What impairment did PM record related to RBH in Q2 2026?

PM recorded a $511 million non-cash impairment on its equity investment in deconsolidated Canadian affiliate RBH in Q2 2026. This charge reduced reported diluted EPS by $0.33 and left a remaining RBH carrying value of $51 million as of June 30, 2026.

Philip Morris International (NYSE: PM) details Q2 2026 results and EPS outlook

Q: How did Philip Morris International (PM) perform in Q2 2026 on revenue?

Philip Morris International generated $11.2 billion in net revenues in Q2 2026, up 10.4% year-on-year and 7.6% on an organic basis. Both the International Smoke-Free and International Combustibles segments contributed, while the U.S. segment declined slightly.

Q: What were PM’s Q2 2026 reported and adjusted diluted EPS figures?

In Q2 2026, PM’s reported diluted EPS was $1.80 , down 7.7% from $1.95, mainly due to an RBH impairment. Adjusted diluted EPS rose to $2.20 from $1.91, a 15.2% increase, or 13.6% growth excluding currency effects.

Q: What 2026 adjusted EPS guidance did Philip Morris International provide?

For 2026, PM forecasts adjusted diluted EPS of $8.26–$8.41 , representing projected growth of 9.5%–11.5% versus 2025’s $7.54. Excluding currency, the outlook implies 7.5%–9.5% growth, supported by 5%–7% organic net revenue and 7%–9% organic operating income growth.

Q: How did PM’s U.S. segment perform in the first half of 2026?

In the U.S., PM’s net revenues were $1.478 billion for the first half of 2026, a 16.1% decline versus 2025. U.S. smoke-free net revenues fell 17.2% , and adjusted gross profit dropped 27.6% , despite a 1.8% increase in ZYN shipment volumes to 2.9 billion pouches.

Q: What was Philip Morris International’s operating cash flow in early 2026?

PM reported net cash provided by operating activities of $5.492 billion in Q2 2026, a 61.0% increase year-on-year. For the first six months of 2026, operating cash flow totaled $5.093 billion , up 66.3% compared with the same period in 2025.

Filing Impact

(High)

Filing Sentiment

(Neutral)

Form Type

8-K

Rhea-AI Filing Summary

Philip Morris International reported strong underlying results for the quarter and six months ended June 30, 2026. Second-quarter net revenues rose to $11.2 billion, up 10.4% (7.6% organically), with shipment volumes up 2.5%, including 7.5% growth in smoke-free products and 1.1% growth in cigarettes. Gross profit increased 11.5% to $7.7 billion, and operating income grew 22.0% to $4.5 billion, expanding the adjusted operating margin to 42.6%.

Reported diluted EPS declined 7.7% to $1.80, primarily due to a $511 million non-cash impairment of the RBH equity investment, while adjusted diluted EPS rose 15.2% to $2.20 (13.6% excluding currency). Smoke-free products generated about 42% of net revenues, with double-digit growth in the International Smoke-Free segment; the U.S. segment saw a 0.7% net revenue decline in the quarter and a 16.1% decline year-to-date despite modest ZYN shipment growth.

For the first half of 2026, net revenues reached $21.3 billion, up 9.8%, and adjusted diluted EPS increased to $4.16 from $3.60. Operating cash flow for the first six months was $5.1 billion, up 66.3%. Management forecasts 2026 adjusted diluted EPS of $8.26–$8.41, implying 9.5%–11.5% growth versus 2025, or 7.5%–9.5% excluding currency, based on 5%–7% organic net revenue growth and 7%–9% organic operating income growth.

Positive

Q2 2026 adjusted earnings acceleration: Adjusted diluted EPS rose to $2.20, up 15.2% year-on-year (13.6% excluding currency), as net revenues increased 10.4% to $11.2 billion and operating income grew 22.0%.
Rapid expansion of smoke-free business: Smoke-free net revenues grew 14.2% (11.8% organically) in Q2 and represented about 42% of total net revenues, with IQOS, VEEV and ZYN all contributing to volume and share gains in key markets.
Stronger cash generation and lower leverage: Net cash from operating activities reached $5.492 billion in Q2 2026, up 61.0%, while the net debt to adjusted EBITDA ratio improved to 2.35x from 2.53x at December 31, 2025.

Negative

GAAP earnings pressure from impairment: Reported diluted EPS fell 7.7% in Q2 to $1.80, driven largely by a $511 million non-cash impairment of the deconsolidated Canadian affiliate RBH, equal to $0.33 per diluted share.
U.S. segment weakness: U.S. net revenues declined 0.7% in Q2 and 16.1% year-to-date, with U.S. smoke-free net revenues down 17.2% and U.S. adjusted gross profit down 27.6% for the first half of 2026.

Filing Explained

At June 30, PMI reported $49,113 million of debt, $5,999 million of cash, and an $8,583 million stockholders’ deficit.

This Form 8-K, which reports a specified material event, records that Philip Morris International released completed second-quarter and first-half 2026 results on July 22, 2026.

The filing records a completed, non-cash impairment of the company’s investment in deconsolidated Canadian affiliate RBH: $511 million was charged in the second quarter, leaving a carrying value of $51 million at June 30.

For existing holders, the impairment reduces the reported value of PMI’s RBH investment, but the filing describes no cash proceeds or issuance of common shares from this item.

At June 30, PMI reported $49,113 million of total debt, $5,999 million of cash and cash equivalents, and a PMI stockholders’ deficit of $8,583 million.

The updated full-year assumptions include no share repurchases, while the filing’s 2026 forecast remains conditional on the stated operating and market assumptions.

8-K Event Classification

3 items: 0.03, 2.02, 9.01

3 items

Item 0.03 Item 0.03

Item 2.02 Results of Operations and Financial Condition Financial

Disclosure of earnings results, typically an earnings press release or preliminary financials.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, and exhibit attachments filed with this report.

Key Figures

Q2 2026 Net Revenues: $11.2 billion Q2 2026 Adjusted Diluted EPS: $2.20 Q2 2026 Reported Diluted EPS: $1.80 +5 more

8 metrics

Q2 2026 Net Revenues $11.2 billion Increased 10.4% year-on-year; 7.6% organic growth versus Q2 2025

Q2 2026 Adjusted Diluted EPS $2.20 Up 15.2% from $1.91; 13.6% growth excluding currency impacts

Q2 2026 Reported Diluted EPS $1.80 Down 7.7% from $1.95 due largely to RBH impairment

RBH Investment Impairment $511 million Non-cash impairment charge in Q2 2026, equal to $0.33 of diluted EPS

Smoke-Free Share of Q2 2026 Net Revenues 42% Smoke-free products’ contribution to total net revenues in the second quarter

Q2 2026 Operating Cash Flow $5.492 billion Net cash provided by operating activities, up 61.0% versus Q2 2025

2026 Adjusted Diluted EPS Guidance $8.26–$8.41 Projected 9.5%–11.5% growth vs 2025 adjusted EPS of $7.54

Net Debt to Adjusted EBITDA 2.35x Leverage ratio at June 30, 2026, improved from 2.53x at December 31, 2025

Key Terms

smoke-free products (SFPs), Modified Risk Tobacco Product, Adjusted EBITDA, Operating Companies Income (OCI), +1 more

5 terms

smoke-free products (SFPs) financial

"The smoke-free business accounted for approximately 42% of PMI’s second-quarter 2026 total net revenues."

Modified Risk Tobacco Product regulatory

"20 ZYN nicotine pouch variants 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.

Adjusted EBITDA financial

"“Adjusted EBITDA” is defined as earnings before interest, taxes, depreciation, amortization and equity (income)/loss in unconsolidated subsidiaries."

Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.

Operating Companies Income (OCI) financial

"PMI introduced Operating Companies Income (OCI) as an additional profitability measure for our U.S. and International business units."

highly inflationary economy financial

"Egypt was treated as a highly inflationary economy effective October 1, 2024 under U.S. GAAP."

Earnings Snapshot

Q2 2026 Net Revenues: $11.2 billion · Guidance included

quarter and six months ended June 30, 2026

Q2 2026 Net Revenues $11.2 billion 10.4% reported growth; 7.6% organic vs Q2 2025

Q2 2026 Gross Profit $7.7 billion 11.5% increase vs Q2 2025

Q2 2026 Operating Income $4.5 billion 22.0% increase vs Q2 2025

Q2 2026 Reported Diluted EPS $1.80 Down 7.7% from $1.95 in Q2 2025

Q2 2026 Adjusted Diluted EPS $2.20 Up 15.2% vs $1.91; 13.6% excluding currency

Q2 2026 Operating Cash Flow $5.492 billion 61.0% increase in net cash from operating activities vs Q2 2025

Guidance

Reported diluted EPS for 2026 is forecast at $7.19–$7.34. Excluding total 2026 adjustments of $1.07 per share, adjusted diluted EPS is projected at $8.26–$8.41, implying 9.5%–11.5% growth vs 2025’s $7.54, or 7.5%–9.5% growth excluding a $0.15 favorable currency impact, with 5%–7% organic net revenue growth and 7%–9% organic operating income growth.

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Available on EDGAR 07/22/2026 - 07:02 AM Accepted by SEC EDGAR 07/22/2026 - 07:02 AM

FAQ

How did Philip Morris International (PM) perform in Q2 2026 on revenue?

Philip Morris International generated $11.2 billion in net revenues in Q2 2026, up 10.4% year-on-year and 7.6% on an organic basis. Both the International Smoke-Free and International Combustibles segments contributed, while the U.S. segment declined slightly.

What were PM’s Q2 2026 reported and adjusted diluted EPS figures?

In Q2 2026, PM’s reported diluted EPS was $1.80, down 7.7% from $1.95, mainly due to an RBH impairment. Adjusted diluted EPS rose to $2.20 from $1.91, a 15.2% increase, or 13.6% growth excluding currency effects.

How is Philip Morris International’s smoke-free business performing in 2026?

PM’s smoke-free business delivered strong growth, with Q2 2026 net revenues up 14.2% (11.8% organically) and accounting for about 42% of total net revenues. IQOS volumes grew 7.6%, VEEV shipments rose 55.1%, and modern oral products like ZYN continued expanding geographically.

What 2026 adjusted EPS guidance did Philip Morris International provide?

For 2026, PM forecasts adjusted diluted EPS of $8.26–$8.41, representing projected growth of 9.5%–11.5% versus 2025’s $7.54. Excluding currency, the outlook implies 7.5%–9.5% growth, supported by 5%–7% organic net revenue and 7%–9% organic operating income growth.

How did PM’s U.S. segment perform in the first half of 2026?

In the U.S., PM’s net revenues were $1.478 billion for the first half of 2026, a 16.1% decline versus 2025. U.S. smoke-free net revenues fell 17.2%, and adjusted gross profit dropped 27.6%, despite a 1.8% increase in ZYN shipment volumes to 2.9 billion pouches.

What was Philip Morris International’s operating cash flow in early 2026?

PM reported net cash provided by operating activities of $5.492 billion in Q2 2026, a 61.0% increase year-on-year. For the first six months of 2026, operating cash flow totaled $5.093 billion, up 66.3% compared with the same period in 2025.

