Philip Morris International (PM) financial statements
Philip Morris International reported revenue of $40.6B in fiscal 2025, up 4.8% a year over 9 years.
Net income was $11.3B and the operating margin 36.6%, against 40.9% in 2016.
Free cash flow was $10.7B, and the company returned $8.6B in dividends.
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Philip Morris International's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $26.7B | $28.7B | $29.6B | $29.8B | $28.7B | $31.4B | $31.8B | $35.2B | $37.9B | $40.6B |
| Cost of revenue | $9.4B | $10.4B | $10.8B | $10.5B | $9.6B | $10.0B | $11.4B | $12.9B | $13.3B | $13.4B |
| Gross profit | $17.3B | $18.3B | $18.9B | $19.3B | $19.1B | $21.4B | $20.4B | $22.3B | $24.5B | $27.3B |
| Research and development | $429M | $453M | $383M | $465M | $495M | $617M | $642M | $709M | $759M | $756M |
| Selling, general and admin | $161M | $164M | — | — | — | — | — | — | — | — |
| Operating income | $10.9B | $11.6B | $11.4B | $10.5B | $11.7B | $13.0B | $12.2B | $11.6B | $13.4B | $14.9B |
| Interest expense | $1.1B | $1.1B | $855M | $796M | $728M | $737M | $768M | $1.5B | $1.8B | $1.6B |
| Pre-tax income | $9.9B | $10.6B | $10.7B | $9.9B | $11.0B | $12.2B | $11.6B | $10.4B | $12.2B | $13.9B |
| Income tax | $2.8B | $4.3B | $2.4B | $2.3B | $2.4B | $2.7B | $2.2B | $2.3B | $3.0B | $2.7B |
| Net income | $7.0B | $6.0B | $7.9B | $7.2B | $8.1B | $9.1B | $9.0B | $7.8B | $7.1B | $11.3B |
| EPS (diluted) | $4.48 | $3.88 | $5.08 | $4.61 | $5.16 | $5.83 | $5.81 | $5.02 | $4.52 | $7.26 |
| Diluted shares | 1.55B | 1.55B | 1.55B | 1.56B | 1.56B | 1.56B | 1.55B | 1.55B | 1.56B | 1.56B |
| Gross margin | 64.8% | 63.7% | 63.7% | 64.7% | 66.7% | 68.1% | 64.1% | 63.3% | 64.8% | 67.1% |
| Operating margin | 40.9% | 40.3% | 38.4% | 35.3% | 40.7% | 41.3% | 38.6% | 32.9% | 35.4% | 36.6% |
| Net margin | 26.1% | 21.0% | 26.7% | 24.1% | 28.1% | 29.0% | 28.5% | 22.2% | 18.6% | 27.9% |
Balance sheet
Fiscal years, from Philip Morris International's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $4.2B | $8.4B | $6.6B | $6.9B | $7.3B | $4.5B | $3.2B | $3.1B | $4.2B | $4.9B |
| Receivables | $3.5B | $3.2B | $3.0B | $3.1B | $2.9B | $3.1B | $3.9B | $3.5B | $3.8B | $4.6B |
| Inventory | $9.0B | $8.8B | $8.8B | $9.2B | $9.6B | $8.7B | $9.9B | $10.8B | $9.5B | $11.5B |
| Total current assets | $17.6B | $21.6B | $19.4B | $20.5B | $21.5B | $17.7B | $19.6B | $19.8B | $20.2B | $24.4B |
| Property, plant and equipment | $6.1B | $7.3B | $7.2B | $6.6B | $6.4B | $6.2B | $6.7B | $7.5B | $7.3B | $8.4B |
| Goodwill | $7.3B | $7.7B | $7.2B | $5.9B | $6.0B | $6.7B | $19.7B | $16.8B | $16.6B | $17.3B |
| Total assets | $36.9B | $43.0B | $39.8B | $42.9B | $44.8B | $41.3B | $61.7B | $65.3B | $61.8B | $69.2B |
| Total current liabilities | $16.5B | $16.0B | $17.2B | $18.8B | $19.6B | $19.3B | $27.3B | $26.4B | $22.9B | $25.4B |
| Long-term debt | $25.9B | $31.3B | $27.0B | $26.7B | $28.2B | $24.8B | $34.9B | $41.2B | $42.2B | $45.1B |
| Total liabilities | $47.8B | $53.2B | $50.5B | $52.5B | $55.4B | $49.5B | $68.0B | $74.8B | $71.7B | $77.2B |
| Shareholders' equity | -$12.7B | -$12.1B | -$12.5B | -$11.6B | -$12.6B | -$10.1B | -$9.0B | -$11.2B | -$11.8B | -$10.0B |
| Net debt | $21.6B | $22.9B | $20.4B | $19.8B | $20.9B | $20.3B | $31.7B | $38.2B | $38.0B | $40.3B |
Cash flow
Fiscal years, from Philip Morris International's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $8.1B | $8.9B | $9.5B | $10.1B | $9.8B | $12.0B | $10.8B | $9.2B | $12.2B | $12.2B |
| Capital spending | $1.2B | $1.5B | $1.4B | $852M | $602M | $748M | $1.1B | $1.3B | $1.4B | $1.6B |
| Free cash flow | $6.9B | $7.4B | $8.0B | $9.2B | $9.2B | $11.2B | $9.7B | $7.9B | $10.8B | $10.7B |
| Dividends paid | $6.4B | $6.5B | $6.9B | $7.2B | $7.4B | $7.6B | $7.8B | $8.0B | $8.2B | $8.6B |
| Share buybacks (net) | $0 | $0 | — | $0 | $0 | -$775M | -$209M | $0 | $0 | — |
| Net borrowing | $1.1B | $4.3B | -$2.5B | -$179M | -$286M | -$3.0B | $3.2B | $7.4B | $3.3B | $1.7B |
| Free cash flow margin | 25.9% | 25.6% | 27.1% | 31.0% | 32.1% | 35.7% | 30.6% | 22.4% | 28.4% | 26.2% |
| Dividends per share | $4.11 | $4.20 | $4.43 | $4.60 | $4.73 | $4.86 | $5.03 | $5.13 | $5.27 | $5.54 |
Questions
What was Philip Morris International's revenue in 2025?
$40.6B in fiscal 2025, from its 10-K filing.
How much free cash flow does Philip Morris International generate?
$10.7B in fiscal 2025 (operating cash flow minus capital spending).
From Philip Morris International's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.