Philip Morris International Inc. (PM) quarterly income statement — complete revenue, gross profit & net income history
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 | Q2'23 | Q1'23 | Q4'22 | Q3'22 | Q2'22 | Q1'22 | Q4'21 | Q3'21 | Q2'21 |
|---|
| Sales/Revenue | 10.15B | 10.36B | 10.85B | 10.14B | 9.3B | 9.71B | 9.91B | 9.47B | 8.79B | 9.05B | 9.14B | 8.97B | 8.02B | 8.15B | 8.03B | 7.83B | 7.75B | 8.1B | 8.12B | 7.59B |
| Revenue Growth % | 9.09% | 6.76% | 9.42% | 7.1% | 5.78% | 7.28% | 8.42% | 5.59% | 9.65% | 10.98% | 13.81% | 14.49% | 3.52% | 0.59% | -1.11% | 3.13% | 2.12% | 8.87% | 9.08% | 14.18% |
| Cost of Goods Sold | 3.24B | 3.56B | 3.49B | 3.28B | 3.04B | 3.42B | 3.37B | 3.35B | 3.19B | 3.43B | 3.15B | 3.23B | 3.02B | 3.08B | 2.94B | 2.65B | 2.58B | 2.81B | 2.6B | 2.35B |
| COGS % of Revenue | 31.94% | 34.36% | 32.15% | 32.34% | 32.68% | 35.27% | 33.96% | 35.33% | 36.34% | 37.87% | 34.5% | 36% | 37.66% | 37.82% | 36.54% | 33.81% | 33.33% | 34.64% | 31.96% | 30.99% |
| Gross Profit | 6.91B | 6.8B | 7.36B | 6.86B | 6.26B | 6.28B | 6.54B | 6.12B | 5.6B | 5.62B | 5.99B | 5.74B | 5B | 5.07B | 5.1B | 5.18B | 5.16B | 5.3B | 5.53B | 5.24B |
| Gross Margin % | 68.06% | 65.64% | 67.85% | 67.66% | 67.32% | 64.73% | 66.04% | 64.67% | 63.66% | 62.13% | 65.5% | 64% | 62.34% | 62.18% | 63.46% | 66.19% | 66.67% | 65.36% | 68.04% | 69.02% |
| Gross Profit Growth % | 10.29% | 8.26% | 12.42% | 12.05% | 11.84% | 11.78% | 9.32% | 6.69% | 11.98% | 10.89% | 17.46% | 10.71% | -3.2% | -4.3% | -7.76% | -1.09% | -2.44% | 8.72% | 9.86% | 17.2% |
| Operating Expenses | 3.01B | 3.43B | 3.1B | 3.11B | 2.72B | 3.02B | 2.89B | 2.68B | 2.55B | 2.73B | 2.61B | 3.17B | 2.27B | 2.15B | 2.13B | 2.13B | 1.87B | 2.35B | 2.07B | 2.11B |
| OpEx % of Revenue | 29.69% | 33.09% | 28.54% | 30.65% | 29.21% | 31.16% | 29.17% | 28.3% | 29.03% | 30.2% | 28.51% | 35.39% | 28.28% | 26.31% | 26.51% | 27.17% | 24.09% | 29% | 25.5% | 27.81% |
| Selling, General & Admin | 2.86B | 3.43B | 3.1B | 3.11B | 2.72B | 3.02B | 2.89B | 2.37B | 2.77B | 2.03B | 2.61B | 3.06B | 2.27B | 2.42B | 1.66B | 2.13B | 1.84B | 2.34B | 2.1B | 2.12B |
| SG&A % of Revenue | 28.16% | 33.09% | 28.54% | 30.65% | 29.21% | 31.16% | 29.17% | 25.04% | 31.49% | 22.45% | 28.6% | 34.15% | 28.33% | 29.65% | 20.72% | 27.23% | 23.81% | 28.84% | 25.83% | 27.92% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 642M | 0 | 0 | 0 | 617M | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | 7.88% | - | - | - | 7.61% | - | - |
