What is Philip Morris International Inc.'s earnings per share (EPS)?

Philip Morris International Inc. (PM) reported diluted earnings per share of $7.26 for fiscal year 2025. This represents a 60.6% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Philip Morris International Inc. Financials

Trailing 12 months to June 30, 2026

Revenue $42.5B +8.9% YoY

Net Income $10.9B +32.1% YoY

EPS (Diluted) $6.96 +32.1% YoY

Free Cash Flow $12.7B +41.5% YoY

Source SEC Filings (10-K/10-Q) Latest period Q2 FY2026, ended Jun 30, 2026 Reported Jul 24, 2026 Currency USD FYE December

Philip Morris International Inc. (PM) reported $42.5B in revenue over the twelve months to Jun 30, 2026, up 8.9% from the prior twelve months. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 15 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI PM FY2025 2026-08-29

A cash-generative, dividend-heavy model funds distributions while negative equity keeps liabilities central to the balance sheet

From FY2023 to FY2025, revenue expanded from $35.2B to $40.6B, indicating the business added scale. Over the same span, net margin recovered from 22.2% to 27.9%, so the improvement was not merely volume: more of each sales dollar reached the bottom line.

In FY2025, operating cash flow reached $12.2B versus free cash flow of $10.7B, showing that reported earnings were broadly cash-backed. The $1.6B capital-spending deduction was smaller than the $8.6B dividend outflow, so the model directs much more cash to distributions than reinvestment.

Liabilities of $77.2B exceeded assets of $69.2B in FY2025, leaving negative equity and making liability-based funding—not book equity—the relevant balance-sheet lens. Meanwhile, the current ratio improved to 1.0x from 0.7x in FY2023, indicating short-term coverage strengthened even as the capital structure remained heavily liability-funded.

Financial Health Signals

Financial Health Score 63/100

Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →

Health score ≠ stock price. This rates the quality of Philip Morris International Inc.'s business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Profitability

Philip Morris International Inc. has an operating margin of 36.6%, meaning the company retains $37 of operating profit per $100 of revenue. This strong profitability earns a score of 96/100, reflecting efficient cost management and pricing power. This is up from 35.4% the prior year.

Growth

Philip Morris International Inc.'s revenue grew 7.3% year-over-year to $40.6B, a solid pace of expansion. This earns a growth score of 59/100.

Leverage

Liquidity

Philip Morris International Inc.'s current ratio of 0.96 is below the typical benchmark, resulting in a score of 17/100. This tight liquidity could limit financial flexibility if cash inflows slow.

Cash Flow

Philip Morris International Inc. converts 26.2% of revenue into free cash flow ($10.7B). This strong cash generation earns a score of 92/100.

Returns

Altman Z-Score Safe

4.32

Philip Morris International Inc. scores 4.32, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($299.1B) relative to total liabilities ($77.2B). This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.

Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.

Piotroski F-Score Strong

7/9

Philip Morris International Inc. passes 7 of 9 financial strength tests. All 4 profitability signals pass (positive income, cash flow, and earnings quality), 2 of 3 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.

Earnings Quality Cash-Backed

1.08x

For every $1 of reported earnings, Philip Morris International Inc. generates $1.08 in operating cash flow ($12.2B OCF vs $11.3B net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Interest Coverage Safe

9.38x

Philip Morris International Inc. earns $9.38 in operating income for every $1 of interest expense ($14.9B vs $1.6B). This wide margin provides strong safety for debt servicing, even if earnings decline temporarily.

Key Financial Metrics

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Earnings & Revenue

Revenue

$40.6B

YoY+7.3%

5Y CAGR+7.2%

10Y CAGR-5.8%

Philip Morris International Inc. generated $40.6B in revenue in fiscal year 2025. This represents an increase of 7.3% from the prior year.

EBITDA

$16.9B

YoY+11.2%

5Y CAGR+6.0%

10Y CAGR+4.0%

Philip Morris International Inc.'s EBITDA was $16.9B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 11.2% from the prior year.

Net Income

$11.3B

YoY+60.8%

5Y CAGR+7.1%

10Y CAGR+5.1%

Philip Morris International Inc. reported $11.3B in net income in fiscal year 2025. This represents an increase of 60.8% from the prior year.

