Philip Morris International Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Philip Morris International Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	74,953	78,098	79,823	77,921	76,047	82,223	80,669	35,174	37,878	40,648
Cost of revenue	9,391	10,432	10,758	10,513	9,569	10,030	11,402	12,893	13,329	13,366
Gross profit	17,294	18,316	18,867	19,292	19,125	21,375	20,360	22,281	24,549	27,282
Research and development	429	453	383	465	495	617	642	709	759	756
General and administrative	161	164
Operating income	10,903	11,581	11,377	10,531	11,668	12,975	12,246	11,556	13,402	14,892
Interest expense	1,069	1,096	855	796	728	737	768	1,526	1,763	1,587
Interest income	178	182	190	226	110	109	180	465	620	621
Pre-tax income	9,924	10,589	10,671	9,872	10,953	12,232	11,634	10,450	12,199	13,880
Income tax	2,768	4,307	2,445	2,293	2,377	2,671	2,244	2,339	3,017	2,737
Net income to minority interests	283	306	375	543	536	601	479	455	446	500
Net income	6,967	6,035	7,911	7,185	8,056	9,109	9,048	7,813	7,057	11,348
EBITDA	11,646	12,456	12,366	11,495	12,649	13,973	13,323	12,954	15,189	16,888
EPS, basic	4.48	3.88	5.08	4.61	5.16	5.83	5.82	5.02	4.53	7.27
EPS, diluted	4.48	3.88	5.08	4.61	5.16	5.83	5.81	5.02	4.52	7.26
Shares, basic (weighted)	1,551	1,552	1,555	1,555	1,557	1,558	1,550	1,552	1,554	1,556
Shares, diluted (weighted)	1,551	1,553	1,555	1,556	1,558	1,559	1,552	1,553	1,556	1,558
Dividend per share	4.12	4.22	4.49	4.62	4.74	4.90	5.04	5.14	5.30	5.64

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	4,239	8,447	6,593	6,861	7,280	4,496	3,207	3,060	4,216	4,872
Receivables	3,499	3,194	2,950	3,080	2,905	3,123	3,850	3,461	3,789	4,572
Inventory	9,017	8,806	8,804	9,235	9,591	8,720	9,886	10,774	9,453	11,478
Other current assets	853	603	481	701	860	561	1,770	1,530	1,826	2,203
Total current assets	17,608	21,594	19,442	20,514	21,492	17,717	19,619	19,755	20,170	24,363
Property, plant and equipment	6,064	7,271	7,201	6,631	6,365	6,168	6,710	7,516	7,310	8,397
Lease right-of-use assets				766	697	526	594	631	585	679
Goodwill	7,324	7,666	7,189	5,858	5,964	6,680	19,655	16,779	16,600	17,264
Intangible assets	2,470	2,432	2,278	2,113	2,019	2,818	6,732	9,864	11,327	10,884
Long-term investments				4,635	4,798	4,463	4,431	4,929	2,654	2,891
Other non-current assets	1,515	1,924	1,445	1,971	2,767	2,549	3,931	5,647	2,783	4,139
Total assets	36,851	42,968	39,801	42,875	44,815	41,290	61,681	65,304	61,784	69,185
Accounts payable	1,666	2,242	2,068	2,299	2,780	3,331	4,076	4,143	3,952	4,407
Accrued liabilities	800	856	794	1,042	1,189	1,146	1,168	1,262	1,305	1,545
Short-term debt	2,573	2,506	4,054	4,051	3,124	2,798	2,611	4,698	3,392	3,533
Total current liabilities	16,467	15,962	17,191	18,833	19,615	19,255	27,336	26,383	22,915	25,427
Long-term debt	25,851	31,334	26,975	26,656	28,168	24,783	34,875	41,243	42,166	45,134
Lease liabilities				569	517	344	436	456	427	526
Other non-current liabilities	736								1,116	2,181
Total liabilities	47,751	53,198	50,540	52,474	55,446	49,498	67,992	74,750	71,654	77,213
Total debt	28,424	33,840	31,029	30,707	31,292	27,581	37,486	45,941	45,558	48,667
Paid-in capital	1,964	1,972	1,939	2,019	2,105	2,225	2,230	2,285	2,335	2,453
Retained earnings	30,397	29,859	31,014	30,987	31,638	33,082	34,289	34,090	32,869	35,400
Treasury stock	-35,490	-35,382	-35,301	-35,220	-35,129	-35,836	-35,917	-35,785	-35,640	-35,551
Other comprehensive income	-9,559	-8,535	-10,111	-9,363	-11,181	-9,577	-9,559	-11,815	-11,314	-12,296
Shareholders' equity	-12,688	-12,086	-12,459	-11,577	-12,567	-10,106	-8,957	-11,225	-11,750	-9,994
Minority interests	1,788	1,856	1,720	1,978	1,936	1,898	2,646	1,779	1,880	1,966
Total equity	-10,900	-10,230	-10,739	-9,599	-10,631	-8,208	-6,311	-9,446	-9,870	-8,028
Total liabilities and equity	36,851	42,968	39,801	42,875	44,815	41,290	61,681	65,304	61,784	69,185

