Philip Morris sets 2026 EPS at $8.35–$8.50
Philip Morris International raises 2026 adjusted EPS guidance and underscores smoke-free product momentum alongside detailed forward‑looking risk disclosures.
Rhea-AI Filing Summary
Philip Morris International Inc. (PM) provides updated guidance and strategic commentary in connection with a presentation by CEO Jacek Olczak at the Barclays Global Consumer Conference. PMI now targets 2026 adjusted diluted EPS of $8.35–$8.50, compared with $7.54 in 2025, implying 10.7%–12.7% growth, including a $0.24 favorable currency impact. Adjusted diluted EPS excluding currency is forecast at $8.11–$8.26, or 7.5%–9.5% growth. For the third quarter of 2026, PMI forecasts adjusted diluted EPS of $2.29–$2.34, including a $0.01 currency benefit. The company highlights continued growth of smoke-free products led by IQOS, expansion of the ZYN portfolio in the U.S., and ongoing robust performance of combustibles, while also reiterating detailed forward-looking risk factors affecting regulation, taxation, litigation, competition, Geopolitics, and execution of its smoke-free strategy.
Positive
- Raised 2026 adjusted diluted EPS guidance to $8.35–$8.50 from a 2025 base of $7.54, implying 10.7%–12.7% growth including favorable currency, supported by IQOS-driven smoke-free growth and robust combustibles performance.
Negative
- None.
Filing Explained
The September 8 Form 8-K furnishes the Barclays presentation; PMI states that the information is not “filed” under Section 18 and is not incorporated by reference into other filings unless expressly cited.
8-K Event Classification
2 items: 7.01, 9.01
2 items
Item 7.01
Regulation FD Disclosure
Disclosure
Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, or exhibit attachments filed with this report.
Key Figures
2025 Reported Diluted EPS: $7.26 per share
2026 Reported Diluted EPS Forecast: $7.28–$7.43 per share
2025 Adjusted Diluted EPS: $7.54 per share
+5 more
8 metrics
2025 Reported Diluted EPS
$7.26 per share
Full year 2025 reported diluted EPS
2026 Reported Diluted EPS Forecast
$7.28–$7.43 per share
Full year 2026 reported diluted EPS forecast
2025 Adjusted Diluted EPS
$7.54 per share
Full year 2025 adjusted diluted EPS after listed adjustments
2026 Adjusted Diluted EPS Guidance
$8.35–$8.50 per share
Full year 2026 adjusted diluted EPS including currency, up 10.7%–12.7%
Currency Impact on 2026 Adjusted EPS
$0.24 per share
Favorable currency impact included in 2026 adjusted diluted EPS guidance
2026 Adjusted EPS Excluding Currency
$8.11–$8.26 per share
Full year 2026 adjusted diluted EPS excluding currency, up 7.5%–9.5%
Q3 2026 Adjusted Diluted EPS Forecast
$2.29–$2.34 per share
Third quarter 2026 adjusted diluted EPS forecast with $0.01 favorable currency
Germany Excise Tax Litigation Charge
$0.10 per share
Item included in 2025–2026 adjustment list for adjusted EPS
Key Terms
adjusted diluted EPS, smoke-free products, excise tax, forward-looking statements, +2 more
6 terms
adjusted diluted EPS financial
"Raising 2026 adj. diluted EPS forecast for currency only to $8.35 - $8.50"
Adjusted diluted EPS is a company’s profit per share after adding back or removing one-time items (like restructuring costs or gains) and dividing by the number of shares including potential shares from options and convertible securities. Investors use it as a cleaner view of ongoing earnings—like looking at a car’s regular fuel efficiency rather than a trip boosted by downhill coasting—to judge underlying performance and compare companies without temporary distortions.
smoke-free products financial
"PMI's future profitability may also be adversely affected should it be unsuccessful ... in its efforts to introduce, commercialize, and grow smoke-free products"
excise tax financial
"Includes: $0.10 Germany excise tax classification litigation charge"
An excise tax is a government charge levied on specific goods or activities—often applied per unit or as a percentage of price for items like fuel, tobacco, alcohol, or certain services—similar to a per-item toll added at the point of sale. It matters to investors because excise taxes raise costs for producers and consumers, can shrink profit margins or reduce demand, and therefore may affect a company’s revenues, pricing strategy and valuation.
forward-looking statements regulatory
"This presentation contains projections of future results and goals and other forward-looking statements"
Forward-looking statements are predictions or plans that companies share about what they expect to happen in the future, like estimating sales or profits. They matter because they help investors understand a company's outlook, but since they are based on guesses and assumptions, they can sometimes be wrong.
safe harbor regulatory
"Pursuant to the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995"
Safe harbor is a rule that protects companies or individuals from legal trouble if they follow certain guidelines or procedures. It’s like having a safety net that allows them to act without fear of punishment, as long as they stick to the rules. This helps encourage honest behavior and clear standards in financial and legal activities.
smoke-free growth financial
"IQOS continues to drive broad-based smoke-free growth"
FAQ
What 2026 adjusted EPS guidance does Philip Morris International (PM) provide in this 8-K?
