FirmAtlas
Company handbook · PM · Prepared by FirmAtlas · firmatlas.app · printed 2026-10-16
PM · CIK 1413329 · LATEST FILING: 10-Q JUN '26 · FILED JUL 24, 2026
PHILIP MORRIS INTERNATIONAL INC.
$205.20
+5.30 (+2.65%)
Close, Oct 16, 2026 · 52-week $142–210
Last fiscal year
PHILIP MORRIS INTERNATIONAL INC. reported revenue of $40.6B for the year ended Dec 31, 2025 (FY25), up 7.3% from FY24. Net income was $11.3B, operating cash flow $12.2B and free cash flow $10.7B. Source: 10-K filed Feb 6, 2026.
Market cap
$319.7B
P/E
29.4
EV/EBITDA
21.3x
P/B
n/m
Div yield
2.93%
ROIC
42.4%
Revenue 1Y
7.3%/yr
EPS 1Y
60.6%/yr
Shares 1Y
+0.1%
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Median
Daily closes, split-adjusted · ratios at each fiscal year end
Company
CEOJacek Olczak
HQStamford, CT
AuditorPricewaterhouseCoopers SA
Employees84,900
Year endsDecember
Revenue by segment · FY25
Europe42%
SSEACISMEA30%
EAAUPMIDF16%
Americas12%
Compounded growth & averages
10Y
5Y
3Y
TTM
Share price
7.9%
15.8%
30.1%
31.6%
Upgrade to see 10 years
Share price: yearly compound rate of the traded close; the last column is the past year.
Where the cash went · FY24–FY25
$19.8B deployed
Capex
$3.0B
15.2%
Dividends
$16.8B
84.8%
Operating cash flow over the period: $24.4B. Total debt changed by +$3.0B. R&D of $1.5B is already inside operating costs.
Growth engines
How much of the profit growth came from new investment, and how much from running the business better.
Upgrade to see 10 years
Financials
Last 2 years · Upgrade to see 10 years · USD millions · each year opens its 10-K · change vs previous year
Last 4 quarters · USD millions · quarter-end month shown · change vs same quarter a year earlier
TTM = the last four quarters, to Jun '26. Balance-sheet rows show that latest quarter. “—” where the quarters do not add up to the annual figures. No TTM for cash: our quarterly rows do not hold short-term investments yet, and annual cash includes them.
Income
Revenue
37,878
40,648+7.3%
42,545
YoY
+7.3%
Gross profit
24,549
27,282+11.1%
28,710
Gross margin
64.8%
67.1%+2.3 pp
—
Operating income
13,402
14,892+11.1%
16,059
Operating margin
35.4%
36.6%+1.3 pp
—
EBITDA
15,189
16,888+11.2%
—
EBITDA margin
40.1%
41.5%+1.4 pp
—
Interest expense
1,763
1,587−10.0%
—
Interest coverage
8.62x
10.64x+2.03x
—
Net income
7,057
11,348+60.8%
10,874
YoY
+60.8%
Net margin
18.6%
27.9%+9.3 pp
—
EPS (diluted, $)
4.52
7.26+60.6%
6.96
YoY
+60.6%
Balance sheet
Total assets
61,784
69,185+12.0%
68,271
Cash & short-term investments
4,254
4,892+15.0%
—
Accounts receivable
3,789
4,572+20.7%
—
Inventory
9,453
11,478+21.4%
—
Net PP&E
7,310
8,397+14.9%
—
Other assets
36,978
39,846+7.8%
—
Total liabilities
73,534
79,179+7.7%
76,854
Accounts payable
3,952
4,407+11.5%
—
Total debt
42,166
45,134+7.0%
42,366
Other liabilities
27,416
29,638+8.1%
—
Shareholders’ equity
(11,750)
(9,994)n/m
(8,583)
Total liabilities = total assets − shareholders’ equity, so it includes minority interest where a company has one.
Cash flow statement · as filed
Cash from operations
12,217
12,233+0.1%
14,264
Net income
7,503
11,848+57.9%
—
Depreciation & amortization
1,787
1,996+11.7%
—
Working capital & other
2,927
(1,611)−155.0%
—
Cash from investing
(1,092)
(3,967)n/m
—
Capex
(1,444)
(1,569)n/m
—
Investments bought
(132)
(202)n/m
—
Investments sold / matured
0
116n/m
—
Other investing
484
(2,312)−577.7%
—
Cash from financing
(9,481)
(8,132)n/m
—
Debt raised
8,142
7,055−13.4%
—
Debt repaid
(4,803)
(5,368)n/m
—
Dividends
(8,197)
(8,624)n/m
—
Buybacks
0
—
—
Other financing
(4,623)
(1,195)n/m
—
Net change in cash
1,108
638−42.4%
—
Free cash flow (OCF − capex)
10,773
10,664−1.0%
12,722
Where the cash went
Operating cash flow
12,217
12,233+0.1%
14,264
Reinvested in the business
1,444
1,569+8.7%
—
% of operating cash flow
11.8%
12.8%
Capex
1,444
1,569+8.7%
1,542
R&D (memo, already in costs)
759
756−0.4%
—
Free cash flow
10,773
10,664−1.0%
12,722
YoY
−1.0%
Returned to shareholders
8,197
8,624+5.2%
—
% of free cash flow
76.1%
80.9%
Dividends
8,197
8,624+5.2%
—
Buybacks
0
—
—
Change in total debt
—
2,968
—
Cash left over
—
5,008
—
FCF conversion (FCF ÷ net income)
152.7%
94.0%−58.7 pp
—
Owner earnings
—
9,422
—
Owner earnings margin
—
23.2%
—
Returns & ratios
ROIC (all capital)
38.6%
42.4%+3.8 pp
—
ROIC (operating)
60.8%
65.3%+4.5 pp
—
Net debt / EBITDA
2.50x
2.38x−0.11x
—
Cash conversion cycle (days)
187
234+47 d
—
ROE
−60.1%
−113.5%−53.5 pp
—
ROA
11.4%
16.4%+5.0 pp
—
ROCE
34.5%
34.0%−0.4 pp
—
NOPAT
10,087
11,955+18.5%
—
Invested capital (operating)
16,600
20,040+20.7%
—
Invested capital (all)
26,162
30,248+15.6%
—
Reinvestment rate
—
28.8%
—
Debtor days
37
41+5 d
—
Inventory days
259
313+55 d
—
Days payable
108
120+12 d
—
Income
Sep '25
Dec '25
Mar '26
Jun '26
Revenue
10,845
10,362
10,146
11,192
vs year-ago quarter
Gross profit
7,358
6,788
6,905
7,659
Gross margin
67.8%
65.5%
68.1%
68.4%
Operating income
4,263
3,373
3,893
4,530
Net income
3,478
2,141
2,438
2,817
vs year-ago quarter
Net margin
32.1%
20.7%
24.0%
25.2%
EPS (diluted, $)
2.23
1.37
1.56
1.80
vs year-ago quarter
Balance sheet
Sep '25
Dec '25
Mar '26
Jun '26
Total assets
67,061
69,185
68,913
68,271
Cash & equivalents
4,061
4,892
5,470
6,024
Total debt
41,863
45,134
43,808
42,366
Shareholders’ equity
(10,914)
(9,994)
(9,279)
(8,583)
Cash flow
Sep '25
Dec '25
Mar '26
Jun '26
Operating cash flow
4,462
4,709
(399)
5,492
Capex
365
444
353
380
Free cash flow
4,097
4,265
(752)
5,112
vs year-ago quarter