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PMPhilip Morris International

Consumer staples · Tobacco · NYSE

Philip Morris International Inc. is a Virginia holding company incorporated in 1987. 10-K, Item 1

PM quote by TradingView
Employees
84,900
Headquarters
Stamford, CT
Next results
around Feb 5, 2027
Compare with peers → Embed
All key numbers (40, from the latest 10-K and 10-Q) From EDGAR
EPS (ttm)6.85Sales (ttm)43.1BNet income (ttm)10.7BSales growth+7.3%EPS growth+60.6%Sales Q/Q+5.5%
Free cash flow13.6BGross margin67.7%Oper. margin38.6%Net margin24.8%FCF margin31.5%ROEn/m
ROA16.0%R&D / sales1.9%Dividend5.64Debt/Eqn/mCurr. ratio1.02Cash6.7B
Op. cash flow (ttm)15.2BEBITDA16.9BEBITDA margin41.5%Net debt40.9BQuick ratio0.57Interest cover9.38
Payout ratio77.7%Tax rate19.7%Shares out.1.6BShares Y/Y+0.1%Book / share-5.09Cash / share4.29
Sales / share27.68Asset turnover0.65Inventory turns1.16Days sales out.41Sales 3Y CAGR+8.6%Sales 5Y CAGR+7.2%
EPS 3Y CAGR+7.7%EPS 5Y CAGR+7.1%Employees84,900Sales / employee508K

Hover or tap a number to see the XBRL line item and filing it comes from; click it to open that filing at SEC. What each number means. Looks wrong? Tell us.

PM against Consumer staples peers

Ten years, side by side → · All 34 →
GrowthProfitBalanceCleanInsiders
PMPeer median

Each side 0 to 100, ranked against every company we cover: relative position on reported figures, not a buy score. How

Every dot is one of the 34 companies, the better end on the right. Hover a dot for the company.

Sales growth
+7.3%7th of 33 · median +2.1%
Net margin
24.8%3rd of 33 · median 8.0%
Free cash flow margin
31.5%2nd of 33 · median 10.7%
PM and the 5 peers closest in revenue
CompanyRevenue (ttm)Sales growthGross marginNet marginROEFCF marginDebt / equity
PM Philip Morris International$43.1B +7.3%67.7%24.8%-31.5%-
TSN Tyson Foods$55.7B +2.1%6.1%1.0%3.2%2.1%0.44
KO Coca-Cola$51.1B +1.9%62.3%28.7%39.1%28.0%1.15
DG Dollar General$43.6B +5.2%31.2%3.9%18.3%4.6%0.49
MDLZ Mondelez International$39.9B +5.8%34.3%10.2%15.3%9.2%0.82
KHC Kraft Heinz$24.8B -3.5%33.5%-14.0%-9.6%14.3%0.50

From $31.4B of sales to $9.1B of profit

FY2021, from the 10-K income statement
Revenue to Gross profit: $21.4BRevenue to Cost of revenue: $10.0BGross profit to Operating profit: $13.0BGross profit to Operating expenses: $8.4BOperating profit to Net profit: $9.1BOperating profit to Tax & other: $3.9BOperating expenses to R&D: $617.0MOperating expenses to Sales, admin & other: $7.8B Revenue: $31.4B Revenue$31.4B +9% Y/Y Gross profit: $21.4B · 68% margin Gross profit$21.4B68% margin +12% Y/Y Cost of revenue: $10.0B · 32% of revenue Cost of revenue$10.0B32% of revenue Operating profit: $13.0B · 41% margin Operating profit$13.0B41% margin +11% Y/Y Operating expenses: $8.4B · 27% of revenue Operating expenses$8.4B27% of revenue Net profit: $9.1B · 29% margin Net profit$9.1B29% margin +13% Y/Y Tax & other: $3.9B · 12% of revenue Tax & other$3.9B12% of revenue R&D: $617.0M · 2% of revenue R&D$617.0M2% of revenue Sales, admin & other: $7.8B · 25% of revenue Sales, admin & other$7.8B25% of revenue

