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. (PM) 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

Market Cap $320.4B as of Oct 15, 2026

Price / Sales 7.5x on $42.5B revenue, trailing 12 months to June 30, 2026

Price / Earnings 29.5x on $10.9B net income, trailing 12 months to June 30, 2026

Price / Book n/m negative shareholder equity, so no book multiple, Q2 FY2026

A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 15, 2026; every other figure is from the SEC filings on this page. Not financial advice.

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

Newest figures come from the 10-Q for Q2 FY2026, filed Jul 24, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the PM SEC filings page.

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 2026-10-03

Philip Morris converts sales into operating profit efficiently, but cash generation remains nearly flat as working capital and reinvestment absorb gains.

The FY2025 earnings rebound did not translate into better cash conversion: net income rose 60.8% while operating cash flow was essentially unchanged from the prior year. That divergence, alongside higher inventory and receivables, suggests more reported profit was tied up in working capital rather than immediately collected.

Operating margin expansion from 35.4% to 36.6% as revenue increased indicates incremental sales reached operating profit at a better rate. Free cash flow was $10.7B in FY2025, slightly below the prior year, as capital expenditures increased; reinvestment absorbed part of the operating improvement.

The balance sheet is structurally liability-funded: liabilities were $77.2B against assets of $69.2B, leaving negative equity; short-term liquidity also remained tight relative to current obligations. Dividends of $8.6B consumed most of the $10.7B free cash flow, making distributions a major use of internally generated cash.

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 95/100, 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

4.49

Philip Morris International Inc. scores 4.49, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($320.4B) 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

$11.2B

YoY+10.4%

QoQ+10.3%

5Y CAGR+8.1%

10Y CAGR-5.2%

Philip Morris International Inc. generated $11.2B in revenue in Q2 2026. This represents an increase of 10.4% from the same quarter a year earlier. Against the prior quarter it is up 10.3%.

EBITDA

$5.0B

YoY+20.0%

QoQ+14.5%

Philip Morris International Inc.'s EBITDA was $5.0B in Q2 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 20.0% from the same quarter a year earlier. Against the prior quarter it is up 14.5%.

Net Income

$2.8B

YoY-7.3%

QoQ+15.5%

5Y CAGR+5.3%

10Y CAGR+4.7%

Philip Morris International Inc. reported $2.8B in net income in Q2 2026. This represents a decrease of 7.3% from the same quarter a year earlier. Against the prior quarter it is up 15.5%.

EPS (Diluted)

$1.80

YoY-7.7%

QoQ+15.4%

5Y CAGR+5.3%

10Y CAGR+4.6%

Philip Morris International Inc. earned $1.80 per diluted share (EPS) in Q2 2026. This represents a decrease of 7.7% from the same quarter a year earlier. Against the prior quarter it is up 15.4%.

Cash & Balance Sheet

Free Cash Flow

$5.1B

YoY+67.3%

QoQ+779.8%

5Y CAGR+7.9%

10Y CAGR+9.2%

Philip Morris International Inc. generated $5.1B in free cash flow in Q2 2026, representing cash available after capex. This represents an increase of 67.3% from the same quarter a year earlier. Against the prior quarter it is up 779.8%.

Cash & Debt

$6.0B

YoY+45.0%

QoQ+10.1%

5Y CAGR+4.1%

10Y CAGR+4.6%

Philip Morris International Inc. held $6.0B in cash against $42.4B in long-term debt as of Q2 2026.

Dividends Per Share

$1.47

YoY+8.9%

QoQ0.0%

5Y CAGR+4.1%

10Y CAGR+3.7%

Philip Morris International Inc. paid $1.47 per share in dividends in Q2 2026. This represents an increase of 8.9% from the same quarter a year earlier. It is unchanged from the prior quarter.

Shares Outstanding

1.56B

YoY+0.1%

QoQ0.0%

5Y CAGR0.0%

10Y CAGR0.0%

Philip Morris International Inc. had 1.56B shares outstanding in Q2 2026. This represents an increase of 0.1% from the same quarter a year earlier. It is unchanged from the prior quarter.

Margins & Returns

Gross Margin

68.4%

YoY+0.7pp

QoQ+0.4pp

5Y change-0.6pp

10Y change+45.9pp

Philip Morris International Inc.'s gross margin was 68.4% in Q2 2026, indicating the percentage of revenue retained after direct costs. This is up 0.7 percentage points from the same quarter a year earlier. Against the prior quarter it is up 0.4 percentage points.

Operating Margin

40.5%

YoY+3.9pp

QoQ+2.1pp

5Y change-0.7pp

Philip Morris International Inc.'s operating margin was 40.5% in Q2 2026, reflecting core business profitability. This is up 3.9 percentage points from the same quarter a year earlier. Against the prior quarter it is up 2.1 percentage points.

