Smoke-free products drive PMI (NYSE: PM) past $40B in 2025 sales
Filing Impact
Filing Sentiment
Form Type
8-K
Rhea-AI Filing Summary
Philip Morris International Inc. held its 2026 virtual Annual Meeting of Shareholders, emphasizing its shift toward smoke-free products and recent financial performance.
Management highlighted 2025 net revenues surpassing $40 billion, including close to $17 billion from smoke-free products, and a fifth consecutive year of volume growth. Smoke-free products accounted for 43% of total net revenues in the first quarter of 2026 and are used by an estimated 43 million legal-age consumers as of December 31, 2025. Approximately 81% of shares entitled to vote were represented, and shareholders elected all 10 director nominees, approved executive compensation on an advisory basis, ratified the independent auditors, and voted against a shareholder proposal.
Positive
- None.
Negative
- None.
Insights
Meeting underscores PMI’s growing smoke-free scale and solid shareholder support.
Philip Morris International reported 2025 net revenues above $40 billion, with close to $17 billion from smoke-free products. Management also noted a fifth consecutive year of volume growth and significant margin expansion, supported by its leading position in smoke-free offerings.
Smoke-free products represented 43% of total net revenues in Q1 2026 and are used by an estimated 43 million legal-age consumers as of December 31, 2025. This indicates substantial scale for the newer product category within the overall business mix.
Roughly 81% of voting shares participated, and shareholders backed all 10 directors, approved advisory say-on-pay, ratified the auditors, and rejected a shareholder proposal. These outcomes suggest continued broad support for the current strategy and leadership within the disclosed period.
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, and exhibit attachments filed with this report.
Key Figures
2025 net revenues: $40+ billion
2025 smoke-free revenues: close to $17 billion
Q1 2026 smoke-free mix: 43% of total net revenues
+3 more
6 metrics
2025 net revenues
$40+ billion
Annual net revenues in 2025
2025 smoke-free revenues
close to $17 billion
Portion of 2025 net revenues from smoke-free products
Q1 2026 smoke-free mix
43% of total net revenues
Smoke-free share of total net revenues in Q1 2026
Smoke-free consumers
43 million
Estimated legal-age users of smoke-free products as of Dec. 31, 2025
Shareholder participation
81% of entitled shares
Shares represented at the 2026 Annual Meeting
Smoke-free investment
over $16 billion
Cumulative investment in smoke-free products since 2008
Key Terms
Annual Meeting of Shareholders, smoke-free products, forward-looking statements, Private Securities Litigation Reform Act of 1995, +1 more
5 terms
smoke-free products financial
"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"
forward-looking statements regulatory
"This press release contains projections of future results and goals and other forward-looking statements, including statements regarding expected financial or operational performance;"
Forward-looking statements are predictions or plans that companies share about what they expect to happen in the future, like estimating sales or profits. They matter because they help investors understand a company's outlook, but since they are based on guesses and assumptions, they can sometimes be wrong.
Private Securities Litigation Reform Act of 1995 regulatory
"Pursuant to the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, PMI is identifying important factors"
Modified Risk Tobacco Product regulatory
"Versions of IQOS devices and consumables and General snus also obtained the first-ever Modified Risk Tobacco Product authorizations from the FDA."
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.
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): May 6, 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 May 6, 2026, Philip Morris International Inc. (the "Company") issued a press release in connection with the Company's 2026 Annual Meeting of Shareholders. A copy of the press release is attached as Exhibit 99.1 to this report and is incorporated herein by reference.
