Form 8-K
8-K — Philip Morris International Inc.
Accession: 0001628280-26-049107
Filed: 2026-07-22
Period: 2026-07-22
CIK: 0001413329
SIC: 2111 (CIGARETTES)
Item: Results of Operations and Financial Condition
Item: Financial Statements and Exhibits
Documents
8-K — pm-20260722.htm (Primary)
EX-99.1 (earningsreleasepm-ex991xq2.htm)
EX-99.2 (glossaryselectfininfoandno.htm)
GRAPHIC (pmilogoera01a01a01a22a.jpg)
XML — IDEA: XBRL DOCUMENT (R1.htm)
8-K
8-K (Primary)
Filename: pm-20260722.htm · Sequence: 1
pm-20260722
0001413329false00014133292026-07-222026-07-220001413329us-gaap:CommonStockMember2026-07-222026-07-220001413329pm:A0.125Notesdue2026Member2026-07-222026-07-220001413329pm:A3.125Notesdue2027Member2026-07-222026-07-220001413329pm:A3.125Notesdue2028Member2026-07-222026-07-220001413329pm:A2.875Notesdue2029Member2026-07-222026-07-220001413329pm:A3.375NotesDue2029Member2026-07-222026-07-220001413329pm:A2.750NotesDue2029Member2026-07-222026-07-220001413329pm:A3.750NotesDue2031Member2026-07-222026-07-220001413329pm:A0.800Notesdue2031Member2026-07-222026-07-220001413329pm:A3.250NotesDue2032Member2026-07-222026-07-220001413329pm:A3.125Notesdue2033Member2026-07-222026-07-220001413329pm:A2.000Notesdue2036Member2026-07-222026-07-220001413329pm:A1.875Notesdue2037Member2026-07-222026-07-220001413329pm:A6.375Notesdue2038Member2026-07-222026-07-220001413329pm:A1.450Notesdue2039Member2026-07-222026-07-220001413329pm:A4.375Notesdue2041Member2026-07-222026-07-220001413329pm:A4.500Notesdue2042Member2026-07-222026-07-220001413329pm:A3.875Notesdue2042Member2026-07-222026-07-220001413329pm:A4.125Notesdue2043Member2026-07-222026-07-220001413329pm:A4.875Notesdue2043Member2026-07-222026-07-220001413329pm:A4.250Notesdue2044Member2026-07-222026-07-22
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): July 22, 2026
Philip Morris International Inc.
(Exact name of registrant as specified in its charter)
Virginia
1-33708
13-3435103
(State or other jurisdiction
of incorporation)
(Commission File Number)
(I.R.S. Employer
Identification No.)
677 Washington Blvd, Ste. 1100 Stamford Connecticut 06901
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (203) 905-2410
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class Trading Symbol(s) Name of each exchange on which registered
Common Stock, no par value PM New York Stock Exchange
0.125% Notes due 2026 PM26B 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
0.800% Notes due 2031 PM31 New York Stock Exchange
3.250% Notes due 2032 PM32 New York Stock Exchange
3.125% Notes due 2033 PM33 New York Stock Exchange
2.000% Notes due 2036 PM36 New York Stock Exchange
1.875% Notes due 2037 PM37A New York Stock Exchange
6.375% Notes due 2038 PM38 New York Stock Exchange
1.450% Notes due 2039 PM39 New York Stock Exchange
4.375% Notes due 2041 PM41 New York Stock Exchange
4.500% Notes due 2042 PM42 New York Stock Exchange
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
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
☐
Item 2.02. Results of Operations and Financial Condition.
On July 22, 2026, Philip Morris International Inc. (the “Company”) issued a press release announcing its financial results for the second quarter and the first half-year ended June 30, 2026, as well as the accompanying glossary of key terms, definitions, explanatory notes, select financial information and reconciliations of non-GAAP financial measures. The earnings release is attached as Exhibit 99.1 to this Current Report on Form 8-K and incorporated by reference to this Item 2.02. The glossary of key terms, definitions, explanatory notes, select financial information and reconciliations of non-GAAP financial measures is attached as Exhibit 99.2 to this Current Report on Form 8-K and incorporated by reference to this Item 2.02.
In accordance with General Instruction B.2 of Form 8-K, the information in Item 2.02 of this Current Report on Form 8-K, including Exhibits 99.1 and 99.2, shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section. The information in Item 2.02 of this Current Report on Form 8-K shall not be incorporated by reference into any filing or other document pursuant to the Securities Act of 1933, as amended, except as may be expressly set forth by specific reference in such filing or document.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
99.1
Philip Morris International Inc. Press Release, dated July 22, 2026 (furnished pursuant to Item 2.02).
99.2
Glossary of Key Terms, Definitions, Explanatory Notes, Select Financial Information and Reconciliations of Non-GAAP Financial Measures (furnished pursuant to Item 2.02).
104 Cover Page Interactive Data File (formatted in Inline XBRL).
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
PHILIP MORRIS INTERNATIONAL INC.
By: /s/ DARLENE QUASHIE HENRY
Name: Darlene Quashie Henry
Title: Vice President, Associate General Counsel & Corporate Secretary
Date: July 22, 2026
EX-99.1
EX-99.1
Filename: earningsreleasepm-ex991xq2.htm · Sequence: 2
Document
Exhibit 99.1
PRESS RELEASE
Philip Morris International Reports 2026 Second-Quarter & First Six-Months Results
and Updates 2026 Full-Year Adjusted Diluted EPS Forecast for Currency Only;
Second-Quarter Reported Diluted EPS declined by 7.7% to $1.80;
Adjusted Diluted EPS grew by 15.2% to $2.20; and by 13.6% excluding currency;
STAMFORD, CT, July 22, 2026 – Philip Morris International Inc. (PMI) (NYSE: PM) today announces its 2026 second quarter results.1
"We delivered outstanding results in the second quarter, driving net revenues to over $11 billion for the first time with excellent growth across all headline metrics," said Jacek Olczak, Group CEO PMI.
"With a robust first half under our belt, including continued momentum and strong results in our smoke-free business, we are well positioned to deliver on our full-year targets while investing for future growth."
Results Highlights - Second Quarter 2026
Shipments increased by 2.5% in the quarter, driven by a 7.5% increase in smoke-free mainly due to IQOS and complemented by a resilient combustible segment, notably in markets where SFPs are banned or have a limited market presence.
Net revenues increased by 10.4% (7.6% organically) to $11.2 billion, with both the smoke-free (up by 11.7%, 9.7% organically) and combustibles (up by 9.5%, 6.1% organically) businesses contributing positively. Our smoke-free business accounted for approximately 42% of total net revenues (up by 0.5pp vs. Q2 last year) with PMI smoke-free products (SFP) now available in 109 markets.
Gross profit increased by 11.5% (8.7% organically), expanding gross margins through strong pricing, scale and SFP mix benefits. Operating income increased by 22.0% (10.7% organically).
Reported diluted EPS of $1.80 was unfavorably impacted by the non-cash impairment of the RBH equity investment. Adjusted diluted EPS of $2.20 grew by 15.2%, or by 13.6% excluding a 3 cent favorable currency impact, which was above prior expectations primarily due to transactional effects.
International Smoke-Free Segment
Group performance continued to be driven by the international smoke-free business, with net revenue growth of 14.2% (11.8% organically) fueled by 8.0% volume growth. Gross profit growth of 17.1% (14.6% organically) reflects the increasing profitability of our portfolio. IQOS remains the primary growth engine, notwithstanding expected transient headwinds in Japan and Poland.
Heat-not-burn SFP: IQOS continued to lead the growth of the global category, in which PMI holds around three-quarters volume share. IQOS gained 0.2pp to reach 9.2% of combined cigarette and HTU industry volumes in markets where present, and grew shipment volumes by 7.6%. HTU adjusted in-market sales (IMS) volume grew by 5.1%, reflecting broad-based growth notwithstanding the expected pantry de-loading and initial consumer adjustment following the April 1 excise-driven price increase in Japan, and the impact of the characterizing flavor ban in Poland. Excluding Japan and Poland, adjusted IMS grew by 10%.
1 Explanation of PMI's use of non-GAAP measures cited in this document and reconciliations to the most directly comparable U.S. GAAP measures can be found in the “Non-GAAP Measures, Glossary and Explanatory Notes” section of this release, in Exhibit 99.2 to the company's Form 8-K dated July 22, 2026, and here.
- 1 -
•In Japan, while PMI HTU adjusted IMS declined by an estimated 3.4%, it grew by 1.0% excluding the estimated pantry de-loading impact, broadly in-line with our expectations as consumers adjusted following our excise-driven price increase, which was the largest in the industry. IQOS maintained a strong category share, exiting the quarter with 68% in June, with SENTIA playing a key role in capturing price sensitive TEREA consumers.
•In Europe, IQOS HTU adjusted IMS grew by an estimated 5.1% and IQOS HTU adjusted market share increased by 1.0pp to 11.8%, notwithstanding ongoing disruptions in Ukraine and the impact of the characterizing flavor ban in Poland. This growth was led by strong performance in many markets, notably Germany, Romania, Greece and Spain. Adjusted IMS in Italy continued its strong trajectory (up by 10.8%), underscoring the category's significant potential across the region. Excluding markets where the characterizing flavor ban became effective in the last year, adjusted IMS volumes grew by around 8%.
•Outside Europe and Japan, adjusted IMS grew by 14.4% and offtake share increased in key cities across the globe, including Mexico City, Jakarta, Riyadh, Kuala Lumpur and Taipei. We continue to make progress in unlocking new markets, including Argentina which introduced legislation regulating the commercialization and sale of the heat-not-burn category in May.
Oral SFP: Robust modern oral volume growth of 14.7% (26.3% excluding the Nordics) to 0.6 billion pouches was more than offset by continued declines in the legacy snus business in the Nordics, resulting in a total oral SFP volume decrease of 7.0%. We continue to expand into new geographies, with ZYN now available in 60 markets and strongly growing volumes in key opportunity markets such as Pakistan, Poland and the UK. Our focus remains on introducing the segment to legal-age smokers with a relevant product portfolio, including a range of nicotine strengths and adult-appropriate flavors that meet consumer expectations.
E-vapor SFP: We are delivering increasingly profitable growth in VEEV, with quarterly shipments up by 55.1%. VEEV now holds the clear #1 closed pod position in Europe, with continued strong growth across a range of markets, notably Germany, Romania and Greece. PMI remains committed to building and commercializing the brand in a focused, responsible and profitable manner, leveraging its key role as part of our multicategory portfolio.
International Combustibles Segment
Cigarette volume increased by 1.1%, with growth in markets such as Turkey, Indonesia and Egypt outweighing declines in other markets. Net revenues grew by 9.8% (6.4% organically) driven by an exceptional quarter of 10.0% pricing, partly offset by geographic mix. Gross profit grew by 11.5% (8.0% organically). Our cigarette category volume share stood at 25.3% (flat vs. prior year) despite adverse market mix. Marlboro continued to gain share (up by 0.3pp) matching its record category share of 11.0%.
U.S. Segment
In the U.S., we delivered a significant sequential improvement in both net revenues and adjusted gross profit compared to a challenging first quarter, with a 0.7% year-on-year net revenue decline (down 0.9% organically) composed of a broadly stable top-line for ZYN, declines in cigars, and an unfavorable phasing dynamic in Wellness. ZYN offtake volumes were flat to slightly growing versus the prior year in a growing category, largely as a result of the uneven competitive landscape. ZYN shipments increased by 1.8% to 2.9 billion pouches, despite an inventory tailwind in Q2 2025. In June, we expanded the ZYN portfolio with the first shipments of ZYN ULTRA (9mg and 11mg moist variants at a lower price-per-pouch), as well as additional flavors within the ZYN dry flagship lineup. These launches are an important step in enhancing the portfolio and optimizing ZYN's
- 2 -
price premium, ensuring ZYN can effectively play in the most dynamic growing segments of the category. We plan to continue expanding the ZYN lineup with the launch of 1.5mg and 8mg dry variants in the third quarter. To support the newly expanded ZYN portfolio, we intend to accelerate U.S. investments in the second half to maximize the long-term value of the brand and also prepare for the future launch of IQOS ILUMA. On June 30, the FDA granted MRTP authorization to 20 variants in the flagship ZYN range, the first and only for a nicotine pouch product. This serves as another example of the robust science behind our products and their potential to reduce the harm caused by smoking.
Second-Quarter 2026 Performance Highlights
Shipment Volume
(billion equivalent units)
PMI International Smoke-Free International Combustibles U.S.
