Philip Morris sets 2026 adjusted EPS at $8.35–$8.50
PM lifts its 2026 adjusted diluted EPS outlook, projecting 10.7%–12.7% growth versus 2025, driven by currency and a growing smoke-free products business.
Rhea-AI Filing Summary
Philip Morris International Inc. (PM) updated its 2026 outlook alongside a presentation by Group CEO Jacek Olczak at the Barclays Global Consumer Conference. The company now forecasts 2026 reported diluted EPS of $7.28–$7.43, reflecting currency effects only.
Excluding a total 2026 adjustment of $1.07 per share, PMI expects adjusted diluted EPS of $8.35–$8.50, a projected increase of 10.7%–12.7% versus $7.54 in 2025. Excluding a favorable currency impact of $0.24 per share, the adjusted diluted EPS forecast of $8.11–$8.26 implies growth of 7.5%–9.5%. PMI also updated its Q3 2026 adjusted diluted EPS forecast to $2.29–$2.34, now including an estimated $0.01 favorable currency impact.
The company highlights that smoke-free products represented about 42% of total net revenues in second-quarter 2026 and were used by over 43 million legal-age consumers as of December 31, 2025. PMI has invested more than $16 billion since 2008 to develop and commercialize smoke-free products and notes multiple FDA marketing and Modified Risk Tobacco Product authorizations for parts of its portfolio.
Positive
- 2026 adjusted diluted EPS forecast raised to $8.35–$8.50, implying 10.7%–12.7% growth versus $7.54 in 2025, with underlying growth of 7.5%–9.5% excluding a $0.24 favorable currency impact.
- Smoke-free products scaling: accounted for approximately 42% of total net revenues in Q2 2026 and are used by over 43 million legal-age consumers, supported by more than $16 billion invested since 2008.
Negative
- None.
Filing Explained
The September 8 Form 8-K furnishes the conference presentation release, but expressly states that the information is not “filed” under Section 18 or incorporated by reference into other filings.
8-K Event Classification
2 items: 7.01, 9.01
2 items
Item 7.01
Regulation FD Disclosure
Disclosure
Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, or exhibit attachments filed with this report.
Key Figures
2026 reported diluted EPS forecast: $7.28–$7.43 per share
2026 adjusted diluted EPS forecast: $8.35–$8.50 per share
2026 adjusted diluted EPS excluding currency: $8.11–$8.26 per share
+5 more
8 metrics
2026 reported diluted EPS forecast
$7.28–$7.43 per share
Full-year 2026 outlook, reflecting currency only
2026 adjusted diluted EPS forecast
$8.35–$8.50 per share
Full-year 2026 vs $7.54 in 2025, 10.7%–12.7% growth
2026 adjusted diluted EPS excluding currency
$8.11–$8.26 per share
Underlying growth of 7.5%–9.5% vs $7.54 in 2025
Total 2026 EPS adjustments
$1.07 per share
Adjustments from reported to adjusted diluted EPS
Q3 2026 adjusted diluted EPS forecast
$2.29–$2.34 per share
Quarterly 2026 outlook with $0.01 favorable currency
Smoke-free share of net revenues
42%
Portion of total net revenues in Q2 2026 from smoke-free products
Smoke-free product users
Over 43 million consumers
Legal-age consumers using PMI smoke-free products as of December 31, 2025
Cumulative smoke-free investment
Over $16 billion
Invested since 2008 in developing and commercializing smoke-free products
Key Terms
adjusted diluted EPS, currency-neutral rates, Modified Risk Tobacco Product, smoke-free products, +1 more
5 terms
adjusted diluted EPS financial
"the forecast range for adjusted diluted EPS of $8.35 to $8.50"
Adjusted diluted EPS is a company’s profit per share after adding back or removing one-time items (like restructuring costs or gains) and dividing by the number of shares including potential shares from options and convertible securities. Investors use it as a cleaner view of ongoing earnings—like looking at a car’s regular fuel efficiency rather than a trip boosted by downhill coasting—to judge underlying performance and compare companies without temporary distortions.
currency-neutral rates financial
"Currency-neutral rates reflect the way management views underlying performance"
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 regulatory
"obtained the first-ever Modified Risk Tobacco Product authorizations"
A modified risk tobacco product is a tobacco or nicotine product that is marketed with claims it reduces health risks or exposure to harmful substances compared with other tobacco products; such claims are typically subject to regulatory review and approval. For investors, this matters because approved modified-risk status can change consumer demand, legal exposure, labeling requirements and market access—similar to how a government-backed “low-risk” label can alter a product’s sales and liability profile.
smoke-free products technical
"The smoke-free business accounted for approximately 42% of PMI’s second-quarter 2026 total net revenues"
non-GAAP measures financial
"Reconciliations of non-GAAP measures in this release"
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.
