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Philip Morris International (PM) stock

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NYSE: PM NYSE Tobacco Next results ~February 5, 2027

B Fundamentals grade

Philip Morris International is a US-listed company in the tobacco industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$120

Cash-flow model

Base case. Range ~$81–$160 across our lower- and higher-growth cases (-1%–9% a year).

Price vs value

Overvalued

The price is above our entire value range; our base value is 44% below it.

Price used: $208.29, November 2, 2026

Philip Morris International valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

Value diary

Our note on each quarter Philip Morris International files

10-Q filed October 23: Philip Morris International

Revenue for the twelve months to September 2026 reached $43.1bn, up 7.9% on a year earlier. That pace has eased from the 8.9% recorded a quarter earlier. Free-cash-flow margin told a better story, climbing to 31.5% from 25.3% a year ago. Our model value is little changed at $142 a share. Against a share price of $202, the rating stays Sell. At that price, the market is pricing in roughly 13.3% a year of cash-flow growth over five years. That assumption sits well above the 6.6% a year of revenue growth the company has actually delivered.

Source: 10-Q filed October 23, 2026 on SEC EDGAR · Financials · Valuation

Earlier notes (1)

Where Philip Morris International stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $42.5bn, up 8.9% on a year earlier, faster than 8.1% a quarter earlier. Free-cash-flow margin rose to 29.9% from 23.0% a year earlier. Against its peers on growth, profitability, cash generation and balance sheet, it grades B. It passes 0 of our 2 financial-health checks. Our cash-flow model value is $174 a share, against a share price of $201. At that price, our model says the market is pricing in about 11.2% a year of cash-flow growth for five years, faster than the 6.3% a year revenue growth it has delivered.

10-Q on SEC EDGAR

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~February 5, 2027 (estimated)

Philip Morris International's trailing-twelve-month revenue grew 7.9% year on year, with a free-cash-flow margin of 31.5%. Where it stands out: gross margin of 67.7% ranks 1 of 6 tobacco companies we cover. Where it lags: long-term debt as % of assets of 62.5% ranks 5 of 6 tobacco companies we cover.

Our discounted-cash-flow model values the business at ~$120 per share in the base case (~$81–$160 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Free-cash-flow margin near historical high: TTM FCF margin of 31.5% is above every prior reading in its 69-quarter history.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • High operating margin. 38.6% of revenue is left as operating profit, against a median of 14.8% for tobacco companies we cover.
  • Strong cash generation. 31.5% of revenue turned into free cash flow, against a median of 22.0% for tobacco companies we cover.

Things to watch

  • Priced above our value. The share price of $208.29 is 44% above our value per share of $120.
  • Insiders selling. 6 insiders sold $29M of stock over the past 365 days and none bought (0% under pre-set trading plans).
  • Below peers: long-term debt as % of assets. Long-term debt as % of assets of 62.5% ranks 5 of 6 tobacco companies we cover (median 34.4%).
  • Below peers: change in share count. Change in share count of 0.1% ranks 5 of 6 tobacco companies we cover (median 0.1%).

Latest results: FY2026 Q3

Filed October 23, 2026
Earnings per share
$2.36 against an average estimate of $2.32: beat by 1.9%
Revenue
$11.44bn, up 5.5% on a year earlier
Share reaction
+0.9% in the first session after the results on October 21, 2026, against -0.7% for the S&P 500
Guidance given
reported Diluted EPS $7.11 to $7.26 (2026 Full-Year Forecast); adjusted Diluted EPS $8.29 to $8.44 (2026 Full-Year Forecast)
Next report
October 21, 2026; average EPS estimate $1.83

Philip Morris International's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-0.2%
  • 1 week+3.2%
  • 1 month+11.1%
  • This year+33.2%
  • 1 year+49.4%
  • 5 years+176.7%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

Loading chart…

Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$43.1B
Operating margin
38.6%
Net margin
24.8%
EPS (TTM, diluted)
$6.87

Growth

Revenue growth
+7.9%
Change in growth rate
−1.1 pts
Share count change
+0.1%

Cash

Free cash flow (TTM)
$13.6B
FCF margin
31.5%

Earnings

Last results
October 21, 2026
Next results (est.)
February 5, 2027

News & updates

Updated November 2, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Our research
  2. Results
  3. Guidance
  4. Announcement
  5. Announcement
  6. Announcement
  7. Results
  8. Leadership

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Philip Morris International valuation models and calculator

What the price is pricing in

The share price implies about 12.7% a year of cash-flow growth for five years.That is faster than the -12.1% a year revenue growth Philip Morris International has delivered.