PM targets 2026 adjusted diluted EPS of $8.35–$8.50, up from $7.54 in 2025, representing 10.7%–12.7% growth including a $0.24 favorable currency impact, based on company financials and estimates.
How does PM’s 2026 EPS outlook look excluding currency effects?
Excluding currency, PM forecasts 2026 adjusted diluted EPS of $8.11–$8.26, versus $7.54 in 2025, implying 7.5%–9.5% growth on an adjusted basis, according to company estimates in the presentation appendix.
What is PM’s Q3 2026 adjusted EPS forecast mentioned in the filing?
For the third quarter of 2026, PM forecasts adjusted diluted EPS of $2.29–$2.34, including a $0.01 favorable currency impact at prevailing exchange rates, based on PMI financials or estimates.
How do smoke-free products feature in PM’s outlook in this 8-K?
PM states that IQOS continues to drive broad-based smoke-free growth, with Japan consumer offtake recovery, strong multicategory growth internationally including VEEV and ZYN, and expansion of the ZYN range in the U.S. with a Q4 transition to 20 pouches per can for certain variants.
What main risks to PM’s forward-looking statements are highlighted here?
PM cites marketing and regulatory restrictions, excise tax changes, health concerns, litigation, economic and geopolitical developments including Russia’s invasion of Ukraine, unfavorable currency movements, and execution risks for smoke-free products as factors that could cause actual results to differ materially.
How is PM’s 2025 reported diluted EPS presented relative to 2026 guidance?
PM reports 2025 reported diluted EPS of $7.26 and presents a 2026 reported diluted EPS forecast of $7.28–$7.43, before adjustments that lead to the higher adjusted diluted EPS guidance of $8.35–$8.50.
AI-generated analysis. How Rhea-AI works. Not financial advice.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): September 8, 2026
(Exact name of registrant as specified in its charter)
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| (Address of principal executive offices) | (Zip Code) | ||||||||||||||||
Registrant's telephone number, including area code: (203 ) 905-2410
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | |||||
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). | |||||
Emerging growth company | |||||
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. | ☐ | ||||
| Item 7.01. | Regulation FD Disclosure. | ||||
On September 8, 2026, Philip Morris International Inc. (“PMI”) is hosting a live audio webcast of a presentation and question-and-answer session by Jacek Olczak, Group CEO PMI, at the Barclays Global Consumer Conference. In connection with the webcast, PMI is furnishing to the Securities and Exchange Commission the webcast slides attached as Exhibit 99.1 to this Current Report on Form 8-K and incorporated by reference into this Item 7.01.
In accordance with General Instruction B.2 of Form 8-K, the information in this Current Report on Form 8-K, including Exhibit 99.1, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section. The information in this Current Report on Form 8-K shall not be incorporated by reference into any filing or other document pursuant to the Securities Act of 1933, as amended, except as may be expressly set forth by specific reference in such filing or document.