Earnings Snapshot
Reported diluted EPS: $7.28–$7.43 · Guidance included
Full-year 2026 outlook and Q3 2026 forecast
Reported diluted EPS
$7.28–$7.43
Currency-only full-year 2026 forecast
Adjusted diluted EPS
$8.35–$8.50
Up 10.7%–12.7% vs $7.54 in 2025
Adjusted diluted EPS excluding currency
$8.11–$8.26
Underlying growth of 7.5%–9.5% vs 2025
Q3 2026 adjusted diluted EPS
$2.29–$2.34
Includes $0.01 favorable currency impact
Guidance
PMI reaffirmed prior assumptions and raised 2026 EPS forecasts for currency only, with adjusted diluted EPS now expected at $8.35–$8.50 and Q3 2026 adjusted diluted EPS at $2.29–$2.34.
FAQ
How did Philip Morris International (PM) change its 2026 EPS guidance?
PMI now forecasts 2026 reported diluted EPS of $7.28–$7.43, reflecting currency only. It projects adjusted diluted EPS of $8.35–$8.50, a 10.7%–12.7% increase versus $7.54 in 2025, with underlying growth of 7.5%–9.5% excluding currency.
What is Philip Morris International’s 2026 adjusted EPS outlook excluding currency?
Excluding a favorable currency impact of $0.24 per share, PMI’s 2026 forecast implies adjusted diluted EPS of $8.11–$8.26, representing underlying growth of 7.5%–9.5% versus $7.54 in 2025.
What Q3 2026 EPS does Philip Morris International (PM) expect?
For Q3 2026, PMI forecasts adjusted diluted EPS of $2.29–$2.34, which now includes an estimated $0.01 favorable currency impact, compared to a previously expected unfavorable currency impact of $0.08.
How important are smoke-free products to Philip Morris International’s (PM) revenue?
Smoke-free products accounted for approximately 42% of PMI’s total net revenues in second-quarter 2026. As of December 31, 2025, PMI estimates over 43 million legal-age consumers used its smoke-free products.
How much has Philip Morris International invested in smoke-free products?
Since 2008, PMI has invested over $16 billion to develop, scientifically substantiate and commercialize innovative smoke-free products, including building extensive pre-clinical, clinical, behavioral and post-market research capabilities.
What key adjustments affect Philip Morris International’s 2026 EPS guidance?
The 2026 adjusted diluted EPS adds back total adjustments of $1.07 per share, including $0.50 amortization of intangibles, $0.16 fair value adjustment for equity investments, $0.33 non-cash impairment of an RBH equity investment, and several smaller tax and restructuring items.
AI-generated analysis. How Rhea-AI works. Not financial advice.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): September 8, 2026
(Exact name of registrant as specified in its charter)
(State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) | ||||||||||||
| (Address of principal executive offices) | (Zip Code) | ||||||||||||||||
Registrant's telephone number, including area code: (203 ) 905-2410
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | |||||
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). | |||||
Emerging growth company | |||||
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. | ☐ | ||||
| Item 7.01. | Regulation FD Disclosure. | ||||
On September 8, 2026, Philip Morris International Inc. (“PMI”) is hosting a live audio webcast of a presentation and question-and-answer session by Jacek Olczak, Group CEO PMI, at the Barclays Global Consumer Conference. In connection with the webcast, PMI is furnishing to the Securities and Exchange Commission the press release attached as Exhibit 99.1 to this Current Report on Form 8-K and incorporated by reference into this Item 7.01.
In accordance with General Instruction B.2 of Form 8-K, the information in this Current Report on Form 8-K, including Exhibit 99.1, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section. The information in this Current Report on Form 8-K shall not be incorporated by reference into any filing or other document pursuant to the Securities Act of 1933, as amended, except as may be expressly set forth by specific reference in such filing or document.
| Item 9.01. | Financial Statements and Exhibits. | ||||
| (d) | Exhibits. | ||||
| 99.1 | Philip Morris International Inc. Press Release, dated September 8, 2026 (furnished pursuant to Item 7.01). | ||||
| 104 | Cover Page Interactive Data File (formatted in Inline XBRL). | ||||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| PHILIP MORRIS INTERNATIONAL INC. | ||||||||
| By: | /s/ DARLENE QUASHIE HENRY | |||||||
| Name: | Darlene Quashie Henry | |||||||
| Title: | Vice President, Associate General Counsel & Corporate Secretary | |||||||
Date: September 8, 2026
Exhibit 99.1
| PRESS RELEASE |  | |||||||||||||
| Investor Relations: | Media: | |||||||||||||
Email: InvestorRelations@pmi.com | Email: Corey.Henry@pmi.com | |||||||||||||
| Stamford, CT: +1 (203) 905 2413 | Stamford, CT: +1 (203) 905 2410 | |||||||||||||
| Lausanne: +41 582 424 500 | ||||||||||||||
Philip Morris International Participates in 2026 Barclays Global Consumer Conference;
Raises 2026 Full-Year Diluted EPS Forecast for Currency Only
STAMFORD, CT, September 8, 2026 – 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.
1
| 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
2
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
3
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.
4