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Philip Morris International Inc.PM

Sector
Other
Industry
Cigarettes
Exchange
NYSE

Stock Price $PM

Latest filings

You are here#5 of 17 in Consumer Staples by market cap

Filing record · 2016–202610-K1110-Q328-K247

PM filed 11 annual reports (10-K), 32 quarterly reports (10-Q) and 247 current reports (8-K) between 2016 and 2026.

  1. Material agreement8-K · Aug ’17Aug ’17
  2. Restructuring8-K · Nov ’19Nov ’19
  3. Leadership change8-K · Dec ’21Dec ’21
  4. Leadership change8-K · Nov ’25Nov ’25

01—Key figures

Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025

Revenue Trend

Year-over-year comparison from 10-K annual reports

  19. $40.65B
YoY changeLargest recent move−63.9%in FY16Latest +7.3%

Latest bar from 10-KFY2025Click a bar to open its SEC filing

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All PM Financial Metrics59 metrics

Income Statement14

Balance Sheet25

Cash Flow15

Per Share5

02—Overview

Philip Morris International Inc. Financial Overview 2021–2025

Updated Jul 10, 2026

In FY2025, Philip Morris International’s diluted earnings per share surged 60.6% to $7.26a, proving that its pivot away from combustible cigarettes is highly profitable. The underlying investment thesis is clear: strategic acquisitions and aggressive product repositioning have successfully transformed a legacy tobacco manufacturer into a diversified nicotine enterprise.

The company's financial trajectory reflects this structural shift. Total net revenue grew from $31.4 billion in FY2021 to $40.6 billionb in FY2025. Smoke-free products are now the primary engine for the business, generating a 12.8% volume increase in FY2025. The oral nicotine category has been particularly lucrative, highlighted by a 31.0% volume surge in Q1 2025 following marketing authorization for its ZYN pouches. While funding this transition, management continues to heavily prioritize shareholder returns, distributing $8.6 billion in dividends during FY2025.

The market recognized this operational execution at the close of FY2025, pricing the stock at $160.40c and commanding a 22.1x price-to-earnings multiple. Operational momentum persisted into Q1 2026; despite a sharp 30.8% revenue contraction in the U.S. segment due to prior-year promotional comparisons, international smoke-free volume drove overall net revenues up 9.1% to $10.1 billion.

Recent Developments (Q4 2025 and Q1 2026)

Effective January 1, 2026, Philip Morris International reorganized into three distinct reporting segments: International Smoke-Free, International Combustibles, and U.S. Alongside this structural pivot, Massimo Andolina was appointed Group Chief Financial Officer, effective August 1, 2026. During Q1 2026, total shipment volumes decreased 1.9%. However, International Smoke-Free revenue surged 24.7% and International Combustibles grew 6.8%. Diluted earnings per share fell 9.3% to $1.56d. This decline was primarily driven by a $0.22 per share unfavorable fair value adjustment on South Asian equity investments and a $24 million U.S. restructuring charge. Management also bolstered liquidity by issuing $1.5 billion in unsecured notes in April 2026.

Bulls highlight rapid international smoke-free growth offsetting broader volume declines. Bears warn that overseas equity write-downs and domestic restructuring costs are pressuring immediate profitability. Trading at 22.6x earnings as of April 24, 2026, the stock is richly valued and requires sustained commercialization success for its next-generation products.

What to watch: returns on targeted U.S. manufacturing investments; debt reduction progress following a recent $1.1 billione term loan prepayment.

