Philip Morris (PM) recasts reporting segments as smoke-free revenues rise 15%

Q: What growth did Philip Morris International’s smoke-free products deliver in 2025?

Smoke-free net revenues reached $16,854 million in 2025, up 15.0% from 2024. Smoke-free shipment volume rose 12.8% to 179,131 million equivalent units. This contrasts with a small decline in international combustible volumes, underscoring the expansion of smoke-free offerings.

Filing Impact

(High)

Filing Sentiment

(Neutral)

Form Type

8-K

Rhea-AI Filing Summary

Philip Morris International Inc. is updating how it reports its business and has published recast historical data to match a new structure with three reportable segments: International Smoke-Free, International Combustibles, and U.S. The change, effective January 1, 2026, does not alter previously reported consolidated results.

The company shows continued expansion of smoke-free products. In 2025, total net revenues were $40,648 million, up 7.3% from 2024, with smoke-free net revenues rising 15.0% to $16,854 million and combustible tobacco up 2.5% to $23,794 million. Smoke-free shipment volume increased 12.8% to 179,131 million equivalent units, while combustible volume declined modestly.

The consolidated statement of earnings will now include a new caption, “Corporate expenses and other”, which will aggregate items such as foreign currency gains and losses and share-based compensation that were previously included in cost of sales and marketing, administration and research. Detailed recast shipment and financial schedules for 2025–2023, including non-GAAP reconciliations, are furnished as Exhibits 99.1 and 99.2.

Insights

Recast segments highlight strong smoke-free growth but leave overall thesis broadly unchanged.

Philip Morris International has realigned reporting into International Smoke-Free, International Combustibles, and U.S., and furnished recast 2025–2023 data. This is primarily a presentation change, but it clarifies how much of performance comes from smoke-free products versus traditional cigarettes.

The recast figures show 2025 net revenues of $40,648 million, up 7.3% versus 2024. Smoke-free net revenues grew 15.0% to $16,854 million, while combustible tobacco rose 2.5% to $23,794 million. Smoke-free shipment volume increased 12.8%, contrasting with a 1.5% decline in international combustible volume.

The new “Corporate expenses and other” line will centralize foreign currency gains/losses and equity compensation, slightly changing segment-level margins but not total profitability. Future quarterly reports under this structure will show whether smoke-free momentum and margin improvements seen in the recast 2025 data persist across segments.

03/13/2026 - 07:16 AM

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): March 13, 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 7.01.			Regulation FD Disclosure.

As previously reported in the Current Report on Form 8-K filed with the U.S. Securities and Exchange Commission on November 4, 2025, as well as in the Annual Report on Form 10-K for the fiscal year ended December 31, 2025 (the “2025 Form 10-K”), filed with the U.S. Securities and Exchange Commission on February 6, 2026 by Philip Morris International Inc. (the “Company” or "PMI"), PMI has implemented an evolved organizational model with two primary business units: International and U.S. The updated organizational structure is designed to enhance our agility and to support our journey to become a smoke-free company. This change was implemented effective January 1, 2026, and as a result we realigned our reportable segments accordingly. The four previously reported geographic segments have been replaced with three new reportable segments:

•International Smoke-Free;

•International Combustibles; and

•U.S.

On March 13, 2026, the Company posted on its website certain recast historical shipment volume and financial information that reflects the change in reporting segments described above.

The unaudited recast historical shipment volume and financial information is being furnished solely to aid investors by providing supplemental information, has no impact on the Company's previously reported consolidated financial position or results of operations, and does not represent a restatement of the Company's previously issued consolidated financial statements that were included in the 2025 Form 10-K. The Company's consolidated statement of earnings will include a new caption for "Corporate expenses and other," which 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. The Company's 2025 and 2024 quarterly and annual recast shipment volume and financial information, previously presented in earnings releases for the same periods, as well as other financial information, is furnished herewith as Exhibit 99.1 and is incorporated in this Item 7.01 by reference. The Company's 2024 and 2023 recast shipment volume and financial information, previously presented in earnings releases for the same periods, as well as other financial information, is furnished herewith as Exhibit 99.2 and is incorporated in this Item 7.01 by reference. As presented in Exhibits 99.1 and 99.2 to this Form 8-K, shipment volumes and financial information for PMI on a consolidated basis do not differ from previously disclosed results, other than the reclassifications described above.

Key terms, definitions and explanatory notes, as well as reconciliations of non-GAAP financial measures to the most directly comparable GAAP measures are set forth on Exhibits 99.1 and 99.2.

In accordance with General Instruction B.2 of Form 8-K, the information in Item 7.01 of this Current Report on Form 8-K, including Exhibits 99.1 and 99.2 hereto, is incorporated by reference herein and is being “furnished” to the Securities and Exchange Commission and shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section. The information in Item 7.01 of this Current Report on Form 8-K shall not be incorporated by reference into any filing or other document pursuant to the Securities Act of 1933, as amended, except as may be expressly set forth by specific reference in such filing or document.


Item 9.01.			Financial Statements and Exhibits.


(d)			Exhibits.


99.1			Recast Shipment Volume and Unaudited Financial Information - 2025 vs. 2024 (furnished pursuant to Item 7.01).


99.2			Recast Shipment Volume and Unaudited Financial Information - 2024 vs. 2023 (furnished pursuant to Item 7.01).


104			Cover Page Interactive Data File (the cover page XBRL tags are embedded within the Inline XBRL document and contained in Exhibit 101)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.



PHILIP MORRIS INTERNATIONAL INC.

By:						/s/ EMMANUEL BABEAU
Name:						Emmanuel Babeau
Title:						Group Chief Financial Officer

Date: March 13, 2026

Exhibit 99.1

Recast Shipment Volume and

Unaudited Financial Information

2025 vs. 2024

PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries

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). As of the first quarter of 2026, our reporting will reflect these changes. • The Company did not operate under these reportable segments or using this measure of segment operating performance in prior periods and will begin to report comparative results under this basis with the filing of its Quarterly Report on Form 10‑Q for the quarter ending March 31, 2026. Until the Company’s interim financial statements are issued, amounts on this new basis are not in accordance with U.S. GAAP and, as a result, are considered non‑GAAP measures. • In the first quarter of 2026, PMI is introducing 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. We believe it is appropriate to disclose this additional profitability measure, OCI, to help investors analyze the business performance and trends of these business units. • The recast 2025 and 2024 financial and shipment volume information in this document reflect the three new reportable segments announced on November 4, 2025. • Comparisons are made to the same prior-year period unless otherwise stated. • "Combustible tobacco products" is the term PMI uses to refer to cigarettes and other tobacco products that are combusted. • "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. Financial • "Adjusted Gross Profit Margin" is calculated as adjusted gross profit divided by adjusted net revenues. • "Adjusted Operating Companies Income Margin" is calculated as adjusted operating companies income divided by adjusted net revenues. • Management reviews net revenues, gross profit, operating companies income, operating income, gross profit margin, operating companies income margin, operating income margin, 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 special 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 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 relevant schedules provided with this report. 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, such as lighters and matches. • 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. • "Heated tobacco units" or "HTU" is the term PMI uses to refer to heated tobacco consumables, which include our BLENDS, DELIA, HEETS, 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 (LEVIA). • Oral smoke-free products conversion: (i) nicotine pouches (units): 15 pouches per can in the U.S. and approximately 20 pouches per can outside the U.S.; (ii) snus products: weighted average 21 pouches equivalent per can; (iii) moist snuff products: weighted average 17 pouches equivalent per can; (iv) tobacco bits products: weighted average 30 pouches equivalent per can; (v) chew bags products: weighted average 20 pouches per can. • E-vapor products conversion: one milliliter of e-vapor liquid equivalent to 10 units. • Wellness products primarily refer to products associated with oral and intra-oral delivery systems.


																		Schedule 1
PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries
Shipment Volume by Product Category
(in million equivalent units)

	Quarters Ended March 31				Quarters Ended June 30				Quarters Ended September 30				Quarters Ended December 31				Years Ended December 31
	2025	2024	% Change		2025	2024	% Change		2025	2024	% Change		2025	2024	% Change		2025	2024	% Change
Cigarettes

International Combustibles	144,753	143,191	1.1	%	155,248	157,618	(1.5)	%	157,940	163,238	(3.2)	%	149,426	152,780	(2.2)	%	607,367	616,827	(1.5)	%

Total PMI	144,753	143,191	1.1	%	155,248	157,618	(1.5)	%	157,940	163,238	(3.2)	%	149,426	152,780	(2.2)	%	607,367	616,827	(1.5)	%

Smoke-Free
International Smoke-Free	39,424	35,049	12.5	%	41,415	37,493	10.5	%	43,296	37,430	15.7	%	40,844	37,830	8.0	%	164,979	147,802	11.6	%

U.S.	3,613	2,570	40.6	%	3,430	2,618	31.0	%	3,626	2,827	28.2	%	3,484	3,025	15.2	%	14,152	11,040	28.2	%
Total PMI	43,037	37,618	14.4	%	44,845	40,111	11.8	%	46,921	40,257	16.6	%	44,327	40,855	8.5	%	179,131	158,842	12.8	%

Heated Tobacco Units
International Smoke-Free	37,089	33,134	11.9	%	38,809	35,544	9.2	%	40,833	35,347	15.5	%	38,396	35,718	7.5	%	155,127	139,743	11.0	%


U.S.	—	—	—	%	1	—	—	%	3	—	—	%	2	—	—	%	6	—	—	%
Total PMI	37,089	33,134	11.9	%	38,810	35,544	9.2	%	40,836	35,347	15.5	%	38,398	35,718	7.5	%	155,133	139,743	11.0	%

Oral Smoke-Free Products
International Smoke-Free	1,703	1,610	5.8	%	1,748	1,565	11.7	%	1,578	1,620	(2.6)	%	1,493	1,613	(7.5)	%	6,522	6,408	1.8	%

U.S.	3,613	2,570	40.6	%	3,429	2,618	31.0	%	3,623	2,827	28.1	%	3,482	3,025	15.1	%	14,146	11,040	28.1	%
Total PMI	5,316	4,180	27.2	%	5,177	4,183	23.8	%	5,201	4,447	16.9	%	4,974	4,638	7.3	%	20,668	17,448	18.5	%

E-Vapor
International Smoke-Free	632	305	+100%		858	384	+100%		885	463	91.0	%	955	499	91.4	%	3,330	1,651	+100%


Total PMI	632	305	+100%		858	384	+100%		885	463	91.0	%	955	499	91.4	%	3,330	1,651	+100%

Total
International Smoke-Free	39,424	35,049	12.5	%	41,415	37,493	10.5	%	43,296	37,430	15.7	%	40,844	37,830	8.0	%	164,979	147,802	11.6	%
International Combustibles	144,753	143,191	1.1	%	155,248	157,618	(1.5)	%	157,940	163,238	(3.2)	%	149,426	152,780	(2.2)	%	607,367	616,827	(1.5)	%
U.S.	3,613	2,570	40.6	%	3,430	2,618	31.0	%	3,626	2,827	28.2	%	3,484	3,025	15.2	%	14,152	11,040	28.2	%
Total PMI	187,790	180,809	3.9	%	200,093	197,729	1.2	%	204,861	203,495	0.7	%	193,753	193,635	0.1	%	786,498	775,669	1.4	%
Note: Total Oral Smoke-Free Products excludes snuff, snuff leaf and U.S. chew. Sum of product categories or segments might not foot to total PMI due to roundings. U.S. excludes cigars.


																		Schedule 2
PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries
Oral Smoke-Free Products Shipment Volume

	Shipments in million cans
	Quarters Ended March 31				Quarters Ended June 30				Quarters Ended September 30				Quarters Ended December 31				Years Ended December 31
	2025	2024	% Change		2025	2024	% Change		2025	2024	% Change		2025	2024	% Change		2025	2024	% Change
Nicotine Pouches
International Smoke-Free	21.3	14.2	50.5	%	24.4	14.8	65.3	%	19.7	15.5	26.8	%	20.5	19.0	7.7	%	85.9	63.5	35.3	%
U.S.	202.1	131.6	53.6	%	190.2	135.1	40.8	%	204.9	149.1	37.4	%	196.5	164.7	19.3	%	793.7	580.5	36.7	%
Total PMI	223.4	145.7	53.3	%	214.7	149.9	43.3	%	224.6	164.6	36.4	%	217.0	183.8	18.1	%	879.6	644.0	36.6	%

Snus, Moist Snuff & Other Oral
International Smoke-Free	60.2	61.8	(2.6)	%	59.7	59.0	1.2	%	56.3	61.2	(8.0)	%	51.9	58.1	(10.7)	%	228.1	240.1	(5.0)	%
U.S.	34.2	35.1	(2.5)	%	34.0	34.9	(2.6)	%	32.3	34.8	(7.1)	%	31.6	32.7	(3.1)	%	132.3	137.5	(3.8)	%
Total PMI	94.4	96.9	(2.5)	%	93.7	93.9	(0.2)	%	88.6	96.0	(7.7)	%	83.6	90.8	(8.0)	%	360.3	377.6	(4.6)	%

Total
International Smoke-Free	81.5	75.9	7.3	%	84.1	73.8	14.0	%	76.0	76.7	(1.0)	%	72.4	77.1	(6.1)	%	314.0	303.6	3.4	%
U.S.	236.4	166.7	41.8	%	224.3	170.0	31.9	%	237.2	183.9	29.0	%	228.1	197.4	15.5	%	926.0	718.0	29.0	%
Total PMI	317.9	242.6	31.0	%	308.4	243.8	26.5	%	313.2	260.7	20.2	%	300.5	274.6	9.5	%	1,240.0	1,021.6	21.4	%

