Philip Morris International Inc.

PM 10-Q · Q2 2025

PM Q2 2025 request

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Income Statement

Income Statement
Metric Q2 2025 Q2 2024 YoY
Revenue 10,140 9,468 +7.1%
Show Product Lines breakouts
Combustible Tobacco Products 5,979 5,858 +2.1%
Combustible Tobacco Products · Americas 547 592 -7.6%
Combustible Tobacco Products · EA, AU & PMI GTR 600 620 -3.2%
Combustible Tobacco Products · Europe 2,329 2,214 +5.2%
Combustible Tobacco Products · SSEA, CIS & MEA 2,504 2,432 +3.0%
Smoke-Free Products 4,161 3,610 +15.3%
Smoke-Free Products · Americas 725 537 +35.0%
Smoke-Free Products · EA, AU & PMI GTR 1,108 1,053 +5.2%
Smoke-Free Products · Europe 1,905 1,681 +13.3%
Smoke-Free Products · Europe 57 80 -28.7%
Smoke-Free Products · SSEA, CIS & MEA 422 339 +24.5%
Show Business Segments breakouts
Americas 1,272 1,129 +12.7%
EA, AU & PMI GTR 1,708 1,673 +2.1%
Europe 4,234 3,895 +8.7%
SSEA, CIS & MEA 2,926 2,771 +5.6%
Show Counterparty Name breakouts
Megapolis Group · Related Party 715 576 +24.1%
Other · Related Party 428 385 +11.2%
Show Related Party Transactions By Related Party breakouts
Related Party 1,143 961 +18.9%
Cost of Revenue 3,279 3,345 -2.0%
Show Business Segments breakouts
Americas 420 380 +10.5%
EA, AU & PMI GTR 489 528 -7.4%
Europe 1,129 1,126 +0.3%
SSEA, CIS & MEA 1,241 1,311 -5.3%
Gross Profit 6,861 6,123 +12.1%
Marketing Administration And Research Costs 3,108 2,679 +16.0%
Show Business Segments breakouts
Americas 661 566 +16.8%
EA, AU & PMI GTR 366 392 -6.6%
Europe 1,396 1,152 +21.2%
SSEA, CIS & MEA 685 569 +20.4%
Goodwill Impairment Loss 41
Show Business Segments breakouts
Europe 41
Operating Income 3,712 3,444 +7.8%
Show Business Segments breakouts
Americas 191 183 +4.4%
EA, AU & PMI GTR 853 753 +13.3%
Europe 1,668 1,617 +3.2%
SSEA, CIS & MEA 1,000 891 +12.2%
Interest Income Expense Nonoperating Net 277 329 -15.8%
Net Periodic Defined Benefits Expense Reversal Of Expense Excluding Service Cost Component 11 14 -21.4%
Show Retirement Plan Type breakouts
Pension Plans Defined Benefit -22 -20 -10.0%
Postemployment Benefit Plans 29 31 -6.5%
Postretirement Benefit Costs 4 3 +33.3%
Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments 3,424 3,101 +10.4%
Income Tax Expense (Benefit) 652 734 -11.2%
Income Loss From Equity Method Investments -376 -161 -133.5%
Net Income 3,148 2,528 +24.5%
Show Equity Components breakouts
Noncontrolling Interest 109 122 -10.7%
Retained Earnings 3,039 2,406 +26.3%
Net Income Loss Attributable To Noncontrolling Interest 109 122 -10.7%
Net Income 3,039 2,406 +26.3%
EPS (Basic) 1.95 1.54 +26.6%
EPS (Diluted) 1.95 1.54 +26.6%
Comprehensive Income 1,003 2,541 -60.5%
Wtd Avg Shares (Basic) 1,557 1,555 +0.1%
Wtd Avg Shares (Diluted) 1,558 1,556 +0.1%
Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Before Reclassification After Tax -113 108 -204.6%
Net Income Loss Available To Common Stockholders Basic 3,031 2,399 +26.3%