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From $31.8B of sales to $9.0B of profit

FY2022, from the 10-K income statement and revenue by product
Combustible Tobacco Products to Revenue: $21.6BSmoke-Free Products to Revenue: $10.2BRevenue to Gross profit: $20.4BRevenue to Cost of revenue: $11.4BGross profit to Operating profit: $12.2BGross profit to Operating expenses: $8.1BOperating profit to Net profit: $9.0BOperating profit to Tax & other: $3.2BOperating expenses to R&D: $642.0MOperating expenses to Sales, admin & other: $7.5B Combustible Tobacco Products: $21.6B · 68% Combustible Tobacco Pro…$21.6B68% Smoke-Free Products: $10.2B · 32% Smoke-Free Products$10.2B32% Revenue: $31.8B Revenue$31.8B +1% Y/Y Gross profit: $20.4B · 64% margin Gross profit$20.4B64% margin −5% Y/Y Cost of revenue: $11.4B · 36% of revenue Cost of revenue$11.4B36% of revenue Operating profit: $12.2B · 39% margin Operating profit$12.2B39% margin −6% Y/Y Operating expenses: $8.1B · 26% of revenue Operating expenses$8.1B26% of revenue Net profit: $9.0B · 28% margin Net profit$9.0B28% margin −1% Y/Y Tax & other: $3.2B · 10% of revenue Tax & other$3.2B10% of revenue R&D: $642.0M · 2% of revenue R&D$642.0M2% of revenue Sales, admin & other: $7.5B · 24% of revenue Sales, admin & other$7.5B24% of revenue

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From $35.2B of sales to $7.8B of profit

FY2023, from the 10-K income statement and revenue by product
Combustible Tobacco Products to Revenue: $22.3BSmoke-Free Products to Revenue: $12.8BRevenue to Gross profit: $22.3BRevenue to Cost of revenue: $12.9BGross profit to Operating profit: $11.6BGross profit to Operating expenses: $10.7BOperating profit to Net profit: $7.8BOperating profit to Tax & other: $3.7BOperating expenses to R&D: $709.0MOperating expenses to Sales, admin & other: $10.0B Combustible Tobacco Products: $22.3B · 63% Combustible Tobacco Pro…$22.3B63% Smoke-Free Products: $12.8B · 37% Smoke-Free Products$12.8B37% Revenue: $35.2B Revenue$35.2B +11% Y/Y Gross profit: $22.3B · 63% margin Gross profit$22.3B63% margin +9% Y/Y Cost of revenue: $12.9B · 37% of revenue Cost of revenue$12.9B37% of revenue Operating profit: $11.6B · 33% margin Operating profit$11.6B33% margin −6% Y/Y Operating expenses: $10.7B · 30% of revenue Operating expenses$10.7B30% of revenue Net profit: $7.8B · 22% margin Net profit$7.8B22% margin −14% Y/Y Tax & other: $3.7B · 11% of revenue Tax & other$3.7B11% of revenue R&D: $709.0M · 2% of revenue R&D$709.0M2% of revenue Sales, admin & other: $10.0B · 28% of revenue Sales, admin & other$10.0B28% of revenue

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From $37.9B of sales to $7.1B of profit

FY2024, from the 10-K income statement and revenue by product
Combustible Tobacco Products to Revenue: $23.2BSmoke-Free Products to Revenue: $14.7BRevenue to Gross profit: $24.5BRevenue to Cost of revenue: $13.3BGross profit to Operating profit: $13.4BGross profit to Operating expenses: $11.1BOperating profit to Net profit: $7.1BOperating profit to Tax & other: $6.3BOperating expenses to R&D: $759.0MOperating expenses to Sales, admin & other: $10.4B Combustible Tobacco Products: $23.2B · 61% Combustible Tobacco Pro…$23.2B61% Smoke-Free Products: $14.7B · 39% Smoke-Free Products$14.7B39% Revenue: $37.9B Revenue$37.9B +8% Y/Y Gross profit: $24.5B · 65% margin Gross profit$24.5B65% margin +10% Y/Y Cost of revenue: $13.3B · 35% of revenue Cost of revenue$13.3B35% of revenue Operating profit: $13.4B · 35% margin Operating profit$13.4B35% margin +16% Y/Y Operating expenses: $11.1B · 29% of revenue Operating expenses$11.1B29% of revenue Net profit: $7.1B · 19% margin Net profit$7.1B19% margin −10% Y/Y Tax & other: $6.3B · 17% of revenue Tax & other$6.3B17% of revenue R&D: $759.0M · 2% of revenue R&D$759.0M2% of revenue Sales, admin & other: $10.4B · 27% of revenue Sales, admin & other$10.4B27% of revenue