	Shipments in million equivalent units
	Quarters Ended March 31				Quarters Ended June 30				Quarters Ended September 30				Quarters Ended December 31				Years Ended December 31
	2025	2024	% Change		2025	2024	% Change		2025	2024	% Change		2025	2024	% Change		2025	2024	% Change
Nicotine Pouches
International Smoke-Free	427	292	46.2	%	485	303	60.1	%	388	316	22.5	%	394	380	3.7	%	1,693	1,291	31.2	%
U.S.	3,032	1,973	53.6	%	2,854	2,026	40.9	%	3,073	2,237	37.4	%	2,947	2,471	19.2	%	11,906	8,707	36.7	%
Total PMI	3,458	2,265	52.7	%	3,339	2,329	43.4	%	3,461	2,553	35.6	%	3,341	2,851	17.2	%	13,599	9,998	36.0	%

Snus, Moist Snuff & Other Oral
International Smoke-Free	1,276	1,318	(3.2)	%	1,263	1,262	0.0	%	1,191	1,304	(8.7)	%	1,099	1,233	(10.9)	%	4,829	5,117	(5.6)	%
U.S.	581	596	(2.5)	%	576	592	(2.8)	%	549	591	(7.0)	%	535	553	(3.4)	%	2,241	2,333	(3.9)	%
Total PMI	1,857	1,914	(3.0)	%	1,838	1,854	(0.9)	%	1,740	1,894	(8.2)	%	1,634	1,787	(8.6)	%	7,069	7,450	(5.1)	%

Total
International Smoke-Free	1,703	1,610	5.8	%	1,748	1,565	11.7	%	1,578	1,620	(2.6)	%	1,493	1,613	(7.5)	%	6,522	6,408	1.8	%
U.S.	3,613	2,570	40.6	%	3,429	2,618	31.0	%	3,623	2,827	28.1	%	3,482	3,025	15.1	%	14,146	11,040	28.1	%
Total PMI	5,316	4,180	27.2	%	5,177	4,183	23.8	%	5,201	4,447	16.9	%	4,974	4,638	7.3	%	20,668	17,448	18.5	%
Note: Total Oral Smoke-Free Products excludes snuff, snuff leaf and U.S. chew. Sum of product categories or segments might not foot to total PMI due to roundings.


									Schedule 3 (1/5)
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 March 31,	Net Revenues	Total		Excluding Currency		Excluding Currency & Acquisitions / Divestitures

2025					PMI	2024	% Change
$3,076	$(130)	$3,207	$—	$3,207	International Smoke-Free	$2,850	7.9	%	12.5	%	12.5	%
5,326	(208)	5,534	—	5,534	International Combustibles	5,299	0.5	%	4.4	%	4.4	%
899	(2)	901	(49)	950	U.S.	644	39.7	%	40.1	%	47.6	%
$9,301	$(340)	$9,641	$(49)	$9,690	Total PMI	$8,793	5.8	%	9.6	%	10.2	%

2025					Smoke-Free	2024	% Change
$3,076	$(130)	$3,207	$—	$3,207	International Smoke-Free	$2,850	7.9	%	12.5	%	12.5	%
818	(2)	820	(49)	869	U.S.	535	52.8	%	53.2	%	62.3	%
51	(2)	54	(49)	102	of which, Wellness	90	(42.8)	%	(40.4)	%	13.8	%
$3,895	$(132)	$4,027	$(49)	$4,076	Total Smoke-Free	$3,386	15.0	%	18.9	%	20.4	%

2025					Combustible Tobacco	2024	% Change
$5,326	$(208)	$5,534	$—	$5,534	International Combustibles	$5,299	0.5	%	4.4	%	4.4	%
81	—	81	—	81	U.S.	108	(25.1)	%	(25.1)	%	(25.1)	%
$5,407	$(208)	$5,615	$—	$5,615	Total Combustible Tobacco	$5,407	—	%	3.8	%	3.8	%

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 3 (2/5)
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

2025					PMI	2024	% Change
$3,395	$65	$3,329	$—	$3,329	International Smoke-Free	$3,015	12.6	%	10.4	%	10.4	%
5,883	5	5,878	—	5,878	International Combustibles	5,748	2.3	%	2.3	%	2.3	%
862	1	861	(39)	900	U.S.	705	22.3	%	22.2	%	27.7	%
$10,140	$71	$10,069	$(39)	$10,108	Total PMI	$9,468	7.1	%	6.3	%	6.8	%

2025					Smoke-Free	2024	% Change
$3,395	$65	$3,329	$—	$3,329	International Smoke-Free	$3,015	12.6	%	10.4	%	10.4	%
766	1	765	(39)	804	U.S.	595	28.8	%	28.5	%	35.1	%
57	1	56	(39)	95	of which, Wellness	80	(28.7)	%	(30.3)	%	18.6	%
$4,161	$67	$4,094	$(39)	$4,133	Total Smoke-Free	$3,610	15.2	%	13.4	%	14.5	%

2025					Combustible Tobacco	2024	% Change
$5,883	$5	$5,878	$—	$5,878	International Combustibles	$5,748	2.3	%	2.3	%	2.3	%
96	—	96	—	96	U.S.	110	(12.3)	%	(12.3)	%	(12.3)	%
$5,979	$5	$5,974	$—	$5,974	Total Combustible Tobacco	$5,858	2.1	%	2.0	%	2.0	%

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 3 (3/5)
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 September 30,	Net Revenues	Total		Excluding Currency		Excluding Currency & Acquisitions / Divestitures

2025					PMI	2024	% Change
$3,839	$179	$3,661	$—	$3,661	International Smoke-Free	$3,101	23.8	%	18.0	%	18.0	%
6,316	202	6,114	—	6,114	International Combustibles	6,041	4.6	%	1.2	%	1.2	%
689	4	685	(38)	724	U.S.	769	(10.4)	%	(10.8)	%	(5.8)	%
$10,845	$385	$10,460	$(38)	$10,498	Total PMI	$9,911	9.4	%	5.5	%	5.9	%

2025					Smoke-Free	2024	% Change
$3,839	$179	$3,661	$—	$3,661	International Smoke-Free	$3,101	23.8	%	18.0	%	18.0	%
605	4	602	(38)	640	U.S.	675	(10.4)	%	(10.9)	%	(5.2)	%
57	4	54	(38)	92	of which, Wellness	76	(24.3)	%	(28.9)	%	21.7	%
$4,445	$182	$4,263	$(38)	$4,301	Total Smoke-Free	$3,777	17.7	%	12.9	%	13.9	%

2025					Combustible Tobacco	2024	% Change
$6,316	$202	$6,114	$—	$6,114	International Combustibles	$6,041	4.6	%	1.2	%	1.2	%
84	—	84	—	84	U.S.	93	(10.1)	%	(10.1)	%	(10.1)	%
$6,400	$202	$6,198	$—	$6,198	Total Combustible Tobacco	$6,134	4.3	%	1.0	%	1.0	%

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 3 (4/5)
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 December 31,	Net Revenues	Total		Excluding Currency		Excluding Currency & Acquisitions / Divestitures

2025					PMI	2024	% Change
$3,686	$172	$3,514	$—	$3,514	International Smoke-Free	$3,159	16.7	%	11.2	%	11.2	%
5,911	169	5,742	—	5,742	International Combustibles	5,720	3.3	%	0.4	%	0.4	%
765	4	761	(44)	805	U.S.	827	(7.5)	%	(8.0)	%	(2.7)	%
$10,362	$345	$10,017	$(44)	$10,061	Total PMI	$9,706	6.8	%	3.2	%	3.7	%

2025					Smoke-Free	2024	% Change
$3,686	$172	$3,514	$—	$3,514	International Smoke-Free	$3,159	16.7	%	11.2	%	11.2	%
668	4	664	(44)	708	U.S.	728	(8.2)	%	(8.8)	%	(2.8)	%
72	4	68	(44)	112	of which, Wellness	87	(17.2)	%	(21.9)	%	28.4	%
$4,354	$176	$4,178	$(44)	$4,222	Total Smoke-Free	$3,887	12.0	%	7.5	%	8.6	%

2025					Combustible Tobacco	2024	% Change
$5,911	$169	$5,742	$—	$5,742	International Combustibles	$5,720	3.3	%	0.4	%	0.4	%
97	—	97	—	97	U.S.	99	(2.1)	%	(2.1)	%	(2.1)	%
$6,008	$169	$5,839	$—	$5,839	Total Combustible Tobacco	$5,819	3.3	%	0.3	%	0.3	%

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 3 (5/5)
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	Years Ended December 31,	Net Revenues	Total		Excluding Currency		Excluding Currency & Acquisitions / Divestitures

2025					PMI	2024	% Change
$13,996	$285	$13,711	$—	$13,711	International Smoke-Free	$12,126	15.4	%	13.1	%	13.1	%
23,436	169	23,267	—	23,267	International Combustibles	22,807	2.8	%	2.0	%	2.0	%
3,216	7	3,209	(170)	3,379	U.S.	2,944	9.2	%	9.0	%	14.8	%
$40,648	$461	$40,187	$(170)	$40,357	Total PMI	$37,878	7.3	%	6.1	%	6.5	%

2025					Smoke-Free	2024	% Change
$13,996	$285	$13,711	$—	$13,711	International Smoke-Free	$12,126	15.4	%	13.1	%	13.1	%
2,858	7	2,851	(170)	3,021	U.S.	2,534	12.8	%	12.5	%	19.2	%
238	7	231	(170)	401	of which, Wellness	333	(28.5)	%	(30.5)	%	20.6	%
$16,854	$292	$16,562	$(170)	$16,732	Total Smoke-Free	$14,660	15.0	%	13.0	%	14.1	%

2025					Combustible Tobacco	2024	% Change
$23,436	$169	$23,267	$—	$23,267	International Combustibles	$22,807	2.8	%	2.0	%	2.0	%
358	—	358	—	358	U.S.	410	(12.7)	%	(12.7)	%	(12.7)	%
$23,794	$169	$23,625	$—	$23,625	Total Combustible Tobacco	$23,218	2.5	%	1.8	%	1.8	%

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
Adjustments of Gross Profit for the Impact of Currency and Acquisitions/Divestitures
($ in millions) / (Unaudited)

Gross Profit	Currency	Gross Profit excluding Currency	Acquisitions / Divestitures	Gross Profit excl. Currency & Acquisitions / Divestitures		Gross Profit	Total		Excluding Currency		Excluding Currency & Acquisitions / Divestitures

2025					Quarters Ended March 31,	2024	% Change
$2,087	$(99)	$2,186	$—	$2,186	International Smoke-Free	$1,768	18.0	%	23.6	%	23.6	%
3,499	(136)	3,635	20	3,615	International Combustibles	3,407	2.7	%	6.7	%	6.1	%
685	—	685	(20)	705	U.S.	429	59.6	%	59.6	%	64.3	%
$6,270	$(235)	$6,505	$—	$6,505	Total PMI	$5,604	11.9	%	16.1	%	16.1	%

2025					Quarters Ended June 30,	2024	% Change
$2,319	$47	$2,272	$—	$2,272	International Smoke-Free	$1,916	21.0	%	18.5	%	18.5	%
3,936	1	3,935	12	3,923	International Combustibles	3,731	5.5	%	5.5	%	5.1	%
611	—	611	(7)	618	U.S.	479	27.5	%	27.5	%	28.9	%
$6,866	$47	$6,819	$4	$6,815	Total PMI	$6,127	12.1	%	11.3	%	11.2	%

2025					Quarters Ended September 30,	2024	% Change
$2,683	$123	$2,560	$—	$2,560	International Smoke-Free	$2,088	28.5	%	22.6	%	22.6	%
4,244	117	4,127	—	4,127	International Combustibles	3,919	8.3	%	5.3	%	5.3	%
434	—	434	(3)	437	U.S.	541	(19.9)	%	(19.8)	%	(19.3)	%
$7,361	$240	$7,121	$(2)	$7,123	Total PMI	$6,549	12.4	%	8.7	%	8.8	%

2025					Quarters Ended December 31,	2024	% Change
$2,488	$118	$2,370	$—	$2,370	International Smoke-Free	$2,058	20.9	%	15.2	%	15.2	%
3,844	98	3,746	—	3,746	International Combustibles	3,629	5.9	%	3.2	%	3.2	%
476	—	476	(17)	493	U.S.	601	(20.7)	%	(20.8)	%	(18.0)	%
$6,807	$215	$6,592	$(17)	$6,609	Total PMI	$6,288	8.3	%	4.8	%	5.1	%

2025					Years Ended December 31,	2024	% Change
$9,576	$187	$9,389	$—	$9,389	International Smoke-Free	$7,831	22.3	%	19.9	%	19.9	%
15,523	80	15,443	31	15,412	International Combustibles	14,687	5.7	%	5.1	%	4.9	%
2,206	—	2,206	(46)	2,252	U.S.	2,050	7.6	%	7.6	%	9.8	%
$27,304	$267	$27,037	$(15)	$27,052	Total PMI	$24,568	11.1	%	10.0	%	10.1	%
Note: Sum of 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	Special Items(1)	Adjusted Gross Profit	Currency	Adjusted Gross Profit excluding Currency	Acquisitions / Divestitures	Adjusted Gross Profit excl. Currency & Acquisitions / Divestitures			Gross Profit	Special Items(1)	Adjusted Gross Profit	Total		Excluding Currency		Excluding Currency & Acquisitions / Divestitures

