← Filings of PM
Tables in the 10-Q of Philip Morris International Inc.
63 tables with numbers, filed Oct 23, 2026. Each one downloads as a CSV for Excel or
Google Sheets, with the filing's address in the last row. Only the layout is tidied (a "$" or ")" in a cell of its own is joined to its number); no value is changed.
Open the filing on sec.gov ↗
Table 1 after “Securities registered pursuant to Section 12(b) of the Act:”
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| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
| Common Stock, no par value | PM | New York Stock Exchange |
| 3.125% Notes due 2027 | PM27 | New York Stock Exchange |
| 3.125% Notes due 2028 | PM28 | New York Stock Exchange |
| 2.875% Notes due 2029 | PM29 | New York Stock Exchange |
| 3.375% Notes due 2029 | PM29A | New York Stock Exchange |
| 2.750% Notes due 2029 | PM29D | New York Stock Exchange |
| 3.750% Notes due 2031 | PM31B | New York Stock Exchange |
First 8 of 17 rows. The CSV has all of them.
Table 2 after “Securities registered pursuant to Section 12(b) of the Act:”
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| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
| 3.875% Notes due 2042 | PM42A | New York Stock Exchange |
| 4.125% Notes due 2043 | PM43 | New York Stock Exchange |
| 4.875% Notes due 2043 | PM43A | New York Stock Exchange |
| 4.250% Notes due 2044 | PM44 | New York Stock Exchange |
| | Page No. |
| PART I - | FINANCIAL INFORMATION | |
| Item 1. | Financial Statements (Unaudited) | |
| Condensed Consolidated Statements of Earnings for the | |
| Nine Months Ended September 30, 2026 and 2025 | 3 |
| Three Months Ended September 30, 2026 and 2025 | 3 |
| Condensed Consolidated Statements of Comprehensive Earnings for the | |
| Nine Months Ended September 30, 2026 and 2025 | 4 |
First 8 of 26 rows. The CSV has all of them.
| For the Nine Months Ended September 30, | | |
| 2026 | 2025 | |
| Net revenues 1 & 2 (Note 13) | $32,776 | | $30,286 |
| Cost of sales (Note 1) | 10,358 | | 9,789 |
| Gross profit | 22,418 | | 20,497 |
| Marketing, administration and research costs (Notes 1 & 15) | 8,831 | | 8,474 |
| Impairment of goodwill (Note 5) | — | | 41 |
| Corporate expenses and other (Note 1) | 298 | | 463 |
First 8 of 21 rows. The CSV has all of them.
| For the Three Months Ended September 30, | | |
| 2026 | 2025 | |
| Net revenues 1 & 2 (Note 13) | $11,438 | | $10,845 |
| Cost of sales (Note 1) | 3,584 | | 3,484 |
| Gross profit | 7,854 | | 7,361 |
| Marketing, administration and research costs (Notes 1 & 15) | 2,993 | | 3,058 |
| Corporate expenses and other (Note 1) | (5) | | 40 |
| Operating income | 4,866 | | 4,263 |
First 8 of 19 rows. The CSV has all of them.
| For the Nine Months Ended September 30, | | |
| 2026 | 2025 | |
| Net earnings | $9,089 | | $9,598 |
| Other comprehensive earnings (losses), net of income taxes: | | | |
| Change in currency translation adjustments: | | | |
| Unrealized gains (losses), net of income taxes of $(129) in 2026 and $410 in 2025 | 249 | | (1,917) |
| (Gains)/losses transferred to earnings, net of income taxes of $0 in 2026 and $0 in 2025 | (19) | | — |
| Change in net loss and prior service cost: | | | |
First 8 of 18 rows. The CSV has all of them.
| For the Three Months Ended September 30, | | |
| 2026 | 2025 | |
| Net earnings | $3,522 | | $3,613 |
| Other comprehensive earnings (losses), net of income taxes: | | | |
| Change in currency translation adjustments: | | | |
| Unrealized gains (losses), net of income taxes of $10 in 2026 and $(23) in 2025 | (242) | | (291) |
| Change in net loss and prior service cost: | | | |
| Net gains (losses) and prior service costs, net of income taxes of $60 in 2026 and $0 in 2025 | (75) | | 7 |
First 8 of 17 rows. The CSV has all of them.
| September 30, 2026 | December 31, 2025 | |
| ASSETS | | | |
| Cash and cash equivalents | $6,683 | | $4,872 |
| Trade receivables (less allowances of $36 in 2026 and $23 in 2025) (1) | 5,156 | | 4,572 |
| Other receivables (less allowances of $24 in 2026 and $24 in 2025) | 1,375 | | 1,238 |
| Inventories: | | | |
| Leaf tobacco | 2,613 | | 2,425 |
| Other raw materials | 2,270 | | 2,223 |
First 8 of 21 rows. The CSV has all of them.
| September 30, 2026 | December 31, 2025 | |
| LIABILITIES | | | |
| Short-term borrowings (Note 11) | $2,525 | | $168 |
| Current portion of long-term debt (Note 11) | 3,328 | | 3,533 |
| Accounts payable | 4,036 | | 4,407 |
| Accrued liabilities: | | | |
| Marketing and selling | 1,469 | | 1,354 |
| Taxes, except income taxes | 5,521 | | 7,555 |
First 8 of 30 rows. The CSV has all of them.
