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How Philip Morris International (PM) makes money: Q2 2026 revenue breakdown
US GAAP · $M · vs Q2 2025 · reported 07/22/2026
Philip Morris International Inc. (PMI) is a tobacco company, with products sold in over 180 countries. · Wikipedia
More about the company
Marlboro is PMI’s most recognized brand, but in the last quarter of 2023, Iqos generated the greatest revenue. Philip Morris International is often referred to as one of the companies comprising Big Tobacco. The company ranked No. 117 in the 2025 Fortune 500 list of the largest US corporations by total revenue.
Key growth driver: Int'l Combustibles — the fastest-growing revenue line: $6,459, +10% y/y. · by the Q2 2026 report
How does Philip Morris International make money?
Philip Morris International brought in $11.2 billion of revenue in Q2 2026, up 10.4% year over year. The largest source was Int'l Combustibles: $6.46 billion, or 58% of the total, followed by Int'l Smoke-Free ($3.88B, 35%) and U.S. Segment ($856M, 8%). Net income for the quarter was $2.82 billion, down 7.3% year over year.
Revenue by source, Q2 2026
- Int'l Combustibles$6.46B · 58% · +9.8%
- Int'l Smoke-Free$3.88B · 35% · +14.2%
- U.S. Segment$856M · 8% · −0.7%
Shares of $11.2B total revenue; changes are year over year, as reported. ≈ marks lines derived from disclosed totals. The same flows are drawn in the Sankey chart below.
When is PM’s next earnings date?
Tuesday, October 20, 2026confirmed · before market open
Philip Morris International (PM) is scheduled to report results for the quarter ending Sep 2026 on Oct 20, 2026. Consensus EPS forecast: $2.33 (2 analysts), vs $2.24 in the same quarter last year.
What time does PM report? Usually before market open: the last 4 results releases reached the SEC at 7:02 am, 7:02 am, 7:02 am, 7:03 am ET.
Last report: Jul 22, 2026 (Q2 2026) — broken down in the Sankey chart below. Dates and consensus: Nasdaq / Zacks Investment Research; companies do reschedule. Who else reports this week →
All figures in $M.
Revenue
$11,192
+10.4%
first time above $11bn
Gross profit
$7,659
+11.5%
68.5% adj. margin
Operating income
$4,530
+22.0%
42.6% adj. OI margin
Net income
$2,817
−7.3%
Diluted EPS $1.80 · −7.7%
Verdict: a strong operating quarter — revenue past $11bn for the first time and operating income up 22% on smoke-free/IQOS pricing and mix strength — was masked at the bottom line by a $511M non-cash RBH equity impairment that drove reported net income and EPS down y/y despite record core profitability.
FY26 guidance: organic net revenue growth 5-7%, organic operating income growth 7-9%, OCF ≈$13.5bn, capex $1.4-1.6bn, no share repurchases, adjusted diluted EPS $8.26-$8.41.
Source and notation
* marks non-cash / ≈ estimated. Source: Philip Morris International press release / 10-Q (SEC EDGAR).
Open the chart as a PNG image ↗ · for sharing and presentations · free to reuse, CC BY 4.0
Heads-up
- net income fell 7% y/y in Q2 2026
Most likely because international Combustibles delivered an exceptional 10.0% pricing quarter, offsetting adverse geographic mix; US segment net revenue declined 0.7% (gross profit -9.2%) on ZYN phasing, cigar declines and Wellness timing. Based on the Q2 2026 report.
Company filings on SEC EDGAR ↗PM earnings history: past report dates
| Jul 22, 2026 Wed | 7:02 ambefore market open | Jun 30, 2026 | $11.2B+10% y/y | $1.80−8% y/y |
| Apr 22, 2026 Wed | 7:02 ambefore market open | Mar 31, 2026 | $10.1B+9% y/y | $1.56−9% y/y |
| Feb 6, 2026 Fri | 7:02 ambefore market open | Dec 31, 2025 | ≈$10.4B+7% y/y | ≈$1.36 |
| Oct 21, 2025 Tue | 7:03 ambefore market open | Sep 30, 2025 | $10.8B+9% y/y | $2.23+13% y/y |
| Jul 22, 2025 Tue | 7:03 ambefore market open | Jun 30, 2025 | $10.1B+7% y/y | $1.95+27% y/y |
| Apr 23, 2025 Wed | 7:05 ambefore market open | Mar 31, 2025 | $9.3B+6% y/y | $1.72+25% y/y |
| Feb 6, 2025 Thu | 7:03 ambefore market open | Dec 31, 2024 | ≈$9.7B+7% y/y | ≈−$0.37 |
| Oct 22, 2024 Tue | 7:01 ambefore market open | Sep 30, 2024 | $9.9B+8% y/y | $1.97+49% y/y |
How we count
Report date and time — when the company filed its results press release with the SEC (Form 8-K, Item 2.02); the regular session runs 9:30 am – 4:00 pm ET. Revenue and diluted EPS — the company’s XBRL filings, EPS adjusted for stock splits; ≈ — fourth quarter derived as full year minus three quarters. Source: SEC EDGAR.