2025							Quarters Ended March 31,		2024			% Change
$2,087	$(1)	$2,087	$(99)	$2,187	$—	$2,187		International Smoke-Free	$1,768	$(1)	$1,769	18.0	%	23.6	%	23.6	%
3,499	—	3,499	(136)	3,635	20	3,615		International Combustibles	3,407	—	3,407	2.7	%	6.7	%	6.1	%
685	(5)	689	—	689	(31)	720		U.S.	429	(16)	445	55.0	%	55.1	%	62.0	%
$6,270	$(5)	$6,275	$(235)	$6,510	$(11)	$6,521		Total PMI	$5,604	$(16)	$5,620	11.7	%	15.8	%	16.0	%

2025							Quarters Ended June 30,		2024			% Change
$2,319	$(1)	$2,319	$47	$2,273	$—	$2,273		International Smoke-Free	$1,916	$(1)	$1,917	21.0	%	18.5	%	18.5	%
3,936	—	3,936	1	3,935	12	3,923		International Combustibles	3,731	—	3,731	5.5	%	5.5	%	5.1	%
611	(5)	616	—	616	(17)	633		U.S.	479	(15)	494	24.6	%	24.6	%	28.1	%
$6,866	$(6)	$6,872	$47	$6,825	$(6)	$6,831		Total PMI	$6,127	$(16)	$6,143	11.9	%	11.1	%	11.2	%

2025							Quarters Ended September 30,		2024			% Change
$2,683	$(1)	$2,683	$123	$2,561	$—	$2,561		International Smoke-Free	$2,088	$(1)	$2,089	28.4	%	22.6	%	22.6	%
4,244	—	4,244	117	4,127	—	4,127		International Combustibles	3,919	—	3,919	8.3	%	5.3	%	5.3	%
434	(5)	439	—	439	(11)	451		U.S.	541	(13)	555	(20.9)	%	(20.9)	%	(18.8)	%
$7,361	$(5)	$7,366	$240	$7,126	$(11)	$7,137		Total PMI	$6,549	$(14)	$6,563	12.2	%	8.6	%	8.7	%

2025							Quarters Ended December 31,		2024			% Change
$2,488	$(1)	$2,489	$118	$2,371	$—	$2,371		International Smoke-Free	$2,058	$(1)	$2,058	20.9	%	15.2	%	15.2	%
3,844	—	3,844	98	3,746	—	3,746		International Combustibles	3,629	—	3,629	5.9	%	3.2	%	3.2	%
476	(5)	481	—	481	(17)	498		U.S.	601	(5)	606	(20.5)	%	(20.6)	%	(17.8)	%
$6,807	$(6)	$6,813	$215	$6,598	$(17)	$6,615		Total PMI	$6,288	$(5)	$6,293	8.3	%	4.8	%	5.1	%

2025							Years Ended December 31,		2024			% Change
$9,576	$(3)	$9,579	$187	$9,391	$—	$9,391		International Smoke-Free	$7,831	$(2)	$7,833	22.3	%	19.9	%	19.9	%
15,523	—	15,523	80	15,443	31	15,412		International Combustibles	14,687	—	14,687	5.7	%	5.1	%	4.9	%
2,206	(20)	2,225	—	2,226	(76)	2,301		U.S.	2,050	(49)	2,099	6.0	%	6.0	%	9.6	%
$27,304	$(22)	$27,326	$267	$27,059	$(45)	$27,104		Total PMI	$24,568	$(51)	$24,619	11.0	%	9.9	%	10.1	%

(1) 2025 and 2024 Special Items reflect amortization of intangibles related to Smoke-free products. 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 & Acqui-sitions / Divestitures (1)	Net Revenues excluding Currency & Acqui-sitions / Divestitures (2)	Adjusted Gross Profit Margin excluding Currency & Acqui-sitions / 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 & Acqui-sitions / Divestitures

2025												Quarters Ended March 31,		2024				% Points Change
$2,087	$3,076	67.9	%	$2,187	$3,207	68.2	%	$2,187	$3,207	68.2	%		International Smoke-Free	$1,769	$2,850	62.1	%	5.8	6.1	6.1
3,499	5,326	65.7	%	3,635	5,534	65.7	%	3,615	5,534	65.3	%		International Combustibles	3,407	5,299	64.3	%	1.4	1.4	1.0
689	899	76.6	%	689	901	76.5	%	720	950	75.8	%		U.S.	445	644	69.1	%	7.5	7.4	6.7
$6,275	$9,301	67.5	%	$6,510	$9,641	67.5	%	$6,521	$9,690	67.3	%		Total PMI	$5,620	$8,793	63.9	%	3.6	3.6	3.4

2025												Quarters Ended June 30,		2024				% Points Change
$2,319	$3,395	68.3	%	$2,273	$3,329	68.3	%	$2,273	$3,329	68.3	%		International Smoke-Free	$1,917	$3,015	63.6	%	4.7	4.7	4.7
3,936	5,883	66.9	%	3,935	5,878	66.9	%	3,923	5,878	66.7	%		International Combustibles	3,731	5,748	64.9	%	2.0	2.0	1.8
616	862	71.4	%	616	861	71.5	%	633	900	70.3	%		U.S.	494	705	70.1	%	1.3	1.4	0.2
$6,872	$10,140	67.8	%	$6,825	$10,069	67.8	%	$6,831	$10,108	67.6	%		Total PMI	$6,143	$9,468	64.9	%	2.9	2.9	2.7

2025												Quarters Ended September 30,		2024				% Points Change
$2,683	$3,839	69.9	%	$2,561	$3,661	70.0	%	$2,561	$3,661	70.0	%		International Smoke-Free	$2,089	$3,101	67.4	%	2.5	2.6	2.6
4,244	6,316	67.2	%	4,127	6,114	67.5	%	4,127	6,114	67.5	%		International Combustibles	3,919	6,041	64.9	%	2.3	2.6	2.6
439	689	63.7	%	439	685	64.1	%	451	724	62.3	%		U.S.	555	769	72.2	%	(8.5)	(8.1)	(9.9)
$7,366	$10,845	67.9	%	$7,126	$10,460	68.1	%	$7,137	$10,498	68.0	%		Total PMI	$6,563	$9,911	66.2	%	1.7	1.9	1.8

2025												Quarters Ended December 31,		2024				% Points Change
$2,489	$3,686	67.5	%	$2,371	$3,514	67.5	%	$2,371	$3,514	67.5	%		International Smoke-Free	$2,058	$3,159	65.2	%	2.3	2.3	2.3
3,844	5,911	65.0	%	3,746	5,742	65.2	%	3,746	5,742	65.2	%		International Combustibles	3,629	5,720	63.5	%	1.5	1.7	1.7
481	765	62.9	%	481	761	63.2	%	498	805	61.8	%		U.S.	606	827	73.2	%	(10.3)	(10.0)	(11.4)
$6,813	$10,362	65.7	%	$6,598	$10,017	65.9	%	$6,615	$10,061	65.7	%		Total PMI	$6,293	$9,706	64.8	%	0.9	1.1	0.9

2025												Years Ended December 31,		2024				% Points Change
$9,579	$13,996	68.4	%	$9,391	$13,711	68.5	%	$9,391	$13,711	68.5	%		International Smoke-Free	$7,833	$12,126	64.6	%	3.8	3.9	3.9
15,523	23,436	66.2	%	15,443	23,267	66.4	%	15,412	23,267	66.2	%		International Combustibles	14,687	22,807	64.4	%	1.8	2.0	1.8
2,225	3,216	69.2	%	2,226	3,209	69.4	%	2,301	3,379	68.1	%		U.S.	2,099	2,944	71.3	%	(2.1)	(1.9)	(3.2)
$27,326	$40,648	67.2	%	$27,059	$40,187	67.3	%	$27,104	$40,357	67.2	%		Total PMI	$24,619	$37,878	65.0	%	2.2	2.3	2.2

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


									Schedule 7
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 (Loss)	Currency	Operating Companies Income excluding Currency	Acquisitions / Divestitures	Operating Companies Income excluding Currency & Acquisitions / Divestitures		Operating Companies Income (Loss)	Total		Excluding Currency		Excluding Currency & Acquisitions / Divestitures

2025					Quarters Ended March 31,	2024	% Change
$3,605	$(158)	$3,763	$19	$3,744	International	$3,355	7.5	%	12.2	%	11.6	%
237	2	235	25	210	U.S.	22	+100%		+100%		+100%
$3,842	$(156)	$3,998	$44	$3,954	Total PMI	$3,377	13.8	%	18.4	%	17.1	%

2025					Quarters Ended June 30,	2024	% Change
$3,685	$9	$3,676	$11	$3,665	International	$3,523	4.6	%	4.3	%	4.0	%
152	(3)	154	11	144	U.S.	88	72.0	%	74.8	%	62.5	%
$3,837	$6	$3,831	$22	$3,809	Total PMI	$3,611	6.3	%	6.1	%	5.5	%

2025					Quarters Ended September 30,	2024	% Change
$4,335	$132	$4,203	$—	$4,203	International	$3,883	11.6	%	8.2	%	8.2	%
(33)	(5)	(28)	17	(44)	U.S.	(114)	71.5	%	75.9	%	61.3	%
$4,303	$126	$4,177	$17	$4,160	Total PMI	$3,770	14.1	%	10.8	%	10.3	%

2025					Quarters Ended December 31,	2024	% Change
$3,597	$104	$3,492	$—	$3,492	International	$3,326	8.1	%	5.0	%	5.0	%
(35)	(5)	(29)	3	(32)	U.S.	63	-(100)%		-(100)%		-(100)%
$3,562	$99	$3,463	$3	$3,460	Total PMI	$3,389	5.1	%	2.2	%	2.1	%

2025					Years Ended December 31,	2024	% Change
$15,222	$87	$15,135	$30	$15,105	International	$14,088	8.1	%	7.4	%	7.2	%
322	(10)	332	55	277	U.S.	59	+100%		+100%		+100%
$15,544	$75	$15,469	$86	$15,383	Total PMI	$14,147	9.9	%	9.3	%	8.7	%

Note: Sum of segments 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
Reconciliation of Operating Companies Income to Adjusted Operating Companies Income, excluding Currency and Acquisitions/Divestitures
($ in millions) / (Unaudited)

Operating Companies Income (Loss)	Special 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 (Loss)	Special Items (1)	Adjusted Operating Companies Income	Total		Excluding Currency		Excluding Currency & Acquisitions / Divestitures

2025							Quarters Ended March 31,		2024			% Change
$3,605	$(45)	$3,650	$(158)	$3,809	$19	$3,790		International	$3,355	$(57)	$3,412	7.0	%	11.6	%	11.1	%
237	(200)	437	2	435	(12)	447		U.S.	22	(220)	242	80.7	%	79.8	%	84.7	%
$3,842	$(246)	$4,088	$(156)	$4,244	$7	$4,237		Total PMI	$3,377	$(277)	$3,654	11.9	%	16.1	%	16.0	%

2025							Quarters Ended June 30,		2024			% Change
$3,685	$(333)	$4,019	$9	$4,010	$11	$3,999		International	$3,523	$(47)	$3,570	12.6	%	12.3	%	12.0	%
152	(201)	353	(3)	355	—	355		U.S.	88	(165)	253	39.3	%	40.3	%	40.1	%
$3,837	$(534)	$4,371	$6	$4,365	$12	$4,353		Total PMI	$3,611	$(212)	$3,823	14.3	%	14.2	%	13.9	%

2025							Quarters Ended September 30,		2024			% Change
$4,335	$(207)	$4,542	$132	$4,410	$—	$4,410		International	$3,883	$(92)	$3,975	14.3	%	10.9	%	10.9	%
(33)	(200)	168	(5)	173	8	165		U.S.	(114)	(407)	293	(42.7)	%	(41.0)	%	(43.7)	%
$4,303	$(407)	$4,710	$126	$4,584	$8	$4,576		Total PMI	$3,770	$(499)	$4,269	10.3	%	7.4	%	7.2	%

2025							Quarters Ended December 31,		2024			% Change
$3,597	$(148)	$3,745	$104	$3,640	$—	$3,640		International	$3,326	$(47)	$3,372	11.0	%	7.9	%	7.9	%
(35)	(201)	167	(5)	172	3	169		U.S.	63	(213)	277	(39.8)	%	(37.9)	%	(38.9)	%
$3,562	$(349)	$3,911	$99	$3,812	$3	$3,809		Total PMI	$3,389	$(260)	$3,649	7.2	%	4.5	%	4.4	%

2025							Years Ended December 31,		2024			% Change
$15,222	$(734)	$15,956	$87	$15,869	$30	$15,839		International	$14,088	$(242)	$14,329	11.3	%	10.7	%	10.5	%
322	(802)	1,124	(10)	1,135	(1)	1,136		U.S.	59	(1,006)	1,065	5.6	%	6.6	%	6.7	%
$15,544	$(1,536)	$17,080	$75	$17,005	$30	$16,975		Total PMI	$14,147	$(1,248)	$15,395	10.9	%	10.5	%	10.3	%
(1) For details on Special Items, refer to Schedule 11
Note: Sum of segments 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 Adjusted Operating Companies Income Margin, excluding Currency and Acquisitions/Divestitures
($ in millions) / (Unaudited)

Adjusted Operating Companies Income (1)	Net Revenues (2)	Adjusted Operating Companies Income Margin		Adjusted Operating Companies Income excluding Currency (1)	Net Revenues excluding Currency (2)	Adjusted Operating Companies Income Margin excluding Currency		Adjusted Operating Companies Income excluding Currency & Acqui-sitions / Divestitures (1)	Net Revenues excluding Currency & Acqui-sitions / Divestitures (2)	Adjusted Operating Companies Income Margin excluding Currency & Acqui-sitions / Divestitures				Adjusted Operating Companies Income (1)	Net Revenues (2)	Adjusted Operating Companies Income Margin		Adjusted Operating Companies Income Margin	Adjusted Operating Companies Income Margin excluding Currency	Adjusted Operating Companies Income Margin excluding Currency & Acqui-sitions / Divestitures