| For the Nine Months Ended September 30, | | |
| 2026 | 2025 | |
| CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES | | | |
| Net earnings | $9,089 | | $9,598 |
| Adjustments to reconcile net earnings to operating cash flows: | | | |
| Depreciation and amortization expense | 1,534 | | 1,475 |
| Impairment of goodwill (Note 5) | — | | 41 |
| Impairment related to the RBH equity investment (Note 13) | 511 | | — |
First 8 of 28 rows. The CSV has all of them.
| For the Nine Months Ended September 30, | | |
| 2026 | 2025 | |
| CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES | | | |
| Short-term borrowing activity by original maturity: | | | |
| Net issuances (repayments) - maturities of 90 days or less | $1,907 | | $1,733 |
| Issuances - maturities longer than 90 days | 1,659 | | 170 |
| Repayments - maturities longer than 90 days | (1,191) | | (170) |
| Long-term debt proceeds | 1,478 | | 3,596 |
First 8 of 18 rows. The CSV has all of them.
| PMI Stockholders’ (Deficit) Equity | | | | | | | | | | | | | |
| Common Stock | Additional Paid-in Capital | | Earnings Reinvested in the Business | Accumulated Other Comprehensive Losses | Cost of Repurchased Stock | | Noncontrolling Interests | | | Total | | | |
| Balances, January 1, 2025 | $— | | $2,335 | | $32,869 | | $(11,314) | | | $(35,640) | | | $1,880 | $(9,870) |
| Net earnings | | | | 9,207 | | | | | 391 | | | | 9,598 | |
| Other comprehensive earnings (losses), net of income taxes | | | | | (2,006) | | | | 4 | | | | (2,002) | |
| Issuance of stock awards | | 65 | | | | | 89 | | | | | | 154 | |
| Dividends declared ($4.17 per share) | | | | (6,519) | | | | | | | | (6,519) | | |
| Dividends paid to noncontrolling interests | | | | | | | | (345) | | | | (345) | | |
First 8 of 17 rows. The CSV has all of them.
| PMI Stockholders’ (Deficit) Equity | | | | | | | | | | | | | |
| Common Stock | Additional Paid-in Capital | | Earnings Reinvested in the Business | Accumulated Other Comprehensive Losses | Cost of Repurchased Stock | | Noncontrolling Interests | | | Total | | | |
| Balances, July 1, 2025 | $— | | $2,364 | | $34,376 | | $(13,153) | | | $(35,553) | | | $1,954 | $(10,012) |
| Net earnings | | | | 3,478 | | | | | 135 | | | | 3,613 | |
| Other comprehensive earnings (losses), net of income taxes | | | | | (167) | | | | (29) | | | | (196) | |
| Issuance of stock awards | | 36 | | | | | 2 | | | | | | 38 | |
| Dividends declared ($1.47 per share) | | | | (2,297) | | | | | | | | (2,297) | | |
| Dividends paid to noncontrolling interests | | | | | | | | (130) | | | | (130) | | |
First 8 of 17 rows. The CSV has all of them.
Table 14 after “During the nine months and three months ended September 30, 2026 and 2025, the recorded compensation expense related to RSU awards and the r”
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| (in millions) | For the Nine Months Ended September 30, | | For the Three Months Ended September 30, | | | | |
| Compensation Expense Related to RSU Awards | Tax Benefit/(Charge) Related to RSU Awards | | Compensation Expense Related to RSU Awards | Tax Benefit/(Charge) Related to RSU Awards | | |
| 2026 | $151 | | $53 | | | $38 | $10 |
| 2025 | $131 | | $32 | | | $34 | $6 |
Table 15 after “During the nine months ended September 30, 2026 and 2025, shares granted to eligible employees and the weighted-average grant date fair valu”
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| Number of Shares Granted | Weighted-Average Grant Date Fair Value Per RSU Award Granted | |
| 2026 | 1,288,430 | | $ 182.62 |
| 2025 | 1,516,940 | | $ 145.46 |
Table 16 after “During the nine months ended September 30, 2026 and 2025, the recorded compensation expense related to PSU awards, and the respective tax be”
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| (in millions) | For the Nine Months Ended September 30, | | For the Three Months Ended September 30, | | | | |
| Compensation Expense related to PSU Awards | Tax Benefit/(Charge) Related to PSU Awards | | Compensation Expense related to PSU Awards | Tax Benefit/(Charge) Related to PSU Awards | | |
| 2026 | $52 | | $30 | | | $(1) | $3 |
| 2025 | $66 | | $18 | | | $6 | $1 |
Table 17 after “During the nine months ended September 30, 2026 and 2025, shares granted to eligible employees and the weighted-average grant date fair valu”
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| Number of Shares Granted | Weighted- Average PSU Grant Date Fair Value Subject to Other Performance Factors (Per Share) | Weighted- Average PSU Grant Date Fair Value Subject to TSR Performance Factors (Per Share) | |
| 2026 | 327,880 | | $ 182.81 | $ 236.97 |
| 2025 | 396,400 | | $ 145.35 | $ 213.72 |
Table 18 after “The following assumptions were used to determine the grant date fair value of the PSU awards subject to the TSR performance factor:”
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| 2026 | 2025 | |
| Average risk-free interest rate (a) | 3.5% | | 4.1% |
| Average expected volatility (b) | 21.7% | | 21.0% |
Table 19 after “Pension and other employee benefit costs per the condensed consolidated statements of earnings consisted of the following:”
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| For the Nine Months Ended September 30, | For the Three Months Ended September 30, | | | | |
| (in millions) | 2026 | 2025 | | 2026 | 2025 | |
| Net pension costs (income) | $(44) | | $(62) | | $37 | $(20) |
| Net postemployment costs | 95 | | 88 | | 32 | 30 |
| Net postretirement costs | 12 | | 11 | | 4 | 4 |
| Total pension and other employee benefit costs | $63 | | $37 | | $73 | $14 |
Table 20 after “Net periodic pension cost consisted of the following:”
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| Pension (1) | | | | | |
| For the Nine Months Ended September 30, | For the Three Months Ended September 30, | | | | |
| (in millions) | 2026 | 2025 | | 2026 | 2025 | |
| Service cost | $165 | | $178 | | $54 | $62 |
| Interest cost | 169 | | 155 | | 51 | 53 |
| Expected return on plan assets | (354) | | (322) | | (110) | (112) |
| Amortization: | | | | | | |
| Net loss | 69 | | 107 | | 23 | 40 |
First 8 of 11 rows. The CSV has all of them.