In accordance with General Instruction B.2 of Form 8-K, the information in Item 7.01 of this Current Report on Form 8-K, including Exhibit 99.1, shall not be deemed “filed” for the 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 Item 7.01 of 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 May 6, 2026 (furnished pursuant to Item 7.01). | ||||
| 104 | Cover Page Interactive Data File (the cover page XBRL tags are embedded within the Inline XBRL document and contained in Exhibit 101) | ||||
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: May 6, 2026
Exhibit 99.1
| PRESS RELEASE |  | |||||||||||||
| Investor Relations: | Media: Corey Henry | |||||||||||||
| Email: InvestorRelations@pmi.com | Email: Corey.Henry@pmi.com | |||||||||||||
| Stamford, CT: +1 (203) 905 2413 | Stamford, CT: +1 (203) 905 2410 | |||||||||||||
Lausanne: +41 (0) 58 242 4500 | ||||||||||||||
Philip Morris International Holds 2026 Virtual Annual Meeting of Shareholders
STAMFORD, CT, May 6, 2026 – Philip Morris International Inc. (PMI) (NYSE: PM) held its 2026 Annual Meeting of Shareholders today. André Calantzopoulos, Chairman of the Board, addressed shareholders and answered questions. Jacek Olczak, Group CEO PMI, gave a business presentation, which included an overview of PMI’s:
•remarkable performance in 2025, and robust start to 2026;
•annual net revenues surpassing $40 billion in 2025, including close to $17 billion from our smoke-free business;
•continuation of best-in-class growth targeted for 2026-2028; and
•steadfast commitment to shareholder returns.
"Our leading global position in smoke-free products enabled us to deliver our fifth consecutive year of volume growth in 2025, with excellent revenue performance and significant margin expansion,” said Jacek Olczak, Group CEO PMI.
“Despite a complex operating environment – shaped by economic uncertainty, geopolitical tensions, and evolving regulations, we continue to make significant progress towards our vision of a smoke-free future. Our strong first-quarter performance gives us further confidence in delivering continued best-in-class growth.”
Approximately 81 percent of the shares entitled to vote were represented at the meeting in person or by proxy. The shareholders elected 10 nominees for director; approved, on an advisory basis, the compensation of named executive officers; ratified the selection of PricewaterhouseCoopers SA as independent auditors; and voted against the shareholder proposal. Final voting results will be included in a Form 8-K that PMI will file with the SEC in the coming days.
An archived copy of the webcast of the meeting will be available for approximately one year from the date of the meeting at www.virtualshareholdermeeting.com/PM2026. The presentation slides and script will be available at the same web address.
1
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 affecting international trade; the impact and consequences of Russia's invasion of Ukraine; changes in 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 our 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, 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 first quarter ended March 31, 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 43% of PMI’s first-quarter 2026 total net revenues. Since 2008, PMI has
2
invested over $16 billion to develop, scientifically substantiate and commercialize innovative smoke-free products for adults who would otherwise continue to smoke, 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 and 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 and General snus also obtained the first-ever Modified Risk Tobacco Product authorizations from the FDA. 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.
3
FAQ
What key results did Philip Morris International (PM) highlight for 2025?
Philip Morris International reported 2025 net revenues exceeding $40 billion, including close to $17 billion from smoke-free products. Management also cited its fifth consecutive year of volume growth and significant margin expansion during the year.
How important are smoke-free products to Philip Morris International (PM) now?
Smoke-free products are increasingly central, generating close to $17 billion in 2025 net revenues. They accounted for 43% of total net revenues in the first quarter of 2026 and are used by an estimated 43 million legal-age consumers worldwide.
What forward-looking goals did Philip Morris International (PM) discuss at the meeting?
Management discussed a continuation of best-in-class growth targeted for 2026-2028 and reiterated a steadfast commitment to shareholder returns. They framed these ambitions around the company’s expanding smoke-free portfolio and strong first-quarter 2026 performance.
How much has Philip Morris International invested in smoke-free products?
Since 2008, Philip Morris International has invested over $16 billion to develop, scientifically substantiate and commercialize smoke-free products. This spending includes building extensive scientific capabilities in toxicology, clinical and behavioral research, and post-market studies.
What major risks does Philip Morris International (PM) highlight for its business?
Philip Morris International lists numerous risks, including marketing and regulatory restrictions, excise tax increases, health-related concerns, litigation, intense competition, geopolitical tensions, currency volatility, and challenges in successfully growing and differentiating its smoke-free products.