Philip Morris International Inc. PM

Consumer staples SIC 2111 - Cigarettes NAICS Manufacturing › Beverage and Tobacco Product Manufacturing › Tobacco Manufacturing derived NYSE

Philip Morris International Inc. is a Virginia holding company incorporated in 1987. In March 2008, we became a U.S. public company listed on the New York Stock Exchange and subject to the rules of the U.S. Securities and Exchange Commission (the "SEC"). We are a leading international consumer goods company, actively delivering a smoke-free future and evolving our portfolio for the long term to include products outside of the tobacco and nicotine sector. Our current product portfolio primarily consists of cigarettes and smoke-free products, including heat-not-burn, nicotine pouch and e-vapor products. Since 2008, we have invested over $16 billion to develop, scientifically substantiate and commercialize innovative smoke-free products for adults who would otherwise continue to smoke, with the goal of completely ending the sale of cigarettes. This investment includes the building of world-class scientific assessment capabilities, notably in the areas of pre-clinical systems toxicology, clinical and behavioral research, as well as post-market studies. In November 2022, we acquired Swedish Match AB ("Swedish Match") – a leader in oral nicotine delivery – creating a global smoke-free combination led by the companies' IQOS and ZYN brands. As of April 30, 2024, we hold the full rights to commercialize IQOS in the U.S. after reaching an agreement to end our U.S. commercial relationship covering IQOS with Altria Group, Inc. in 2022. Following a robust science-based review, the U.S. Food and Drug Administration (the "FDA") has authorized the marketing of Swedish Match's General snus and ZYN nicotine pouches and versions of PMI's IQOS devices and consumables - the first-ever such authorizations in their respective categories. Versions of IQOS devices and consumables and General snus also obtained the first-ever Modified Risk Tobacco Product ("MRTP") authorizations from the FDA. We describe the MRTP orders in more detail in the "Business Environment" section of Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations.

Last close 199.47 2026-10-23
Market cap $310.90B 2026-06-30 share count
52-week range 142.11 - 210.45

Valuation FY2025 figures against the last close

P/S7.6x
P/E27.5x
P/FCF29.2x
EV/EBITDA18.1x
Dividend yield2.8%
Diluted EPS7.26

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Revenue $40.65B$37.88B$35.17B$31.76B$31.41B$28.69B$29.80B$29.62B$28.75B$26.68B
Cost of revenue $13.37B$13.33B$12.89B$11.40B$10.03B$9.57B$10.51B$10.76B$10.43B$9.39B
Gross profit $27.28B$24.55B$22.28B$20.36B$21.38B$19.12B$19.29B$18.87B$18.32B$17.29B
R&D $756.0M$759.0M$709.0M$642.0M$617.0M$495.0M$465.0M$383.0M$453.0M$429.0M
SG&A ————————$164.0M$161.0M
Operating income $14.89B$13.40B$11.56B$12.25B$12.97B$11.67B$10.53B$11.38B$11.58B$10.90B
Interest expense $1.59B$1.76B$1.53B$768.0M$737.0M$728.0M$796.0M$855.0M$1.10B$1.07B
Pre-tax income $13.88B$12.20B$10.45B$11.63B$12.23B$10.95B$9.87B$10.67B$10.59B$9.92B
Income tax $2.74B$3.02B$2.34B$2.24B$2.67B$2.38B$2.29B$2.44B$4.31B$2.77B
Net income $11.35B$7.06B$7.81B$9.05B$9.11B$8.06B$7.18B$7.91B$6.04B$6.97B
EPS, basic 7.274.535.025.825.835.164.615.083.884.48
EPS, diluted 7.264.525.025.815.835.164.615.083.884.48
Shares, diluted (wtd. avg.) 1.56B1.56B1.55B1.55B1.56B1.56B1.56B1.55B1.55B1.55B