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): July 22, 2026

Philip Morris International Inc.

(Exact name of registrant as specified in its charter)

Virginia

1-33708

13-3435103

(State or other jurisdiction

of incorporation)

(Commission File Number)

(I.R.S. Employer

Identification No.)

677 Washington Blvd, Ste. 1100

Stamford

Connecticut

06901

(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

Common Stock, no par value

New York Stock Exchange

0.125% Notes due 2026

PM26B

New York Stock Exchange

3.125% Notes due 2027

PM27

New York Stock Exchange

3.125% Notes due 2028

PM28

New York Stock Exchange

2.875% Notes due 2029

PM29

New York Stock Exchange

3.375% Notes due 2029

PM29A

New York Stock Exchange

2.750% Notes due 2029

PM29D

New York Stock Exchange

3.750% Notes due 2031

PM31B

New York Stock Exchange

0.800% Notes due 2031

PM31

New York Stock Exchange

3.250% Notes due 2032

PM32

New York Stock Exchange

3.125% Notes due 2033

PM33

New York Stock Exchange

2.000% Notes due 2036

PM36

New York Stock Exchange

1.875% Notes due 2037

PM37A

New York Stock Exchange

6.375% Notes due 2038

PM38

New York Stock Exchange

1.450% Notes due 2039

PM39

New York Stock Exchange

4.375% Notes due 2041

PM41

New York Stock Exchange

4.500% Notes due 2042

PM42

New York Stock Exchange

3.875% Notes due 2042

PM42A

New York Stock Exchange

4.125% Notes due 2043

PM43

New York Stock Exchange

4.875% Notes due 2043

PM43A

New York Stock Exchange

4.250% Notes due 2044

PM44

New York Stock Exchange


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 2.02.			Results of Operations and Financial Condition.

On July 22, 2026, Philip Morris International Inc. (the “Company”) issued a press release announcing its financial results for the second quarter and the first half-year ended June 30, 2026, as well as the accompanying glossary of key terms, definitions, explanatory notes, select financial information and reconciliations of non-GAAP financial measures. The earnings release is attached as Exhibit 99.1 to this Current Report on Form 8-K and incorporated by reference to this Item 2.02. The glossary of key terms, definitions, explanatory notes, select financial information and reconciliations of non-GAAP financial measures is attached as Exhibit 99.2 to this Current Report on Form 8-K and incorporated by reference to this Item 2.02.

In accordance with General Instruction B.2 of Form 8-K, the information in Item 2.02 of this Current Report on Form 8-K, including Exhibits 99.1 and 99.2, 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 2.02 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 July 22, 2026 (furnished pursuant to Item 2.02).


99.2			Glossary of Key Terms, Definitions, Explanatory Notes, Select Financial Information and Reconciliations of Non-GAAP Financial Measures (furnished pursuant to Item 2.02).


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: July 22, 2026

Exhibit 99.1


PRESS RELEASE

Philip Morris International Reports 2026 Second-Quarter & First Six-Months Results

and Updates 2026 Full-Year Adjusted Diluted EPS Forecast for Currency Only;

Second-Quarter Reported Diluted EPS declined by 7.7% to $1.80;

Adjusted Diluted EPS grew by 15.2% to $2.20; and by 13.6% excluding currency;

STAMFORD, CT, July 22, 2026 – Philip Morris International Inc. (PMI) (NYSE: PM) today announces its 2026 second quarter results.1

"We delivered outstanding results in the second quarter, driving net revenues to over $11 billion for the first time with excellent growth across all headline metrics," said Jacek Olczak, Group CEO PMI.

"With a robust first half under our belt, including continued momentum and strong results in our smoke-free business, we are well positioned to deliver on our full-year targets while investing for future growth."


Results Highlights - Second Quarter 2026

Shipments increased by 2.5% in the quarter, driven by a 7.5% increase in smoke-free mainly due to IQOS and complemented by a resilient combustible segment, notably in markets where SFPs are banned or have a limited market presence.

Net revenues increased by 10.4% (7.6% organically) to $11.2 billion, with both the smoke-free (up by 11.7%, 9.7% organically) and combustibles (up by 9.5%, 6.1% organically) businesses contributing positively. Our smoke-free business accounted for approximately 42% of total net revenues (up by 0.5pp vs. Q2 last year) with PMI smoke-free products (SFP) now available in 109 markets.

Gross profit increased by 11.5% (8.7% organically), expanding gross margins through strong pricing, scale and SFP mix benefits. Operating income increased by 22.0% (10.7% organically).

Reported diluted EPS of $1.80 was unfavorably impacted by the non-cash impairment of the RBH equity investment. Adjusted diluted EPS of $2.20 grew by 15.2%, or by 13.6% excluding a 3 cent favorable currency impact, which was above prior expectations primarily due to transactional effects.

International Smoke-Free Segment

Group performance continued to be driven by the international smoke-free business, with net revenue growth of 14.2% (11.8% organically) fueled by 8.0% volume growth. Gross profit growth of 17.1% (14.6% organically) reflects the increasing profitability of our portfolio. IQOS remains the primary growth engine, notwithstanding expected transient headwinds in Japan and Poland.

Heat-not-burn SFP: IQOS continued to lead the growth of the global category, in which PMI holds around three-quarters volume share. IQOS gained 0.2pp to reach 9.2% of combined cigarette and HTU industry volumes in markets where present, and grew shipment volumes by 7.6%. HTU adjusted in-market sales (IMS) volume grew by 5.1%, reflecting broad-based growth notwithstanding the expected pantry de-loading and initial consumer adjustment following the April 1 excise-driven price increase in Japan, and the impact of the characterizing flavor ban in Poland. Excluding Japan and Poland, adjusted IMS grew by 10%.

1 Explanation of PMI's use of non-GAAP measures cited in this document and reconciliations to the most directly comparable U.S. GAAP measures can be found in the “Non-GAAP Measures, Glossary and Explanatory Notes” section of this release, in Exhibit 99.2 to the company's Form 8-K dated July 22, 2026, and here.

- 1 -

•In Japan, while PMI HTU adjusted IMS declined by an estimated 3.4%, it grew by 1.0% excluding the estimated pantry de-loading impact, broadly in-line with our expectations as consumers adjusted following our excise-driven price increase, which was the largest in the industry. IQOS maintained a strong category share, exiting the quarter with 68% in June, with SENTIA playing a key role in capturing price sensitive TEREA consumers.

•In Europe, IQOS HTU adjusted IMS grew by an estimated 5.1% and IQOS HTU adjusted market share increased by 1.0pp to 11.8%, notwithstanding ongoing disruptions in Ukraine and the impact of the characterizing flavor ban in Poland. This growth was led by strong performance in many markets, notably Germany, Romania, Greece and Spain. Adjusted IMS in Italy continued its strong trajectory (up by 10.8%), underscoring the category's significant potential across the region. Excluding markets where the characterizing flavor ban became effective in the last year, adjusted IMS volumes grew by around 8%.

•Outside Europe and Japan, adjusted IMS grew by 14.4% and offtake share increased in key cities across the globe, including Mexico City, Jakarta, Riyadh, Kuala Lumpur and Taipei. We continue to make progress in unlocking new markets, including Argentina which introduced legislation regulating the commercialization and sale of the heat-not-burn category in May.

Oral SFP: Robust modern oral volume growth of 14.7% (26.3% excluding the Nordics) to 0.6 billion pouches was more than offset by continued declines in the legacy snus business in the Nordics, resulting in a total oral SFP volume decrease of 7.0%. We continue to expand into new geographies, with ZYN now available in 60 markets and strongly growing volumes in key opportunity markets such as Pakistan, Poland and the UK. Our focus remains on introducing the segment to legal-age smokers with a relevant product portfolio, including a range of nicotine strengths and adult-appropriate flavors that meet consumer expectations.

E-vapor SFP: We are delivering increasingly profitable growth in VEEV, with quarterly shipments up by 55.1%. VEEV now holds the clear #1 closed pod position in Europe, with continued strong growth across a range of markets, notably Germany, Romania and Greece. PMI remains committed to building and commercializing the brand in a focused, responsible and profitable manner, leveraging its key role as part of our multicategory portfolio.

International Combustibles Segment

Cigarette volume increased by 1.1%, with growth in markets such as Turkey, Indonesia and Egypt outweighing declines in other markets. Net revenues grew by 9.8% (6.4% organically) driven by an exceptional quarter of 10.0% pricing, partly offset by geographic mix. Gross profit grew by 11.5% (8.0% organically). Our cigarette category volume share stood at 25.3% (flat vs. prior year) despite adverse market mix. Marlboro continued to gain share (up by 0.3pp) matching its record category share of 11.0%.

U.S. Segment

In the U.S., we delivered a significant sequential improvement in both net revenues and adjusted gross profit compared to a challenging first quarter, with a 0.7% year-on-year net revenue decline (down 0.9% organically) composed of a broadly stable top-line for ZYN, declines in cigars, and an unfavorable phasing dynamic in Wellness. ZYN offtake volumes were flat to slightly growing versus the prior year in a growing category, largely as a result of the uneven competitive landscape. ZYN shipments increased by 1.8% to 2.9 billion pouches, despite an inventory tailwind in Q2 2025. In June, we expanded the ZYN portfolio with the first shipments of ZYN ULTRA (9mg and 11mg moist variants at a lower price-per-pouch), as well as additional flavors within the ZYN dry flagship lineup. These launches are an important step in enhancing the portfolio and optimizing ZYN's

- 2 -

price premium, ensuring ZYN can effectively play in the most dynamic growing segments of the category. We plan to continue expanding the ZYN lineup with the launch of 1.5mg and 8mg dry variants in the third quarter. To support the newly expanded ZYN portfolio, we intend to accelerate U.S. investments in the second half to maximize the long-term value of the brand and also prepare for the future launch of IQOS ILUMA. On June 30, the FDA granted MRTP authorization to 20 variants in the flagship ZYN range, the first and only for a nicotine pouch product. This serves as another example of the robust science behind our products and their potential to reduce the harm caused by smoking.


Second-Quarter 2026 Performance Highlights


Shipment Volume (billion equivalent units)	PMI		International Smoke-Free		International Combustibles		U.S.
	Q2	vs. PY	Q2	vs. PY	Q2	vs. PY	Q2	vs. PY
Total	205.2	2.5%	44.7	8.0%	156.9	1.1%	3.5	1.8%
Cigarettes	156.9	1.1%			156.9	1.1%
SFP	48.2	7.5%	44.7	8.0%			3.5	1.8%
HTU	41.8	7.6%	41.8	7.6%			–	100%
Oral SFP	5.1	(1.2)%	1.6	(7.0)%			3.5	1.8%
E-Vapor	1.3	55.1%	1.3	55.1%
"-" indicates zero volumes or less than 50 million units


	PMI	International Smoke-Free	International Combustibles	U.S.