2025												Quarters Ended March 31,		2024				% Points Change
$3,650	$8,402	43.4	%	$3,809	$8,740	43.6	%	$3,790	$8,740	43.4	%		International	$3,412	$8,149	41.9	%	1.5	1.7	1.5
437	899	48.6	%	435	901	48.3	%	447	950	47.1	%		U.S.	242	644	37.6	%	11.0	10.7	9.5
$4,088	$9,301	44.0	%	$4,244	$9,641	44.0	%	$4,237	$9,690	43.7	%		Total PMI	$3,654	$8,793	41.6	%	2.4	2.4	2.1

2025												Quarters Ended June 30,		2024				% Points Change
$4,019	$9,278	43.3	%	$4,010	$9,207	43.6	%	$3,999	$9,207	43.4	%		International	$3,570	$8,764	40.7	%	2.6	2.9	2.7
353	862	40.9	%	355	861	41.2	%	355	900	39.4	%		U.S.	253	705	35.9	%	5.0	5.3	3.5
$4,371	$10,140	43.1	%	$4,365	$10,069	43.4	%	$4,353	$10,108	43.1	%		Total PMI	$3,823	$9,468	40.4	%	2.7	3.0	2.7

2025												Quarters Ended September 30,		2024				% Points Change
$4,542	$10,156	44.7	%	$4,410	$9,775	45.1	%	$4,410	$9,775	45.1	%		International	$3,975	$9,142	43.5	%	1.2	1.6	1.6
168	689	24.4	%	173	685	25.2	%	165	724	22.8	%		U.S.	293	769	38.1	%	(13.7)	(12.9)	(15.3)
$4,710	$10,845	43.4	%	$4,584	$10,460	43.8	%	$4,576	$10,498	43.6	%		Total PMI	$4,269	$9,911	43.1	%	0.3	0.7	0.5

2025												Quarters Ended December 31,		2024				% Points Change
$3,745	$9,597	39.0	%	$3,640	$9,256	39.3	%	$3,640	$9,256	39.3	%		International	$3,372	$8,878	38.0	%	1.0	1.3	1.3
167	765	21.8	%	172	761	22.6	%	169	805	21.0	%		U.S.	277	827	33.5	%	(11.7)	(10.9)	(12.5)
$3,911	$10,362	37.7	%	$3,812	$10,017	38.1	%	$3,809	$10,061	37.9	%		Total PMI	$3,649	$9,706	37.6	%	0.1	0.5	0.3

2025												Years Ended December 31,		2024				% Points Change
$15,956	$37,432	42.6	%	$15,869	$36,978	42.9	%	$15,839	$36,978	42.8	%		International	$14,329	$34,933	41.0	%	1.6	1.9	1.8
1,124	3,216	35.0	%	1,135	3,209	35.4	%	1,136	3,379	33.6	%		U.S.	1,065	2,944	36.2	%	(1.2)	(0.8)	(2.6)
$17,080	$40,648	42.0	%	$17,005	$40,187	42.3	%	$16,975	$40,357	42.1	%		Total PMI	$15,395	$37,878	40.6	%	1.4	1.7	1.5

(1) For the calculation of Adjusted Operating Companies Income, Adjusted Operating Companies Income excluding currency and Adjusted Operating Companies Income excluding currency and acquisitions/divestitures, refer to Schedule 8
(2) For the calculation of Net Revenues excluding currency and Net Revenues excluding currency and acquisitions/divestitures, refer to Schedule 3


													Schedule 10
PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries
Net Revenues, Gross Profit and Operating Companies Income: Price, Volume/Mix and Cost/Other Variances
($ in millions) / (Unaudited)


	2025 vs. 2024
	Quarters Ended March 31			Quarters Ended June 30			Quarters Ended September 30			Quarters Ended December 31			Years Ended December 31
	Price	Volume/Mix	Cost/Other	Price	Volume/Mix	Cost/Other	Price	Volume/Mix	Cost/Other	Price	Volume/Mix	Cost/Other	Price	Volume/Mix	Cost/Other
Net Revenues
International Smoke-Free	$(3)	$360	$—	$4	$309	$—	$51	$508	$—	$45	$311	$—	$96	$1,488	$1
International Combustibles	449	(208)	(6)	421	(286)	(4)	511	(476)	37	389	(364)	(4)	1,771	(1,334)	23
U.S.	81	226	—	(7)	203	—	(255)	211	—	(150)	128	—	(332)	767	—
Total PMI	$526	$377	$(6)	$420	$225	$(5)	$305	$245	$37	$285	$73	$(3)	$1,536	$920	$23

Gross Profit
International Smoke-Free	$(3)	$384	$37	$4	$299	$52	$51	$382	$39	$45	$222	$46	$96	$1,286	$175
International Combustibles	449	(137)	(104)	421	(170)	(59)	511	(306)	2	389	(249)	(24)	1,771	(862)	(184)
U.S.	81	203	(8)	(7)	173	(27)	(255)	182	(31)	(150)	102	(60)	(332)	660	(126)
Total PMI	$526	$450	$(75)	$420	$301	$(33)	$305	$258	$11	$285	$75	$(39)	$1,536	$1,084	$(136)

Operating Companies Income
International	$446	$247	$(304)	$425	$129	$(412)	$562	$76	$(318)	$434	$(27)	$(240)	$1,867	$424	$(1,274)
U.S.	81	203	(96)	(7)	173	(110)	(255)	182	144	(150)	102	(47)	(332)	660	(110)
Total PMI	$526	$450	$(399)	$420	$301	$(523)	$305	$258	$(173)	$285	$75	$(289)	$1,536	$1,084	$(1,384)

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


					Schedule 11 (1/2)
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)

	Quarter Ended	Quarter Ended	Quarter Ended	Quarter Ended	Year Ended
	March 31,	June 30,	September 30,	December 31,	December 31,
	2025	2025	2025	2025	2025
PMI
Operating Companies Income	$3,842	$3,837	$4,303	$3,562	$15,544
Amortization of intangibles	(246)	(250)	(250)	(257)	(1,003)
Impairment of goodwill	—	(41)	—	—	(41)
Restructuring charges	—	(243)	—	2	(241)
RBH (Canada) Plan Implementation	—	—	19	—	19
Germany excise tax classification litigation charge	—	—	(176)	—	(176)
Loss on expected sale of consumer accessories and other businesses	—	—	—	(94)	(94)
Adjusted Operating Companies Income	$4,088	$4,371	$4,710	$3,911	$17,080

International
Operating Companies Income	$3,605	$3,685	$4,335	$3,597	$15,222
Amortization of intangibles	(45)	(49)	(50)	(55)	(200)
Impairment of goodwill	—	(41)	—	—	(41)
Restructuring charges	—	(243)	—	2	(241)
RBH (Canada) Plan Implementation	—	—	19	—	19
Germany excise tax classification litigation charge	—	—	(176)	—	(176)
Loss on expected sale of consumer accessories and other businesses	—	—	—	(94)	(94)
Adjusted Operating Companies Income	$3,650	$4,019	$4,542	$3,745	$15,956

U.S.
Operating Companies Income	$237	$152	$(33)	$(35)	$322
Amortization of intangibles	(200)	(201)	(200)	(201)	(802)





Adjusted Operating Companies Income	$437	$353	$168	$167	$1,124
Note: Sum of special items might not foot due to roundings. Special items between -$0.5 million and +$0.5 million are not displayed by segment.


					Schedule 11 (2/2)
PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries
Reconciliation of Non-GAAP Measures
Reconciliation of Reported Operating Income to Adjusted Operating Income
($ in millions) / (Unaudited)

	Quarter Ended	Quarter Ended	Quarter Ended	Quarter Ended	Year Ended
	March 31,	June 30,	September 30,	December 31,	December 31,
	2024	2024	2024	2024	2024
PMI
Operating Companies Income	$3,377	$3,611	$3,770	$3,389	$14,147
Amortization of intangibles	(120)	(212)	(256)	(247)	(835)
Impairment of other intangibles	(27)	—	—	—	(27)
Restructuring charges	(130)	—	—	(12)	(142)
Egypt sales tax charge	—	—	(45)	—	(45)
Loss on sale of Vectura Group	—	—	(198)	(1)	(199)



Adjusted Operating Companies Income	$3,654	$3,823	$4,269	$3,649	$15,395

International
Operating Companies Income	$3,355	$3,523	$3,883	$3,326	$14,088
Amortization of intangibles	(48)	(47)	(46)	(47)	(188)

Restructuring charges	(9)	—	—	—	(9)
Egypt sales tax charge	—	—	(45)	—	(45)




Adjusted Operating Companies Income	$3,412	$3,570	$3,975	$3,372	$14,329

U.S.
Operating Companies Income	$22	$88	$(114)	$63	$59
Amortization of intangibles	(73)	(165)	(209)	(201)	(648)
Impairment of other intangibles	(26)	—	—	—	(26)
Restructuring charges	(121)	—	—	(12)	(133)

Loss on sale of Vectura Group	—	—	(198)	(1)	(199)



Adjusted Operating Companies Income	$242	$253	$293	$277	$1,065
Note: Sum of special items might not foot due to roundings. Special items between -$0.5 million and +$0.5 million are not displayed by segment.


																		Schedule 12
PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries
Reconciliation of Non-GAAP Measures
Reconciliation of Operating Companies Income to Operating Income
($ in millions) / (Unaudited)

	Quarters Ended March 31				Quarters Ended June 30				Quarters Ended September 30				Quarters Ended December 31				Years Ended December 31
	2025	2024	Change Fav./(Unfav.)		2025	2024	Change Fav./(Unfav.)		2025	2024	Change Fav./(Unfav.)		2025	2024	Change Fav./(Unfav.)		2025	2024	Change Fav./(Unfav.)
Net Revenues	$9,301	$8,793	5.8	%	$10,140	$9,468	7.1	%	$10,845	$9,911	9.4	%	$10,362	$9,706	6.8	%	$40,648	$37,878	7.3	%
Less: Cost of sales	3,031	3,189	5.0	%	3,274	3,341	2.0	%	3,484	3,362	(3.6)	%	3,555	3,418	(4.0)	%	13,344	13,310	(0.3)	%
Gross profit	6,270	5,604	11.9	%	6,866	6,127	12.1	%	7,361	6,549	12.4	%	6,807	6,288	8.3	%	27,304	24,568	11.1	%
Less: Marketing, administration and research costs(1)	2,428	2,227	(9.0)	%	2,988	2,516	(18.8)	%	3,058	2,779	(10.0)	%	3,245	2,899	(11.9)	%	11,719	10,421	(12.5)	%
Impairment of goodwill	—	—	—	%	41	—	—	%	—	—	—	%	—	—	—	%	41	—	—	%
Operating Companies Income	3,842	3,377	13.8	%	3,837	3,611	6.3	%	4,303	3,770	14.1	%	3,562	3,389	5.1	%	15,544	14,147	9.9	%
Less: Corporate Expenses and Other	298	332	10.2	%	125	167	25.1	%	40	116	65.5	%	189	130	(45.4)	%	652	745	12.5	%
Operating Income	$3,544	$3,045	16.4	%	$3,712	$3,444	7.8	%	$4,263	$3,654	16.7	%	$3,373	$3,259	3.5	%	$14,892	$13,402	11.1	%

(1) excluding Corporate Expenses and Other

Exhibit 99.2

Recast Shipment Volume and

Unaudited Financial Information

2024 vs. 2023

PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries

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). As of the first quarter of 2026, our reporting will reflect these changes. • The Company did not operate under these reportable segments or using this measure of segment operating performance in prior periods and will begin to report comparative results under this basis with the filing of its Quarterly Report on Form 10‑Q for the quarter ending March 31, 2026. Until the Company’s interim financial statements are issued, amounts on this new basis are not in accordance with U.S. GAAP and, as a result, are considered non‑GAAP measures. • In the first quarter of 2026, PMI is introducing 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. We believe it is appropriate to disclose this additional profitability measure, OCI, to help investors analyze the business performance and trends of these business units. • The recast 2024 and 2023 financial and shipment volume information in this document reflect the three new reportable segments announced on November 4, 2025. • Comparisons are made to the same prior-year period unless otherwise stated. • "Combustible tobacco products" is the term PMI uses to refer to cigarettes and other tobacco products that are combusted. • "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. Financial • "Adjusted Gross Profit Margin" is calculated as adjusted gross profit divided by adjusted net revenues. • "Adjusted Operating Companies Income Margin" is calculated as adjusted operating companies income divided by adjusted net revenues. • Management reviews net revenues, gross profit, operating companies income, operating income, gross profit margin, operating companies income margin, operating income margin, 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 special 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 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 relevant schedules provided with this report. 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, such as lighters and matches. • 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. • "Heated tobacco units" or "HTU" is the term PMI uses to refer to heated tobacco consumables, which include our BLENDS, DELIA, HEETS, 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 (LEVIA). • Oral smoke-free products conversion: (i) nicotine pouches (units): 15 pouches per can in the U.S. and approximately 20 pouches per can outside the U.S.; (ii) snus products: weighted average 21 pouches equivalent per can; (iii) moist snuff products: weighted average 17 pouches equivalent per can; (iv) tobacco bits products: weighted average 30 pouches equivalent per can; (v) chew bags products: weighted average 20 pouches per can. • E-vapor products conversion: one milliliter of e-vapor liquid equivalent to 10 units. • Wellness products primarily refer to products associated with oral and intra-oral delivery systems.


