Philip Morris International (PM) Company Report

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

Morningstar

Philip Morris International reorganizes into U.S. and International business units

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

8-K

Philip Morris International evolves organizational model

Management Change

PMI will establish new U.S. and International Business Units effective January 1, 2026, replacing its four geographic segments with three reportable segments: International Smoke-Free, International Combustibles, and U.S., to enhance agility in pursuing a smoke-free future.
Frederic de Wilde is appointed CEO of PMI International, and Stacey Kennedy will remain CEO of PMI U.S., both reporting to Group CEO Jacek Olczak.
Financial results will be reported under the new segment structure starting Q1 2026, with select historical data for 2023–2025 to be disclosed following the full-year earnings announcement.
As of June 30, 2025, PMI’s smoke-free products were available in 100 markets and used by over 41 million adult consumers, accounting for 41% of net revenues in the first nine months of 2025.

Nov 4, 2025, 11:59 AM

Press Release

Altria reports Q3 2025 results, expands buyback and narrows EPS guidance

Earnings

Share Buyback

Guidance Update

Altria posted Q3 net revenues of $6,072 million (-3.0% vs. Q3 2024) and adjusted diluted EPS of $1.45 (+3.6% vs. Q3 2024).
Through Q3, the company repurchased 12.3 million shares at an average price of $58.08, and in Q3 alone repurchased 1.9 million shares at $60.13 per share.
The Board authorized an expansion of the share repurchase program from $1 billion to $2 billion, now expiring Dec. 31, 2026.
Altria narrowed its 2025 full-year adjusted diluted EPS guidance to $5.37–$5.45, implying 3.5–5.0% growth from $5.19 in 2024.
The company paid $1.7 billion of dividends in Q3, raised its annualized dividend to $4.24 per share (60th increase in 56 years) and targets mid-single-digit dividend growth through 2028.

Oct 30, 2025, 11:00 AM

Press Release

Philip Morris International launches $3.5 B senior unsecured notes offering

Debt Issuance

Issued five tranches of senior unsecured notes totaling $3.5 billion: $300 M floating-rate due Oct 27, 2028; $750 M 3.875% due Oct 27, 2028; $750 M 4.000% due Oct 29, 2030; $850 M 4.250% due Oct 29, 2032; and $850 M 4.625% due Oct 29, 2035.
Fixed-rate notes priced between 99.855% and 98.743% of par, yielding 3.927% (2028) to 4.771% (2035); floating-rate notes priced at 100.000% with a coupon of SOFR + 0.660%.
Notes rank equally with all existing and future senior unsecured indebtedness of PMI.
Estimated net proceeds of approximately $3.46 billion before expenses; underwriting syndicate led by BBVA, BofA, Citi, Deutsche Bank, Wells Fargo, Goldman Sachs, HSBC and UBS.

Oct 29, 2025, 8:05 PM

8-K

Philip Morris International explores US launch of Seratek® nicotine pouch technology

Product Launch

Emplicure plans to file a Premarket Tobacco Application with the US FDA to launch Seratek®, its patented rapid-delivery nicotine pouch, in the US following its European introduction.
Social media discussion of nicotine pouches in the US has risen by 745% over the past two years, as demand outstrips supply; the global nicotine pouch market was worth USD 8 billion in 2024 and is forecast to exceed USD 100 billion by 2035.
A 2025 pharmacokinetic study found Seratek® released 80% of nicotine within the first five minutes under controlled conditions; in a Sweden consumer test (n=123), Seratek® outperformed market leaders on flavour, comfort and discreteness.
Barclays Equity Research predicts the US and Nordic regions will account for over two-thirds of global nicotine pouch growth, with the US market representing more than 60% of the total.

Oct 21, 2025, 4:51 PM

Press Release

Philip Morris International reports Q3 2025 results

Earnings

Guidance Update

Q3 net revenues of $10.8 bn, up 5.9% organically and 9.4% on an adjusted basis; adj. diluted EPS of $2.24, up 13.1% excl. currency (17.3% incl.)
Smoke-free product shipments grew 16.6% YoY to 46.9 bn HTUs, driving total shipments +0.7% to 205 bn while combustible volumes declined 3.2%
Organic net revenues from smoke-free products increased 13.9%, outpacing total PMI net revenue growth of 5.9%; smoke-free gross profit rose 14.8% vs. combustibles +4.8%
Raised 2025 adjusted diluted EPS guidance to $7.46–7.56, reaffirming double-digit organic growth targets for shipments and revenues

Oct 21, 2025, 1:00 PM

Presentation

Philip Morris International reports Q3 2025 results

Earnings

Guidance Update

Dividends

Adjusted diluted EPS of $2.24 (+17.3% YoY), organic net revenue growth of 7.5%, and adjusted operating income of $12.7 B (+12.5% organically) in Q3 2025.
Strong smoke-free momentum with volumes up 16.6% (HTU shipments +15.5% to 41 B units) and organic net revenues +13.9%, driving 170 bps gross margin expansion to 67.9%.
ZYN global can shipments rose 36% (US +37%) and off-take accelerated +39% in Q3 per Nielsen, supported by a $100 M free-can promotional investment.
Full-year guidance raised: smoke-free volumes +12–14%, organic net revenue +6–8%, adjusted OI +10–11.5%, EPS +12–13.5% NC (+13.5–15.1% USD); dividend increased 8.9% to $5.88.

Oct 21, 2025, 1:00 PM

Transcript

Philip Morris International reports Q3 2025 results

Earnings

Guidance Update

Dividends

Strong smoke-free momentum: IQOS, ZYN, and VEEV volume growth outpaced the industry, delivering $3 billion in Q3 smoke-free gross profit and record adjusted diluted EPS of $2.24, up 17%.
Organic net revenue rose +5.9% (+7.3% ex-Indonesia), driving organic adjusted operating income growth of +7.5% (12.4% in USD) to $4.7 billion.
Year-to-date performance: adjusted net income of $3.5 billion (+17.3% with a $0.08 currency tailwind), organic net revenue growth of +7.5%, and adjusted operating income of $12.7 billion (+12.5%).
Updated full-year guidance: organic net revenue growth of +6% to +8%, adjusted operating income growth of +10% to +11.5%, EPS up +12% to +13.5% (currency neutral), and operating cash flow now expected above $11.5 billion.
Dividend raised to $5.88 per share, marking the 18th consecutive annual increase of 8.9%, the largest since 2013.

Oct 21, 2025, 1:00 PM

Transcript

Philip Morris International reports Q3 2025 results

Earnings

Guidance Update

PMI’s Q3 reported diluted EPS was $2.23 (+13.2%), and adjusted diluted EPS was $2.24, up 17.3% (13.1% ex-FX).
The smoke-free business represented 41% of net revenues, with shipment volumes +16.6%, net revenues +17.7% and gross profit +19.5% year-over-year.
Q3 net revenues reached $10.8 bn (+9.4%), gross profit was $7.4 bn (+12.4%) and operating income was $4.3 bn (+16.7%; organic +7.5%).
Raised full-year adjusted diluted EPS guidance to $7.46–$7.56, implying 13.5–15.1% growth over 2024 (12.0–13.5% ex-currency).

Oct 21, 2025, 11:03 AM

8-K

Earnings Transcripts

Quarterly earnings call transcripts for Philip Morris International.