Net Revenues ($ bn)	$11.2	$3.9	$6.5	$0.9
reported vs. Q2 2025	10.4%	14.2%	9.8%	(0.7)%
organic vs. Q2 2025	7.6%	11.8%	6.4%	(0.9)%

Gross Profit ($ bn)	$7.7	$2.7	$4.4	$0.6
reported vs. Q2 2025	11.5%	17.1%	11.5%	(9.2)%
organic vs. Q2 2025	8.7%	14.6%	8.0%	(8.9)%

OCI ($ bn)	$4.7	$4.6		$0.1
reported vs. Q2 2025	21.9%	25.0%		(52.5)%
organic vs. Q2 2025	10.6%	13.2%		(19.1)%

Operating Income ($ bn)	$4.5
reported vs. Q2 2025	22.0%
organic vs. Q2 2025	10.7%

Note: Sums might not foot to total due to rounding.


	2026	2025	Change
Reported Diluted EPS	$1.80	$1.95	(7.7)%
Amortization of intangibles	0.13	0.12
Fair value adjustment for equity security investments	(0.06)	(0.17)
Restructuring charges	–	0.13
Income tax impact associated with Swedish Match AB financing	0.01	(0.18)
Impairment related to the RBH equity investment	0.33	–
Egypt sales tax settlement adjustment	(0.01)	–
Impairment of goodwill	–	0.03
Tax items	–	0.03

Adjusted Diluted EPS	$2.20	$1.91	15.2%
Less: Currency	0.03
Adjusted Diluted EPS, excluding Currency	$2.17	$1.91	13.6%

- 3 -


First Six Months 2026 Performance Highlights


Shipment Volume (billion equivalent units)	PMI		International Smoke-Free		International Combustibles		U.S.
	YTD	vs. PY	YTD	vs. PY	YTD	vs. PY	YTD	vs. PY
Total	389.4	0.4%	88.8	9.9%	294.2	(1.9)%	6.3	(10.0)%
Cigarettes	294.2	(1.9)%			294.2	(1.9)%
SFP	95.2	8.3%	88.8	9.9%			6.3	(10.0)%
HTU	83.1	9.4%	83.0	9.4%			–	+100%
Oral SFP	9.6	(8.8)%	3.2	(6.1)%			6.3	(10.1)%
E-Vapor	2.6	72.0%	2.6	72.0%
"-" indicates zero volumes or less than 50 million units


	PMI	International Smoke-Free	International Combustibles	U.S.

Net Revenues ($ bn)	$21.3	$7.7	$12.1	$1.5
reported vs. YTD 2025	9.8%	19.2%	8.4%	(16.1)%
organic vs. YTD 2025	5.3%	13.7%	3.8%	(16.5)%

Gross Profit ($ bn)	$14.6	$5.4	$8.2	$0.9
reported vs. YTD 2025	10.9%	22.6%	10.7%	(27.9)%
organic vs. YTD 2025	6.4%	16.9%	6.1%	(27.5)%

OCI ($ bn)	$8.7	$8.8		$(0.1)
reported vs. YTD 2025	13.6%	20.4%		-(100)%
organic vs. YTD 2025	5.9%	11.7%		(50.2)%

Operating Income ($ bn)	$8.4
reported vs. YTD 2025	16.1%
organic vs. YTD 2025	6.1%
Note: Sums might not foot to total due to rounding.


	2026	2025	Change
Reported Diluted EPS	$3.36	$3.67	(8.4)%
Amortization of intangibles	0.25	0.24
Fair value adjustment for equity security investments	0.16	(0.26)
Restructuring charges	0.01	0.13
Income tax impact associated with Swedish Match AB financing	0.06	(0.24)
Impairment related to the RBH equity investment	0.33	–
Egypt sales tax settlement adjustment	(0.01)	–
Impairment of goodwill	–	0.03
Tax items	–	0.03

Adjusted Diluted EPS	$4.16	$3.60	15.6%
Less: Currency	0.22
Adjusted Diluted EPS, excluding Currency	$3.94	$3.60	9.4%

- 4 -


Middle East Conflict

The Middle East conflict has had a minor impact on our business so far, mainly impacting transport, energy and other input costs, as was expected. While we have observed increased energy prices and some disruption in energy supply in a number of markets, it has not yet resulted in a discernible shift in consumer behavior. The situation remains volatile, and it is difficult to assess the broader long term implications for the consumer or the global cost environment. In our full-year forecast we do not assume a prolonged impact, however we have factored in some increases in transport, energy and other input costs. We will continue to closely monitor developments to assess the mid-to-long term consequences.


Non-Cash Impairment of RBH Equity Investment

In May 2026, pursuant to its obligation under its court-approved plan of compromise and arrangement ("Plan"), PMI's deconsolidated Canadian affiliate, RBH, provided an annual business plan to its Plan Administrator containing updated five-year financial projections reflecting current industry dynamics. As a result, PMI determined that the estimated fair value of its investment in RBH was lower than its carrying value and recorded a non-cash impairment charge of $511 million in the second quarter of 2026, representing 33 cents of diluted EPS. RBH remains deconsolidated from the PMI group, with a remaining carrying value of $51 million as of June 30.

- 5 -


2026 Full-Year Forecast


	2026 Forecast			2025	Growth

Reported Diluted EPS	$7.19	-	$7.34	$ 7.26
Adjustments
Amortization of intangibles	0.50			0.50
Fair value adjustment for equity security investments	0.16			(0.18)
Restructuring charges	0.03			0.14
Income tax impact associated with Swedish Match AB financing	0.06			(0.25)
Impairment related to the 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	$8.26	-	$8.41	$ 7.54	9.5%	-	11.5%
Less: Currency	0.15
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

Reported diluted EPS is forecast to be in a range of $7.19 to $7.34, at prevailing exchange rates. Excluding a total 2026 adjustment of $1.07 per share, this forecast represents a projected increase of 9.5% to 11.5% versus adjusted diluted EPS of $7.54 in 2025. This includes a favorable currency impact of $0.15, at prevailing exchange rates (previously $0.20), as versus our previous forecast the benefit of transactional gains in the second quarter are more than offset by translational effects of the strengthening U.S. dollar. Excluding currency, this forecast represents a projected increase of 7.5% to 9.5% versus adjusted diluted EPS of $7.54 in 2025, as outlined in the above table.

2026 Full-Year Forecast Assumptions

•Broadly stable to slightly growing (previously broadly stable) total PMI cigarette and SFP shipment volume, with high-single digit SFP shipment volume growth, and a cigarette shipment volume decline of 2% to 3% (previously around 3%);

•Net revenue growth of 5% to 7% on an organic basis;

•Organic operating income growth of 7% to 9%;

•Full-year amortization of acquired intangibles of $0.50 per share;

•Broadly stable net financing costs;

•An effective tax rate, excluding discrete tax events, of around 21.5%;

•Operating cash flow around $13.5 billion at prevailing exchange rates, subject to year-end working capital requirements;

•Capital expenditures of $1.4 to $1.6 billion, predominantly supporting the smoke-free business;

•Further net debt to adjusted EBITDA ratio improvement as we target a ratio of close to 2.0x by the end of 2026, at prevailing exchange rates;

•No share repurchases; and

•Third quarter adjusted diluted EPS of $2.20 to $2.25, including an estimated unfavorable currency impact of 8 cents at prevailing exchange rates.

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

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Second-Quarter 2026 Operating Review


Net Revenues (in millions)	PMI	International Smoke-Free	International Combustibles	U.S.
2025	$10,140	$3,395	$5,883	$862
Price	689	86	588	15
Volume/Mix/Other	81	316	(212)	(23)

Acquisitions & Divestitures	(17)	(17)	—	—
Currency	299	98	200	1
2026	$11,192	$3,877	$6,459	$856
vs. Q2 2025	10.4%	14.2%	9.8%	(0.7)%
Organic growth	7.6%	11.8%	6.4%	(0.9)%


Gross Profit (in millions)	PMI	International Smoke-Free	International Combustibles	U.S.
2025	$6,866	$2,319	$3,936	$611
Price	689	86	588	15
Volume/Mix/Other	(43)	198	(217)	(24)
Cost	(47)	56	(56)	(47)
Acquisitions & Divestitures	(4)	(4)	—	—
Currency	198	62	137	(1)
2026	$7,659	$2,716	$4,388	$555
vs. Q2 2025	11.5%	17.1%	11.5%	(9.2)%

Adjustments*	6	1	—	5
2026 Adjusted Gross Profit	$7,665	$2,717	$4,388	$560
vs. Q2 2025	11.5%	17.1%	11.5%	(9.0)%
Organic growth	8.7%	14.6%	8.0%	(8.9)%

2026 Adj. Gross Profit Margin	68.5%	70.1%	67.9%	65.4%
vs. Q2 2025	0.7pp	1.8pp	1.0pp	(6.0)pp
Organic growth	0.7pp	1.7pp	1.0pp	(5.8)pp
(*) For a list of adjusting items refer to the “Non-GAAP Measures, Glossary and Explanatory Notes” section of this release, in Exhibit 99.2 to the company's Form 8-K dated July 22, 2026.


PMI (in millions)						Variance Favorable / (Unfavorable)
	2026		2025		Change	Total	Price	Volume / Mix / Other	Cost	Acq. / Divest.	Currency
Net Revenues	11,192		10,140		10.4%	1,052	689	81	–	(17)	299
Cost of Sales(1)	(3,533)		(3,274)		(7.9)%	(259)	–	(124)	(47)	13	(101)
Gross Profit	7,659		6,866		11.5%	793	689	(43)	(47)	(4)	198
Marketing, Administration and Research Costs(2)	(2,981)		(2,988)		0.2%	7	–	–	114	2	(109)
Impairment of goodwill	—		(41)		+100%	41	–	–	41	–	–
Corporate Expenses & Other	(148)		(125)		(18.4)%	(23)	–	–	(10)	–	(13)
Operating Income	4,530		3,712		22.0%	818	689	(43)	98	(2)	76




Adjustments*	(243)		(534)		54.5%	291	–	–	291	–	–
Adj. Operating Income	4,773		4,246		12.4%	527	689	(43)	(193)	(2)	76

Adj. OI Margin	42.6	%	41.9	%	0.7pp
(1) Includes $6 million in 2026 and $6 million in 2025 related to the adjusting items shown below Operating Income
(2) Includes $237 million in 2026 and $487 million in 2025 related to the adjusting items shown below Operating Income
(*) For a list of adjusting items refer to the “Non-GAAP Measures, Glossary and Explanatory Notes” section of this release, in Exhibit 99.2 to the company's Form 8-K dated July 22, 2026.

Note: Sums might not foot to total due to rounding.2

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Total PMI

•Estimated industry volume (excluding China and the U.S.) for cigarettes and HTUs increased by 0.8%.

•Net revenues increased by 7.6% organically, mainly reflecting: a favorable pricing variance mainly driven by international combustibles; supported by favorable volume/mix, driven by international smoke-free volumes, notwithstanding adverse international combustibles mix.

•Operating income increased by 10.7% on an organic basis, largely reflecting the same factors as for net revenues.


International Smoke-Free Segment

•Shipment volume grew by 8.0%, with broad based growth across markets, notably Taiwan, Romania, and Greece.

•Net revenues increased by 11.8% on an organic basis, reflecting: a favorable volume/mix driven by higher HTU and e-vapor volumes and a favorable pricing variance due to HTUs.