  • Priced in12.7%
  • Last 12 months7.9%
  • 3 years a year-9.1%
  • 5 years a year-12.1%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($206.94, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Sell12-month view
12-month price target
~$120
Price used
$206.94close November 3, 2026
Implied change
▼ 43%
Uncertainty
Medium

How we got here: a discounted-cash-flow model of Philip Morris International's free cash flow after stock-based pay with after-tax interest added back ($12.1B, FY2026 Q3 TTM), growing 4.4% and 4.3% in the next two years (forecasts, guidance and its record), then back to 4% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$81–~$160 ; that spread sets a 25% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Philip Morris International's free cash flow after stock-based pay ( $12.1B, FY2026 Q3 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Philip Morris International as an operating company, with every model that fits that kind of business. Cost of equity 7%: the 10-year Treasury yield (4.9%) plus a beta of 0.35 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$120 ~$81–$160 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. — Does not apply: fewer than 5 peers with a usable multiple
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. — Does not apply: book value or earnings not available
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. — Does not apply: return on equity is not positive
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$120 ~$81–$160 1 model

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Philip Morris International with Tobacco in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −29%
  • Revenue growth 5 points higher ▲ +38%
  • Free-cash-flow margin 1 point lower ▼ −4%
  • Last year's free-cash-flow margin change, if it persists ▲ +30%
  • Discount rate 1 point higher ▼ −17%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $83$123$177$246$337$455
8.5% $57$86$124$174$239$323
10% $41$64$93$131$181$244

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$52.14$56.60$67.84$45.25$61.10$63.35$76.51$85.93$84.34$113.30$156.33$208.29
Market value$80.8bn$87.8bn$105.4bn$70.4bn$95.1bn$98.7bn$119.3bn$133.4bn$131.0bn$176.3bn$243.6bn$324.8bn
+ Net debt (− = net cash)$25.1bn$24.8bn$25.9bn$25.2bn$24.2bn$24.3bn$23.3bn$39.9bn$44.8bn$41.8bn$44.1bn$40.9bn
Enterprise value$105.8bn$112.6bn$131.2bn$95.5bn$119.3bn$123.0bn$142.6bn$173.3bn$175.8bn$218.1bn$287.7bn$365.7bn
Multiples
Price / sales 1.1x1.2x1.3x0.9x1.2x1.3x1.5x1.7x3.7x4.7x6.0x7.5x
Price / earnings 11.8x12.6x17.5x8.9x13.2x12.3x13.1x14.7x16.8x25.0x21.5x30.3x
Price / free cash flow 11.7x12.7x14.3x8.7x10.3x10.7x10.6x13.7x16.6x16.4x22.8x23.9x
EV / EBITDA 9.3x9.7x10.5x7.7x10.4x9.7x10.2x13.0x13.6x14.4x17.0x19.5x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

67 /100

Moderate moat

How hard Philip Morris International's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 20 / 20

    Net income has been a median 16.9% of total assets over 10 years.

  • Pricing power 3 / 20

    Gross margin has been a median 30.2%, moving by 17.8 percentage points (standard deviation) across 10 years.

  • Durability 15 / 20

    Operating margin has been a median 18.2%; its worst year was 14.5%.

  • Cash conversion 17 / 20

    Free cash flow was positive in 10 of 10 years, at a median 13.9% of revenue.

  • Discipline 12 / 20

    The diluted share count rose 0.0% over five years.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $8.37 +11% $43.6bn +7%
Next $9.09 +9% $45.6bn +5%

Next year's EPS estimate has moved −0.5% in 90 days, across 15 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is −0.2% on 90 days ago. In the last 30 days, 4 analysts raised Philip Morris International's forecast and 1 cut it.

Consensus EPS forecast Philip Morris International, last 90 days
$8.00 $8.50 $9.00 $9.50 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $8.39 Current fiscal year, 60 days ago: $8.40 Current fiscal year, 30 days ago: $8.42 Current fiscal year, 7 days ago: $8.43 Current fiscal year, Now: $8.37 $8.37 Next fiscal year, 90 days ago: $9.14 Next fiscal year, 60 days ago: $9.16 Next fiscal year, 30 days ago: $9.18 Next fiscal year, 7 days ago: $9.18 Next fiscal year, Now: $9.09 $9.09

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $8.39$9.14
60 days ago $8.40$9.16
30 days ago $8.42$9.18
7 days ago $8.43$9.18
Now $8.37$9.09

