Earnings summaries and quarterly performance for Philip Morris International.
Executive leadership at Philip Morris International.
Jacek Olczak
Detailed
Group CEO PMI
CEO
Emmanuel Babeau
Detailed
Group Chief Financial Officer
Frederic de Wilde
Detailed
CEO PMI International
Reginaldo Dobrowolski
Detailed
Group Controller
Stacey Kennedy
Detailed
CEO PMI U.S.
Stefano Volpetti
Detailed
Chief Global Growth Officer
Yann Guerin
Detailed
Group Chief Legal Officer
Board of directors at Philip Morris International.
André Calantzopoulos
Detailed
Chairman of the Board
Bonin Bough
Detailed
Director
Dessi Temperley
Detailed
Director
Kalpana Morparia
Detailed
Director
Lisa Hook
Detailed
Lead Independent Director
Michel Combes
Detailed
Director
Robert Polet
Detailed
Director
Shlomo Yanai
Detailed
Director
Victoria Harker
Detailed
Director
Werner Geissler
Detailed
Director
Research analysts who have asked questions during Philip Morris International earnings calls.
Bonnie Herzog
Goldman Sachs
6 questions for PM
Also covers: CASY, CCEP, CELH +21 more
Eric Serotta
Morgan Stanley
5 questions for PM
Also covers: CCEP, CELH, COCO +5 more
Faham Baig
UBS Group
4 questions for PM
Also covers: BTI, MO
Gaurav Jain
Barclays
3 questions for PM
Also covers: BTI, MO, SW
Matthew Smith
Analyst
3 questions for PM
Also covers: BRBR, E, GIS +14 more
Damian McNeela
Deutsche Numis
2 questions for PM
Also covers: BTI, MO
Matt Smith
Bank of America
2 questions for PM
Also covers: BRBR, GIS, HAIN +7 more
Mirza Faham Baig
UBS
2 questions for PM
Also covers: MO
Priya Ohri-Gupta
Barclays Capital
2 questions for PM
Also covers: COTY, JBS, JBSAY +1 more
Callum Elliott
Bernstein
1 question for PM
Also covers: HLN, MO, UL
Gerald Pascarelli
Needham & Company
1 question for PM
Also covers: AGFY, CELH, COCO +8 more
Philip Spain
JPMorgan Chase & Co.
1 question for PM
Also covers: CCEP
Recent press releases and 8-K filings for PM.
Philip Morris International declares regular quarterly dividend
PM
Dividends
- The Board of Directors declared a $1.47 per share quarterly dividend, payable January 14, 2026.
- The ex-dividend date and record date are both December 26, 2025.
- As of June 30, 2025, PMI’s smoke-free products were used by over 41 million consumers and represented 41% of first-nine months 2025 net revenues.
2 days ago
Philip Morris International enters $2 billion revolving credit facility and extends €1.5 billion credit line
PM
Debt Issuance
- On December 11, 2025, Philip Morris International entered into a $2.0 billion senior unsecured revolving credit facility, effective January 29, 2026, maturing January 29, 2031, to fund general corporate purposes and replace its previous $2.0 billion facility due February 10, 2027.
- Simultaneously, PMI amended and extended its existing €1.5 billion revolving credit agreement, pushing its expiration from January 29, 2028 to January 29, 2029 and revising certain covenant and default provisions under Section 6.1.
2 days ago
Philip Morris International outlines smoke-free product expansion and organizational changes
PM
Product Launch
Guidance Update
Dividends
- PMI’s smoke-free products now account for over 40% of total sales, are available in 100+ markets, and have delivered positive total volumes for five consecutive years by fully offsetting declines in combustible cigarette volumes.
- The smoke-free category remains in its early stages, with significant upside potential in large markets such as India, Vietnam, and Turkey (each exceeding 100 billion annual cigarette units) once regulatory barriers are lifted.
- The pouch segment (e.g., ZYN) is the fastest-growing nicotine category, and PMI expects robust growth into 2026, while awaiting U.S. authorization of its ILUMA heated-tobacco device to complete its multi-category smoke-free offering.
- International IQOS volume is guided to grow 10–12% HTU IMS in 2025, underpinned by continued device innovation and expansion across existing and new markets.
- PMI has reorganized into two business units (U.S. and International) with three reporting segments (International Smoke-Free, Combustibles, and U.S.), and is targeting ~2× leverage, strong cash flow generation, and progressive dividend policy, with organic growth as the primary capital allocation focus.
Dec 2, 2025, 3:15 PM
PMI outlines smoke-free growth and US expansion at Morgan Stanley conference
PM
Guidance Update
Product Launch
- PMI reaffirmed its 2025 guidance at Q3 levels in a press release issued earlier in the day.
- Smoke-free products now represent over 40% of PMI’s revenues across 100+ markets, with smoke-free volumes expected to grow 10–12% annually, outpacing combustible trends.
- In the US, a $100 m Q3 marketing investment for ZYN alleviated supply constraints, driving ~30% category growth and ZYN capturing 50%+ of that growth, though such promotional intensity will normalize.
- PMI targets ~10% US smoker penetration for IQOS Iluma within five years of launch, leveraging the latest device iteration and existing consumer awareness.