Q2 vs. PY Q2 vs. PY Q2 vs. PY Q2 vs. PY
Total 205.2 2.5% 44.7 8.0% 156.9 1.1% 3.5 1.8%
Cigarettes 156.9 1.1% 156.9 1.1%
SFP 48.2 7.5% 44.7 8.0% 3.5 1.8%
HTU 41.8 7.6% 41.8 7.6% – 100%
Oral SFP 5.1 (1.2)% 1.6 (7.0)% 3.5 1.8%
E-Vapor 1.3 55.1% 1.3 55.1%
"-" indicates zero volumes or less than 50 million units
PMI International Smoke-Free International Combustibles U.S.
Net Revenues ($ bn)
$11.2 $3.9 $6.5 $0.9
reported vs. Q2 2025
10.4% 14.2% 9.8% (0.7)%
organic vs. Q2 2025
7.6% 11.8% 6.4% (0.9)%
Gross Profit ($ bn)
$7.7 $2.7 $4.4 $0.6
reported vs. Q2 2025
11.5% 17.1% 11.5% (9.2)%
organic vs. Q2 2025
8.7% 14.6% 8.0% (8.9)%
OCI ($ bn)
$4.7 $4.6 $0.1
reported vs. Q2 2025
21.9% 25.0% (52.5)%
organic vs. Q2 2025
10.6% 13.2% (19.1)%
Operating Income ($ bn)
$4.5
reported vs. Q2 2025
22.0%
organic vs. Q2 2025
10.7%
Note: Sums might not foot to total due to rounding.
2026 2025 Change
Reported Diluted EPS $1.80 $1.95 (7.7)%
Amortization of intangibles 0.13 0.12
Fair value adjustment for equity security investments (0.06) (0.17)
Restructuring charges – 0.13
Income tax impact associated with Swedish Match AB financing 0.01 (0.18)
Impairment related to the RBH equity investment 0.33 –
Egypt sales tax settlement adjustment (0.01) –
Impairment of goodwill – 0.03
Tax items – 0.03
Adjusted Diluted EPS $2.20 $1.91 15.2%
Less: Currency 0.03
Adjusted Diluted EPS, excluding Currency $2.17 $1.91 13.6%
- 3 -
First Six Months 2026 Performance Highlights
Shipment Volume
(billion equivalent units)
PMI International Smoke-Free International Combustibles U.S.
YTD vs. PY YTD vs. PY YTD vs. PY YTD vs. PY
Total 389.4 0.4% 88.8 9.9% 294.2 (1.9)% 6.3 (10.0)%
Cigarettes 294.2 (1.9)% 294.2 (1.9)%
SFP 95.2 8.3% 88.8 9.9% 6.3 (10.0)%
HTU 83.1 9.4% 83.0 9.4% – +100%
Oral SFP 9.6 (8.8)% 3.2 (6.1)% 6.3 (10.1)%
E-Vapor 2.6 72.0% 2.6 72.0%
"-" indicates zero volumes or less than 50 million units
PMI International Smoke-Free International Combustibles U.S.
Net Revenues ($ bn)
$21.3 $7.7 $12.1 $1.5
reported vs. YTD 2025
9.8% 19.2% 8.4% (16.1)%
organic vs. YTD 2025
5.3% 13.7% 3.8% (16.5)%
Gross Profit ($ bn)
$14.6 $5.4 $8.2 $0.9
reported vs. YTD 2025
10.9% 22.6% 10.7% (27.9)%
organic vs. YTD 2025
6.4% 16.9% 6.1% (27.5)%
OCI ($ bn)
$8.7 $8.8 $(0.1)
reported vs. YTD 2025
13.6% 20.4% -(100)%
organic vs. YTD 2025
5.9% 11.7% (50.2)%
Operating Income ($ bn)
$8.4
reported vs. YTD 2025
16.1%
organic vs. YTD 2025
6.1%
Note: Sums might not foot to total due to rounding.
2026 2025 Change
Reported Diluted EPS $3.36 $3.67 (8.4)%
Amortization of intangibles 0.25 0.24
Fair value adjustment for equity security investments 0.16 (0.26)
Restructuring charges 0.01 0.13
Income tax impact associated with Swedish Match AB financing 0.06 (0.24)
Impairment related to the RBH equity investment 0.33 –
Egypt sales tax settlement adjustment (0.01) –
Impairment of goodwill – 0.03
Tax items – 0.03
Adjusted Diluted EPS $4.16 $3.60 15.6%
Less: Currency 0.22
Adjusted Diluted EPS, excluding Currency $3.94 $3.60 9.4%
- 4 -
Middle East Conflict
The Middle East conflict has had a minor impact on our business so far, mainly impacting transport, energy and other input costs, as was expected. While we have observed increased energy prices and some disruption in energy supply in a number of markets, it has not yet resulted in a discernible shift in consumer behavior. The situation remains volatile, and it is difficult to assess the broader long term implications for the consumer or the global cost environment. In our full-year forecast we do not assume a prolonged impact, however we have factored in some increases in transport, energy and other input costs. We will continue to closely monitor developments to assess the mid-to-long term consequences.
Non-Cash Impairment of RBH Equity Investment
In May 2026, pursuant to its obligation under its court-approved plan of compromise and arrangement ("Plan"), PMI's deconsolidated Canadian affiliate, RBH, provided an annual business plan to its Plan Administrator containing updated five-year financial projections reflecting current industry dynamics. As a result, PMI determined that the estimated fair value of its investment in RBH was lower than its carrying value and recorded a non-cash impairment charge of $511 million in the second quarter of 2026, representing 33 cents of diluted EPS. RBH remains deconsolidated from the PMI group, with a remaining carrying value of $51 million as of June 30.
- 5 -
2026 Full-Year Forecast
2026
Forecast 2025 Growth
Reported Diluted EPS $7.19 - $7.34 $ 7.26
Adjustments
Amortization of intangibles 0.50 0.50
Fair value adjustment for equity security investments 0.16 (0.18)
Restructuring charges 0.03 0.14
Income tax impact associated with Swedish Match AB financing 0.06 (0.25)
Impairment related to the RBH equity investment 0.33 —
Egypt sales tax settlement adjustment (0.01) —
Other 2025 adjustments(1)
– 0.07
Total Adjustments 1.07 0.28
Adjusted Diluted EPS $8.26 - $8.41 $ 7.54 9.5% - 11.5%
Less: Currency 0.15
Adjusted Diluted EPS, excluding currency $8.11 - $8.26 $ 7.54 7.5% - 9.5%
(1) Includes: $0.10 Germany excise tax classification litigation charge; ($0.10) RBH (Canada) Plan Implementation, including dividend income, net; $0.09 Impairment of Wellness business related equity investment; $0.06 Loss on expected sale of consumer accessories and other businesses; $0.03 Impairment of goodwill; ($0.11) Tax items
Reported diluted EPS is forecast to be in a range of $7.19 to $7.34, at prevailing exchange rates. Excluding a total 2026 adjustment of $1.07 per share, this forecast represents a projected increase of 9.5% to 11.5% versus adjusted diluted EPS of $7.54 in 2025. This includes a favorable currency impact of $0.15, at prevailing exchange rates (previously $0.20), as versus our previous forecast the benefit of transactional gains in the second quarter are more than offset by translational effects of the strengthening U.S. dollar. Excluding currency, this forecast represents a projected increase of 7.5% to 9.5% versus adjusted diluted EPS of $7.54 in 2025, as outlined in the above table.
2026 Full-Year Forecast Assumptions
•Broadly stable to slightly growing (previously broadly stable) total PMI cigarette and SFP shipment volume, with high-single digit SFP shipment volume growth, and a cigarette shipment volume decline of 2% to 3% (previously around 3%);
•Net revenue growth of 5% to 7% on an organic basis;
•Organic operating income growth of 7% to 9%;
•Full-year amortization of acquired intangibles of $0.50 per share;
•Broadly stable net financing costs;
•An effective tax rate, excluding discrete tax events, of around 21.5%;
•Operating cash flow around $13.5 billion at prevailing exchange rates, subject to year-end working capital requirements;
•Capital expenditures of $1.4 to $1.6 billion, predominantly supporting the smoke-free business;
•Further net debt to adjusted EBITDA ratio improvement as we target a ratio of close to 2.0x by the end of 2026, at prevailing exchange rates;
•No share repurchases; and
•Third quarter adjusted diluted EPS of $2.20 to $2.25, including an estimated unfavorable currency impact of 8 cents at prevailing exchange rates.
Factors described in the Forward-Looking and Cautionary Statements section of this release represent continuing risks to these projections.
- 6 -
Second-Quarter 2026 Operating Review
Net Revenues
(in millions)
PMI International Smoke-Free International Combustibles U.S.
2025 $10,140 $3,395 $5,883 $862
Price 689 86 588 15
Volume/Mix/Other 81 316 (212) (23)
Acquisitions & Divestitures (17) (17) — —
Currency 299 98 200 1
2026 $11,192 $3,877 $6,459 $856
vs. Q2 2025 10.4% 14.2% 9.8% (0.7)%
Organic growth 7.6% 11.8% 6.4% (0.9)%
2
Gross Profit
(in millions)
PMI International Smoke-Free International Combustibles U.S.
2025 $6,866 $2,319 $3,936 $611
Price 689 86 588 15
Volume/Mix/Other (43) 198 (217) (24)
Cost (47) 56 (56) (47)
Acquisitions & Divestitures (4) (4) — —
Currency 198 62 137 (1)
2026 $7,659 $2,716 $4,388 $555
vs. Q2 2025 11.5% 17.1% 11.5% (9.2)%
Adjustments*
6 1 — 5
2026 Adjusted Gross Profit $7,665 $2,717 $4,388 $560
vs. Q2 2025 11.5% 17.1% 11.5% (9.0)%
Organic growth 8.7% 14.6% 8.0% (8.9)%
2026 Adj. Gross Profit Margin 68.5% 70.1% 67.9% 65.4%
vs. Q2 2025 0.7pp 1.8pp 1.0pp (6.0)pp
Organic growth 0.7pp 1.7pp 1.0pp (5.8)pp
(*) For a list of adjusting items refer to the “Non-GAAP Measures, Glossary and Explanatory Notes” section of this release, in Exhibit 99.2 to the company's Form 8-K dated July 22, 2026.
PMI
(in millions)
Variance
Favorable / (Unfavorable)
2026 2025 Change Total Price Volume / Mix / Other Cost Acq. / Divest. Currency
Net Revenues 11,192 10,140 10.4% 1,052 689 81 – (17) 299
Cost of Sales(1)
(3,533) (3,274) (7.9)% (259) – (124) (47) 13 (101)
Gross Profit 7,659 6,866 11.5% 793 689 (43) (47) (4) 198
Marketing, Administration and Research Costs(2)
(2,981) (2,988) 0.2% 7 – – 114 2 (109)
Impairment of goodwill — (41) +100% 41 – – 41 – –
Corporate Expenses & Other (148) (125) (18.4)% (23) – – (10) – (13)
Operating Income 4,530 3,712 22.0% 818 689 (43) 98 (2) 76
Adjustments* (243) (534) 54.5% 291 – – 291 – –
Adj. Operating Income 4,773 4,246 12.4% 527 689 (43) (193) (2) 76
Adj. OI Margin 42.6 % 41.9 % 0.7pp
(1) Includes $6 million in 2026 and $6 million in 2025 related to the adjusting items shown below Operating Income
(2) Includes $237 million in 2026 and $487 million in 2025 related to the adjusting items shown below Operating Income
(*) For a list of adjusting items refer to the “Non-GAAP Measures, Glossary and Explanatory Notes” section of this release, in Exhibit 99.2 to the company's Form 8-K dated July 22, 2026.
Note: Sums might not foot to total due to rounding.2
- 7 -
Total PMI
•Estimated industry volume (excluding China and the U.S.) for cigarettes and HTUs increased by 0.8%.
•Net revenues increased by 7.6% organically, mainly reflecting: a favorable pricing variance mainly driven by international combustibles; supported by favorable volume/mix, driven by international smoke-free volumes, notwithstanding adverse international combustibles mix.
•Operating income increased by 10.7% on an organic basis, largely reflecting the same factors as for net revenues.
International Smoke-Free Segment
•Shipment volume grew by 8.0%, with broad based growth across markets, notably Taiwan, Romania, and Greece.
•Net revenues increased by 11.8% on an organic basis, reflecting: a favorable volume/mix driven by higher HTU and e-vapor volumes and a favorable pricing variance due to HTUs.
