PM · Philip Morris International Inc. - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Revenue | $40.65B | $37.88B | $35.17B | $31.76B | $31.41B | $28.69B |
| Cost of Revenue | $13.37B | $13.33B | $12.89B | $11.40B | $10.03B | $9.57B |
| Gross Profit | $27.28B | $24.55B | $22.28B | $20.36B | $21.38B | $19.13B |
| R&D | $756.00M | $759.00M | $709.00M | $642.00M | $617.00M | $495.00M |
| SG&A | - | - | - | - | - | - |
| Total Operating Expenses | - | - | - | - | - | - |
| D&A | $2.00B | $1.79B | $998.00M | - | $998.00M | $981.00M |
| Operating Income | $14.89B | $13.40B | $11.56B | $12.25B | $12.97B | $11.67B |
| Interest Expense | $1.59B | $1.76B | $1.53B | $768.00M | $737.00M | $728.00M |
| Income Tax | $2.74B | $3.02B | $2.34B | $2.24B | $2.67B | $2.38B |
| Net Income | $11.35B | $7.06B | $7.81B | $9.05B | $9.11B | $8.06B |
| EPS - Basic | $7.27 | $4.53 | $5.02 | $5.82 | $5.83 | $5.16 |
| EPS - Diluted | $7.26 | $4.52 | $5.02 | $5.81 | $5.83 | $5.16 |
Balance Sheet
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $4.87B | $4.22B | $3.06B | $3.21B | $4.50B | $7.28B |
| Accounts Receivable | $4.57B | $3.79B | $3.46B | $3.85B | $3.12B | $2.90B |
| Inventory | $11.48B | $9.45B | $10.77B | $9.89B | $8.72B | $9.59B |
| Accounts Payable | $4.41B | $3.95B | $4.14B | $4.08B | $3.33B | $2.78B |
| Current Assets | $24.36B | $20.17B | $19.75B | $19.62B | $17.72B | $21.49B |
| Total Assets | $69.19B | $61.78B | $65.30B | $61.68B | $41.29B | $44.81B |
| Current Liabilities | $25.43B | $22.91B | $26.38B | $27.34B | $19.25B | $19.61B |
| Long-term Debt | - | - | - | - | - | - |
| Total Liabilities | $77.21B | $71.65B | $74.75B | $67.99B | $49.50B | $55.45B |
| Stockholders' Equity | ($9.99B) | ($11.75B) | ($11.22B) | ($8.96B) | ($10.11B) | ($12.57B) |
| Retained Earnings | $35.40B | $32.87B | $34.09B | $34.29B | $33.08B | $31.64B |
Cash Flow
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Operating Cash Flow | $12.23B | $12.22B | $9.20B | $10.80B | $11.97B | $9.81B |
| Investing Cash Flow | ($3.97B) | ($1.09B) | ($3.60B) | ($15.68B) | ($2.36B) | ($1.15B) |
| Financing Cash Flow | ($8.13B) | ($9.48B) | ($5.58B) | $3.81B | ($11.98B) | ($8.50B) |
| CapEx | $1.57B | $1.44B | $1.32B | $1.08B | $748.00M | $602.00M |
| Free Cash Flow | $10.66B | $10.77B | $7.88B | $9.73B | $11.22B | $9.21B |
Ratios
| Metric | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Profitability | ||||||
| Gross margin | 67.1% | 64.8% | 63.3% | 64.1% | 68.1% | 66.7% |
| Operating margin | 36.6% | 35.4% | 32.9% | 38.6% | 41.3% | 40.7% |
| EBITDA margin | 41.5% | 40.1% | 35.7% | - | 44.5% | 44.1% |
| Net margin | 27.9% | 18.6% | 22.2% | 28.5% | 29.0% | 28.1% |
| Free cash flow margin | 26.2% | 28.4% | 22.4% | 30.6% | 35.7% | 32.1% |
| FCF / Net income | 0.94 | 1.53 | 1.01 | 1.07 | 1.23 | 1.14 |
| R&D / Revenue | 1.9% | 2.0% | 2.0% | 2.0% | 2.0% | 1.7% |
| SG&A / Revenue | - | - | - | - | - | - |
| Effective tax rate | 19.4% | 29.9% | 23.0% | 19.9% | 22.7% | 22.8% |
| Return on assets | 16.4% | 11.4% | 12.0% | 14.7% | 22.1% | 18.0% |
| Return on equity | -113.5% | -60.1% | -69.6% | -101.0% | -90.1% | -64.1% |
| Return on invested capital | - | - | - | - | - | - |
| Liquidity | ||||||
| Current ratio | 0.96 | 0.88 | 0.75 | 0.72 | 0.92 | 1.10 |
| Quick ratio | 0.51 | 0.47 | 0.34 | 0.36 | 0.47 | 0.61 |
| Cash ratio | 0.19 | 0.18 | 0.12 | 0.12 | 0.23 | 0.37 |
| Leverage | ||||||
| Debt / Equity | - | - | - | - | - | - |
| Debt / Assets | - | - | - | - | - | - |