Net Margin

25.2%

YoY-4.8pp

QoQ+1.1pp

5Y change-3.4pp

10Y change+15.8pp

Philip Morris International Inc.'s net profit margin was 25.2% in Q2 2026, showing the share of revenue converted to profit. This is down 4.8 percentage points from the same quarter a year earlier. Against the prior quarter it is up 1.1 percentage points.

Return on Equity

Not reported for Q2 2026.

Capital Allocation

Capital Expenditures

$380.0M

YoY+6.7%

QoQ+7.6%

5Y CAGR+24.3%

10Y CAGR+4.1%

Philip Morris International Inc. invested $380.0M in capex in Q2 2026, funding long-term assets and infrastructure. This represents an increase of 6.7% from the same quarter a year earlier. Against the prior quarter it is up 7.6%.

R&D Spending

Not reported for Q2 2026.

Share Buybacks

Not reported for Q2 2026.

PM Income Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

PM quarterly income statement

Metric	TTM	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
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
EBITDA	N/A	$16.9B+11.2%	$15.2B+17.3%	$13.0B-2.8%	$13.3B-4.7%	$14.0B+10.5%	$12.6B+10.0%	$11.5B-7.0%	$12.4B-0.7%	$12.5B+7.0%	$11.6B+2.4%	$11.4B-9.6%	$12.6B-12.5%	$14.4B-2.5%	$14.8B+3.0%	$14.3B
Interest Expense	$1.5B	$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 (Basic)	N/A	$7.27+60.5%	$4.53-9.8%	$5.02-13.7%	$5.82-0.2%	$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
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
Diluted Shares (Avg)	N/A	1.56B+0.1%	1.56B+0.2%	1.55B+0.1%	1.55B-0.4%	1.56B+0.1%	1.56B+0.1%	1.56B+0.1%	1.55B+0.1%	1.55B+0.1%	1.55B+0.1%	1.55B	N/A	1.62B-4.1%	1.69B-4.0%	1.76B

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Revenue	$11.2B+10.4%	$10.1B+9.1%	$10.4B+6.8%	$10.8B+9.4%	$10.1B+7.1%	$9.3B+5.8%	$9.7B+7.3%	$9.9B+8.4%
Cost of Revenue	$3.5B+7.9%	$3.2B+6.9%	$3.6B+4.4%	$3.5B+3.6%	$3.3B-2.1%	$3.0B-5.1%	$3.4B-1.1%	$3.4B+6.4%
Gross Profit	$7.7B+11.5%	$6.9B+10.1%	$6.8B+8.0%	$7.4B+12.4%	$6.9B+12.1%	$6.3B+12.0%	$6.3B+12.5%	$6.5B+9.5%
Operating Income	$4.5B+22.0%	$3.9B+9.8%	$3.4B+3.5%	$4.3B+16.7%	$3.7B+7.8%	$3.5B+16.4%	$3.3B+12.8%	$3.7B+8.4%
EBITDA	$5.0B+20.0%	$4.4B+9.4%	$3.9B+4.2%	$4.8B+14.8%	$4.2B+8.0%	$4.0B+17.9%	$3.7B	$4.2B
Interest Expense	$243.0M-12.3%	$237.0M-1.7%	$839.0M-11.3%	$230.0M+21.7%	$277.0M-15.8%	$241.0M-19.4%	$946.0M-59.1%	$189.0M-27.6%
Income Tax	$955.0M+46.5%	$676.0M+2.6%	$675.0M-22.6%	$751.0M+2.2%	$652.0M-11.2%	$659.0M-2.5%	$872.0M+172.5%	$735.0M-28.7%
Net Income	$2.8B-7.3%	$2.4B-9.4%	$2.1B+469.8%	$3.5B+12.8%	$3.0B+26.3%	$2.7B+25.2%	-$579.0M-126.4%	$3.1B+50.0%
EPS (Basic)	$1.80-7.7%	$1.56-9.3%	$1.37+470.3%	$2.23+12.6%	$1.95+26.6%	$1.72+24.6%	-$0.37-126.2%	$1.98+50.0%
EPS (Diluted)	$1.80-7.7%	$1.56-9.3%	$1.37+470.3%	$2.23+13.2%	$1.95+26.6%	$1.72+24.6%	-$0.37-126.2%	$1.97+49.2%
Diluted Shares (Avg)	1.56B+0.1%	1.56B+0.1%	N/A	1.56B+0.1%	1.56B+0.1%	1.56B+0.1%	N/A	1.56B+0.1%

