1.76B | -1.53B | -768.00M | -737.00M |
| Interest & Investment Income | 621.00M | 621.00M | 620.00M | 465.00M | 180.00M | 109.00M |
| Earnings From Equity Investments | -551.00M | 705.00M | 637.00M | 157.00M | 137.00M | 149.00M |
| Currency Exchange Gain (Loss) | -1.59B | -1.56B | 578.00M | -548.00M | -139.00M | |
| EBT Excluding Unusual Items | 15.06B | 14.91B | 13.29B | 11.78B | 12.22B | 12.60B |
| Merger & Restructuring Charges | -32.00M | -241.00M | -180.00M | -109.00M | -184.00M | -216.00M |
| Impairment of Goodwill | -41.00M | -665.00M | ||||
| Gain (Loss) on Sale of Investments | -511.00M | -2.32B | ||||
| Gain (Loss) on Sale of Assets | -1.00M | |||||
| Asset Writedown | -41.00M | -41.00M | -225.00M | -15.00M | -112.00M | |
| Legal Settlements | 157.00M | -45.00M | -204.00M | |||
| Other Unusual Items | -178.00M | -151.00M | ||||
| Pretax Income | 14.63B | 14.59B | 10.52B | 10.61B | 11.77B | 12.38B |
| Income Tax Expense | 3.29B | 2.74B | 3.02B | 2.34B | 2.24B | 2.67B |
| Earnings From Continuing Operations | 11.34B | 11.85B | 7.50B | 8.27B | 9.53B | 9.71B |
| Minority Interest in Earnings | -630.00M | -500.00M | -446.00M | -455.00M | -479.00M | -601.00M |
| Net Income | 10.71B | 11.35B | 7.06B | 7.81B | 9.05B | 9.11B |
| Preferred Dividends & Other Adjustments | 28.00M | 32.00M | 23.00M | 22.00M | 24.00M | 26.00M |
| Net Income to Common | 10.68B | 11.32B | 7.03B | 7.79B | 9.02B | 9.08B |
| Shares Outstanding (Basic) | 1.56B | 1.56B | 1.55B | 1.55B | 1.55B | 1.56B |
| Shares Outstanding (Diluted) | 1.56B | 1.56B | 1.56B | 1.55B | 1.55B | 1.56B |
| EPS (Basic) | 6.86 | 7.27 | 4.53 | 5.02 | 5.82 | 5.83 |
| EPS (Diluted) | 6.85 | 7.26 | 4.52 | 5.02 | 5.81 | 5.83 |
| Free Cash Flow | 13.60B | 10.66B | 10.77B | 7.88B | 9.73B | 11.22B |
| Free Cash Flow Per Share | 8.72 | 6.84 | 6.92 | 5.08 | 6.27 | 7.20 |
| Dividend Per Share | 6.01 | 5.64 | 5.30 | 5.14 | 5.04 | 4.90 |
| Gross Margin | 67.70% | 67.12% | 64.81% | 63.34% | 65.04% | 68.06% |
| Operating Margin | 41.87% | 41.15% | 34.89% | 37.61% | 40.33% | 41.64% |
| Profit Margin | 24.76% | 27.84% | 18.57% | 22.15% | 28.41% | 28.92% |
| Free Cash Flow Margin | 31.51% | 26.24% | 28.44% | 22.41% | 30.62% | 35.72% |
| EBITDA | 20.12B | 18.72B | 15.00B | 14.63B | 13.88B | 14.07B |
| EBITDA Margin | 46.64% | 46.06% | 39.61% | 41.59% | 43.72% | 44.81% |
| D&A For EBITDA | 2.06B | 2.00B | 1.79B | 1.40B | 1.08B | 998.00M |
| EBIT | 18.06B | 16.73B | 13.21B | 13.23B | 12.81B | 13.08B |
| EBIT Margin | 41.87% | 41.15% | 34.89% | 37.61% | 40.33% | 41.64% |
| Effective Tax Rate | 22.50% | 18.77% | 28.68% | 22.05% | 19.06% | 21.57% |
| Advertising Expenses | 1.35B | 1.07B | 965.00M | 777.00M | 807.00M |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 6.68B | 4.87B | 4.22B | 3.06B | 3.21B | 4.50B |
| Trading Asset Securities | 10.00M | 1.00M | ||||
| Cash & Short-Term Investments | 6.69B | 4.87B | 4.22B | 3.06B | 3.21B | 4.50B |
| Accounts Receivable | 5.16B | 4.57B | 3.79B | 3.46B | 3.85B | 3.12B |
