Philip Morris International Inc (PM) financial statements: income statement, balance sheet and cash flow
Philip Morris International Inc's income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), Philip Morris International Inc reported revenue of $40.6B (+7.3% year on year) and net income of $11.8B (+57.9% year on year).
Income statement
Philip Morris International Inc income statement, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
Net revenues (Notes 5 & 11)
$40.6B
$37.9B
$35.2B
$31.8B
Cost of sales
$13.4B
$13.3B
$12.9B
$11.4B
Gross profit
$27.3B
$24.5B
$22.3B
$20.4B
Marketing, administration and research costs (Notes 3, 4, 11 & 18)
$12.3B
$11.1B
$10.1B
$8.1B
Impairment of goodwill (Note 4)
$41.0M
$0
$665.0M
—
Operating income
$14.9B
$13.4B
$11.6B
$12.2B
Interest expense, net (Note 13)
$966.0M
$1.1B
—
—
Pension and other employee benefit costs (Note 12)
$46.0M
$60.0M
$45.0M
$24.0M
Earnings before income taxes
$13.9B
$12.2B
$10.4B
$11.6B
Provision for income taxes (Note 10)
$2.7B
$3.0B
$2.3B
$2.2B
Impairment related to the RBH equity investment (Note 5)
$0
$2.3B
—
—
Equity investments and securities (income)/loss, net
($705.0M)
($637.0M)
($157.0M)
($137.0M)
Net earnings
$11.8B
$7.5B
$8.3B
$9.5B
Net earnings attributable to noncontrolling interests
$500.0M
$446.0M
$455.0M
$479.0M
Net earnings attributable to PMI
$11.3B
$7.1B
$7.8B
$9.0B
Basic earnings per share (in dollars per share)
$7.27
$4.53
$5.02
$5.82
Diluted earnings per share (in dollars per share)
$7.26
$4.52
$5.02
$5.81
Philip Morris International Inc income statement, quarters
Line item
Sep 30, 2026 · Q3
Jun 30, 2026 · Q2
Mar 31, 2026 · Q1
Sep 30, 2025 · Q3
Net revenues (Note 13)
$11.4B
$11.2B
$10.1B
$10.8B
Cost of sales (Note 1)
$3.6B
$3.5B
$3.2B
$3.5B
Gross profit
$7.9B
$7.7B
$6.9B
$7.4B
Marketing, administration and research costs (Notes 1 & 15)
$3.0B
$3.0B
$2.9B
$3.1B
Impairment of goodwill (Note 5)
$0
$0
—
—
Corporate expenses and other (Note 1)
($5.0M)
$148.0M
$155.0M
—
Operating income
$4.9B
$4.5B
$3.9B
$4.3B
Interest expense, net
$199.0M
$243.0M
$237.0M
$230.0M
Pension and other employee benefit costs (Note 4)
$73.0M
($5.0M)
($5.0M)
$14.0M
Earnings before income taxes
$4.6B
$4.3B
$3.7B
$4.0B
Provision for income taxes
$986.0M
$955.0M
$676.0M
$751.0M
Equity investments and securities (income)/loss, net (Note 13)
$86.0M
($159.0M)
$403.0M
($345.0M)
Net earnings
$3.5B
$3.0B
$2.6B
$3.6B
Net earnings attributable to noncontrolling interests
$209.0M
$168.0M
$144.0M
$135.0M
Net earnings attributable to PMI
$3.3B
$2.8B
$2.4B
$3.5B
Basic earnings per share (in dollars per share)
$2.12
$1.80
$1.56
$2.23
Diluted earnings per share (in dollars per share)
$2.12
$1.80
$1.56
$2.23
Balance sheet
Philip Morris International Inc balance sheet, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
Cash and cash equivalents
$4.9B
$4.2B
$3.1B
$3.2B
Trade receivables (less allowances of $23 in 2025 and $47 in 2024)
$4.6B
$3.8B
$3.5B
$3.9B
Other receivables (less allowances of $24 in 2025 and $22 in 2024)
$1.2B
$886.0M
$930.0M
$906.0M
Leaf tobacco
$2.4B
$2.1B
$1.9B
$1.7B
Other raw materials
$2.2B
$2.3B
$2.3B
$2.0B
Finished product
$6.8B
$5.1B
$6.5B
$6.2B
Total inventory, net
$11.5B
$9.5B
$10.8B
$9.9B
Other current assets
$2.2B
$1.8B
$1.5B
$1.8B
Total current assets