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 $2.32 $2.36 +1.9%
Jun 2026 $2.05 $2.20 +7.3%
Mar 2026 $1.83 $1.96 +7.1%
Dec 2025 $1.70 $1.70 0.0%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, October 21, 2026
  • Net revenue growth 2026 Full-Year Forecast 5% growth to 7% growth Non-GAAP
    “Net revenue growth of 5% to 7% on an organic basis; with a greater likelihood to be in the middle or upper-half of the range, supported by a fourth-quarter reacceleration in international smoke-free;” source
  • Reported Diluted EPS 2026 Full-Year Forecast $7.11 to $7.26 GAAP
    “Reported diluted EPS is forecast to be in a range of $7.11 to $7.26, at prevailing exchange rates.” source
  • Adjusted Diluted EPS 2026 Full-Year Forecast $8.29 to $8.44 Non-GAAP
    “Adjusted Diluted EPS $8.29 - $8.44 $ 7.54 9.9% - 11.9%” source
  • Adjusted Diluted EPS, excluding Currency 2026 Full-Year Forecast $8.11 to $8.26 Non-GAAP
    “Adjusted Diluted EPS, excluding currency $8.11 - $8.26 $ 7.54 7.5% - 9.5%” source
  • Organic operating income growth 2026 Full-Year Forecast 7% growth to 9% growth Non-GAAP
    “Organic operating income growth of 7% to 9%; with a greater likelihood to be in the middle or lower-half of the range, with a corresponding flow through to our EPS forecast range, given the cost impacts of ongoing geopolitical tensions and the previously communicated step-up in U.S. growth investments;” source
  • Full-year amortization of acquired intangibles 2026 Full-Year Forecast about $0.50
    “Full-year amortization of acquired intangibles of $0.50 per share;” source
Show 4 more items
  • Effective tax rate, excluding discrete tax events 2026 Full-Year Forecast about 21.5% Non-GAAP
    “An effective tax rate, excluding discrete tax events, of around 21.5%;” source
  • Operating cash flow 2026 Full-Year Forecast about $13.5bn
    “Operating cash flow around $13.5 billion at prevailing exchange rates, subject to year-end working capital requirements;” source
  • Capital expenditures 2026 Full-Year Forecast $1.4bn to $1.6bn
    “Capital expenditures of $1.4 to $1.6 billion, predominantly supporting the smoke-free business;” source
  • Net debt to adjusted EBITDA ratio target 2026 Full-Year Forecast about 2 Non-GAAP
    “Further net debt to adjusted EBITDA ratio improvement as we target a ratio of close to 2.0x by the end of 2026, at prevailing exchange rates;” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows Philip Morris International's revenue by +4.4% next year and +4.3% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+4.6%, weight 69%) and the company's own record (+4.0%, weight 31%) . How the weights are set.

Analyst recommendations

16 analysts, Oct 2026
Buy1275%
Hold425%
Sell00%

Monthly trend

  1. Oct 202639416
  2. Sep 202639416
  3. Aug 202639416
  4. Jul 202639416

Counts of recommendations published by analysts covering Philip Morris International, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
1.1%
of tradable shares
Days to cover
3.73
at average volume
Short interest, 1 month
+25%
to October 15, 2026
Held by institutions
84%
of shares
Held by insiders
0.2%
of shares
Employees
84,900
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +49.4%

$139.40 on October 31, 2025 to $208.29

ThenNowEffect
Revenue (last 12 months) $39.1bn $42.5bn +8.9%
Net margin 21.1% 25.6% +21.3%
P/E multiple 26.4x 29.9x +13.3%
Share count 1557m 1559m −0.1%

Biggest factor: net margin.

Last 3 years +157.4%

$80.92 on November 3, 2023 to $208.29

ThenNowEffect
Revenue (last 12 months) $69.2bn $42.5bn −38.5%
Net margin 11.6% 25.6% +119.8%
P/E multiple 15.6x 29.9x +91.3%
Share count 1553m 1559m −0.4%

Biggest factor: net margin.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
PM+21%+12%−2%+34%+38%+33%
Industry peers (median)+22%−20%+10%+14%+10%−28%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
PM67%50%58%67%75%64%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
PM−18%−23%−14%−9%−21%−19%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 3, 2015: 43% from June 19, 2017 to March 23, 2020. Getting back needed a 75% gain, reached on June 14, 2021, 448 days after the low.