EPS (Diluted)

$7.26

YoY+60.6%

5Y CAGR+7.1%

10Y CAGR+5.1%

Philip Morris International Inc. earned $7.26 per diluted share (EPS) in fiscal year 2025. This represents an increase of 60.6% from the prior year.

Cash & Balance Sheet

Free Cash Flow

$10.7B

YoY-1.0%

5Y CAGR+3.0%

10Y CAGR+4.4%

Philip Morris International Inc. generated $10.7B in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 1.0% from the prior year.

Cash & Debt

$4.9B

YoY+15.6%

5Y CAGR-7.7%

10Y CAGR+3.6%

Philip Morris International Inc. held $4.9B in cash against $45.1B in long-term debt as of fiscal year 2025.

Dividends Per Share

$5.64

YoY+6.4%

5Y CAGR+3.5%

10Y CAGR+3.4%

Philip Morris International Inc. paid $5.64 per share in dividends in fiscal year 2025. This represents an increase of 6.4% from the prior year.

Shares Outstanding

1.56B

YoY+0.1%

5Y CAGR0.0%

10Y CAGR0.0%

Philip Morris International Inc. had 1.56B shares outstanding in fiscal year 2025. This represents an increase of 0.1% from the prior year.

Margins & Returns

Gross Margin

67.1%

YoY+2.3pp

5Y CAGR+0.5pp

10Y CAGR+43.5pp

Philip Morris International Inc.'s gross margin was 67.1% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 2.3 percentage points from the prior year.

Operating Margin

36.6%

YoY+1.3pp

5Y CAGR-4.0pp

10Y CAGR+22.3pp

Philip Morris International Inc.'s operating margin was 36.6% in fiscal year 2025, reflecting core business profitability. This is up 1.3 percentage points from the prior year.

Net Margin

27.9%

YoY+9.3pp

5Y CAGR-0.2pp

10Y CAGR+18.6pp

Philip Morris International Inc.'s net profit margin was 27.9% in fiscal year 2025, showing the share of revenue converted to profit. This is up 9.3 percentage points from the prior year.

Return on Equity

Not reported for fiscal year 2025.

Capital Allocation

R&D Spending

$756.0M

YoY-0.4%

5Y CAGR+8.8%

10Y CAGR+6.0%

Philip Morris International Inc. invested $756.0M in research and development in fiscal year 2025. This represents a decrease of 0.4% from the prior year.

Capital Expenditures

$1.6B

YoY+8.7%

5Y CAGR+21.1%

10Y CAGR+5.0%

Philip Morris International Inc. invested $1.6B in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 8.7% from the prior year.

Share Buybacks

Not reported for fiscal year 2025.

