Philip Morris International cash flow statement
In fiscal 2025, Philip Morris International's operations generated $12.23bn of cash; it spent $1.57bn on capital projects, leaving free cash flow of $10.66bn. It returned $8.62bn in dividends.
Cash flow statement
| Fiscal year | 2009Dec 2009 | 2010Dec 2010 | 2011Dec 2011 | 2012Dec 2012 | 2013Dec 2013 | 2014Dec 2014 | 2015Dec 2015 | 2016Dec 2016 | 2017Dec 2017 | 2018Dec 2018 | 2019Dec 2019 | 2020Dec 2020 | 2021Dec 2021 | 2022Dec 2022 | 2023Dec 2023 | 2024Dec 2024 | 2025Dec 2025 | LTMSept 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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 |
| Depreciation and amortisation | 0.9 | 0.9 | 1.0 | 0.9 | 0.9 | 0.9 | 0.8 | 0.7 | 0.9 | 1.0 | 1.0 | 1.0 | 1.0 | 1.1 | 1.4 | 1.8 | 2.0 | 2.1 |
| Stock-based pay | 0.1 | 0.1 | 0.2 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| 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 |
| Free cash flow after stock pay | 7.1 | 8.6 | 9.5 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Dividends paid | 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 |
| Share 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 | — | — |
| Shares issued | 0.2 | 0.2 | 0.1 | 0.0 | 0.0 | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Quarter | 2024 Q4Dec 2024 | 2025 Q1Mar 2025 | 2025 Q2Jun 2025 | 2025 Q3Sept 2025 | 2025 Q4Dec 2025 | 2026 Q1Mar 2026 | 2026 Q2Jun 2026 | 2026 Q3Sept 2026 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | 4,002 | −350 | 3,412 | 4,462 | 4,709 | −399 | 5,492 | 5,352 |
| Depreciation and amortisation | 477 | 480 | 490 | 505 | 521 | 510 | 513 | 511 |
| Capital spending | 278 | 404 | 356 | 365 | 444 | 353 | 380 | 382 |
| Free cash flow | 3,724 | −754 | 3,056 | 4,097 | 4,265 | −752 | 5,112 | 4,970 |
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