Philip Morris International
PM · NYSECigarettes · Fiscal year ends Dec 31
Philip Morris International reported revenue of $40.6B in the fiscal year ended Dec 2025, up 7.3% from the year before. Operating income was $14.9B, an operating margin of 36.6%, and net income was $11.3B. Operating cash flow of $12.2B less capital expenditure of $1.6B left free cash flow of $10.7B. Net debt was $40.4B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $31.4B | $31.8B | $35.2B | $37.9B | $40.6B |
| Cost of revenue | $10B | $11.4B | $12.9B | $13.3B | $13.4B |
| Gross profit | $21.4B | $20.4B | $22.3B | $24.5B | $27.3B |
| Research & development | $617M | $642M | $709M | $759M | $756M |
| Operating income | $13B | $12.2B | $11.6B | $13.4B | $14.9B |
| Net interest incomeBanks | −$628M | −$588M | −$1.1B | – | – |
| Interest expense | $737M | $768M | $1.5B | $1.8B | $1.6B |
| Pre-tax income | $12.2B | $11.6B | $10.5B | $12.2B | $13.9B |
| Income tax | $2.7B | $2.2B | $2.3B | $3B | $2.7B |
| Net income | $9.1B | $9B | $7.8B | $7.1B | $11.3B |
| Diluted EPS | 5.83 | 5.81 | 5.02 | 4.52 | 7.26 |
| Diluted shares | 1,559M | 1,552M | 1,553M | 1,556M | 1,558M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $4.5B | $3.2B | $3.1B | $4.2B | $4.9B |
| Receivables | $3.1B | $3.9B | $3.5B | $3.8B | $4.6B |
| Inventory | $8.7B | $9.9B | $10.8B | $9.5B | $11.5B |
| Current assets | $17.7B | $19.6B | $19.8B | $20.2B | $24.4B |
| Goodwill | $6.7B | $19.7B | $16.8B | $16.6B | $17.3B |
| Total assets | $41.3B | $61.7B | $65.3B | $61.8B | $69.2B |
| Payables | $3.3B | $4.1B | $4.1B | $4B | $4.4B |
| Current liabilities | $19.3B | $27.3B | $26.4B | $22.9B | $25.4B |
| Short-term debt | $225M | $5.6B | $2B | $137M | $168M |
| Long-term debt | $24.8B | $34.9B | $41.2B | $42.2B | $45.1B |
| Total liabilities | $49.5B | $68B | $74.8B | $71.7B | $77.2B |
| Shareholders' equity | −$10.1B | −$9B | −$11.2B | −$11.8B | −$10B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $12B | $10.8B | $9.2B | $12.2B | $12.2B |
| Capital expenditure | $748M | $1.1B | $1.3B | $1.4B | $1.6B |
| Free cash flow | $11.2B | $9.7B | $7.9B | $10.8B | $10.7B |
| Depreciation & amortisation | $998M | $1.1B | $1.4B | $1.8B | $2B |
| Acquisitions | $2.1B | $14B | – | – | – |
| Share buybacks | $775M | $209M | $0 | $0 | – |
| Dividends paid | $7.6B | $7.8B | $8B | $8.2B | $8.6B |
| Dividend per share | 4.90 | 5.04 | 5.14 | 5.30 | 5.64 |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 1.1% | 10.7% | 7.7% | 7.3% |
| Operating income growth (YoY) | – | −5.6% | −5.6% | 16.0% | 11.1% |
| EPS growth (YoY) | – | −0.3% | −13.6% | −10.0% | 60.6% |
| Gross margin | 68.1% | 64.1% | 63.3% | 64.8% | 67.1% |
| Operating margin | 41.3% | 38.6% | 32.9% | 35.4% | 36.6% |
| Net margin | 29.0% | 28.5% | 22.2% | 18.6% | 27.9% |
| ROCEEBIT ÷ (assets − current liabilities) | 58.9% | 35.7% | 29.7% | 34.5% | 34.0% |
| Free cash flow margin | 35.7% | 30.6% | 22.4% | 28.4% | 26.2% |
| Cash conversion (CFO ÷ net income) | 1.31x | 1.19x | 1.18x | 1.73x | 1.08x |
| Receivable days | 36 | 44 | 36 | 37 | 41 |
| Inventory days | 317 | 316 | 305 | 259 | 313 |
| Payable days | 121 | 130 | 117 | 108 | 120 |
| Interest cover | 17.6x | 15.9x | 7.57x | 7.60x | 9.38x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $20.5B | $37.3B | $40.2B | $38.1B | $40.4B |
| Current ratio | 0.92x | 0.72x | 0.75x | 0.88x | 0.96x |
Recent filings
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Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.