Table 21 after “The movements in goodwill were as follows:”
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| (in millions) | International Smoke-Free | International Combustibles | U.S. (a) | Total | | |
| Balances, December 31, 2025 | $3,913 | | $4,862 | | $8,489 | $17,264 |
| Changes due to: | | | | | | |
| Currency | (244) | | (222) | | (9) | (475) |
| Balances, September 30, 2026 | $3,669 | | $4,640 | | $8,480 | $16,789 |
Table 22 after “Details of other intangible assets were as follows:”
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| | September 30, 2026 | | December 31, 2025 | | | | | | | |
| (in millions) | Weighted-Average Remaining Useful Life | Gross Carrying Amount | Accumulated Amortization | Net | | Gross Carrying Amount | Accumulated Amortization | Net | | | |
| Non-amortizable intangible assets | | $4,592 | | | $4,592 | | | $4,776 | | $4,776 | |
| Amortizable intangible assets: | | | | | | | | | | | |
| Trademarks | 13 years | 2,156 | | $1,051 | | 1,105 | | | 2,227 | $984 | 1,243 |
| Reacquired commercialization rights for IQOS in the U.S. | 3 years | 2,777 | | 1,342 | | 1,435 | | | 2,777 | 926 | 1,851 |
| Developed technology, including patents | 6 years | 344 | | 177 | | 167 | | | 358 | 160 | 198 |
| Customer relationships and other | 9 years | 3,782 | | 1,257 | | 2,525 | | | 3,873 | 1,057 | 2,816 |
First 8 of 9 rows. The CSV has all of them.
Table 23 after “Changes in the net carrying amount of intangible assets were as follows:”
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| | Changes Due To: | | | | | | | |
| (in millions) | December 31, 2025 | Amortization & Impairment | Acquisitions & Divestitures | Currency & Other | September 30, 2026 | | | | |
| Non-amortizable intangible assets | $4,776 | | $— | | $— | | $(184) | | $4,592 |
| Amortizable intangible assets: | 6,108 | | (750) | | — | | (126) | | 5,232 |
| Gross book value | 9,235 | | | — | | (176) | | 9,059 | |
| Accumulated amortization | (3,127) | | (750) | | — | | 50 | | (3,827) |
| Total Intangibles, net | $10,884 | | $(750) | | $— | | $(310) | | $9,824 |
Table 24 after “The gross notional amounts for outstanding derivatives at the end of each period were as follows:”
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| (in millions) | At September 30, 2026 | At December 31, 2025 | |
| Derivative contracts designated as hedging instruments: | | | |
| Foreign exchange contracts | $29,239 | | $29,062 |
| Interest rate contracts | 4,800 | | 4,700 |
| Commodity contracts | 2 | | 3 |
| Derivative contracts not designated as hedging instruments: | | | |
| Foreign exchange contracts | 18,464 | | 16,278 |
| Total | $52,505 | | $50,043 |
Table 25 after “The fair value of PMI’s derivative contracts included in the condensed consolidated balance sheets as of September 30, 2026 and December 31,”
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| Derivative Assets | Derivative Liabilities | | | | | | |
| | Fair Value | | | Fair Value | | | |
| | At | At | | | At | At | |
| (in millions) | Balance Sheet Classification | September 30, 2026 | December 31, 2025 | | Balance Sheet Classification | September 30, 2026 | December 31, 2025 | |
| Derivative contracts designated as hedging instruments: | | | | | | | | |
| Foreign exchange contracts | Other current assets | $554 | | $378 | | Other accrued liabilities | $165 | $499 |
| Other assets | 124 | | 107 | | Other liabilities | 360 | 853 |
| Interest rate contracts | Other current assets | 10 | | — | | Other accrued liabilities | 3 | 27 |
First 8 of 18 rows. The CSV has all of them.
Table 26 after “For the nine months ended September 30, 2026 and 2025, PMI's derivative contracts impacted the condensed consolidated statements of earnings”
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| (pre-tax, in millions) | For the Nine Months Ended September 30, | | | | | | | | | | | | | | |
| Amount of Gain/(Loss) Recognized in Other Comprehensive Earnings/(Losses) on Derivatives | Statement of Earnings Classification of Gain/(Loss) on Derivatives | | Amount of Gain/(Loss) Reclassified from Other Comprehensive Earnings/(Losses) into Earnings | Amount of Gain/(Loss) Recognized in Earnings | | | | | | | | | | |
| 2026 | 2025 | | | | 2026 | 2025 | | 2026 | | 2025 | | | | |
| Derivative contracts designated as hedging instruments: | | | | | | | | | | | | | | | |
| Cash flow hedges: | | | | | | | | | | | | | | | |
| Foreign exchange contracts | $112 | | $(201) | | | Net revenues | $95 | | | $79 | | | | | |
| | | | | Marketing, administration and research costs | 21 | | (31) | | | | | | | |
| | | | | Interest expense, net | (1) | | (1) | | | | | | | |
First 8 of 18 rows. The CSV has all of them.