•Gross profit increased by 14.6% organically mainly due to the same factors as for net revenues.


International Combustibles Segment

•Shipment volume grew by 1.1% with notable increases in Turkey, Indonesia, and Egypt.

•Net revenues increased by 6.4% on an organic basis, reflecting: a favorable pricing variance, partially offset by unfavorable mix as growth in developing economies more than offset declines in Europe.

•Gross profit increased by 8.0% organically due to the same factors as for net revenues.


U.S. Segment

•Net revenues slightly decreased by 0.9% organically, primarily reflecting: broadly stable ZYN revenues, declines in the cigar business, and unfavorable phasing dynamics in Wellness.

•Gross profit decreased by 8.9% on an organic basis reflecting the same factors as for net revenues and higher manufacturing costs linked to the expansion of our footprint.

•Adjusted OCI decreased by 19.1% organically, to $279 million, reflecting the same factors as for adjusted gross profit and phasing of investments in marketing, administration and research costs as part of the Aspeya Wellness business.

- 8 -


First Six Months 2026 Operating Review


Net Revenues (in millions)	PMI	International Smoke-Free	International Combustibles	U.S.
2025	$19,441	$6,471	$11,209	$1,762
Price	1,150	174	1,042	(65)
Volume/Mix/Other	(125)	715	(614)	(226)

Acquisitions & Divestitures	(17)	(17)	—	—
Currency	889	371	510	8
2026	$21,338	$7,713	$12,147	$1,478
vs. YTD 2025	9.8%	19.2%	8.4%	(16.1)%
Organic growth	5.3%	13.7%	3.8%	(16.5)%


Gross Profit (in millions)	PMI	International Smoke-Free	International Combustibles	U.S.
2025	$13,136	$4,405	$7,435	$1,296
Price	1,150	174	1,042	(65)
Volume/Mix/Other	(238)	488	(522)	(205)
Cost	(75)	83	(68)	(89)
Acquisitions & Divestitures	(4)	(4)	—	—
Currency	595	254	342	(1)
2026	$14,564	$5,400	$8,229	$935
vs. YTD 2025	10.9%	22.6%	10.7%	(27.9)%

Adjustments*	12	1	—	10
2026 Adjusted Gross Profit	$14,576	$5,402	$8,229	$945
vs. YTD 2025	10.9%	22.6%	10.7%	(27.6)%
Organic growth	6.4%	16.9%	6.1%	(27.5)%

2026 Adj. Gross Profit Margin	68.3%	70.0%	67.7%	63.9%
vs. YTD 2025	0.7pp	1.9pp	1.4pp	(10.2)pp
Organic growth	0.7pp	1.9pp	1.5pp	(9.7)pp
(*) For a list of adjusting items refer to the “Non-GAAP Measures, Glossary and Explanatory Notes” section of this release, in Exhibit 99.2 to the company's Form 8-K dated July 22, 2026.


PMI (in millions)						Variance Favorable / (Unfavorable)
	2026		2025		Change	Total	Price	Volume / Mix / Other	Cost	Acq. / Divest.	Currency
Net Revenues	21,338		19,441		9.8%	1,897	1,150	(125)	–	(17)	889
Cost of Sales(1)	(6,774)		(6,305)		(7.4)%	(469)	–	(113)	(75)	13	(294)
Gross Profit	14,564		13,136		10.9%	1,428	1,150	(238)	(75)	(4)	595
Marketing, Administration and Research Costs(2)	(5,838)		(5,416)		(7.8)%	(422)	–	–	(116)	2	(308)
Impairment of Goodwill	—		(41)		+100%	41	–	–	41	–	–
Corporate Expenses & Other	(303)		(423)		28.4%	120	–	–	(11)	–	131
Operating Income	8,423		7,256		16.1%	1,167	1,150	(238)	(161)	(2)	418




Adjustments*	(518)		(780)		33.6%	262	–	–	262	–	–
Adj. Operating Income	8,941		8,036		11.3%	905	1,150	(238)	(423)	(2)	418

Adj. OI Margin	41.9	%	41.3	%	0.6pp
(1) Includes $12 million in 2026 and $11 million in 2025 related to the adjusting items shown below Operating Income
(2) Includes $506 million in 2026 and $728 million in 2025 related to the adjusting items shown below Operating Income
(*) For a list of adjusting items refer to the “Non-GAAP Measures, Glossary and Explanatory Notes” section of this release, in Exhibit 99.2 to the company's Form 8-K dated July 22, 2026.

Note: Sums might not foot to total due to rounding.3

- 9 -


Total PMI

•Estimated industry volume (excluding China and the U.S.) for cigarettes and HTUs declined by 0.4%.

•Net revenues increased by 5.3% organically, mainly reflecting: a favorable pricing variance mainly driven by international combustibles; partly offset by unfavorable volume/mix, mainly driven by lower international combustibles and U.S. volumes, notwithstanding higher international smoke-free volumes.

•Operating income increased by 6.1% on an organic basis, reflecting the same factors as for net revenues, partially offset by higher marketing, administration and research costs.


International Smoke-Free Segment

•Shipment volume grew by 9.9%, notably due to Taiwan, Italy, and Global Travel Retail.

•Net revenues increased by 13.7% on an organic basis, reflecting: a favorable volume/mix driven by higher HTU and e-vapor volumes and a favorable pricing variance due to higher HTU pricing.

•Gross profit increased by 16.9% organically mainly due to the same factors as for net revenues


International Combustibles Segment

•Shipment volume declined by 1.9% with notable decreases in Russia, Mexico, and Germany.

•Net revenues increased by 3.8% on an organic basis, reflecting: an unfavorable volume/mix; more than offset by a favorable pricing variance.

•Gross profit increased by 6.1% organically due to the same factors as for net revenues.


U.S. Segment

•Net revenues decreased by 16.5% organically, reflecting: unfavorable dynamics in the first quarter with ZYN volumes impacted by distributor and trade inventory movements and an unfavorable price comparison due to low levels of ZYN promotional activity in the prior year.

•Gross profit decreased by 27.5% on an organic basis reflecting the same factors as for net revenues and higher manufacturing costs.

•Adjusted OCI decreased by 50.2% organically, to $379 million, reflecting the same factors as for gross profit and increased investments in marketing, administration and research costs.


Conference Call

A conference call hosted by Emmanuel Babeau, Group Chief Financial Officer, and Massimo Andolina, incoming Group Chief Financial Officer, will be webcast at 9:00 a.m., Eastern Time, on July 22, 2026. The webcast can be accessed here. Further market data will be provided in an appendix to the webcast presentation.


Investor Relations:			Media:
InvestorRelations@pmi.com			Corey.Henry@pmi.com
Stamford, CT: +1 (203) 905 2413			Stamford, CT: +1 (203) 905 2410
			Lausanne: +41 582 424 500

- 10 -

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 109 markets as of June 30, 2026. 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 adults who would otherwise continue to 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 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, General snus and 20 ZYN nicotine pouch variants 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.

Forward-Looking and Cautionary Statements

This 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 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

- 11 -

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, which will be filed in the coming days. 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.

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 net revenues, gross profit, operating companies income, operating income, operating cash flow and 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, for these measures other than net revenues and operating cash flow, 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 in these adjusted measures, the net revenues generated from these acquired intangible assets are included in the company's adjusted measures, unless otherwise stated. Currency-neutral and organic growth 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.

- 12 -

Exhibit 99.2

Philip Morris International Inc.

Glossary of Key Terms, Definitions

and Explanatory Notes; and

Select Financial Information and Reconciliations of

Non-GAAP Financial Measures

2026 Second-Quarter Results

July 22, 2026

Glossary of Key Terms, Definitions

and Explanatory Notes

General

•"PMI" refers to Philip Morris International Inc. and its subsidiaries. Trademarks and service marks that are the registered property of, or licensed by, the subsidiaries of PMI, are italicized.

•With our smoke-free business now operating at scale across our regions, including substantial growth from our U.S. business, PMI has implemented an evolved organizational model with two primary business units: International and U.S. This change was implemented effective January 1, 2026, and as a result PMI realigned its reportable segments accordingly. The four geographic segments have been replaced with three new reportable segments: International Smoke-Free, International Combustibles, and U.S. (including our wellness business unit, Aspeya).

•Comparisons are made to the same prior-year period unless otherwise stated.

•References to total industry and PMI market share performance reflect cigarettes and heated tobacco units, unless otherwise stated.

•Illicit products are products resulting from any practice or conduct prohibited by law relating to the production, shipment, receipt, possession, distribution, sale, or purchase of goods, including any practice or conduct intended to facilitate such activity.

•Total industry volume, PMI in-market sales volume, and PMI market share for the total international market and Japanese domestic market, include the cigarillo category in Japan.

•References to total international market, defined as worldwide cigarette and heated tobacco unit volume excluding the U.S., total industry (or total market) and market shares are PMI estimates for tax-paid and Global Travel Retail products based on data from a number of internal and external sources and may, in defined instances, exclude the People's Republic of China. Past reported periods may be updated to ensure comparability and to incorporate the most current information for industry and market share reporting.

•"Combustible tobacco products" is the term PMI uses to refer to cigarettes and other tobacco products that are combusted.

•In-market sales or "IMS" is defined as sales to the trade channels, which serve the end legal age nicotine users. Depending on the market and distribution model, IMS may represent an estimate. Consequently, past reported periods may be updated to ensure comparability and to incorporate the most current information.

•From time to time, PMI’s shipment volumes and IMS are subject to the impact of distributor inventory movements (or wholesaler inventory movements in certain markets where PMI does not sell to distributors), and estimated total industry/market volumes are subject to the impact of inventory movements in various trade channels that include estimated trade inventory movements of PMI’s competitors arising from market-specific factors that significantly distort reported volume disclosures. Such factors may include changes to the manufacturing supply chain, shipment methods, consumer demand, timing of excise tax increases or other influences that may affect the timing of sales to customers. In such instances, in addition to reviewing PMI shipment volumes, IMS, certain estimated total industry/market volumes and estimated market share on a reported basis, management reviews these measures on an adjusted basis that excludes the impact of distributor and/or estimated trade inventory movements. Management also believes that disclosing PMI's shipment volumes, IMS, estimated total industry/market volumes and estimated market share in such circumstances on a basis that excludes the impact of distributor and/or estimated trade inventory movements, improves the comparability of performance and trends for these measures over different reporting periods.

•Consumer offtake or offtake is the term PMI uses to refer to an approximation of purchases by consumers based on various market specific sources (e.g., Nielsen).

•"Total shipment volume" is defined as the combined total of cigarette, heated tobacco, oral smoke-free products (excluding snuff, snuff leaf and U.S. chew) and
e-vapor shipment volume in equivalent units, unless otherwise stated.

•Following the deconsolidation of PMI's Canadian subsidiary, Rothmans, Benson & Hedges, Inc. (RBH) on March 22, 2019, PMI continues to report the volume and corresponding royalty revenues of brands sold by RBH for which other PMI subsidiaries are the trademark owner. These include Next, Parliament, TEREA and VEEV. The volume and corresponding royalty revenues for these brands sold by RBH were not material to PMI for all periods presented.