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From $40.6B of sales to $11.3B of profit

FY2025, from the 10-K income statement and revenue by product
Combustible Tobacco Products to Revenue: $23.8BSmoke-Free Products to Revenue: $16.9BRevenue to Gross profit: $27.3BRevenue to Cost of revenue: $13.4BGross profit to Operating profit: $14.9BGross profit to Operating expenses: $12.4BOperating profit to Net profit: $11.3BOperating profit to Tax & other: $3.5BOperating expenses to R&D: $756.0MOperating expenses to Sales, admin & other: $11.6B Combustible Tobacco Products: $23.8B · 59% Combustible Tobacco Pro…$23.8B59% Smoke-Free Products: $16.9B · 41% Smoke-Free Products$16.9B41% Revenue: $40.6B Revenue$40.6B +7% Y/Y Gross profit: $27.3B · 67% margin Gross profit$27.3B67% margin +11% Y/Y Cost of revenue: $13.4B · 33% of revenue Cost of revenue$13.4B33% of revenue Operating profit: $14.9B · 37% margin Operating profit$14.9B37% margin +11% Y/Y Operating expenses: $12.4B · 30% of revenue Operating expenses$12.4B30% of revenue Net profit: $11.3B · 28% margin Net profit$11.3B28% margin +61% Y/Y Tax & other: $3.5B · 9% of revenue Tax & other$3.5B9% of revenue R&D: $756.0M · 2% of revenue R&D$756.0M2% of revenue Sales, admin & other: $11.6B · 29% of revenue Sales, admin & other$11.6B29% of revenue

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Where each $100 of sales went

FY2021
FY2022
FY2023
FY2024
FY2025
  • Cost of revenue
  • R&D
  • Sales, admin & other
  • Tax & other
  • Net profit

Band widths are the money. Gross profit is revenue less cost of revenue; operating expenses are gross profit less operating profit; R&D is from the income statement and the rest of the operating expenses is everything else; tax includes interest and other items when they are small. Y/Y is the change from the fiscal year before. Revenue by part only for the years in the last two 10-Ks' segment tables. The full income statement →

Profitability

3 of 3
  • ✓
    Net margin above the peer median24.8% vs 8.0%
  • ✓
    Gross margin up over 5 years66.7% → 67.1%
  • ✓
    A profit in every one of 10 years
Net margin, FY2016 to FY2025: 9.3% → 27.9%

Balance sheet

2 of 4
  • ✓
    Interest covered more than 5 timesOperating income is 9.4× interest expense
  • !
    Equity below zeroDebt $47.6B, equity −$7.9B
  • ✓
    Current assets cover current liabilitiesCurrent ratio 1.02
  • !
    Net debt over 3 years of free cash flow$40.9B net debt, 3.0 years
What the debt is made of ↓

Cash and shareholders

4 of 4
  • ✓
    Free cash flow positive in every one of 10 years$10.7B last year
  • ✓
    Share count down over 5 years+0.0%
  • ✓
    Dividend per share up over 5 years$4.74 → $5.64
  • ✓
    Cash from operations above net income$12.2B vs $11.3B
Free cash flow, FY2016 to FY2025: 6.9B → 10.7B

Each tick is a fact with a fixed rule (on /methodology), not a score or advice. A check without the numbers it needs is left out.