Table 27 after “For the three months ended September 30, 2026 and 2025, PMI's derivative contracts impacted the condensed consolidated statements of earning”
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| (pre-tax, in millions) | For the Three Months Ended September 30, | | | | | | | | | | | | | | |
| Amount of Gain/(Loss) Recognized in Other Comprehensive Earnings/(Losses) on Derivatives | | | Statement of Earnings Classification of Gain/(Loss) on Derivatives | Amount of Gain/(Loss) Reclassified from Other Comprehensive Earnings/(Losses) into Earnings | Amount of Gain/(Loss) Recognized in Earnings | | | | | | | | | |
| 2026 | 2025 | | | | 2026 | 2025 | | 2026 | | 2025 | | | | |
| Derivative contracts designated as hedging instruments: | | | | | | | | | | | | | | | |
| Cash flow hedges: | | | | | | | | | | | | | | | |
| Foreign exchange contracts | $(36) | | $78 | | | Net revenues | $42 | | | $16 | | | | | |
| | | | | Marketing, administration and research costs | 9 | | (4) | | | | | | | |
| | | | | Interest expense, net | (1) | | — | | | | | | | |
First 8 of 18 rows. The CSV has all of them.
Table 28 after “Hedging activity affected accumulated other comprehensive losses, net of income taxes, as follows:”
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| (in millions) | For the Nine Months Ended September 30, | | For the Three Months Ended September 30, | | | | |
| 2026 | 2025 | | 2026 | 2025 | | |
| Gain/(loss) as of beginning of period, | $284 | | $467 | | | $346 | $182 |
| Derivative (gains)/losses transferred to earnings | (125) | | (69) | | | (52) | (19) |
| Change in fair value | 105 | | (168) | | | (30) | 67 |
| Gain/(loss) as of September 30, | $264 | | $230 | | | $264 | $230 |
Table 29 after “Basic and diluted earnings per share (“EPS”) were calculated using the following:”
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| (in millions) | For the Nine Months Ended September 30, | | For the Three Months Ended September 30, | | | | |
| 2026 | 2025 | | 2026 | 2025 | | |
| Net earnings attributable to PMI | $8,568 | | $9,207 | | | $3,313 | $3,478 |
| Less distributed and undistributed earnings attributable to share-based payment awards (1) | 22 | | 26 | | | 8 | 10 |
| Net earnings for basic and diluted EPS | $8,546 | | $9,181 | | | $3,305 | $3,468 |
| Weighted-average shares for basic EPS | 1,558 | | 1,556 | | | 1,559 | 1,557 |
| Plus contingently issuable performance stock units (PSUs)(1) | 2 | | 2 | | | 1 | 1 |
| Weighted-average shares for diluted EPS | 1,560 | | 1,558 | | | 1,560 | 1,558 |
Table 30 after “Net revenues, cost of sales and gross profit by segment were as follows:”
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| (in millions) | International Smoke-Free | International Combustibles | U.S. | Total | | |
| For the Nine Months Ended September 30, 2026 | | | | | | |
| Net revenues | $11,580 | | $18,872 | | $2,324 | $32,776 |
| Cost of sales | (3,475) | | (6,033) | | (850) | (10,358) |
| Gross profit | $8,105 | | $12,839 | | $1,473 | $22,418 |
| For the Nine Months Ended September 30, 2025 | | | | | | |
| Net revenues | $10,310 | | $17,525 | | $2,451 | $30,286 |
| Cost of sales | (3,222) | | (5,846) | | (721) | (9,789) |
First 8 of 9 rows. The CSV has all of them.
Table 31 after “Net revenues, cost of sales and gross profit by segment were as follows:”
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| (in millions) | International Smoke-Free | International Combustibles | U.S. | Total | | |
| For the Three Months Ended September 30, 2026 | | | | | | |
| Net revenues | $3,867 | | $6,725 | | $845 | $11,438 |
| Cost of sales | (1,162) | | (2,115) | | (306) | (3,584) |
| Gross profit | $2,705 | | $4,610 | | $539 | $7,854 |
| For the Three Months Ended September 30, 2025 | | | | | | |
| Net revenues | $3,839 | | $6,316 | | $689 | $10,845 |
| Cost of sales | (1,157) | | (2,072) | | (255) | (3,484) |
First 8 of 9 rows. The CSV has all of them.
Table 32 after “PMI's net revenues by product category were as follows:”
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| (in millions) | For the Nine Months Ended September 30, | For the Three Months Ended September 30, | | | | |
| 2026 | 2025 | 2026 | 2025 | | |
| Smoke-free: | | | | | | |
| International Smoke-Free | $11,580 | | $10,310 | | $3,867 | $3,839 |
| U.S. | 2,069 | | 2,189 | | 758 | 605 |
| of which, Wellness | 193 | | 166 | | 74 | 57 |
| Total Smoke-free | 13,649 | | 12,500 | | 4,625 | 4,445 |
| Combustible tobacco: | | | | | | |
First 8 of 12 rows. The CSV has all of them.