- Following the Swedish Match integration and an $11.5 bn cash flow target for 2025, PMI expects leverage to decline to ~2x in 2026, supporting ongoing dividend growth and potential further shareholder returns.
Dec 2, 2025, 3:15 PM
Philip Morris International outlines smoke-free strategy at Morgan Stanley conference
PM
- PMI’s smoke-free products are now sold in over 100 markets, account for over 40% of sales, and are expected to grow 10–12% globally versus an industry trend of around 10% growth.
- The company offers three smoke-free platforms—heat-not-burn (IQOS), nicotine pouches (ZYN), and e-vapor—to meet different smoker usage occasions and drive accelerated migration away from cigarettes.
- IQOS maintains share through its 11th consecutive year of growth, and despite headwinds such as EU flavor bans (e.g., Poland) and Japanese excise equalization, PMI expects the long-term heat-not-burn trajectory to remain intact.
- For the fifth straight year, smoke-free volume gains have more than offset combustible cigarette declines, and large markets like India, Vietnam, and Turkey represent significant untapped opportunities once regulatory authorization is secured.
- PMI reorganized post-Q3 into separate US and International business units, with reporting segments for International Smoke-free, Combustibles, and the US, to sharpen focus on its smoke-free transformation.
Dec 2, 2025, 3:15 PM
PMI outlines smoke-free growth and multi-platform strategy at MS conference
PM
Guidance Update
Product Launch
- PMI reaffirmed its Q3 guidance, expecting its smoke-free products to grow 10–12% globally, slightly above the ~10% industry trend.
- The company emphasizes a multi-platform smoke-free strategy—heat-not-burn (IQOS), nicotine pouches (ZYN) and e-vapor—to cater to different usage occasions and accelerate cigarette volume declines.
- A $100 million marketing investment in Q3 spurred US pouch category growth of ~30%, with ZYN capturing over 50% of that growth despite premium pricing.
- PMI targets a 10% share of the 28 million US smoker market for the upcoming IQOS ILUMA within five years, leveraging the latest device technology and existing awareness.
Dec 2, 2025, 3:15 PM
Philip Morris International reaffirms 2025 EPS guidance
PM
Guidance Update
M&A
Dividends
- Philip Morris International reaffirmed its full-year 2025 EPS guidance of $7.39 – $7.49, with non-GAAP EPS excluding a $0.07 adjustment and currency effects at $7.46 – $7.56, slightly below analyst consensus.
- The company reported nearly $40 billion in revenue and strong profitability margins, though a high dividend payout ratio and declining operating margins may challenge long-term sustainability.
- Following its 2023 acquisition of Swedish Match, PMI has strengthened leadership in heated tobacco (Iqos) and oral nicotine pouches (Zyn).
- Institutional investors hold about 83% of PMI’s shares, indicating strong professional confidence but posing concentration risk if major holders divest.
Dec 2, 2025, 12:17 PM
Philip Morris International reaffirms 2025 EPS guidance
PM
Guidance Update
- Philip Morris International CEO Jacek Olczak will present at the 2025 Morgan Stanley Global Consumer & Retail Conference on December 2, 2025; the event is webcast live in listen-only mode.
- PMI reaffirms its 2025 full-year reported diluted EPS forecast of $7.39–$7.49, implying a 13.5%–15.1% increase versus adjusted diluted EPS of $6.57 in 2024.
- Excluding a $0.07 total adjustment and a $0.10 currency tailwind, the adjusted EPS forecast implies 12.0%–13.5% growth over 2024.
- Forecast assumptions remain unchanged from the Q3 2025 release; projections are subject to risks, uncertainties and assumptions as detailed in forward-looking statements.
Dec 2, 2025, 12:10 PM
Imperial Brands reports FY2025 results
PM
Earnings
Dividends
Share Buyback
- Net revenue rose 1.9% to £8.3 billion (4.1% ex-currency) and adjusted operating profit increased 4.6% to nearly £4 billion for the year ending September 2025.
- Next-generation products (NGPs) revenues grew nearly 14%, driven by oral nicotine pouches and reusable vapes under the Blu brand.
- The company launched a £1.45 billion share buyback for 2026 and lifted its dividend by 4.5%, underscoring shareholder return commitment.
- Fiscal 2026 guidance targets low-single-digit tobacco revenue growth, double-digit NGP growth, 3–5% adjusted profit growth, and at least £2.2 billion free cash flow.
Nov 18, 2025, 8:07 AM
Philip Morris International reorganizes into U.S. and International business units
PM
Management Change
Guidance Update
- Effective January 1, 2026, PMI will launch two primary business units—PMI International and PMI U.S.—to accelerate its smoke-free evolution and improve organizational agility.
- The current four geographic reportable segments will be replaced by three new segments—International Smoke-Free, International Combustibles, and U.S.—with financial results reported on this basis starting in Q1 2026 and historical pro forma data for 2023–2025 to be disclosed thereafter.
- Frederic de Wilde is appointed CEO PMI International, and Stacey Kennedy remains CEO PMI U.S., both reporting directly to Group CEO Jacek Olczak.
Nov 4, 2025, 12:06 PM
Quarterly earnings call transcripts for Philip Morris International.
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