What the debt is made of, and when it is due

balance sheet of Sep 30, 2026 · schedule of Dec 31, 2025
Debt: $47.6B Debt$47.6B Long-term debt: $41.7B · 88% Long-term debt$41.7B · 88% Due within a year: $3.3B · 7% Due within a year$3.3B · 7% Short-term borrowings: $2.5B · 5% Short-term borrowings$2.5B · 5% Next 12 months: $3.5B · 7% Next 12 months$3.5B · 7% Year 2: $6.8B · 14% Year 2$6.8B · 14% Year 3: $5.0B · 10% Year 3$5.0B · 10% Year 4: $5.0B · 10% Year 4$5.0B · 10% Year 5: $5.9B · 12% Year 5$5.9B · 12%

The debt note's own lines, 2025-12-31

Fixed rate $0Floating $700.0M Not stated $45.3B

Line, as the company names itKindRateFixed or floatingAmount
5.250% US Dollar Notes Due February 2034 (US Dollar Notes)Notes and bonds5.25%not stated$1.8B
5.125% US Dollar Notes Due February 2030, Issued February 2023 (US Dollar Notes)Notes and bonds5.12%not stated$1.5B
5.125% US Dollar Notes Due November 2027 (US Dollar Notes)Notes and bonds5.12%not stated$1.5B
5.750% US Dollar Notes Due November 2032 (US Dollar Notes)Notes and bonds5.75%not stated$1.5B
5.375% US Dollar Notes Due February 2033, Issued February 2023 (US Dollar Notes)Notes and bonds5.38%not stated$1.5B
6.375% US Dollar Notes Due May 2038 (US Dollar Notes)Notes and bonds6.38%not stated$1.5B
5.625% US Dollar Notes Due November 2029 (US Dollar Notes)Notes and bonds5.62%not stated$1.2B
5.125% US Dollar Notes Due February 2031 (US Dollar Notes)Notes and bonds5.12%not stated$1.2B
5.625% US Dollar Notes Due September 2033 (US Dollar Notes)Notes and bonds5.62%not stated$1.0B
4.875% US Dollar Notes Due February 2028 Issued In February 2023 (US Dollar Notes)Notes and bonds4.88%not stated$1.0B
2.875% Euro Notes Due March 2026 (Foreign Currency Obligations)Notes and bonds2.88%not stated$1.0B
2.710% Swedish Krona Due January 2026 (Foreign Currency Obligations)–2.71%not stated$1.0B
4.875% US Dollar Notes Due February 2029 (US Dollar Notes)Notes and bonds4.88%not stated$1.0B
4.125% US Dollar Notes Due March 2043 (US Dollar Notes)Notes and bonds4.12%not stated$850.0M
4.625% US Dollar Notes Due October 2035 (US Dollar Notes)Notes and bonds4.62%not stated$850.0M
US Dollar Notes, 5.125%, Due October 2032 (US Dollar Notes)Notes and bonds4.25%not stated$850.0M
5.375% US Dollar Notes Due February 2033, Issued May 2023 (US Dollar Notes)Notes and bonds5.38%not stated$750.0M
4.875% US Dollar Notes Due November 2043 (US Dollar Notes)Notes and bonds4.88%not stated$750.0M
4.375% US Dollar Notes Due November 2041 (US Dollar Notes)Notes and bonds4.38%not stated$750.0M
4.250% US Dollar Notes Due November 2044 (US Dollar Notes)Notes and bonds4.25%not stated$750.0M
1.450% Euro Notes Due August 2039 (Foreign Currency Obligations)Notes and bonds1.45%not stated$750.0M
1.750% US Dollar Notes Due November 2030 (US Dollar Notes)Notes and bonds1.75%not stated$750.0M
3.875% US Dollar Notes Due August 2042 (US Dollar Notes)Notes and bonds3.88%not stated$750.0M
3.375% US Dollar Notes Due August 2029 (US Dollar Notes)Notes and bonds3.38%not stated$750.0M
2.100% US Dollar Notes Due May 2030 (US Dollar Notes)Notes and bonds2.10%not stated$750.0M
2.750% US Dollar Notes Due February 2026 (US Dollar Notes)Notes and bonds2.75%not stated$750.0M
3.875% US Dollar Notes Due October 2028 (US Dollar Notes)Notes and bonds3.88%not stated$750.0M
4.000% US Dollar Notes Due October 2030 (US Dollar Notes)Notes and bonds4.00%not stated$750.0M