| Other Receivables | 1.38B | 1.24B | 886.00M | 930.00M | 906.00M | 817.00M |
| Receivables | 6.53B | 5.81B | 4.67B | 4.39B | 4.76B | 3.94B |
| Inventory | 10.33B | 11.48B | 9.45B | 10.77B | 9.89B | 8.72B |
| Restricted Cash | 23.00M | 20.00M | 38.00M | 86.00M | 10.00M | 4.00M |
| Other Current Assets | 2.21B | 2.18B | 1.79B | 1.44B | 1.76B | 557.00M |
| Total Current Assets | 25.79B | 24.36B | 20.17B | 19.75B | 19.62B | 17.72B |
| Property, Plant & Equipment | 8.37B | 9.08B | 7.89B | 8.15B | 7.30B | 6.69B |
| Long-Term Investments | 1.98B | 2.97B | 2.66B | 4.93B | 4.43B | 4.46B |
| Goodwill | 16.79B | 17.26B | 16.60B | 16.78B | 19.66B | 6.68B |
| Other Intangible Assets | 9.82B | 10.88B | 11.33B | 9.86B | 6.73B | 2.82B |
| Long-Term Deferred Tax Assets | 1.22B | 1.25B | 940.00M | 814.00M | 603.00M | 895.00M |
| Other Long-Term Assets | 2.76B | 3.38B | 2.19B | 5.02B | 3.34B | 2.02B |
| Total Assets | 66.73B | 69.19B | 61.78B | 65.30B | 61.68B | 41.29B |
| Accounts Payable | 4.04B | 4.41B | 3.95B | 4.14B | 4.08B | 3.33B |
| Accrued Expenses | 11.16B | 12.70B | 11.75B | 11.34B | 11.38B | 9.50B |
| Short-Term Debt | 2.52B | 168.00M | 137.00M | 1.97B | 5.64B | 225.00M |
| Current Portion of Long-Term Debt | 3.33B | 3.52B | 3.40B | 4.75B | 2.60B | 2.75B |
| Current Portion of Leases | 242.00M | 214.00M | 227.00M | 212.00M | 240.00M | |
| Current Income Taxes Payable | 1.36B | 1.25B | 1.26B | 1.16B | 1.04B | 1.02B |
| Other Current Liabilities | 2.78B | 3.13B | 2.20B | 2.80B | 2.38B | 2.18B |
| Total Current Liabilities | 25.20B | 25.43B | 22.91B | 26.38B | 27.34B | 19.25B |
| Long-Term Debt | 41.77B | 45.09B | 42.14B | 41.24B | 34.91B | 24.76B |
| Long-Term Leases | 101.00M | 575.00M | 457.00M | 479.00M | 456.00M | 367.00M |
| Pension & Post-Retirement Benefits | 1.46B | 2.11B | 2.21B | 1.26B | 2.15B | |
| Long-Term Deferred Tax Liabilities | 1.98B | 2.06B | 2.52B | 2.33B | 1.96B | 726.00M |
| Other Long-Term Liabilities | 3.62B | 2.60B | 1.51B | 2.10B | 2.07B | 2.24B |
| Total Liabilities | 72.67B | 77.21B | 71.65B | 74.75B | 67.99B | 49.50B |
| Additional Paid-In Capital | 2.53B | 2.45B | 2.33B | 2.29B | 2.23B | 2.23B |
| Retained Earnings | 36.87B | 35.40B | 32.87B | 34.09B | 34.29B | 33.08B |
| Treasury Stock | -35.46B | -35.55B | -35.64B | -35.78B | -35.92B | -35.84B |
| Comprehensive Income & Other | -11.87B | -12.30B | -11.31B | -11.81B | -9.56B | -9.58B |
| Total Common Equity | -7.94B | -9.99B | -11.75B | -11.22B | -8.96B | -10.11B |
| Minority Interest | 1.99B | 1.97B | 1.88B | 1.78B | 2.65B | 1.90B |
| Shareholders' Equity | -5.95B | -8.03B | -9.87B | -9.45B | -6.31B | -8.21B |
| Total Liabilities & Equity | 66.73B | 69.19B | 61.78B | 65.30B | 61.68B | 41.29B |
| Total Debt | 47.73B | 49.59B | 46.35B | 48.66B | 43.82B | 28.34B |
| Net Cash (Debt) | -41.04B | -44.72B | -42.14B | -45.60B | -40.61B | -23.85B |
| Net Cash Per Share | -26.31 | -28.71 | -27.08 | -29.36 | -26.17 | -15.30 |
| Filing Date Shares Outstanding | 1.56B | 1.56B | 1.55B | 1.55B | 1.55B | 1.55B |
