PM
$187.46-0.38%
as of close, Oct 2, 2026
☾ AH $187.46 -0.38%
Philip Morris International Inc.Stock · Consumer StaplesS&P 500 0.4%Russell 1000 0.4%US Stock Market 0.4%Russell 3000 0.4%MSCI World 0.3%MSCI ACWI 0.3%S&P 500 Equal Weight 0.2%
PM 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.
Shares outstanding (point-in-time)
2024-06 1.55B2024-09 1.55B2024-12 1.55B2025-03 1.56B2025-06 1.56B2025-09 1.56B2025-12 1.56B2026-03 1.56B2026-06 1.56B+0.2% over 8 periods
SEC-filed end-of-period counts (cover pages and balance sheets, split-adjusted) — the series realized buyback yield is computed from. The weighted-average share lines in the statements below lag these by design: an average over the year sits near the midpoint of an ongoing buyback.
As-reported fiscal years.
| Line item | Trend | 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+7.3% | 37.9B+7.7% | 35.2B+10.7% | 31.8B+1.1% | 31.4B+9.4% | |
| 27.3B+11.1% | 24.5B+10.2% | 22.3B+9.4% | 20.4B-4.7% | 21.4B+11.8% | ||
| Cost of revenue | 13.4B+0.3% | 13.3B+3.4% | 12.9B+13.1% | 11.4B+13.7% | 10.0B+4.8% | |
| Research & development | 756M-0.4% | 759M+7.1% | 709M+10.4% | 642M+4.1% | 617M+24.6% | |
| Restructuring | 149M+93.5% | 77.0M-1.3% | 78.0M | 0.00-100.0% | 216M+53.2% | |
| Amortization of intangibles | 1.00B+20.1% | 835M+68.0% | 497M | — | 96.0M+31.5% | |
| Operating income | 14.9B+11.1% | 13.4B+16.0% | 11.6B-5.6% | 12.2B-5.6% | 13.0B+11.2% | |
| Interest expense | 1.59B-10.0% | 1.76B+15.5% | 1.53B+98.7% | 768M+4.2% | 737M+1.2% | |
| Interest & investment income | 621M+0.2% | 620M+33.3% | 465M+158.3% | 180M+65.1% | 109M-0.9% | |
| Net interest income | — | — | -1.06B-80.4% | -588M+6.4% | -628M-1.6% | |
| Equity-method income | 705M+10.7% | 637M+305.7% | 157M+14.6% | 137M-8.1% | 149M | |
| Gain (loss) on equity securities | 370M-32.2% | 546M+1014.3% | 49.0M+14.0% | 43.0M+126.3% | 19.0M+125.0% | |
| Pre-tax income | 13.9B+13.8% | 12.2B+16.7% | 10.4B-10.2% | 11.6B-4.9% | 12.2B+11.7% | |
| Income tax | 2.74B-9.3% | 3.02B+29.0% | 2.34B+4.2% | 2.24B-16.0% | 2.67B+12.4% | |
| 11.3B+60.8% | 7.06B-9.7% | 7.81B-13.6% | 9.05B-0.7% | 9.11B+13.1% | ||
| Net income to non-controlling interest | 500M+12.1% | 446M-2.0% | 455M-5.0% | 479M-20.3% | 601M+12.1% | |
| Net income to common | 11.3B+60.9% | 7.03B-9.7% | 7.79B-13.7% | 9.02B-0.6% | 9.08B+13.0% | |
| $7.26+60.6% | $4.52-10.0% | $5.02-13.6% | $5.81-0.3% | $5.83+13.0% | ||
| EPS (basic) | $7.27+60.5% | $4.53-9.8% | $5.02-13.7% | $5.82-0.2% | $5.83+13.0% | |
| Weighted-avg shares (basic) | 1.56B+0.1% | 1.55B+0.1% | 1.55B+0.1% | 1.55B-0.5% | 1.56B+0.1% | |
| Weighted-avg shares (diluted) | 1.56B+0.1% | 1.56B+0.2% | 1.55B+0.1% | 1.55B-0.4% | 1.56B+0.1% | |
| Dividends per share | $5.64+6.4% | $5.30+3.1% | $5.14+2.0% | $5.04+2.9% | $4.90+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+20.8% | 20.2B+2.1% | 19.8B+0.7% | 19.6B+10.7% | 17.7B-17.6% | ||
| Cash & equivalents | 4.87B+15.6% | 4.22B+37.8% | 3.06B-4.6% | 3.21B-28.7% | 4.50B-38.2% | |
