Philip Morris International
PM NYSE Tobacco Financials FY2016–FY2025
Philip Morris International's revenue rose 7.3% to $40.6 billion in fiscal 2025. Its operating margin was 36.6%, up from 35.4% a year earlier. Free cash flow was $10.7 billion, down 1.0%. It paid out $8.6 billion in dividends and buybacks, 81% of free cash flow. The diluted share count rose 0.1%.
What Philip Morris International does
Philip Morris International sells cigarettes and nicotine products that don't burn tobacco. Its cigarettes, led by Marlboro, along with Parliament, Chesterfield, L&M and Philip Morris, are sold in about 170 markets. Its smoke-free products include IQOS, a device that heats tobacco instead of burning it, ZYN nicotine pouches, General snus and VEEV e-cigarettes, sold in 106 markets. In the US its products include ZYN, and it holds the full US rights to IQOS. It sells to retailers directly and through distributors and wholesalers, and also online and in its own stores.
Net revenues were $40.6 billion in 2025, of which $16.9 billion came from smoke-free products. Marlboro made up about 43% of the cigarettes it shipped. Japan is its largest market by revenue. The company says its goal is to stop selling cigarettes entirely in favor of smoke-free products. It competes with Altria, British American Tobacco, Japan Tobacco, Imperial Brands, newer companies and state-owned tobacco firms in some countries.
PMI bought Swedish Match, the maker of ZYN, in 2022. Starting in 2026 it reports three segments: International Smoke-Free, International Combustibles and the US. It employed about 84,900 people at the end of 2025.
- Legal name
- Philip Morris International Inc.
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Feb 6, 2026
- Accession · CIK
- 0001628280-26-005939
0001413329
Revenue and margins
Philip Morris International had $40.6B of revenue in fiscal 2025, up 7.3% on the year before.
Net income and earnings per share
From fiscal 2016 to 2025, diluted EPS grew 5.5% a year. Loss periods are shown in red.
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
Cash flow
Free cash flow was $10.7B in fiscal 2025, 26.2% of revenue. Cash from operations minus capital spending.
Dividends, buybacks and share count
Philip Morris International returned $8.6B to shareholders in fiscal 2025, 81% of free cash flow. The diluted share count rose 0.1%.
Value Philip Morris International yourself
Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.
Discounted cash flow
Value per share
—
Adds net cash of −$44.0B and divides by 1,558.0M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.
Earnings multiple
Value per share
—
Reference multiples: today 29.1x · peers 24.2x · sector 24.2x.
Balance sheet
Cash, debt and the ratios that show how comfortably Philip Morris International can carry it.
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $4.5B | $3.2B | $3.1B | $4.2B | $4.9B |
| Debt incl. finance leases | $27.8B | $43.1B | $47.9B | $45.7B | $48.8B |
| Net debt / EBITDA | 1.7x | 3.0x | 3.5x | 2.7x | 2.6x |
| Interest coverage | 17.6x | 16.0x | 7.6x | 7.6x | 9.4x |
| Current ratio | 0.9x | 0.7x | 0.8x | 0.9x | 1.0x |
| Quick ratio | 0.5x | 0.4x | 0.3x | 0.5x | 0.5x |
| Total assets | $41.3B | $61.7B | $65.3B | $61.8B | $69.2B |
| Total liabilities | $49.5B | $68.0B | $74.8B | $71.7B | $77.2B |
| Shareholders' equity | −$10.1B | −$9.0B | −$11.2B | −$11.8B | −$10.0B |
| Net debt (− = net cash) | $23.3B | $39.9B | $44.8B | $41.5B | $44.0B |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$28.8M
6 insiders
Of sales under plans
0%
$0.0M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Feb 20, 2026 | Reginaldo DobrowolskiGroup Controller | Sold | 6,000 | $183.48 | $1.1M | Form 4 |
| Feb 20, 2026 | Stacey KennedyCEO Pmi U.s. | Sold | 14,350 | $183.13 | $2.6M | Form 4 |
| Feb 19, 2026 | Emmanuel BabeauGroup Chief Financial Officer | Sold | 33,800 | $181.61 | $6.1M | Form 4 |
| Feb 19, 2026 | Jacek OlczakGroup CEO PMI, Director | Sold | 80,000 | $182.18 | $14.6M | Form 4 |
| Feb 19, 2026 | Wilde Frederic DeCEO PMI International | Sold | 20,000 | $182.58 | $3.7M | Form 4 |
| Feb 19, 2026 | Yann GuerinGroup Chief Legal Officer | Sold | 4,000 | $181.69 | $0.7M | Form 4 |
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY23 | FY24 | FY25 |
|---|---|---|---|
| Net income is positive | ✓ | ✓ | ✓ |
| Cash from operations is positive | ✓ | ✓ | ✓ |
| Return on assets rose | ✕ | ✕ | ✓ |
| Cash from operations exceeds net income | ✓ | ✓ | ✓ |
| Debt fell relative to assets | ✓ | ✓ | ✕ |
| Current ratio rose | ✓ | ✓ | ✓ |
| Share count didn't rise | ✕ | ✕ | ✕ |
| Gross margin rose | ✕ | ✓ | ✓ |
| Revenue rose relative to assets | ✕ | ✓ | ✓ |
| F-score | 5 / 9 | 7 / 9 | 7 / 9 |
| Accruals ratio | −2.2% | −8.1% | −1.4% |
| Altman Z'' | 2.09 | 2.76 | 2.90 |
Similar companies
Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.