$24.4B
$20.2B
$19.8B
$19.6B
Land and land improvements
$562.0M
$581.0M
$550.0M
$545.0M
Buildings and building equipment
$5.0B
$4.4B
$4.6B
$4.3B
Machinery and equipment
$12.5B
$10.6B
$10.7B
$9.5B
Construction in progress
$1.5B
$1.1B
$1.2B
$1.1B
Property plant and equipment, gross
$19.6B
$16.7B
$17.1B
$15.4B
Less: accumulated depreciation
$11.2B
$9.4B
$9.6B
$8.7B
Property plant and equipment, net
$8.4B
$7.3B
$7.5B
$6.7B
Goodwill (Note 4)
$17.3B
$16.6B
$16.8B
$19.7B
Other intangible assets, net (Note 4)
$10.9B
$11.3B
$9.9B
$6.7B
Equity investments (Note 5)
$2.9B
$2.7B
$4.9B
$4.4B
Deferred income taxes (Note 10)
$1.2B
$940.0M
$814.0M
$603.0M
Other assets (less allowances of $12 in 2025 and $26 in 2024)
$4.1B
$2.8B
$5.6B
$3.9B
Total Assets
$69.2B
$61.8B
$65.3B
$61.7B
Short-term borrowings (Note 6)
$168.0M
$137.0M
$2.0B
$5.6B
Current portion of long-term debt (Note 6)
$3.5B
$3.4B
$4.7B
$2.6B
Accounts payable
$4.4B
$4.0B
$4.1B
$4.1B
Marketing and selling
$1.4B
$1.0B
$862.0M
$695.0M
Taxes, except income taxes
$7.6B
$6.9B
$7.5B
$7.4B
Employment costs
$1.5B
$1.3B
$1.3B
$1.2B
Dividends payable
$2.3B
$2.1B
$2.0B
$2.0B
Other
$3.3B
$2.8B
$2.7B
$2.7B
Income taxes
$1.3B
$1.3B
$1.2B
$1.0B
Total current liabilities
$25.4B
$22.9B
$26.4B
$27.3B
Long-term debt (Note 6)
$45.1B
$42.2B
$41.2B
$34.9B
Deferred income taxes (Note 10)
$2.1B
$2.5B
$2.3B
$2.0B
Employment costs
$2.4B
$2.9B
$3.0B
$2.0B
Other liabilities
$2.2B
—
—
—
Total liabilities
$77.2B
$71.7B
$74.8B
$68.0B
Common stock, no par value (2,109,316,331 shares issued in 2025 and 2024) (Note 7)
0
0
0
0
Additional paid-in capital
$2.5B
$2.3B
$2.3B
$2.2B
Earnings reinvested in the business
$35.4B
$32.9B
$34.1B
$34.3B
Accumulated other comprehensive losses (Note 15)
($12.3B)
($11.3B)
($11.8B)
($9.6B)
Total stockholders' equity before treasury stock
$25.6B
$23.9B
$24.6B
$27.0B
Less: cost of repurchased stock (552,659,642 and 554,470,731 shares in 2025 and 2024, respectively)
35.6B
35.6B
35.8B
35.9B
Total PMI stockholders’ deficit
($10.0B)
($11.8B)
($11.2B)
($9.0B)
Noncontrolling interests
$2.0B
$1.9B
$1.8B
$2.6B
Philip Morris International Inc balance sheet, quarters
Line item
Sep 30, 2026
Jun 30, 2026
Mar 31, 2026
Sep 30, 2025
Cash and cash equivalents
$6.7B
$6.0B
$5.5B
$4.0B
Trade receivables (less allowances of $36 in 2026 and $23 in 2025)
$5.2B
$5.2B
$5.1B
$4.8B
Other receivables (less allowances of $24 in 2026 and $24 in 2025)
$1.4B
$1.3B
$1.3B
$1.0B
Leaf tobacco
$2.6B
$2.6B
$2.6B
$2.3B
Other raw materials
$2.3B
$2.6B
$2.5B
$2.7B
Finished product
$5.4B
$6.2B
$6.4B
$5.3B
Total inventory, net
$10.3B
$11.4B
$11.4B
$10.3B
Other current assets
$2.2B
$2.1B
$2.4B
$2.5B
Total current assets
$25.8B
$26.0B
$25.6B
$22.7B
Property, plant and equipment, at cost
$19.6B
$19.6B
$19.5B
$19.2B
Less: accumulated depreciation
$11.2B
$11.2B
$11.2B
$11.1B
Total property, plant and equipment, net
$8.4B
$8.3B
$8.3B
$8.1B
Goodwill (Note 5)
$16.8B
$16.9B
$17.1B
$17.2B
Other intangible assets, net (Note 5)
$9.8B
$10.2B
$10.5B
$11.1B
Equity investments (Note 13)
$2.0B
$2.1B
$2.5B
$3.1B
Deferred income taxes
$1.2B
$1.1B
$1.2B
$1.1B
Other assets (less allowances of $11 in 2026 and $12 in 2025)
$2.8B
$3.6B
$3.8B
$3.8B
TOTAL ASSETS
$66.7B
$68.3B
$68.9B
$67.1B
Short-term borrowings (Note 11)
$2.5B
$3.3B
$5.7B
$1.9B