																		Schedule 1
PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries
Shipment Volume by Product Category
(in million equivalent units)

	Quarters Ended March 31				Quarters Ended June 30				Quarters Ended September 30				Quarters Ended December 31				Years Ended December 31
	2024	2023	% Change		2024	2023	% Change		2024	2023	% Change		2024	2023	% Change		2024	2023	% Change
Cigarettes

International Combustibles	143,191	143,708	(0.4)	%	157,618	157,010	0.4	%	163,238	161,137	1.3	%	152,780	151,094	1.1	%	616,827	612,949	0.6	%

Total PMI	143,191	143,708	(0.4)	%	157,618	157,010	0.4	%	163,238	161,137	1.3	%	152,780	151,094	1.1	%	616,827	612,949	0.6	%

Smoke-Free
International Smoke-Free	35,049	28,840	21.5	%	37,493	33,043	13.5	%	37,430	34,147	9.6	%	37,830	35,698	6.0	%	147,802	131,728	12.2	%

U.S.	2,570	1,730	48.5	%	2,618	1,962	33.4	%	2,827	2,171	30.2	%	3,025	2,300	31.5	%	11,040	8,163	35.2	%
Total PMI	37,618	30,570	23.1	%	40,111	35,005	14.6	%	40,257	36,319	10.8	%	40,855	37,996	7.5	%	158,842	139,890	13.5	%

Heated Tobacco Units
International Smoke-Free	33,134	27,396	20.9	%	35,544	31,424	13.1	%	35,347	32,471	8.9	%	35,718	33,972	5.1	%	139,743	125,263	11.6	%


Total PMI	33,134	27,396	20.9	%	35,544	31,424	13.1	%	35,347	32,471	8.9	%	35,718	33,972	5.1	%	139,743	125,263	11.6	%

Oral Smoke-Free Products
International Smoke-Free	1,610	1,349	19.4	%	1,565	1,524	2.7	%	1,620	1,468	10.3	%	1,613	1,504	7.3	%	6,408	5,845	9.6	%

U.S.	2,570	1,730	48.5	%	2,618	1,962	33.4	%	2,827	2,171	30.2	%	3,025	2,300	31.5	%	11,040	8,163	35.2	%
Total PMI	4,180	3,079	35.7	%	4,183	3,486	20.0	%	4,447	3,640	22.2	%	4,638	3,802	22.0	%	17,448	14,007	24.6	%

E-Vapor
International Smoke-Free	305	95	+100%		384	95	+100%		463	208	+100%		499	222	+100%		1,651	620	+100%


Total PMI	305	95	+100%		384	95	+100%		463	208	+100%		499	222	+100%		1,651	620	+100%

Total
International Smoke-Free	35,049	28,840	21.5	%	37,493	33,043	13.5	%	37,430	34,147	9.6	%	37,830	35,698	6.0	%	147,802	131,728	12.2	%
International Combustibles	143,191	143,708	(0.4)	%	157,618	157,010	0.4	%	163,238	161,137	1.3	%	152,780	151,094	1.1	%	616,827	612,949	0.6	%
U.S.	2,570	1,730	48.5	%	2,618	1,962	33.4	%	2,827	2,171	30.2	%	3,025	2,300	31.5	%	11,040	8,163	35.2	%
Total PMI	180,809	174,278	3.7	%	197,729	192,015	3.0	%	203,495	197,456	3.1	%	193,635	189,090	2.4	%	775,669	752,839	3.0	%
Note: Total Oral Smoke-Free Products excludes snuff, snuff leaf and U.S. chew. Sum of product categories or segments might not foot to total PMI due to roundings. U.S. excludes cigars.


																		Schedule 2
PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries
Oral Smoke-Free Products Shipment Volume

	Shipments in million cans
	Quarters Ended March 31				Quarters Ended June 30				Quarters Ended September 30				Quarters Ended December 31				Years Ended December 31
	2024	2023	% Change		2024	2023	% Change		2024	2023	% Change		2024	2023	% Change		2024	2023	% Change
Nicotine Pouches
International Smoke-Free	14.2	8.0	75.9	%	14.8	9.6	54.4	%	15.5	9.2	68.2	%	19.0	9.4	+100%		63.5	36.3	75.0	%
U.S.	131.6	73.2	79.7	%	135.1	89.9	50.2	%	149.1	105.4	41.4	%	164.7	116.3	41.7	%	580.5	384.8	50.8	%
Total PMI	145.7	81.3	79.3	%	149.9	99.5	50.6	%	164.6	114.6	43.6	%	183.8	125.7	46.2	%	644.0	421.1	52.9	%

Snus, Moist Snuff & Other Oral
International Smoke-Free	61.8	55.7	10.9	%	59.0	62.6	(5.8)	%	61.2	60.4	1.3	%	58.1	61.9	(6.1)	%	240.1	240.6	(0.2)	%
U.S.	35.1	36.4	(3.4)	%	34.9	35.3	(1.1)	%	34.8	34.0	2.5	%	32.7	32.0	2.1	%	137.5	137.6	(0.1)	%
Total PMI	96.9	92.1	5.3	%	93.9	97.9	(4.1)	%	96.0	94.4	1.7	%	90.8	93.9	(3.3)	%	377.6	378.2	(0.2)	%

Total
International Smoke-Free	75.9	63.7	19.1	%	73.8	72.2	2.2	%	76.7	69.6	10.2	%	77.1	71.3	8.2	%	303.6	276.9	9.6	%
U.S.	166.7	109.6	52.1	%	170.0	125.2	35.8	%	183.9	139.4	31.9	%	197.4	148.3	33.1	%	718.0	522.5	37.4	%
Total PMI	242.6	173.3	40.0	%	243.8	197.4	23.5	%	260.7	209.0	24.7	%	274.6	219.6	25.0	%	1,021.6	799.3	27.8	%

	Shipments in million equivalent units
	Quarters Ended March 31				Quarters Ended June 30				Quarters Ended September 30				Quarters Ended December 31				Years Ended December 31
	2024	2023	% Change		2024	2023	% Change		2024	2023	% Change		2024	2023	% Change		2024	2023	% Change
Nicotine Pouches
International Smoke-Free	292	170	71.6	%	303	200	51.2	%	316	194	63.4	%	380	197	93.0	%	1,291	761	69.7	%
U.S.	1,973	1,098	79.7	%	2,026	1,348	50.2	%	2,237	1,581	41.4	%	2,471	1,745	41.7	%	8,707	5,773	50.8	%
Total PMI	2,265	1,268	78.6	%	2,329	1,549	50.4	%	2,553	1,775	43.8	%	2,851	1,941	46.9	%	9,998	6,533	53.0	%

Snus, Moist Snuff & Other Oral
International Smoke-Free	1,318	1,179	11.8	%	1,262	1,324	(4.7)	%	1,304	1,275	2.3	%	1,233	1,307	(5.6)	%	5,117	5,084	0.7	%
U.S.	596	632	(5.6)	%	592	614	(3.5)	%	591	590	0.2	%	553	555	(0.3)	%	2,333	2,390	(2.4)	%
Total PMI	1,914	1,810	5.7	%	1,854	1,937	(4.3)	%	1,894	1,864	1.6	%	1,787	1,862	(4.0)	%	7,450	7,474	(0.3)	%

Total
International Smoke-Free	1,610	1,349	19.4	%	1,565	1,524	2.7	%	1,620	1,468	10.3	%	1,613	1,504	7.3	%	6,408	5,845	9.6	%
U.S.	2,570	1,730	48.5	%	2,618	1,962	33.4	%	2,827	2,171	30.2	%	3,025	2,300	31.5	%	11,040	8,163	35.2	%
Total PMI	4,180	3,079	35.7	%	4,183	3,486	20.0	%	4,447	3,640	22.2	%	4,638	3,802	22.0	%	17,448	14,007	24.6	%
Note: Total Oral Smoke-Free Products excludes snuff, snuff leaf and U.S. chew. Sum of product categories or segments might not foot to total PMI due to roundings.


										Schedule 3 (1/5)
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 March 31,	Net Revenues		Total		Excluding Currency		Excluding Currency & Acquisitions / Divestitures

2024					PMI	2023		% Change
$2,850	$(106)	$2,956	$—	$2,956	International Smoke-Free	$2,423		17.7	%	22.0	%	22.0	%
5,299	(90)	5,389	—	5,389	International Combustibles	5,087	(1)	4.2	%	5.9	%	5.9	%
644	2	642	—	642	U.S.	509		26.5	%	26.1	%	26.1	%
$8,793	$(194)	$8,987	$—	$8,987	Total PMI	$8,019		9.7	%	12.1	%	12.1	%

2024					Smoke-Free	2023		% Change
$2,850	$(106)	$2,956	$—	$2,956	International Smoke-Free	$2,423		17.7	%	22.0	%	22.0	%
535	2	533	—	533	U.S.	373		43.6	%	43.1	%	43.1	%
90	2	88	—	88	of which, Wellness	86		4.9	%	2.7	%	2.7	%
$3,386	$(104)	$3,489	$—	$3,489	Total Smoke-Free	$2,796		21.1	%	24.8	%	24.8	%

2024					Combustible Tobacco	2023		% Change
$5,299	$(90)	$5,389	$—	$5,389	International Combustibles	$5,087	(1)	4.2	%	5.9	%	5.9	%
108	—	108	—	108	U.S.	136		(20.3)	%	(20.3)	%	(20.3)	%
$5,407	$(90)	$5,497	$—	$5,497	Total Combustible Tobacco	$5,223		3.5	%	5.2	%	5.2	%

(1) Includes a reduction in net revenues of $80 million related to the termination of a distribution arrangement in the Middle East
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 3 (2/5)
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

2024					PMI	2023	% Change
$3,015	$(148)	$3,163	$—	$3,163	International Smoke-Free	$2,756	9.4	%	14.8	%	14.8	%
5,748	(211)	5,959	—	5,959	International Combustibles	5,641	1.9	%	5.6	%	5.6	%
705	—	705	—	705	U.S.	570	23.7	%	23.7	%	23.7	%
$9,468	$(358)	$9,826	$—	$9,826	Total PMI	$8,967	5.6	%	9.6	%	9.6	%

2024					Smoke-Free	2023	% Change
$3,015	$(148)	$3,163	$—	$3,163	International Smoke-Free	$2,756	9.4	%	14.8	%	14.8	%
595	—	595	—	595	U.S.	421	41.2	%	41.2	%	41.2	%
80	—	80	—	80	of which, Wellness	77	4.7	%	5.0	%	5.0	%
$3,610	$(148)	$3,758	$—	$3,758	Total Smoke-Free	$3,178	13.6	%	18.3	%	18.3	%

2024					Combustible Tobacco	2023	% Change
$5,748	$(211)	$5,959	$—	$5,959	International Combustibles	$5,641	1.9	%	5.6	%	5.6	%
110	—	110	—	110	U.S.	148	(25.9)	%	(25.9)	%	(25.9)	%
$5,858	$(211)	$6,069	$—	$6,069	Total Combustible Tobacco	$5,790	1.2	%	4.8	%	4.8	%

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 3 (3/5)
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 September 30,	Net Revenues	Total		Excluding Currency		Excluding Currency & Acquisitions / Divestitures

2024					PMI	2023	% Change
$3,101	$(87)	$3,189	$—	$3,189	International Smoke-Free	$2,865	8.2	%	11.3	%	11.3	%
6,041	(200)	6,241	—	6,241	International Combustibles	5,784	4.4	%	7.9	%	7.9	%
769	—	769	—	769	U.S.	492	56.3	%	56.4	%	56.4	%
$9,911	$(289)	$10,200	$—	$10,200	Total PMI	$9,141	8.4	%	11.6	%	11.6	%

2024					Smoke-Free	2023	% Change
$3,101	$(87)	$3,189	$—	$3,189	International Smoke-Free	$2,865	8.2	%	11.3	%	11.3	%
675	—	676	—	676	U.S.	443	52.6	%	52.7	%	52.7	%
76	—	76	—	76	of which, Wellness	74	1.6	%	2.2	%	2.2	%
$3,777	$(88)	$3,864	$—	$3,864	Total Smoke-Free	$3,308	14.2	%	16.8	%	16.8	%

2024					Combustible Tobacco	2023	% Change
$6,041	$(200)	$6,241	$—	$6,241	International Combustibles	$5,784	4.4	%	7.9	%	7.9	%
93	—	93	—	93	U.S.	49	90.6	%	90.6	%	90.6	%
$6,134	$(200)	$6,334	$—	$6,334	Total Combustible Tobacco	$5,833	5.2	%	8.6	%	8.6	%

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 3 (4/5)
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 December 31,	Net Revenues	Total		Excluding Currency		Excluding Currency & Acquisitions / Divestitures

2024					PMI	2023	% Change
$3,159	$7	$3,151	$—	$3,151	International Smoke-Free	$3,057	3.3	%	3.1	%	3.1	%
5,720	(10)	5,730	—	5,730	International Combustibles	5,391	6.1	%	6.3	%	6.3	%
827	2	826	—	826	U.S.	599	38.1	%	37.8	%	37.8	%
$9,706	$—	$9,706	$—	$9,706	Total PMI	$9,047	7.3	%	7.3	%	7.3	%

2024					Smoke-Free	2023	% Change
$3,159	$7	$3,151	$—	$3,151	International Smoke-Free	$3,057	3.3	%	3.1	%	3.1	%
728	2	727	—	727	U.S.	501	45.3	%	44.9	%	44.9	%
87	2	85	—	85	of which, Wellness	69	26.4	%	23.9	%	23.9	%
$3,887	$9	$3,878	$—	$3,878	Total Smoke-Free	$3,558	9.2	%	9.0	%	9.0	%