Table 33 after “Other segment data were as follows:”
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| (in millions) | For the Nine Months Ended September 30, | For the Three Months Ended September 30, | | | | |
| 2026 | 2025 | 2026 | 2025 | | |
| Depreciation and amortization expense: | | | | | | |
| International Smoke-Free | $273 | | $252 | | $93 | $92 |
| International Combustibles | 203 | | 216 | | 67 | 73 |
| U.S. | 81 | | 67 | | 27 | 22 |
| Total depreciation and amortization expense by segment | 557 | | 535 | | 187 | 187 |
| Other(1) | 977 | | 940 | | 324 | 318 |
First 8 of 10 rows. The CSV has all of them.
Table 34 after “At September 30, 2026 and December 31, 2025, PMI’s short-term borrowings and related average interest rates consisted of the following:”
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| September 30, 2026 | December 31, 2025 | | | | | |
| (in millions) | Amount Outstanding | Average Rate | | Amount Outstanding | | Average Rate | |
| Commercial paper | $1,882 | | 3.9% | | | $— | —% |
| Bank loans | 643 | | 5.2 | | | 168 | 10.3 |
| $2,525 | | | | $168 | | |
Table 35 after “At September 30, 2026 and December 31, 2025, PMI’s long-term debt consisted of the following:”
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| (in millions) | September 30, 2026 | December 31, 2025 | |
| U.S. dollar notes, 1.750% to 6.375% (average interest rate 4.718%), due through 2044 | $37,239 | | $37,430 |
| Foreign currency obligations: | | | |
| Euro notes, 0.800% to 3.750% (average interest rate 2.219%), due through 2039 | 5,967 | | 7,942 |
| Euro credit facility borrowing related to Swedish Match AB acquisition, (interest rate 3.090%), due 2027 | 1,703 | | 2,944 |
| Swedish krona note, (interest rate 2.190%), due 2029 | 27 | | 267 |
| Finance leases (average interest rate 4.457%), due through 2037 | 101 | | 84 |
| Carrying value of long-term debt | 45,037 | | 48,667 |
First 8 of 10 rows. The CSV has all of them.
Table 36 after “At September 30, 2026, the fair value of PMI's outstanding long-term debt, excluding the aforementioned finance leases, was as follows:”
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| (in millions) | September 30, 2026 |
| Level 1 | $41,004 |
| Level 2 | 1,731 |
Table 37 after “PMI's debt issuances in the first nine months of 2026 were as follows:”
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| (in millions) | | | | | |
| Type | | Face Value | Interest Rate | Issuance | Maturity |
| U.S. dollar notes | (a) | $750 | 4.125% | April 2026 | April 2029 |
| U.S. dollar notes | (a) | $750 | 4.875% | April 2026 | April 2036 |
Table 38 after “At September 30, 2026, PMI's total committed revolving credit facilities were as follows:”
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| (in billions) | |
| Type | Committed Revolving Credit Facilities |
| Multi-year $2.0 billion revolving credit, expiring January 29, 2031 | $2.0 |
| Multi-year $2.3 billion revolving credit, expiring September 29, 2028 (1) | 2.3 |
| Multi-year €1.5 billion revolving credit, expiring January 29, 2029 | 1.7 |
| Total facilities | $6.0 |
Table 39 after “PMI’s accumulated other comprehensive losses, net of taxes, consisted of the following:”
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| (Losses) Earnings | At | At | | At | |
| (in millions) | September 30, 2026 | December 31, 2025 | | September 30, 2025 | |
| Currency translation adjustments | $(10,851) | | $(11,175) | | $(11,241) |
| Pension and other benefits | (1,284) | | (1,405) | | (2,309) |
| Derivatives accounted for as hedges | 264 | | 284 | | 230 |
| Total accumulated other comprehensive losses | $(11,871) | | $(12,296) | | $(13,320) |
Table 40 after “PMI’s net revenues and expenses with the above related parties were as follows:”
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| For the Nine Months Ended September 30, | | For the Three Months Ended September 30, | | | | |
| (in millions) | 2026 | 2025 | | 2026 | 2025 | | |
| Net revenues: | | | | | | | |
| Megapolis Group | $2,342 | | $2,066 | | | $855 | $802 |
| Other | 1,410 | | 1,321 | | | 457 | 505 |
| Net revenues (a) | $3,752 | | $3,387 | | | $1,312 | $1,307 |
| Expenses: | | | | | | | |
| Other | $200 | | $148 | | | $59 | $45 |
First 8 of 9 rows. The CSV has all of them.
Table 41 after “PMI’s balance sheet activity with the above related parties was as follows:”
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| (in millions) | At September 30, 2026 | At December 31, 2025 | |
| Receivables: | | | |
| Megapolis Group | $584 | | $568 |
| Other | 470 | | 271 |
| Receivables | $1,054 | | $839 |
| Other assets: | | | |
| Other | $82 | | $— |
| Other assets | $82 | | $— |
First 8 of 11 rows. The CSV has all of them.
