Earnings summaries and quarterly performance for Philip Morris International.
Executive leadership at Philip Morris International.
Jacek Olczak
Detailed
Group CEO PMI
CEO
EB
Emmanuel Babeau
Detailed
Group Chief Financial Officer
Fd
Frederic de Wilde
Detailed
CEO PMI International
RD
Reginaldo Dobrowolski
Detailed
Group Controller
SK
Stacey Kennedy
Detailed
CEO PMI U.S.
SV
Stefano Volpetti
Detailed
Chief Global Growth Officer
YG
Yann Guerin
Detailed
Group Chief Legal Officer
Board of directors at Philip Morris International.
AC
André Calantzopoulos
Detailed
Chairman of the Board
BB
Bonin Bough
Detailed
Director
DT
Dessi Temperley
Detailed
Director
KM
Kalpana Morparia
Detailed
Director
LH
Lisa Hook
Detailed
Lead Independent Director
MC
Michel Combes
Detailed
Director
RP
Robert Polet
Detailed
Director
SY
Shlomo Yanai
Detailed
Director
VH
Victoria Harker
Detailed
Director
WG
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
FB
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
DM
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
PO
Priya Ohri-Gupta
Barclays Capital
2 questions for PM
Also covers: COTY, JBS, JBSAY +1 more
CE
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 urges FDA to designate ZYN as a Modified Risk Tobacco Product
PM
- On January 23, 2026, Philip Morris International presented scientific evidence to the FDA’s Tobacco Products Scientific Advisory Committee seeking a Modified Risk Tobacco Product (MRTP) designation for its ZYN nicotine pouches.
- An MRTP approval would allow PMI’s U.S. businesses to communicate that adult smokers (21+) who switch completely to ZYN could reduce their health risks compared to continued cigarette smoking.
7 days ago
Philip Morris International urges FDA advisory panel to back ZYN MRTP designation
PM
- In January 2025, ZYN became the first FDA-authorized nicotine pouch product; on January 22, 2026, PMI presented to the FDA’s Tobacco Products Scientific Advisory Committee (TPSAC) to secure a Modified Risk Tobacco Product (MRTP) designation for ZYN, aiming to communicate reduced risk to adult smokers.
- PMI argued that switching completely to ZYN lowers the risk of mouth cancer, heart disease, lung cancer, stroke, emphysema, and chronic bronchitis compared to continuing to smoke cigarettes.
- The FDA’s preliminary feedback indicated the proposed reduced-risk claim is scientifically accurate, noted low youth nicotine pouch use, and found that exposure to the claim did not increase young adults’ intentions to use ZYN.
- Data demonstrated that switching awareness is high and consumers understand ZYN is not risk-free but carries a significantly lower health risk versus cigarette smoking.
7 days ago
Philip Morris International outlines over $20B U.S. investments since 2022
PM
New Projects/Investments
M&A
Product Launch
- $20 billion+ invested in U.S. operations since 2022, including $19 billion for the Swedish Match acquisition and over $1 billion in additional manufacturing and operational investments through 9/30/25.
- Infrastructure projects in Colorado, Kentucky and North Carolina are projected to create 1,000 direct and 1,500 indirect jobs, with an annual economic impact exceeding $800 million.
- Charitable contributions total more than $35 million since 2022, with nearly $12 million donated in 2025 across approximately 600 nonprofits in 47 states and D.C..
- U.S. workforce has expanded to 3,000+ employees, and PMI holds 80% of all MRTP and 41% of all PMTA authorizations, supporting upcoming launches like IQOS ILUMA (pending FDA authorization).
Jan 15, 2026, 1:36 PM
Philip Morris International invests over $20 billion in U.S. manufacturing and communities
PM
New Projects/Investments
- Philip Morris International has committed over $20 billion of U.S.-related investments since 2022, including $19 billion in 2022 (notably the Swedish Match acquisition) and $1 billion further investments through September 30, 2025.
- Infrastructure projects in Colorado, Kentucky, and North Carolina are projected to create over 1,000 direct and 1,500 indirect jobs, with an ongoing annual economic impact of more than $800 million.
- PMI U.S. has provided $35 million in charitable giving since 2022, with $12 million donated in 2025 across nearly 600 nonprofits in 47 states and DC.
- The U.S. workforce has grown from several hundred employees to over 3,000, positioning PMI U.S. for continued expansion following the pending FDA authorization of the IQOS ILUMA product.
Jan 15, 2026, 1:30 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.
Dec 12, 2025, 12:00 PM
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.
Dec 11, 2025, 9:07 PM
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
Quarterly earnings call transcripts for Philip Morris International.
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