•Within the tables and schedules presented throughout this earnings release, certain columns and rows may not add due to the use of rounded numbers for disclosure purposes.

Financial

•"Cost of sales" consists principally of: tobacco leaf, non-tobacco raw materials, labor and manufacturing costs; shipping and handling costs; and the cost of devices produced by third-party electronics manufacturing service providers. Estimated costs associated with device warranty programs are generally provided for in cost of sales in the period the related revenues are recognized.

•"Adjusted Gross Profit Margin" is calculated as adjusted gross profit divided by adjusted net revenues.

•"Marketing, administration and research costs" include the costs of marketing and selling our products, other costs generally not related to the manufacture of our products (excluding corporate expenses and other), and costs incurred to develop new products. The most significant components of our marketing, administration and research costs are marketing and sales expenses and general and administrative expenses.

•"Adjusted Operating Companies Income Margin" is calculated as adjusted operating companies income divided by adjusted net revenues.

•In the first quarter of 2026, "Corporate expenses and other" include our general corporate related costs and certain other expenses, which previously were included in cost of sales and marketing, administration and research costs. Other expenses includes foreign currency gains/losses and compensation expense related to restricted share units and performance share units awards.

•"Cost" in the Consolidated Financial Summary table of total PMI reflects the currency neutral variances of: cost of sales (excluding the volume/mix cost component) and, where applicable, marketing, administration and research costs (including restructuring costs); corporate expenses and other; and amortization and impairment of intangibles.

•"Other" in the Consolidated Financial Summary table of total PMI Volume/Mix/Other includes the currency neutral net revenue variance, unrelated to volume/mix and price components, attributable to: fees for certain distribution rights billed to customers in certain markets.

•In the first quarter of 2026, PMI introduced Operating Companies Income (OCI) as an additional profitability measure for our U.S. and International business units. OCI is calculated as Operating Income (OI) less corporate expenses and other. Other includes foreign currency gains/losses and compensation expense related to restricted share units and performance share units awards, which were reclassified from Cost of Sales and Marketing, Administration and Research costs.

•"Adjusted Operating Income Margin" is calculated as adjusted operating income, divided by adjusted net revenues.

•"Adjusted EBITDA" is defined as earnings before interest, taxes, depreciation, amortization and equity (income)/loss in unconsolidated subsidiaries, excluding restructuring costs, impairment of intangibles, and unusual items.

•"Net debt" is defined as total debt, less cash and cash equivalents.

•Growth rates presented on an organic basis reflect adjusted results, excluding currency, acquisitions and divestitures.

•Management reviews net revenues, gross profit, operating companies income, operating income, operating cash flow and 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, for these measures other than net revenues and operating cash flow, 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 in these adjusted measures, the net revenues generated from these acquired intangible assets are included in the company's adjusted measures, unless otherwise stated. Currency-neutral and organic growth 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.

•When PMI provides its expectation for adjusted net revenues, adjusted operating income and margin, adjusted earnings per share and adjusted operating cash flow on a forward-looking basis, a reconciliation of the differences between the non-GAAP expectations and the corresponding GAAP measures, as described above, generally is not available without unreasonable effort due to potentially high variability, complexity, and low visibility as to the items that would be excluded from the GAAP measure in the relevant future period, such as restructuring costs, amortization and impairment of acquired intangibles and other adjusting items, changes in currency exchange rates, the impact and timing of potential acquisitions and divestitures, and other structural changes or their probable significance. The variability of the excluded items may have a significant, and potentially unpredictable, impact on our future GAAP results.

•Non-GAAP measures used by PMI should neither be considered in isolation nor as a substitute for the financial measures prepared in accordance with U.S. GAAP. For a reconciliation of non-GAAP measures to the most directly comparable U.S. GAAP measures, see the "Select Financial Information and Reconciliations of Non-GAAP Financial Measures" section of this document.

•U.S. GAAP Treatment of a country as a Highly Inflationary Economy: following the categorization of a country by the International Practices Task Force of the Center for Audit Quality as having a three-year cumulative inflation rate greater than 100%, the country is considered highly inflationary in accordance with U.S. GAAP. For such countries, PMI accounts for the operations of its local affiliates as highly inflationary, and to treat the U.S. dollar as the functional currency of the affiliates. Such treatment was effective July 1, 2018, for Argentina, April 1, 2022, for Turkey, and October 1, 2024 for Egypt.

•"Fair value adjustment for equity security investments" reflects the adjustment resulting from share price movements in passive investments for publicly traded entities that are not controlled or influenced by PMI. Under U.S. GAAP, such adjustments are required to be reflected directly in the income statement. Adjustments reflect share price movements in PMI's investments in India and Sri Lanka.

•"Income tax impact associated with Swedish Match AB financing" reflects a deferred tax benefit (cost) for unrealized foreign currency losses (gains) on intercompany loans related to the Swedish Match acquisition financing reflected in PMI's consolidated statements of earnings. The underlying pre-tax foreign currency movements fully offset in the consolidated statements of earnings and were reflected as currency translation adjustments in PMI's consolidated statements of stockholders' (deficit) equity.

Smoke-Free

•Smoke-free business ("SFB”) is the term PMI uses to refer to all of its smoke-free products. SFB also includes wellness products, as well as consumer accessories.

•Smoke-free products ("SFPs”) is the term PMI uses to refer to all of its products that provide nicotine without combusting tobacco, such as heat-not-burn, e-Vapor, and oral smokeless, and that therefore generate far lower levels of harmful chemicals. As such, these products have the potential to present less risk of harm versus continued smoking.

•Wellness products primarily refer to products associated with oral and intra-oral delivery systems.

•"Heated tobacco units" or "HTU" is the term PMI uses to refer to heated tobacco consumables, which include our BLENDS, DELIA, HEETS and HEETS Creations (defined collectively as "HEETS"), SENTIA, TEREA, TEREA CRAFTED, and TEREA Dimensions, as well as the KT&G-licensed brands, Fiit and Miix (outside of South Korea). HTU's also include zero tobacco heat-not-burn consumables (BEYOND, and LEVIA).

•Unless otherwise stated, market share for HTUs is defined as the in-market sales volume for HTUs as a percentage of the total estimated industry sales volume for cigarettes and HTUs. For Japan, total estimated industry sales volume also includes cigarillos.

•"Adjusted market share for HTUs" is defined as the total in-market sales volume for PMI HTUs as a percentage of the total estimated sales volume for cigarettes and HTUs, excluding the impact of estimated distributor and wholesaler inventory movements.

•Unless otherwise stated, all references to IQOS are to PMI's IQOS and BONDS devices and heated tobacco consumables.

•IQOS heat-not-burn devices are precisely controlled heating devices into which specially designed and proprietary tobacco units are inserted and heated to generate an aerosol.

•"PMI heat-not-burn products" or "PMI HTUs" or "IQOS HTUs" include licensed KT&G heat-not-burn products.

•“Total PMI SFPs users” is defined as the sum of “Total IQOS users”, “Total oral smokeless users", “Total e-Vapor users” of PMI products and considering “Poly-users across PMI SFPs categories”.

•“Total IQOS users” is defined as the estimated number of Legal Age (minimum 18 years1) users of PMI heat-not-burn products, for which PMI HTUs represented at least a portion of their daily tobacco consumption over the past seven days.

The estimated number of adults who have "switched to IQOS and stopped smoking" reflects:

•for markets where there are no heat-not-burn products other than PMI heat-not-burn products: daily individual consumption of PMI HTUs represents the totality of their daily tobacco consumption in the past seven days;

•for markets where PMI heat-not-burn products are among other heat-not-burn products: daily individual consumption of HTUs represents the totality of their daily tobacco consumption in the past seven days, of which at least 70% is PMI HTUs.

•“Total PMI oral smokeless users” are defined as the estimated number of Legal Age (minimum 21 years in the U.S and minimum 18 years11outside the U.S) users of oral smokeless products who consumed at least one of PMI oral smokeless products (nicotine pouches in the U.S., and nicotine pouches or snus outside the U.S) over the past seven days.

•“Total PMI e-Vapor users” is defined as the estimated number of Legal Age (minimum 18 years1) users of e-Vapor products, who consumed at least one of PMI
e-Vapor products in the past seven days.

•“Poly-users across PMI SFPs categories” are defined as the estimated number of Legal Age (minimum 18 years1) users who used multiple PMI SFPs over the past seven days.

•The above SFPs user metrics reflect PMI estimates, which are based on PMI's proprietary Nicotine Containing Products Tracker (NCPT) in combination with SFP offtake volume trends. The NCPT methodology estimates rely on NCPT e-Vapor, oral smokeless (except the U.S.) and poly-usage data, which is calibrated using Total IQOS user data, leveraging our deep understanding of PMI’s heat-not-burn category and its size. Total PMI oral smokeless users in the U.S. are approximated through volume-based estimations, as NCPT data for the U.S. is not currently available.

Note: NCPT sample-based estimations use a 95% Confidence Interval. The accuracy and reliability of the estimates may vary based on sample size, market maturity and availability of information.

•"Oral smoke-free product volume" excludes snuff, snuff leaf and U.S. chew.

•“Modern oral” pouches mainly refer to pre-portioned pouches containing nicotine, flavors, and cellulose substrate. In some markets, modern oral pouches may also contain small amounts of tobacco.

•Oral smoke-free products conversion: 1 pouch equals 1 unit.

•E-vapor products conversion: one milliliter of e-vapor liquid equivalent to 10 units.