Table 42 after “The loss on sale of trade receivables was as follows:”
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| (in millions) | For the Nine Months Ended September 30, | For the Three Months Ended September 30, | |
| 2026 | $21 | | $7 |
| 2025 | $26 | | $9 |
Table 43 after “The movement in restructuring related liabilities for the nine months ended September 30, 2026 was as follows:”
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| (in millions) | |
| Liability balance, January 1, 2026 | $115 |
| Charges, net | 29 |
| Cash spent | (54) |
| Currency/other | (8) |
| Liability balance, September 30, 2026 | $82 |
Table 44 after “The components of PMI’s lease cost were as follows for the nine months and three months ended September 30, 2026 and 2025:”
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| For the Nine Months Ended September 30, | | For the Three Months Ended September 30, | | | | |
| (in millions) | 2026 | 2025 | | 2026 | 2025 | | |
| Operating lease cost | $260 | | $230 | | | $89 | $80 |
| Finance lease cost: | | | | | | | |
| Amortization of right-of-use assets | 47 | | 42 | | | 17 | 16 |
| Interest on lease liabilities | 3 | | 2 | | | 1 | 1 |
| Short-term lease cost | 53 | | 48 | | | 18 | 19 |
| Variable lease cost | 30 | | 25 | | | 10 | 9 |
First 8 of 9 rows. The CSV has all of them.
Table 45 after “- The changes in our reported diluted earnings per share (“diluted EPS”) for the nine months ended September 30, 2026, from the comparable 2”
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| Diluted EPS | % Change | |
| For the nine months ended September 30, 2025 | $5.89 | | |
| 2025 Restructuring charges | 0.13 | | |
| 2025 Impairment of goodwill | 0.03 | | |
| 2025 Amortization of intangibles | 0.37 | | |
| 2025 Fair value adjustment for equity security investments | (0.33) | | |
| 2025 Germany excise tax classification litigation charge | 0.10 | | |
| 2025 Impairment of Wellness business related equity investment | 0.09 | | |
First 8 of 25 rows. The CSV has all of them.
Table 46 after “- The changes in our diluted EPS for the three months ended September 30, 2026, from the comparable 2025 amounts, were as follows:”
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| Diluted EPS | % Change | |
| For the three months ended September 30, 2025 | $2.23 | | |
| 2025 Amortization of intangibles | 0.13 | | |
| 2025 Fair value adjustment for equity security investments | (0.07) | | |
| 2025 Germany excise tax classification litigation charge | 0.10 | | |
| 2025 Impairment of Wellness business related equity investment | 0.09 | | |
| 2025 RBH (Canada) Plan implementation, including dividend income, net | (0.10) | | |
| 2025 Income tax impact associated with Swedish Match AB financing | — | | |
First 8 of 20 rows. The CSV has all of them.
| (in millions) | International Smoke-Free | International Combustibles | U.S. | Total | | |
| For the Nine Months Ended September 30, 2026 | | | | | | |
| Net revenues | $11,580 | | $18,872 | | $2,324 | $32,776 |
| Cost of sales | (3,475) | | (6,033) | | (850) | (10,358) |
| Gross profit | $8,105 | | $12,839 | | $1,473 | 22,418 |
| Marketing, administration and research costs | | | | (8,831) | | |
| Corporate expenses and other | | | | (298) | | |
| Operating income | | | | $13,289 | | |
First 8 of 16 rows. The CSV has all of them.
| (in millions) | International Smoke-Free | International Combustibles | U.S. | Total | | |
| For the Three Months Ended September 30, 2026 | | | | | | |
| Net revenues | $3,867 | | $6,725 | | $845 | $11,438 |
| Cost of sales | (1,162) | | (2,115) | | (306) | (3,584) |
| Gross profit | 2,705 | | 4,610 | | 539 | 7,854 |
| Marketing, administration and research costs | | | | (2,993) | | |
| Corporate expenses and other | | | | 5 | | |
| Operating income | | | | $4,866 | | |
First 8 of 15 rows. The CSV has all of them.
Table 49 after “Our net revenues by product category are shown in the table below:”
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| (in millions) | For the Nine Months Ended September 30, | For the Three Months Ended September 30, | | | | | | | |
| 2026 | 2025 | Change | 2026 | 2025 | Change | | | |
| Smoke-free: | | | | | | | | | |
| International Smoke-Free | $11,580 | | $10,310 | | 12.3% | | $3,867 | $3,839 | 0.7% |
| U.S. | 2,069 | | 2,189 | | (5.5)% | | 758 | 605 | 25.2% |
| of which, Wellness | 193 | | 166 | | 16.1% | | 74 | 57 | 29.6% |
| Total Smoke-free | 13,649 | | 12,500 | | 9.2% | | 4,625 | 4,445 | 4.1% |
| Combustible tobacco: | | | | | | | | | |
First 8 of 12 rows. The CSV has all of them.
Table 50 after “Our shipment volume for cigarettes and smoke-free products is shown in the table below:”
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| Shipment Volume (equivalent units in billions) | | | | |
| For the Nine Months Ended September 30, | | | |
| 2026 | 2025 | Change | |
| Total | 595.6 | | 592.7 | 0.5% |
| Cigarettes | 452.2 | | 457.9 | (1.2)% |
| Smoke-Free Products | 143.4 | | 134.8 | 6.4% |
| HTU | 124.5 | | 116.7 | 6.7% |
| Oral SFP | 14.9 | | 15.7 | (5.3)% |
First 8 of 9 rows. The CSV has all of them.