Philip Morris International: 5-year financials
| 2025 | 40,648 | 14,892 | 11,348 | 10,664 | 8,624 |
| 2024 | 37,878 | 13,402 | 7,057 | 10,773 | 8,197 |
| 2023 | 35,174 | 11,556 | 7,813 | 7,883 | 7,964 |
| 2022 | 31,762 | 12,246 | 9,048 | 9,726 | 7,812 |
| 2021 | 31,405 | 12,975 | 9,109 | 11,219 | 7,580 |
$ millions, annual 10-K reports on SEC EDGAR (US GAAP).
How we calculate
Figures are the annual report lines as filed, no adjustments. Free cash flow is operating cash flow minus capital expenditures; dividends are cash paid to common shareholders during the year. “—” means the line isn’t in the filing.
Corporate governance
2/2good
How the company treats minority shareholders: 2 — well, 0 — systematically poorly.
More
- Feb 202610-K 2025: a single class registered — PM common stock; the legal cases include no shareholder suits. sec.gov ↗
- Feb 2024Per the 10-K 2023: the shareholder suit over IQOS statements was dismissed, and on December 26, 2023 the 2nd Circuit Court of Appeals upheld the dismissal. sec.gov ↗
- Dec 2025Dividend per share rose from $4.74 (2020) to $5.64 (2025); share count unchanged over 5 years (XBRL). data.sec.gov ↗
Scoring: 2.0, no deductions: single share class, shares 0% over 5 years, dividend raised every year, IQOS shareholder suit finally dismissed
- Share classes
- Single class of common stock (10-K 2025 cover).
- Dilution
- Diluted shares 2020→2025 unchanged (0.0%) — stock compensation does not dilute holders (no separate SBC line in XBRL).
- Disclosure
- Full reporting, filed on time.
- Dividends
- Dividend raised every year: $4.74 (2020) → $5.64 (2025).
- Lawsuits & regulators
- The IQOS shareholder class action (2017–2018) was dismissed, and on December 26, 2023 the 2nd Circuit Court of Appeals affirmed — no payouts; current suits are consumer cases (ZYN, tobacco); no SEC cases.
- Related parties
- No material related-party transactions disclosed; the Swedish Match acquisition (2022) was for cash from outside shareholders.
How the score works · checked as of Sep 2026
Philip Morris International (PM) earnings: FAQ
How does Philip Morris International make money?
Philip Morris International brought in $11.2 billion of revenue in Q2 2026, up 10.4% year over year. The largest source was Int'l Combustibles: $6.46 billion, or 58% of the total, followed by Int'l Smoke-Free ($3.88B, 35%) and U.S. Segment ($856M, 8%). Net income for the quarter was $2.82 billion, down 7.3% year over year.
When is PM's next earnings date?
Philip Morris International (PM) is scheduled to report on Oct 20, 2026, before market open.
What time does PM report earnings?
Philip Morris International is scheduled to report before market open on Oct 20, 2026. Its last results releases were filed before market open, most recently at 7:02 am ET on Jul 22, 2026.
When did PM last report earnings?
Philip Morris International reported Q2 2026 results on Jul 22, 2026.
What is the EPS estimate for PM's next earnings?
The consensus EPS forecast is $2.33 (2 analysts), vs $2.24 in the same quarter last year.
Where can I find Philip Morris International's financial statements?
On SEC EDGAR: quarterly reports (10-Q), the annual report (10-K) and earnings releases (8-K). The “Verified” badge next to the chart links to PM's filings; this page breaks the latest report down in a Sankey chart.
What was PM's net income in Q2 2026?
Philip Morris International reported net income of $2,817M for Q2 2026 (−7.3% year over year), under US GAAP.
Does Philip Morris International pay dividends?
Yes. In 2025, Philip Morris International paid $8,624M in dividends on its common stock, per its 10-K. Earlier years are in the five-year table above.
New to earnings reports? Start with how to read an earnings report.
How this page was made: the figures come from the company's own report on SEC EDGAR; the summary and nuances were drafted by our model from that report. Figures checked against the filing on 08/25/2026. How we make the breakdowns · Report an error
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