P 
Philip Morris International PM · USD
Consumer Staples · Tobacco · US listing · 🇺🇸 United States
S&P 500
193.12
-2.41%
Close of 9 Nov 2026, in USD
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At a glance
Figures in USD, from our data supplier.
Revenue
$40.65bn
FY2016FY2025
Net income
$11.35bn
FY2016FY2025
Free cash flow
$10.66bn
FY2016FY2025
Shareholders' equity
−$9.99bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $40.65bn | $37.88bn | $35.17bn | $31.76bn | $31.41bn | $28.69bn | $29.80bn | $29.63bn | $28.75bn | $26.68bn |
| Research and development | — | $759.0m | $709.0m | $642.0m | $617.0m | $495.0m | $465.0m | $383.0m | $453.0m | $429.0m |
| Operating income | $14.93bn | $13.40bn | $11.56bn | $12.25bn | $2.95bn | $11.72bn | $10.53bn | $11.34bn | $11.58bn | $10.90bn |
| Net income | $11.35bn | $7.03bn | $7.79bn | $9.05bn | $2.23bn | $8.06bn | $7.18bn | $7.91bn | $6.04bn | $6.97bn |
| Diluted earnings per share | 7.28 | 4.52 | 5.01 | 5.83 | 1.43 | 5.17 | 4.61 | 5.09 | 3.88 | 4.49 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | $69.19bn | $61.78bn | $65.30bn | $61.68bn | $41.29bn | $44.81bn | $42.88bn | $39.80bn | $42.97bn | $36.85bn |
| Cash and short-term investments | $4.87bn | $4.22bn | $3.06bn | $3.21bn | $4.50bn | $7.28bn | $6.86bn | $6.59bn | $8.45bn | $4.24bn |
| Total liabilities | $77.21bn | $71.65bn | $74.75bn | $67.99bn | $49.50bn | $55.45bn | $52.47bn | $50.54bn | $53.20bn | $47.75bn |
| Debt | $48.84bn | $45.70bn | $47.91bn | $43.12bn | $27.81bn | $31.54bn | $31.05bn | $31.76bn | $34.34bn | $29.07bn |
| Shareholders' equity | −$9.99bn | −$11.75bn | −$11.22bn | −$8.96bn | −$8.21bn | −$12.57bn | −$11.58bn | −$12.46bn | −$12.09bn | −$12.69bn |
| Shares outstanding | 1,558m | 1,556m | 1,554m | 1,552m | 1,557m | 1,558m | 1,557m | 1,555m | 1,554m | 1,551m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | $12.23bn | $12.22bn | $9.20bn | $10.80bn | $11.97bn | $9.81bn | $10.09bn | $9.48bn | $8.91bn | $8.08bn |
| Capital spending | −$1.57bn | −$1.44bn | −$1.32bn | −$1.08bn | −$748.0m | −$602.0m | −$852.0m | −$1.44bn | −$1.55bn | −$1.17bn |
| Free cash flow | $10.66bn | $10.77bn | $7.88bn | $9.73bn | $11.22bn | $9.21bn | $9.24bn | $8.04bn | $7.36bn | $6.91bn |
| Dividends paid | −$8.62bn | −$8.20bn | −$7.96bn | −$7.81bn | −$7.58bn | −$7.36bn | −$7.16bn | −$6.88bn | −$6.52bn | −$6.38bn |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | $11.19bn | $10.15bn | $10.36bn | $10.85bn | $10.14bn | $9.30bn | $9.71bn | $9.91bn |
| Operating income | $4.53bn | $3.89bn | $3.37bn | $4.25bn | $3.70bn | $3.54bn | $3.26bn | $3.64bn |
| Net income | $2.82bn | $2.44bn | $2.14bn | $3.48bn | $3.04bn | $2.69bn | −$579.0m | $3.08bn |
| Diluted earnings per share | 1.80 | 1.56 | 1.37 | 2.23 | 1.95 | 1.73 | -0.37 | 1.98 |