Table 51 after “For the full year 2026, we currently expect a growing (previously broadly stable to slightly growing) total PMI cigarette and SFP shipment v”
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| Financial Summary | | | | | | | | | | | | | | | | | |
| | | | Change Fav./(Unfav.) | | Variance Fav./(Unfav.) | | | | | | | | | | | |
| Nine Months Ended September 30, | 2026 | 2025 | | Total | Excl. Curr. & Acquis/Divest | | Total | Cur- rency | Acq. / Div. | Price | Vol/ Mix/Other | Cost | | | | | |
| (in millions) | | | | | | | | | | | | | | | | | |
| Net Revenues | $32,776 | | $30,286 | | | 8.2% | | 5.9% | | | $2,490 | | $734 | $(44) | $1,889 | $(89) | $— |
| Cost of Sales | (10,358) | | (9,789) | | | (5.8)% | | (3.6)% | | | (569) | | (251) | 33 | — | (172) | (179) |
| Gross Profit | 22,418 | | 20,497 | | | 9.4% | | 7.1% | | | 1,921 | | 483 | (11) | 1,889 | (261) | (179) |
| Marketing, Administration and Research Costs (1) | (8,831) | | (8,474) | | | (4.2)% | | (0.9)% | | | (357) | | (287) | 6 | — | — | (76) |
First 8 of 11 rows. The CSV has all of them.
Table 52 after “Our shipment volume for cigarettes and smoke-free products is shown in the table below:”
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| Shipment Volume (equivalent units in billions) | | | | | |
| For the Three Months Ended September 30, | | | | |
| | 2026 | 2025 | Change | |
| Total | | 206.2 | | 204.9 | 0.6% |
| Cigarettes | | 158.0 | | 157.9 | —% |
| Smoke-Free Products | | 48.2 | | 46.9 | 2.7% |
| HTU | | 41.5 | | 40.8 | 1.5% |
| Oral SFP | | 5.3 | | 5.2 | 1.8% |
First 8 of 9 rows. The CSV has all of them.
Table 53 after “Our shipment volume, including cigarettes and smoke-free products (in equivalent units), increased by 0.6% driven by a 2.7% increase in smok”
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| Financial Summary | | | | | | | | | | | | | | | | | | | | | |
| | | | Change Fav./(Unfav.) | | Variance Fav./(Unfav.) | | | | | | | | | | | | | | | |
| Quarters Ended September 30, | 2026 | 2025 | | Total | Excl. Curr. & Acquis/Divest | | Total | Cur- rency | Acq. / Div. | Price | Vol/ Mix/Other | Cost | | | | | | | | | |
| (in millions) | | | | | | | | | | | | | | | | | | | | | |
| Net Revenues | $11,438 | | $10,845 | | | 5.5% | | 7.1% | | | $593 | | $(155) | | $(27) | | $739 | | $36 | | $— |
| Cost of Sales | (3,584) | | (3,484) | | | (2.9)% | | (4.7)% | | | (100) | | 43 | | 20 | | — | | (59) | | (104) |
| Gross Profit | 7,854 | | 7,361 | | | 6.7% | | 8.3% | | | 493 | | (112) | | (7) | | 739 | | (23) | | (104) |
| Marketing, Administration and Research Costs (1) | (2,993) | | (3,058) | | | 2.1% | | 1.3% | | | 65 | | 21 | | 4 | | — | | — | | 40 |
First 8 of 10 rows. The CSV has all of them.
Table 54 after “International Smoke-Free Segment:”
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| Financial Summary | | | | | | | | | | | | | | | | | |
| | | | Change Fav./(Unfav.) | | Variance Fav./(Unfav.) | | | | | | | | | | | |
| Quarters Ended September 30, | 2026 | 2025 | | Total | Excl. Curr. & Acquis/Divest | | Total | Cur- rency | Acq. / Div. | Price | Vol/Mix/Other | Cost | | | | | |
| (in millions) | | | | | | | | | | | | | | | | | |
| Net Revenues | $3,867 | | $3,839 | | | 0.7% | | 3.4% | | | $28 | | $(74) | $(27) | $21 | $108 | $— |
| Gross Profit | $2,705 | | $2,683 | | | 0.8% | | 3.3% | | | $22 | | $(60) | $(7) | $21 | $87 | $(18) |
| Financial Summary | | | | | | | | | | | | | | | | | |
| | | | Change Fav./(Unfav.) | | Variance Fav./(Unfav.) | | | | | | | | | | | |
| Nine Months Ended September 30, | 2026 | 2025 | | Total | Excl.Curr. & Acquis/Divest | | Total | Cur- rency | Acq. / Div. | Price | Vol/Mix/Other | Cost | | | | | |
| (in millions) | | | | | | | | | | | | | | | | | |
| Net Revenues | $11,580 | | $10,310 | | | 12.3% | | 9.9% | | | $1,270 | | $297 | $(44) | $195 | $823 | $— |
| Gross Profit | $8,105 | | $7,088 | | | 14.3% | | 11.8% | | | $1,017 | | $194 | $(11) | $195 | $575 | $65 |
Table 56 after “International Combustibles Segment:”
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| Financial Summary | | | | | | | | | | | | | | | | | |
| | | | Change Fav./(Unfav.) | | Variance Fav./(Unfav.) | | | | | | | | | | | |
| Quarters Ended September 30, | 2026 | 2025 | | Total | Excl. Curr. & Acquis/Divest | | Total | Cur- rency | Acq. / Div. | Price | Vol/Mix/Other | Cost | | | | | |
| (in millions) | | | | | | | | | | | | | | | | | |
| Net Revenues | $6,725 | | $6,316 | | | 6.5% | | 7.8% | | | $409 | | $(81) | $— | $565 | $(75) | $— |
| Gross Profit | $4,610 | | $4,244 | | | 8.6% | | 9.8% | | | $365 | | $(52) | $— | $565 | $(99) | $(48) |