Current portion of long-term debt (Note 11)
$3.3B
$3.4B
$2.4B
$6.3B
Accounts payable
$4.0B
$3.9B
$3.9B
$4.0B
Marketing and selling
$1.5B
$1.3B
$1.3B
$1.4B
Taxes, except income taxes
$5.5B
$6.6B
$5.1B
$5.3B
Employment costs
$1.4B
$1.3B
$1.2B
$1.4B
Dividends payable
$2.5B
$2.3B
$2.3B
$2.3B
Other
$3.0B
$3.3B
$3.1B
$3.2B
Income taxes
$1.4B
$1.1B
$1.1B
$835.0M
Total current liabilities
$25.2B
$26.5B
$26.2B
$26.7B
Long-term debt (Note 11)
$41.7B
$42.4B
$43.8B
$41.9B
Deferred income taxes
$2.0B
$2.1B
$2.0B
$2.0B
Employment costs
$2.1B
$2.2B
$2.3B
$3.2B
Other liabilities
$1.6B
$1.7B
$1.8B
$2.2B
Total liabilities
$72.7B
$74.9B
$76.2B
$76.0B
Common stock, no par value (2,109,316,331 shares issued in 2026 and 2025)
0
0
0
0
Additional paid-in capital
$2.5B
$2.5B
$2.4B
$2.4B
Earnings reinvested in the business
$36.9B
$36.1B
$35.5B
$35.6B
Accumulated other comprehensive losses (Note 12)
($11.9B)
($11.7B)
($11.8B)
($13.3B)
Total stockholders' equity before treasury stock
$27.5B
$26.9B
$26.2B
$24.6B
Less: cost of repurchased stock (550,676,719 and 552,659,642 shares in 2026 and 2025, respectively)
35.5B
35.5B
35.5B
35.6B
Total PMI stockholders’ deficit
($7.9B)
($8.6B)
($9.3B)
($10.9B)
Noncontrolling interests
$2.0B
$1.9B
$2.0B
$1.9B
Total stockholders’ deficit
($5.9B)
($6.7B)
($7.3B)
($9.0B)
TOTAL LIABILITIES AND STOCKHOLDERS’ (DEFICIT) EQUITY
$66.7B
$68.3B
$68.9B
$67.1B
Cash flow statement
Philip Morris International Inc cash flow statement, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
Net earnings
$11.8B
$7.5B
$8.3B
$9.5B
Depreciation and amortization expense
$2.0B
$1.8B
$1.4B
—
Impairment of goodwill and other intangibles (Note 4)
$41.0M
$27.0M
$680.0M
—
Losses on sales of businesses (including held-for-sale) (Note 3)
$94.0M
$206.0M
—
—
Impairment related to the RBH equity investment (Note 5)
$0
$2.3B
—
—
Deferred income tax (benefit) provision
($847.0M)
($123.0M)
($330.0M)
($234.0M)
Restructuring charges, net of cash paid (Note 18)
$206.0M
$122.0M
$30.0M
($93.0M)
Receivables, net
($448.0M)
($738.0M)
$314.0M
($871.0M)
Inventories
($1.2B)
$552.0M
($862.0M)
($1.3B)
Accounts payable
$258.0M
$297.0M
($288.0M)
$719.0M
Accrued liabilities and other current assets
($151.0M)
$628.0M
($232.0M)
$1.9B
Income taxes
($266.0M)
($62.0M)
($232.0M)
($261.0M)
Pension plan contributions (Note 12)
($139.0M)
($110.0M)
($21.0M)
$3.0M
Other
$842.0M
($188.0M)
$479.0M
$249.0M
Net cash provided by (used in) operating activities
$12.2B
$12.2B
$9.2B
$10.8B
Capital expenditures
($1.6B)
($1.4B)
($1.3B)
($1.1B)
Other acquisitions, net of acquired cash (Note 3)
$0
$43.0M
—
—
Altria Group, Inc. agreement (Note 3)
$0
$0
($1.8B)
($1.0B)
Proceeds from sales of businesses, net of cash disposed (Note 3)
$30.0M
$136.0M
—
—
Purchases of debt securities
($202.0M)
—
—
—
Sales and maturities of debt securities
$116.0M
—
—
—
Equity investments
($63.0M)
($124.0M)
($111.0M)
($20.0M)
Collateral posted/settlements for derivatives, (paid)/returned (Note 14)
($2.3B)
$351.0M
—
—
Other
($5.0M)
($54.0M)
$269.0M
$112.0M
Net cash provided by (used in) investing activities
($4.0B)
($1.1B)
($3.6B)
($15.7B)
Net issuances (repayments) - maturities of 90 days or less
$19.0M
($1.5B)
$530.0M
$876.0M
Issuances - maturities longer than 90 days
$170.0M
$100.0M
$1.4B
$934.0M
Repayments - maturities longer than 90 days