•Gross profit increased by 14.6% organically mainly due to the same factors as for net revenues.
International Combustibles Segment
•Shipment volume grew by 1.1% with notable increases in Turkey, Indonesia, and Egypt.
•Net revenues increased by 6.4% on an organic basis, reflecting: a favorable pricing variance, partially offset by unfavorable mix as growth in developing economies more than offset declines in Europe.
•Gross profit increased by 8.0% organically due to the same factors as for net revenues.
U.S. Segment
•Net revenues slightly decreased by 0.9% organically, primarily reflecting: broadly stable ZYN revenues, declines in the cigar business, and unfavorable phasing dynamics in Wellness.
•Gross profit decreased by 8.9% on an organic basis reflecting the same factors as for net revenues and higher manufacturing costs linked to the expansion of our footprint.
•Adjusted OCI decreased by 19.1% organically, to $279 million, reflecting the same factors as for adjusted gross profit and phasing of investments in marketing, administration and research costs as part of the Aspeya Wellness business.
- 8 -
First Six Months 2026 Operating Review
Net Revenues
(in millions)
PMI International Smoke-Free International Combustibles U.S.
2025 $19,441 $6,471 $11,209 $1,762
Price 1,150 174 1,042 (65)
Volume/Mix/Other (125) 715 (614) (226)
Acquisitions & Divestitures (17) (17) — —
Currency 889 371 510 8
2026 $21,338 $7,713 $12,147 $1,478
vs. YTD 2025 9.8% 19.2% 8.4% (16.1)%
Organic growth 5.3% 13.7% 3.8% (16.5)%
3
Gross Profit
(in millions)
PMI International Smoke-Free International Combustibles U.S.
2025 $13,136 $4,405 $7,435 $1,296
Price 1,150 174 1,042 (65)
Volume/Mix/Other (238) 488 (522) (205)
Cost (75) 83 (68) (89)
Acquisitions & Divestitures (4) (4) — —
Currency 595 254 342 (1)
2026 $14,564 $5,400 $8,229 $935
vs. YTD 2025 10.9% 22.6% 10.7% (27.9)%
Adjustments* 12 1 — 10
2026 Adjusted Gross Profit $14,576 $5,402 $8,229 $945
vs. YTD 2025 10.9% 22.6% 10.7% (27.6)%
Organic growth 6.4% 16.9% 6.1% (27.5)%
2026 Adj. Gross Profit Margin 68.3% 70.0% 67.7% 63.9%
vs. YTD 2025 0.7pp 1.9pp 1.4pp (10.2)pp
Organic growth 0.7pp 1.9pp 1.5pp (9.7)pp
(*) For a list of adjusting items refer to the “Non-GAAP Measures, Glossary and Explanatory Notes” section of this release, in Exhibit 99.2 to the company's Form 8-K dated July 22, 2026.
PMI
(in millions)
Variance
Favorable / (Unfavorable)
2026 2025 Change Total Price Volume / Mix / Other Cost Acq. / Divest. Currency
Net Revenues 21,338 19,441 9.8% 1,897 1,150 (125) – (17) 889
Cost of Sales(1)
(6,774) (6,305) (7.4)% (469) – (113) (75) 13 (294)
Gross Profit 14,564 13,136 10.9% 1,428 1,150 (238) (75) (4) 595
Marketing, Administration and Research Costs(2)
(5,838) (5,416) (7.8)% (422) – – (116) 2 (308)
Impairment of Goodwill — (41) +100% 41 – – 41 – –
Corporate Expenses & Other (303) (423) 28.4% 120 – – (11) – 131
Operating Income 8,423 7,256 16.1% 1,167 1,150 (238) (161) (2) 418
Adjustments* (518) (780) 33.6% 262 – – 262 – –
Adj. Operating Income 8,941 8,036 11.3% 905 1,150 (238) (423) (2) 418
Adj. OI Margin 41.9 % 41.3 % 0.6pp
(1) Includes $12 million in 2026 and $11 million in 2025 related to the adjusting items shown below Operating Income
(2) Includes $506 million in 2026 and $728 million in 2025 related to the adjusting items shown below Operating Income
(*) For a list of adjusting items refer to the “Non-GAAP Measures, Glossary and Explanatory Notes” section of this release, in Exhibit 99.2 to the company's Form 8-K dated July 22, 2026.
Note: Sums might not foot to total due to rounding.3
- 9 -
Total PMI
•Estimated industry volume (excluding China and the U.S.) for cigarettes and HTUs declined by 0.4%.
•Net revenues increased by 5.3% organically, mainly reflecting: a favorable pricing variance mainly driven by international combustibles; partly offset by unfavorable volume/mix, mainly driven by lower international combustibles and U.S. volumes, notwithstanding higher international smoke-free volumes.
•Operating income increased by 6.1% on an organic basis, reflecting the same factors as for net revenues, partially offset by higher marketing, administration and research costs.
International Smoke-Free Segment
•Shipment volume grew by 9.9%, notably due to Taiwan, Italy, and Global Travel Retail.
•Net revenues increased by 13.7% on an organic basis, reflecting: a favorable volume/mix driven by higher HTU and e-vapor volumes and a favorable pricing variance due to higher HTU pricing.
•Gross profit increased by 16.9% organically mainly due to the same factors as for net revenues
International Combustibles Segment
•Shipment volume declined by 1.9% with notable decreases in Russia, Mexico, and Germany.
•Net revenues increased by 3.8% on an organic basis, reflecting: an unfavorable volume/mix; more than offset by a favorable pricing variance.
•Gross profit increased by 6.1% organically due to the same factors as for net revenues.
U.S. Segment
•Net revenues decreased by 16.5% organically, reflecting: unfavorable dynamics in the first quarter with ZYN volumes impacted by distributor and trade inventory movements and an unfavorable price comparison due to low levels of ZYN promotional activity in the prior year.
•Gross profit decreased by 27.5% on an organic basis reflecting the same factors as for net revenues and higher manufacturing costs.
•Adjusted OCI decreased by 50.2% organically, to $379 million, reflecting the same factors as for gross profit and increased investments in marketing, administration and research costs.
Conference Call
A conference call hosted by Emmanuel Babeau, Group Chief Financial Officer, and Massimo Andolina, incoming Group Chief Financial Officer, will be webcast at 9:00 a.m., Eastern Time, on July 22, 2026. The webcast can be accessed here. Further market data will be provided in an appendix to the webcast presentation.
Investor Relations: Media:
InvestorRelations@pmi.com Corey.Henry@pmi.com
Stamford, CT: +1 (203) 905 2413 Stamford, CT: +1 (203) 905 2410
Lausanne: +41 582 424 500
- 10 -
Philip Morris International: A Global Smoke-Free Champion
Philip Morris International is a leading international consumer goods company, actively delivering a smoke-free future and evolving its portfolio for the long term to include products outside of the tobacco and nicotine sector. The company’s current product portfolio primarily consists of cigarettes and smoke-free products, including heat-not-burn, nicotine pouch and e-vapor products. Our smoke-free products are available for sale in 109 markets as of June 30, 2026. As of December 31, 2025 PMI estimates they were used by over 43 million legal-age consumers around the world, many of whom have moved away from cigarettes or significantly reduced their consumption. The smoke-free business accounted for approximately 42% of PMI’s second-quarter 2026 total net revenues. Since 2008, PMI has invested over $16 billion to develop, scientifically substantiate and commercialize innovative smoke-free products for adults who would otherwise continue to smoke or use other nicotine-containing consumer products, with the goal of completely ending the sale of cigarettes. This includes the building of world-class scientific assessment capabilities, notably in the areas of pre-clinical systems toxicology, clinical and behavioral research, as well as post-market studies. Following a robust science-based review, the U.S. Food and Drug Administration has authorized the marketing of Swedish Match’s General snus and ZYN nicotine pouches and versions of PMI’s IQOS devices and consumables - the first-ever such authorizations in their respective categories. Versions of IQOS devices and consumables, General snus and 20 ZYN nicotine pouch variants also obtained the first-ever Modified Risk Tobacco Product authorizations from the FDA. With a strong foundation and significant expertise in life sciences, PMI has a long-term ambition to expand into wellness areas. References to “PMI”, “we”, “our” and “us” mean Philip Morris International Inc., and its subsidiaries. For more information, please visit www.pmi.com and www.pmiscience.com.
Forward-Looking and Cautionary Statements
This release contains projections of future results and goals and other forward-looking statements, including statements regarding expected financial or operational performance; capital allocation plans; investment strategies; regulatory outcomes; market expectations; business plans and strategies. Achievement of future results is subject to risks, uncertainties and inaccurate assumptions. In the event that risks or uncertainties materialize, or underlying assumptions prove inaccurate, actual results could vary materially from those contained in such forward-looking statements. Pursuant to the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, PMI is identifying important factors that, individually or in the aggregate, could cause actual results and outcomes to differ materially from those contained in any forward-looking statements made by PMI.
PMI's business risks include: marketing and regulatory restrictions that could reduce our competitiveness, disrupt our SFP commercialization efforts, eliminate our ability to communicate with adult consumers, or ban certain of our products in certain markets or countries; excise tax increases and discriminatory tax structures; health concerns relating to the use of tobacco and other nicotine-containing products; litigation related to tobacco and/or nicotine products and intellectual property rights; intense competition; inability to anticipate changes in adult consumer preferences; use and reliance on third-parties; the adverse effects of global and individual country economic, regulatory and political developments, natural disasters and conflicts; geopolitical instability; the impact and consequences of Russia's invasion of Ukraine; changes in adult smoker behavior; continued decline of tax-paid cigarettes; lost revenues as a result of counterfeiting, contraband and cross-border purchases; governmental investigations; unfavorable currency exchange rates and currency devaluations, sustained periods of elevated inflation, and limitations on the ability to repatriate funds; adverse changes in applicable corporate tax laws; disruptions in the credit markets or changes to its credit ratings; recent and potential future tariffs
- 11 -
imposed by the U.S. and other countries; adverse changes in the cost, availability, and quality of tobacco and other agricultural products and raw materials, as well as product components for its electronic devices; and the integrity of its information systems and effectiveness of its data privacy policies. PMI's future profitability may also be adversely affected should it be unsuccessful, in key markets or systemically, in its efforts to introduce, commercialize, and grow smoke-free products or if regulation or taxation do not differentiate between such products and cigarettes; if it is unable to successfully introduce new products, and promote brand equity; if there are prolonged disruptions of facilities used to produce its products; if it is unable to enter new markets or improve its margins through increased prices and productivity gains; if other market participants are more successful in their SFP commercialization efforts; if it is unable to attract and retain the best global talent; or if it is unable to successfully integrate and realize the expected benefits from recent transactions and acquisitions. Future results are also subject to the lower predictability of our smoke-free products performance.
PMI is further subject to other risks detailed from time to time in its publicly filed documents, including PMI's Annual Report on Form 10-K for the fourth quarter and year ended December 31, 2025, and the Quarterly Report on Form 10-Q for the second quarter ended June 30, 2026, which will be filed in the coming days. PMI cautions that the foregoing list of important factors is not a complete discussion of all potential risks and uncertainties. PMI does not undertake to update any forward-looking statement that it may make from time to time, except in the normal course of its public disclosure obligations.
Non-GAAP Measures, Glossary and Explanatory Notes
Reconciliations of non-GAAP measures in this release to the most directly comparable U.S. GAAP measures can be found in Exhibit 99.2 to the Form 8-K dated July 22, 2026, and here. A glossary of key terms, definitions and explanatory notes is available in the aforementioned Exhibit 99.2 and on the same webpage, where additional financial schedules, as well as adjustments and other calculations have also been made available.
Management reviews net revenues, gross profit, operating companies income, operating income, operating cash flow and earnings per share, or "EPS," on an adjusted basis, which may exclude the impact of currency and other items such as acquisitions, divestitures, restructuring costs, tax items and other adjusting items. Additionally, starting in 2022 and on a comparative basis, for these measures other than net revenues and operating cash flow, PMI includes adjustments to add back amortization expense on acquisition related intangible assets that are recorded as part of purchase accounting and contribute to PMI’s revenue generation, as well as impairment of intangible assets, if any. While amortization expense on acquisition related intangible assets is excluded in these adjusted measures, the net revenues generated from these acquired intangible assets are included in the company's adjusted measures, unless otherwise stated. Currency-neutral and organic growth rates reflect the way management views underlying performance for these measures. PMI believes that such measures provide useful insight into underlying business trends and results. Management reviews these measures because they exclude changes in currency exchange rates and other factors that may distort underlying business trends, thereby improving the comparability of PMI’s business performance between reporting periods. Furthermore, PMI uses several of these measures in its management compensation program to promote internal fairness and a disciplined assessment of performance against company targets. PMI discloses these measures to enable investors to view the business through the eyes of management.
