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Philip Morris International Inc (PM) Financial History

20 years of revenue, earnings, cash-flow and balance-sheet history from public filings.

CONSUMER DEFENSIVE · Tobacco · DATA UPDATED 2026-08-10

Philip Morris International Inc (PM) operates in the Tobacco industry and is headquartered in Stamford, United States with about 84,900 employees. Its market capitalization is roughly $294 billion. In the fiscal year ended 2025-12-31, PM reported $40.6B in revenue and $11.3B in net income.

Philip Morris International Inc. operates as a tobacco company. The company offers cigarettes and smoke-free products, including heat-not-burn, e-vapor, and oral nicotine products under the IQOS, VEEV, and ZYN brands; and consumer accessories, such as lighters and matches. It also offers wellness products.

Interactive charts & full statements → Open the PM valuation workbench →

PM Revenue & Earnings History — Annual Income Statement

Income statement	TTM → 2026-06-30	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31
Total Revenue	$42.5B	$40.6B	$37.9B	$35.2B	$31.8B	$31.4B	$28.7B	$29.8B	$29.6B	$28.7B	$26.7B	$26.8B	$29.8B	$31.2B	$31.4B	$31.1B	$27.2B	$25.0B	$25.7B	$22.8B	$20.8B
Gross Profit	$28.7B	$27.3B	$24.5B	$22.3B	$20.4B	$5.3B	$19.1B	$19.3B	$18.9B	$18.3B	$17.3B	$17.4B	$19.3B	$20.8B	$21.0B	$20.4B	$17.5B	$16.0B	$16.4B	$14.1B	$12.6B
Gross Margin %	67.5%	67.1%	64.8%	63.3%	64.1%	16.9%	66.6%	64.7%	63.7%	63.7%	64.8%	65.0%	64.9%	66.6%	66.9%	65.7%	64.3%	64.0%	63.7%	61.8%	60.9%
Operating Income (EBIT)	$16.1B	$14.9B	$13.4B	$11.6B	$12.2B	$2.9B	$11.7B	$10.5B	$11.3B	$11.6B	$10.9B	$10.6B	$11.7B	$13.7B	$13.9B	$13.5B	$11.2B	$10.2B	$10.6B	$8.9B	$8.0B
Operating Margin %	37.8%	36.7%	35.4%	32.9%	38.6%	9.4%	40.8%	35.3%	38.3%	40.3%	40.9%	39.6%	39.3%	43.9%	44.5%	43.5%	41.2%	40.8%	41.1%	38.9%	38.5%
Net Income	$10.9B	$11.3B	$7.0B	$7.8B	$9.0B	$2.2B	$8.1B	$7.2B	$7.9B	$6.0B	$7.0B	$6.9B	$7.5B	$8.6B	$8.8B	$8.6B	$7.3B	$6.3B	$6.9B	$6.0B	$6.1B
Net Margin %	25.6%	27.9%	18.6%	22.1%	28.5%	7.1%	28.1%	24.1%	26.7%	21.0%	26.1%	25.7%	25.2%	27.5%	28.1%	27.6%	26.7%	25.3%	26.8%	26.4%	29.6%
EBITDA	$18.2B	$17.5B	$15.7B	$13.4B	$13.5B	$2.9B	$12.7B	$11.6B	$12.5B	$12.5B	$11.7B	$11.5B	$12.7B	$14.5B	$14.8B	$14.5B	$12.2B	$10.9B	$11.3B	$9.6B	$9.2B
Earnings Per Share (EPS)	$6.97	$7.28	$4.52	$5.02	$5.83	$1.43	$5.17	$4.62	$5.09	$3.89	$4.49	$4.44	$4.78	$5.29	$5.20	$4.98	$3.94	$3.25	$3.32	$2.86	$2.91
Shares Outstanding (M)	1,563M	1,558M	1,556M	1,553M	1,552M	1,559M	1,558M	1,556M	1,555M	1,553M	1,551M	1,549M	1,566M	1,622M	1,692M	1,726M	1,842M	1,950M	2,078M	2,109M	2,109M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

PM Quarterly Revenue & Earnings — Last 8 Quarters

Quarterly income statement	2026-06-30	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30
Total Revenue	$11.2B	$10.1B	$10.4B	$10.8B	$10.1B	$9.3B	$9.7B	$9.9B
Gross Profit	$7.7B	$6.9B	$6.8B	$7.4B	$6.9B	$6.3B	$6.3B	$6.5B
Gross Margin %	68.4%	68.1%	65.6%	67.8%	67.7%	67.3%	64.7%	66.0%
Operating Income (EBIT)	$4.5B	$3.9B	$3.4B	$4.3B	$3.8B	$3.5B	$3.3B	$3.7B
Operating Margin %	40.5%	38.4%	32.6%	39.3%	37.0%	38.1%	33.6%	36.9%
Net Income	$2.8B	$2.4B	$2.1B	$3.5B	$3.0B	$2.7B	($579M)	$3.1B
Net Margin %	25.2%	24.0%	20.7%	32.1%	30.0%	28.9%	-6.0%	31.1%
EBITDA	$4.5B	$4.4B	$4.5B	$4.8B	$4.2B	$4.0B	$4.3B	$4.1B
Earnings Per Share (EPS)	$1.80	$1.56	$1.37	$2.23	$1.95	$1.73	$-0.37	$1.98
Shares Outstanding (M)	1,563M	1,563M	1,558M	1,558M	1,558M	1,556M	1,556M	1,556M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