Price behaviour

52-week range
$139.66 – $208.79
From 52-week high
−0.2%
vs 50-day average
+7.6%
vs 200-day average
+16.0%
Volatility (1 year)
28%
Beta vs S&P 500
-0.18

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
8 up, 4 down
typical move ±4.9%
After a week
9 up, 3 down
typical move ±5.9%
After a month
8 up, 3 down
typical move ±8.2%
Results releasedNext dayS&P 500 next day5 days21 days
October 21, 2026 +0.9% −0.7% +1.4% —
July 22, 2026 +1.6% −1.3% +5.5% +1.9%
April 22, 2026 +10.4% +0.6% +6.2% +23.0%
February 6, 2026 −0.1% +2.4% +3.0% −5.0%
October 21, 2025 −0.8% −0.5% −5.2% −1.6%
July 22, 2025 −8.8% +0.9% −9.8% −4.2%
April 23, 2025 +3.6% +3.7% +4.4% +6.8%
February 6, 2025 +10.3% −0.6% +13.9% +15.0%
October 22, 2024 +10.5% −1.0% +10.6% +9.6%
July 23, 2024 +3.9% −2.4% +7.0% +11.9%
April 23, 2024 +5.3% +1.1% +0.9% +7.5%
February 8, 2024 −2.5% +0.6% −2.7% +3.2%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How Philip Morris International’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Implied vs realised volatility

Options look fairly priced

Implied volatility is within its normal range against realised. Selling options earns the usual premium, nothing extra.

  • Implied is 1.14× the last 60 days’ realised volatility , richer than 39% of the 229 stocks we screen today.
  • Puts and calls are priced at about the same implied volatility.
  • Why: implied is not far enough above realised, or not unusual against our coverage.

Our rule for “rich”: implied at least 1.2× 60-day realised (beyond measurement noise), above 1-year realised (not just a calm spell), and in the top 20% of our coverage that day. Never with results inside the option’s life. These are our conventions, built on research showing option prices usually imply more movement than follows, most when the gap is wide. How we judge this.

Cash-secured put

Not offered: rated Sell.

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

PM Philip Morris International Grade B $208.31

Own 100 shares, sell the $230 call expiring December 18, 2026 (46 days) for $1.50 a share — $150 per contract.

Previous session · Bid $1.50, ask $1.95, quoted Mon 2 Nov, 17:33 New York time with PM at $208.31. Option prices move with the shares: check the live chain at your broker before trading.

  • If PM ends below $230: you keep your shares and the $150 — 0.7% extra on the position, 5.7% a year at that pace.
  • If it ends above $230: your shares are sold at $230, a total return of 11.1% including the premium — at or above our value of ~$120.
$2.3k $0 −$4.1k Break-even $206.81 Price $208.31 ← Our value ~$120
Profit or loss per contract at expiry, by share price (including the shares bought at today's price).
Premium
$150
Annualised
5.7%
Break-even
$206.81
Max gain
$2,319
Chance of selling
~19%

Collar

Own the shares, buy the $195 put and sell the $230 call, both expiring December 18, 2026 (46 days).

  • Net cost of $1.60 a share ($160 per contract of 100 shares).
  • Worst case at expiry: -7.2%, if the shares fall below $195 (-6.4% from today).
  • Best case at expiry: +9.6%, if the shares rise above $230 (+10.4%); gains beyond that go to the call buyer.

Offered because the shares trade at or above our fair value of $120: a way to hold on with a floor under the price, paid for by giving up upside the model does not expect. Strikes near 25-delta; the put at its ask and the call at its bid. Protection has a cost over time: research on protective puts finds they have usually lowered returns.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Philip Morris International in five measures

Fundamentals grade B
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Philip Morris International
$35B $40B $45B $50B FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $46.5B Revenue (TTM), FY24 Q1: $35.9B Revenue (TTM), FY24 Q2: $36.4B Revenue (TTM), FY24 Q3: $37.2B Revenue (TTM), FY24 Q4: $37.9B Revenue (TTM), FY25 Q1: $38.4B Revenue (TTM), FY25 Q2: $39.1B Revenue (TTM), FY25 Q3: $40B Revenue (TTM), FY25 Q4: $40.6B Revenue (TTM), FY26 Q1: $41.5B Revenue (TTM), FY26 Q2: $42.5B Revenue (TTM), FY26 Q3: $43.1B $43.1B

Source: SEC EDGAR filings. Retrieved October 24, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $46.5B
FY24 Q1 $35.9B
FY24 Q2 $36.4B
FY24 Q3 $37.2B
FY24 Q4 $37.9B
FY25 Q1 $38.4B
FY25 Q2 $39.1B
FY25 Q3 $40B
FY25 Q4 $40.6B
FY26 Q1 $41.5B
FY26 Q2 $42.5B
FY26 Q3 $43.1B
Revenue growth, TTM YoY Philip Morris International
-60% -40% -20% 0% 20% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue growth, TTM YoY, FY23 Q4: -42.4% Revenue growth, TTM YoY, FY24 Q1: -55.4% Revenue growth, TTM YoY, FY24 Q2: -47.3% Revenue growth, TTM YoY, FY24 Q3: -35.2% Revenue growth, TTM YoY, FY24 Q4: -18.5% Revenue growth, TTM YoY, FY25 Q1: 6.8% Revenue growth, TTM YoY, FY25 Q2: 7.2% Revenue growth, TTM YoY, FY25 Q3: 7.5% Revenue growth, TTM YoY, FY25 Q4: 7.3% Revenue growth, TTM YoY, FY26 Q1: 8.1% Revenue growth, TTM YoY, FY26 Q2: 8.9% Revenue growth, TTM YoY, FY26 Q3: 7.9% 7.9%