2024					Combustible Tobacco	2023	% Change
$5,720	$(10)	$5,730	$—	$5,730	International Combustibles	$5,391	6.1	%	6.3	%	6.3	%
99	—	99	—	99	U.S.	98	1.1	%	1.1	%	1.1	%
$5,819	$(10)	$5,829	$—	$5,829	Total Combustible Tobacco	$5,489	6.0	%	6.2	%	6.2	%

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 3 (5/5)
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	Years Ended December 31,	Net Revenues		Total		Excluding Currency		Excluding Currency & Acquisitions / Divestitures

2024					PMI	2023		% Change
$12,126	$(333)	$12,459	$—	$12,459	International Smoke-Free	$11,102		9.2	%	12.2	%	12.2	%
22,807	(511)	23,319	—	23,319	International Combustibles	21,903	(1)	4.1	%	6.5	%	6.5	%
2,944	3	2,941	—	2,941	U.S.	2,169		35.7	%	35.6	%	35.6	%
$37,878	$(841)	$38,719	$—	$38,719	Total PMI	$35,174		7.7	%	10.1	%	10.1	%

2024					Smoke-Free	2023		% Change
$12,126	$(333)	$12,459	$—	$12,459	International Smoke-Free	$11,102		9.2	%	12.2	%	12.2	%
2,534	3	2,531	—	2,531	U.S.	1,738		45.8	%	45.6	%	45.6	%
333	3	330	—	330	of which, Wellness	306		8.9	%	7.9	%	7.9	%
$14,660	$(330)	$14,990	$—	$14,990	Total Smoke-Free	$12,840		14.2	%	16.7	%	16.7	%

2024					Combustible Tobacco	2023		% Change
$22,807	$(511)	$23,319	$—	$23,319	International Combustibles	$21,903	(1)	4.1	%	6.5	%	6.5	%
410	—	410	—	410	U.S.	431		(4.8)	%	(4.8)	%	(4.8)	%
$23,218	$(511)	$23,729	$—	$23,729	Total Combustible Tobacco	$22,334		4.0	%	6.2	%	6.2	%
(1) Includes a reduction in net revenues of $80 million related to the termination of a distribution arrangement in the Middle East
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
Reconciliation of Net Revenues to Adjusted Net Revenues, excluding Currency and Acquisitions/Divestitures
($ in millions) / (Unaudited)

Net Revenues	Special Items	Adjusted Net Revenues	Currency	Adjusted Net Revenues excluding Currency	Acqui-sitions / Divestitures	Adjusted Net Revenues excluding Currency & Acquisitions / Divestitures			Net Revenues	Special Items(1)	Adjusted Net Revenues	Total		Excluding Currency		Excluding Currency & Acquisitions / Divestitures

2024							Quarters Ended March 31,		2023			% Change
$2,850	$—	$2,850	$(106)	$2,956	$—	$2,956		International Smoke-Free	$2,423	$—	$2,423	17.7	%	22.0	%	22.0	%
5,299	—	5,299	(90)	5,389	—	5,389		International Combustibles	5,087	(80)	5,167	2.5	%	4.3	%	4.3	%
644	—	644	2	642	—	642		U.S.	509	—	509	26.5	%	26.1	%	26.1	%
$8,793	$—	$8,793	$(194)	$8,987	$—	$8,987		Total PMI	$8,019	$(80)	$8,099	8.6	%	11.0	%	11.0	%

2024							Quarters Ended June 30,		2023			% Change
$3,015	$—	$3,015	$(148)	$3,163	$—	$3,163		International Smoke-Free	$2,756	$—	$2,756	9.4	%	14.8	%	14.8	%
5,748	—	5,748	(211)	5,959	—	5,959		International Combustibles	5,641	—	5,641	1.9	%	5.6	%	5.6	%
705	—	705	—	705	—	705		U.S.	570	—	570	23.7	%	23.7	%	23.7	%
$9,468	$—	$9,468	$(358)	$9,826	$—	$9,826		Total PMI	$8,967	$—	$8,967	5.6	%	9.6	%	9.6	%

2024							Quarters Ended September 30,		2023			% Change
$3,101	$—	$3,101	$(87)	$3,189	$—	$3,189		International Smoke-Free	$2,865	$—	$2,865	8.2	%	11.3	%	11.3	%
6,041	—	6,041	(200)	6,241	—	6,241		International Combustibles	5,784	—	5,784	4.4	%	7.9	%	7.9	%
769	—	769	—	769	—	769		U.S.	492	—	492	56.3	%	56.4	%	56.4	%
$9,911	$—	$9,911	$(289)	$10,200	$—	$10,200		Total PMI	$9,141	$—	$9,141	8.4	%	11.6	%	11.6	%

2024							Quarters Ended December 31,		2023			% Change
$3,159	$—	$3,159	$7	$3,151	$—	$3,151		International Smoke-Free	$3,057	$—	$3,057	3.3	%	3.1	%	3.1	%
5,720	—	5,720	(10)	5,730	—	5,730		International Combustibles	5,391	—	5,391	6.1	%	6.3	%	6.3	%
827	—	827	2	826	—	826		U.S.	599	—	599	38.1	%	37.8	%	37.8	%
$9,706	$—	$9,706	$—	$9,706	$—	$9,706		Total PMI	$9,047	$—	$9,047	7.3	%	7.3	%	7.3	%

2024							Years Ended December 31,		2023			% Change
$12,126	$—	$12,126	$(333)	$12,459	$—	$12,459		International Smoke-Free	$11,102	$—	$11,102	9.2	%	12.2	%	12.2	%
22,807	—	22,807	(511)	23,319	—	23,319		International Combustibles	21,903	(80)	21,983	3.8	%	6.1	%	6.1	%
2,944	—	2,944	3	2,941	—	2,941		U.S.	2,169	—	2,169	35.7	%	35.6	%	35.6	%
$37,878	$—	$37,878	$(841)	$38,719	$—	$38,719		Total PMI	$35,174	$(80)	$35,254	7.4	%	9.8	%	9.8	%

(1) First-quarter and full year 2023 reflects a reduction in net revenues of $80 million related to the termination of a distribution arrangement in the Middle East


									Schedule 5
PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries
Reconciliation of Non-GAAP Measures
Adjustments of Gross Profit for the Impact of Currency and Acquisitions/Divestitures
($ in millions) / (Unaudited)

Gross Profit	Currency	Gross Profit excluding Currency	Acquisitions / Divestitures	Gross Profit excl. Currency & Acquisitions / Divestitures		Gross Profit	Total		Excluding Currency		Excluding Currency & Acquisitions / Divestitures

2024					Quarters Ended March 31,	2023	% Change
$1,768	$(108)	$1,876	$—	$1,876	International Smoke-Free	$1,396	26.6	%	34.4	%	34.4	%
3,407	(79)	3,487	—	3,487	International Combustibles	3,339	2.1	%	4.4	%	4.4	%
429	1	428	—	428	U.S.	252	70.2	%	69.8	%	69.8	%
$5,604	$(186)	$5,790	$—	$5,790	Total PMI	$4,987	12.4	%	16.1	%	16.1	%

2024					Quarters Ended June 30,	2023	% Change
$1,916	$(146)	$2,062	$—	$2,062	International Smoke-Free	$1,760	8.9	%	17.2	%	17.2	%
3,731	(151)	3,882	12	3,870	International Combustibles	3,659	2.0	%	6.1	%	5.8	%
479	—	479	—	479	U.S.	326	47.1	%	47.2	%	47.2	%
$6,127	$(296)	$6,423	$12	$6,411	Total PMI	$5,744	6.7	%	11.8	%	11.6	%

2024					Quarters Ended September 30,	2023	% Change
$2,088	$(81)	$2,169	$—	$2,169	International Smoke-Free	$1,930	8.2	%	12.4	%	12.4	%
3,919	(144)	4,063	21	4,042	International Combustibles	3,705	5.8	%	9.7	%	9.1	%
541	—	541	—	541	U.S.	346	56.7	%	56.6	%	56.6	%
$6,549	$(225)	$6,774	$21	$6,753	Total PMI	$5,981	9.5	%	13.3	%	12.9	%

2024					Quarters Ended December 31,	2023	% Change
$2,058	$(13)	$2,071	$—	$2,071	International Smoke-Free	$1,935	6.3	%	7.0	%	7.0	%
3,629	(18)	3,648	14	3,634	International Combustibles	3,270	11.0	%	11.6	%	11.1	%
601	—	601	—	601	U.S.	382	57.5	%	57.4	%	57.4	%
$6,288	$(32)	$6,320	$14	$6,306	Total PMI	$5,586	12.6	%	13.1	%	12.9	%

2024					Years Ended December 31,	2023	% Change
$7,831	$(347)	$8,178	$—	$8,178	International Smoke-Free	$7,021	11.5	%	16.5	%	16.5	%
14,687	(393)	15,080	47	15,033	International Combustibles	13,972	5.1	%	7.9	%	7.6	%
2,050	2	2,049	—	2,049	U.S.	1,305	57.1	%	57.0	%	57.0	%
$24,568	$(739)	$25,307	$47	$25,260	Total PMI	$22,298	10.2	%	13.5	%	13.3	%
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 (1/2)
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	Special Items (1)	Adjusted Gross Profit	Currency	Adjusted Gross Profit excluding Currency	Acquisitions / Divestitures	Adjusted Gross Profit excl. Currency & Acquisitions / Divestitures			Gross Profit	Special Items (1)	Adjusted Gross Profit	Total		Excluding Currency		Excluding Currency & Acquisitions / Divestitures

2024							Quarters Ended March 31,		2023			% Change
$1,768	$(1)	$1,769	$(108)	$1,877	$—	$1,877		International Smoke-Free	$1,396	$(1)	$1,397	26.6	%	34.3	%	34.3	%
3,407	—	3,407	(79)	3,487	—	3,487		International Combustibles	3,339	(80)	3,419	(0.3)	%	2.0	%	2.0	%
429	(16)	445	1	443	—	443		U.S.	252	(39)	291	52.7	%	52.3	%	52.3	%
$5,604	$(16)	$5,620	$(186)	$5,806	$—	$5,806		Total PMI	$4,987	$(120)	$5,107	10.0	%	13.7	%	13.7	%

2024							Quarters Ended June 30,		2023			% Change
$1,916	$(1)	$1,917	$(146)	$2,063	$—	$2,063		International Smoke-Free	$1,760	$(1)	$1,761	8.9	%	17.2	%	17.2	%
3,731	—	3,731	(151)	3,882	12	3,870		International Combustibles	3,659	—	3,659	2.0	%	6.1	%	5.8	%
479	(15)	494	—	494	—	494		U.S.	326	(21)	347	42.5	%	42.5	%	42.5	%
$6,127	$(16)	$6,143	$(296)	$6,439	$12	$6,427		Total PMI	$5,744	$(22)	$5,766	6.5	%	11.7	%	11.5	%

2024							Quarters Ended September 30,		2023			% Change
$2,088	$(1)	$2,089	$(81)	$2,170	$—	$2,170		International Smoke-Free	$1,930	$(1)	$1,931	8.2	%	12.4	%	12.4	%
3,919	—	3,919	(144)	4,063	21	4,042		International Combustibles	3,705	(10)	3,715	5.5	%	9.4	%	8.8	%
541	(13)	555	—	555	—	555		U.S.	346	1	344	61.2	%	61.1	%	61.1	%
$6,549	$(14)	$6,563	$(225)	$6,788	$21	$6,767		Total PMI	$5,981	$(10)	$5,991	9.5	%	13.3	%	13.0	%
(1) 2024 first-quarter reflects amortization of intangibles, all amounts are related to cost of goods sold. 2023 first-quarter includes termination of distribution arrangement in the Middle East ($80 million in International Combustibles, reflected as a reduction to net revenues), Swedish Match AB acquisition accounting related items ($18 million in U.S., reflected in cost of good sold) and amortization of intangibles ($21 million in U.S., and $1 million in International Smoke-Free, reflected in cost of goods sold) 2024 second-quarter and 2023 second-quarter reflects amortization of intangibles, all amounts are related to cost of goods sold. 2024 third-quarter reflects amortization of intangibles, all amounts are related to cost of goods sold. 2023 third-quarter includes charges related to the war in Ukraine ($10 million in International Combustibles) and mainly amortization of intangibles in cost of goods sold ($1 million in International Smoke-free and $1 million reduction in U.S.). 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 (2/2)
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	Special Items (1)	Adjusted Gross Profit	Currency	Adjusted Gross Profit excluding Currency	Acquisitions / Divestitures	Adjusted Gross Profit excl. Currency & Acquisitions / Divestitures			Gross Profit	Special Items (1)	Adjusted Gross Profit	Total		Excluding Currency		Excluding Currency & Acquisitions / Divestitures

2024							Quarters Ended December 31,		2023			% Change
$2,058	$(1)	$2,058	$(13)	$2,072	$—	$2,072		International Smoke-Free	$1,935	$—	$1,936	6.3	%	7.0	%	7.0	%
3,629	—	3,629	(18)	3,648	14	3,634		International Combustibles	3,270	(4)	3,274	10.9	%	11.4	%	11.0	%
601	(5)	606	—	605	—	605		U.S.	382	(15)	396	52.8	%	52.7	%	52.7	%
$6,288	$(5)	$6,293	$(32)	$6,325	$14	$6,311		Total PMI	$5,586	$(18)	$5,604	12.3	%	12.9	%	12.6	%

2024							Years Ended December 31,		2023			% Change
$7,831	$(2)	$7,833	$(347)	$8,181	$—	$8,181		International Smoke-Free	$7,021	$(3)	$7,024	11.5	%	16.5	%	16.5	%
14,687	—	14,687	(393)	15,080	47	15,033		International Combustibles	13,972	(94)	14,066	4.4	%	7.2	%	6.9	%
2,050	(49)	2,099	2	2,098	—	2,098		U.S.	1,305	(74)	1,379	52.3	%	52.2	%	52.2	%
$24,568	$(51)	$24,619	$(739)	$25,358	$47	$25,311		Total PMI	$22,298	$(170)	$22,468	9.6	%	12.9	%	12.7	%

(1) 2024 fourth-quarter reflects amortization of intangibles, all amounts are related to cost of goods sold. 2023 fourth-quarter includes charges related to the war in Ukraine ($4 million in International Combustibles) and mainly amortization of intangibles in cost of goods sold ($15 million in U.S.). 2024 full-year reflects amortization of intangibles, all amounts are related to cost of goods sold. 2023 full-year includes termination of distribution arrangement in the Middle East ($80 million in International Combustibles), Swedish Match AB acquisition accounting related items ($18 million in U.S.), charges related to the war in Ukraine ($13 million in International Combustibles) and mainly amortization of intangibles in cost of goods sold ($56 million in U.S. and $3 million in International Smoke-Free). Note: Sum of segments might not foot to total PMI due to roundings. "-" indicates amounts between -$0.5 million and +$0.5 million.


