PM

MKT CAP:$255B

Philip Morris International Inc.

Market Cap

$255B

Consumer Defensive·Tobacco·🇺🇸 United States·NYSE

Consumer Def.·Tobacco·🇺🇸·NYSE

Stock Price

$163.44+$3.14 (+1.96%)

Apr 24, 2026

Company Details

Philip Morris International Inc. operates as a tobacco company working to delivers a smoke-free future and evolving portfolio for the long-term to include products outside of the tobacco and nicotine sector. The company's product portfolio ...

CEO

Jacek Olczak

IPO Date

Mar 17, 2008

Website

www.pmi.com

Key Metrics TTM

Revenue

$37.3B

+18.2% YoY

Net Income

$8.3B

EPS (Diluted)

$5.30

Free Cash Flow

$8.4B

Revenue / Share

$23.87

Gross Margin

65.0%

Operating Margin

34.1%

Net Margin

22.1%

FCF Margin

22.4%

P/S

6.8x

P/E

30.9x

Earnings Reports

Q1 2026

Apr 24, 2026

NEW

$10.1BEPS $1.56

FY 2025

Feb 6, 2026

$40.6BEPS $7.26

Q4 2023

Feb 8, 2024

$9.0BEPS $1.41

Q3 2023

Oct 26, 2023

$9.1BEPS $1.32

Q2 2023

Jul 27, 2023

$9.0BEPS $1.01

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q4 18	$7.5B	$4.7B	$2.7B
Q1 19	$6.8B	$4.3B	$2.0B
Q2 19	$7.7B	$5.0B	$3.2B
Q3 19	$7.6B	$5.0B	$2.8B
Q4 19	$7.7B	$4.9B	$2.5B
Q1 20	$7.2B	$4.8B	$2.8B
Q3 20	$7.4B	$5.0B	$3.2B
Q1 21	$7.6B	$5.3B	$3.2B
Q2 21	$7.6B	$5.2B	$3.1B
Q3 21	$8.1B	$5.5B	$3.5B
Q4 21	$8.1B	$5.3B	$3.0B
Q1 22	$7.7B	$5.2B	$3.3B
Q2 23	$9.0B	$5.7B	$2.6B
Q3 23	$9.1B	$6.0B	$3.4B
Q4 23	$9.0B	$5.6B	$2.9B
Q1 26	$10.1B	$6.9B	$3.9B

Valuation

Quarter	P/S	P/E
Q4 18	3.5x	13.1x
Q1 19	4.7x	17.8x
Q2 19	4.1x	15.5x
Q3 19	4.0x	15.8x
Q4 19	4.5x	18.6x
Q1 20	3.7x	14.8x
Q3 20	4.0x	15.6x
Q1 21	4.7x	17.4x
Q2 21	5.2x	17.6x
Q3 21	5.2x	17.1x
Q4 21	4.7x	16.3x
Q1 22	4.5x	15.8x
Q2 23	4.6x	18.2x
Q3 23	4.2x	17.6x
Q4 23	4.3x	18.4x
Q1 26	6.9x	31.1x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q4 18	$2.4B	$2.1B
Q1 19	$1.2B	$917M
Q2 19	$3.4B	$3.3B
Q3 19	$2.1B	$1.9B
Q4 19	$3.3B	$3.2B
Q1 20	$1.1B	$941M
Q3 20	$3.6B	$3.5B
Q1 21	$435M	$256M
Q2 21	$3.6B	$3.5B
Q3 21	$3.9B	$3.7B
Q4 21	$4.0B	$3.7B
Q1 22	$1.1B	$889M
Q2 23	$3.4B	$3.1B
Q3 23	$3.4B	$3.0B
Q4 23	$3.3B	$3.0B
Q1 26	-$399M	-$752M

Capital Expenditures

Quarter	CapEx
Q4 18	$334M
Q1 19	$324M
Q2 19	$178M
Q3 19	$194M
Q4 19	$156M
Q1 20	$170M
Q3 20	$152M
Q1 21	$179M
Q2 21	$128M
Q3 21	$152M
Q4 21	$289M
Q1 22	$229M
Q2 23	$360M
Q3 23	$371M
Q4 23	$311M
Q1 26	$353M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q4 18	+0.3%	+9.4%
Q1 19	-2.1%	+5.0%
Q2 19	-0.3%	-2.8%
Q3 19	+1.8%	+11.4%
Q4 19	+2.9%	+8.5%
Q1 20	+6.0%	-7.2%
Q3 20	-3.3%	-6.8%
Q1 21	-0.7%	-10.1%
Q2 21	-1.5%	-14.3%
Q3 21	+13.5%	+6.9%
Q4 21	+8.8%	+22.4%
Q1 22	+2.1%	+2.0%
Q2 23	+18.1%	+43.4%
Q3 23	+12.5%	+23.7%
Q4 23	+11.6%	+19.7%
Q1 26	+31.0%	+40.6%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q4 18	$32M	0.4%
Q1 19	$54M	0.8%
Q2 19	$43M	0.6%
Q3 19	$37M	0.5%
Q4 19	$38M	0.5%
Q1 20	$62M	0.9%
Q3 20	$28M	0.4%
Q1 21	$0	0.0%
Q2 21	$67M	0.9%
Q3 21	$45M	0.6%
Q4 21	$46M	0.6%
Q1 22	$60M	0.8%
Q2 23	$54M	0.6%
Q3 23	$0	0.0%
Q4 23	$37M	0.4%
Q1 26	$0	0.0%

