financial statements

The full income statement, balance sheet, and cash-flow statement for Philip Morris International Inc. (PM), plus valuation ratios — straight from SEC filings. Switch between annual, quarterly, and trailing-twelve-month figures, pick how far back to look, and flip the time order. Every line has a trend sparkline.

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PeriodRangeOrderChangeYoYQoQAs-reported fiscal years.

Line item	FY2025	FY2024	FY2023	FY2022	FY2021
Income Statement	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Revenue	40.6B YoY+7.3%	37.9B YoY+7.7%	35.2B YoY+10.7%	31.8B YoY+1.1%	31.4B YoY+9.4%
	27.3B YoY+11.1%	24.5B YoY+10.2%	22.3B YoY+9.4%	20.4B YoY-4.7%	21.4B YoY+11.8%
Cost of revenue	13.4B YoY+0.3%	13.3B YoY+3.4%	12.9B YoY+13.1%	11.4B YoY+13.7%	10.0B YoY+4.8%
Research & development	756M YoY-0.4%	759M YoY+7.1%	709M YoY+10.4%	642M YoY+4.1%	617M YoY+24.6%
Restructuring	149M YoY+93.5%	77.0M YoY-1.3%	78.0M	0.00 YoY-100.0%	216M YoY+53.2%
Amortization of intangibles	1.00B YoY+20.1%	835M YoY+68.0%	497M	—	96.0M YoY+31.5%
Operating income	14.9B YoY+11.1%	13.4B YoY+16.0%	11.6B YoY-5.6%	12.2B YoY-5.6%	13.0B YoY+11.2%
Interest expense	1.59B YoY-10.0%	1.76B YoY+15.5%	1.53B YoY+98.7%	768M YoY+4.2%	737M YoY+1.2%
Interest & investment income	621M YoY+0.2%	620M YoY+33.3%	465M YoY+158.3%	180M YoY+65.1%	109M YoY-0.9%
Net interest income	—	—	-1.06B YoY-80.4%	-588M YoY+6.4%	-628M YoY-1.6%
Equity-method income	705M YoY+10.7%	637M YoY+305.7%	157M YoY+14.6%	137M YoY-8.1%	149M
Pre-tax income	13.9B YoY+13.8%	12.2B YoY+16.7%	10.4B YoY-10.2%	11.6B YoY-4.9%	12.2B YoY+11.7%
Income tax	2.74B YoY-9.3%	3.02B YoY+29.0%	2.34B YoY+4.2%	2.24B YoY-16.0%	2.67B YoY+12.4%
	11.3B YoY+60.8%	7.06B YoY-9.7%	7.81B YoY-13.6%	9.05B YoY-0.7%	9.11B YoY+13.1%
Net income to non-controlling interest	500M YoY+12.1%	446M YoY-2.0%	455M YoY-5.0%	479M YoY-20.3%	601M YoY+12.1%
Net income to common	11.3B YoY+60.9%	7.03B YoY-9.7%	7.79B YoY-13.7%	9.02B YoY-0.6%	9.08B YoY+13.0%
	$7.26 YoY+60.6%	$4.52 YoY-10.0%	$5.02 YoY-13.6%	$5.81 YoY-0.3%	$5.83 YoY+13.0%
EPS (basic)	$7.27 YoY+60.5%	$4.53 YoY-9.8%	$5.02 YoY-13.7%	$5.82 YoY-0.2%	$5.83 YoY+13.0%
Weighted-avg shares (basic)	1.56B YoY+0.1%	1.55B YoY+0.1%	1.55B YoY+0.1%	1.55B YoY-0.5%	1.56B YoY+0.1%
Weighted-avg shares (diluted)	1.56B YoY+0.1%	1.56B YoY+0.2%	1.55B YoY+0.1%	1.55B YoY-0.4%	1.56B YoY+0.1%
Dividends per share	$5.64 YoY+6.4%	$5.30 YoY+3.1%	$5.14 YoY+2.0%	$5.04 YoY+2.9%	$4.90 YoY+3.4%
Balance Sheet	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	24.4B YoY+20.8%	20.2B YoY+2.1%	19.8B YoY+0.7%	19.6B YoY+10.7%	17.7B YoY-17.6%
Cash & equivalents	4.87B YoY+15.6%	4.22B YoY+37.8%	3.06B YoY-4.6%	3.21B YoY-28.7%	4.50B YoY-38.2%
Accounts receivable	4.57B YoY+20.7%	3.79B YoY+9.5%	3.46B YoY-10.1%	3.85B YoY+23.3%	3.12B YoY+7.5%
Inventory	11.5B YoY+21.4%	9.45B YoY-12.3%	10.8B YoY+9.0%	9.89B YoY+13.4%	8.72B YoY-9.1%
Other current assets	2.20B YoY+20.6%	1.83B YoY+19.3%	1.53B YoY-13.6%	1.77B YoY+215.5%	561M YoY-34.8%