Non-GAAP measures used in this release should neither be considered in isolation nor as a substitute for the financial measures prepared in accordance with U.S. GAAP.
- 12 -
EX-99.2
EX-99.2
Filename: glossaryselectfininfoandno.htm · Sequence: 3
Document
Exhibit 99.2
Philip Morris International Inc.
Glossary of Key Terms, Definitions
and Explanatory Notes; and
Select Financial Information and Reconciliations of
Non-GAAP Financial Measures
2026 Second-Quarter Results
July 22, 2026
1
Glossary of Key Terms, Definitions
and Explanatory Notes
2
General
•"PMI" refers to Philip Morris International Inc. and its subsidiaries. Trademarks and service marks that are the registered property of, or licensed by, the subsidiaries of PMI, are italicized.
•With our smoke-free business now operating at scale across our regions, including substantial growth from our U.S. business, PMI has implemented an evolved organizational model with two primary business units: International and U.S. This change was implemented effective January 1, 2026, and as a result PMI realigned its reportable segments accordingly. The four geographic segments have been replaced with three new reportable segments: International Smoke-Free, International Combustibles, and U.S. (including our wellness business unit, Aspeya).
•Comparisons are made to the same prior-year period unless otherwise stated.
•References to total industry and PMI market share performance reflect cigarettes and heated tobacco units, unless otherwise stated.
•Illicit products are products resulting from any practice or conduct prohibited by law relating to the production, shipment, receipt, possession, distribution, sale, or purchase of goods, including any practice or conduct intended to facilitate such activity.
•Total industry volume, PMI in-market sales volume, and PMI market share for the total international market and Japanese domestic market, include the cigarillo category in Japan.
•References to total international market, defined as worldwide cigarette and heated tobacco unit volume excluding the U.S., total industry (or total market) and market shares are PMI estimates for tax-paid and Global Travel Retail products based on data from a number of internal and external sources and may, in defined instances, exclude the People's Republic of China. Past reported periods may be updated to ensure comparability and to incorporate the most current information for industry and market share reporting.
•"Combustible tobacco products" is the term PMI uses to refer to cigarettes and other tobacco products that are combusted.
•In-market sales or "IMS" is defined as sales to the trade channels, which serve the end legal age nicotine users. Depending on the market and distribution model, IMS may represent an estimate. Consequently, past reported periods may be updated to ensure comparability and to incorporate the most current information.
•From time to time, PMI’s shipment volumes and IMS are subject to the impact of distributor inventory movements (or wholesaler inventory movements in certain markets where PMI does not sell to distributors), and estimated total industry/market volumes are subject to the impact of inventory movements in various trade channels that include estimated trade inventory movements of PMI’s competitors arising from market-specific factors that significantly distort reported volume disclosures. Such factors may include changes to the manufacturing supply chain, shipment methods, consumer demand, timing of excise tax increases or other influences that may affect the timing of sales to customers. In such instances, in addition to reviewing PMI shipment volumes, IMS, certain estimated total industry/market volumes and estimated market share on a reported basis, management reviews these measures on an adjusted basis that excludes the impact of distributor and/or estimated trade inventory movements. Management also believes that disclosing PMI's shipment volumes, IMS, estimated total industry/market volumes and estimated market share in such circumstances on a basis that excludes the impact of distributor and/or estimated trade inventory movements, improves the comparability of performance and trends for these measures over different reporting periods.
•Consumer offtake or offtake is the term PMI uses to refer to an approximation of purchases by consumers based on various market specific sources (e.g., Nielsen).
•"Total shipment volume" is defined as the combined total of cigarette, heated tobacco, oral smoke-free products (excluding snuff, snuff leaf and U.S. chew) and
e-vapor shipment volume in equivalent units, unless otherwise stated.
•Following the deconsolidation of PMI's Canadian subsidiary, Rothmans, Benson & Hedges, Inc. (RBH) on March 22, 2019, PMI continues to report the volume and corresponding royalty revenues of brands sold by RBH for which other PMI subsidiaries are the trademark owner. These include Next, Parliament, TEREA and VEEV. The volume and corresponding royalty revenues for these brands sold by RBH were not material to PMI for all periods presented.
3
•Within the tables and schedules presented throughout this earnings release, certain columns and rows may not add due to the use of rounded numbers for disclosure purposes.
Financial
•"Cost of sales" consists principally of: tobacco leaf, non-tobacco raw materials, labor and manufacturing costs; shipping and handling costs; and the cost of devices produced by third-party electronics manufacturing service providers. Estimated costs associated with device warranty programs are generally provided for in cost of sales in the period the related revenues are recognized.
•"Adjusted Gross Profit Margin" is calculated as adjusted gross profit divided by adjusted net revenues.
•"Marketing, administration and research costs" include the costs of marketing and selling our products, other costs generally not related to the manufacture of our products (excluding corporate expenses and other), and costs incurred to develop new products. The most significant components of our marketing, administration and research costs are marketing and sales expenses and general and administrative expenses.
•"Adjusted Operating Companies Income Margin" is calculated as adjusted operating companies income divided by adjusted net revenues.
•In the first quarter of 2026, "Corporate expenses and other" include our general corporate related costs and certain other expenses, which previously were included in cost of sales and marketing, administration and research costs. Other expenses includes foreign currency gains/losses and compensation expense related to restricted share units and performance share units awards.
•"Cost" in the Consolidated Financial Summary table of total PMI reflects the currency neutral variances of: cost of sales (excluding the volume/mix cost component) and, where applicable, marketing, administration and research costs (including restructuring costs); corporate expenses and other; and amortization and impairment of intangibles.
•"Other" in the Consolidated Financial Summary table of total PMI Volume/Mix/Other includes the currency neutral net revenue variance, unrelated to volume/mix and price components, attributable to: fees for certain distribution rights billed to customers in certain markets.
•In the first quarter of 2026, PMI introduced Operating Companies Income (OCI) as an additional profitability measure for our U.S. and International business units. OCI is calculated as Operating Income (OI) less corporate expenses and other. Other includes foreign currency gains/losses and compensation expense related to restricted share units and performance share units awards, which were reclassified from Cost of Sales and Marketing, Administration and Research costs.
•"Adjusted Operating Income Margin" is calculated as adjusted operating income, divided by adjusted net revenues.
•"Adjusted EBITDA" is defined as earnings before interest, taxes, depreciation, amortization and equity (income)/loss in unconsolidated subsidiaries, excluding restructuring costs, impairment of intangibles, and unusual items.
•"Net debt" is defined as total debt, less cash and cash equivalents.
•Growth rates presented on an organic basis reflect adjusted results, excluding currency, acquisitions and divestitures.
•Management reviews net revenues, gross profit, operating companies income, operating income, operating cash flow and earnings per share, or "EPS," on an adjusted basis, which may exclude the impact of currency and other items such as acquisitions, divestitures, restructuring costs, tax items and other adjusting items. Additionally, starting in 2022 and on a comparative basis, for these measures other than net revenues and operating cash flow, PMI includes adjustments to add back amortization expense on acquisition related intangible assets that are recorded as part of purchase accounting and contribute to PMI’s revenue generation, as well as impairment of intangible assets, if any. While amortization expense on acquisition related intangible assets is excluded in these adjusted measures, the net revenues generated from these acquired intangible assets are included in the company's adjusted measures, unless otherwise stated. Currency-neutral and organic growth rates reflect the way management views underlying performance for these measures. PMI believes that such measures provide useful insight into underlying business trends and results. Management reviews these measures because they exclude changes in currency exchange rates and other factors that may distort underlying business trends, thereby improving the comparability of PMI’s business performance between reporting periods. Furthermore, PMI uses several of these
4
measures in its management compensation program to promote internal fairness and a disciplined assessment of performance against company targets. PMI discloses these measures to enable investors to view the business through the eyes of management.
•When PMI provides its expectation for adjusted net revenues, adjusted operating income and margin, adjusted earnings per share and adjusted operating cash flow on a forward-looking basis, a reconciliation of the differences between the non-GAAP expectations and the corresponding GAAP measures, as described above, generally is not available without unreasonable effort due to potentially high variability, complexity, and low visibility as to the items that would be excluded from the GAAP measure in the relevant future period, such as restructuring costs, amortization and impairment of acquired intangibles and other adjusting items, changes in currency exchange rates, the impact and timing of potential acquisitions and divestitures, and other structural changes or their probable significance. The variability of the excluded items may have a significant, and potentially unpredictable, impact on our future GAAP results.
•Non-GAAP measures used by PMI should neither be considered in isolation nor as a substitute for the financial measures prepared in accordance with U.S. GAAP. For a reconciliation of non-GAAP measures to the most directly comparable U.S. GAAP measures, see the "Select Financial Information and Reconciliations of Non-GAAP Financial Measures" section of this document.
•U.S. GAAP Treatment of a country as a Highly Inflationary Economy: following the categorization of a country by the International Practices Task Force of the Center for Audit Quality as having a three-year cumulative inflation rate greater than 100%, the country is considered highly inflationary in accordance with U.S. GAAP. For such countries, PMI accounts for the operations of its local affiliates as highly inflationary, and to treat the U.S. dollar as the functional currency of the affiliates. Such treatment was effective July 1, 2018, for Argentina, April 1, 2022, for Turkey, and October 1, 2024 for Egypt.
•"Fair value adjustment for equity security investments" reflects the adjustment resulting from share price movements in passive investments for publicly traded entities that are not controlled or influenced by PMI. Under U.S. GAAP, such adjustments are required to be reflected directly in the income statement. Adjustments reflect share price movements in PMI's investments in India and Sri Lanka.
•"Income tax impact associated with Swedish Match AB financing" reflects a deferred tax benefit (cost) for unrealized foreign currency losses (gains) on intercompany loans related to the Swedish Match acquisition financing reflected in PMI's consolidated statements of earnings. The underlying pre-tax foreign currency movements fully offset in the consolidated statements of earnings and were reflected as currency translation adjustments in PMI's consolidated statements of stockholders' (deficit) equity.
Smoke-Free
•Smoke-free business ("SFB”) is the term PMI uses to refer to all of its smoke-free products. SFB also includes wellness products, as well as consumer accessories.
•Smoke-free products ("SFPs”) is the term PMI uses to refer to all of its products that provide nicotine without combusting tobacco, such as heat-not-burn, e-Vapor, and oral smokeless, and that therefore generate far lower levels of harmful chemicals. As such, these products have the potential to present less risk of harm versus continued smoking.
•Wellness products primarily refer to products associated with oral and intra-oral delivery systems.
•"Heated tobacco units" or "HTU" is the term PMI uses to refer to heated tobacco consumables, which include our BLENDS, DELIA, HEETS and HEETS Creations (defined collectively as "HEETS"), SENTIA, TEREA, TEREA CRAFTED, and TEREA Dimensions, as well as the KT&G-licensed brands, Fiit and Miix (outside of South Korea). HTU's also include zero tobacco heat-not-burn consumables (BEYOND, and LEVIA).
•Unless otherwise stated, market share for HTUs is defined as the in-market sales volume for HTUs as a percentage of the total estimated industry sales volume for cigarettes and HTUs. For Japan, total estimated industry sales volume also includes cigarillos.
•"Adjusted market share for HTUs" is defined as the total in-market sales volume for PMI HTUs as a percentage of the total estimated sales volume for cigarettes and HTUs, excluding the impact of estimated distributor and wholesaler inventory movements.
•Unless otherwise stated, all references to IQOS are to PMI's IQOS and BONDS devices and heated tobacco consumables.
5
•IQOS heat-not-burn devices are precisely controlled heating devices into which specially designed and proprietary tobacco units are inserted and heated to generate an aerosol.
•"PMI heat-not-burn products" or "PMI HTUs" or "IQOS HTUs" include licensed KT&G heat-not-burn products.
•“Total PMI SFPs users” is defined as the sum of “Total IQOS users”, “Total oral smokeless users", “Total e-Vapor users” of PMI products and considering “Poly-users across PMI SFPs categories”.
•“Total IQOS users” is defined as the estimated number of Legal Age (minimum 18 years1) users of PMI heat-not-burn products, for which PMI HTUs represented at least a portion of their daily tobacco consumption over the past seven days.
