Philip Morris International Inc. (PM) Financial Statements

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Philip Morris International financial statements at a glance

Philip Morris International reported revenue of $40.65 billion for fiscal year 2025 (ended December 31, 2025), up 7.3% from fiscal year 2024. Net income was $11.32 billion, a net margin of 27.8%.

At the end of fiscal year 2025 it had total assets of $69.19 billion, total liabilities of $77.21 billion and shareholders' equity of -$9.99 billion, with cash and short-term investments of $4.87 billion and total debt of $48.84 billion.

Its operations brought in $12.23 billion of cash; capital spending was $1.57 billion, leaving free cash flow of $10.66 billion.

The tables below show the income statement, balance sheet and cash flow statement; the key figures of the last 5 fiscal years are at the bottom of the page.

Figures from company filings, in USD; latest fiscal year ended December 31, 2025.

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Philip Morris International Inc.

PMUnited States
Essential Consumer Products
USD (Local)

Income Statement

Annual • USD

Total Revenue
40.65B
Prev Year: 37.88B
YoY: +7.3%
Operating Revenue
93.86B
Prev Year: 89.44B
YoY: +4.9%
Excise Taxes
53.21B
Prev Year: 51.56B
YoY: +3.2%
Normalized EBITDA
17.50B
Prev Year: 15.75B
YoY: +11.1%
Tax Rate for Calcs
0.197
Prev Year: 0
Tax Effect of Unusual Items
-8.08M
Prev Year: 0
Cost of Revenue
13.37B
Prev Year: 13.33B
YoY: +0.3%
Gross Profit
27.28B
Prev Year: 24.55B
YoY: +11.1%
Operating Expense
12.35B
Prev Year: 11.15B
YoY: +10.8%
Selling General and Administrative
12.35B
Prev Year: 11.15B
YoY: +10.8%
Operating Income
14.93B
Prev Year: 13.40B
YoY: +11.4%
Net Non Operating Interest Income Expense
-966.00M
Prev Year: -1.14B
YoY: +15.5%
Non-operating Interest Income
621.00M
Prev Year: 620.00M
YoY: +0.2%
Non-operating Interest Expense
1.59B
Prev Year: 1.76B
YoY: -10.0%
Other Income Expense
-87.00M
Prev Year: -60.00M
YoY: -45.0%
Special Income Charges
-41.00M
Prev Year: 0
Impairment of Capital Assets
41.00M
Prev Year: 0
Other Non-operating Income (expense)
-46.00M
Prev Year: -60.00M
YoY: +23.3%
Pre-tax Income
13.88B
Prev Year: 12.20B
YoY: +13.8%
Provision for Income Taxes
2.74B
Prev Year: 3.02B
YoY: -9.3%
Equity in Earnings of Affiliates, Net of Tax
705.00M
Prev Year: 637.00M
YoY: +10.7%
Net Income Common Stockholders
11.32B
Prev Year: 7.03B
YoY: +60.9%
Net Income
11.35B
Prev Year: 7.06B
YoY: +60.8%
Net Income Including Non-Controlling Interests
11.85B
Prev Year: 7.50B
YoY: +57.9%
Net Income from Continuing Operations
11.85B
Prev Year: 9.82B
YoY: +20.7%
Noncontrolling Interests
-500.00M
Prev Year: -446.00M
YoY: -12.1%
Otherunder Preferred Stock Dividend
32.00M
Prev Year: 23.00M
YoY: +39.1%
Diluted NI Available to Com Stockholders
11.32B
Prev Year: 7.03B
YoY: +60.9%
Total Operating Income as Reported
14.89B
Prev Year: 13.40B
YoY: +11.1%
Basic EPS
-
Prev Year: 4.53
Total Expenses
25.71B
Prev Year: 24.48B
YoY: +5.1%
Diluted EPS
-
Prev Year: 4.52
Net Income from Continuing and Discontinued Operation
11.35B
Prev Year: 9.37B
YoY: +21.1%
Weighted Average Shares (basic)
-
Prev Year: 1.55B
Normalized Income
11.38B
Prev Year: 9.37B
YoY: +21.4%
Weighted Average Shares (diluted)
-
Prev Year: 1.56B
Interest Income
621.00M
Prev Year: 620.00M
YoY: +0.2%
Interest Expense
1.59B
Prev Year: 1.76B
YoY: -10.0%
Net Interest Income
-966.00M
Prev Year: -1.14B
YoY: +15.5%
EBIT
15.47B
Prev Year: 13.96B
YoY: +10.8%
EBITDA
17.46B
Prev Year: 15.75B
YoY: +10.9%
Reconciled Cost of Revenue
13.37B
Prev Year: 13.33B
YoY: +0.3%
Reconciled Depreciation
2.00B
Prev Year: 1.79B
YoY: +11.7%
Net Income from Continuing Operation Net Minority Interest
11.35B
Prev Year: 9.37B
YoY: +21.1%
Total Unusual Items Excluding Goodwill
-41.00M
Prev Year: 0
Total Unusual Items
-41.00M
Prev Year: 0
Values in USD

Philip Morris International key figures by fiscal year

FY2025FY2024FY2023FY2022FY2021
Revenue$40.6B$37.9B$35.2B$31.8B$31.4B
Gross profit$27.3B$24.5B$22.3B$20.4B$21.4B
Operating income$14.9B$13.4B$12.2B$12.2B$13.0B
Net income$11.3B$7.0B$7.8B$9.0B$9.1B
Diluted EPS–$4.52$5.02$5.81$5.83
Total assets$69.2B$61.8B$65.3B$61.7B$41.3B
Total liabilities$77.2B$71.7B$74.8B$68.0B$49.5B
Shareholders' equity-$10.0B-$11.8B-$11.2B-$9.0B-$10.1B
Cash and short-term investments$4.9B$4.2B$3.1B$3.2B$4.5B
Total debt$48.8B$45.7B$47.9B$43.1B$27.8B
Operating cash flow$12.2B$12.2B$9.2B$10.8B$12.0B
Capital spending$1.6B$1.4B$1.3B$1.1B$748.0M
Free cash flow$10.7B$10.8B$7.9B$9.7B$11.2B

In USD. Fiscal years as reported by the company; statements on this page go back to fiscal year 2014.

Questions and answers

What was Philip Morris International's revenue in fiscal year 2025?

$40.65 billion, up 7.3% from $37.88 billion in fiscal year 2024.

How much profit does Philip Morris International make?

Philip Morris International reported net income of $11.32 billion for fiscal year 2025 (27.8% of revenue); operating income was $14.93 billion.

How much cash and debt does Philip Morris International have?

At the end of fiscal year 2025: cash and short-term investments of $4.87 billion and total debt of $48.84 billion.

What is Philip Morris International's free cash flow?

$10.66 billion in fiscal year 2025 (operating cash flow of $12.23 billion minus capital spending of $1.57 billion).

MorePhilip Morris International stock overviewPhilip Morris International executive teamPhilip Morris International shareholdersPhilip Morris International revenue by segment
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Disclaimer: This analysis is for informational and educational purposes only and does not constitute financial, investment, tax, or legal advice. Data may be incomplete, delayed, or contain inaccuracies. Consult with a qualified financial advisor before making any investment decisions.
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