	69.2B YoY+12.0%	61.8B YoY-5.4%	65.3B YoY+5.9%	61.7B YoY+49.4%	41.3B YoY-7.9%
Property, plant & equipment	5.95B YoY+0.0%	5.95B YoY+0.0%	5.95B YoY+0.0%	5.95B YoY+0.0%	5.95B YoY-6.5%
Operating lease right-of-use	679M YoY+16.1%	585M YoY-7.3%	631M YoY+6.2%	594M YoY+12.9%	526M YoY-24.5%
Goodwill	17.3B YoY+4.0%	16.6B YoY-1.1%	16.8B YoY-14.6%	19.7B YoY+194.2%	6.68B YoY+12.0%
Intangible assets	10.9B YoY-3.9%	11.3B YoY+14.8%	9.86B YoY+46.5%	6.73B YoY+138.9%	2.82B YoY+39.6%
Long-term investments	2.89B YoY+8.9%	2.65B YoY-46.2%	4.93B YoY+11.2%	4.43B YoY-0.7%	4.46B YoY-7.0%
Deferred tax assets	1.25B YoY+32.7%	940M YoY+15.5%	814M YoY+35.0%	603M YoY-32.6%	895M YoY-36.5%
Other non-current assets	4.14B YoY+48.7%	2.78B YoY-50.7%	5.65B YoY+43.7%	3.93B YoY+54.2%	2.55B YoY-7.9%
	25.4B YoY+11.0%	22.9B YoY-13.1%	26.4B YoY-3.5%	27.3B YoY+42.0%	19.3B YoY-1.8%
Accounts payable	4.41B YoY+11.5%	3.95B YoY-4.6%	4.14B YoY+1.6%	4.08B YoY+22.4%	3.33B YoY+19.8%
Short-term & current debt	168M YoY+22.6%	137M YoY-93.0%	1.97B YoY-65.1%	5.64B YoY+2405.3%	225M YoY-7.8%
Current lease liability	207M YoY+16.9%	177M YoY-10.2%	197M YoY+10.7%	178M YoY-7.3%	192M YoY+1.1%
	77.2B YoY+7.8%	71.7B YoY-4.1%	74.8B YoY+9.9%	68.0B YoY+37.4%	49.5B YoY-10.7%
Long-term debt	15.3B YoY+0.0%	15.3B YoY+0.0%	15.3B YoY+0.0%	15.3B YoY+0.0%	15.3B YoY+0.0%
Non-current lease liability	526M YoY+23.2%	427M YoY-6.4%	456M YoY+4.6%	436M YoY+26.7%	344M YoY-33.5%
Deferred tax liabilities	2.06B YoY-18.0%	2.52B YoY+7.8%	2.33B YoY+19.4%	1.96B YoY+169.4%	726M YoY+6.1%
Other non-current liabilities	2.18B YoY+95.4%	1.12B YoY+1.5%	1.10B YoY+0.0%	1.10B YoY+0.0%	1.10B YoY+0.0%
	-9.99B YoY+14.9%	-11.8B YoY-4.7%	-11.2B YoY-25.3%	-8.96B YoY+11.4%	-10.1B YoY+19.6%
Common stock	0.00	0.00	0.00	0.00	0.00
Additional paid-in capital	2.45B YoY+5.1%	2.33B YoY+2.2%	2.29B YoY+2.5%	2.23B YoY+0.2%	2.23B YoY+5.7%
Retained earnings	35.4B YoY+7.7%	32.9B YoY-3.6%	34.1B YoY-0.6%	34.3B YoY+3.6%	33.1B YoY+4.6%
Treasury stock	35.6B YoY-0.2%	35.6B YoY-0.4%	35.8B YoY-0.4%	35.9B YoY+0.2%	35.8B YoY+2.0%
Accumulated other comprehensive income	-12.3B YoY-8.7%	-11.3B YoY+4.2%	-11.8B YoY-23.6%	-9.56B YoY+0.2%	-9.58B YoY+14.3%
Non-controlling interest	1.97B YoY+4.6%	1.88B YoY+5.7%	1.78B YoY-32.8%	2.65B YoY+39.4%	1.90B YoY-2.0%
Total equity incl. non-controlling	-8.03B YoY+18.7%	-9.87B YoY-4.5%	-9.45B YoY-49.7%	-6.31B YoY+23.1%	-8.21B YoY+22.8%
Total liabilities & equity	69.2B YoY+12.0%	61.8B YoY-5.4%	65.3B YoY+5.9%	61.7B YoY+49.4%	41.3B YoY-7.9%
Common shares issued	2.11B YoY+0.0%	2.11B YoY+0.0%	2.11B YoY+0.0%	2.11B YoY+0.0%	2.11B YoY+0.0%
Common shares outstanding	1.80B YoY+0.0%	1.80B YoY+0.0%	1.80B YoY+0.0%	1.80B YoY+0.0%	1.80B YoY+0.0%
Shares outstanding (cover)	1.56B YoY+0.1%	1.55B YoY+0.2%	1.55B YoY+0.1%	1.55B YoY-0.4%	1.56B YoY-0.0%
Cash Flow	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	12.2B YoY+0.1%	12.2B YoY+32.7%	9.20B YoY-14.8%	10.8B YoY-9.7%	12.0B YoY+22.0%