11Minimum 18 years or older depending on market regulation

Select Financial Information and Reconciliations of Non-GAAP Financial Measures


							Schedule 1 (1/2)
PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries
Diluted Earnings Per Share (EPS)
($ in millions, except per share data) / (Unaudited)

		Quarters Ended			Diluted EPS	Six Months Ended
	June 30,			June 30,
			$ 1.80			2026 Diluted Earnings Per Share (1)			$ 3.36
			$ 1.95		2025 Diluted Earnings Per Share (1)			$ 3.67
			$ (0.15)		Change			$ (0.31)
			(7.7)%		% Change			(8.4)%

					Reconciliation:
			$ 1.95		2025 Diluted Earnings Per Share (1)			$ 3.67
			0.13		2025 Restructuring charges			0.13
			0.03		2025 Impairment of goodwill			0.03
			0.12		2025 Amortization of intangibles			0.24





			(0.18)		2025 Income tax impact associated with Swedish Match AB financing			(0.24)
			(0.17)		2025 Fair value adjustment for equity security investments			(0.26)








			0.03		2025 Tax Items			0.03
			—		2026 Restructuring charges			(0.01)

			(0.13)		2026 Amortization of intangibles			(0.25)

			(0.01)		2026 Income tax impact associated with Swedish Match AB financing			(0.06)

			(0.33)		2026 Impairment related to the RBH equity investment			(0.33)

			0.06		2026 Fair value adjustment for equity security investments			(0.16)
			0.01		2026 Egypt sales tax settlement adjustment			0.01












			0.03		Currency			0.22
			0.02		Interest			0.02
			0.05		Change in tax rate			0.11

			0.19		Operations (2)			0.21
		$ 1.80			2026 Diluted Earnings Per Share (1)			$ 3.36

(1) Basic and diluted EPS were calculated using the following (in millions):




					Schedule 1 (2/2)
PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries
Diluted Earnings Per Share (EPS)
($ in millions, except per share data) / (Unaudited)

	Quarters Ended			Six Months Ended
	June 30,			June 30,
	2026	2025		2026		2025
	$ 2,817	$ 3,039	Net Earnings attributable to PMI	$ 5,255		$ 5,729
	7	8	Less: Distributed and undistributed earnings attributable to share-based payment awards (3)	14		16
	$ 2,810	$ 3,031	Net Earnings for basic and diluted EPS	$ 5,241		$ 5,713

	1,559	1,557	Weighted-average shares for basic EPS	1,558		1,556
	1	1	Plus Contingently Issuable Performance Stock Units (3)	2		2
	1,560	1,558	Weighted-average shares for diluted EPS	1,560		1,558

(2) Includes the impact of shares outstanding and share-based payments
(3) Including rounding adjustment
Note: EPS is computed independently for each of the periods presented. Accordingly, the sum of the quarterly EPS amounts may not agree to the total for the year


											Schedule 2
PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries
Reconciliation of Non-GAAP Measures
Reconciliation of Reported Diluted EPS to Reported Diluted EPS, excluding Currency,
and Reconciliation of Reported Diluted EPS to Adjusted Diluted EPS, excluding Currency
(Unaudited)

		Quarters Ended June 30,					Six Months Ended June 30,
		2026	2025	% Change			2026	2025	% Change
		$ 1.80	$ 1.95	(7.7)	%	Reported Diluted EPS	$ 3.36	$ 3.67	(8.4)	%
		0.03				Less: Currency	0.22
		$ 1.77	$ 1.95	(9.2)	%	Reported Diluted EPS, excluding Currency	$ 3.14	$ 3.67	(14.4)	%


		Quarters Ended June 30,					Six Months Ended June 30,					Year Ended
		2026	2025	% Change			2026	2025	% Change			2025
		$ 1.80	$ 1.95	(7.7)	%	Reported Diluted EPS	$ 3.36	$ 3.67	(8.4)	%		$ 7.26
		—	0.13			Restructuring charges	0.01	0.13				0.14
		—	0.03			Impairment of goodwill	—	0.03				0.03
		0.13	0.12			Amortization of intangibles	0.25	0.24				0.50
		(0.06)	(0.17)			Fair value adjustment for equity security investments	0.16	(0.26)				(0.18)
		0.01	(0.18)			Income tax impact associated with Swedish Match AB financing	0.06	(0.24)				(0.25)
		—	—			Loss on expected sale of consumer accessories and other businesses	—	—				0.06
		—	—			Germany excise tax classification litigation charge	—	—				0.10
		—	—			RBH (Canada) Plan Implementation, including dividend income, net	—	—				(0.10)
		—	—			Impairment of Wellness business related equity investment	—	—				0.09
		0.33	—			Impairment related to the RBH equity investment	0.33	—				—
		(0.01)	—			Egypt sales tax settlement adjustment	(0.01)	—				—


		—	0.03			Tax items	—	0.03				(0.11)

		$ 2.20	$ 1.91	15.2	%	Adjusted Diluted EPS	$ 4.16	$ 3.60	15.6	%		$ 7.54
		0.03				Less: Currency	0.22
		$ 2.17	$ 1.91	13.6	%	Adjusted Diluted EPS, excluding Currency	$ 3.94	$ 3.60	9.4	%

	Note: EPS is computed independently for each of the periods presented. Accordingly, the sum of the quarterly EPS amounts may not agree to the total for the year


									Schedule 3


PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries
Reconciliation of Non-GAAP Measures
Net Revenues by Product Category and Adjustments of Net Revenues for the Impact of Currency and Acquisitions / Divestitures
($ in millions) / (Unaudited)

Net Revenues	Currency	Net Revenues excluding Currency	Acquisitions / Divestitures	Net Revenues excl. Currency & Acquisitions / Divestitures	Quarters Ended June 30,	Net Revenues	Total		Excluding Currency		Excluding Currency & Acquisitions / Divestitures

2026					PMI	2025	% Change
$ 3,877	$ 98	$ 3,779	$ (17)	$ 3,796	International Smoke-Free	$ 3,395	14.2	%	11.3	%	11.8	%
6,459	200	6,259	—	6,259	International Combustibles	5,883	9.8	%	6.4	%	6.4	%
10,336	298	10,038	(17)	10,055	Total International	9,278	11.4	%	8.2	%	8.4	%
856	1	855	—	855	U.S.	862	(0.7)	%	(0.9)	%	(0.9)	%
$ 11,192	$ 299	$ 10,893	$ (17)	$ 10,910	Total PMI	$ 10,140	10.4	%	7.4	%	7.6	%

2026					Smoke-Free	2025	% Change
$ 3,877	$ 98	$ 3,779	$ (17)	$ 3,796	International Smoke-Free	$ 3,395	14.2	%	11.3	%	11.8	%
768	1	767	—	767	U.S.	766	0.3	%	0.1	%	0.1	%
56	1	55	—	55	of which, Wellness	57	(1.3)	%	(3.8)	%	(3.8)	%
$ 4,645	$ 100	$ 4,546	$ (17)	$ 4,563	Total Smoke-Free	$ 4,161	11.7	%	9.3	%	9.7	%

2026					Combustible Tobacco	2025	% Change
$ 6,459	$ 200	$ 6,259	$ —	$ 6,259	International Combustibles	$ 5,883	9.8	%	6.4	%	6.4	%
88	—	88	—	88	U.S.	96	(8.5)	%	(8.5)	%	(8.5)	%
$ 6,547	$ 200	$ 6,347	$ —	$ 6,347	Total Combustible Tobacco	$ 5,979	9.5	%	6.1	%	6.1	%

Note: Sum of product categories or segments might not foot to Total PMI due to roundings. "-" indicates amounts between -$0.5 million and +$0.5 million


									Schedule 4


PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries
Reconciliation of Non-GAAP Measures
Net Revenues by Product Category and Adjustments of Net Revenues for the Impact of Currency and Acquisitions / Divestitures
($ in millions) / (Unaudited)

Net Revenues	Currency	Net Revenues excluding Currency	Acquisitions / Divestitures	Net Revenues excl. Currency & Acquisitions / Divestitures	Six Months Ended June 30,	Net Revenues	Total		Excluding Currency		Excluding Currency & Acquisitions / Divestitures

2026					PMI	2025	% Change
$ 7,713	$ 371	$ 7,342	$ (17)	$ 7,359	International Smoke-Free	$ 6,471	19.2	%	13.5	%	13.7	%
12,147	510	11,637	—	11,637	International Combustibles	11,209	8.4	%	3.8	%	3.8	%
19,860	881	18,979	(17)	18,996	Total International	17,680	12.3	%	7.3	%	7.4	%
1,478	8	1,470	—	1,470	U.S.	1,762	(16.1)	%	(16.5)	%	(16.5)	%
$ 21,338	$ 889	$ 20,449	$ (17)	$ 20,466	Total PMI	$ 19,441	9.8	%	5.2	%	5.3	%

2026					Smoke-Free	2025	% Change
$ 7,713	$ 371	$ 7,342	$ (17)	$ 7,359	International Smoke-Free	$ 6,471	19.2	%	13.5	%	13.7	%
1,311	8	1,303	—	1,303	U.S.	1,584	(17.2)	%	(17.7)	%	(17.7)	%
118	8	110	—	110	of which, Wellness	109	9.0	%	1.5	%	1.5	%
$ 9,024	$ 379	$ 8,645	$ (17)	$ 8,662	Total Smoke-Free	$ 8,055	12.0	%	7.3	%	7.5	%

2026					Combustible Tobacco	2025	% Change
$ 12,147	$ 510	$ 11,637	$ —	$ 11,637	International Combustibles	$ 11,209	8.4	%	3.8	%	3.8	%
167	—	167	—	167	U.S.	178	(5.8)	%	(5.8)	%	(5.8)	%
$ 12,314	$ 510	$ 11,804	$ —	$ 11,804	Total Combustible Tobacco	$ 11,386	8.2	%	3.7	%	3.7	%

Note: Sum of product categories or segments might not foot to Total PMI due to roundings. "-" indicates amounts between -$0.5 million and +$0.5 million


													Schedule 5


PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries
Reconciliation of Non-GAAP Measures
Reconciliation of Gross Profit to Adjusted Gross Profit, excluding Currency and Acquisitions / Divestitures
($ in millions) / (Unaudited)

Gross Profit	Adjusting Items (1)	Adjusted Gross Profit	Currency	Adjusted Gross Profit excluding Currency	Acquisitions / Divestitures	Adjusted Gross Profit excl. Currency & Acquisitions / Divestitures		Gross Profit	Adjusting Items (1)	Adjusted Gross Profit	Total		Excluding Currency		Excluding Currency & Acquisitions / Divestitures

2026							Quarters Ended June 30,	2025			% Change
$ 2,716	$ (1)	$ 2,717	$ 62	$ 2,654	$ (4)	$ 2,659	International Smoke-Free	$ 2,319	$ (1)	$ 2,319	17.1	%	14.4	%	14.6	%
4,388	—	4,388	137	4,251	—	4,251	International Combustibles	3,936	—	3,936	11.5	%	8.0	%	8.0	%
7,104	(1)	7,104	199	6,905	(4)	6,909	Total International	6,255	(1)	6,255	13.6	%	10.4	%	10.5	%
555	(5)	560	(1)	561	—	561	U.S.	611	(5)	616	(9.0)	%	(8.9)	%	(8.9)	%
$ 7,659	$ (6)	$ 7,665	$ 198	$ 7,467	$ (4)	$ 7,471	Total PMI	$ 6,866	$ (6)	$ 6,872	11.5	%	8.7	%	8.7	%

2026							Six Months Ended June 30,	2025			% Change
$ 5,400	$ (1)	$ 5,402	$ 254	$ 5,147	$ (4)	$ 5,152	International Smoke-Free	$ 4,405	$ (1)	$ 4,407	22.6	%	16.8	%	16.9	%
8,229	—	8,229	342	7,887	—	7,887	International Combustibles	7,435	—	7,435	10.7	%	6.1	%	6.1	%
13,630	(1)	13,631	596	13,035	(4)	13,039	Total International	11,840	(1)	11,841	15.1	%	10.1	%	10.1	%
935	(10)	945	(1)	946	—	946	U.S.	1,296	(9)	1,305	(27.6)	%	(27.5)	%	(27.5)	%
$ 14,564	$ (12)	$ 14,576	$ 595	$ 13,981	$ (4)	$ 13,985	Total PMI	$ 13,136	$ (11)	$ 13,147	10.9	%	6.3	%	6.4	%

(1) 2026 second-quarter and six months ended June 30 reflect amortization of intangibles, all amounts are related to cost of goods sold. 2025 second-quarter and six months ended June 30 reflect amortization of intangibles, all amounts are related to cost of goods sold.
Note: Sum of segments might not foot to Total PMI due to roundings. "-" indicates amounts between -$0.5 million and +$0.5 million


