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 +8 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 reports Q4 2025 results
PM
Earnings
Guidance Update
- Philip Morris delivered 6.5% organic net revenue growth and 14.2% currency-neutral adjusted EPS growth, with adjusted diluted EPS of $7.54 and operating cash flow of $12.2 billion in 2025.
- Smoke-free product volumes grew 12.8% to 179 billion units, generating 41.5% (~$17 billion) of total net revenues and 43% of gross profit; IQOS shipments rose 11%, ZYN pouches 37%, and VEEV closed-pod shipments 102%.
- For 2026, PMI forecasts 5–7% organic net revenue growth, 7–9% organic operating income growth, and 7.5–9.5% currency-neutral adjusted EPS growth to $8.39–$8.54, driven by ongoing smoke-free momentum.
10 hours ago
Philip Morris International reports Q4 and full-year 2025 results
PM
Earnings
Guidance Update
- Delivered 15% adjusted diluted EPS growth in dollar terms to $7.54, led by smoke-free momentum and strong pricing.
- Smoke-free shipments rose 12.8%, driven by IQOS up 11% and U.S. ZYN pouches up 37%, yielding 18.7% organic gross profit growth in smoke-free products.
- Organic operating income grew 10.6% to $16.4 billion, with 140 bps organic margin expansion and $1.5 billion in gross cost savings since 2024.
- Combustible pricing of +7.6% offset a 1.5% cigarette volume decline, while Marlboro achieved a record high share.
- 2026 outlook: 5–7% organic net revenue growth, 7.5–9.5% currency-neutral EPS growth to $8.39–$8.54, and ~$13.5 billion operating cash flow.
10 hours ago
Philip Morris International reports Q4 and FY 2025 results
PM
Earnings
Guidance Update
- PMI delivered 6.5% organic net revenue growth (7.9% ex-Indonesia), 10.6% organic operating income growth, and adjusted diluted EPS of $7.54 (+14.2% currency-neutral), with operating cash flow of $12.2 billion in 2025.
- Smoke-free shipment volumes rose 12.8% to 179 billion units, driving 18.7% organic smoke-free gross profit growth and expanding gross margin to 69.5%; IQOS shipments grew 11% to 155 billion units, with smoke-free products now in 106 markets and commanding ~60% volume share.
- In the U.S., ZYN nicotine pouch shipments increased 37% to 794 million cans, capturing ~61.5% can volume share and ~67% value share, with an estimated 25 million can downstream inventory surplus.
- For 2026, PMI forecasts 5–7% organic net revenue growth, 7–9% organic operating income growth, and 7.5–9.5% currency-neutral EPS growth to $8.39–8.54, with operating cash flow of $13.5 billion; medium-term (2026–28) targets include 6–8% net revenue CAGR, 8–10% operating income CAGR, and 9–11% EPS CAGR.
11 hours ago
Philip Morris International reports Q4 2025 results
PM
Earnings
- Q4 net revenue was $10.4 billion (+3.7% organic) with adj. diluted EPS of $1.70 (+9.0%); for FY 2025, net revenues reached $40.6 billion (+6.5% organic) and adj. diluted EPS was $7.54 (+14.2%).
- Smoke-free products accounted for 41.5% of net revenues in 2025; e-vapor shipments grew 102% and heated tobacco units volumes rose 11% year-over-year.
- Adjusted operating income was $16.4 billion (+10.6% organic) in FY 2025, with adjusted operating margin expanding to 40.4%.
- Achieved 3-year volume and EPS CAGR targets in two years; renewed 2026–28 growth targets and expect accelerating cash flow from 2026 to support shareholder returns.
12 hours ago
Philip Morris International reports FY2025 earnings and 2026–28 guidance
PM
Earnings
Guidance Update
- PMI delivered FY2025 reported diluted EPS of $7.26 versus $4.52 in 2024, and adjusted diluted EPS of $7.54, representing 14.8% growth (14.2% currency-neutral).
- Net revenues reached $40.6 bn, including $16.9 bn from the smoke-free business (SFB), which grew 15.0% (14.1% organic) as SFB volumes rose 12.8%, now accounting for 41.5% of total revenues.
- The company achieved a fifth consecutive year of shipment volume growth, up 1.4% in FY2025, driven by smoke-free volume increases despite a 1.5% decline in cigarette volume; operating income rose 11.1% to $14.9 bn.
- 2026 guidance includes reported EPS of $7.87–$8.02, adjusted EPS of $8.38–$8.53 (ex-currency $8.11–$8.26), and 2026–28 targets of 6–8% organic net revenue, 8–10% organic operating income, and 9–11% adjusted EPS (ex-currency) CAGR.
14 hours ago
Philip Morris International reports Q4 and full-year 2025 results
PM
Earnings
Revenue Acceleration/Inflection
- The smoke-free business delivered a 12.8% increase in shipment volumes, 15.0% net revenue growth (14.1% organic) and 20.3% gross profit growth in 2025, and accounted for 41.5% of total net revenues (FY 2024: 38.7%).
- Full-year net revenues were $40.65 billion (+7.3% vs. 2024; +6.5% organic), with Q4 revenues at $10.362 billion (+6.8%; +3.7% organic).
- Adjusted operating income reached $16.43 billion in FY 2025 (+11.8%; +10.6% organic) and $3.722 billion in Q4 (+5.8%; +4.5% organic).
- Smoke-free shipments in 2025 included 155.1 billion heat-not-burn units (+11.0%) and 879.6 million nicotine pouch cans (+36.6%), offsetting a 1.5% decline in cigarette volume to 607.4 billion units.
- Adjusted diluted EPS excluding currency was $7.50 for the full year (+14.2%) and $1.69 for Q4 (+9.0%).
14 hours ago
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.
Jan 23, 2026, 2:25 PM
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.
Jan 23, 2026, 2:15 PM
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
Quarterly earnings call transcripts for Philip Morris International.
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