Philip Morris International filed its 10-Q with the SEC, and its figures are now in our data. Revenue over the twelve months to Q3 2026 was $43.14 billion, which rose 7.9% on the year before. That growth rate was down 1.1 percentage points on the rate a quarter earlier.

Profitability

The trailing gross margin was 67.7%. The trailing operating margin was 38.6%, up 1.7 percentage points from a year earlier.

The trailing net margin was 24.8%. Net income over the twelve months was $10.71 billion, which rose 24.1% on the year before.

Cash flow

Operating cash flow over the twelve months was $15.15 billion, up 31.5% on the year before. Capital spending was $1.56 billion, or 3.6% of revenue.

Free cash flow, operating cash flow less capital spending, was $13.60 billion, up 34.3% on the year before. Free cash flow was 31.5% of revenue (the free-cash-flow margin), up 6.2 percentage points from a year earlier.

Share count

The average diluted share count rose 0.1% over the year.

Against its own history

Today’s free-cash-flow margin of 31.5% is higher than 88% of the company’s own past quarterly readings, which have ranged from 7.0% to 37.5%. Today’s operating margin of 38.6% is higher than 81% of the company’s own past quarterly readings, which have ranged from 13.6% to 42.3%.

Today’s twelve-month revenue growth rate of 7.9% is higher than 76% of the company’s own past quarterly readings, which have ranged from −61.6% to 13.4%.

Guidance

The company gave its 2026 Full-Year Forecast guidance for Reported Diluted EPS: $7.11 to $7.26. The company gave its 2026 Full-Year Forecast guidance for Net revenue growth (adjusted): 5% to 7%.

The company gave its 2026 Full-Year Forecast guidance for Organic operating income growth (adjusted): 7% to 9%. The company gave its 2026 Full-Year Forecast guidance for Full-year amortization of acquired intangibles: $0.50.

What it means for value

In our model, growth 5 percentage points lower would lower the value by 28.9%, and 5 percentage points higher would raise it by 37.6%. A free-cash-flow margin 1 percentage point lower would lower it by 3.7%.

What to watch

The next filing will show whether the recent trends in revenue growth and operating margin continue or reverse. It will also reveal if the free-cash-flow margin remains elevated relative to historical ranges.