																		Schedule 6


PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries
Reconciliation of Non-GAAP Measures
Reconciliation of Adjusted Gross Profit Margin, excluding Currency and Acquisitions / Divestitures
($ in millions) / (Unaudited)

Adjusted Gross Profit (1)	Net Revenues (2)	Adjusted Gross Profit Margin		Adjusted Gross Profit excluding Currency (1)	Net Revenues excluding Currency (2)	Adjusted Gross Profit Margin excluding Currency		Adjusted Gross Profit excluding Currency & Acquisitions / Divestitures (1)	Net Revenues excluding Currency & Acquisitions / Divestitures (2)	Adjusted Gross Profit Margin excluding Currency & Acquisitions / Divestitures			Adjusted Gross Profit (1)	Net Revenues (2)	Adjusted Gross Profit Margin		Adjusted Gross Profit Margin	Adjusted Gross Profit Margin excluding Currency	Adjusted Gross Profit Margin excluding Currency & Acquisitions / Divestitures

2026												Quarters Ended June 30,	2025				% Points Change
$ 2,717	$ 3,877	70.1	%	$ 2,654	$ 3,779	70.2	%	$ 2,659	$ 3,796	70.0	%	International Smoke-Free	$ 2,319	$ 3,395	68.3	%	1.8	1.9	1.7
4,388	6,459	67.9	%	4,251	6,259	67.9	%	4,251	6,259	67.9	%	International Combustibles	3,936	5,883	66.9	%	1.0	1.0	1.0
7,104	10,336	68.7	%	6,905	10,038	68.8	%	6,909	10,055	68.7	%	Total International	6,255	9,278	67.4	%	1.3	1.4	1.3
560	856	65.4	%	561	855	65.6	%	561	855	65.6	%	U.S.	616	862	71.4	%	(6.0)	(5.8)	(5.8)
$ 7,665	$ 11,192	68.5	%	$ 7,467	$ 10,893	68.5	%	$ 7,471	$ 10,910	68.5	%	Total PMI	$ 6,872	$ 10,140	67.8	%	0.7	0.7	0.7

2026												Six Months Ended June 30,	2025				% Points Change
$ 5,402	$ 7,713	70.0	%	$ 5,147	$ 7,342	70.1	%	$ 5,152	$ 7,359	70.0	%	International Smoke-Free	$ 4,407	$ 6,471	68.1	%	1.9	2.0	1.9
8,229	12,147	67.7	%	7,887	11,637	67.8	%	7,887	11,637	67.8	%	International Combustibles	7,435	11,209	66.3	%	1.4	1.5	1.5
13,631	19,860	68.6	%	13,035	18,979	68.7	%	13,039	18,996	68.6	%	Total International	11,841	17,680	67.0	%	1.6	1.7	1.6
945	1,478	63.9	%	946	1,470	64.4	%	946	1,470	64.4	%	U.S.	1,305	1,762	74.1	%	(10.2)	(9.7)	(9.7)
$ 14,576	$ 21,338	68.3	%	$ 13,981	$ 20,449	68.4	%	$ 13,985	$ 20,466	68.3	%	Total PMI	$ 13,147	$ 19,441	67.6	%	0.7	0.8	0.7

(1) For the calculation of Adjusted Gross Profit and Adjusted Gross Profit excluding currency and acquisitions / divestitures refer to Schedule 5
(2) For the calculation of Net Revenues excluding currency and acquisitions / divestitures refer to Schedule 3 and Schedule 4


		Schedule 7

PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries
Reconciliation of Non-GAAP Measures
Reconciliation of Operating Income to Operating Companies Income (OCI)
($ in millions) / (Unaudited)

	Quarters Ended June 30,
2026	Total PMI		2025
$ 4,530	Operating Income		$ 3,712
(148)	Add back: Corporate Expenses and Other		(125)
$ 4,678	Operating Companies Income (OCI)		$ 3,837

	Six Months Ended June 30,
2026	Total PMI		2025
$ 8,423	Operating Income		$ 7,256
(303)	Add back: Corporate Expenses and Other		(423)
$ 8,726	Operating Companies Income (OCI)		$ 7,679

Note: Sum of International and U.S. might not foot to Total PMI due to roundings. "-" indicates amounts between -$0.5 million and +$0.5 million


									Schedule 8

PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries
Reconciliation of Non-GAAP Measures
Adjustments of Operating Companies Income for the Impact of Currency and Acquisitions / Divestitures
($ in millions) / (Unaudited)

Operating Companies Income	Currency	Operating Companies Income excluding Currency	Acquisitions / Divestitures	Operating Companies Income excluding Currency & Acquisitions / Divestitures		Operating Companies Income	Total		Excluding Currency		Excluding Currency & Acquisitions / Divestitures

2026					Quarters Ended June 30,	2025	% Change
$ 4,606	$ 96	$ 4,511	$ (2)	$ 4,513	International	$ 3,685	25.0	%	22.4	%	22.4	%
72	(6)	78	—	78	U.S.	152	(52.5)	%	(48.4)	%	(48.4)	%
$ 4,678	$ 89	$ 4,589	$ (2)	$ 4,591	Total PMI	$ 3,837	21.9	%	19.6	%	19.7	%

2026					Six Months Ended June 30,	2025	% Change
$ 8,780	$ 302	$ 8,478	$ (2)	$ 8,480	International	$ 7,290	20.4	%	16.3	%	16.3	%
(54)	(15)	(39)	—	(39)	U.S.	389	-(100)%		-(100)%		-(100)%
$ 8,726	$ 287	$ 8,439	$ (2)	$ 8,441	Total PMI	$ 7,679	13.6	%	9.9	%	9.9	%

Note: Sum of International and U.S. might not foot to Total PMI due to roundings. "-" indicates amounts between -$0.5 million and +$0.5 million


													Schedule 9


PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries
Reconciliation of Non-GAAP Measures
Reconciliation of Operating Companies Income to Adjusted Operating Companies Income, excluding Currency and Acquisitions / Divestitures
($ in millions) / (Unaudited)

Operating Companies Income	Adjusting Items (1)	Adjusted Operating Companies Income	Currency	Adjusted Operating Companies Income excluding Currency	Acquisitions / Divestitures	Adjusted Operating Companies Income excl. Currency & Acquisitions / Divestitures		Operating Companies Income	Adjusting Items (1)	Adjusted Operating Companies Income	Total		Excluding Currency		Excluding Currency & Acquisitions / Divestitures

2026							Quarters Ended June 30,	2025			% Change
$ 4,606	$ (35)	$ 4,642	$ 96	$ 4,546	$ (2)	$ 4,548	International	$ 3,685	$ (333)	$ 4,019	15.5	%	13.1	%	13.2	%
72	(207)	279	(6)	285	—	285	U.S.	152	(201)	353	(20.8)	%	(19.1)	%	(19.1)	%
$ 4,678	$ (243)	$ 4,921	$ 89	$ 4,832	$ (2)	$ 4,834	Total PMI	$ 3,837	$ (534)	$ 4,371	12.6	%	10.5	%	10.6	%

2026							Six Months Ended June 30,	2025			% Change
$ 8,780	$ (85)	$ 8,865	$ 302	$ 8,563	$ (2)	$ 8,565	International	$ 7,290	$ (379)	$ 7,669	15.6	%	11.7	%	11.7	%
(54)	(432)	379	(15)	394	—	394	U.S.	389	(401)	790	(52.0)	%	(50.2)	%	(50.2)	%
$ 8,726	$ (518)	$ 9,244	$ 287	$ 8,957	$ (2)	$ 8,959	Total PMI	$ 7,679	$ (780)	$ 8,459	9.3	%	5.9	%	5.9	%

(1) See Schedule 10 and Schedule 11 for Adjusting Items details
Note: Sum of International and U.S. might not foot to Total PMI due to roundings. "-" indicates amounts between -$0.5 million and +$0.5 million


											Schedule 10
PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries
Reconciliation of Non-GAAP Measures
Reconciliation of Operating Companies Income to Adjusted Operating Companies Income
($ in millions) / (Unaudited)

	Quarters Ended June 30,		Change Fav./(Unfav.)				Variance Fav./(Unfav.)
PMI	2026	2025	Total		Excluding Currency & Acquisitions / Divestitures		Total	Currency	Acquisitions / Divestitures	Price	Vol / Mix/ Other	Cost
Operating Companies Income	$ 4,678	$ 3,837	21.9	%	19.7	%	$ 841	$ 89	$ (2)	$ 689	$ (43)	$ 108
Amortization of intangibles	(252)	(250)	(0.8)	%	(0.8)	%	(2)	—	—	—	—	(2)

Egypt sales tax settlement adjustment	15	—	—	%	—	%	15	—	—	—	—	15


Impairment of goodwill	—	(41)	100.0	%	100.0	%	41	—	—	—	—	41
Restructuring charges	(6)	(243)	97.5	%	97.5	%	237	—	—	—	—	237

Adjusted Operating Companies Income	$ 4,921	$ 4,371	12.6	%	10.6	%	$ 550	$ 89	$ (2)	$ 689	$ (43)	$ (183)

International
Operating Companies Income	$ 4,606	$ 3,685	25.0	%	22.4	%	$ 921	$ 96	$ (2)	$ 674	$ (20)	$ 173
Amortization of intangibles	(50)	(49)	(2.9)	%	(2.9)	%	(1)	—	—	—	—	(1)

Egypt sales tax settlement adjustment	15	—	—	%	—	%	15	—	—	—	—	15


Impairment of goodwill	—	(41)	100.0	%	100.0	%	41	—	—	—	—	41
Restructuring charges	—	(243)	100.0	%	100.0	%	243	—	—	—	—	243

Adjusted Operating Companies Income	$ 4,642	$ 4,019	15.5	%	13.2	%	$ 623	$ 96	$ (2)	$ 674	$ (20)	$ (125)

U.S.
Operating Companies Income	$ 72	$ 152	(52.5)	%	(48.4)	%	$ (80)	$ (6)	$ —	$ 15	$ (24)	$ (65)
Amortization of intangibles	(201)	(201)	(0.3)	%	(0.3)	%	(1)	—	—	—	—	(1)





Restructuring charges	(6)	—	—	%	—	%	(6)	—	—	—	—	(6)

Adjusted Operating Companies Income	$ 279	$ 353	(20.8)	%	(19.1)	%	$ (73)	$ (6)	$ —	$ 15	$ (24)	$ (59)

Note: Sums of International and U.S. and adjusting items might not foot due to roundings. "-" indicates amounts between -$0.5 million and +$0.5 million.