																			Schedule 7
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)	Adjusted Net Revenues (2)	Adjusted Gross Profit Margin		Adjusted Gross Profit excluding Currency (1)	Adjusted Net Revenues excluding Currency (2)	Adjusted Gross Profit Margin excluding Currency		Adjusted Gross Profit excluding Currency & Acqui-sitions / Divestitures (1)	Adjusted Net Revenues excluding Currency & Acqui-sitions / Divestitures (2)	Adjusted Gross Profit Margin excluding Currency & Acqui-sitions / Divestitures				Adjusted Gross Profit (1)	Adjusted Net Revenues (2)	Adjusted Gross Profit Margin		Adjusted Gross Profit Margin	Adjusted Gross Profit Margin excluding Currency	Adjusted Gross Profit Margin excluding Currency & Acqui-sitions / Divestitures

2024												Quarters Ended March 31,		2023				% Points Change
$1,769	$2,850	62.1	%	$1,877	$2,956	63.5	%	$1,877	$2,956	63.5	%		International Smoke-Free	$1,397	$2,423	57.7	%	4.4	5.8	5.8
3,407	5,299	64.3	%	3,487	5,389	64.7	%	3,487	5,389	64.7	%		International Combustibles	3,419	5,167	66.2	%	(1.9)	(1.5)	(1.5)
445	644	69.1	%	443	642	69.1	%	443	642	69.1	%		U.S.	291	509	57.2	%	11.9	11.9	11.9
$5,620	$8,793	63.9	%	$5,806	$8,987	64.6	%	$5,806	$8,987	64.6	%		Total PMI	$5,107	$8,099	63.1	%	0.8	1.5	1.5

2024												Quarters Ended June 30,		2023				% Points Change
$1,917	$3,015	63.6	%	$2,063	$3,163	65.2	%	$2,063	$3,163	65.2	%		International Smoke-Free	$1,761	$2,756	63.9	%	(0.3)	1.3	1.3
3,731	5,748	64.9	%	3,882	5,959	65.1	%	3,870	5,959	64.9	%		International Combustibles	3,659	5,641	64.9	%	—	0.2	—
494	705	70.1	%	494	705	70.1	%	494	705	70.1	%		U.S.	347	570	60.9	%	9.2	9.2	9.2
$6,143	$9,468	64.9	%	$6,439	$9,826	65.5	%	$6,427	$9,826	65.4	%		Total PMI	$5,766	$8,967	64.3	%	0.6	1.2	1.1

2024												Quarters Ended September 30,		2023				% Points Change
$2,089	$3,101	67.4	%	$2,170	$3,189	68.1	%	$2,170	$3,189	68.1	%		International Smoke-Free	$1,931	$2,865	67.4	%	—	0.7	0.7
3,919	6,041	64.9	%	4,063	6,241	65.1	%	4,042	6,241	64.8	%		International Combustibles	3,715	5,784	64.2	%	0.7	0.9	0.6
555	769	72.2	%	555	769	72.1	%	555	769	72.1	%		U.S.	344	492	70.0	%	2.2	2.1	2.1
$6,563	$9,911	66.2	%	$6,788	$10,200	66.5	%	$6,767	$10,200	66.3	%		Total PMI	$5,991	$9,141	65.5	%	0.7	1.0	0.8

2024												Quarters Ended December 31,		2023				% Points Change
$2,058	$3,159	65.2	%	$2,072	$3,151	65.7	%	$2,072	$3,151	65.7	%		International Smoke-Free	$1,936	$3,057	63.3	%	1.9	2.4	2.4
3,629	5,720	63.5	%	3,648	5,730	63.7	%	3,634	5,730	63.4	%		International Combustibles	3,274	5,391	60.7	%	2.8	3.0	2.7
606	827	73.2	%	605	826	73.3	%	605	826	73.3	%		U.S.	396	599	66.2	%	7.0	7.1	7.1
$6,293	$9,706	64.8	%	$6,325	$9,706	65.2	%	$6,311	$9,706	65.0	%		Total PMI	$5,604	$9,047	61.9	%	2.9	3.3	3.1

2024												Years Ended December 31,		2023				% Points Change
$7,833	$12,126	64.6	%	$8,181	$12,459	65.7	%	$8,181	$12,459	65.7	%		International Smoke-Free	$7,024	$11,102	63.3	%	1.3	2.4	2.4
14,687	22,807	64.4	%	15,080	23,319	64.7	%	15,033	23,319	64.5	%		International Combustibles	14,066	21,983	64.0	%	0.4	0.7	0.5
2,099	2,944	71.3	%	2,098	2,941	71.3	%	2,098	2,941	71.3	%		U.S.	1,379	2,169	63.5	%	7.8	7.8	7.8
$24,619	$37,878	65.0	%	$25,358	$38,719	65.5	%	$25,311	$38,719	65.4	%		Total PMI	$22,468	$35,254	63.7	%	1.3	1.8	1.7

(1) For the calculation of Adjusted Gross Profit, Adjusted Gross Profit excluding currency and Adjusted Gross Profit excluding currency and acquisitions/divestitures, refer to Schedule 6
(2) For the calculation of Adjusted Net Revenues, Adjusted Net Revenues excluding currency and Adjusted Net Revenues excluding currency and acquisitions/divestitures, refer to Schedules 3 and 4


									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 (Loss)	Currency	Operating Companies Income excluding Currency	Acquisitions / Divestitures	Operating Companies Income excluding Currency & Acquisitions / Divestitures		Operating Companies Income (Loss)	Total		Excluding Currency		Excluding Currency & Acquisitions / Divestitures

2024					Quarters Ended March 31,	2023	% Change
$3,355	$(195)	$3,550	$—	$3,550	International	$2,800	19.8	%	26.8	%	26.8	%
22	(1)	23	—	23	U.S.	94	(76.8)	%	(75.7)	%	(75.7)	%
$3,377	$(196)	$3,573	$—	$3,573	Total PMI	$2,894	16.7	%	23.5	%	23.5	%

2024					Quarters Ended June 30,	2023	% Change
$3,523	$(263)	$3,786	$12	$3,774	International	$3,214	9.6	%	17.8	%	17.4	%
88	—	89	—	89	U.S.	(553)	+100%		+100%		+100%
$3,611	$(264)	$3,875	$12	$3,863	Total PMI	$2,661	35.7	%	45.6	%	45.2	%

2024					Quarters Ended September 30,	2023	% Change
$3,883	$(200)	$4,083	$21	$4,062	International	$3,513	10.6	%	16.2	%	15.6	%
(114)	—	(115)	—	(115)	U.S.	52	-(100)%		-(100)%		-(100)%
$3,770	$(199)	$3,969	$21	$3,948	Total PMI	$3,563	5.8	%	11.4	%	10.8	%

2024					Quarters Ended December 31,	2023	% Change
$3,326	$(57)	$3,383	$15	$3,368	International	$3,063	8.6	%	10.4	%	9.9	%
63	(4)	67	—	67	U.S.	82	(23.1)	%	(18.3)	%	(18.3)	%
$3,389	$(61)	$3,450	$15	$3,435	Total PMI	$3,146	7.7	%	9.7	%	9.2	%

2024					Years Ended December 31,	2023	% Change
$14,088	$(715)	$14,802	$48	$14,754	International	$12,590	11.9	%	17.6	%	17.2	%
59	(5)	65	—	65	U.S.	(325)	+100%		+100%		+100%
$14,147	$(720)	$14,867	$48	$14,819	Total PMI	$12,264	15.4	%	21.2	%	20.8	%
Note: Sum of segments 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 (Loss)	Special 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 (Loss)	Special Items (1)	Adjusted Operating Companies Income	Total		Excluding Currency		Excluding Currency & Acquisitions / Divestitures

2024							Quarters Ended March 31,		2023			% Change
$3,355	$(57)	$3,412	$(195)	$3,607	$—	$3,607		International	$2,800	$(225)	$3,024	12.8	%	19.3	%	19.3	%
22	(220)	242	(1)	243	—	243		U.S.	94	(63)	157	53.7	%	54.3	%	54.3	%
$3,377	$(277)	$3,654	$(196)	$3,850	$—	$3,850		Total PMI	$2,894	$(288)	$3,182	14.8	%	21.0	%	21.0	%

2024							Quarters Ended June 30,		2023			% Change
$3,523	$(47)	$3,570	$(263)	$3,833	$12	$3,821		International	$3,214	$(240)	$3,454	3.4	%	11.0	%	10.6	%
88	(165)	253	—	254	—	254		U.S.	(553)	(726)	173	46.5	%	46.8	%	46.8	%
$3,611	$(212)	$3,823	$(264)	$4,087	$12	$4,075		Total PMI	$2,661	$(966)	$3,627	5.4	%	12.7	%	12.4	%

2024							Quarters Ended September 30,		2023			% Change
$3,883	$(92)	$3,975	$(200)	$4,175	$21	$4,154		International	$3,513	$(235)	$3,748	6.1	%	11.4	%	10.8	%
(114)	(407)	293	—	293	—	293		U.S.	52	(129)	181	62.0	%	62.0	%	62.0	%
$3,770	$(499)	$4,269	$(199)	$4,468	$21	$4,447		Total PMI	$3,563	$(364)	$3,927	8.7	%	13.8	%	13.2	%

2024							Quarters Ended December 31,		2023			% Change
$3,326	$(47)	$3,372	$(57)	$3,429	$15	$3,414		International	$3,063	$(80)	$3,143	7.3	%	9.1	%	8.6	%
63	(213)	277	(4)	281	—	281		U.S.	82	(83)	165	67.8	%	70.2	%	70.2	%
$3,389	$(260)	$3,649	$(61)	$3,710	$15	$3,695		Total PMI	$3,146	$(163)	$3,309	10.3	%	12.1	%	11.7	%

2024							Years Ended December 31,		2023			% Change
$14,088	$(242)	$14,329	$(715)	$15,044	$48	$14,996		International	$12,590	$(780)	$13,369	7.2	%	12.5	%	12.2	%
59	(1,006)	1,065	(5)	1,070	—	1,070		U.S.	(325)	(1,001)	676	57.5	%	58.3	%	58.3	%
$14,147	$(1,248)	$15,395	$(720)	$16,115	$48	$16,067		Total PMI	$12,264	$(1,781)	$14,045	9.6	%	14.7	%	14.4	%
(1) For details on Special Items, refer to Schedule 12
Note: Sum of segments 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 Adjusted Operating Companies Income Margin, excluding Currency and Acquisitions/Divestitures
($ in millions) / (Unaudited)

Adjusted Operating Companies Income (1)	Adjusted Net Revenues (2)	Adjusted Operating Companies Income Margin		Adjusted Operating Companies Income excluding Currency (1)	Adjusted Net Revenues excluding Currency (2)	Adjusted Operating Companies Income Margin excluding Currency		Adjusted Operating Companies Income excluding Currency & Acqui-sitions / Divestitures (1)	Adjusted Net Revenues excluding Currency & Acqui-sitions / Divestitures (2)	Adjusted Operating Companies Income Margin excluding Currency & Acqui-sitions / Divestitures				Adjusted Operating Companies Income (1)	Adjusted Net Revenues (2)	Adjusted Operating Companies Income Margin		Adjusted Operating Companies Income Margin	Adjusted Operating Companies Income Margin excluding Currency	Adjusted Operating Companies Income Margin excluding Currency & Acqui-sitions / Divestitures

2024												Quarters Ended March 31,		2023				% Points Change
$3,412	$8,149	41.9	%	$3,607	$8,345	43.2	%	$3,607	$8,345	43.2	%		International	$3,024	$7,590	39.8	%	2.1	3.4	3.4
242	644	37.6	%	243	642	37.9	%	243	642	37.9	%		U.S.	157	509	31.0	%	6.6	6.9	6.9
$3,654	$8,793	41.6	%	$3,850	$8,987	42.8	%	$3,850	$8,987	42.8	%		Total PMI	$3,182	$8,099	39.3	%	2.3	3.5	3.5

2024												Quarters Ended June 30,		2023				% Points Change
$3,570	$8,764	40.7	%	$3,833	$9,122	42.0	%	$3,821	$9,122	41.9	%		International	$3,454	$8,398	41.1	%	(0.4)	0.9	0.8
253	705	35.9	%	254	705	36.0	%	254	705	36.0	%		U.S.	173	570	30.3	%	5.6	5.7	5.7
$3,823	$9,468	40.4	%	$4,087	$9,826	41.6	%	$4,075	$9,826	41.5	%		Total PMI	$3,627	$8,967	40.4	%	—	1.2	1.1

2024												Quarters Ended September 30,		2023				% Points Change
$3,975	$9,142	43.5	%	$4,175	$9,430	44.3	%	$4,154	$9,430	44.1	%		International	$3,748	$8,649	43.3	%	0.2	1.0	0.8
293	769	38.1	%	293	769	38.1	%	293	769	38.1	%		U.S.	181	492	36.8	%	1.3	1.3	1.3
$4,269	$9,911	43.1	%	$4,468	$10,200	43.8	%	$4,447	$10,200	43.6	%		Total PMI	$3,927	$9,141	43.0	%	0.1	0.8	0.6

2024												Quarters Ended December 31,		2023				% Points Change
$3,372	$8,878	38.0	%	$3,429	$8,881	38.6	%	$3,414	$8,881	38.4	%		International	$3,143	$8,448	37.2	%	0.8	1.4	1.2
277	827	33.5	%	281	826	34.0	%	281	826	34.0	%		U.S.	165	599	27.5	%	6.0	6.5	6.5
$3,649	$9,706	37.6	%	$3,710	$9,706	38.2	%	$3,695	$9,706	38.1	%		Total PMI	$3,309	$9,047	36.6	%	1.0	1.6	1.5

2024												Years Ended December 31,		2023				% Points Change
$14,329	$34,933	41.0	%	$15,044	$35,778	42.0	%	$14,996	$35,778	41.9	%		International	$13,369	$33,084	40.4	%	0.6	1.6	1.5
1,065	2,944	36.2	%	1,070	2,941	36.4	%	1,070	2,941	36.4	%		U.S.	676	2,169	31.2	%	5.0	5.2	5.2
$15,395	$37,878	40.6	%	$16,115	$38,719	41.6	%	$16,067	$38,719	41.5	%		Total PMI	$14,045	$35,254	39.8	%	0.8	1.8	1.7

(1) For the calculation of Adjusted Operating Companies Income, Adjusted Operating Companies Income excluding currency and Adjusted Operating Companies Income excluding currency and acquisitions/divestitures, refer to Schedule 9
(2) For the calculation of Adjusted Net Revenues, Adjusted Net Revenues excluding currency and Adjusted Net Revenues excluding currency and acquisitions/divestitures, refer to Schedules 3 and 4


													Schedule 11
PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries
Net Revenues, Gross Profit and Operating Companies Income: Price, Volume/Mix and Cost/Other Variances
($ in millions) / (Unaudited)


	2024 vs. 2023
	Quarters Ended March 31			Quarters Ended June 30			Quarters Ended September 30			Quarters Ended December 31			Years Ended December 31
	Price	Volume/Mix	Cost/Other	Price	Volume/Mix	Cost/Other	Price	Volume/Mix	Cost/Other	Price	Volume/Mix	Cost/Other	Price	Volume/Mix	Cost/Other
Net Revenues
International Smoke-Free	$61	$472	$—	$63	$343	$—	$39	$284	$—	$(29)	$123	$—	$135	$1,222	$—
International Combustibles	382	(161)	81	493	(175)	0	577	(117)	(2)	459	(118)	(2)	1,912	(571)	76
U.S.	5	154	(27)	26	134	(25)	72	155	50	53	174	0	156	618	(2)
Total PMI	$449	$464	$55	$583	$303	$(27)	$689	$322	$48	$482	$179	$(2)	$2,203	$1,268	$74

Gross Profit
International Smoke-Free	$61	$375	$44	$63	$224	$14	$39	$176	$24	$(29)	$101	$64	$135	$875	$146
International Combustibles	382	(219)	(15)	493	(188)	(94)	577	(153)	(87)	459	(106)	11	1,912	(665)	(185)
U.S.	5	140	31	26	121	6	72	140	(16)	53	154	13	156	555	34
Total PMI	$449	$295	$59	$583	$158	$(74)	$689	$163	$(80)	$482	$148	$90	$2,203	$764	$(5)

Operating Companies Income
International	$444	$156	$151	$557	$37	$(33)	$617	$23	$(90)	$430	$(5)	$(120)	$2,047	$210	$(92)
U.S.	5	140	(216)	26	121	495	72	140	(378)	53	154	(221)	156	555	(321)
Total PMI	$449	$295	$(65)	$583	$158	$461	$689	$163	$(467)	$482	$148	$(341)	$2,203	$764	$(412)
Note: Sum of segments might not foot to total PMI due to roundings. "-" indicates amounts between -$0.5 million and +$0.5 million.


					Schedule 12 (1/2)
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)

	Quarter Ended	Quarter Ended	Quarter Ended	Quarter Ended	Year Ended
	March 31,	June 30,	September 30,	December 31,	December 31,
	2024	2024	2024	2024	2024
PMI
Operating Companies Income	$3,377	$3,611	$3,770	$3,389	$14,147
Amortization of intangibles	(120)	(212)	(256)	(247)	(835)
Impairment of other intangibles	(27)	—	—	—	(27)
Restructuring charges	(130)	—	—	(12)	(142)
Egypt sales tax charge	—	—	(45)	—	(45)
Loss on sale of Vectura Group	—	—	(198)	(1)	(199)

Adjusted Operating Companies Income	$3,654	$3,823	$4,269	$3,649	$15,395

International
Operating Companies Income	$3,355	$3,523	$3,883	$3,326	$14,088
Amortization of intangibles	(48)	(47)	(46)	(47)	(188)

Restructuring charges	(9)	—	—	—	(9)
Egypt sales tax charge	—	—	(45)	—	(45)


Adjusted Operating Companies Income	$3,412	$3,570	$3,975	$3,372	$14,329

U.S.
Operating Companies Income	$22	$88	$(114)	$63	$59
Amortization of intangibles	(73)	(165)	(209)	(201)	(648)
Impairment of other intangibles	(26)	—	—	—	(26)
Restructuring charges	(121)	—	—	(12)	(133)

Loss on sale of Vectura Group	—	—	(198)	(1)	(199)

Adjusted Operating Companies Income	$242	$253	$293	$277	$1,065
Note: Sum of International and U.S. or special items might not foot to total PMI due to roundings. "-" indicates amounts between -$0.5 million and +$0.5 million.


					Schedule 12 (2/2)
PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries
Reconciliation of Non-GAAP Measures
Reconciliation of Reported Operating Income to Adjusted Operating Income
($ in millions) / (Unaudited)

	Quarter Ended	Quarter Ended	Quarter Ended	Quarter Ended	Year Ended
	March 31,	June 30,	September 30,	December 31,	December 31,
	2023	2023	2023	2023	2023
PMI
Operating Companies Income	$2,894	$2,661	$3,563	$3,146	$12,264
Amortization of intangibles	(81)	(82)	(205)	(129)	(497)
Impairment of goodwill and other intangibles	—	(680)	—	—	(680)
Restructuring charges	(109)	—	—	—	(109)
Termination of distribution arrangement in the Middle East	(80)	—	—	—	(80)
Charges related to the war in Ukraine	—	—	(19)	(34)	(53)
Swedish Match AB acquisition accounting related items	(18)	—	—	—	(18)
South Korea Indirect Tax Charge	—	(204)	—	—	(204)
Termination of agreement with Foundation for a Smoke-Free World	—	—	(140)	—	(140)
Adjusted Operating Companies Income	$3,182	$3,627	$3,927	$3,309	$14,045

International
Operating Companies Income	$2,800	$3,214	$3,513	$3,063	$12,590
Amortization of intangibles	(35)	(35)	(77)	(46)	(194)

Restructuring charges	(109)	—	—	—	(109)
Termination of distribution arrangement in the Middle East	(80)	—	—	—	(80)
Charges related to the war in Ukraine	—	—	(19)	(34)	(53)

South Korea Indirect Tax Charge	—	(204)	—	—	(204)
Termination of agreement with Foundation for a Smoke-Free World	—	—	(140)	—	(140)
Adjusted Operating Companies Income	$3,024	$3,454	$3,748	$3,143	$13,369

U.S.
Operating Companies Income	$94	$(553)	$52	$82	$(325)
Amortization of intangibles	(45)	(46)	(129)	(83)	(303)
Impairment of goodwill and other intangibles	—	(680)	—	—	(680)



Swedish Match AB acquisition accounting related items	(18)	—	—	—	(18)


Adjusted Operating Companies Income	$157	$173	$181	$165	$676
Note: Sum of International and U.S. or special items might not foot to total PMI due to roundings. "-" indicates amounts between -$0.5 million and +$0.5 million.


																		Schedule 13
PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries
Reconciliation of Non-GAAP Measures
Reconciliation of Operating Companies Income to Operating Income
($ in millions) / (Unaudited)

	Quarters Ended March 31				Quarters Ended June 30				Quarters Ended September 30				Quarters Ended December 31				Years Ended December 31
	2024	2023	Change Fav./(Unfav.)		2024	2023	Change Fav./(Unfav.)		2024	2023	Change Fav./(Unfav.)		2024	2023	Change Fav./(Unfav.)		2024	2023	Change Fav./(Unfav.)
Net Revenues	$8,793	$8,019	9.7	%	$9,468	$8,967	5.6	%	$9,911	$9,141	8.4	%	$9,706	$9,047	7.3	%	$37,878	$35,174	7.7	%
Less: Cost of sales	3,189	3,032	(5.2)	%	3,341	3,223	(3.7)	%	3,362	3,160	(6.4)	%	3,418	3,461	1.2	%	13,310	12,876	(3.4)	%
Gross profit	5,604	4,987	12.4	%	6,127	5,744	6.7	%	6,549	5,981	9.5	%	6,288	5,586	12.6	%	24,568	22,298	10.2	%
Less: Marketing, administration and research costs(1)	2,227	2,093	(6.4)	%	2,516	2,418	(4.1)	%	2,779	2,418	(14.9)	%	2,899	2,440	(18.8)	%	10,421	9,369	(11.2)	%
Impairment of goodwill	—	—	—	%	—	665	100.0	%	—	—	—	%	—	—	—	%	—	665	100.0	%
Operating Companies Income	3,377	2,894	16.7	%	3,611	2,661	35.7	%	3,770	3,563	5.8	%	3,389	3,146	7.7	%	14,147	12,264	15.4	%
Less: Corporate Expenses and Other	332	163	-(100)%		167	95	(75.8)	%	116	193	39.9	%	130	257	49.4	%	745	708	(5.2)	%
Operating Income	$3,045	$2,731	11.5	%	$3,444	$2,566	34.2	%	$3,654	$3,370	8.4	%	$3,259	$2,889	12.8	%	$13,402	$11,556	16.0	%

(1) excluding Corporate Expenses and Other

Source: View Original Filing on SEC EDGAR

FAQ

What organizational change does Philip Morris International (PM) report in this 8-K?

Philip Morris International has implemented an evolved organizational model with two primary business units, International and U.S., and three reportable segments: International Smoke-Free, International Combustibles, and U.S. This structure, effective January 1, 2026, aims to better reflect its smoke-free transformation strategy.

How did Philip Morris International’s 2025 net revenues compare with 2024?

In 2025, Philip Morris International reported total net revenues of $40,648 million, an increase of 7.3% versus 2024 net revenues of $37,878 million. The growth was driven largely by smoke-free products, with more modest gains in combustible tobacco revenues.

What growth did Philip Morris International’s smoke-free products deliver in 2025?

Smoke-free net revenues reached $16,854 million in 2025, up 15.0% from 2024. Smoke-free shipment volume rose 12.8% to 179,131 million equivalent units. This contrasts with a small decline in international combustible volumes, underscoring the expansion of smoke-free offerings.

Does the recast segment information change Philip Morris International’s historical results?

No. The company states the unaudited recast shipment and financial information has no impact on previously reported consolidated financial position or results of operations. It is provided solely to aid investors and does not represent a restatement of prior financial statements.

What is the new “Corporate expenses and other” line in Philip Morris International’s earnings statement?

The consolidated statement of earnings will include a new caption, “Corporate expenses and other.” It aggregates foreign currency gains and losses and compensation expense for restricted and performance share units, previously recorded in cost of sales and marketing, administration and research.

Where can investors find detailed recast shipment and non-GAAP information for PM?

Detailed 2025 and 2024 quarterly and annual recast shipment and financial data are furnished as Exhibit 99.1, while 2024 and 2023 recast information is in Exhibit 99.2. These include key terms, definitions, and reconciliations of non-GAAP measures to GAAP.

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Philip Morris (PM) recasts reporting segments as smoke-free revenues rise 15%

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What organizational change does Philip Morris International (PM) report in this 8-K?

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What growth did Philip Morris International’s smoke-free products deliver in 2025?

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What is the new “Corporate expenses and other” line in Philip Morris International’s earnings statement?

Where can investors find detailed recast shipment and non-GAAP information for PM?

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Philip Morris (PM) recasts reporting segments as smoke-free revenues rise 15%

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What organizational change does Philip Morris International (PM) report in this 8-K?

How did Philip Morris International’s 2025 net revenues compare with 2024?

What growth did Philip Morris International’s smoke-free products deliver in 2025?

Does the recast segment information change Philip Morris International’s historical results?

What is the new “Corporate expenses and other” line in Philip Morris International’s earnings statement?

Where can investors find detailed recast shipment and non-GAAP information for PM?

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