| Cash from operations | — | −$399.0m | $4.71bn | $4.46bn | $3.41bn | −$350.0m | $4.00bn | $3.34bn |
| Capital spending | — | −$353.0m | −$444.0m | −$365.0m | −$356.0m | −$404.0m | −$278.0m | −$379.0m |
| Free cash flow | — | −$752.0m | $4.26bn | $4.10bn | $3.06bn | −$754.0m | $3.72bn | $2.96bn |
| Total assets | $68.27bn | $68.91bn | $69.19bn | $67.06bn | $68.51bn | $65.08bn | $61.78bn | $66.89bn |
| Cash and short-term investments | $6.00bn | $5.45bn | $4.87bn | $4.04bn | $4.14bn | $4.44bn | $4.22bn | $4.26bn |
| Debt | $6.75bn | $51.95bn | $48.84bn | $50.08bn | $51.46bn | $49.58bn | $45.70bn | $49.22bn |
| Shareholders' equity | −$8.58bn | −$9.28bn | −$9.99bn | −$10.91bn | −$11.97bn | −$10.90bn | −$11.75bn | −$9.69bn |
Financial ratios
Data as of 3 Sept 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|
| Operating margin | 36.7% | 35.4% | 32.9% | 38.6% | 9.4% | 40.8% | — |
| Net margin | 27.9% | 18.6% | 22.1% | 28.5% | 7.1% | 28.1% | — |
| Return on equity | -113.5% | -59.9% | -69.4% | -101.0% | -27.2% | -64.1% | — |
| Return on assets | 16.4% | 11.4% | 11.9% | 14.7% | 5.4% | 18.0% | — |
| Free cash flow yield | 4.7% | 4.7% | 3.6% | 4.1% | 4.3% | 3.6% | — |
| Revenue growth | 7.3% | 7.7% | 10.7% | 1.1% | 9.4% | -3.7% | — |
| Earnings growth | 61.3% | -9.7% | -13.9% | 305.9% | -72.3% | 12.1% | — |
| Current ratio | 0.96x | 0.88x | 0.75x | 0.72x | 4.73x | 1.10x | — |
| Debt to equity | -4.89x | -3.89x | -4.27x | -4.81x | -3.05x | -2.51x | — |
| Equity ratio | -14.4% | -19.0% | -17.2% | -14.5% | -19.9% | -28.0% | — |
| Interest coverage | 9.41x | 7.60x | 7.57x | 15.95x | 20.18x | 16.10x | — |
| R&D as a share of sales | — | 2.0% | 2.0% | 2.0% | 2.0% | 1.7% | 1.6% |
| Buybacks as a share of market value | -0.1% | -0.1% | -0.1% | 0.3% | 0.1% | -0.1% | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 8.6% | 7.2% | 4.3% |
| Operating income | 6.8% | 5.0% | 3.5% |
| Net income | 7.8% | 7.1% | 5.1% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Operating margin | 36.1% | 35.8% | 32.5% | 35.1% |
| Net margin | 23.4% | 24.2% | 22.1% | 23.2% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 22.0 | 26.6 | 18.8 | 17.4 | 66.4 | 16.0 | 18.4 | 13.1 | 27.2 | 20.4 |
| Price to sales | 6.2 | 4.9 | 4.2 | 5.0 | 4.7 | 4.5 | 4.5 | 3.5 | 5.7 | 5.3 |
Market value over time
31 Oct 2016 to 2 Sept 2026, in USD
$149.58bn$293.72bn
Share price return
Finished calendar years
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Return | 26% | 31% | -5% | 8% | 10% | -1% | 23% | -34% | 15% | 4% |
Dividends and splits
Per share, in the currency the company pays
Paid for 18 years. Last went ex-dividend on 2 Oct 2026.
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 4.54 | 5.64 | 5.30 | 5.14 | 5.04 | 4.90 | 4.74 | 4.62 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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