| Debt / EBITDA | - | - | - | - | - | - |
| Interest coverage | 9.4x | 7.6x | 7.6x | 15.9x | 17.6x | 16.0x |
| Equity multiplier | -6.92 | -5.26 | -5.82 | -6.89 | -4.09 | -3.57 |
| Liabilities / Assets | 1.12 | 1.16 | 1.14 | 1.10 | 1.20 | 1.24 |
| Efficiency | ||||||
| Asset turnover | 0.59 | 0.61 | 0.54 | 0.51 | 0.76 | 0.64 |
| Inventory turnover | 1.16 | 1.41 | 1.20 | 1.15 | 1.15 | 1.00 |
| Days sales outstanding | 41d | 37d | 36d | 44d | 36d | 37d |
| Days inventory outstanding | 313d | 259d | 305d | 316d | 317d | 366d |
| Days payable outstanding | 120d | 108d | 117d | 130d | 121d | 106d |
| Cash conversion cycle | 234d | 187d | 224d | 230d | 232d | 297d |
| Valuation | ||||||
| P / E | 22.1x | 26.6x | 18.7x | 17.4x | 16.3x | 16.0x |
| P / B | - | - | - | - | - | - |
| P / S | 6.1x | 4.9x | 4.2x | 4.9x | 4.7x | 4.5x |
| EV / EBITDA | 14.5x | 12.1x | 11.4x | - | 10.3x | 9.6x |
| Growth | ||||||
| Revenue growth (YoY) | 7.3% | 7.7% | 10.7% | 1.1% | 9.4% | -3.7% |
| Revenue CAGR (3y) | 8.6% | 6.4% | 7.0% | 2.1% | 5.6% | -28.4% |
| Revenue CAGR (5y) | 7.2% | 4.9% | 5.7% | -16.5% | -16.0% | -17.2% |
| Gross profit growth (YoY) | 11.1% | 10.2% | 9.4% | -4.7% | 11.8% | -0.9% |
| Operating income growth (YoY) | 11.1% | 16.0% | -5.6% | -5.6% | 11.2% | 10.8% |
| Net income growth (YoY) | 60.8% | -9.7% | -13.6% | -0.7% | 13.1% | 12.1% |
| EPS growth (YoY) | 60.6% | -10.0% | -13.6% | -0.3% | 13.0% | 11.9% |
| EPS CAGR (3y) | 7.7% | -8.1% | -0.9% | 8.0% | 4.7% | 10.0% |
| EPS CAGR (5y) | 7.1% | -0.4% | -0.2% | 8.4% | 5.4% | 3.1% |
| FCF growth (YoY) | -1.0% | 36.7% | -18.9% | -13.3% | 21.8% | -0.3% |
| FCF CAGR (5y) | 3.0% | 3.1% | -0.4% | 5.7% | 10.2% | 5.9% |
| Book value growth (YoY) | 14.9% | -4.7% | -25.3% | 11.4% | 19.6% | -8.6% |
Sales by segment
From XBRL dimensional facts in the 10-K period ending 2025-12-31.
Business segments
$40.65B totalEurope Segment$17.11B · 42.1%
SSEACISMEASegment$12.05B · 29.6%
EAAUPMIGTRSegment$6.63B · 16.3%
Americas Segment$4.85B · 11.9%
Product / service
$17.11B totalCombustible Tobacco Products$8.98B · 52.5%
Smoke Free Products$8.13B · 47.5%
Geographic
$4.20B totalJP$4.20B · 100.0%
Stability scores
Altman Z′
FY 2025 · bankruptcy risk
1.62
Grey zone
Private-firm variant - uses book equity instead of market cap. > 2.90 safe · 1.23-2.90 grey · < 1.23 distress.
Piotroski F-score
FY 2025 · 9-point quality
7/9
Strong
- ✓Net income positive
- ✓Operating cash flow positive
- ✓ROA improved YoY
- ✓Cash flow > net income
- -Long-term debt decreased
- ✓Current ratio improved
- ✓No share dilution
- ✓Gross margin improved
- ✗Asset turnover improved
Peer comparison
Same SIC group: Cigarettes
Comparing Philip Morris International Inc. against the 5 most active filers in the same SIC group.
Dividends
$5.76/share trailing 12 months · +7.7% YoY
| Ex-date | Per share |
|---|---|
| Mar 19, 2026 | $1.4700 |
| Dec 26, 2025 | $1.4700 |
| Oct 3, 2025 | $1.4700 |
| Jun 27, 2025 | $1.3500 |
| Mar 20, 2025 | $1.3500 |
| Dec 26, 2024 | $1.3500 |
| Sep 26, 2024 | $1.3500 |
| Jun 21, 2024 | $1.3000 |
| Mar 20, 2024 | $1.3000 |
| Dec 20, 2023 | $1.3000 |
| Sep 26, 2023 | $1.3000 |
| Jun 22, 2023 | $1.2700 |
| Mar 22, 2023 | $1.2700 |
| Dec 21, 2022 | $1.2700 |
| Sep 27, 2022 | $1.2700 |
| Jun 30, 2022 | $1.2500 |
| Mar 23, 2022 | $1.2500 |
| Dec 22, 2021 | $1.2500 |
| Sep 28, 2021 | $1.2500 |
| Jun 24, 2021 | $1.2000 |
| Mar 19, 2021 | $1.2000 |
| Dec 22, 2020 | $1.2000 |
| Sep 23, 2020 | $1.2000 |
| Jun 19, 2020 | $1.1700 |