OpenNashEarnings

Consumer Brands · NYSE: PM

Philip Morris International earnings: results, call transcripts & KPI history

2 quarters · fiscal year ends December · next results expected around 5 Feb 2027

Investor relations ↗SEC filings ↗KPIs as CSV

Latest: Q3 2026

Philip Morris International reported third-quarter 2026 net revenues up 5.5% (7.1% organically) to $11.4 billion, reported diluted EPS down 4.9% to $2.12, and adjusted diluted EPS up 5.4% to $2.36.

Philip Morris International had a record quarter for net revenue, gross profit and operating income. Net revenues rose 5.5% to $11.4 billion (7.1% organically), helped by 8.9% cigarette pricing and 0.6% shipment growth. Smoke-free products, led by IQOS heated tobacco, ZYN pouches and VEEV e-vapor, made up more than 40% of revenue. Adjusted diluted EPS rose 5.4% to $2.36. Reported EPS fell 4.9% to $2.12, mainly because of a non-cash fair value adjustment on equity investments.

Read the Q3 2026 summary →

Quarters

KPI history

Revenue$11.4B+5.5% y/yQ3 2026
Q4 2024: $9.7B (worked out from the annual figure)Q4 ’24$9.7BQ1 2025: $9.3BQ1 ’25$9.3BQ2 2025: $10.1BQ2 ’25$10.1BQ3 2025: $10.8BQ3 ’25$10.8BQ4 2025: $10.4B (worked out from the annual figure)Q4 ’25$10.4BQ1 2026: $10.1BQ1 ’26$10.1BQ2 2026: $11.2BQ2 ’26$11.2BQ3 2026: $11.4BQ3 ’26$11.4B

Fourth quarter worked out from the annual figure.

Data
Q4 2024$9.7B *
Q1 2025$9.3B
Q2 2025$10.1B
Q3 2025$10.8B
Q4 2025$10.4B *
Q1 2026$10.1B
Q2 2026$11.2B
Q3 2026$11.4B
Diluted EPS (GAAP)$2.12−4.9% y/yQ3 2026
Q1 2025: $1.72Q1 ’25$1.72Q2 2025: $1.95Q2 ’25$1.95Q3 2025: $2.23Q3 ’25$2.23Q1 2026: $1.56Q1 ’26$1.56Q2 2026: $1.80Q2 ’26$1.80Q3 2026: $2.12Q3 ’26$2.12
Data
Q1 2025$1.72
Q2 2025$1.95
Q3 2025$2.23
Q1 2026$1.56
Q2 2026$1.80
Q3 2026$2.12

Fourth-quarter EPS appears once the press release is read; filings report it only for the full year.

Operating margin42.5%+3.2 pts y/yQ3 2026
Q4 2024: 33.6%Q4 ’2433.6%Q1 2025: 38.1%Q1 ’2538.1%Q2 2025: 36.6%Q2 ’2536.6%Q3 2025: 39.3%Q3 ’2539.3%Q4 2025: 32.6%Q4 ’2532.6%Q1 2026: 38.4%Q1 ’2638.4%Q2 2026: 40.5%Q2 ’2640.5%Q3 2026: 42.5%Q3 ’2642.5%
Data
Q4 202433.6%
Q1 202538.1%
Q2 202536.6%
Q3 202539.3%
Q4 202532.6%
Q1 202638.4%
Q2 202640.5%
Q3 202642.5%
Free cash flow$5.0B+21.3% y/yQ3 2026
Q4 2024: $3.7BQ4 ’24$3.7BQ1 2025: -$754.0MQ1 ’25-$754.0MQ2 2025: $3.1BQ2 ’25$3.1BQ3 2025: $4.1BQ3 ’25$4.1BQ4 2025: $4.3BQ4 ’25$4.3BQ1 2026: -$752.0MQ1 ’26-$752.0MQ2 2026: $5.1BQ2 ’26$5.1BQ3 2026: $5.0BQ3 ’26$5.0B
Data
Q4 2024$3.7B
Q1 2025-$754.0M
Q2 2025$3.1B
Q3 2025$4.1B
Q4 2025$4.3B
Q1 2026-$752.0M
Q2 2026$5.1B
Q3 2026$5.0B

Operating cash flow minus capital expenditure, from cash flow statements.

Q4 2024Q1 2025Q2 2025Q3 2025Q4 2025Q1 2026Q2 2026Q3 2026
Revenue$9.7Bd$9.3B$10.1B$10.8B$10.4Bd$10.1B$11.2B$11.4B
Gross margin64.7%67.4%67.7%67.9%65.5%68.1%68.4%68.7%
Operating income$3.3Bd$3.5B$3.7B$4.3B$3.4Bd$3.9B$4.5B$4.9B
Operating margin33.6%38.1%36.6%39.3%32.6%38.4%40.5%42.5%
Net income-$579.0Md$2.7B$3.0B$3.5B$2.1Bd$2.4B$2.8B$3.3B
Diluted EPS—$1.72$1.95$2.23—$1.56$1.80$2.12
Operating cash flow$4.0Bd-$350.0M$3.4Bd$4.5Bd$4.7Bd-$399.0M$5.5Bd$5.4Bd
Capital expenditure$278.0Md$404.0M$356.0Md$365.0Md$444.0Md$353.0M$380.0Md$382.0Md
Free cash flow$3.7B-$754.0M$3.1B$4.1B$4.3B-$752.0M$5.1B$5.0B

From XBRL data in 10-Q and 10-K filings. d derived: a fourth quarter is the full year minus the first nine months, and cash flows are year-to-date figures differenced.

10-Q and 10-K filings