											Schedule 11
PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries
Reconciliation of Non-GAAP Measures
Reconciliation of Reported Operating Companies Income to Adjusted Operating Companies Income
($ in millions) / (Unaudited)

	Six Months Ended June 30,		Change Fav./(Unfav.)				Variance Fav./(Unfav.)
PMI	2026	2025	Total		Excluding Currency & Acquisitions / Divestitures		Total	Currency	Acquisitions / Divestitures	Price	Vol / Mix/ Other	Cost
Operating Companies Income	$ 8,726	$ 7,679	13.6	%	9.9	%	$ 1,047	$ 287	$ (2)	$ 1,150	$ (238)	$ (150)
Amortization of intangibles	(503)	(496)	(1.4)	%	(1.4)	%	(7)	—	—	—	—	(7)

Egypt sales tax settlement adjustment	15	—	—	%	—	%	15	—	—	—	—	15


Impairment of goodwill	—	(41)	100.0	%	100.0	%	41	—	—	—	—	41
Restructuring charges	(30)	(243)	87.7	%	87.7	%	213	—	—	—	—	213

Adjusted Operating Companies Income	$ 9,244	$ 8,459	9.3	%	5.9	%	$ 785	$ 287	$ (2)	$ 1,150	$ (238)	$ (412)

International
Operating Companies Income	$ 8,780	$ 7,290	20.4	%	16.3	%	$ 1,490	$ 302	$ (2)	$ 1,216	$ (34)	$ 8
Amortization of intangibles	(100)	(94)	(6.2)	%	(6.2)	%	(6)	—	—	—	—	(6)

Egypt sales tax settlement adjustment	15	—	—	%	—	%	15	—	—	—	—	15


Impairment of goodwill	—	(41)	100.0	%	100.0	%	41	—	—	—	—	41
Restructuring charges	—	(243)	100.0	%	100.0	%	243	—	—	—	—	243

Adjusted Operating Companies Income	$ 8,865	$ 7,669	15.6	%	11.7	%	$ 1,196	$ 302	$ (2)	$ 1,216	$ (34)	$ (286)

U.S.
Operating Companies Income	$ (54)	$ 389	-(100)%		-(100)%		$ (443)	$ (15)	$ —	$ (65)	$ (205)	$ (158)
Amortization of intangibles	(402)	(401)	(0.4)	%	(0.4)	%	(2)	—	—	—	—	(2)




Impairment of goodwill	—	—	—	%	—	%	—	—	—	—	—	—
Restructuring charges	(30)	—	—	%	—	%	(30)	—	—	—	—	(30)

Adjusted Operating Companies Income	$ 379	$ 790	(52.0)	%	(50.2)	%	$ (411)	$ (15)	$ —	$ (65)	$ (205)	$ (126)

Note: Sums of International and U.S. and adjusting items might not foot due to roundings. "-" indicates amounts between -$0.5 million and +$0.5 million.


													Schedule 12
PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries
Reconciliation of Non-GAAP Measures
Reconciliation of Operating Income to Adjusted Operating Income, excluding Currency and Acquisitions / Divestitures
($ in millions) / (Unaudited)

Operating Income	Adjusting Items (1)	Adjusted Operating Income	Currency	Adjusted Operating Income excluding Currency	Acquisitions / Divestitures	Adjusted Operating Income excl. Currency & Acquisitions / Divestitures		Operating Income	Adjusting Items (1)	Adjusted Operating Income	Total		Excluding Currency		Excluding Currency & Acquisitions / Divestitures

2026							Quarters Ended June 30,	2025			% Change
$ 4,530	$ (243)	$ 4,773	$ 76	$ 4,697	$ (2)	$ 4,699	Total PMI	$ 3,712	$ (534)	$ 4,246	12.4	%	10.6	%	10.7	%

2026							Six Months Ended June 30,	2025			% Change
$ 8,423	$ (518)	$ 8,941	$ 418	$ 8,523	$ (2)	$ 8,525	Total PMI	$ 7,256	$ (780)	$ 8,036	11.3	%	6.1	%	6.1	%

(1) Adjusted Operating Income and Adjusted Operating Companies Income excluding currency and acquisitions / divestitures are calculated using the same adjustment items as Operating Companies Income, as presented in Schedule 10 and Schedule 11


																		Schedule 13
PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries
Reconciliation of Non-GAAP Measures
Reconciliation of Adjusted Operating Income Margin, excluding Currency and Acquisitions / Divestitures
($ in millions) / (Unaudited)

Adjusted Operating Income (1)	Net Revenues (2)	Adjusted Operating Income Margin		Adjusted Operating Income excluding Currency (1)	Net Revenues excluding Currency (2)	Adjusted Operating Income Margin excluding Currency		Adjusted Operating Income excluding Currency & Acquisitions / Divestitures (1)	Net Revenues excluding Currency & Acquisitions / Divestitures (2)	Adjusted Operating Income Margin excluding Currency & Acquisitions / Divestitures			Adjusted Operating Income (1)	Net Revenues (2)	Adjusted Operating Income Margin		Adjusted Operating Income Margin	Adjusted Operating Income Margin excluding Currency	Adjusted Operating Income Margin excluding Currency & Acquisitions / Divestitures

2026												Quarters Ended June 30,	2025				% Points Change
$ 4,773	$ 11,192	42.6	%	$ 4,697	$ 10,893	43.1	%	$ 4,699	$ 10,910	43.1	%	Total PMI	$ 4,246	$ 10,140	41.9	%	0.7	1.2	1.2

2026												Six Months Ended June 30,	2025				% Points Change
$ 8,941	$ 21,338	41.9	%	$ 8,523	$ 20,449	41.7	%	$ 8,525	$ 20,466	41.7	%	Total PMI	$ 8,036	$ 19,441	41.3	%	0.6	0.4	0.4
(1) For the calculation of Adjusted Operating Income and Adjusted Operating Income excluding currency and acquisitions / divestitures refer to Schedule 12
(2) For the calculation of Net Revenues excluding currency and acquisitions / divestitures refer to Schedule 3 and Schedule 4


								Schedule 14
PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries
Condensed Statements of Earnings
($ in millions, except per share data) / (Unaudited)

	Quarters Ended June 30,					Six Months Ended June 30,
	2026	2025	Change Fav./(Unfav.)			2026	2025	Change Fav./(Unfav.)


	$ 11,192	$ 10,140	10.4	%	Net Revenues	$ 21,338	$ 19,441	9.8	%
	3,533	3,274	(7.9)	%	Cost of sales	6,774	6,305	(7.4)	%
	7,659	6,866	11.5	%	Gross profit	14,564	13,136	10.9	%
	2,981	2,988	0.2	%	Marketing, administration and research costs	5,838	5,416	(7.8)	%
	—	41	100.0	%	Impairment of goodwill	—	41	100.0	%
	148	125	(18.4)	%	Corporate expenses and other	303	423	28.4	%
	4,530	3,712	22.0	%	Operating Income	8,423	7,256	16.1	%
	243	277	12.3	%	Interest expense, net	480	518	7.3	%
	(5)	11	+100%		Pension and other employee benefit (income) costs	(10)	23	+100%
	4,292	3,424	25.4	%	Earnings before income taxes	7,953	6,715	18.4	%
	955	652	(46.5)	%	Provision for income taxes	1,631	1,311	(24.4)	%
	511	—	—	%	Impairment related to the RBH equity investment	511	—	—	%
	(159)	(376)	(57.7)	%	Equity investments and securities (income)/loss, net	244	(581)	-(100)%
	2,985	3,148	(5.2)	%	Net Earnings	5,567	5,985	(7.0)	%
	168	109	(54.1)	%	Net Earnings attributable to noncontrolling interests	312	256	(21.9)	%
	$ 2,817	$ 3,039	(7.3)	%	Net Earnings attributable to PMI	$ 5,255	$ 5,729	(8.3)	%

					Per share data: (1)
	$ 1.80	$ 1.95	(7.7)	%	Basic Earnings Per Share	$ 3.36	$ 3.67	(8.4)	%
	$ 1.80	$ 1.95	(7.7)	%	Diluted Earnings Per Share	$ 3.36	$ 3.67	(8.4)	%


(1) Net Earnings and weighted-average shares used in the basic and diluted Earnings Per Share computations for the quarters ended June 30, 2026 and 2025 are shown on Schedule 1, Footnote 1



				Schedule 15
PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries
Condensed Balance Sheets
($ in millions) / (Unaudited)

	June 30,			December 31,
	2026			2025
Assets
Cash and cash equivalents		$	5,999		$	4,872
All other current assets		20,007			19,491
Property, plant and equipment, net		8,313			8,397
Goodwill		16,917			17,264
Other intangible assets, net		10,178			10,884
Equity investments		2,130			2,891
Other assets		4,727			5,386
Total assets		$	68,271		$	69,185

Liabilities and Stockholders' (Deficit) Equity
Short-term borrowings		$	3,341		$	168
Current portion of long-term debt		3,406			3,533
All other current liabilities		19,795			21,726
Long-term debt		42,366			45,134
Deferred income taxes		2,057			2,065
Other long-term liabilities		3,963			4,587
Total liabilities		74,928			77,213

Total PMI stockholders' deficit		(8,583)			(9,994)
Noncontrolling interests		1,926			1,966
Total stockholders' (deficit) equity		(6,657)			(8,028)
Total liabilities and stockholders' (deficit) equity		$	68,271		$	69,185



					Schedule 16
PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries
Reconciliation of Non-GAAP Measures
Calculation of Total Debt to Adjusted EBITDA and Net Debt to Adjusted EBITDA Ratios
($ in millions, except ratios) / (Unaudited)

	Year Ended June 30, 2026			Year Ended December 31, 2025
	July ~ December	January ~ June	12 months
	2025	2026	rolling
Net Earnings	$ 5,863	$ 5,567	$ 11,430		$ 11,848
Equity investments and securities (income)/loss, net	(124)	244	120		(705)
Provision for income taxes	1,426	1,631	3,057		2,737
Interest expense, net	448	480	928		966
Impairment related to the RBH equity investment	—	511	511		—
Depreciation, amortization and impairment of goodwill	1,026	1,023	2,049		2,037
Restructuring charges and Others (1)	249	15	264		492
Adjusted EBITDA	$ 8,888	$ 9,471	$ 18,359		$ 17,375

			June 30,	December 31,
			2026	2025
Short-term borrowings			$ 3,341		$ 168
Current portion of long-term debt			3,406		3,533
Long-term debt			42,366		45,134
Total Debt			$ 49,113		$ 48,835
Cash and cash equivalents			5,999		4,872
Net Debt			$ 43,114		$ 43,963

Ratios:
Total Debt to Adjusted EBITDA			2.68		2.81
Net Debt to Adjusted EBITDA			2.35		2.53

(1) For the period July 2025 to December 2025 "Others" includes Germany excise tax classification litigation charge ($176 million), loss on expected sale of consumer accessories and other businesses ($94 million), partially offset by RBH (Canada) Plan Implementation ($19 million). For the period January 2026 to June 2026 "Others" include a favorable impact of Egypt sales tax settlement adjustment ($15 million).


							Schedule 17

PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries

Operating Cash Flow
($ in millions) / (Unaudited)

	Quarters Ended June 30,					Six Months Ended June 30,
	2026	2025	% Change			2026	2025	% Change
	$ 5,492	$ 3,412	61.0	%	Net cash provided by operating activities (1)	$ 5,093	$ 3,062	66.3	%



(1) Operating cash flow

Source: View Original Filing on SEC EDGAR

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