| Other Operating Expenses | 1000K | 0 | 0 | 0 | 0 | 0 | 0 | 1000K | -1000K | 1000K | -1000K | 1000K | -1000K | -1000K | 1000K | -1000K | 1000K | -1000K | -1000K | -1000K |
| Operating Income | 3.89B | 3.37B | 4.26B | 3.75B | 3.54B | 3.26B | 3.65B | 3.44B | 3.04B | 2.89B | 3.37B | 2.57B | 2.73B | 2.92B | 2.97B | 3.06B | 3.3B | 2.96B | 3.46B | 3.13B |
| Operating Margin % | 38.37% | 32.55% | 39.31% | 37.01% | 38.1% | 33.58% | 36.87% | 36.38% | 34.63% | 31.93% | 36.87% | 28.62% | 34.06% | 35.87% | 36.95% | 39.02% | 42.58% | 36.53% | 42.54% | 41.2% |
| Operating Income Growth % | 9.85% | 3.5% | 16.67% | 8.97% | 16.39% | 12.81% | 8.43% | 34.22% | 11.5% | -1.2% | 13.54% | -16.03% | -17.19% | -1.22% | -14.1% | -2.33% | 2.33% | 1.89% | 6.54% | 14.57% |
| EBITDA | 4.29B | 3.89B | 4.77B | 4.24B | 4.02B | 3.74B | 4.15B | 3.89B | 3.41B | 3.26B | 3.8B | 2.87B | 3.03B | 3.21B | 3.33B | 3.34B | 3.55B | 3.24B | 3.69B | 3.37B |
| EBITDA Margin % | 42.29% | 37.58% | 43.96% | 41.84% | 43.26% | 38.49% | 41.89% | 41.08% | 38.8% | 36.01% | 41.56% | 31.97% | 37.79% | 39.44% | 41.41% | 42.68% | 45.84% | 39.97% | 45.43% | 44.35% |
| EBITDA Growth % | 6.64% | 4.23% | 14.84% | 9.1% | 17.94% | 14.67% | 9.29% | 35.65% | 12.61% | 1.34% | 14.22% | -14.24% | -14.67% | -0.74% | -9.86% | -0.74% | 2.39% | 1.95% | 5.97% | 13.78% |
| D&A (Non-Cash Add-back) | 0 | 521M | 505M | 490M | 480M | 477M | 498M | 445M | 367M | 369M | 429M | 301M | 299M | 291M | 358M | 287M | 253M | 279M | 235M | 239M |
| EBIT | 4.29B | 3.98B | 4.25B | 3.7B | 3.53B | 3.86B | 3.64B | 3.43B | 3.03B | 3.69B | 3.36B | 2.56B | 2.71B | 3.1B | 2.96B | 3.05B | 3.29B | 2.96B | 3.47B | 3.1B |
| Net Interest Income | -237M | -839M | -230M | -277M | -241M | -326M | -189M | -329M | -299M | -273M | -261M | -297M | -230M | -170M | -138M | -126M | -154M | -146M | -154M | -161M |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 620M | 0 | 0 | 0 | 465M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 237M | 839M | 230M | 277M | 241M | 946M | 189M | 329M | 299M | 738M | 261M | 297M | 230M | 170M | 138M | 126M | 154M | 146M | 154M | 161M |
| Other Income/Expense | -635M | -448M | 101M | 47M | -48M | -1.19B | 296M | -182M | -123M | -256M | -168M | -324M | -201M | -21M | -124M | -116M | -214M | -138M | -132M | -185M |
| Pretax Income | 3.26B | 2.92B | 4.36B | 3.8B | 3.5B | 2.06B | 3.95B | 3.26B | 2.92B | 2.63B | 3.2B | 2.24B | 2.53B | 2.9B | 2.84B | 2.94B | 3.08B | 2.82B | 3.32B | 2.94B |