03—Filings

Recent SEC Filings

  1. 8-KPhilip Morris International Inc. 8-K Report, Regulation FD Disclosure (Sep 18, 2026)Philip Morris International Inc. (PM) has filed a Current Report on Form 8-K to announce a regular quarterly dividend declaration. The Board of Directors has declared a dividend of $1.60 per common share. This declaration is a routine event for the company, signaling continued commitment to returning capital to shareholders. Investors should note that this disclosure is made under Regulation FD and is furnished, not filed, meaning it does not carry the same regulatory implications as a fully filed document under Sections 18 or other provisions of the Securities Exchange Act.
  2. 8-KPhilip Morris International Inc. 8-K Report, Regulation FD Disclosure (Sep 8, 2026)Philip Morris International Inc. (PMI) announced on September 8, 2026, that it will be hosting a live audio webcast featuring CEO Jacek Olczak at the Barclays Global Consumer Conference. This event will include a presentation and a question-and-answer session. The company is furnishing the presentation slides used during this webcast as Exhibit 99.1 to its Form 8-K filing. Investors should note that the information provided in this 8-K, including the webcast slides, is being furnished and not officially "filed" with the SEC under Section 18 of the Securities Exchange Act. Therefore, it does not carry the same legal liabilities as filed documents and will not be automatically incorporated into future SEC filings unless expressly referenced. This event primarily serves as a communication channel to provide updates and insights directly to investors and the market.
  3. 8-KPhilip Morris International Inc. 8-K Report, Regulation FD Disclosure (Sep 8, 2026)Philip Morris International Inc. (PMI) announced on September 8, 2026, that it will be hosting a live audio webcast featuring a presentation and Q&A session by CEO Jacek Olczak at the Barclays Global Consumer Conference. This event provides an opportunity for investors to hear directly from leadership regarding the company's strategy and outlook. The company is furnishing a press release related to this webcast as part of its 8-K filing. While this information is being made public, it's important for investors to note that, in accordance with General Instruction B.2 of Form 8-K, the content furnished here, including the press release, is not considered "filed" for purposes of Section 18 of the Securities Exchange Act of 1934. Therefore, it does not subject the company to the liabilities of that section, nor will it be automatically incorporated into future SEC filings unless specifically referenced.
  4. 8-KPhilip Morris International Inc. 8-K Report, Regulation FD Disclosure (Aug 24, 2026)Philip Morris International Inc. (PM) announced on August 24, 2026, a significant development concerning its manufacturing strategy. Through its non-U.S. affiliates, the company has entered into a contract manufacturing arrangement for combustible cigarettes with Philip Morris USA, an operating company under Altria Group Inc. This agreement represents a strategic move to leverage existing infrastructure and expertise within the industry, potentially impacting production efficiency and supply chain dynamics for PM's international combustible cigarette business. Investors should note that this arrangement is specifically for combustible cigarettes and involves a subsidiary of Altria. While the details of the financial implications are not elaborated in this 8-K filing, the partnership could signal a shift in manufacturing sourcing or a way to manage production capacity. Further analysis of the press release, furnished as Exhibit 99.1, will be crucial for understanding the scope, duration, and potential benefits or drawbacks of this contract manufacturing deal for Philip Morris International's future operations and financial performance.
  5. 8-KPhilip Morris International Inc. 8-K Report, Financial Results (Jul 22, 2026)Philip Morris International Inc. (PM) has filed an 8-K report on July 22, 2026, to announce its financial results for the second quarter and the first half-year ended June 30, 2026. The report primarily references an attached press release (Exhibit 99.1) and a supplementary document containing definitions and financial reconciliations (Exhibit 99.2), both furnished as part of the filing. While the specific financial figures are detailed within these exhibits, this 8-K serves as the official notification mechanism for these results to the investing public. Investors should review the furnished press release and glossary for a comprehensive understanding of the Company's performance and financial metrics. Of note, the information provided under Item 2.02, including the attached exhibits, is furnished and not deemed "filed" for purposes of Section 18 of the Exchange Act, nor is it automatically incorporated by reference into other SEC filings. This means the liabilities associated with Section 18 do not apply, but investors should still treat the information as material and carefully review the provided financial details in Exhibits 99.1 and 99.2 for insights into the company's operational and financial standing.
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04—See also

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