PM Income Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

PM quarterly income statement

Metric	TTM	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18	FY17	FY16	FY15	FY14	FY13	FY12	FY11
Revenue	$42.5B	$40.6B+7.3%	$37.9B+7.7%	$35.2B+10.7%	$31.8B+1.1%	$31.4B+9.4%	$28.7B-3.7%	$29.8B+0.6%	$29.6B+3.1%	$28.7B+7.7%	$26.7B-63.9%	$73.9B-7.7%	$80.1B+0.1%	$80.0B+3.4%	$77.4B+1.4%	$76.3B
Cost of Revenue	$13.8B	$13.4B+0.3%	$13.3B+3.4%	$12.9B+13.1%	$11.4B+13.7%	$10.0B+4.8%	$9.6B-9.0%	$10.5B-2.3%	$10.8B+3.1%	$10.4B+11.1%	$9.4B+0.3%	$9.4B-10.3%	$10.4B+0.2%	$10.4B+0.4%	$10.4B-2.9%	$10.7B
Gross Profit	$28.7B	$27.3B+11.1%	$24.5B+10.2%	$22.3B+9.4%	$20.4B-4.7%	$21.4B+11.8%	$19.1B-0.9%	$19.3B+2.3%	$18.9B+3.0%	$18.3B+5.9%	$17.3B-0.8%	$17.4B-9.8%	$19.3B-7.1%	$20.8B-0.9%	$21.0B+2.9%	$20.4B
R&D Expenses	N/A	$756.0M-0.4%	$759.0M+7.1%	$709.0M+10.4%	$642.0M+4.1%	$617.0M+24.6%	$495.0M+6.5%	$465.0M+21.4%	$383.0M-15.5%	$453.0M+5.6%	$429.0M+1.4%	$423.0M-2.3%	$433.0M-3.6%	$449.0M+8.2%	$415.0M+0.5%	$413.0M
SG&A Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	$164.0M+1.9%	$161.0M-0.6%	$162.0M-1.8%	$165.0M-11.8%	$187.0M-11.0%	$210.0M	N/A
Operating Income	$16.1B	$14.9B+11.1%	$13.4B+16.0%	$11.6B-5.6%	$12.2B-5.6%	$13.0B+11.2%	$11.7B+10.8%	$10.5B-7.4%	$11.4B-1.8%	$11.6B+6.2%	$10.9B+2.6%	$10.6B-9.2%	$11.7B-13.4%	$13.5B-2.5%	$13.9B+3.9%	$13.3B
Interest Expense	N/A	$1.6B-10.0%	$1.8B+15.5%	$1.5B+98.7%	$768.0M+4.2%	$737.0M+1.2%	$728.0M-8.5%	$796.0M-6.9%	$855.0M-22.0%	$1.1B+2.5%	$1.1B-5.6%	$1.1B-3.2%	$1.2B+6.0%	$1.1B+9.6%	$1.0B+7.8%	$934.0M
Income Tax	$3.1B	$2.7B-9.3%	$3.0B+29.0%	$2.3B+4.2%	$2.2B-16.0%	$2.7B+12.4%	$2.4B+3.7%	$2.3B-6.2%	$2.4B-43.2%	$4.3B+55.6%	$2.8B+3.0%	$2.7B-13.2%	$3.1B-15.6%	$3.7B-4.3%	$3.8B+4.9%	$3.7B
Net Income	$10.9B	$11.3B+60.8%	$7.1B-9.7%	$7.8B-13.6%	$9.0B-0.7%	$9.1B+13.1%	$8.1B+12.1%	$7.2B-9.2%	$7.9B+31.1%	$6.0B-13.4%	$7.0B+1.4%	$6.9B-8.3%	$7.5B-12.6%	$8.6B-2.5%	$8.8B+2.4%	$8.6B
EPS (Diluted)	$6.96	$7.26+60.6%	$4.52-10.0%	$5.02-13.6%	$5.81-0.3%	$5.83+13.0%	$5.16+11.9%	$4.61-9.3%	$5.08+30.9%	$3.88-13.4%	$4.48+1.4%	$4.42-7.1%	$4.76-9.5%	$5.26+1.7%	$5.17+6.6%	$4.85

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Revenue	$11.2B+10.3%	$10.1B-2.1%	$10.4B-4.5%	$10.8B+7.0%	$10.1B+9.0%	$9.3B-4.2%	$9.7B-2.1%	$9.9B
Cost of Revenue	$3.5B+9.0%	$3.2B-9.3%	$3.6B+2.5%	$3.5B+6.5%	$3.3B+8.0%	$3.0B-11.5%	$3.4B+1.7%	$3.4B
Gross Profit	$7.7B+10.9%	$6.9B+1.7%	$6.8B-7.7%	$7.4B+7.2%	$6.9B+9.5%	$6.3B-0.2%	$6.3B-4.0%	$6.5B
Operating Income	$4.5B+16.4%	$3.9B+15.4%	$3.4B-20.9%	$4.3B+14.8%	$3.7B+4.7%	$3.5B+8.7%	$3.3B-10.8%	$3.7B
Income Tax	$955.0M+41.3%	$676.0M+0.1%	$675.0M-10.1%	$751.0M+15.2%	$652.0M-1.1%	$659.0M-24.4%	$872.0M+18.6%	$735.0M
Net Income	$2.8B+15.5%	$2.4B+13.9%	$2.1B-38.4%	$3.5B+14.4%	$3.0B+13.0%	$2.7B+564.6%	-$579.0M-118.8%	$3.1B
EPS (Diluted)	$1.80+15.4%	$1.56+13.9%	$1.37-38.6%	$2.23+14.4%	$1.95+13.4%	$1.72+564.9%	-$0.37-118.8%	$1.97

Not reported in any period shown, so not listed: R&D Expenses, SG&A Expenses, Interest Expense.