4.125% US Dollar Notes Due April 2028 (US Dollar Notes)Notes and bonds4.12%not stated$750.0M
4.375% US Dollar Notes Due April 2030 (US Dollar Notes)Notes and bonds4.38%not stated$750.0M
4.375% US Dollar Notes Due November 2027 (US Dollar Notes)Notes and bonds4.38%not stated$750.0M
4.625% US Dollar Notes Due November 2029 (US Dollar Notes)Notes and bonds4.62%not stated$750.0M
4.750% US Dollar Notes Due February 2027 (US Dollar Notes)Notes and bonds4.75%not stated$750.0M
4.750% US Dollar Notes Due November 2031 (US Dollar Notes)Notes and bonds4.75%not stated$750.0M
4.900% US Dollar Notes Due November 2034 (US Dollar Notes)Notes and bonds4.90%not stated$750.0M
0.875% US Dollar Notes Due May 2026 (US Dollar Notes)Notes and bonds0.88%not stated$750.0M
0.800% Euro Notes Due August 2031 (Foreign Currency Obligations)Notes and bonds0.80%not stated$750.0M
5.500% US Dollar Notes Due September 2030 (US Dollar Notes)Notes and bonds5.50%not stated$700.0M
5.125% US Dollar Notes Due February 2030, Issued May 2023 (US Dollar Notes)Notes and bonds5.12%not stated$700.0M
4.500% US Dollar Notes Due March 2042 (US Dollar Notes)Notes and bonds4.50%not stated$700.0M
5.250% US Dollar Notes Due September 2028 (US Dollar Notes)Notes and bonds5.25%not stated$650.0M
4.875% US Dollar Notes Due April 2035 (US Dollar Notes)Notes and bonds4.88%not stated$600.0M
4.875% US Dollar Notes Due February 2028 Issued In May 2023 (US Dollar Notes)Notes and bonds4.88%not stated$550.0M
2.750% Euro Notes Due June 2029 (Foreign Currency Obligations)Notes and bonds2.75%not stated$500.0M
Euro Notes, 3.250% Due June 2032 (Foreign Currency Obligations)Notes and bonds3.25%not stated$500.0M
3.750% Euro Notes Due January 2031 (Foreign Currency Obligations)Notes and bonds3.75%not stated$500.0M
4.250% US Dollar Notes Due November 2044 (US Dollar Notes)Notes and bonds4.25%not stated$500.0M
1.875% Euro Notes Due November 2037 (Foreign Currency Obligations)Notes and bonds1.88%not stated$500.0M
3.125% Euro Notes Due June 2033 (Foreign Currency Obligations)Notes and bonds3.12%not stated$500.0M
3.125% US Dollar Notes Due August 2027 (US Dollar Notes)Notes and bonds3.12%not stated$500.0M
3.125% US Dollar Notes Due March 2028 (US Dollar Notes)Notes and bonds3.12%not stated$500.0M
2.000% Euro Notes Due May 2036 (Foreign Currency Obligations)Notes and bonds2.00%not stated$500.0M
2.875% Euro Notes Due May 2029 (Foreign Currency Obligations)Notes and bonds2.88%not stated$500.0M
0.125% Euro Notes Due August 2026 (Foreign Currency Obligations)Notes and bonds0.12%not stated$500.0M
Floating Rate US Dollar Notes Due April 2028 (US Dollar Notes)Notes and bonds–floating$400.0M
0.875% Euro Notes Due February 2027 (Foreign Currency Obligations)Notes and bonds0.88%not stated$300.0M
2.190% Swedish Krona Due April 2029 (Foreign Currency Obligations)–2.19%not stated$300.0M
Floating Rate US Dollar Notes Due October 2028 (US Dollar Notes)Notes and bonds–floating$300.0M
Bank loans–10.30%not stated$168.0M
4.000% US Dollar Notes Due May 2028 (US Dollar Notes)Notes and bonds4.00%not stated$50.0M
All 60 lines

From the debt note in the 10-K's XBRL (0001628280-26-005939), as the company tags it: by issue, by year, by currency or by kind. Lines from two ways of cutting the same debt can overlap, so they are not added up. Fixed or floating is read from the line's own name only; "not stated" when it says neither.