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

PM Balance Sheet

PM quarterly balance sheet

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
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
Short-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
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
Long-Term Investments	$2.9B+8.9%	$2.7B-46.2%	$4.9B+11.2%	$4.4B-0.7%	$4.5B-7.0%	$4.8B+3.5%	$4.6B	$0	$0	$0	$0	$0	$0	$0	$0
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
Non-Current Liabilities	$51.8B+6.3%	$48.7B+0.8%	$48.4B+19.0%	$40.7B+34.4%	$30.2B-15.6%	$35.8B+6.5%	$33.6B+0.9%	$33.3B-10.4%	$37.2B+19.0%	$31.3B+4.1%	$30.0B-3.9%	$31.3B+14.3%	$27.4B+21.6%	$22.5B+18.9%	$18.9B
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	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Total Assets	$68.3B-0.3%	$68.9B+5.9%	$69.2B+12.0%	$67.1B+0.3%	$68.5B+4.1%	$65.1B-0.4%	$61.8B-5.4%	$66.9B+6.3%
Current Assets	$26.0B+11.3%	$25.6B+15.3%	$24.4B+20.8%	$22.7B+9.0%	$23.4B+11.1%	$22.2B+6.3%	$20.2B+2.1%	$20.8B+8.4%
Cash & Equivalents	$6.0B+45.0%	$5.5B+22.7%	$4.9B+15.6%	$4.0B-5.2%	$4.1B-13.9%	$4.4B+12.0%	$4.2B+37.8%	$4.3B+41.1%
Short-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0
Inventory	$11.4B+6.6%	$11.4B+12.5%	$11.5B+21.4%	$10.3B+9.7%	$10.7B+14.3%	$10.1B+1.6%	$9.5B-12.3%	$9.4B-3.0%
Accounts Receivable	$5.2B+3.7%	$5.1B+4.9%	$4.6B+20.7%	$4.8B+13.1%	$5.0B+17.8%	$4.9B+16.5%	$3.8B+9.5%	$4.2B+8.9%
Long-Term Investments	$2.1B-36.5%	$2.5B-16.6%	$2.9B+8.9%	$3.1B-44.4%	$3.4B-32.4%	$3.0B-39.6%	$2.7B-46.2%	$5.6B+20.0%
Goodwill	$16.9B-1.8%	$17.1B+1.2%	$17.3B+4.0%	$17.2B+0.2%	$17.2B+2.4%	$16.9B+2.5%	$16.6B-1.1%	$17.1B+3.8%
Total Liabilities	$74.9B-4.6%	$76.2B+3.0%	$77.2B+7.8%	$76.0B+1.9%	$78.5B+6.5%	$74.0B+0.2%	$71.7B-4.1%	$74.6B+5.6%
Current Liabilities	$26.5B-5.7%	$26.2B-6.6%	$25.4B+11.0%	$26.7B+14.3%	$28.1B+25.6%	$28.1B+26.7%	$22.9B-13.1%	$23.4B+8.4%
Non-Current Liabilities	$48.4B-3.9%	$50.0B+8.9%	$51.8B+6.3%	$49.3B-3.7%	$50.4B-1.8%	$45.9B-11.2%	$48.7B+0.8%	$51.2B+4.4%
Long-Term Debt	$42.4B-0.2%	$43.8B+13.0%	$45.1B+7.0%	$41.9B-5.4%	$42.4B-5.0%	$38.8B-13.2%	$42.2B+2.2%	$44.2B+3.1%
Total Equity	-$8.6B+28.3%	-$9.3B+14.9%	-$10.0B+14.9%	-$10.9B-12.6%	-$12.0B-22.8%	-$10.9B-5.7%	-$11.8B-4.7%	-$9.7B-2.8%
Retained Earnings	$36.1B+4.9%	$35.5B+6.3%	$35.4B+7.7%	$35.6B0.0%	$34.4B-0.6%	$33.4B-2.2%	$32.9B-3.6%	$35.6B+4.8%

PM Cash Flow Statement

PM quarterly cash flow statement

Metric	TTM	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
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
Depreciation & Amortization	N/A	$2.0B+11.7%	$1.8B+27.8%	$1.4B+29.8%	$1.1B+7.9%	$998.0M+1.7%	$981.0M+1.8%	$964.0M-2.5%	$989.0M+13.0%	$875.0M+17.8%	$743.0M-1.5%	$754.0M-15.2%	$889.0M+0.8%	$882.0M-1.8%	$898.0M-9.6%	$993.0M
Stock-Based Compensation	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	N/A	$162.0M
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	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Operating Cash Flow	$5.5B+61.0%	-$399.0M-14.0%	$4.7B+17.7%	$4.5B+33.5%	$3.4B-26.3%	-$350.0M-245.2%	$4.0B+21.2%	$3.3B-2.1%
Depreciation & Amortization	$513.0M+4.7%	$510.0M+6.3%	$521.0M+9.2%	$505.0M+1.4%	$490.0M+10.1%	$480.0M+30.8%	$477.0M	$498.0M
Capital Expenditures	$380.0M+6.7%	$353.0M-12.6%	$444.0M+59.7%	$365.0M-3.7%	$356.0M-3.8%	$404.0M-3.1%	$278.0M-10.6%	$379.0M+2.2%
Free Cash Flow	$5.1B+67.3%	-$752.0M+0.3%	$4.3B+14.5%	$4.1B+38.3%	$3.1B-28.3%	-$754.0M-328.4%	$3.7B+24.5%	$3.0B-2.7%
Investing Cash Flow	$26.0M+101.1%	-$3.0M+99.3%	-$428.0M-197.1%	-$789.0M+21.3%	-$2.3B-587.2%	-$434.0M-124.9%	$441.0M+177.6%	-$1.0B+48.7%
Financing Cash Flow	-$5.0B-218.7%	$1.1B+63.3%	-$3.6B+12.7%	-$3.7B-22.8%	-$1.6B+55.8%	$671.0M-40.9%	-$4.1B-41.6%	-$3.0B-68.9%
Dividends Paid	$2.3B+9.1%	$2.3B+9.0%	$2.3B+9.0%	$2.1B+3.9%	$2.1B+3.9%	$2.1B+3.9%	$2.1B+4.1%	$2.0B+2.5%

Not reported in any period shown, so not listed: Stock-Based Compensation, Share Buybacks.

PM Financial Ratios

Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

PM quarterly financial ratios

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
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
Asset Turnover	0.590.0x	0.61+0.1x	0.540.0x	0.51-0.2x	0.76+0.1x	0.64-0.1x	0.700.0x	0.74+0.1x	0.67-0.1x	0.72-1.5x	2.18-0.1x	2.28+0.2x	2.100.0x	2.05-0.1x	2.15
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	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Gross Margin	68.4%+0.7pp	68.1%+0.6pp	65.5%+0.8pp	67.8%+1.8pp	67.7%+3.0pp	67.4%+3.7pp	64.7%+3.0pp	66.0%+0.7pp
Operating Margin	40.5%+3.9pp	38.4%+0.3pp	32.6%-1.0pp	39.3%+2.4pp	36.6%+0.2pp	38.1%+3.5pp	33.6%+1.7pp	36.9%0.0pp
Net Margin	25.2%-4.8pp	24.0%-4.9pp	20.7%+26.6pp	32.1%+1.0pp	30.0%+4.6pp	28.9%+4.5pp	-6.0%-30.2pp	31.1%+8.6pp
Return on Assets	4.1%-0.3pp	3.5%-0.6pp	3.1%+4.0pp	5.2%+0.6pp	4.4%+0.8pp	4.1%+0.8pp	-0.9%-4.3pp	4.6%+1.4pp
Current Ratio	0.98+0.1x	0.98+0.2x	0.96+0.1x	0.850.0x	0.83-0.1x	0.79-0.2x	0.88+0.1x	0.890.0x
Asset Turnover	0.160.0x	0.150.0x	0.150.0x	0.160.0x	0.150.0x	0.140.0x	0.160.0x	0.150.0x
FCF Margin	45.7%+15.5pp	-7.4%+0.7pp	41.2%+2.8pp	37.8%+7.9pp	30.1%-14.9pp	-8.1%-6.1pp	38.4%+5.3pp	29.9%-3.4pp

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.

Similar Companies

Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.

Company	Fiscal year	Revenue	Net income	Net margin	Market cap	Health score
Philip Morris International Inc. PM	FY2025	$40.6B	$11.3B	27.9%	$320.4B	63/100
Altria Group, Inc. MO	FY2025	$23.3B	$6.9B	29.8%	$119.5B	59/100
RLX Technology Inc. RLX	FY2025	$566.1M	$131.8M	23.3%	$2.1B	68/100
Coca-Cola Company KO	FY2025	$47.9B	$13.1B	27.3%	$387.7B	60/100
Procter & Gamble Company PG	FY2026	$87.0B	$16.0B	18.4%	$355.5B	62/100

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.

What is Philip Morris International Inc.'s P/E ratio?

Philip Morris International Inc. (PM) trades at 29.5x earnings, its market capitalization divided by net income of $10.9B net income, trailing 12 months to June 30, 2026. The market capitalization is $320.4B as of Oct 15, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

What is Philip Morris International Inc.'s price-to-sales ratio?

Philip Morris International Inc. (PM) trades at 7.5x sales, its market capitalization divided by revenue of $42.5B revenue, trailing 12 months to June 30, 2026. The market capitalization is $320.4B as of Oct 15, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

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 4.49, 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.