PM Balance Sheet

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

PM quarterly balance sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18	FY17	FY16	FY15	FY14	FY13	FY12	FY11
Total Assets	$69.2B+12.0%	$61.8B-5.4%	$65.3B+5.9%	$61.7B+49.4%	$41.3B-7.9%	$44.8B+4.5%	$42.9B+7.7%	$39.8B-7.4%	$43.0B+16.6%	$36.9B+8.5%	$34.0B-3.5%	$35.2B-7.8%	$38.2B+1.3%	$37.7B+6.1%	$35.5B
Current Assets	$24.4B+20.8%	$20.2B+2.1%	$19.8B+0.7%	$19.6B+10.7%	$17.7B-17.6%	$21.5B+4.8%	$20.5B+5.5%	$19.4B-10.0%	$21.6B+22.6%	$17.6B+11.4%	$15.8B+2.1%	$15.5B-8.1%	$16.9B+1.6%	$16.6B+11.6%	$14.9B
Cash & Equivalents	$4.9B+15.6%	$4.2B+37.8%	$3.1B-4.6%	$3.2B-28.7%	$4.5B-38.2%	$7.3B+6.1%	$6.9B+4.1%	$6.6B-21.9%	$8.4B+99.3%	$4.2B+24.1%	$3.4B+103.2%	$1.7B-21.9%	$2.2B-27.8%	$3.0B+17.0%	$2.5B
Inventory	$11.5B+21.4%	$9.5B-12.3%	$10.8B+9.0%	$9.9B+13.4%	$8.7B-9.1%	$9.6B+3.9%	$9.2B+4.9%	$8.8B0.0%	$8.8B-2.3%	$9.0B+6.4%	$8.5B-1.4%	$8.6B-12.7%	$9.8B+10.0%	$8.9B+10.2%	$8.1B
Accounts Receivable	$4.6B+20.7%	$3.8B+9.5%	$3.5B-10.1%	$3.9B+23.3%	$3.1B+7.5%	$2.9B-5.7%	$3.1B+4.4%	$3.0B-7.6%	$3.2B-8.7%	$3.5B+26.0%	$2.8B-30.6%	$4.0B+3.9%	$3.9B+7.4%	$3.6B+12.1%	$3.2B
Goodwill	$17.3B+4.0%	$16.6B-1.1%	$16.8B-14.6%	$19.7B+194.2%	$6.7B+12.0%	$6.0B+1.8%	$5.9B-18.5%	$7.2B-6.2%	$7.7B+4.7%	$7.3B-1.2%	$7.4B-11.6%	$8.4B-5.7%	$8.9B-10.2%	$9.9B-0.3%	$9.9B
Total Liabilities	$77.2B+7.8%	$71.7B-4.1%	$74.8B+9.9%	$68.0B+37.4%	$49.5B-10.7%	$55.4B+5.7%	$52.5B+3.8%	$50.5B-5.0%	$53.2B+11.4%	$47.8B+5.1%	$45.4B-2.1%	$46.4B+4.4%	$44.4B+12.4%	$39.5B+17.2%	$33.7B
Current Liabilities	$25.4B+11.0%	$22.9B-13.1%	$26.4B-3.5%	$27.3B+42.0%	$19.3B-1.8%	$19.6B+4.2%	$18.8B+9.6%	$17.2B+7.7%	$16.0B-3.1%	$16.5B+7.0%	$15.4B+1.8%	$15.1B-11.4%	$17.1B+0.3%	$17.0B+15.0%	$14.8B
Long-Term Debt	$45.1B+7.0%	$42.2B+2.2%	$41.2B+18.3%	$34.9B+40.7%	$24.8B-12.0%	$28.2B+5.7%	$26.7B-1.2%	$27.0B-13.9%	$31.3B+21.2%	$25.9B+2.4%	$25.3B-6.2%	$26.9B+12.1%	$24.0B+36.2%	$17.6B+19.0%	$14.8B
Total Equity	-$10.0B+14.9%	-$11.8B-4.7%	-$11.2B-25.3%	-$9.0B+11.4%	-$10.1B+19.6%	-$12.6B-8.6%	-$11.6B+7.1%	-$12.5B-3.1%	-$12.1B+4.7%	-$12.7B+4.2%	-$13.2B-4.9%	-$12.6B-62.6%	-$7.8B-123.4%	-$3.5B-1617.9%	$229.0M
Retained Earnings	$35.4B+7.7%	$32.9B-3.6%	$34.1B-0.6%	$34.3B+3.6%	$33.1B+4.6%	$31.6B+2.1%	$31.0B-0.1%	$31.0B+3.9%	$29.9B-1.8%	$30.4B+1.9%	$29.8B+2.0%	$29.2B+5.0%	$27.8B+11.0%	$25.1B+15.3%	$21.8B