Left: the debt lines on the balance sheet (XBRL). Right: the principal due each year, from the debt note's maturity schedule; it can differ a little from the balance sheet, which shows the debt net of discounts and fees. Leases are not counted. The full schedule →

Revenue and net income, FY2016 to FY2025

Revenue 40.6B Net income 11.3B
FY2016 revenue 75.0B · SalesRevenueNet, 0001413329-18-000007 FY2016 net income 7.0B · NetIncomeLoss, 0001413329-19-000007 75.0B FY2016 FY2017 revenue 78.1B · SalesRevenueNet, 0001413329-18-000007 FY2017 net income 6.0B · NetIncomeLoss, 0001413329-20-000007 78.1B FY2017 FY2018 revenue 29.6B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001413329-21-000007 FY2018 net income 7.9B · NetIncomeLoss, 0001413329-21-000007 29.6B FY2018 FY2019 revenue 29.8B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001413329-22-000011 FY2019 net income 7.2B · NetIncomeLoss, 0001413329-22-000011 29.8B FY2019 FY2020 revenue 28.7B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001413329-23-000025 FY2020 net income 8.1B · NetIncomeLoss, 0001413329-23-000025 28.7B FY2020 FY2021 revenue 31.4B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001413329-24-000013 FY2021 net income 9.1B · NetIncomeLoss, 0001413329-24-000013 31.4B FY2021 FY2022 revenue 31.8B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001413329-25-000013 FY2022 net income 9.0B · NetIncomeLoss, 0001413329-25-000013 31.8B FY2022 FY2023 revenue 35.2B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001628280-26-005939 FY2023 net income 7.8B · NetIncomeLoss, 0001628280-26-005939 35.2B FY2023 FY2024 revenue 37.9B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001628280-26-005939 FY2024 net income 7.1B · NetIncomeLoss, 0001628280-26-005939 37.9B FY2024 FY2025 revenue 40.6B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001628280-26-005939 FY2025 net income 11.3B · NetIncomeLoss, 0001628280-26-005939 40.6B FY2025

From XBRL in each 10-K. Hover a bar for the line item and filing. Full financials →

PM's income statement, balance sheet and cash flow as reported to the SEC in XBRL, one column per fiscal year. Hover a number to see the line item and filing it comes from. Where a company changed how it tags a line, the first tag it reported for that period is used. A number looks wrong? Tell us.

Annual Quarterly
Revenue40.6B
FY2016: 75.0BFY2017: 78.1BFY2018: 29.6BFY2019: 29.8BFY2020: 28.7BFY2021: 31.4BFY2022: 31.8BFY2023: 35.2BFY2024: 37.9BFY2025: 40.6B FY2017FY2019FY2021FY2023FY2025
Net income11.3B
FY2016: 7.0BFY2017: 6.0BFY2018: 7.9BFY2019: 7.2BFY2020: 8.1BFY2021: 9.1BFY2022: 9.0BFY2023: 7.8BFY2024: 7.1BFY2025: 11.3B FY2017FY2019FY2021FY2023FY2025
Free cash flow10.7B
FY2016: 6.9BFY2017: 7.4BFY2018: 8.0BFY2019: 9.2BFY2020: 9.2BFY2021: 11.2BFY2022: 9.7BFY2023: 7.9BFY2024: 10.8BFY2025: 10.7B FY2017FY2019FY2021FY2023FY2025
EPS (diluted)7.26
FY2016: 4.48FY2017: 3.88FY2018: 5.08FY2019: 4.61FY2020: 5.16FY2021: 5.83FY2022: 5.81FY2023: 5.02FY2024: 4.52FY2025: 7.26 FY2017FY2019FY2021FY2023FY2025
Dividend per share5.64
FY2016: 4.12FY2017: 4.22FY2018: 4.49FY2019: 4.62FY2020: 4.74FY2021: 4.90FY2022: 5.04FY2023: 5.14FY2024: 5.30FY2025: 5.64 FY2017FY2019FY2021FY2023FY2025
Diluted shares1.6B
FY2016: 1.6BFY2017: 1.6BFY2018: 1.6BFY2019: 1.6BFY2020: 1.6BFY2021: 1.6BFY2022: 1.6BFY2023: 1.6BFY2024: 1.6BFY2025: 1.6B FY2017FY2019FY2021FY2023FY2025