The estimated number of adults who have "switched to IQOS and stopped smoking" reflects:
•for markets where there are no heat-not-burn products other than PMI heat-not-burn products: daily individual consumption of PMI HTUs represents the totality of their daily tobacco consumption in the past seven days;
•for markets where PMI heat-not-burn products are among other heat-not-burn products: daily individual consumption of HTUs represents the totality of their daily tobacco consumption in the past seven days, of which at least 70% is PMI HTUs.
•“Total PMI oral smokeless users” are defined as the estimated number of Legal Age (minimum 21 years in the U.S and minimum 18 years11outside the U.S) users of oral smokeless products who consumed at least one of PMI oral smokeless products (nicotine pouches in the U.S., and nicotine pouches or snus outside the U.S) over the past seven days.
•“Total PMI e-Vapor users” is defined as the estimated number of Legal Age (minimum 18 years1) users of e-Vapor products, who consumed at least one of PMI
e-Vapor products in the past seven days.
•“Poly-users across PMI SFPs categories” are defined as the estimated number of Legal Age (minimum 18 years1) users who used multiple PMI SFPs over the past seven days.
•The above SFPs user metrics reflect PMI estimates, which are based on PMI's proprietary Nicotine Containing Products Tracker (NCPT) in combination with SFP offtake volume trends. The NCPT methodology estimates rely on NCPT e-Vapor, oral smokeless (except the U.S.) and poly-usage data, which is calibrated using Total IQOS user data, leveraging our deep understanding of PMI’s heat-not-burn category and its size. Total PMI oral smokeless users in the U.S. are approximated through volume-based estimations, as NCPT data for the U.S. is not currently available.
Note: NCPT sample-based estimations use a 95% Confidence Interval. The accuracy and reliability of the estimates may vary based on sample size, market maturity and availability of information.
•"Oral smoke-free product volume" excludes snuff, snuff leaf and U.S. chew.
•“Modern oral” pouches mainly refer to pre-portioned pouches containing nicotine, flavors, and cellulose substrate. In some markets, modern oral pouches may also contain small amounts of tobacco.
•Oral smoke-free products conversion: 1 pouch equals 1 unit.
•E-vapor products conversion: one milliliter of e-vapor liquid equivalent to 10 units.
11Minimum 18 years or older depending on market regulation
6
Select Financial Information and Reconciliations of Non-GAAP Financial Measures
7
Schedule 1 (1/2)
PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries
Diluted Earnings Per Share (EPS)
($ in millions, except per share data) / (Unaudited)
Quarters Ended Diluted EPS Six Months Ended
June 30, June 30,
$ 1.80 2026 Diluted Earnings Per Share (1) $ 3.36
$ 1.95 2025 Diluted Earnings Per Share (1) $ 3.67
$ (0.15) Change $ (0.31)
(7.7)% % Change (8.4)%
Reconciliation:
$ 1.95 2025 Diluted Earnings Per Share (1) $ 3.67
0.13 2025 Restructuring charges 0.13
0.03 2025 Impairment of goodwill 0.03
0.12 2025 Amortization of intangibles 0.24
(0.18) 2025 Income tax impact associated with Swedish Match AB financing (0.24)
(0.17) 2025 Fair value adjustment for equity security investments (0.26)
0.03 2025 Tax Items 0.03
— 2026 Restructuring charges (0.01)
(0.13) 2026 Amortization of intangibles (0.25)
(0.01) 2026 Income tax impact associated with Swedish Match AB financing (0.06)
(0.33) 2026 Impairment related to the RBH equity investment (0.33)
0.06 2026 Fair value adjustment for equity security investments (0.16)
0.01 2026 Egypt sales tax settlement adjustment 0.01
0.03 Currency 0.22
0.02 Interest 0.02
0.05 Change in tax rate 0.11
0.19 Operations (2) 0.21
$ 1.80 2026 Diluted Earnings Per Share (1) $ 3.36
(1) Basic and diluted EPS were calculated using the following (in millions):
8
Schedule 1 (2/2)
PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries
Diluted Earnings Per Share (EPS)
($ in millions, except per share data) / (Unaudited)
Quarters Ended Six Months Ended
June 30, June 30,
2026 2025 2026 2025
$ 2,817 $ 3,039 Net Earnings attributable to PMI $ 5,255 $ 5,729
7 8 Less: Distributed and undistributed earnings attributable to share-based payment awards (3) 14 16
$ 2,810 $ 3,031 Net Earnings for basic and diluted EPS $ 5,241 $ 5,713
1,559 1,557 Weighted-average shares for basic EPS 1,558 1,556
1 1 Plus Contingently Issuable Performance Stock Units (3) 2 2
1,560 1,558 Weighted-average shares for diluted EPS 1,560 1,558
(2) Includes the impact of shares outstanding and share-based payments
(3) Including rounding adjustment
Note: EPS is computed independently for each of the periods presented. Accordingly, the sum of the quarterly EPS amounts may not agree to the total for the year
9
Schedule 2
PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries
Reconciliation of Non-GAAP Measures
Reconciliation of Reported Diluted EPS to Reported Diluted EPS, excluding Currency,
and Reconciliation of Reported Diluted EPS to Adjusted Diluted EPS, excluding Currency
(Unaudited)
Quarters Ended June 30, Six Months Ended June 30,
2026 2025 % Change 2026 2025 % Change
$ 1.80 $ 1.95 (7.7) % Reported Diluted EPS $ 3.36 $ 3.67 (8.4) %
0.03 Less: Currency 0.22
$ 1.77 $ 1.95 (9.2) % Reported Diluted EPS, excluding Currency $ 3.14 $ 3.67 (14.4) %
Quarters Ended June 30, Six Months Ended June 30, Year Ended
2026 2025 % Change 2026 2025 % Change 2025
$ 1.80 $ 1.95 (7.7) % Reported Diluted EPS $ 3.36 $ 3.67 (8.4) % $ 7.26
— 0.13 Restructuring charges 0.01 0.13 0.14
— 0.03 Impairment of goodwill — 0.03 0.03
0.13 0.12 Amortization of intangibles 0.25 0.24 0.50
(0.06) (0.17) Fair value adjustment for equity security investments 0.16 (0.26) (0.18)
0.01 (0.18) Income tax impact associated with Swedish Match AB financing 0.06 (0.24) (0.25)
— — Loss on expected sale of consumer accessories and other businesses — — 0.06
— — Germany excise tax classification litigation charge — — 0.10
— — RBH (Canada) Plan Implementation, including dividend income, net — — (0.10)
— — Impairment of Wellness business related equity investment — — 0.09
0.33 — Impairment related to the RBH equity investment 0.33 — —
(0.01) — Egypt sales tax settlement adjustment (0.01) — —
— 0.03 Tax items — 0.03 (0.11)
$ 2.20 $ 1.91 15.2 % Adjusted Diluted EPS $ 4.16 $ 3.60 15.6 % $ 7.54
0.03 Less: Currency 0.22
$ 2.17 $ 1.91 13.6 % Adjusted Diluted EPS, excluding Currency $ 3.94 $ 3.60 9.4 %
Note: EPS is computed independently for each of the periods presented. Accordingly, the sum of the quarterly EPS amounts may not agree to the total for the year
10
Schedule 3
PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries
Reconciliation of Non-GAAP Measures
Net Revenues by Product Category and Adjustments of Net Revenues for the Impact of Currency and Acquisitions / Divestitures
($ in millions) / (Unaudited)
Net
Revenues Currency Net
Revenues
excluding Currency Acquisitions / Divestitures Net
Revenues excl. Currency & Acquisitions /
Divestitures Quarters Ended
June 30, Net
Revenues Total Excluding Currency Excluding Currency & Acquisitions / Divestitures
2026 PMI 2025 % Change
$ 3,877 $ 98 $ 3,779 $ (17) $ 3,796 International Smoke-Free $ 3,395 14.2 % 11.3 % 11.8 %
6,459 200 6,259 — 6,259 International Combustibles 5,883 9.8 % 6.4 % 6.4 %
10,336 298 10,038 (17) 10,055 Total International 9,278 11.4 % 8.2 % 8.4 %
856 1 855 — 855 U.S. 862 (0.7) % (0.9) % (0.9) %
$ 11,192 $ 299 $ 10,893 $ (17) $ 10,910 Total PMI $ 10,140 10.4 % 7.4 % 7.6 %
2026 Smoke-Free 2025 % Change
$ 3,877 $ 98 $ 3,779 $ (17) $ 3,796 International Smoke-Free $ 3,395 14.2 % 11.3 % 11.8 %
768 1 767 — 767 U.S. 766 0.3 % 0.1 % 0.1 %
56 1 55 — 55 of which, Wellness 57 (1.3) % (3.8) % (3.8) %
$ 4,645 $ 100 $ 4,546 $ (17) $ 4,563 Total Smoke-Free $ 4,161 11.7 % 9.3 % 9.7 %
2026 Combustible Tobacco 2025 % Change
$ 6,459 $ 200 $ 6,259 $ — $ 6,259 International Combustibles $ 5,883 9.8 % 6.4 % 6.4 %
88 — 88 — 88 U.S. 96 (8.5) % (8.5) % (8.5) %
$ 6,547 $ 200 $ 6,347 $ — $ 6,347 Total Combustible Tobacco $ 5,979 9.5 % 6.1 % 6.1 %
Note: Sum of product categories or segments might not foot to Total PMI due to roundings. "-" indicates amounts between -$0.5 million and +$0.5 million
11
Schedule 4
PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries
Reconciliation of Non-GAAP Measures
Net Revenues by Product Category and Adjustments of Net Revenues for the Impact of Currency and Acquisitions / Divestitures
($ in millions) / (Unaudited)
Net
Revenues Currency Net
Revenues
excluding Currency Acquisitions / Divestitures Net
Revenues excl. Currency & Acquisitions /
Divestitures Six Months Ended
June 30, Net
Revenues Total Excluding Currency Excluding Currency & Acquisitions / Divestitures
2026 PMI 2025 % Change
$ 7,713 $ 371 $ 7,342 $ (17) $ 7,359 International Smoke-Free $ 6,471 19.2 % 13.5 % 13.7 %
12,147 510 11,637 — 11,637 International Combustibles 11,209 8.4 % 3.8 % 3.8 %
19,860 881 18,979 (17) 18,996 Total International 17,680 12.3 % 7.3 % 7.4 %
1,478 8 1,470 — 1,470 U.S. 1,762 (16.1) % (16.5) % (16.5) %
$ 21,338 $ 889 $ 20,449 $ (17) $ 20,466 Total PMI $ 19,441 9.8 % 5.2 % 5.3 %
2026 Smoke-Free 2025 % Change
$ 7,713 $ 371 $ 7,342 $ (17) $ 7,359 International Smoke-Free $ 6,471 19.2 % 13.5 % 13.7 %
1,311 8 1,303 — 1,303 U.S. 1,584 (17.2) % (17.7) % (17.7) %
118 8 110 — 110 of which, Wellness 109 9.0 % 1.5 % 1.5 %
$ 9,024 $ 379 $ 8,645 $ (17) $ 8,662 Total Smoke-Free $ 8,055 12.0 % 7.3 % 7.5 %
2026 Combustible Tobacco 2025 % Change
$ 12,147 $ 510 $ 11,637 $ — $ 11,637 International Combustibles $ 11,209 8.4 % 3.8 % 3.8 %
167 — 167 — 167 U.S. 178 (5.8) % (5.8) % (5.8) %
$ 12,314 $ 510 $ 11,804 $ — $ 11,804 Total Combustible Tobacco $ 11,386 8.2 % 3.7 % 3.7 %
Note: Sum of product categories or segments might not foot to Total PMI due to roundings. "-" indicates amounts between -$0.5 million and +$0.5 million
12
Schedule 5
PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries
Reconciliation of Non-GAAP Measures
Reconciliation of Gross Profit to Adjusted Gross Profit, excluding Currency and Acquisitions / Divestitures
($ in millions) / (Unaudited)
Gross
Profit Adjusting
Items
(1) Adjusted
Gross
Profit Currency Adjusted Gross Profit
excluding Currency Acquisitions / Divestitures Adjusted Gross Profit excl. Currency & Acquisitions / Divestitures Gross
Profit Adjusting
Items
(1) Adjusted
Gross
Profit Total Excluding Currency Excluding Currency & Acquisitions / Divestitures
2026 Quarters Ended
June 30, 2025 % Change
$ 2,716 $ (1) $ 2,717 $ 62 $ 2,654 $ (4) $ 2,659 International Smoke-Free $ 2,319 $ (1) $ 2,319 17.1 % 14.4 % 14.6 %
4,388 — 4,388 137 4,251 — 4,251 International Combustibles 3,936 — 3,936 11.5 % 8.0 % 8.0 %
7,104 (1) 7,104 199 6,905 (4) 6,909 Total International 6,255 (1) 6,255 13.6 % 10.4 % 10.5 %
555 (5) 560 (1) 561 — 561 U.S. 611 (5) 616 (9.0) % (8.9) % (8.9) %
$ 7,659 $ (6) $ 7,665 $ 198 $ 7,467 $ (4) $ 7,471 Total PMI $ 6,866 $ (6) $ 6,872 11.5 % 8.7 % 8.7 %
2026 Six Months Ended
June 30, 2025 % Change
$ 5,400 $ (1) $ 5,402 $ 254 $ 5,147 $ (4) $ 5,152 International Smoke-Free $ 4,405 $ (1) $ 4,407 22.6 % 16.8 % 16.9 %
8,229 — 8,229 342 7,887 — 7,887 International Combustibles 7,435 — 7,435 10.7 % 6.1 % 6.1 %
13,630 (1) 13,631 596 13,035 (4) 13,039 Total International 11,840 (1) 11,841 15.1 % 10.1 % 10.1 %
935 (10) 945 (1) 946 — 946 U.S. 1,296 (9) 1,305 (27.6) % (27.5) % (27.5) %
$ 14,564 $ (12) $ 14,576 $ 595 $ 13,981 $ (4) $ 13,985 Total PMI $ 13,136 $ (11) $ 13,147 10.9 % 6.3 % 6.4 %
(1) 2026 second-quarter and six months ended June 30 reflect amortization of intangibles, all amounts are related to cost of goods sold. 2025 second-quarter and six months ended June 30 reflect amortization of intangibles, all amounts are related to cost of goods sold.