| Accounts receivable | 4.57B+20.7% | 3.79B+9.5% | 3.46B-10.1% | 3.85B+23.3% | 3.12B+7.5% | |
| Inventory | 11.5B+21.4% | 9.45B-12.3% | 10.8B+9.0% | 9.89B+13.4% | 8.72B-9.1% | |
| Other current assets | 2.20B+20.6% | 1.83B+19.3% | 1.53B-13.6% | 1.77B+215.5% | 561M-34.8% | |
| 69.2B+12.0% | 61.8B-5.4% | 65.3B+5.9% | 61.7B+49.4% | 41.3B-7.9% | ||
| Operating lease right-of-use | 679M+16.1% | 585M-7.3% | 631M+6.2% | 594M+12.9% | 526M-24.5% | |
| Goodwill | 17.3B+4.0% | 16.6B-1.1% | 16.8B-14.6% | 19.7B+194.2% | 6.68B+12.0% | |
| Intangible assets | 10.9B-3.9% | 11.3B+14.8% | 9.86B+46.5% | 6.73B+138.9% | 2.82B+39.6% | |
| Long-term investments | 2.89B+8.9% | 2.65B-46.2% | 4.93B+11.2% | 4.43B-0.7% | 4.46B-7.0% | |
| Deferred tax assets | 1.25B+32.7% | 940M+15.5% | 814M+35.0% | 603M-32.6% | 895M-36.5% | |
| Other non-current assets | 4.14B+48.7% | 2.78B-50.7% | 5.65B+43.7% | 3.93B+54.2% | 2.55B-7.9% | |
| 25.4B+11.0% | 22.9B-13.1% | 26.4B-3.5% | 27.3B+42.0% | 19.3B-1.8% | ||
| Accounts payable | 4.41B+11.5% | 3.95B-4.6% | 4.14B+1.6% | 4.08B+22.4% | 3.33B+19.8% | |
| Short-term & current debt | 168M+22.6% | 137M-93.0% | 1.97B-65.1% | 5.64B+2405.3% | 225M-7.8% | |
| Current lease liability | 207M+16.9% | 177M-10.2% | 197M+10.7% | 178M-7.3% | 192M+1.1% | |
| Finance lease liability (current) | 35.0M-5.4% | 37.0M+23.3% | 30.0M-11.8% | 34.0M-29.2% | 48.0M+269.2% | |
| 77.2B+7.8% | 71.7B-4.1% | 74.8B+9.9% | 68.0B+37.4% | 49.5B-10.7% | ||
| Long-term debt | 45.1B+7.0% | 42.2B+2.2% | 41.2B+18.3% | 34.9B+40.7% | 24.8B-12.0% | |
| Non-current lease liability | 526M+23.2% | 427M-6.4% | 456M+4.6% | 436M+26.7% | 344M-33.5% | |
| Operating lease liability (total) | 733M+21.4% | 604M-7.5% | 653M+6.4% | 614M+14.6% | 536M-24.2% | |
| Finance lease liability (total) | 84.0M+25.4% | 67.0M+26.4% | 53.0M-1.9% | 54.0M-23.9% | 71.0M+91.9% | |
| Finance lease liability | 49.0M+63.3% | 30.0M+30.4% | 23.0M+15.0% | 20.0M-13.0% | 23.0M-4.2% | |
| Deferred tax liabilities | 2.06B-18.0% | 2.52B+7.8% | 2.33B+19.4% | 1.96B+169.4% | 726M+6.1% | |
| Other non-current liabilities | 2.18B+95.4% | 1.12B | — | — | — | |
| -9.99B+14.9% | -11.8B-4.7% | -11.2B-25.3% | -8.96B+11.4% | -10.1B+19.6% | ||
| Common stock | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Additional paid-in capital | 2.45B+5.1% | 2.33B+2.2% | 2.29B+2.5% | 2.23B+0.2% | 2.23B+5.7% | |
| Retained earnings | 35.4B+7.7% | 32.9B-3.6% | 34.1B-0.6% | 34.3B+3.6% | 33.1B+4.6% | |
| Treasury stock | 35.6B-0.2% | 35.6B-0.4% | 35.8B-0.4% | 35.9B+0.2% | 35.8B+2.0% | |
| Accumulated other comprehensive income | -12.3B-8.7% | -11.3B+4.2% | -11.8B-23.6% | -9.56B+0.2% | -9.58B+14.3% | |
| Non-controlling interest | 1.97B+4.6% | 1.88B+5.7% | 1.78B-32.8% | 2.65B+39.4% | 1.90B-2.0% | |
| Total equity incl. non-controlling | -8.03B+18.7% | -9.87B-4.5% | -9.45B-49.7% | -6.31B+23.1% | -8.21B+22.8% | |