| Company | Market cap | Growth | Op. margin | FCF margin | ROIC | P/E | F-score | |
|---|---|---|---|---|---|---|---|---|
| Philip Morris International PM | $311.2B | 7.3% | 36.6% | 26.2% | 35.4% | 29.1x | 7 | |
| Altria MO | $124.1B | −3.1% | 42.5% | 39.0% | 39.2% | 15.6x | 7 | Compare → |
| Universal UVV | $986M | −1.3% | 5.8% | 2.8% | 4.0% | 51.7x | 5 | Compare → |
| US Foods USFD | $22.3B | 4.1% | 3.0% | 2.4% | 9.6% | 31.1x | 7 | Compare → |
| Dollar General DG | $29.4B | 5.2% | 5.2% | 5.6% | 13.8% | 17.3x | 7 | Compare → |
10 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $26.7B | $28.7B | $29.6B | $29.8B | $28.7B | $31.4B | $31.8B | $35.2B | $37.9B | $40.6B |
| Gross profit | $17.3B | $18.3B | $18.9B | $19.3B | $19.1B | $21.4B | $20.4B | $22.3B | $24.5B | $27.3B |
| Research and development | $429M | $453M | $383M | $465M | $495M | $617M | $642M | $709M | $759M | $756M |
| Operating income | $10.9B | $11.6B | $11.4B | $10.5B | $11.7B | $13.0B | $12.2B | $11.6B | $13.4B | $14.9B |
| Interest expense | $1.1B | $1.1B | $855M | $796M | $728M | $737M | $768M | $1.5B | $1.8B | $1.6B |
| Pretax income | $9.9B | $10.6B | $10.7B | $9.9B | $11.0B | $12.2B | $11.6B | $10.5B | $12.2B | $13.9B |
| Income tax | $2.8B | $4.3B | $2.4B | $2.3B | $2.4B | $2.7B | $2.2B | $2.3B | $3.0B | $2.7B |
| Net income | $7.0B | $6.0B | $7.9B | $7.2B | $8.1B | $9.1B | $9.0B | $7.8B | $7.1B | $11.3B |
| Diluted EPS | $4.48 | $3.88 | $5.08 | $4.61 | $5.16 | $5.83 | $5.81 | $5.02 | $4.52 | $7.26 |
| Diluted shares | 1.55B | 1.55B | 1.56B | 1.56B | 1.56B | 1.56B | 1.55B | 1.55B | 1.56B | 1.56B |
| Cash flow | ||||||||||
| Cash from operations | $8.1B | $8.9B | $9.5B | $10.1B | $9.8B | $12.0B | $10.8B | $9.2B | $12.2B | $12.2B |
| Capital expenditure | $1.2B | $1.5B | $1.4B | $852M | $602M | $748M | $1.1B | $1.3B | $1.4B | $1.6B |
| Free cash flow | $6.9B | $7.4B | $8.0B | $9.2B | $9.2B | $11.2B | $9.7B | $7.9B | $10.8B | $10.7B |
| Depreciation and amortization | $743M | $875M | $989M | $964M | $981M | $998M | $1.1B | $1.4B | $1.8B | $2.0B |
| Acquisitions | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $2.1B | $14.0B | $0.0M | $0.0M | $0.0M |
| Share buybacks | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $775M | $209M | $0.0M | $0.0M | $0.0M |
| Dividends paid | $6.4B | $6.5B | $6.9B | $7.2B | $7.4B | $7.6B | $7.8B | $8.0B | $8.2B | $8.6B |
| Dividends and buybacks | $6.4B | $6.5B | $6.9B | $7.2B | $7.4B | $8.4B | $8.0B | $8.0B | $8.2B | $8.6B |
| Balance sheet | ||||||||||
| Cash and short-term investments | $4.2B | $8.4B | $6.6B | $6.9B | $7.3B | $4.5B | $3.2B | $3.1B | $4.2B | $4.9B |
| Total debt | $29.1B | $34.3B | $31.8B | $31.0B | $31.5B | $27.8B | $43.1B | $47.9B | $45.7B | $48.8B |
| Finance lease liabilities | $0.0M | $0.0M | $0.0M | $0.0M | $37.0M | $71.0M | $54.0M | $53.0M | $67.0M | $84.0M |
| Current assets | $17.6B | $21.6B | $19.4B | $20.5B | $21.5B | $17.7B | $19.6B | $19.8B | $20.2B | $24.4B |