PM Free Cash Flow History

Cash flow	TTM → 2026-06-30	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31
Cash from Operations (CFO)	$14.3B	$12.2B	$12.2B	$9.2B	$10.8B	$12.0B	$9.8B	$10.1B	$9.5B	$8.9B	$8.1B	$7.9B	$7.7B	$10.1B	$9.4B	$10.5B	$9.4B	$7.9B	$7.9B	$5.6B	$6.2B
Capital Expenditures (CapEx)	$1.5B	$1.6B	$1.4B	$1.3B	$1.1B	$748M	$602M	$852M	$1.4B	$1.5B	$1.2B	$960M	$1.2B	$1.2B	$1.1B	$897M	$713M	$715M	$1.1B	$1.1B	$886M
Free Cash Flow (FCF)	$12.7B	$10.7B	$10.8B	$7.9B	$9.7B	$11.2B	$9.2B	$9.2B	$8.0B	$7.4B	$6.9B	$6.9B	$6.6B	$8.9B	$8.4B	$9.6B	$8.7B	$7.2B	$6.8B	$4.5B	$5.3B
FCF Margin %	29.9%	26.2%	28.4%	22.4%	30.6%	35.7%	32.1%	31.0%	27.2%	25.6%	25.9%	25.8%	22.1%	28.6%	26.7%	31.0%	32.1%	28.6%	26.6%	19.8%	25.8%
Dividends Paid	$9.0B	$8.6B	$8.2B	$8.0B	$7.8B	$7.6B	$7.4B	$7.2B	$6.9B	$6.5B	$6.4B	$6.2B	$6.0B	$5.7B	$5.4B	$4.8B	$4.4B	$4.3B	$5.1B	$6.6B	$2.8B

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

PM Quarterly Free Cash Flow — Last 8 Quarters

Quarterly cash flow	2026-06-30	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30
Cash from Operations (CFO)	$5.5B	($399M)	$4.7B	$4.5B	$3.4B	($350M)	$4.0B	$3.3B
Capital Expenditures (CapEx)	$380M	$353M	$444M	$365M	$356M	$404M	$278M	$379M
Free Cash Flow (FCF)	$5.1B	($752M)	$4.3B	$4.1B	$3.1B	($754M)	$3.7B	$3.0B
FCF Margin %	45.7%	-7.4%	41.2%	37.8%	30.1%	-8.1%	38.4%	29.9%
Dividends Paid	$2.3B	$2.3B	$2.3B	$2.1B	$2.1B	$2.1B	$2.1B	$2.0B

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

PM Balance Sheet History

Balance sheet	2026-06-30	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31
Total Assets	$68.3B	$69.2B	$61.8B	$65.3B	$61.7B	$41.3B	$44.8B	$42.9B	$39.8B	$43.0B	$36.9B	$34.0B	$35.2B	$38.2B	$37.7B	$35.5B	$35.0B	$34.6B	$33.0B	$32.0B	$26.1B
Cash & Cash Equivalents	$6.0B	$4.9B	$4.2B	$3.1B	$3.2B	$4.5B	$7.3B	$6.9B	$6.6B	$8.4B	$4.2B	$3.4B	$1.7B	$2.2B	$3.0B	$2.5B	$1.7B	$1.5B	$1.5B	$1.7B	$1.7B
Total Liabilities	$74.9B	$77.2B	$71.7B	$74.8B	$68.0B	$49.5B	$55.4B	$52.5B	$50.5B	$53.2B	$47.8B	$45.4B	$46.4B	$44.4B	$39.5B	$33.7B	$29.9B	$28.4B	$25.5B	$16.6B	$11.9B
Total Debt (Short + Long-Term)	$49.1B	$48.8B	$45.7B	$47.9B	$43.1B	$25.0B	$31.5B	$31.0B	$31.8B	$34.3B	$29.1B	$28.5B	$29.5B	$27.7B	$22.8B	$18.5B	$16.5B	$15.4B	$12.0B	$6.3B	$2.8B
Total Shareholders' Equity	($8.6B)	($10.0B)	($11.8B)	($11.2B)	($9.0B)	($8.2B)	($12.6B)	($11.6B)	($12.5B)	($12.1B)	($12.7B)	($13.2B)	($12.6B)	($7.8B)	($3.5B)	$229M	$3.5B	$5.7B	$7.5B	$15.4B	$14.3B

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

Quarterly statements, profitability ratios, price history, insider activity and institutional holders are in the interactive PM viewer.

PM Metric Deep Dives

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