| Pretax Margin % | 32.11% | 28.23% | 40.24% | 37.48% | 37.59% | 21.28% | 39.85% | 34.45% | 33.23% | 29.1% | 35.03% | 25% | 31.55% | 35.61% | 35.41% | 37.54% | 39.81% | 34.82% | 40.91% | 38.77% |
| Income Tax | 676M | 675M | 751M | 652M | 659M | 235M | 735M | 734M | 676M | 320M | 1.03B | 560M | 428M | 409M | 622M | 594M | 619M | 593M | 735M | 646M |
| Effective Tax Rate % | 20.75% | 23.08% | 17.21% | 17.16% | 18.85% | 11.38% | 18.61% | 22.5% | 23.13% | 12.15% | 32.2% | 24.98% | 16.92% | 14.09% | 21.87% | 20.2% | 20.07% | 21.01% | 22.12% | 21.94% |
| Net Income | 2.44B | 2.14B | 3.48B | 3.04B | 2.69B | -579M | 3.08B | 2.41B | 2.15B | 2.2B | 2.05B | 1.57B | 2B | 2.4B | 2.09B | 2.23B | 2.33B | 2.09B | 2.43B | 2.17B |
| Net Margin % | 24.03% | 20.66% | 32.07% | 29.97% | 28.92% | -5.97% | 31.1% | 25.41% | 24.43% | 24.27% | 22.47% | 17.49% | 24.88% | 29.4% | 25.98% | 28.51% | 30.09% | 25.83% | 29.87% | 28.6% |
| Net Income Growth % | -9.37% | 469.78% | 12.85% | 26.31% | 25.23% | -126.37% | 50.05% | 53.44% | 7.67% | -8.39% | -1.58% | -29.78% | -14.41% | 14.52% | -13.97% | 2.81% | -3.6% | 5.92% | 5.16% | 11.56% |
| Net Income (Continuing) | 2.58B | 2.25B | 3.61B | 3.15B | 2.84B | 1.83B | 3.21B | 2.53B | 2.25B | 2.31B | 2.17B | 1.68B | 2.1B | 2.49B | 2.22B | 2.35B | 2.46B | 2.23B | 2.59B | 2.3B |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 1.98B | 1.97B | 1.93B | 1.95B | 1.98B | 1.88B | 1.98B | 1.8B | 1.75B | 1.78B | 1.73B | 1.74B | 1.87B | 2.65B | 1.73B | 1.78B | 1.9B | 1.9B | 1.92B | 1.91B |
| EPS (Diluted) | 1.56 | 1.37 | 2.23 | 1.95 | 1.72 | -0.37 | 1.97 | 1.54 | 1.38 | 1.41 | 1.32 | 1.01 | 1.28 | 1.54 | 1.34 | 1.43 | 1.50 | 1.34 | 1.55 | 1.39 |
| EPS Growth % | -9.3% | 470.27% | 13.2% | 26.62% | 24.64% | -126.24% | 49.24% | 52.48% | 7.81% | -8.44% | -1.49% | -29.37% | -14.67% | 14.93% | -13.55% | 2.88% | -3.23% | 5.51% | 4.73% | 11.2% |
| EPS (Basic) | 1.56 | 1.37 | 2.23 | 1.95 | 1.72 | -0.37 | 1.98 | 1.54 | 1.38 | 1.41 | 1.32 | 1.01 | 1.28 | 1.54 | 1.34 | 1.44 | 1.50 | 1.34 | 1.55 | 1.39 |
| Diluted Shares Outstanding | 1.56B | 1.56B | 1.56B | 1.56B | 1.56B | 1.56B | 1.56B | 1.56B | 1.55B | 1.55B | 1.55B | 1.55B | 1.55B | 1.55B | 1.55B | 1.55B | 1.55B | 1.56B | 1.56B | 1.56B |
| Basic Shares Outstanding | 1.56B | 1.56B | 1.56B | 1.56B | 1.55B | 1.55B | 1.55B | 1.55B | 1.55B | 1.55B | 1.55B | 1.55B | 1.55B | 1.55B | 1.55B | 1.55B | 1.55B | 1.56B | 1.56B | 1.56B |
| Dividend Payout Ratio | - | 107.19% | 60.58% | 69.3% | 78.66% | - | 65.77% | 84.25% | 94.83% | 92.12% | 96.25% | 126.08% | 99.6% | 82.31% | 93.05% | 87.1% | 83.74% | 93.26% | 77.33% | 86.23% |