Depreciation & amortization	2.00B YoY+11.7%	1.79B YoY+27.8%	1.40B YoY+29.8%	1.08B YoY+7.9%	998M YoY+1.7%
Deferred income taxes	-847M YoY-588.6%	-123M YoY+62.7%	-330M YoY-41.0%	-234M YoY-1276.5%	-17.0M YoY+88.1%
Change in inventory	1.20B YoY+317.6%	-552M YoY-164.0%	862M YoY-33.0%	1.29B YoY+334.4%	-549M YoY-432.7%
Change in payables	258M YoY-13.1%	297M YoY+203.1%	-288M YoY-140.1%	719M YoY+10.1%	653M YoY+60.8%
	-3.97B YoY-263.3%	-1.09B YoY+69.6%	-3.60B YoY+77.1%	-15.7B YoY-564.9%	-2.36B YoY-104.3%
Capital expenditure	1.57B YoY+8.7%	1.44B YoY+9.3%	1.32B YoY+22.7%	1.08B YoY+44.0%	748M YoY+24.3%
Acquisitions	—	—	—	14.0B YoY+562.1%	2.11B
Other investing activities	5.00M YoY+106.4%	-78.0M YoY+0.0%	-78.0M YoY+30.4%	-112M YoY-62.3%	-69.0M YoY-50.0%
	-8.13B YoY+14.2%	-9.48B YoY-69.8%	-5.58B YoY-246.7%	3.81B YoY+131.8%	-12.0B YoY-41.0%
Long-term debt issued	7.05B YoY-13.4%	8.14B YoY-18.2%	9.96B YoY+67.0%	5.96B	0.00 YoY-100.0%
Long-term debt repaid	5.37B YoY+11.8%	4.80B YoY+88.3%	2.55B YoY-6.4%	2.72B YoY-10.5%	3.04B YoY-23.9%
Common stock repurchased	—	0.00	0.00 YoY-100.0%	209M YoY-73.0%	775M
Dividends paid	8.62B YoY+5.2%	8.20B YoY+2.9%	7.96B YoY+1.9%	7.81B YoY+3.1%	7.58B YoY+2.9%
Other financing activities	-521M YoY-6.5%	-489M YoY-30.4%	-375M YoY+57.4%	-881M YoY-51.9%	-580M YoY+25.3%
FX effect on cash	—	-536M YoY-464.2%	-95.0M YoY+55.4%	-213M YoY+48.9%	-417M YoY-261.6%
Net change in cash	638M YoY-42.4%	1.11B YoY+1660.6%	-71.0M YoY+94.5%	-1.28B YoY+53.9%	-2.79B YoY-763.1%
Interest paid	1.69B YoY+8.3%	1.56B YoY+16.2%	1.34B YoY+87.2%	717M YoY+0.1%	716M YoY-1.6%
Income taxes paid	3.85B YoY+21.2%	3.18B YoY+7.7%	2.95B YoY+7.3%	2.75B YoY-6.3%	2.94B YoY+5.4%
Valuation Ratios	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Market cap	250B YoY+33.4%	187B YoY+28.1%	146B YoY-6.9%	157B YoY+6.1%	148B YoY+14.7%
P/E	22.0× YoY-17.0%	26.5× YoY+45.5%	18.2× YoY+1.6%	17.9× YoY+10.5%	16.2× YoY+1.5%
P/S	6.1× YoY+24.3%	4.9× YoY+16.0%	4.3× YoY-13.9%	4.9× YoY+5.0%	4.7× YoY+4.8%
P/FCF	23.4× YoY+34.8%	17.4× YoY-9.2%	19.1× YoY+30.7%	14.6× YoY+11.0%	13.2× YoY-5.8%
Earnings yield	4.5% YoY+20.5%	3.8% YoY-31.3%	5.5% YoY-1.5%	5.6% YoY-9.5%	6.2% YoY-1.4%
FCF yield	4.3% YoY-25.8%	5.8% YoY+10.1%	5.2% YoY-23.5%	6.8% YoY-9.9%	7.6% YoY+6.2%
Dividend yield	3.5% YoY-20.2%	4.4% YoY-19.4%	5.5% YoY+9.7%	5.0% YoY-3.5%	5.2% YoY-9.9%
Source filing	10-K	10-K	10-K	10-K	10-K

About this data

Source: PM's SEC filings (10-K / 10-Q). Annual columns are as-reported fiscal years; quarterly columns are as-reported fiscal quarters (Q4 derived as full-year minus the first three quarters where a company doesn't file a standalone Q4); TTM (quarterly) rolls the trailing four quarters at every quarter end, TTM (yearly) samples that one year apart; balance-sheet rows show the period-end balance. Valuation ratios are sampled as of each period end. View all PM filings on SEC EDGAR → Not investment advice.

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About this data

financial statements