Note: Sum of segments might not foot to Total PMI due to roundings. "-" indicates amounts between -$0.5 million and +$0.5 million
13
Schedule 6
PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries
Reconciliation of Non-GAAP Measures
Reconciliation of Adjusted Gross Profit Margin, excluding Currency and Acquisitions / Divestitures
($ in millions) / (Unaudited)
Adjusted Gross Profit
(1) Net Revenues
(2) Adjusted Gross Profit
Margin Adjusted Gross Profit
excluding Currency
(1) Net Revenues excluding Currency
(2) Adjusted Gross Profit Margin excluding Currency Adjusted Gross Profit excluding Currency
& Acquisitions / Divestitures
(1) Net Revenues excluding Currency
& Acquisitions / Divestitures
(2) Adjusted Gross Profit Margin excluding Currency
& Acquisitions / Divestitures Adjusted Gross Profit
(1) Net Revenues
(2) Adjusted Gross Profit
Margin Adjusted Gross Profit
Margin Adjusted Gross Profit Margin excluding Currency Adjusted Gross Profit Margin excluding Currency
& Acquisitions / Divestitures
2026 Quarters Ended
June 30, 2025 % Points Change
$ 2,717 $ 3,877 70.1 % $ 2,654 $ 3,779 70.2 % $ 2,659 $ 3,796 70.0 % International Smoke-Free $ 2,319 $ 3,395 68.3 % 1.8 1.9 1.7
4,388 6,459 67.9 % 4,251 6,259 67.9 % 4,251 6,259 67.9 % International Combustibles 3,936 5,883 66.9 % 1.0 1.0 1.0
7,104 10,336 68.7 % 6,905 10,038 68.8 % 6,909 10,055 68.7 % Total International 6,255 9,278 67.4 % 1.3 1.4 1.3
560 856 65.4 % 561 855 65.6 % 561 855 65.6 % U.S. 616 862 71.4 % (6.0) (5.8) (5.8)
$ 7,665 $ 11,192 68.5 % $ 7,467 $ 10,893 68.5 % $ 7,471 $ 10,910 68.5 % Total PMI $ 6,872 $ 10,140 67.8 % 0.7 0.7 0.7
2026 Six Months Ended
June 30, 2025 % Points Change
$ 5,402 $ 7,713 70.0 % $ 5,147 $ 7,342 70.1 % $ 5,152 $ 7,359 70.0 % International Smoke-Free $ 4,407 $ 6,471 68.1 % 1.9 2.0 1.9
8,229 12,147 67.7 % 7,887 11,637 67.8 % 7,887 11,637 67.8 % International Combustibles 7,435 11,209 66.3 % 1.4 1.5 1.5
13,631 19,860 68.6 % 13,035 18,979 68.7 % 13,039 18,996 68.6 % Total International 11,841 17,680 67.0 % 1.6 1.7 1.6
945 1,478 63.9 % 946 1,470 64.4 % 946 1,470 64.4 % U.S. 1,305 1,762 74.1 % (10.2) (9.7) (9.7)
$ 14,576 $ 21,338 68.3 % $ 13,981 $ 20,449 68.4 % $ 13,985 $ 20,466 68.3 % Total PMI $ 13,147 $ 19,441 67.6 % 0.7 0.8 0.7
(1) For the calculation of Adjusted Gross Profit and Adjusted Gross Profit excluding currency and acquisitions / divestitures refer to Schedule 5
(2) For the calculation of Net Revenues excluding currency and acquisitions / divestitures refer to Schedule 3 and Schedule 4
14
Schedule 7
PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries
Reconciliation of Non-GAAP Measures
Reconciliation of Operating Income to Operating Companies Income (OCI)
($ in millions) / (Unaudited)
Quarters Ended
June 30,
2026 Total PMI 2025
$ 4,530 Operating Income $ 3,712
(148) Add back: Corporate Expenses and Other (125)
$ 4,678 Operating Companies Income (OCI) $ 3,837
Six Months Ended
June 30,
2026 Total PMI 2025
$ 8,423 Operating Income $ 7,256
(303) Add back: Corporate Expenses and Other (423)
$ 8,726 Operating Companies Income (OCI) $ 7,679
Note: Sum of International and U.S. might not foot to Total PMI due to roundings. "-" indicates amounts between -$0.5 million and +$0.5 million
15
Schedule 8
PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries
Reconciliation of Non-GAAP Measures
Adjustments of Operating Companies Income for the Impact of Currency and Acquisitions / Divestitures
($ in millions) / (Unaudited)
Operating Companies Income Currency Operating Companies Income excluding Currency Acquisitions / Divestitures Operating Companies Income excluding Currency & Acquisitions / Divestitures Operating Companies Income Total Excluding Currency Excluding Currency & Acquisitions / Divestitures
2026 Quarters Ended
June 30, 2025 % Change
$ 4,606 $ 96 $ 4,511 $ (2) $ 4,513 International $ 3,685 25.0 % 22.4 % 22.4 %
72 (6) 78 — 78 U.S. 152 (52.5) % (48.4) % (48.4) %
$ 4,678 $ 89 $ 4,589 $ (2) $ 4,591 Total PMI $ 3,837 21.9 % 19.6 % 19.7 %
2026 Six Months Ended
June 30, 2025 % Change
$ 8,780 $ 302 $ 8,478 $ (2) $ 8,480 International $ 7,290 20.4 % 16.3 % 16.3 %
(54) (15) (39) — (39) U.S. 389 -(100)% -(100)% -(100)%
$ 8,726 $ 287 $ 8,439 $ (2) $ 8,441 Total PMI $ 7,679 13.6 % 9.9 % 9.9 %
Note: Sum of International and U.S. might not foot to Total PMI due to roundings. "-" indicates amounts between -$0.5 million and +$0.5 million
16
Schedule 9
PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries
Reconciliation of Non-GAAP Measures
Reconciliation of Operating Companies Income to Adjusted Operating Companies Income, excluding Currency and Acquisitions / Divestitures
($ in millions) / (Unaudited)
Operating Companies Income Adjusting
Items
(1) Adjusted
Operating Companies Income Currency Adjusted Operating Companies Income
excluding Currency Acquisitions / Divestitures Adjusted Operating Companies Income excl. Currency & Acquisitions / Divestitures Operating Companies Income Adjusting
Items
(1) Adjusted
Operating Companies Income Total Excluding Currency Excluding Currency & Acquisitions / Divestitures
2026 Quarters Ended
June 30, 2025 % Change
$ 4,606 $ (35) $ 4,642 $ 96 $ 4,546 $ (2) $ 4,548 International $ 3,685 $ (333) $ 4,019 15.5 % 13.1 % 13.2 %
72 (207) 279 (6) 285 — 285 U.S. 152 (201) 353 (20.8) % (19.1) % (19.1) %
$ 4,678 $ (243) $ 4,921 $ 89 $ 4,832 $ (2) $ 4,834 Total PMI $ 3,837 $ (534) $ 4,371 12.6 % 10.5 % 10.6 %
2026 Six Months Ended
June 30, 2025 % Change
$ 8,780 $ (85) $ 8,865 $ 302 $ 8,563 $ (2) $ 8,565 International $ 7,290 $ (379) $ 7,669 15.6 % 11.7 % 11.7 %
(54) (432) 379 (15) 394 — 394 U.S. 389 (401) 790 (52.0) % (50.2) % (50.2) %
$ 8,726 $ (518) $ 9,244 $ 287 $ 8,957 $ (2) $ 8,959 Total PMI $ 7,679 $ (780) $ 8,459 9.3 % 5.9 % 5.9 %
(1) See Schedule 10 and Schedule 11 for Adjusting Items details
Note: Sum of International and U.S. might not foot to Total PMI due to roundings. "-" indicates amounts between -$0.5 million and +$0.5 million
17
Schedule 10
PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries
Reconciliation of Non-GAAP Measures
Reconciliation of Operating Companies Income to Adjusted Operating Companies Income
($ in millions) / (Unaudited)
Quarters Ended
June 30, Change Fav./(Unfav.) Variance Fav./(Unfav.)
PMI 2026 2025 Total Excluding Currency & Acquisitions / Divestitures Total Currency Acquisitions / Divestitures Price Vol / Mix/ Other Cost
Operating Companies Income $ 4,678 $ 3,837 21.9 % 19.7 % $ 841 $ 89 $ (2) $ 689 $ (43) $ 108
Amortization of intangibles (252) (250) (0.8) % (0.8) % (2) — — — — (2)
Egypt sales tax settlement adjustment 15 — — % — % 15 — — — — 15
Impairment of goodwill — (41) 100.0 % 100.0 % 41 — — — — 41
Restructuring charges (6) (243) 97.5 % 97.5 % 237 — — — — 237
Adjusted Operating Companies Income $ 4,921 $ 4,371 12.6 % 10.6 % $ 550 $ 89 $ (2) $ 689 $ (43) $ (183)
International
Operating Companies Income $ 4,606 $ 3,685 25.0 % 22.4 % $ 921 $ 96 $ (2) $ 674 $ (20) $ 173
Amortization of intangibles (50) (49) (2.9) % (2.9) % (1) — — — — (1)
Egypt sales tax settlement adjustment 15 — — % — % 15 — — — — 15
Impairment of goodwill — (41) 100.0 % 100.0 % 41 — — — — 41
Restructuring charges — (243) 100.0 % 100.0 % 243 — — — — 243
Adjusted Operating Companies Income $ 4,642 $ 4,019 15.5 % 13.2 % $ 623 $ 96 $ (2) $ 674 $ (20) $ (125)
U.S.
Operating Companies Income $ 72 $ 152 (52.5) % (48.4) % $ (80) $ (6) $ — $ 15 $ (24) $ (65)
Amortization of intangibles (201) (201) (0.3) % (0.3) % (1) — — — — (1)
Restructuring charges (6) — — % — % (6) — — — — (6)
Adjusted Operating Companies Income $ 279 $ 353 (20.8) % (19.1) % $ (73) $ (6) $ — $ 15 $ (24) $ (59)
Note: Sums of International and U.S. and adjusting items might not foot due to roundings. "-" indicates amounts between -$0.5 million and +$0.5 million.
18
Schedule 11
PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries
Reconciliation of Non-GAAP Measures
Reconciliation of Reported Operating Companies Income to Adjusted Operating Companies Income
($ in millions) / (Unaudited)
Six Months Ended
June 30, Change Fav./(Unfav.) Variance Fav./(Unfav.)