| Current liabilities | $16.5B | $16.0B | $17.2B | $18.8B | $19.6B | $19.3B | $27.3B | $26.4B | $22.9B | $25.4B |
| Inventory | $9.0B | $8.8B | $8.8B | $9.2B | $9.6B | $8.7B | $9.9B | $10.8B | $9.5B | $11.5B |
| Property and equipment, net | $6.1B | $7.3B | $7.2B | $6.6B | $6.4B | $6.2B | $6.7B | $7.5B | $7.3B | $8.4B |
| Total assets | $36.9B | $43.0B | $39.8B | $42.9B | $44.8B | $41.3B | $61.7B | $65.3B | $61.8B | $69.2B |
| Total liabilities | $47.8B | $53.2B | $50.5B | $52.5B | $55.4B | $49.5B | $68.0B | $74.8B | $71.7B | $77.2B |
| Shareholders' equity | −$12.7B | −$12.1B | −$12.5B | −$11.6B | −$12.6B | −$10.1B | −$9.0B | −$11.2B | −$11.8B | −$10.0B |
| Margins | ||||||||||
| Gross margin | 64.8% | 63.7% | 63.7% | 64.7% | 66.7% | 68.1% | 64.1% | 63.4% | 64.8% | 67.1% |
| Operating margin | 40.9% | 40.3% | 38.4% | 35.3% | 40.7% | 41.3% | 38.6% | 32.9% | 35.4% | 36.6% |
| EBITDA margin | 43.6% | 43.3% | 41.7% | 38.6% | 44.1% | 44.5% | 42.0% | 36.8% | 40.1% | 41.6% |
| Net margin | 26.1% | 21.0% | 26.7% | 24.1% | 28.1% | 29.0% | 28.5% | 22.2% | 18.6% | 27.9% |
| FCF margin | 25.9% | 25.6% | 27.2% | 31.0% | 32.1% | 35.7% | 30.6% | 22.4% | 28.4% | 26.2% |
| Returns | ||||||||||
| Return on capital | 57.2% | 46.4% | 58.3% | 55.7% | 64.8% | 70.6% | 40.6% | 26.0% | 30.1% | 35.4% |
| Return on capital employed | 56.0% | 48.9% | 45.9% | 45.2% | 47.4% | 54.9% | 43.4% | 31.6% | 34.5% | 36.1% |
| Return on assets | 19.7% | 15.1% | 19.1% | 17.4% | 18.4% | 21.2% | 17.6% | 12.3% | 11.1% | 17.3% |
| Growth | ||||||||||
| Revenue growth | −63.9% | 7.7% | 3.1% | 0.6% | −3.7% | 9.5% | 1.1% | 10.7% | 7.7% | 7.3% |
| Net income growth | 1.4% | −13.4% | 31.1% | −9.2% | 12.1% | 13.1% | −0.7% | −13.7% | −9.7% | 60.8% |
| EPS growth | 1.4% | −13.4% | 30.9% | −9.3% | 11.9% | 13.0% | −0.3% | −13.6% | −10.0% | 60.6% |
| FCF growth | 0.0% | 6.7% | 9.2% | 14.9% | −0.3% | 21.8% | −13.3% | −19.0% | 36.7% | −1.0% |
| Share count change | 0.1% | 0.1% | 0.1% | 0.1% | 0.1% | 0.1% | −0.5% | 0.1% | 0.2% | 0.1% |
| Financial health | ||||||||||
| Net debt / EBITDA | 2.1x | 2.1x | 2.0x | 2.1x | 1.9x | 1.7x | 3.0x | 3.5x | 2.7x | 2.6x |
| Interest coverage | 10.2x | 10.6x | 13.3x | 13.2x | 16.0x | 17.6x | 16.0x | 7.6x | 7.6x | 9.4x |
| Current ratio | 1.1x | 1.4x | 1.1x | 1.1x | 1.1x | 0.9x | 0.7x | 0.8x | 0.9x | 1.0x |
| Quick ratio | 0.5x | 0.8x | 0.6x | 0.6x | 0.6x | 0.5x | 0.4x | 0.3x | 0.5x | 0.5x |
| Capital allocation | ||||||||||
| Capex / revenue | 4.4% | 5.4% | 4.9% | 2.9% | 2.1% | 2.4% | 3.4% | 3.8% | 3.8% | 3.9% |
| Payouts / FCF | 92.4% | 88.5% | 85.6% | 77.5% | 80.0% | 74.5% | 82.5% | 101.0% | 76.1% | 80.9% |
| Quality scores | ||||||||||
| Piotroski F-score | 7.0 | 4.0 | 5.0 | 6.0 | 7.0 | 7.0 | 6.0 | 5.0 | 7.0 | 7.0 |
| Altman Z'' | 4.6 | 4.7 | 4.6 | 4.1 | 4.1 | 4.3 | 2.2 | 2.1 | 2.8 | 2.9 |
| Accruals ratio | −3.1% | −7.2% | −3.8% | −7.0% | −4.0% | −6.6% | −3.4% | −2.2% | −8.1% | −1.4% |
Source: SEC EDGAR XBRL filings (CIK 0001413329). Data updated October 23, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.