The segments changed

10-K filed 2026-02-06

Compared with the 10-K of Feb 6, 2025: new segment EA, AU & PMI GTR; no longer reported: EA, AU & PMI DF, Wellness and Healthcare.

This change was implemented effective January 1, 2026, and as a result we realigned our reportable segments accordingly. 10-K

When a company changes its segments, the years before are usually recast, so growth by segment is not comparable with what earlier 10-Ks showed. Found by comparing the segments with revenue in the last two 10-Ks (XBRL) and by the 10-K's own words, without AI.

Revenue by business segment

year to Dec 31, 2025
RevenueSharevs year before
Europe 17.1B42.1% +9.1%
SSEA, CIS & MEA 12.1B29.6% +7.0%
EA, AU & PMI GTR 6.6B16.3% +3.7%
Americas 4.9B11.9% +7.1%

10-K 0001628280-26-005939, segment and revenue notes (XBRL).

Revenue by product or service

year to Dec 31, 2025
RevenueSharevs year before
Combustible Tobacco Products 23.8B58.5% +2.5%
Smoke-Free Products 16.9B41.5% +15.0%

10-K 0001628280-26-005939, segment and revenue notes (XBRL).

Income statement

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue75.0B78.1B29.6B29.8B28.7B31.4B31.8B35.2B37.9B40.6B
Cost of revenue9.4B10.4B10.8B10.5B9.6B10.0B11.4B12.9B13.3B13.4B
Gross profit17.3B18.3B18.9B19.3B19.1B21.4B20.4B22.3B24.5B27.3B
R&D429.0M453.0M383.0M465.0M495.0M617.0M642.0M709.0M759.0M756.0M
SG&A161.0M164.0M--------
Operating income10.9B11.6B11.4B10.5B11.7B13.0B12.2B11.6B13.4B14.9B
Interest expense1.1B1.1B855.0M796.0M728.0M737.0M768.0M1.5B1.8B1.6B
Pretax income9.9B10.6B10.7B9.9B11.0B12.2B11.6B10.4B12.2B13.9B
Income tax2.8B4.3B2.4B2.3B2.4B2.7B2.2B2.3B3.0B2.7B
Net income7.0B6.0B7.9B7.2B8.1B9.1B9.0B7.8B7.1B11.3B
EPS (diluted)4.483.885.084.615.165.835.815.024.527.26
Diluted shares1.6B1.6B1.6B1.6B1.6B1.6B1.6B1.6B1.6B1.6B
Depreciation & amortization743.0M875.0M989.0M964.0M981.0M998.0M1.1B1.4B1.8B2.0B
EBITDA11.6B12.5B12.4B11.5B12.6B14.0B13.3B13.0B15.2B16.9B
Gross margin23.1%23.5%63.7%64.7%66.7%68.1%64.1%63.3%64.8%67.1%
Operating margin14.5%14.8%38.4%35.3%40.7%41.3%38.6%32.9%35.4%36.6%
Net margin9.3%7.7%26.7%24.1%28.1%29.0%28.5%22.2%18.6%27.9%
Revenue growth-+4.2%-62.1%+0.6%-3.7%+9.4%+1.1%+10.7%+7.7%+7.3%
EPS growth--13.4%+30.9%-9.3%+11.9%+13.0%-0.3%-13.6%-10.0%+60.6%

