Philip Morris International
Sells Marlboro cigarettes and IQOS, ZYN, and VEEV smoke-free products.
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Profile
Sells Marlboro and other cigarettes alongside IQOS heated tobacco, ZYN nicotine pouches, and VEEV e-vapor products worldwide. International smoke-free and combustible operations remain the core, complemented by a U.S. business built around ZYN and IQOS.
Sells Marlboro and other cigarettes alongside IQOS heated-tobacco devices and consumables, ZYN nicotine pouches, and VEEV e-vapor products. International operations span smoke-free and combustible tobacco, while the U.S. business is built around ZYN, IQOS expansion, and the smaller Aspeya oral-wellness unit.
Scale comes from established international cigarette distribution and a smoke-free model combining proprietary devices, recurring consumables, retail trials, consumer care, and digital channels. Cigarettes remain the larger revenue base, even as smoke-free products supply a substantial share.
Performance depends on excise-tax regimes, product and marketing authorizations, litigation outcomes, distributor relationships, and currency movements across markets.
Company facts
Categories
Key statistics
Year to date +19.7% · Average volume (30d) 4.8M
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Rating | Prior target | Target |
|---|---|---|---|---|---|
| Jul 29, 2026 | Barclays | Reiterate | Overweight | $205 | $225 |
| Jul 24, 2026 | BTIG | Reiterate | Buy | $216 | $221 |
| Jul 23, 2026 | Stifel Nicolaus | Target | $195 | $205 | |
| Jul 23, 2026 | Needham | Reiterate | Buy | $215 | |
| Jul 23, 2026 | Morgan Stanley | Reiterate | Overweight | $200 | $215 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Jul 22, 2026Q2 FY26 | $2.05 | $2.20 | +7.3% | $10.60B | $11.19B | +5.6% | −1.64% |
| Apr 22, 2026Q1 FY26 | $1.86 | $1.96 | +5.4% | $9.95B | $10.15B | +1.9% | +3.20% |
| Feb 6, 2026Q4 FY25 | $1.70 | $1.70 | 0.0% | $10.40B | $10.36B | −0.4% | −0.54% |
| Oct 21, 2025Q3 FY25 | $2.09 | $2.24 | +7.2% | $10.64B | $10.85B | +2.0% | +3.20% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $9.30B | $10.14B | $10.85B | $10.36B | $10.15B | $11.19B | |
| Gross profit | $6.26B | $6.86B | $7.36B | $6.80B | $6.91B | $7.66B | |
| Operating income | $3.54B | $3.75B | $4.26B | $3.37B | $3.89B | $4.53B | |
| Net income | $2.69B | $3.04B | $3.48B | $2.14B | $2.44B | $2.82B | |
| Diluted EPS | $1.72 | $1.95 | $2.23 | $1.37 | $1.56 | $1.80 | |
| Gross margin | 67.3% | 67.7% | 67.8% | 65.6% | 68.1% | 68.4% | |
| Operating margin | 38.1% | 37.0% | 39.3% | 32.6% | 38.4% | 40.5% |
Fiscal years (4-quarter sums)FY21 $31.41B · FY22 $31.76B · FY23 $35.17B · FY24 $37.88B · FY25 $40.65B
Revenue by product · Q2 FY26
Revenue by geography · Q4 FY25
Balance sheet, Jun 30, 2026Cash & short-term investments $6.00B · Total debt $49.11B · Total assets $68.27B · Shareholders' equity −$8.58B
Dividends
Raised for 16 straight years — most recently to $1.47 from $1.35 in Oct 2025. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Jun 25, 2026 | Jun 25 | Jul 20 | $1.47 | |
| Mar 19, 2026 | Mar 19 | Apr 13 | $1.47 | |
| Dec 26, 2025 | Dec 26 | Jan 14 | $1.47 | |
| Oct 3, 2025 | Oct 3 | Oct 20 | $1.47 | raised from $1.35 |
| Jun 27, 2025 | Jun 27 | Jul 15 | $1.35 | |
| Mar 20, 2025 | Mar 20 | Apr 10 | $1.35 | |
| Dec 26, 2024 | Dec 26 | Jan 13 | $1.35 | |
| Sep 26, 2024 | Sep 26 | Oct 10 | $1.35 | raised from $1.30 |
Ownership
Shares outstanding 1.56B · Float 1.56B · 99.8% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| Capital World Investors | 133.15M | 8.54% | 13F | Aug 12, 2026 |
| BlackRock, Inc. | 108.04M | 6.93% | 13F | Aug 7, 2026 |
| Vanguard Capital Management LLC | 101.79M | 6.53% | 13F | Aug 13, 2026 |
| Capital Research Global Investors | 84.25M | 5.41% | 13F | Aug 12, 2026 |
| Capital International Investors | 72.25M | 4.64% | 13F | Aug 12, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Feb 19, 2026 | Frederic de Wilde | officer: CEO PMI International | −20,000 | $182.58 |
| Feb 19, 2026 | Jacek Olczak | director, officer: Group CEO PMI | −80,000 | $182.18 |
| Feb 20, 2026 | Stacey Kennedy | officer: CEO PMI U.S. | −14,350 | $183.13 |
| Feb 19, 2026 | Yann Guerin | officer: Group Chief Legal Officer | −4,000 | $181.69 |
| Feb 20, 2026 | Reginaldo Dobrowolski | officer: Group Controller | −6,000 | $183.48 |
Peers
- Altria Group
Former parent; US rival across oral nicotine, combustibles, and heated tobacco.
- British American Tobacco (ADR)
Full-portfolio global rival; #2 in HTT, Vuse vapor leader, Velo pouches.
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Philip Morris International | $191.85 | −0.01% | $299.08B | 27.6 | 22.0 | 7.0 | +10.4% |
| Altria Group | $68.70 | +0.09% | $114.63B | 14.5 | 11.9 | 5.2 | +1.3% |
| British American Tobacco (ADR) | $56.13 | +0.02% | $121.07B | 13.9 | — | 3.5 | −0.1% |
| Median | 14.2 | 11.9 | 4.3 | +0.6% |