PMI 2026 2025 Total Excluding Currency & Acquisitions / Divestitures Total Currency Acquisitions / Divestitures Price Vol / Mix/ Other Cost
Operating Companies Income $ 8,726 $ 7,679 13.6 % 9.9 % $ 1,047 $ 287 $ (2) $ 1,150 $ (238) $ (150)
Amortization of intangibles (503) (496) (1.4) % (1.4) % (7) — — — — (7)
Egypt sales tax settlement adjustment 15 — — % — % 15 — — — — 15
Impairment of goodwill — (41) 100.0 % 100.0 % 41 — — — — 41
Restructuring charges (30) (243) 87.7 % 87.7 % 213 — — — — 213
Adjusted Operating Companies Income $ 9,244 $ 8,459 9.3 % 5.9 % $ 785 $ 287 $ (2) $ 1,150 $ (238) $ (412)
International
Operating Companies Income $ 8,780 $ 7,290 20.4 % 16.3 % $ 1,490 $ 302 $ (2) $ 1,216 $ (34) $ 8
Amortization of intangibles (100) (94) (6.2) % (6.2) % (6) — — — — (6)
Egypt sales tax settlement adjustment 15 — — % — % 15 — — — — 15
Impairment of goodwill — (41) 100.0 % 100.0 % 41 — — — — 41
Restructuring charges — (243) 100.0 % 100.0 % 243 — — — — 243
Adjusted Operating Companies Income $ 8,865 $ 7,669 15.6 % 11.7 % $ 1,196 $ 302 $ (2) $ 1,216 $ (34) $ (286)
U.S.
Operating Companies Income $ (54) $ 389 -(100)% -(100)% $ (443) $ (15) $ — $ (65) $ (205) $ (158)
Amortization of intangibles (402) (401) (0.4) % (0.4) % (2) — — — — (2)
Impairment of goodwill — — — % — % — — — — — —
Restructuring charges (30) — — % — % (30) — — — — (30)
Adjusted Operating Companies Income $ 379 $ 790 (52.0) % (50.2) % $ (411) $ (15) $ — $ (65) $ (205) $ (126)
Note: Sums of International and U.S. and adjusting items might not foot due to roundings. "-" indicates amounts between -$0.5 million and +$0.5 million.
19
Schedule 12
PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries
Reconciliation of Non-GAAP Measures
Reconciliation of Operating Income to Adjusted Operating Income, excluding Currency and Acquisitions / Divestitures
($ in millions) / (Unaudited)
Operating Income Adjusting
Items
(1) Adjusted
Operating Income Currency Adjusted Operating Income
excluding Currency Acquisitions / Divestitures Adjusted Operating Income excl. Currency & Acquisitions / Divestitures Operating Income Adjusting
Items
(1) Adjusted
Operating Income Total Excluding Currency Excluding Currency & Acquisitions / Divestitures
2026 Quarters Ended
June 30, 2025 % Change
$ 4,530 $ (243) $ 4,773 $ 76 $ 4,697 $ (2) $ 4,699 Total PMI $ 3,712 $ (534) $ 4,246 12.4 % 10.6 % 10.7 %
2026 Six Months Ended
June 30, 2025 % Change
$ 8,423 $ (518) $ 8,941 $ 418 $ 8,523 $ (2) $ 8,525 Total PMI $ 7,256 $ (780) $ 8,036 11.3 % 6.1 % 6.1 %
(1) Adjusted Operating Income and Adjusted Operating Companies Income excluding currency and acquisitions / divestitures are calculated using the same adjustment items as Operating Companies Income, as presented in Schedule 10 and Schedule 11
20
Schedule 13
PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries
Reconciliation of Non-GAAP Measures
Reconciliation of Adjusted Operating Income Margin, excluding Currency and Acquisitions / Divestitures
($ in millions) / (Unaudited)
Adjusted Operating Income
(1) Net Revenues
(2) Adjusted Operating Income
Margin Adjusted Operating Income
excluding Currency
(1) Net Revenues excluding Currency
(2) Adjusted Operating Income Margin excluding Currency Adjusted Operating Income excluding Currency
& Acquisitions / Divestitures
(1) Net Revenues excluding Currency
& Acquisitions / Divestitures
(2) Adjusted Operating Income Margin excluding Currency
& Acquisitions / Divestitures Adjusted Operating Income
(1) Net Revenues
(2) Adjusted Operating Income
Margin Adjusted Operating Income
Margin Adjusted Operating Income Margin excluding Currency Adjusted Operating Income Margin excluding Currency
& Acquisitions / Divestitures
2026 Quarters Ended
June 30, 2025 % Points Change
$ 4,773 $ 11,192 42.6 % $ 4,697 $ 10,893 43.1 % $ 4,699 $ 10,910 43.1 % Total PMI $ 4,246 $ 10,140 41.9 % 0.7 1.2 1.2
2026 Six Months Ended
June 30, 2025 % Points Change
$ 8,941 $ 21,338 41.9 % $ 8,523 $ 20,449 41.7 % $ 8,525 $ 20,466 41.7 % Total PMI $ 8,036 $ 19,441 41.3 % 0.6 0.4 0.4
(1) For the calculation of Adjusted Operating Income and Adjusted Operating Income excluding currency and acquisitions / divestitures refer to Schedule 12
(2) For the calculation of Net Revenues excluding currency and acquisitions / divestitures refer to Schedule 3 and Schedule 4
21
Schedule 14
PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries
Condensed Statements of Earnings
($ in millions, except per share data) / (Unaudited)
Quarters Ended June 30, Six Months Ended June 30,
2026 2025 Change
Fav./(Unfav.) 2026 2025 Change
Fav./(Unfav.)
$ 11,192 $ 10,140 10.4 % Net Revenues $ 21,338 $ 19,441 9.8 %
3,533 3,274 (7.9) % Cost of sales 6,774 6,305 (7.4) %
7,659 6,866 11.5 % Gross profit 14,564 13,136 10.9 %
2,981 2,988 0.2 % Marketing, administration and research costs 5,838 5,416 (7.8) %
— 41 100.0 % Impairment of goodwill — 41 100.0 %
148 125 (18.4) % Corporate expenses and other 303 423 28.4 %
4,530 3,712 22.0 % Operating Income 8,423 7,256 16.1 %
243 277 12.3 % Interest expense, net 480 518 7.3 %
(5) 11 +100% Pension and other employee benefit (income) costs (10) 23 +100%
4,292 3,424 25.4 % Earnings before income taxes 7,953 6,715 18.4 %
955 652 (46.5) % Provision for income taxes 1,631 1,311 (24.4) %
511 — — % Impairment related to the RBH equity investment 511 — — %
(159) (376) (57.7) % Equity investments and securities (income)/loss, net 244 (581) -(100)%
2,985 3,148 (5.2) % Net Earnings 5,567 5,985 (7.0) %
168 109 (54.1) % Net Earnings attributable to noncontrolling interests 312 256 (21.9) %
$ 2,817 $ 3,039 (7.3) % Net Earnings attributable to PMI $ 5,255 $ 5,729 (8.3) %
Per share data: (1)
$ 1.80 $ 1.95 (7.7) % Basic Earnings Per Share $ 3.36 $ 3.67 (8.4) %
$ 1.80 $ 1.95 (7.7) % Diluted Earnings Per Share $ 3.36 $ 3.67 (8.4) %
(1) Net Earnings and weighted-average shares used in the basic and diluted Earnings Per Share computations for the quarters ended June 30, 2026 and 2025 are shown on Schedule 1, Footnote 1
22
Schedule 15
PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries
Condensed Balance Sheets
($ in millions) / (Unaudited)
June 30, December 31,
2026 2025
Assets
Cash and cash equivalents $ 5,999 $ 4,872
All other current assets 20,007 19,491
Property, plant and equipment, net 8,313 8,397
Goodwill 16,917 17,264
Other intangible assets, net 10,178 10,884
Equity investments 2,130 2,891
Other assets 4,727 5,386
Total assets $ 68,271 $ 69,185
Liabilities and Stockholders' (Deficit) Equity
Short-term borrowings $ 3,341 $ 168
Current portion of long-term debt 3,406 3,533
All other current liabilities 19,795 21,726
Long-term debt 42,366 45,134
Deferred income taxes 2,057 2,065
Other long-term liabilities 3,963 4,587
Total liabilities 74,928 77,213
Total PMI stockholders' deficit (8,583) (9,994)
Noncontrolling interests 1,926 1,966
Total stockholders' (deficit) equity (6,657) (8,028)
Total liabilities and stockholders' (deficit) equity $ 68,271 $ 69,185
23
Schedule 16
PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries
Reconciliation of Non-GAAP Measures
Calculation of Total Debt to Adjusted EBITDA and Net Debt to Adjusted EBITDA Ratios
($ in millions, except ratios) / (Unaudited)
Year Ended June 30, 2026 Year Ended
December 31, 2025
July ~ December January ~ June 12 months
2025 2026 rolling
Net Earnings $ 5,863 $ 5,567 $ 11,430 $ 11,848
Equity investments and securities (income)/loss, net (124) 244 120 (705)
Provision for income taxes 1,426 1,631 3,057 2,737
Interest expense, net 448 480 928 966
Impairment related to the RBH equity investment — 511 511 —
Depreciation, amortization and impairment of goodwill 1,026 1,023 2,049 2,037
Restructuring charges and Others (1) 249 15 264 492
Adjusted EBITDA $ 8,888 $ 9,471 $ 18,359 $ 17,375
June 30, December 31,
2026 2025
Short-term borrowings $ 3,341 $ 168
Current portion of long-term debt 3,406 3,533
Long-term debt 42,366 45,134
Total Debt $ 49,113 $ 48,835
Cash and cash equivalents 5,999 4,872
Net Debt $ 43,114 $ 43,963
Ratios:
Total Debt to Adjusted EBITDA 2.68 2.81
Net Debt to Adjusted EBITDA 2.35 2.53
(1) For the period July 2025 to December 2025 "Others" includes Germany excise tax classification litigation charge ($176 million), loss on expected sale of consumer accessories and other businesses ($94 million), partially offset by RBH (Canada) Plan Implementation ($19 million). For the period January 2026 to June 2026 "Others" include a favorable impact of Egypt sales tax settlement adjustment ($15 million).
24
Schedule 17
PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries
Operating Cash Flow
($ in millions) / (Unaudited)
Quarters Ended June 30, Six Months Ended June 30,
2026 2025 % Change 2026 2025 % Change
$ 5,492 $ 3,412 61.0 % Net cash provided by operating activities (1) $ 5,093 $ 3,062 66.3 %
(1) Operating cash flow
25
GRAPHIC
GRAPHIC
Filename: pmilogoera01a01a01a22a.jpg · Sequence: 8
Binary file (334864 bytes)
Download pmilogoera01a01a01a22a.jpg
XML — IDEA: XBRL DOCUMENT
XML
Filename: R1.htm · Sequence: 10
v3.26.1
Cover Page
Jul. 22, 2026
Entity Information [Line Items]
Document Type
8-K
Document Period End Date
Jul. 22, 2026
Entity Registrant Name
Philip Morris International Inc.