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Cash and equivalents $4.87B$4.22B$3.15B$3.22B$4.50B$7.29B$6.87B$6.62B$8.48B$4.33B
Receivables $4.57B$3.79B$3.46B$3.85B$3.12B$2.90B$3.08B$2.95B$3.19B$3.50B
Inventory $11.48B$9.45B$10.77B$9.89B$8.72B$9.59B$9.23B$8.80B$8.81B$9.02B
Total current assets $24.36B$20.17B$19.75B$19.62B$17.72B$21.49B$20.51B$19.44B$21.59B$17.61B
Property, plant and equipment —————$6.37B$6.63B$7.20B$7.27B$6.06B
Goodwill $17.26B$16.60B$16.78B$19.66B$6.68B$5.96B$5.86B$7.19B$7.67B$7.32B
Other intangibles $10.88B$11.33B$9.86B$6.73B$2.82B$2.02B$2.11B$2.28B$2.43B$2.47B
Total assets $69.19B$61.78B$65.30B$61.68B$41.29B$44.81B$42.88B$39.80B$42.97B$36.85B
Accounts payable $4.41B$3.95B$4.14B$4.08B$3.33B$2.78B$2.30B$2.07B$2.24B$1.67B
Short-term debt $168.0M$137.0M$1.97B$5.64B$225.0M$244.0M$338.0M$730.0M$499.0M$643.0M
Total current liabilities $25.43B$22.91B$26.38B$27.34B$19.25B$19.61B$18.83B$17.19B$15.96B$16.47B
Total liabilities $77.21B$71.65B$74.75B$67.99B$49.50B$55.45B$52.47B$50.54B$53.20B$47.75B
Retained earnings $35.40B$32.87B$34.09B$34.29B$33.08B$31.64B$30.99B$31.01B$29.86B$30.40B
Total equity -$9.99B-$11.75B-$9.45B-$6.31B-$8.21B-$10.63B-$9.60B-$10.74B-$10.23B-$10.90B

Cash flow

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Operating cash flow $12.23B$12.22B$9.20B$10.80B$11.97B$9.81B$10.09B$9.48B$8.91B$8.08B
Depreciation and amortisation $2.00B$1.79B$1.40B$1.08B$998.0M$908.0M$898.0M$907.0M$787.0M$669.0M
Capital expenditure $1.57B$1.44B$1.32B$1.08B$748.0M$602.0M$852.0M$1.44B$1.55B$1.17B
Investing cash flow -$3.97B-$1.09B-$3.60B-$15.68B-$2.36B-$1.15B-$1.81B-$998.0M-$3.08B-$834.0M
Financing cash flow -$8.13B-$9.48B-$5.58B$3.81B-$11.98B-$8.50B-$8.06B-$9.65B-$2.77B-$5.41B
Dividends paid $8.62B$8.20B$7.96B$7.81B$7.58B$7.36B$7.16B$6.88B$6.52B$6.38B
Buybacks —$0$0$209.0M$775.0M$0$0—$0$0

Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001628280-26-005939.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. 0 20B 40B 60B Revenue, FY2016: 26.7B Gross profit, FY2016: 17.3B Net income, FY2016: 7B Revenue, FY2017: 28.7B Gross profit, FY2017: 18.3B Net income, FY2017: 6B Revenue, FY2018: 29.6B Gross profit, FY2018: 18.9B Net income, FY2018: 7.9B Revenue, FY2019: 29.8B Gross profit, FY2019: 19.3B Net income, FY2019: 7.2B Revenue, FY2020: 28.7B Gross profit, FY2020: 19.1B Net income, FY2020: 8.1B Revenue, FY2021: 31.4B Gross profit, FY2021: 21.4B Net income, FY2021: 9.1B Revenue, FY2022: 31.8B Gross profit, FY2022: 20.4B Net income, FY2022: 9B Revenue, FY2023: 35.2B Gross profit, FY2023: 22.3B Net income, FY2023: 7.8B Revenue, FY2024: 37.9B Gross profit, FY2024: 24.5B Net income, FY2024: 7.1B Revenue, FY2025: 40.6B Gross profit, FY2025: 27.3B Net income, FY2025: 11.3B FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue $26.68B $28.75B $29.62B $29.80B $28.69B $31.41B $31.76B $35.17B $37.88B $40.65B
Gross profit $17.29B $18.32B $18.87B $19.29B $19.12B $21.38B $20.36B $22.28B $24.55B $27.28B
Net income $6.97B $6.04B $7.91B $7.18B $8.06B $9.11B $9.05B $7.81B $7.06B $11.35B

Recent filings and events

  • Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
  • Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
  • Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
  • Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
  • Officer or director change Item 5.02
  • Regulation FD disclosure Item 7.01
  • Regulation FD disclosure Item 7.01
  • Officer or director change Item 5.02
  • Regulation FD disclosure Item 7.01
  • Shareholder vote The results of the annual meeting or a special vote. Item 5.07
  • Regulation FD disclosure Item 7.01
  • Other event Item 8.01

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.

Others in SIC 2111

TickerCompanyMarket capP/ERevenue growth
MO ALTRIA GROUP, INC. $124.08B 18.0x -3.1%
ISPR Ispire Technology Inc. $78.1M — -16.1%
XXII 22nd Century Group, Inc. $41.4K — -27.9%
BTI British American Tobacco p.l.c. — — —
RLX RLX Technology Inc. — — 50.3%