PMPhilip Morris International
Philip Morris International Inc. is a Virginia holding company incorporated in 1987. 10-K, Item 1
- Employees
- 84,900
- Headquarters
- Stamford, CT
- Next results
- around Feb 5, 2027
The biggest changes in the 10-K filed 2026-02-06, this fiscal year against the last, and the sentences in the MD&A (Item 7) where management explains them, quoted word for word. Tickdelta picks sentences that name the line, a direction and a cause. It does not write explanations of its own.
Net income
+60.8% Big change FY to 2025-12-31 vs 2024-12-31“Net earnings attributable to PMI of $11.3 billion increased by $4.3 billion or 60.8%.”
Read it in the 10-K ↗
Gross margin
64.8% → 67.1% (+2.3 pts) Big change FY to 2025-12-31 vs 2024-12-31The MD&A has no sentence that names a cause for this change. That can be worth a question: ask about the filing.
Operating margin
35.4% → 36.6% (+1.3 pts) Big change FY to 2025-12-31 vs 2024-12-31“Operating income, excluding currency and acquisitions/divestitures, increased by 11.7%, reflecting the same factors as for net revenues.”
Read it in the 10-K ↗
“Operating income, excluding currency and acquisitions/divestitures, decreased by 0.9%, mainly reflecting an unfavorable pricing variance (described above), higher amortization of intangibles, and higher marketing, administration and research costs, and manufacturing costs (both including further investments in our U.S. capabilities and organization).”
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Revenue
+7.3% FY to 2025-12-31 vs 2024-12-31“Net revenues, excluding currency and acquisitions/divestitures, increased by 6.5%, mainly reflecting: a favorable pricing variance due to higher combustible tobacco pricing; and favorable volume/mix, driven by higher smoke-free products volume, notwithstanding unfavorable mix and lower volumes for cigarettes.”
Read it in the 10-K ↗
“Net revenues, excluding currency and acquisitions/divestitures, increased by 6.5%, mainly reflecting: a favorable pricing variance due to higher combustible tobacco pricing; and favorable volume/mix, driven by higher smoke-free products volume, notwithstanding unfavorable mix and lower volumes for cigarettes.”
Read it in the 10-K ↗
Cash from operations
+0.1% FY to 2025-12-31 vs 2024-12-31The MD&A has no sentence that names a cause for this change. That can be worth a question: ask about the filing.
Changes are computed from the XBRL figures in the same 10-K. Hover a number to see the line item. Open the 10-K ↗
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.