OpEx Breakdown

Quarter	R&D	G&A
Q4 18	$383M	$2.0B
Q1 19	—	$2.2B
Q2 19	—	$1.9B
Q3 19	—	$2.3B
Q4 19	$465M	$2.4B
Q1 20	—	$2.0B
Q3 20	—	$1.8B
Q1 21	—	$2.1B
Q2 21	—	$2.1B
Q3 21	—	$2.1B
Q4 21	$617M	$2.3B
Q1 22	—	$1.8B
Q2 23	—	$3.2B
Q3 23	—	$2.6B
Q4 23	—	$2.0B
Q1 26	—	$2.9B

Revenue Segments

Quarter	Combustible Products	Reduced-Risk Products
Q1 19	$5.5B	$1.2B
Q3 19	$6.3B	$1.3B
Q1 20	$5.6B	$1.6B
Q1 21	$5.5B	$2.1B
Q2 21	$5.3B	$2.3B
Q3 21	$5.8B	$2.3B
Q4 21	$5.6B	$2.4B
Q1 22	$5.3B	$2.4B
Q2 23	$5.8B	$3.2B
Q3 23	$5.8B	$3.3B
Q4 23	$5.5B	$3.6B

Revenue by Geography

Quarter	East Asia And Australia	Eastern Europe Middle East And Africa	European Union	Latin America And Canada	South And Southeast Asia	Americas Segment	SSEA, CIS & MEA Segment	Swedish Match AB Segment	Wellness and Healthcare Segment
Q4 18	$1.3B	$988M	$3.2B	$788M	$1.2B	—	—	—	—
Q1 19	$1.3B	$927M	$2.7B	$652M	$1.1B	—	—	—	—
Q2 19	$1.5B	$1.0B	$3.4B	$527M	$1.2B	—	—	—	—
Q3 19	$1.3B	$1.1B	$3.5B	$473M	$1.2B	—	—	—	—
Q4 19	$1.3B	$984M	$3.4B	$554M	$1.5B	—	—	—	—
Q1 20	$1.3B	$876M	$3.3B	$448M	$1.3B	—	—	—	—
Q3 20	$1.4B	$768M	$3.8B	$400M	$1.1B	—	—	—	—
Q1 21	$1.5B	$801M	$3.7B	—	$1.2B	$434M	—	—	—
Q2 21	$1.5B	$560M	$4.0B	—	$1.0B	$430M	—	—	—
Q3 21	$1.5B	$945M	$4.1B	—	$1.1B	$456M	—	—	—
Q4 21	$1.4B	$987M	$3.9B	—	$1.1B	$523M	—	—	—
Q1 22	$1.4B	$991M	$3.7B	—	$1.1B	$424M	—	—	—
Q2 23	$1.7B	—	$3.4B	—	—	$476M	$2.7B	$665M	$76M
Q3 23	$1.6B	—	$3.7B	—	—	$478M	$2.8B	$568M	$75M
Q4 23	$1.4B	—	$3.6B	—	—	$545M	$2.7B	$682M	$69M

War Chest

Quarter	Cash	Short-term Investments	Total
Q2 22	$5.0B	$0	$5.0B
Q3 22	$5.4B	$0	$5.4B
Q4 22	$3.2B	$0	$3.2B
Q1 23	$2.4B	$0	$2.4B
Q2 23	$3.5B	$0	$3.5B
Q3 23	$3.0B	$0	$3.0B
Q4 23	$3.1B	$0	$3.1B
Q1 24	$4.1B	$0	$4.1B
Q2 24	$4.9B	$0	$4.9B
Q3 24	$4.3B	$0	$4.3B
Q4 24	$4.2B	$0	$4.2B
Q1 25	$4.4B	$0	$4.4B
Q2 25	$4.1B	$0	$4.1B
Q3 25	$4.0B	$0	$4.0B
Q4 25	$4.9B	$0	$4.9B
Q1 26	$5.5B	$0	$5.5B

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q4 18	1.55B	0.0%	+0.1%
Q1 19	1.56B	+0.1%	+0.1%
Q2 19	1.56B	0.0%	+0.1%
Q3 19	1.56B	0.0%	+0.1%
Q4 19	1.56B	+0.1%	+0.1%
Q1 20	1.56B	+0.1%	+0.1%
Q3 20	1.56B	0.0%	+0.1%
Q1 21	1.56B	+0.1%	+0.3%
Q2 21	1.56B	0.0%	+0.2%
Q3 21	1.56B	0.0%	+0.1%
Q4 21	1.56B	-0.2%	-0.1%
Q1 22	1.55B	-0.3%	-0.5%
Q2 23	1.55B	+0.1%	-0.4%
Q3 23	1.55B	+0.1%	-0.4%
Q4 23	1.55B	0.0%	-0.2%
Q1 26	1.56B	+0.6%	+0.7%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q4 18	$96.9K	77K
Q1 19	$87.2K	77K
Q2 19	$99.5K	77K
Q3 19	$98.7K	77K
Q4 19	$104.9K	74K
Q1 20	$97.3K	74K
Q3 20	$101.3K	74K
Q1 21	$106.8K	71K
Q2 21	$107.0K	71K
Q3 21	$114.4K	71K
Q4 21	$116.4K	70K
Q1 22	$111.3K	70K
Q2 23	$112.4K	80K
Q3 23	$114.5K	80K
Q4 23	$109.4K	83K
Q1 26	$119.5K	85K

Revenue / Employee