Entity Central Index Key
0001413329
Amendment Flag
false
Entity Incorporation, State or Country Code
VA
Entity File Number
1-33708
Entity Tax Identification Number
13-3435103
Entity Address, Address Line One
677 Washington Blvd, Ste. 1100
Entity Address, City or Town
Stamford
Entity Address, State or Province
CT
Entity Address, Postal Zip Code
06901
City Area Code
203
Local Phone Number
905-2410
Written Communications
false
Soliciting Material
false
Pre-commencement Tender Offer
false
Pre-commencement Issuer Tender Offer
false
Entity Emerging Growth Company
false
Common Stock, no par value
Entity Information [Line Items]
Title of 12(b) Security
Common Stock, no par value
Trading Symbol
PM
Security Exchange Name
NYSE
0.125% Notes due 2026
Entity Information [Line Items]
Title of 12(b) Security
0.125% Notes due 2026
Trading Symbol
PM26B
Security Exchange Name
NYSE
3.125% Notes due 2027
Entity Information [Line Items]
Title of 12(b) Security
3.125% Notes due 2027
Trading Symbol
PM27
Security Exchange Name
NYSE
3.125% Notes due 2028
Entity Information [Line Items]
Title of 12(b) Security
3.125% Notes due 2028
Trading Symbol
PM28
Security Exchange Name
NYSE
2.875% Notes due 2029
Entity Information [Line Items]
Title of 12(b) Security
2.875% Notes due 2029
Trading Symbol
PM29
Security Exchange Name
NYSE
3.375% Notes due 2029
Entity Information [Line Items]
Title of 12(b) Security
3.375% Notes due 2029
Trading Symbol
PM29A
Security Exchange Name
NYSE
2.750% Notes due 2029
Entity Information [Line Items]
Title of 12(b) Security
2.750% Notes due 2029
Trading Symbol
PM29D
Security Exchange Name
NYSE
3.750% Notes due 2031
Entity Information [Line Items]
Title of 12(b) Security
3.750% Notes due 2031
Trading Symbol
PM31B
Security Exchange Name
NYSE
0.800% Notes due 2031
Entity Information [Line Items]
Title of 12(b) Security
0.800% Notes due 2031
Trading Symbol
PM31
Security Exchange Name
NYSE
3.250% Notes due 2032
Entity Information [Line Items]
Title of 12(b) Security
3.250% Notes due 2032
Trading Symbol
PM32
Security Exchange Name
NYSE
3.125% Notes due 2033
Entity Information [Line Items]
Title of 12(b) Security
3.125% Notes due 2033
Trading Symbol
PM33
Security Exchange Name
NYSE
2.000% Notes due 2036
Entity Information [Line Items]
Title of 12(b) Security
2.000% Notes due 2036
Trading Symbol
PM36
Security Exchange Name
NYSE
1.875% Notes due 2037
Entity Information [Line Items]
Title of 12(b) Security
1.875% Notes due 2037
Trading Symbol
PM37A
Security Exchange Name
NYSE
6.375% Notes due 2038
Entity Information [Line Items]
Title of 12(b) Security
6.375% Notes due 2038
Trading Symbol
PM38
Security Exchange Name
NYSE
1.450% Notes due 2039
Entity Information [Line Items]
Title of 12(b) Security
1.450% Notes due 2039
Trading Symbol
PM39
Security Exchange Name
NYSE
4.375% Notes due 2041
Entity Information [Line Items]
Title of 12(b) Security
4.375% Notes due 2041
Trading Symbol
PM41
Security Exchange Name
NYSE
4.500% Notes due 2042
Entity Information [Line Items]
Title of 12(b) Security
4.500% Notes due 2042
Trading Symbol
PM42
Security Exchange Name
NYSE
3.875% Notes due 2042
Entity Information [Line Items]
Title of 12(b) Security
3.875% Notes due 2042
Trading Symbol
PM42A
Security Exchange Name
NYSE
4.125% Notes due 2043
Entity Information [Line Items]
Title of 12(b) Security
4.125% Notes due 2043
Trading Symbol
PM43
Security Exchange Name
NYSE
4.875% Notes due 2043
Entity Information [Line Items]
Title of 12(b) Security
4.875% Notes due 2043
Trading Symbol
PM43A
Security Exchange Name
NYSE
4.250% Notes due 2044
Entity Information [Line Items]
Title of 12(b) Security
4.250% Notes due 2044
Trading Symbol
PM44
Security Exchange Name
NYSE
X
- Definition
Boolean flag that is true when the XBRL content amends previously-filed or accepted submission.
+ References
No definition available.
+ Details
Name:
dei_AmendmentFlag
Namespace Prefix:
dei_
Data Type:
xbrli:booleanItemType
Balance Type:
na
Period Type:
duration
X
- Definition
Area code of city
+ References
No definition available.
+ Details
Name:
dei_CityAreaCode
Namespace Prefix:
dei_
Data Type:
xbrli:normalizedStringItemType
Balance Type:
na
Period Type:
duration
X
- Definition
For the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period. The format of the date is YYYY-MM-DD.
+ References
No definition available.
+ Details
Name:
dei_DocumentPeriodEndDate
Namespace Prefix:
dei_
Data Type:
xbrli:dateItemType
Balance Type:
na
Period Type:
duration
X
- Definition
The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.
+ References
No definition available.
+ Details
Name:
dei_DocumentType
Namespace Prefix:
dei_
Data Type:
dei:submissionTypeItemType
Balance Type:
na
Period Type:
duration
X
- Definition
Address Line 1 such as Attn, Building Name, Street Name
+ References
No definition available.
+ Details
Name:
dei_EntityAddressAddressLine1
Namespace Prefix:
dei_
Data Type:
xbrli:normalizedStringItemType
Balance Type:
na
Period Type:
duration
X
- Definition
Name of the City or Town
+ References
No definition available.
+ Details
Name:
dei_EntityAddressCityOrTown
Namespace Prefix:
dei_
Data Type:
xbrli:normalizedStringItemType
Balance Type:
na
Period Type:
duration
X
- Definition
Code for the postal or zip code
+ References
No definition available.
+ Details
Name:
dei_EntityAddressPostalZipCode
Namespace Prefix:
dei_
Data Type:
xbrli:normalizedStringItemType
Balance Type:
na
Period Type:
duration
X
- Definition
Name of the state or province.
+ References
No definition available.
+ Details
Name:
dei_EntityAddressStateOrProvince
Namespace Prefix:
dei_
Data Type:
dei:stateOrProvinceItemType
Balance Type:
na
Period Type:
duration
X
- Definition
A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b-2
+ Details
Name:
dei_EntityCentralIndexKey
Namespace Prefix:
dei_
Data Type:
dei:centralIndexKeyItemType
Balance Type:
na
Period Type:
duration
X
- Definition
Indicate if registrant meets the emerging growth company criteria.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b-2
+ Details
Name:
dei_EntityEmergingGrowthCompany
Namespace Prefix:
dei_
Data Type:
xbrli:booleanItemType
Balance Type:
na
Period Type:
duration
X
- Definition
Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.
+ References
No definition available.
+ Details
Name:
dei_EntityFileNumber
Namespace Prefix:
dei_
Data Type:
dei:fileNumberItemType
Balance Type:
na
Period Type:
duration
X
- Definition
Two-character EDGAR code representing the state or country of incorporation.
+ References
No definition available.
+ Details
Name:
dei_EntityIncorporationStateCountryCode
Namespace Prefix:
dei_
Data Type:
dei:edgarStateCountryItemType
Balance Type:
na
Period Type:
duration
X
- Definition
Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.
+ References
No definition available.
+ Details
Name:
dei_EntityInformationLineItems
Namespace Prefix:
dei_
Data Type:
xbrli:stringItemType
Balance Type:
na
Period Type:
duration
X
- Definition
The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b-2
+ Details
Name:
dei_EntityRegistrantName
Namespace Prefix:
dei_
Data Type:
xbrli:normalizedStringItemType
Balance Type:
na
Period Type:
duration
X
- Definition
The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b-2
+ Details
Name:
dei_EntityTaxIdentificationNumber
Namespace Prefix:
dei_
Data Type:
dei:employerIdItemType
Balance Type:
na
Period Type:
duration
X
- Definition
Local phone number for entity.
+ References
No definition available.
+ Details
Name:
dei_LocalPhoneNumber
Namespace Prefix:
dei_
Data Type:
xbrli:normalizedStringItemType
Balance Type:
na
Period Type:
duration
X
- Definition
Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 13e
-Subsection 4c
+ Details
Name:
dei_PreCommencementIssuerTenderOffer
Namespace Prefix:
dei_
Data Type:
xbrli:booleanItemType
Balance Type:
na
Period Type:
duration
X
- Definition
Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 14d
-Subsection 2b
+ Details
Name:
dei_PreCommencementTenderOffer
Namespace Prefix:
dei_
Data Type:
xbrli:booleanItemType
Balance Type:
na
Period Type:
duration
X
- Definition
Title of a 12(b) registered security.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b
+ Details
Name:
dei_Security12bTitle
Namespace Prefix:
dei_
Data Type:
dei:securityTitleItemType
Balance Type:
na
Period Type:
duration
X
- Definition
Name of the Exchange on which a security is registered.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection d1-1
+ Details
Name:
dei_SecurityExchangeName
Namespace Prefix:
dei_
Data Type:
dei:edgarExchangeCodeItemType
Balance Type:
na
Period Type:
duration
X
- Definition
Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 14a
-Subsection 12
+ Details
Name:
dei_SolicitingMaterial
Namespace Prefix:
dei_
Data Type:
xbrli:booleanItemType
Balance Type:
na
Period Type:
duration
X
- Definition
Trading symbol of an instrument as listed on an exchange.
+ References
No definition available.
+ Details
Name:
dei_TradingSymbol
Namespace Prefix:
dei_
Data Type:
dei:tradingSymbolItemType
Balance Type:
na
Period Type:
duration
X
- Definition
Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Securities Act
-Number 230
-Section 425
+ Details
Name:
dei_WrittenCommunications
Namespace Prefix:
dei_
Data Type:
xbrli:booleanItemType
Balance Type:
na
Period Type:
duration
X
- Details
Name:
us-gaap_StatementClassOfStockAxis=us-gaap_CommonStockMember
Namespace Prefix:
Data Type:
na
Balance Type:
Period Type:
X
- Details
Name:
us-gaap_StatementClassOfStockAxis=pm_A0.125Notesdue2026Member
Namespace Prefix:
Data Type:
na
Balance Type:
Period Type:
X
- Details
Name:
us-gaap_StatementClassOfStockAxis=pm_A3.125Notesdue2027Member
Namespace Prefix:
Data Type:
na
Balance Type:
Period Type:
X
- Details
Name:
us-gaap_StatementClassOfStockAxis=pm_A3.125Notesdue2028Member
Namespace Prefix:
Data Type:
na
Balance Type:
Period Type:
X
- Details
Name:
us-gaap_StatementClassOfStockAxis=pm_A2.875Notesdue2029Member
Namespace Prefix:
Data Type:
na
Balance Type:
Period Type:
X
- Details
Name:
us-gaap_StatementClassOfStockAxis=pm_A3.375NotesDue2029Member
Namespace Prefix:
Data Type:
na
Balance Type:
Period Type:
X
- Details
Name:
us-gaap_StatementClassOfStockAxis=pm_A2.750NotesDue2029Member
Namespace Prefix:
Data Type:
na
Balance Type:
Period Type:
X
- Details
Name:
us-gaap_StatementClassOfStockAxis=pm_A3.750NotesDue2031Member
Namespace Prefix:
Data Type:
na
Balance Type:
Period Type:
X
- Details
Name:
us-gaap_StatementClassOfStockAxis=pm_A0.800Notesdue2031Member
Namespace Prefix:
Data Type:
na
Balance Type:
Period Type:
X
- Details
Name:
us-gaap_StatementClassOfStockAxis=pm_A3.250NotesDue2032Member
Namespace Prefix:
Data Type:
na
Balance Type:
Period Type:
X
- Details
Name:
us-gaap_StatementClassOfStockAxis=pm_A3.125Notesdue2033Member
Namespace Prefix:
Data Type:
na
Balance Type:
Period Type:
X
- Details
Name:
us-gaap_StatementClassOfStockAxis=pm_A2.000Notesdue2036Member
Namespace Prefix:
Data Type:
na
Balance Type:
Period Type:
X
- Details
Name:
us-gaap_StatementClassOfStockAxis=pm_A1.875Notesdue2037Member
Namespace Prefix:
Data Type:
na
Balance Type:
Period Type:
X
- Details
Name:
us-gaap_StatementClassOfStockAxis=pm_A6.375Notesdue2038Member
Namespace Prefix:
Data Type:
na
Balance Type:
Period Type:
X
- Details
Name:
us-gaap_StatementClassOfStockAxis=pm_A1.450Notesdue2039Member
Namespace Prefix:
Data Type:
na
Balance Type:
Period Type:
X
- Details
Name:
us-gaap_StatementClassOfStockAxis=pm_A4.375Notesdue2041Member
Namespace Prefix:
Data Type:
na
Balance Type:
Period Type:
X
- Details
Name:
us-gaap_StatementClassOfStockAxis=pm_A4.500Notesdue2042Member
Namespace Prefix:
Data Type:
na
Balance Type:
Period Type:
X
- Details
Name:
us-gaap_StatementClassOfStockAxis=pm_A3.875Notesdue2042Member
Namespace Prefix:
Data Type:
na
Balance Type:
Period Type:
X
- Details
Name:
us-gaap_StatementClassOfStockAxis=pm_A4.125Notesdue2043Member
Namespace Prefix:
Data Type:
na
Balance Type:
Period Type:
X
- Details
Name:
us-gaap_StatementClassOfStockAxis=pm_A4.875Notesdue2043Member
Namespace Prefix:
Data Type:
na
Balance Type:
Period Type:
X
- Details
Name:
us-gaap_StatementClassOfStockAxis=pm_A4.250Notesdue2044Member
Namespace Prefix:
Data Type:
na
Balance Type:
Period Type: