Philip Morris International Participates in 2026 Barclays Global Consumer Conference; Raises 2026 Full-Year Diluted EPS Forecast for Currency Only

PMI nudged its 2026 EPS outlook higher on more favorable currency, while reaffirming strong double-digit adjusted EPS growth versus 2025.

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STAMFORD, CT--(BUSINESS WIRE)-- Regulatory News:

Philip Morris International Inc.’s (PMI) (NYSE: PM) Group CEO PMI, Jacek Olczak, will address investors today at the 2026 Barclays Global Consumer Conference in Boston at 9:45 a.m. ET.

The live webcast will be available here. The webcast replay will be available at the same link for six months after the event. The webcast may also be accessed on mobile devices by downloading PMI’s Investor Relations App at www.pmi.com/irapp.

2026 Full-Year Forecast

PMI raises its 2026 full-year reported diluted EPS forecast to a range of $7.28 to $7.43 to reflect currency only. Excluding a total 2026 adjustment of $1.07 per share, the forecast range for adjusted diluted EPS of $8.35 to $8.50 represents a projected increase of 10.7% to 12.7% versus $7.54 in 2025. Excluding a favorable currency impact, at prevailing exchange rates, of $0.24 per share (previously $0.15), this represents growth of 7.5% to 9.5%. We also update our Q3 adjusted diluted EPS forecast for currency only to a range of $2.29 to $2.34, now including an estimated 1 cent favorable currency impact (previously unfavorable 8 cents).

All other forecast assumptions remain unchanged from those communicated on July 22, 2026.

Factors described in the Forward-Looking and Cautionary Statements section of this release represent continuing risks to these projections.

	Full-Year
	2026 Forecast				2025		Growth
Reported Diluted EPS	$7.28	-	$7.43		$ 7.26
Adjustments
Amortization of intangibles	0.50				0.50
Fair value adjustment for equity investments	0.16				(0.18)
Restructuring charges	0.03				0.14
Income tax impact associated with Swedish Match AB financing	0.06				(0.25)
Non-cash impairment of RBH equity investment	0.33				—
Egypt sales tax settlement adjustment	(0.01)				—
Other 2025 Adjustments (1)	—				0.07
Total Adjustments	1.07				0.28
Adjusted Diluted EPS	$8.35	-	$8.50		$ 7.54		10.7%	-	12.7%
Less: Currency	0.24
Adjusted Diluted EPS, excluding currency	$8.11	-	$8.26		$ 7.54		7.5%	-	9.5%
(1) Includes: $0.10 Germany excise tax classification litigation charge; ($0.10) RBH (Canada) Plan Implementation, including dividend income, net; $0.09 Impairment of Wellness business related equity investment; $0.06 Loss on expected sale of consumer accessories and other businesses; $0.03 Impairment of goodwill; ($0.11) Tax items

Forward-Looking & Cautionary Statements
This press release contains projections of future results and goals and other forward-looking statements, including statements regarding expected financial or operational performance; capital allocation plans; investment strategies; regulatory outcomes; market expectations; business plans and strategies. Achievement of future results is subject to risks, uncertainties and inaccurate assumptions. In the event that risks or uncertainties materialize, or underlying assumptions prove inaccurate, actual results could vary materially from those contained in such forward-looking statements. Pursuant to the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, PMI is identifying important factors that, individually or in the aggregate, could cause actual results and outcomes to differ materially from those contained in any forward-looking statements made by PMI.
PMI's business risks include: marketing and regulatory restrictions that could reduce our competitiveness, disrupt our SFP commercialization efforts, eliminate our ability to communicate with adult consumers, or ban certain of our products in certain markets or countries; excise tax increases and discriminatory tax structures; health concerns relating to the use of tobacco and other nicotine-containing products; litigation related to tobacco and/or nicotine products and intellectual property rights; intense competition; inability to anticipate changes in adult consumer preferences; use and reliance on third-parties; the adverse effects of global and individual country economic, regulatory and political developments, natural disasters and conflicts; geopolitical instability; the impact and consequences of Russia's invasion of Ukraine; changes in legal-age adult smoker behavior; continued decline of tax-paid cigarettes; lost revenues as a result of counterfeiting, contraband and cross-border purchases; governmental investigations; unfavorable currency exchange rates and currency devaluations, sustained periods of elevated inflation, and limitations on the ability to repatriate funds; adverse changes in applicable corporate tax laws; disruptions in the credit markets or changes to its credit ratings; recent and potential future tariffs imposed by the U.S. and other countries; adverse changes in the cost, availability, and quality of tobacco and other agricultural products and raw materials, as well as product components for its electronic devices; and the integrity of its information systems and effectiveness of its data privacy policies. PMI's future profitability may also be adversely affected should it be unsuccessful, in key markets or systemically, in its efforts to introduce, commercialize, and grow smoke-free products or if regulation or taxation do not differentiate between such products and cigarettes; if it is unable to successfully introduce new products, and promote brand equity; if there are prolonged disruptions of facilities used to produce its products; if it is unable to enter new markets or improve its margins through increased prices and productivity gains; if other market participants are more successful in their SFP commercialization efforts; if it is unable to attract and retain the best global talent; or if it is unable to successfully integrate and realize the expected benefits from recent transactions and acquisitions. Future results are also subject to the lower predictability of our smoke-free products performance.
PMI is further subject to other risks detailed from time to time in its publicly filed documents, including PMI's Annual Report on Form 10-K for the fourth quarter and year ended December 31, 2025, and the Quarterly Report on Form 10-Q for the second quarter ended June 30, 2026. PMI cautions that the foregoing list of important factors is not a complete discussion of all potential risks and uncertainties. PMI does not undertake to update any forward-looking statement that it may make from time to time, except in the normal course of its public disclosure obligations.

Philip Morris International: A Global Smoke-Free Champion
Philip Morris International is a leading international consumer goods company, actively delivering a smoke-free future and evolving its portfolio for the long term to include products outside of the tobacco and nicotine sector. The company’s current product portfolio primarily consists of cigarettes and smoke-free products, including heat-not-burn, nicotine pouch and e-vapor products. Our smoke-free products are available for sale in over 105 markets, and as of December 31, 2025, PMI estimates they were used by over 43 million legal-age consumers around the world, many of whom have moved away from cigarettes or significantly reduced their consumption. The smoke-free business accounted for approximately 42% of PMI’s second-quarter 2026 total net revenues. Since 2008, PMI has invested over $16 billion to develop, scientifically substantiate and commercialize innovative smoke-free products for legal age adults who would otherwise smoke or use other nicotine-containing consumer products, with the goal of completely ending the sale of cigarettes. This includes the building of world-class scientific assessment capabilities, notably in the areas of pre-clinical systems toxicology, clinical and behavioral research, as well as post-market studies. Following a robust science-based review, the U.S. Food and Drug Administration has authorized the marketing of Swedish Match’s General snus, ZYN nicotine pouches and versions of PMI’s IQOS devices and consumables - the first-ever such authorizations in their respective categories. Versions of IQOS devices and consumables, General snus and 20 ZYN nicotine pouch variants also obtained the first-ever Modified Risk Tobacco Product authorizations from the FDA in their respective categories. With a strong foundation and significant expertise in life sciences, PMI has a long-term ambition to expand into wellness areas. References to “PMI”, “we”, “our” and “us” mean Philip Morris International Inc., and its subsidiaries. For more information, please visit www.pmi.com and www.pmiscience.com.

Non-GAAP Measures, Glossary and Explanatory Notes
Reconciliations of non-GAAP measures in this release to the most directly comparable U.S. GAAP measures can be found in Exhibit 99.2 to the Form 8-K dated July 22, 2026, and here. A glossary of key terms, definitions and explanatory notes is available in the aforementioned Exhibit 99.2 and on the same webpage, where additional financial schedules, as well as adjustments and other calculations have also been made available.
Management reviews earnings per share, or "EPS," on an adjusted basis, which may exclude the impact of currency and other items such as acquisitions, divestitures, restructuring costs, tax items and other adjusting items. Additionally, starting in 2022 and on a comparative basis, PMI includes adjustments to add back amortization expense on acquisition related intangible assets that are recorded as part of purchase accounting and contribute to PMI’s revenue generation, as well as impairment of intangible assets, if any. While amortization expense on acquisition related intangible assets is excluded, the net revenues generated from these acquired intangible assets are included in the company's adjusted measures, unless otherwise stated. Currency-neutral rates reflect the way management views underlying performance for these measures. PMI believes that such measures provide useful insight into underlying business trends and results. Management reviews these measures because they exclude changes in currency exchange rates and other factors that may distort underlying business trends, thereby improving the comparability of PMI’s business performance between reporting periods. Furthermore, PMI uses several of these measures in its management compensation program to promote internal fairness and a disciplined assessment of performance against company targets. PMI discloses these measures to enable investors to view the business through the eyes of management.
Non-GAAP measures used in this release should neither be considered in isolation nor as a substitute for the financial measures prepared in accordance with U.S. GAAP.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260907683726/en/

Philip Morris International

Investor Relations:
Email: InvestorRelations@pmi.com
Stamford, CT: +1 (203) 905 2413

Media:
Email: Corey.Henry@pmi.com
Stamford, CT: +1 (203) 905 2410
Lausanne: +41 582 424 500

Source: Philip Morris International

Key Terms

diluted eps financial

Diluted earnings per share (EPS) shows how much profit a company makes for each share of stock, assuming all possible shares from stock options or convertible securities are used. It provides a more conservative estimate than basic EPS, accounting for potential share increases that could dilute ownership. Investors use diluted EPS to get a clearer picture of a company's true profitability on a per-share basis.

non-gaap measures financial

Financial results that companies present using formulas or adjustments different from standard accounting rules (GAAP) to highlight what management considers the business’s ongoing performance. Investors care because these figures can make trends or profitability look clearer—like showing a car’s fuel efficiency after removing unusual trips—but they can also hide one‑time costs or aggressive assumptions, so comparing them with GAAP numbers helps judge reliability.

currency-neutral rates financial

A currency-neutral rate is a measure of how a financial figure (like sales or growth) changes after removing the impact of exchange-rate movements by re-calculating foreign-currency amounts at constant exchange rates. It shows the underlying business trend as if currencies had not moved, so investors can compare performance across periods without foreign-exchange noise. Think of it as comparing heights using the same ruler so measurement changes reflect true size shifts.

modified risk tobacco product authorizations regulatory

A modified risk tobacco product authorization is a regulatory approval that lets a tobacco product maker legally claim their product lowers health risks or reduces exposure to harmful chemicals compared with traditional tobacco. For investors, this is like a safety or marketing certificate: it can broaden sales, change how products are labeled and advertised, and reduce regulatory and reputational uncertainty, all of which can materially affect revenue and legal risk.