Table 57 after “Gross profit increased by 8.6%. Gross profit, excluding currency and acquisitions/divestitures, increased by 9.8% due to the same factors as”
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| Financial Summary | | | | | | | | | | | | | | | | | |
| | | | Change Fav./(Unfav.) | | Variance Fav./(Unfav.) | | | | | | | | | | | |
| Nine Months Ended September 30, | 2026 | 2025 | | Total | Excl. Curr. & Acquis/Divest | | Total | Cur- rency | Acq. / Div. | Price | Vol/Mix/Other | Cost | | | | | |
| (in millions) | | | | | | | | | | | | | | | | | |
| Net Revenues | $18,872 | | $17,525 | | | 7.7% | | 5.2% | | | $1,347 | | $429 | $— | $1,607 | $(689) | $— |
| Gross Profit | $12,839 | | $11,679 | | | 9.9% | | 7.4% | | | $1,160 | | $290 | $— | $1,607 | $(621) | $(116) |
| Financial Summary | | | | | | | | | | | | | | | | | |
| | | | Change Fav./(Unfav.) | | Variance Fav./(Unfav.) | | | | | | | | | | | |
| Quarters Ended September 30, | 2026 | 2025 | | Total | Excl. Curr. & Acquis/Divest | | Total | Cur- rency | Acq. / Div. | Price | Vol/Mix/Other | Cost | | | | | |
| (in millions) | | | | | | | | | | | | | | | | | |
| Net Revenues | $845 | | $689 | | | 22.7% | | 22.7% | | | $156 | | $(1) | $— | $153 | $4 | $— |
| Gross Profit | $539 | | $434 | | | 24.2% | | 24.1% | | | $105 | | $— | $— | $153 | $(9) | $(39) |
Table 59 after “the same factors as for net revenues, partly offset by higher manufacturing costs linked to the expansion of our footprint.”
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| Financial Summary | | | | | | | | | | | | | | | | | |
| | | | Change Fav./(Unfav.) | | Variance Fav./(Unfav.) | | | | | | | | | | | |
| Nine Months Ended September 30, | 2026 | 2025 | | Total | Excl. Curr. & Acquis/Divest | | Total | Cur- rency | Acq. / Div. | Price | Vol/Mix/Other | Cost | | | | | |
| (in millions) | | | | | | | | | | | | | | | | | |
| Net Revenues | $2,324 | | $2,451 | | | (5.2)% | | (5.5)% | | | $(127) | | $8 | $— | $88 | $(222) | $— |
| Gross Profit | $1,473 | | $1,729 | | | (14.8)% | | (14.7)% | | | $(256) | | $(1) | $— | $88 | $(214) | $(128) |
| For the Nine Months Ended September 30, | | |
| (in millions) | 2026 | 2025 | |
| Net cash provided by (used in) operating activities | $10,445 | | $7,524 |
| Net cash provided by (used in) investing activities | (484) | | (3,539) |
| Net cash provided by (used in) financing activities | (7,820) | | (4,551) |
Table 61 after “– The cost and terms of our financing arrangements as well as our access to commercial paper markets may be affected by applicable credit ra”
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| Short-term | Long-term | Outlook |
| Moody’s | P-1 | A2 | Positive |
| Standard & Poor’s | A-2 | A- | Positive |
| Fitch | F1 | A | Stable |
Table 62 after “Our share repurchase activity for each of the three months in the quarter ended September 30, 2026, was as follows:”
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| Period | Total Number of Shares Repurchased | Average Price Paid Per Share | | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Approximate Dollar Value of Shares that May Yet be Purchased Under the Plans or Programs | |
| July 1, 2026 – July 31, 2026 | — | | $— | | — | $— |
| August 1, 2026 – August 31, 2026 | — | | $— | | — | $— |
| September 1, 2026 – September 30, 2026 | — | | $— | | — | $— |
| Pursuant to Publicly Announced Plans or Programs | — | | $— | | | |
| July 1, 2026 – July 31, 2026 (1) | 3,929 | | $179.47 | | | |
| August 1, 2026 – August 31, 2026 (1) | 2,699 | | $179.69 | | | |
| September 1, 2026 – September 30, 2026 (1) | 3,676 | | $188.62 | | | |
First 8 of 9 rows. The CSV has all of them.
| 10.1 | Separation Agreement and Release with Emmanuel Babeau, dated July 6, 2026 (incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K filed July 9, 2026). |
| 31.1 | Certification of the Registrant's Chief Executive Officer pursuant to Rule 13a-14(a)/15d-14(a) of the Securities Exchange Act of 1934, as amended, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. |
| 31.2 | Certification of the Registrant's Chief Financial Officer pursuant to Rule 13a-14(a)/15d-14(a) of the Securities Exchange Act of 1934, as amended, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. |
| 32.1 | Certification of the Registrant's Chief Executive Officer pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |
| 32.2 | Certification of the Registrant's Chief Financial Officer pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |
| 101.INS | XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. |
| 101.SCH | XBRL Taxonomy Extension Schema. |
| 101.CAL | XBRL Taxonomy Extension Calculation Linkbase. |
First 8 of 12 rows. The CSV has all of them.