($170.0M)
($433.0M)
($1.2B)
($795.0M)
Repayments under credit facilities related to Swedish Match AB acquisition
$0
($3.2B)
($4.4B)
($4.0B)
Long-term debt proceeds
$7.1B
$8.1B
$10.0B
$6.0B
Long-term debt repaid
($5.4B)
($4.8B)
($2.6B)
($2.7B)
Dividends paid
($8.6B)
($8.2B)
($8.0B)
($7.8B)
Collateral received/settlements for derivatives, received/(returned)
($693.0M)
$828.0M
—
—
Payments to acquire Swedish Match AB noncontrolling interests
$0
$0
($883.0M)
($1.5B)
Noncontrolling interests activity and Other
($521.0M)
($489.0M)
($437.0M)
($854.0M)
Net cash provided by (used in) financing activities
($8.1B)
($9.5B)
($5.6B)
$3.8B
Effect of exchange rate changes on cash, cash equivalents and restricted cash
$504.0M
($536.0M)
($95.0M)
($213.0M)
Increase (Decrease)
$638.0M
$1.1B
($71.0M)
($1.3B)
Balance at beginning of year
$4.3B
$3.1B
$3.2B
$4.5B
Balance at end of year
$4.9B
$4.3B
$3.1B
$3.2B
Interest
$1.7B
$1.6B
$1.3B
$717.0M
Income taxes
$3.9B
$3.2B
$3.0B
$2.8B
Philip Morris International Inc cash flow statement, quarters
Line item
Sep 30, 2026 · YTD
Jun 30, 2026 · YTD
Mar 31, 2026 · Q1
Sep 30, 2025 · YTD
Net earnings
$9.1B
$5.6B
$2.6B
$9.6B
Depreciation and amortization expense
$1.5B
$1.0B
$510.0M
$1.5B
Impairment of goodwill (Note 5)
$0
$0
—
—
Impairment related to the RBH equity investment (Note 13)
$511.0M
$511.0M
—
—
Deferred income tax (benefit) provision
($35.0M)
($10.0M)
($67.0M)
($433.0M)
Restructuring charges, net of cash paid (Note 15)
($20.0M)
($15.0M)
($3.0M)
$216.0M
Receivables, net
($836.0M)
($690.0M)
($640.0M)
($709.0M)
Inventories
$933.0M
($80.0M)
($11.0M)
($48.0M)
Accounts payable
($140.0M)
($284.0M)
($317.0M)
($28.0M)
Accrued liabilities and other current assets
($1.9B)
($1.1B)
($2.7B)
($2.5B)
Income taxes
$162.0M
($200.0M)
($171.0M)
($564.0M)
Pension plan contributions, net of refunds (Note 4)
$582.0M
($67.0M)
($30.0M)
($91.0M)
Other
$557.0M
$419.0M
$482.0M
$546.0M
Net cash provided by (used in) operating activities
$10.4B
$5.1B
($399.0M)
$7.5B
Capital expenditures
($1.1B)
($733.0M)
($353.0M)
($1.1B)
Proceeds from sale of businesses, net of cash disposed (Note 2)
$87.0M
$87.0M
—
—
Purchases of debt securities
($5.0M)
($5.0M)
($5.0M)
—
Sales and maturities of debt securities
$193.0M
$193.0M
$95.0M
—
Equity investments
($45.0M)
($45.0M)
($35.0M)
($48.0M)
Collateral posted/settlements for derivatives, (paid)/returned (Note 6)
$417.0M
$543.0M
$314.0M
($2.3B)
Other
($16.0M)
($17.0M)
($19.0M)
($80.0M)
Net cash provided by (used in) investing activities
($484.0M)
$23.0M
($3.0M)
($3.5B)
Net issuances (repayments) - maturities of 90 days or less
$1.9B
$2.5B
$4.5B
$1.7B
Issuances - maturities longer than 90 days
$1.7B
$1.7B
$993.0M
$170.0M
Repayments - maturities longer than 90 days
($1.2B)
($994.0M)
$0
($170.0M)
Long-term debt proceeds
$1.5B
$1.5B
$0
$3.6B
Long-term debt repaid
($4.6B)
($4.0B)
($2.1B)
($2.3B)
Dividends paid
($6.9B)
($4.6B)
($2.3B)
($6.3B)
Collateral received/settlements for derivatives, received/(returned)
$268.0M
$404.0M
$138.0M
($815.0M)
Noncontrolling interests activity and Other
($451.0M)
($326.0M)
($116.0M)
($420.0M)
Net cash provided by (used in) financing activities
($7.8B)
($3.9B)
$1.1B
($4.6B)
Effect of exchange rate changes on cash, cash equivalents and restricted cash