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	7,250	6,341	8,286	7,728	8,592	9,710	9,527	8,268	7,503	11,848
Depreciation and amortization	743	875	989	964	981	998	1,077	1,398	1,787	1,996
Deferred income tax	182	-501	-100	-141	-143	-17	-234	-330	-123	-847
Change in receivables	-1,009	-92	53	-331	26	-198	-871	314	-738	-448
Change in inventory	-695	730	-613	-548	-165	549	-1,287	-862	552	-1,201
Change in payables	373	425	-51	451	406	653	719	-288	297	258
Cash from operations	8,077	8,912	9,478	10,090	9,812	11,967	10,803	9,204	12,217	12,233
Capital expenditures	-1,172	-1,548	-1,436	-852	-602	-748	-1,077	-1,321	-1,444	-1,569
Acquisitions	0				0	-2,111	-13,976
Purchases of investments								0	-132	-202
Cash from investing	-834	-3,083	-998	-1,811	-1,154	-2,358	-15,679	-3,598	-1,092	-3,967
Debt issued	3,536	6,850	0	3,819	3,713	0	5,965	9,959	8,142	7,055
Debt repaid	-2,393	-2,551	-2,484	-3,998	-3,999	-3,042	-2,724	-2,551	-4,803	-5,368
Share buybacks	0	0		0	0	-775	-209	0	0
Dividends paid	-6,378	-6,520	-6,885	-7,161	-7,364	-7,580	-7,812	-7,964	-8,197	-8,624
Cash from financing	-5,413	-2,769	-9,651	-8,061	-8,496	-11,977	3,806	-5,582	-9,481	-8,132
Exchange rate effect	-965	1,085	-685	27	258	-417	-213	-95	-536
Net change in cash	865	4,145	-1,856	245	420	-2,785	-1,283	-71	1,108	638
Free cash flow	6,905	7,364	8,042	9,238	9,210	11,219	9,726	7,883	10,773	10,664
Interest paid	1,052	1,050	882	800	728	716	717	1,342	1,559	1,688
Income taxes paid	2,829	3,403	2,749	2,430	2,785	2,936	2,751	2,952	3,178	3,852

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $190.48 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	67.5%	Gross profit / revenue.
Operating margin	37.7%	Operating income / revenue.
EBITDA margin	42.6%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	35.5%	Pre-tax income / revenue.
Net margin	25.6%	Net income / revenue.
FCF margin	29.9%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	33.5%	Cash from operations / revenue.
Effective tax rate	20.2%	Income tax / pre-tax income, when pre-tax income is positive.
Return on assets (ROA)	15.9%	Net income / average total assets.
Return on invested capital (ROIC)	41.1%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
Capex / revenue	3.6%	Capital expenditures / revenue.
D&A / revenue	4.8%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	7.3%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-20.4%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	-11.8%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	11.1%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	10.2%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	7.4%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	11.1%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	6.7%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	5.0%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	11.2%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	8.2%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	6.0%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	60.8%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	7.8%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	7.1%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	60.6%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	7.7%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	7.1%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	0.1%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	4.2%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	4.5%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	-1.0%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	3.1%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	3.0%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	6.4%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	3.8%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	3.5%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	12.0%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	3.9%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	9.1%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	0.1%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	0.1%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	0.0%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	0.98x	Current assets / current liabilities.
Quick ratio	0.42x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.23x	(Cash + short-term investments) / current liabilities.
Debt / assets	67.0%	Total debt / total assets.
Liabilities / assets	109.8%	Total liabilities / total assets.
Net debt	$39.77B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	2.20x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Working capital	-$536.0M	Current assets - current liabilities.
Goodwill and intangibles / assets	39.7%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$35.68B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.62x	Revenue / average total assets.
Fixed asset turnover	5.12x	Revenue / average property, plant and equipment.
Inventory turnover	1.21x	Cost of revenue / average inventory.
Days inventory	302 days	365 x average inventory / cost of revenue.
Receivables turnover	8.21x	Revenue / average receivables.
Days sales outstanding	44 days	365 x average receivables / revenue.
Days payables	103 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	243 days	Days inventory + days sales outstanding - days payables.
FCF conversion	117.0%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	10.8%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$6.97	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$27.27	Revenue / diluted weighted shares.
FCF per share	$8.16	Free cash flow / diluted weighted shares.
Operating cash flow per share	$9.14	Cash from operations / diluted weighted shares.
Book value per share	-$5.50	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$22.87	Tangible book value / shares outstanding.
Cash per share	$3.85	(Cash + short-term investments) / shares outstanding.
Payout ratio	82.8%	Dividends paid / net income, when net income is positive.
Dividends / FCF	70.8%	Dividends paid / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$296.88B	Share price x shares outstanding.
Enterprise value	$336.66B	Market cap + total debt - cash - short-term investments.
P/E	27.3x	Market cap / net income. Only when net income is positive.
P/S	6.98x	Market cap / revenue.
P/FCF	23.3x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	20.8x	Market cap / cash from operations, when positive.
EV/Sales	7.91x	Enterprise value / revenue.
EV/EBIT	21.0x	Enterprise value / operating income, when both are positive.
EV/EBITDA	18.6x	Enterprise value / EBITDA, when both are positive.
EV/FCF	26.5x	Enterprise value / free cash flow, when both are positive.
FCF yield	4.3%	Free cash flow / market cap.
Earnings yield	3.7%	Net income / market cap (the inverse of P/E).
Dividend yield	3.0%	Dividends paid over the period / market cap.
Shareholder yield	3.0%	(Dividends paid + share buybacks) / market cap.
PEG	3.54x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

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

Philip Morris International Inc. reported revenue of $40.65B for fiscal 2025, 7.3% higher than the year before.

Was Philip Morris International Inc. profitable in fiscal 2025?

Yes. Net income was $11.35B, a net margin of 27.9%.

How much free cash flow did Philip Morris International Inc. generate in fiscal 2025?

Cash from operations of $12.23B minus capital expenditures of $1.57B left free cash flow of $10.66B.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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