| Item 9.01. | Financial Statements and Exhibits. | ||||
| (d) | Exhibits. | ||||
| 99.1 | Philip Morris International Inc. Webcast Slides, dated September 8, 2026 (furnished pursuant to Item 7.01). | ||||
| 104 | Cover Page Interactive Data File (formatted in Inline XBRL). | ||||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| PHILIP MORRIS INTERNATIONAL INC. | ||||||||
| By: | /s/ DARLENE QUASHIE HENRY | |||||||
| Name: | Darlene Quashie Henry | |||||||
| Title: | Vice President, Associate General Counsel & Corporate Secretary | |||||||
Date: September 8, 2026
Championing a Smoke-Free World Barclays Global Consumer Conference September 8, 2026 Jacek Olczak Group CEO PMI Introduction • A glossary of terms as well as adjustments, other calculations and reconciliations to the most directly comparable U.S. GAAP measures for non-GAAP financial measures cited in this presentation are available in Exhibits 99.2 to the company's Form 8-K dated February 6, 2026 and July 22, 2026 and on our Investor Relations website 2 Exhibit 99.1
Forward-Looking and Cautionary Statements • This presentation contains projections of future results and goals and other forward-looking statements, including statements regarding expected financial or operational performance; capital allocation plans; investment strategies; regulatory outcomes; market expectations; business plans and strategies. Achievement of future results is subject to risks, uncertainties and inaccurate assumptions. In the event that risks or uncertainties materialize, or underlying assumptions prove inaccurate, actual results could vary materially from those contained in such forward-looking statements. Pursuant to the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, PMI is identifying important factors that, individually or in the aggregate, could cause actual results and outcomes to differ materially from those contained in any forward-looking statements made by PMI • PMI's business risks include: marketing and regulatory restrictions that could reduce our competitiveness, disrupt our SFP commercialization efforts, eliminate our ability to communicate with adult consumers, or ban certain of our products in certain markets or countries; excise tax increases and discriminatory tax structures; health concerns relating to the use of tobacco and other nicotine-containing products; litigation related to tobacco and/or nicotine products and intellectual property rights; intense competition; inability to anticipate changes in adult consumer preferences; use and reliance on third-parties; the adverse effects of global and individual country economic, regulatory and political developments, natural disasters and conflicts; geopolitical instability; the impact and consequences of Russia's invasion of Ukraine; changes in legal-age smoker behavior; continued decline of tax-paid cigarettes; lost revenues as a result of counterfeiting, contraband and cross-border purchases; governmental investigations; unfavorable currency exchange rates and currency devaluations, sustained periods of elevated inflation, and limitations on the ability to repatriate funds; adverse changes in applicable corporate tax laws; disruptions in the credit markets or changes to its credit ratings; recent and potential future tariffs imposed by the U.S. and other countries; adverse changes in the cost, availability, and quality of tobacco and other agricultural products and raw materials, as well as product components for its electronic devices; and the integrity of its information systems and effectiveness of its data privacy policies. PMI's future profitability may also be adversely affected should it be unsuccessful, in key markets or systemically, in its efforts to introduce, commercialize, and grow smoke-free products or if regulation or taxation do not differentiate between such products and cigarettes; if it is unable to successfully introduce new products, and promote brand equity; if there are prolonged disruptions of facilities used to produce its products; if it is unable to enter new markets or improve its margins through increased prices and productivity gains; if other market participants are more successful in their SFP commercialization efforts; if it is unable to attract and retain the best global talent; or if it is unable to successfully integrate and realize the expected benefits from recent transactions and acquisitions. Future results are also subject to the lower predictability of our smoke-free products performance • PMI is further subject to other risks detailed from time to time in its publicly filed documents, including PMI's Annual Report on Form 10-K for the fourth quarter and year ended December 31, 2025 and the Form 10-Q for the quarter ended June 30, 2026. PMI cautions that the foregoing list of important factors is not a complete discussion of all potential risks and uncertainties. PMI does not undertake to update any forward-looking statement that it may make from time to time, except in the normal course of its public disclosure obligations • References to “PMI”, “we”, “our” and “us” mean Philip Morris International Inc., including its subsidiaries 3 On Track for Another Strong Year of Growth • Raising 2026 adj. diluted EPS forecast for currency only to $8.35 - $8.50, or 10.7% to 12.7% growth, incl. favorable currency impact of 24 cents(a)⎼ Includes Q3 adj. diluted EPS forecast of $2.29 to $2.34, with 1 cent(a) favorable currency • IQOS continues to drive broad-based smoke-free growth:⎼ Japan consumer offtake recovery in line with expectations, October pricing confirmed ⎼ Strong multicategory growth in international markets incl. VEEV, ZYN • Expanding U.S. ZYN range and aligning value proposition across ZYN portfolio with Q4 transition of 3mg and 6mg dry variants to 20 pouches/can • Continued robust performance from combustibles as expected, notably in markets with bans or limited presence of SFPs 4 (a) At prevailing exchange rates. Source: PMI financials or estimates
Championing a Smoke-Free World Barclays Global Consumer Conference September 8, 2026 6 Appendix
2026: EPS Guidance 7 (a) 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 Source: PMI financials or estimates Growth2025 2026 Forecast $7.26$7.28 – $7.43Reported Diluted EPS Adjustments: 0.500.50- Amortization of intangibles (0.18)0.16- Fair value adjustment for equity investments 0.140.03- Restructuring charges (0.25)0.06- Income tax impact associated with Swedish Match AB financing -0.33- Non-cash impairment of RBH equity investment -(0.01)- Egypt sales tax settlement adjustment 0.07-- Other 2025 adjustments(a) 0.281.07- Total Adjustments 10.7% – 12.7%$7.54$8.35 – $8.50Adjusted Diluted EPS 0.24- Less: Currency 7.5% – 9.5%$7.54$8.11 – $8.26Adjusted Diluted EPS, excluding currency ($/share) Championing a Smoke-Free World Barclays Global Consumer Conference September 8, 2026