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Total Assets	$68.3B-0.9%	$68.9B-0.4%	$69.2B+3.2%	$67.1B-2.1%	$68.5B+5.3%	$65.1B+5.3%	$61.8B-7.6%	$66.9B
Current Assets	$26.0B+1.6%	$25.6B+5.1%	$24.4B+7.5%	$22.7B-3.0%	$23.4B+5.3%	$22.2B+10.0%	$20.2B-3.0%	$20.8B
Cash & Equivalents	$6.0B+10.1%	$5.5B+11.9%	$4.9B+20.7%	$4.0B-2.4%	$4.1B-6.9%	$4.4B+5.4%	$4.2B-1.0%	$4.3B
Inventory	$11.4B+0.4%	$11.4B-0.7%	$11.5B+11.8%	$10.3B-4.3%	$10.7B+5.9%	$10.1B+7.1%	$9.5B+1.0%	$9.4B
Accounts Receivable	$5.2B+1.2%	$5.1B+12.0%	$4.6B-4.7%	$4.8B-4.0%	$5.0B+2.3%	$4.9B+28.8%	$3.8B-10.6%	$4.2B
Goodwill	$16.9B-0.9%	$17.1B-1.1%	$17.3B+0.5%	$17.2B-0.3%	$17.2B+2.1%	$16.9B+1.6%	$16.6B-3.2%	$17.1B
Total Liabilities	$74.9B-1.7%	$76.2B-1.3%	$77.2B+1.5%	$76.0B-3.1%	$78.5B+6.1%	$74.0B+3.3%	$71.7B-4.0%	$74.6B
Current Liabilities	$26.5B+1.2%	$26.2B+3.1%	$25.4B-4.8%	$26.7B-5.1%	$28.1B+0.2%	$28.1B+22.6%	$22.9B-1.9%	$23.4B
Long-Term Debt	$42.4B-3.3%	$43.8B-2.9%	$45.1B+7.8%	$41.9B-1.3%	$42.4B+9.4%	$38.8B-8.0%	$42.2B-4.7%	$44.2B
Total Equity	-$8.6B+7.5%	-$9.3B+7.2%	-$10.0B+8.4%	-$10.9B+8.8%	-$12.0B-9.8%	-$10.9B+7.2%	-$11.8B-21.2%	-$9.7B
Retained Earnings	$36.1B+1.5%	$35.5B+0.4%	$35.4B-0.4%	$35.6B+3.4%	$34.4B+2.8%	$33.4B+1.8%	$32.9B-7.6%	$35.6B