Balance sheet

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash4.2B8.4B6.6B6.9B7.3B4.5B3.2B3.1B4.2B4.9B
Receivables3.5B3.2B3.0B3.1B2.9B3.1B3.9B3.5B3.8B4.6B
Inventory9.0B8.8B8.8B9.2B9.6B8.7B9.9B10.8B9.5B11.5B
Current assets17.6B21.6B19.4B20.5B21.5B17.7B19.6B19.8B20.2B24.4B
Property & equipment6.1B7.3B7.2B6.6B6.4B-----
Goodwill7.3B7.7B7.2B5.9B6.0B6.7B19.7B16.8B16.6B17.3B
Total assets36.9B43.0B39.8B42.9B44.8B41.3B61.7B65.3B61.8B69.2B
Accounts payable1.7B2.2B2.1B2.3B2.8B3.3B4.1B4.1B4.0B4.4B
Current liabilities16.5B16.0B17.2B18.8B19.6B19.3B27.3B26.4B22.9B25.4B
Total debt28.4B33.8B31.0B30.7B31.5B27.8B43.1B47.9B45.7B48.8B
Total liabilities47.8B53.2B50.5B52.5B55.4B49.5B68.0B74.8B71.7B77.2B
Shareholders' equity-12.7B-12.1B-12.5B-11.6B-12.6B-10.1B-9.0B-11.2B-11.8B-10.0B
Retained earnings30.4B29.9B31.0B31.0B31.6B33.1B34.3B34.1B32.9B35.4B

Cash flow

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow8.1B8.9B9.5B10.1B9.8B12.0B10.8B9.2B12.2B12.2B
Capital spending1.2B1.5B1.4B852.0M602.0M748.0M1.1B1.3B1.4B1.6B
Free cash flow6.9B7.4B8.0B9.2B9.2B11.2B9.7B7.9B10.8B10.7B
Dividends paid6.4B6.5B6.9B7.2B7.4B7.6B7.8B8.0B8.2B8.6B
Buybacks00-00775.0M209.0M00-
Acquisitions0---02.1B14.0B---
Debt raised3.5B6.8B03.8B3.7B06.0B10.0B8.1B7.1B
Debt repaid2.4B2.6B2.5B4.0B4.0B3.0B2.7B2.6B4.8B5.4B
Investing cash flow-834.0M-3.1B-998.0M-1.8B-1.2B-2.4B-15.7B-3.6B-1.1B-4.0B
Financing cash flow-5.4B-2.8B-9.7B-8.1B-8.5B-12.0B3.8B-5.6B-9.5B-8.1B
Dividend per share4.124.224.494.624.744.905.045.145.305.64

Stock-based pay and leases

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating lease cost---242.0M237.0M259.0M248.0M266.0M283.0M313.0M
Operating lease cash paid---240.0M238.0M259.0M243.0M265.0M281.0M309.0M
Finance lease principal paid---15.0M19.0M26.0M76.0M27.0M29.0M41.0M
Right-of-use assets---766.0M697.0M526.0M594.0M631.0M585.0M679.0M
Operating lease liabilities---763.0M707.0M536.0M614.0M653.0M604.0M733.0M
Finance lease liabilities----37.0M71.0M54.0M53.0M67.0M84.0M

From SEC's XBRL company facts (data.sec.gov). EBITDA = operating income + depreciation and amortization; free cash flow = operating cash flow - capital spending; total debt = long-term debt (with its current part) + short-term borrowings. Stock-based pay and leases are shown as the company reports them; Tickdelta does not take them out of earnings or add leases to debt. Click a number to open the filing in SEC's Inline XBRL viewer, where you can click the same number to see how it is tagged. Values a company later revised show as revised; the Revised numbers tab lists the changes.

Work on PM in a spreadsheet: Excel workbook (a sheet per section, ten years by column, charts, links to the filings) · CSV. For a Google Sheet that stays up to date, paste =IMPORTDATA("https://tickdelta.com/company/PM/export.csv") into a cell.