| Total Common Shares Outstanding | 1.56B | 1.56B | 1.55B | 1.55B | 1.55B | 1.55B |
| Working Capital | 593.00M | -1.06B | -2.75B | -6.63B | -7.72B | -1.54B |
| Book Value Per Share | -5.09 | -6.42 | -7.56 | -7.23 | -5.78 | -6.52 |
| Tangible Book Value | -34.55B | -38.14B | -39.68B | -37.87B | -35.34B | -19.60B |
| Tangible Book Value Per Share | -22.17 | -24.50 | -25.52 | -24.39 | -22.80 | -12.65 |
| Land | 562.00M | 581.00M | 550.00M | 545.00M | 565.00M | |
| Buildings | 5.05B | 4.39B | 4.62B | 4.29B | 4.29B | |
| Machinery | 12.53B | 10.63B | 10.71B | 9.55B | 9.28B | |
| Construction In Progress | 1.47B | 1.08B | 1.20B | 1.06B | 599.00M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 10.71B | 11.35B | 7.06B | 7.81B | 9.05B | 9.11B |
| Depreciation & Amortization | 2.06B | 2.00B | 1.79B | 1.40B | 1.08B | 998.00M |
| Loss (Gain) From Sale of Assets | 94.00M | 94.00M | 206.00M | |||
| Asset Writedown & Restructuring Costs | -30.00M | 247.00M | 149.00M | 710.00M | 19.00M | -22.00M |
| Loss (Gain) From Sale of Investments | 511.00M | 2.32B | ||||
| Other Operating Activities | 1.57B | 356.00M | 25.00M | 583.00M | 497.00M | 515.00M |
| Change in Accounts Receivable | -575.00M | -448.00M | -738.00M | 314.00M | -871.00M | -198.00M |
| Change in Inventory | -220.00M | -1.20B | 552.00M | -862.00M | -1.29B | 549.00M |
| Change in Accounts Payable | 146.00M | 258.00M | 297.00M | -288.00M | 719.00M | 653.00M |
| Change in Income Taxes | 460.00M | -266.00M | -62.00M | -232.00M | -261.00M | -260.00M |
| Change in Other Net Operating Assets | 436.00M | -151.00M | 628.00M | -232.00M | 1.86B | 623.00M |
| Operating Cash Flow | 15.15B | 12.23B | 12.22B | 9.20B | 10.80B | 11.97B |
| Capital Expenditures | -1.56B | -1.57B | -1.44B | -1.32B | -1.08B | -748.00M |
| Cash Acquisitions | 43.00M | -1.77B | -14.98B | -2.11B | ||
| Divestitures | 85.00M | 30.00M | 136.00M | 191.00M | ||
| Investment in Securities | 176.00M | -149.00M | -256.00M | -111.00M | -20.00M | -34.00M |
| Other Investing Activities | 386.00M | -2.28B | 429.00M | -582.00M | 396.00M | 535.00M |
| Investing Cash Flow | -912.00M | -3.97B | -1.09B | -3.60B | -15.68B | -2.36B |
| Short-Term Debt Issued | 189.00M | 100.00M | 1.90B | 15.73B | ||
| Long-Term Debt Issued | 7.05B | 8.14B | 9.96B | 5.96B | ||
| Total Debt Issued | 6.79B | 7.24B | 8.24B | 11.86B | 21.70B | |
| Short-Term Debt Repaid | -170.00M | -5.06B | -5.60B | -4.79B | ||
| Long-Term Debt Repaid | -5.37B | -4.80B | -2.55B | -2.72B | -3.04B | |
| Total Debt Repaid | -8.83B | -5.54B | -9.87B | -8.15B | -7.52B | -3.04B |
| Net Debt Issued (Repaid) | -2.04B | 1.71B | -1.62B | 3.70B | 14.18B | -3.04B |
| Repurchase of Common Stock | -209.00M | -775.00M | ||||
| Common Dividends Paid | -9.20B | -8.62B | -8.20B | -7.96B | -7.81B | -7.58B |
| Other Financing Activities | -162.00M | -1.21B | 339.00M | -1.32B | -2.35B | -580.00M |
| Financing Cash Flow | -11.40B | -8.13B | -9.48B | -5.58B | 3.81B | -11.98B |
| Foreign Exchange Rate Adjustments | -196.00M | 504.00M | -536.00M | -95.00M | -213.00M | -417.00M |