PM Cash Flow Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

PM quarterly cash flow statement

Metric	TTM	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18	FY17	FY16	FY15	FY14	FY13	FY12	FY11
Operating Cash Flow	$14.3B	$12.2B+0.1%	$12.2B+32.7%	$9.2B-14.8%	$10.8B-9.7%	$12.0B+22.0%	$9.8B-2.8%	$10.1B+6.5%	$9.5B+6.4%	$8.9B+10.3%	$8.1B+2.7%	$7.9B+1.6%	$7.7B-23.6%	$10.1B+7.6%	$9.4B-10.5%	$10.5B
Capital Expenditures	$1.5B	$1.6B+8.7%	$1.4B+9.3%	$1.3B+22.7%	$1.1B+44.0%	$748.0M+24.3%	$602.0M-29.3%	$852.0M-40.7%	$1.4B-7.2%	$1.5B+32.1%	$1.2B+22.1%	$960.0M-16.7%	$1.2B-3.9%	$1.2B+13.6%	$1.1B+17.7%	$897.0M
Free Cash Flow	$12.7B	$10.7B-1.0%	$10.8B+36.7%	$7.9B-18.9%	$9.7B-13.3%	$11.2B+21.8%	$9.2B-0.3%	$9.2B+14.9%	$8.0B+9.2%	$7.4B+6.6%	$6.9B0.0%	$6.9B+4.8%	$6.6B-26.3%	$8.9B+6.8%	$8.4B-13.2%	$9.6B
Investing Cash Flow	-$1.2B	-$4.0B-263.3%	-$1.1B+69.6%	-$3.6B+77.1%	-$15.7B-564.9%	-$2.4B-104.3%	-$1.2B+36.3%	-$1.8B-81.5%	-$998.0M+67.6%	-$3.1B-269.7%	-$834.0M-17.8%	-$708.0M+28.9%	-$996.0M+62.8%	-$2.7B-170.2%	-$992.0M+3.9%	-$1.0B
Financing Cash Flow	-$11.1B	-$8.1B+14.2%	-$9.5B-69.8%	-$5.6B-246.7%	$3.8B+131.8%	-$12.0B-41.0%	-$8.5B-5.4%	-$8.1B+16.5%	-$9.7B-248.5%	-$2.8B+48.8%	-$5.4B-14.3%	-$4.7B+30.8%	-$6.8B+16.7%	-$8.2B-1.4%	-$8.1B+2.9%	-$8.3B
Dividends Paid	$9.0B	$8.6B+5.2%	$8.2B+2.9%	$8.0B+1.9%	$7.8B+3.1%	$7.6B+2.9%	$7.4B+2.8%	$7.2B+4.0%	$6.9B+5.6%	$6.5B+2.2%	$6.4B+2.0%	$6.3B+3.6%	$6.0B+5.5%	$5.7B+5.8%	$5.4B+12.9%	$4.8B
Share Buybacks	N/A	N/A	$0	$0-100.0%	$209.0M-73.0%	$775.0M	$0	$0	N/A	$0	$0-100.0%	$48.0M-98.7%	$3.8B-35.7%	$6.0B-8.6%	$6.5B+21.5%	$5.4B

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Operating Cash Flow	$5.5B+1476.4%	-$399.0M-108.5%	$4.7B+5.5%	$4.5B+30.8%	$3.4B+1074.9%	-$350.0M-108.7%	$4.0B+19.7%	$3.3B
Capital Expenditures	$380.0M+7.6%	$353.0M-20.5%	$444.0M+21.6%	$365.0M+2.5%	$356.0M-11.9%	$404.0M+45.3%	$278.0M-26.6%	$379.0M
Free Cash Flow	$5.1B+779.8%	-$752.0M-117.6%	$4.3B+4.1%	$4.1B+34.1%	$3.1B+505.3%	-$754.0M-120.2%	$3.7B+25.7%	$3.0B
Investing Cash Flow	$26.0M+966.7%	-$3.0M+99.3%	-$428.0M+45.8%	-$789.0M+65.9%	-$2.3B-433.6%	-$434.0M-198.4%	$441.0M+144.0%	-$1.0B
Financing Cash Flow	-$5.0B-553.9%	$1.1B+130.6%	-$3.6B+2.2%	-$3.7B-134.5%	-$1.6B-332.6%	$671.0M+116.4%	-$4.1B-37.6%	-$3.0B
Dividends Paid	$2.3B-0.4%	$2.3B+0.5%	$2.3B+8.9%	$2.1B0.0%	$2.1B-0.5%	$2.1B+0.5%	$2.1B+3.9%	$2.0B

Not reported in any period shown, so not listed: Share Buybacks.