Source: SEC EDGAR filings. Retrieved October 24, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 -42.4%
FY24 Q1 -55.4%
FY24 Q2 -47.3%
FY24 Q3 -35.2%
FY24 Q4 -18.5%
FY25 Q1 6.8%
FY25 Q2 7.2%
FY25 Q3 7.5%
FY25 Q4 7.3%
FY26 Q1 8.1%
FY26 Q2 8.9%
FY26 Q3 7.9%
Operating margin (TTM) Philip Morris International
20% 25% 30% 35% 40% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Operating margin (TTM), FY23 Q4: 24.9% Operating margin (TTM), FY24 Q1: 33.0% Operating margin (TTM), FY24 Q2: 35.0% Operating margin (TTM), FY24 Q3: 35.0% Operating margin (TTM), FY24 Q4: 35.4% Operating margin (TTM), FY25 Q1: 36.2% Operating margin (TTM), FY25 Q2: 36.3% Operating margin (TTM), FY25 Q3: 37.0% Operating margin (TTM), FY25 Q4: 36.6% Operating margin (TTM), FY26 Q1: 36.7% Operating margin (TTM), FY26 Q2: 37.7% Operating margin (TTM), FY26 Q3: 38.6% 38.6%

Source: SEC EDGAR filings. Retrieved October 24, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q4 24.9%
FY24 Q1 33.0%
FY24 Q2 35.0%
FY24 Q3 35.0%
FY24 Q4 35.4%
FY25 Q1 36.2%
FY25 Q2 36.3%
FY25 Q3 37.0%
FY25 Q4 36.6%
FY26 Q1 36.7%
FY26 Q2 37.7%
FY26 Q3 38.6%
FCF margin (TTM) Philip Morris International
15% 20% 25% 30% 35% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 FCF margin (TTM), FY23 Q4: 17.0% FCF margin (TTM), FY24 Q1: 24.9% FCF margin (TTM), FY24 Q2: 27.8% FCF margin (TTM), FY24 Q3: 27.0% FCF margin (TTM), FY24 Q4: 28.4% FCF margin (TTM), FY25 Q1: 26.6% FCF margin (TTM), FY25 Q2: 23.0% FCF margin (TTM), FY25 Q3: 25.3% FCF margin (TTM), FY25 Q4: 26.2% FCF margin (TTM), FY26 Q1: 25.7% FCF margin (TTM), FY26 Q2: 29.9% FCF margin (TTM), FY26 Q3: 31.5% 31.5%

Source: SEC EDGAR filings. Retrieved October 24, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 17.0%
FY24 Q1 24.9%
FY24 Q2 27.8%
FY24 Q3 27.0%
FY24 Q4 28.4%
FY25 Q1 26.6%
FY25 Q2 23.0%
FY25 Q3 25.3%
FY25 Q4 26.2%
FY26 Q1 25.7%
FY26 Q2 29.9%
FY26 Q3 31.5%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q, 10-Q/A. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar Philip Morris International took in during FY2025, followed through to profit: what it cost to make, what went on research and running the business, and what was left after tax.

  1. Revenue $40.6B
  2. Cost of revenue $13.4B · 32.9%
  3. Gross profit $27.3B · 67.1%
  4. Research and development $756M · 1.9%
  5. Other operating costs $11.6B · 28.6%
  6. Operating income $14.9B · 36.6%
  7. Income tax $2.7B · 6.7%
  8. Interest and other $807M · 2.0%
  9. Net income $11.3B · 27.9%

Shares of revenue. Source: Philip Morris International's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained.