| Net Cash Flow | 2.65B | 638.00M | 1.11B | -71.00M | -1.28B | -2.79B |
| Free Cash Flow | 13.60B | 10.66B | 10.77B | 7.88B | 9.73B | 11.22B |
| Free Cash Flow Margin | 31.51% | 26.24% | 28.44% | 22.41% | 30.62% | 35.72% |
| Free Cash Flow Per Share | 8.72 | 6.84 | 6.92 | 5.08 | 6.27 | 7.20 |
| Levered Free Cash Flow | 11.53B | 8.94B | 8.18B | 7.88B | 7.36B | 9.15B |
| Unlevered Free Cash Flow | 12.45B | 9.93B | 9.29B | 8.83B | 7.84B | 9.61B |
| Cash Interest Paid | 1.69B | 1.69B | 1.56B | 1.34B | 717.00M | 716.00M |
| Cash Income Tax Paid | 3.85B | 3.85B | 3.18B | 2.95B | 2.75B | 2.94B |
| Change in Working Capital | 247.00M | -1.81B | 677.00M | -1.30B | 162.00M | 1.37B |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 324.53B | 249.68B | 187.12B | 146.05B | 156.90B | 147.90B |
| Enterprise Value | 365.57B | 297.69B | 234.12B | 192.57B | 180.37B | 174.43B |
| Last Close Price | 208.79 | 156.33 | 113.30 | 84.34 | 85.93 | 76.51 |
| PE Ratio | 30.39 | 22.07 | 26.60 | 18.75 | 17.39 | 16.28 |
| Forward PE | 23.81 | 19.76 | 17.12 | 14.85 | 18.02 | 15.45 |
| PS Ratio | 7.52 | 6.14 | 4.94 | 4.15 | 4.94 | 4.71 |
| PB Ratio | -31.10 | -18.96 | -15.46 | -24.86 | -18.02 | |
| P/FCF Ratio | 23.88 | 23.41 | 17.37 | 18.53 | 16.13 | 13.18 |
| P/OCF Ratio | 21.42 | 20.41 | 15.32 | 15.87 | 14.52 | 12.36 |
| PEG Ratio | 2.53 | 1.78 | 1.60 | 2.20 | 3.07 | 1.45 |
| EV/Sales Ratio | 8.48 | 7.32 | 6.18 | 5.47 | 5.68 | 5.55 |
| EV/EBITDA Ratio | 18.17 | 15.90 | 15.61 | 13.16 | 12.99 | 12.39 |
| EV/EBIT Ratio | 20.24 | 17.80 | 17.72 | 14.55 | 14.08 | 13.34 |
| EV/FCF Ratio | 26.90 | 27.92 | 21.73 | 24.43 | 18.55 | 15.55 |
| Debt / Equity Ratio | -8.03 | -6.18 | -4.70 | -5.15 | -6.94 | -3.45 |
| Debt / EBITDA Ratio | 2.33 | 2.59 | 3.01 | 3.25 | 3.08 | 1.97 |
| Debt / FCF Ratio | 3.51 | 4.65 | 4.30 | 6.17 | 4.50 | 2.53 |
| Net Debt / Equity Ratio | -6.90 | -5.57 | -4.27 | -4.83 | -6.43 | -2.90 |
| Net Debt / EBITDA Ratio | 2.04 | 2.39 | 2.81 | 3.12 | 2.92 | 1.69 |
| Net Debt / FCF Ratio | 3.02 | 4.19 | 3.91 | 5.78 | 4.18 | 2.13 |
| Asset Turnover | 0.65 | 0.62 | 0.60 | 0.55 | 0.62 | 0.73 |
| Inventory Turnover | 1.35 | 1.28 | 1.32 | 1.25 | 1.19 | 1.10 |
| Quick Ratio | 0.53 | 0.42 | 0.39 | 0.28 | 0.29 | 0.44 |
| Current Ratio | 1.02 | 0.96 | 0.88 | 0.75 | 0.72 | 0.92 |
| Return on Assets (ROA) | 16.88% | 15.96% | 13.00% | 13.02% | 15.55% | 18.98% |
| Return on Invested Capital (ROIC) | 33.62% | 32.89% | 24.23% | 28.15% | 36.77% | 43.42% |
| Return on Capital Employed (ROCE) | 43.50% | 38.20% | 34.00% | 34.00% | 37.30% | 59.30% |
| Earnings Yield | 3.29% | 4.54% | 3.77% | 5.35% | 5.77% | 6.16% |
| FCF Yield | 4.19% | 4.27% | 5.76% | 5.40% | 6.20% | 7.59% |
| Dividend Yield | 3.07% | 3.52% | 4.40% | 5.46% | 4.98% | 5.14% |
| Payout Ratio | 93.42% | 76.00% | 116.15% | 101.93% | 86.34% | 83.21% |
| Buyback Yield / Dilution | -0.13% | -0.13% | -0.19% | -0.06% | 0.45% | -0.06% |
| Total Shareholder Return | 2.94% | 3.39% | 4.21% | 5.40% | 5.43% | 5.07% |