PM Financial Ratios

Margins and returns are percentages; the remaining ratios are unitless multiples.

PM quarterly financial ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18	FY17	FY16	FY15	FY14	FY13	FY12	FY11
Gross Margin	67.1%+2.3pp	64.8%+1.5pp	63.3%-0.8pp	64.1%-4.0pp	68.1%+1.4pp	66.6%+1.9pp	64.7%+1.0pp	63.7%0.0pp	63.7%-1.1pp	64.8%+41.2pp	23.6%-0.5pp	24.1%-1.9pp	26.0%-1.1pp	27.1%+0.4pp	26.8%
Operating Margin	36.6%+1.3pp	35.4%+2.5pp	32.9%-5.7pp	38.6%-2.8pp	41.3%+0.7pp	40.7%+5.3pp	35.3%-3.1pp	38.4%-1.9pp	40.3%-0.6pp	40.9%+26.5pp	14.4%-0.2pp	14.6%-2.3pp	16.9%-1.0pp	17.9%+0.4pp	17.5%
Net Margin	27.9%+9.3pp	18.6%-3.6pp	22.2%-6.3pp	28.5%-0.5pp	29.0%+0.9pp	28.1%+4.0pp	24.1%-2.6pp	26.7%+5.7pp	21.0%-5.1pp	26.1%+16.8pp	9.3%-0.1pp	9.3%-1.4pp	10.7%-0.6pp	11.4%+0.1pp	11.3%
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	3751.5%
Return on Assets	16.4%+5.0pp	11.4%-0.5pp	12.0%-2.7pp	14.7%-7.4pp	22.1%+4.1pp	18.0%+1.2pp	16.8%-3.1pp	19.9%+5.8pp	14.1%-4.9pp	18.9%-1.3pp	20.2%-1.1pp	21.3%-1.2pp	22.5%-0.9pp	23.4%-0.9pp	24.2%
Current Ratio	0.96+0.1x	0.88+0.1x	0.750.0x	0.72-0.2x	0.92-0.2x	1.100.0x	1.090.0x	1.13-0.2x	1.35+0.3x	1.070.0x	1.030.0x	1.020.0x	0.990.0x	0.970.0x	1.00
Debt-to-Equity	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	64.75
FCF Margin	26.2%-2.2pp	28.4%+6.0pp	22.4%-8.2pp	30.6%-5.1pp	35.7%+3.6pp	32.1%+1.1pp	31.0%+3.8pp	27.2%+1.5pp	25.6%-0.3pp	25.9%+16.5pp	9.3%+1.1pp	8.2%-2.9pp	11.2%+0.4pp	10.8%-1.8pp	12.6%

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Gross Margin	68.4%+0.4pp	68.1%+2.5pp	65.5%-2.3pp	67.8%+0.1pp	67.7%+0.3pp	67.4%+2.7pp	64.7%-1.3pp	66.0%
Operating Margin	40.5%+2.1pp	38.4%+5.8pp	32.6%-6.8pp	39.3%+2.7pp	36.6%-1.5pp	38.1%+4.5pp	33.6%-3.3pp	36.9%
Net Margin	25.2%+1.1pp	24.0%+3.4pp	20.7%-11.4pp	32.1%+2.1pp	30.0%+1.1pp	28.9%+34.9pp	-6.0%-37.1pp	31.1%
Return on Assets	4.1%+0.6pp	3.5%+0.5pp	3.1%-2.1pp	5.2%+0.8pp	4.4%+0.3pp	4.1%+5.1pp	-0.9%-5.5pp	4.6%
Current Ratio	0.980.0x	0.980.0x	0.96+0.1x	0.850.0x	0.830.0x	0.79-0.1x	0.880.0x	0.89
FCF Margin	45.7%+53.1pp	-7.4%-48.6pp	41.2%+3.4pp	37.8%+7.6pp	30.1%+38.3pp	-8.1%-46.5pp	38.4%+8.5pp	29.9%

Not reported in any period shown, so not listed: Return on Equity, Debt-to-Equity.