Financial statements

US$ billions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Dec 2009 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Sept 2026
Income
Revenue 62.1 67.7 76.3 77.4 80.0 80.1 73.9 75.0 78.1 79.8 77.9 76.0 82.2 80.7 35.2 37.9 40.6 43.1
Gross profit 16.0 17.5 20.4 21.0 20.8 19.3 17.4 17.3 18.3 18.9 19.3 19.1 21.4 20.4 22.3 24.5 27.3 29.2
EBITDA 10.9 12.1 14.3 14.8 14.4 12.6 11.4 11.6 12.5 12.4 11.5 12.6 14.0 13.3 13.0 15.2 16.9 18.7
Operating income 10.0 11.2 13.3 13.9 13.5 11.7 10.6 10.9 11.6 11.4 10.5 11.7 13.0 12.2 11.6 13.4 14.9 16.7
Net income 6.3 7.3 8.6 8.8 8.6 7.5 6.9 7.0 6.0 7.9 7.2 8.1 9.1 9.0 7.8 7.1 11.3 10.7
Diluted EPS $3.24 $3.92 $4.85 $5.17 $5.26 $4.76 $4.42 $4.48 $3.88 $5.08 $4.61 $5.16 $5.83 $5.81 $5.02 $4.52 $7.26 $6.87
Growth (year on year)
Revenue −2.5% +9.1% +12.7% +1.4% +3.4% +0.1% −7.7% +1.4% +4.2% +2.2% −2.4% −2.4% +8.1% −1.9% −56.4% +7.7% +7.3% +7.9%
EBITDA −1.8% +11.4% +18.2% +3.0% −2.5% −12.5% −9.6% +2.4% +7.0% −0.7% −7.0% +10.0% +10.5% −4.7% −2.8% +17.3% +11.2% +11.9%
Operating income −2.0% +11.6% +19.1% +3.9% −2.5% −13.4% −9.2% +2.6% +6.2% −1.8% −7.4% +10.8% +11.2% −5.6% −5.6% +16.0% +11.1% +12.7%
Net income −8.0% +14.5% +18.3% +2.4% −2.5% −12.6% −8.3% +1.4% −13.4% +31.1% −9.2% +12.1% +13.1% −0.7% −13.6% −9.7% +60.8% +24.1%
Diluted EPS −2.1% +21.0% +23.7% +6.6% +1.7% −9.5% −7.1% +1.4% −13.4% +30.9% −9.3% +11.9% +13.0% −0.3% −13.6% −10.0% +60.6% +24.0%
Margins
Gross margin 25.8% 25.8% 26.7% 27.1% 26.0% 24.1% 23.6% 23.1% 23.5% 23.6% 24.8% 25.1% 26.0% 25.2% 63.3% 64.8% 67.1% 67.7%
EBITDA margin 17.5% 17.9% 18.8% 19.1% 18.0% 15.7% 15.4% 15.5% 15.9% 15.5% 14.8% 16.6% 17.0% 16.5% 36.8% 40.1% 41.5% 43.4%
Operating margin 16.2% 16.5% 17.5% 17.9% 16.9% 14.6% 14.4% 14.5% 14.8% 14.3% 13.5% 15.3% 15.8% 15.2% 32.9% 35.4% 36.6% 38.6%
Net margin 10.2% 10.7% 11.3% 11.4% 10.7% 9.4% 9.3% 9.3% 7.7% 9.9% 9.2% 10.6% 11.1% 11.2% 22.2% 18.6% 27.9% 24.8%
Free-cash-flow margin 11.5% 12.9% 12.6% 10.8% 11.2% 8.2% 9.3% 9.2% 9.4% 10.1% 11.9% 12.1% 13.6% 12.1% 22.4% 28.4% 26.2% 31.5%
Cash flow
Cash from operations 7.9 9.4 10.5 9.4 10.1 7.7 7.9 8.1 8.9 9.5 10.1 9.8 12.0 10.8 9.2 12.2 12.2 15.2
Capital spending 0.7 0.7 0.9 1.1 1.2 1.2 1.0 1.2 1.5 1.4 0.9 0.6 0.7 1.1 1.3 1.4 1.6 1.6
Free cash flow 7.2 8.7 9.6 8.4 8.9 6.6 6.9 6.9 7.4 8.0 9.2 9.2 11.2 9.7 7.9 10.8 10.7 13.6
Stock-based pay 0.1 0.1 0.2 — — — — — — — — — — — — — — —
Free cash flow after stock pay 7.1 8.6 9.5 — — — — — — — — — — — — — — —
Balance sheet
Cash 1.5 1.7 2.6 3.0 2.2 1.7 3.4 4.2 8.4 6.6 6.9 7.3 4.5 3.2 3.1 4.2 4.9 6.7
Total debt 15.4 16.5 18.5 22.8 27.7 29.5 28.5 29.1 34.3 31.8 31.0 31.6 27.8 43.1 47.9 46.0 49.0 47.6
Net debt (negative = net cash) 13.9 14.8 16.0 19.9 25.5 27.8 25.1 24.8 25.9 25.2 24.2 24.3 23.3 39.9 44.8 41.8 44.1 40.9
Diluted shares 1,950m 1,842m 1,762m 1,692m 1,622m 1,566m 1,549m 1,551m 1,553m 1,555m 1,556m 1,558m 1,559m 1,552m 1,553m 1,556m 1,558m 1,560m
Returned to shareholders
Dividends 4.3 4.4 4.8 5.4 5.7 6.0 6.3 6.4 6.5 6.9 7.2 7.4 7.6 7.8 8.0 8.2 8.6 9.2
Buybacks 5.6 5.0 5.4 6.5 6.0 3.8 0.0 0.0 0.0 — 0.0 0.0 0.8 0.2 0.0 0.0 — —
Total returned 10.0 9.5 10.2 11.9 11.7 9.9 6.3 6.4 6.5 6.9 7.2 7.4 8.4 8.0 8.0 8.2 8.6 9.2