| Total liabilities & equity | 69.2B+12.0% | 61.8B-5.4% | 65.3B+5.9% | 61.7B+49.4% | 41.3B-7.9% | |
| Common shares issued | 2.11B+0.0% | 2.11B+0.0% | 2.11B+0.0% | 2.11B+0.0% | 2.11B+0.0% | |
| Shares outstanding (cover) | 1.56B+0.1% | 1.55B+0.2% | 1.55B+0.1% | 1.55B+0.0% | 1.55B-0.5% | |
| Cash Flow | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 31 ’23 | as ofDec 31 ’22 | as ofDec 31 ’21 | |
| 12.2B+0.1% | 12.2B+32.7% | 9.20B-14.8% | 10.8B-9.7% | 12.0B+22.0% | ||
| Depreciation & amortization | 2.00B+11.7% | 1.79B+27.8% | 1.40B+29.8% | 1.08B+7.9% | 998M+1.7% | |
| Intangible amortization | 1.00B+20.1% | 835M+68.0% | 497M | — | 96.0M+31.5% | |
| Deferred income taxes | -847M-588.6% | -123M+62.7% | -330M-41.0% | -234M-1276.5% | -17.0M+88.1% | |
| Change in inventory | 1.20B+317.6% | -552M-164.0% | 862M-33.0% | 1.29B+334.4% | -549M-432.7% | |
| Change in payables | 258M-13.1% | 297M+203.1% | -288M-140.1% | 719M+10.1% | 653M+60.8% | |
| -3.97B-263.3% | -1.09B+69.6% | -3.60B+77.1% | -15.7B-564.9% | -2.36B-104.3% | ||
| Capital expenditure | 1.57B+8.7% | 1.44B+9.3% | 1.32B+22.7% | 1.08B+44.0% | 748M+24.3% | |
| Free cash flow | 10.7B-1.0% | 10.8B+36.7% | 7.88B-18.9% | 9.73B-13.3% | 11.2B+21.8% | |
| Acquisitions | 0.00 | 0.00 | 0.00-100.0% | 14.0B+562.1% | 2.11B | |
| Other investing activities | 5.00M+106.4% | -78.0M+0.0% | -78.0M+30.4% | -112M-62.3% | -69.0M-50.0% | |
| -8.13B+14.2% | -9.48B-69.8% | -5.58B-246.7% | 3.81B+131.8% | -12.0B-41.0% | ||
| Long-term debt issued | 7.05B-13.4% | 8.14B-18.2% | 9.96B+67.0% | 5.96B | 0.00-100.0% | |
| Long-term debt repaid | 5.37B+11.8% | 4.80B+88.3% | 2.55B-6.4% | 2.72B-10.5% | 3.04B-23.9% | |
| Common stock issued | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Common stock repurchased | 0.00 | 0.00 | 0.00-100.0% | 209M-73.0% | 775M | |
| Dividends paid | 8.62B+5.2% | 8.20B+2.9% | 7.96B+1.9% | 7.81B+3.1% | 7.58B+2.9% | |
| Other financing activities | -521M-6.5% | -489M-30.4% | -375M+57.4% | -881M-51.9% | -580M+25.3% | |
| FX effect on cash | — | -536M-464.2% | -95.0M+55.4% | -213M+48.9% | -417M-261.6% | |
| Net change in cash | 638M-42.4% | 1.11B+1660.6% | -71.0M+94.5% | -1.28B+53.9% | -2.79B-763.1% | |
| Interest paid | 1.69B+8.3% | 1.56B+16.2% | 1.34B+87.2% | 717M+0.1% | 716M-1.6% | |
| Income taxes paid | 3.85B+21.2% | 3.18B+7.7% | 2.95B+7.3% | 2.75B-6.3% | 2.94B+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+33.4% | 187B+28.1% | 146B-6.9% | 157B+6.6% | 147B+14.2% | |
| P/E | 22.0×-17.0% | 26.5×+45.5% | 18.2×+1.6% | 17.9×+11.0% | 16.2×+1.0% | |
| P/S | 6.1×+24.3% | 4.9×+16.0% | 4.3×-13.9% | 4.9×+5.5% | 4.7×+4.3% | |
| P/FCF | 23.4×+34.8% | 17.4×-9.2% | 19.1×+30.7% | 14.6×+11.5% | 13.1×-6.3% | |
| Earnings yield | 4.5%+20.5% | 3.8%-31.3% | 5.5%-1.5% | 5.6%-9.9% | 6.2%-1.0% | |
| FCF yield | 4.3%-25.8% | 5.8%+10.1% | 5.2%-23.5% | 6.8%-10.3% | 7.6%+6.7% | |
| Dividend yield | 3.5%-20.2% | 4.4%-19.4% | 5.5%+9.7% | 5.0%-3.5% | 5.2%-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.