Note: Shareholder equity is negative (-$10.0B), which causes debt-to-equity and return on equity ratios to appear negative or not meaningful. This can occur from accumulated losses or large share buyback programs.

Note: The current ratio is below 1.0 (0.96), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.

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Where Philip Morris International Inc. Ranks

Frequently Asked Questions

What is Philip Morris International Inc.'s annual revenue?

Philip Morris International Inc. (PM) reported $40.6B in total revenue for fiscal year 2025. This represents a 7.3% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Philip Morris International Inc.'s revenue growing?

Philip Morris International Inc. (PM) revenue grew by 7.3% year-over-year, from $37.9B to $40.6B in fiscal year 2025.

Is Philip Morris International Inc. profitable?

Yes, Philip Morris International Inc. (PM) reported a net income of $11.3B in fiscal year 2025, with a net profit margin of 27.9%.

What is Philip Morris International Inc.'s EBITDA?

Philip Morris International Inc. (PM) had EBITDA of $16.9B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

How much debt does Philip Morris International Inc. have?

As of fiscal year 2025, Philip Morris International Inc. (PM) had $4.9B in cash and equivalents against $45.1B in long-term debt.

What is Philip Morris International Inc.'s gross margin?

Philip Morris International Inc. (PM) had a gross margin of 67.1% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.

What is Philip Morris International Inc.'s operating margin?

Philip Morris International Inc. (PM) had an operating margin of 36.6% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

What is Philip Morris International Inc.'s net profit margin?

Philip Morris International Inc. (PM) had a net profit margin of 27.9% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

Does Philip Morris International Inc. pay dividends?

Yes, Philip Morris International Inc. (PM) paid $5.64 per share in dividends during fiscal year 2025.

What is Philip Morris International Inc.'s free cash flow?

Philip Morris International Inc. (PM) generated $10.7B in free cash flow during fiscal year 2025. This represents a -1.0% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Philip Morris International Inc.'s operating cash flow?

Philip Morris International Inc. (PM) generated $12.2B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Philip Morris International Inc.'s total assets?

Philip Morris International Inc. (PM) had $69.2B in total assets as of fiscal year 2025, including both current and long-term assets.

What are Philip Morris International Inc.'s capital expenditures?

Philip Morris International Inc. (PM) invested $1.6B in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

How much does Philip Morris International Inc. spend on research and development?

Philip Morris International Inc. (PM) invested $756.0M in research and development during fiscal year 2025.

How many shares does Philip Morris International Inc. have outstanding?

Philip Morris International Inc. (PM) had 1.56B shares outstanding as of fiscal year 2025.

What is Philip Morris International Inc.'s current ratio?

Philip Morris International Inc. (PM) had a current ratio of 0.96 as of fiscal year 2025, which is below 1.0, which may suggest potential liquidity concerns.

What is Philip Morris International Inc.'s return on assets (ROA)?

Philip Morris International Inc. (PM) had a return on assets of 16.4% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

Why is Philip Morris International Inc.'s debt-to-equity ratio negative or not reported?

Philip Morris International Inc. (PM) has negative shareholder equity of -$10.0B as of fiscal year 2025, so no debt-to-equity ratio is reported: dividing debt by equity that is not positive produces a number that cannot be read as leverage. This can occur when accumulated losses exceed invested capital, or after large share buyback programs. Other solvency metrics like the current ratio or interest coverage may be more informative.

What is Philip Morris International Inc.'s Altman Z-Score?

Philip Morris International Inc. (PM) has an Altman Z-Score of 4.32, placing it in the Safe Zone (low bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.

What is Philip Morris International Inc.'s Piotroski F-Score?

Philip Morris International Inc. (PM) has a Piotroski F-Score of 7 out of 9, indicating strong financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Philip Morris International Inc.'s earnings high quality?

Philip Morris International Inc. (PM) has an earnings quality ratio of 1.08x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Can Philip Morris International Inc. cover its interest payments?

Philip Morris International Inc. (PM) has an interest coverage ratio of 9.38x, meaning it can comfortably cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

How financially healthy is Philip Morris International Inc.?

Philip Morris International Inc. (PM) scores 63 out of 100 on our Financial Health Score, indicating moderate standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.