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

2 of 4 checks passed · September 30, 2026
What it owns · $66.7bn
Short-term assets $25.8bnLonger-term assets $40.9bn
What it owes, and who funded it · $72.7bn
Short-term liabilities $25.2bnLonger-term liabilities $47.5bnShareholders' equity $-7.9bn
  • Short-term assets cover short-term liabilities $25.8bn of assets due within a year against $25.2bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities $25.8bn short-term assets against $47.5bn of longer-dated liabilities.
  • More cash than debt $6.7bn of cash against $44.2bn of debt.
  • Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
  • Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
  • A year's operating cash flow covers at least 20% of debt $15.2bn of operating cash flow against $44.2bn of debt.
  • Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From Philip Morris International's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

Dividends (TTM)
$9.2B
Diluted share count
+0.1%
year over year
Total shareholder yield
2.8%
dividends 2.8% + buybacks 0.0% of market value
Dividend payout ratio
86%
of net income paid out
Days sales outstanding
44 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in tobacco
Last 12 months unless stated PM BTI MO UVV RLX TPB Median
Revenue, last 12 months $43.1bn $33.8bn $23.5bn $2.8bn $551m $507m $2.8bn
Revenue growth, last 12 months 7.9% 2.2% 0.5% −3.6% 44.2% 24.5% 2.2%
Revenue growth, 3-year average −9.1% — −1.5% 2.2% — 11.1% −1.5%
Revenue growth, latest quarter 5.5% — 1.0% −12.2% — 22.6% 1.0%
Gross margin 67.7% — 63.3% 15.6% 29.9% 59.2% 52.1%
Operating margin 38.6% 39.0% 47.0% 4.9% 8.3% 14.8% 14.8%
Operating margin, 3-year average 36.9% 37.2% 47.0% 7.2% — 20.6% 28.8%
Net margin 24.8% 30.3% 34.5% 0.7% 23.3% 8.8% 23.3%
Cash from operations / revenue 35.1% 24.8% 40.1% 7.7% 27.9% 6.4% 24.8%
Free-cash-flow margin 31.5% 22.0% 38.6% 5.8% 24.9% 3.9% 22.0%
Free-cash-flow margin, 3-year average 27.9% 26.4% 37.7% 2.2% — 12.4% 19.4%
Stock pay / revenue — — — 0.2% 4.7% 1.8% 3.3%
Change in share count 0.1% −1.2% −0.8% 0.1% −5.0% 5.8% 0.1%

Median of all 7 companies we cover in tobacco. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

7 tobacco companies
Measure Company Peer median Rank
Revenue growth Growth 7.9% 2.2% 3 of 7
Change in growth rate Growth -1.1pp -0.7pp 5 of 7
Gross margin Profitability 67.7% 59.2% 1 of 6
Operating margin Profitability 38.6% 14.8% 3 of 7
Net margin Profitability 24.8% 23.3% 3 of 7
Free-cash-flow margin Cash generation 31.5% 22.0% 2 of 7
Long-term debt as % of assets Balance sheet 62.5% 34.4% 5 of 6
Change in share count Balance sheet 0.1% 0.1% 5 of 6
Days sales outstanding Balance sheet 44 days 45 days 2 of 5

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Segments
Line of business Revenue Share YoY
Europe $17.1B 42.1% ▲ 9.1%
SSEACISMEA $12.1B 29.6% ▲ 7.0%
EAAUPMIGTR $6.6B 16.3% ▲ 3.7%
Americas $4.9B 11.9% ▲ 7.1%
Products and services
Line of business Revenue Share YoY
Combustible Tobacco Products $23.8B 58.5% ▲ 2.5%
Smoke Free Products $16.9B 41.5% ▲ 15.0%

From Philip Morris International's 10-K filed February 6, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$237B
Institutions reporting
2,914
Shares held vs prior quarter
▲ 1.0%
Positions opened / closed
183 / 118

Top buyers and sellers, Q2 2026: 1,421 institutions bought and 1,118 sold ; the biggest buyer was First Eagle Investment Management, LLC (+6.0M shares) and the biggest seller GQG Partners LLC (−4.7M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Capital World Investors $24.1B 133.2M 10.2% ▼ 0.2%
Blackrock, Inc. $19.5B 108.0M 8.2% ▲ 0.5%
Vanguard Capital Management LLC $18.4B 101.8M 7.8% ▲ 0.6%
Capital Research Global Investors $15.2B 84.3M 6.4% ▲ 5.6%
Capital International Investors $13.1B 72.3M 5.5% ▼ 0.7%
State Street Corp $10.1B 55.6M 4.3% ▲ 1.0%
Jpmorgan Chase & Co $8.8B 48.2M 3.7% ▼ 6.6%
FMR LLC $8.4B 46.5M 3.6% ▲ 3.9%
GQG Partners LLC $8.2B 45.4M 3.5% ▼ 9.3%
Geode Capital Management, LLC $7.1B 39.0M 3.0% ▲ 1.5%
Vanguard Portfolio Management LLC $5.5B 30.3M 2.3% ▲ 2.4%
Morgan Stanley $4.6B 25.5M 1.9% ▲ 4.5%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Philip Morris International's complete shareholder register. Values are as reported by the filers ; 11 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $28.8M 7 trades by 6 insiders · 0% under pre-set plans
Net ▼ $28.8M net selling
Insider Date Trade Shares Price Value
Kennedy Stacey CEO PMI U.S. February 20, 2026 Sell 14,350 $183.13 $2.6M
Dobrowolski Reginaldo Group Controller February 20, 2026 Sell 1,000 $183.58 $183,580
Dobrowolski Reginaldo Group Controller February 20, 2026 Sell 5,000 $183.46 $917,300
De Wilde Frederic CEO PMI International February 19, 2026 Sell 20,000 $182.58 $3.7M
Olczak Jacek Group CEO PMI February 19, 2026 Sell 80,000 $182.18 $14.6M
Guerin Yann Group Chief Legal Officer February 19, 2026 Sell 4,000 $181.69 $726,760
Babeau Emmanuel Group Chief Financial Officer February 19, 2026 Sell 33,800 $181.61 $6.1M

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 97 trades and filings

In the last 12 months, 2 members of Congress disclosed 0 purchases and 3 sales of Philip Morris International shares.

  • Julia Letlow(R-LA 5):Sale (full), $1,001 - $15,000, traded February 5, 2026, filed March 12, 2026
  • Julie Johnson(D-TX 32):Sale (full), $1,001 - $15,000, traded December 18, 2025, filed January 15, 2026
  • Julie Johnson(D-TX 32):Sale (partial), $1,001 - $15,000, traded November 13, 2025, filed December 11, 2025

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around February 5, 2027 estimated from the company's past filing pattern, not announced

  • October 21, 2026
  • July 22, 2026
  • April 22, 2026
  • February 6, 2026
  • October 21, 2025
  • July 22, 2025

Recent SEC filings

Data status

When each part of this page on Philip Morris International was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Philip Morris International in brief

What does Philip Morris International do?
Philip Morris International is a US-listed company in the tobacco industry. Its financial year ends in December.
What is Philip Morris International's stock ticker?
Philip Morris International trades under the ticker PM on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Philip Morris International's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Philip Morris International reported revenue of $43.1B, 7.9% higher than a year earlier, according to its SEC filings.
What is Philip Morris International's free cash flow?
Philip Morris International's free-cash-flow margin is 31.5% of revenue over the trailing twelve months, ranking 2 of the 7 tobacco companies we cover.
What is Philip Morris International's fair value (intrinsic value) per share?
Our discounted-cash-flow model of Philip Morris International's free cash flow after stock-based pay gives ~$120 per share in the base case, and ~$81–$160 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Philip Morris International's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Capital World Investors, Blackrock, Inc. and Vanguard Capital Management LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
What is Philip Morris International's market cap?
On November 2, 2026, Philip Morris International's market capitalisation was about $325B, with a price-to-earnings ratio of 30.3 and net debt of $40.9B. Market figures come from third-party market data and may be delayed.
Does Philip Morris International pay a dividend?
Yes: Philip Morris International paid $9.2B in dividends over the trailing twelve months, a dividend yield of 2.83% and a payout ratio of 85.9%.
Who are Philip Morris International's competitors?
In our Tobacco peer group, the companies closest to Philip Morris International are British American Tobacco P.l.c., Altria, Universal Corp, RLX Technology Inc. and Turning Point Brands, Inc. The side-by-side comparison below sets their revenue, margins and growth against Philip Morris International's.
Are insiders buying or selling Philip Morris International stock?
Over the last 12 months, Philip Morris International's directors and officers reported 0 open-market purchases and 7 sales on Form 4. The insider trading page charts every trade.
When is Philip Morris International's next earnings date?
Around February 5, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Philip Morris International announces its own schedule.