Balance Sheet

Balance Sheet
Metric Q2 2025 Q2 2024 YoY
Current Assets
Cash & Cash Equivalents 4,138 4,807 -13.9%
Show Geography breakouts
RU · War In Ukraine 1.8 0.7 +157.1%
Accounts Receivable 4,994 4,240 +17.8%
Show Counterparty Name breakouts
Megapolis Group · Related Party 641 535 +19.8%
Other · Related Party 385 299 +28.8%
Show Related Party Transactions By Related Party breakouts
Related Party 1,026 834 +23.0%
Other Receivables Net Current 895 877 +2.1%
Inventory 10,728 9,382 +14.3%
Other Assets Current 2,609 1,722 +51.5%
Total Current Assets 23,364 21,028 +11.1%
Non-Current Assets
Goodwill 17,225
Show Business Segments breakouts
Americas 8,791
EA, AU & PMI GTR 475
Europe 4,681
SSEA, CIS & MEA 3,278
Long Term Investments 3,352 4,961 -32.4%
Deferred Tax Assets 1,111 918 +21.0%
Other Non-Current Assets 4,029 2,621 +53.7%
Total Assets 68,506 65,782 +4.1%
Show Geography breakouts
RU · War In Ukraine 4.3 2.8 +53.6%
Intangible Assets (Q)
Show Finite Lived Intangible Assets By Major Class breakouts
Contractual Rights 2,129 2,684 -20.7%
Customer relationships and other 2,964
Developed Technology Rights 208 401 -48.1%
Trademarks 1,358 1,367 -0.7%
Other Assets
Inventory Leaf Tobacco 2,195 1,920 +14.3%
Inventory Raw Materials Net Of Reserves 2,815 2,359 +19.3%
Inventory Finished Goods Net Of Reserves 5,718 5,103 +12.1%
Property Plant And Equipment And Finance Lease Right Of Use Asset Before Accumulated Depreciation And Amortization 18,999 16,736 +13.5%
Property Plant And Equipment And Finance Lease Right Of Use Asset Accumulated Depreciation And Amortization 10,956 9,472 +15.7%
Property Plant And Equipment And Finance Lease Right Of Use Asset After Accumulated Depreciation And Amortization 8,043 7,264 +10.7%
Intangible Assets Net Excluding Goodwill 11,382 12,171 -6.5%
Current Liabilities
Long Term Debt And Capital Lease Obligations Current 6,491 4,353 +49.1%
Accounts Payable 3,870 3,591 +7.8%
Show Counterparty Name breakouts
Other · Related Party 93 28 +232.1%
Show Related Party Transactions By Related Party breakouts
Related Party 93 28 +232.1%
Accrued Marketing Costs Current 1,169 961 +21.6%
Sales And Excise Tax Payable Current 6,361 6,826 -6.8%
Employee Related Liabilities Current 1,252 1,052 +19.0%
Dividends Payable Current 2,123 2,040 +4.1%
Other Accrued Liabilities Current 3,556 2,453 +45.0%
Accrued Income Taxes Current 786 1,001 -21.5%
Total Current Liabilities 28,148 22,416 +25.6%
Non-Current Liabilities
Deferred Tax Liabilities 2,152 2,651 -18.8%
Pension And Other Postretirement And Postemployment Benefit Plans Liabilities Noncurrent 3,295 2,823 +16.7%
Other Non-Current Liabilities 2,492
Total Liabilities 78,518 73,724 +6.5%
Other Liabilities
Short Term Borrowings 2,540 139 +1727.3%
Show Short Term Debt Type breakouts
Bank Loan Obligations 230 139 +65.5%
Commercial Paper 2,310
Long Term Debt And Capital Lease Obligations 42,431 44,647 -5.0%
Stockholders' Equity
Additional Paid In Capital Common Stock 2,364 2,249 +5.1%
Retained Earnings 34,376 34,582 -0.6%
Accumulated Other Comprehensive Income -13,153 -10,930 -20.3%
Stockholders Equity Before Treasury Stock 23,587 25,901 -8.9%
Treasury Stock Value 35,553 35,645 -0.3%
Total Stockholders' Equity -11,966 -9,744 -22.8%
Minority Interest 1,954 1,802 +8.4%
Stockholders Equity Including Portion Attributable To Noncontrolling Interest -10,012 -7,942 -26.1%
Show Equity Components breakouts
Accumulated Defined Benefit Plans Adjustment -2,356 -2,522 +6.6%
Accumulated Gain Loss Net Cash Flow Hedge Parent 182 433 -58.0%
Accumulated Other Comprehensive Income -13,153 -10,930 -20.3%
Accumulated Translation Adjustment -10,979 -8,841 -24.2%
Additional Paid In Capital 2,364 2,249 +5.1%
Noncontrolling Interest 1,954 1,802 +8.4%
Retained Earnings 34,376 34,582 -0.6%
Treasury Stock Common -35,553 -35,645 +0.3%
Total Liabilities & Equity 68,506 65,782 +4.1%

Cash Flow Statement

Cash Flow Statement
Metric YTD Q2 2025 YTD Q2 2024 YoY
Operating Activities
Depreciation Amortization And Impairment 970 812 +19.5%
Goodwill And Intangible Asset Impairment 41 27 +51.9%
Deferred Income Taxes -274 59 -564.4%
Restructuring Costs And Asset Impairment Charges 239 136 +75.7%
Increase Decrease In Receivables -780 -978 +20.2%
Change in Inventory -419 1,047 -140.0%
Change in Accounts Payable -161 -145 -11.0%
Increase Decrease In Accrued Liabilities And Other Current Assets -1,972 -341 -478.3%
Increase Decrease In Accrued Income Taxes Payable -611 -329 -85.7%
Defined Benefit Plan Plan Assets Pension Plan Contributions Net Of Refunds -62 -55 -12.7%
Increase Decrease In Other Operating Capital Net 106 -134 +179.1%
Net Cash from Operations 3,062 4,873 -37.2%
Depreciation & Amortization 970 812 +19.5%
Show Business Segments breakouts
Americas 471 277 +70.0%
EA, AU & PMI GTR 101 88 +14.8%
Europe 260 295 -11.9%
SSEA, CIS & MEA 138 152 -9.2%
Investing Activities
Capital Expenditures -760 -787 +3.4%
Proceeds From Divestiture Of Businesses 32
Payments To Acquire Equity Method Investments -35 -113 +69.0%
Collateral For Derivatives Paidreturned Investing Activities -1,953 439 -544.9%
Other Investing Activities -34 -113 +69.9%
Net Cash from Investing -2,750 -530 -418.9%
Financing Activities
Proceeds From Repayments Of Short Term Debt Maturing In Three Months Or Less 2,294 -1,463 +256.8%
Proceeds From Short Term Debt Maturing In More Than Three Months 170 100 +70.0%
Repayments Of Short Term Debt Maturing In More Than Three Months -70 -433 +83.8%
Proceeds From Issuance Of Long Term Debt 3,596 5,194 -30.8%
Repayments Of Long Term Debt -1,566 -1,812 +13.6%
Payments Of Dividends -4,222 -4,064 -3.9%
Collateral For Derivatives Received Returned Financing Activities -824 350 -335.4%
Proceeds From Payments For Other Financing Activities -268 -269 +0.4%
Net Cash from Financing -890 -2,397 +62.9%
Other Cash Flow
Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents 500 -216 +331.5%
Net Change in Cash -78 1,730 -104.5%
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents 4,176 4,876 -14.4%

Values in millions USD. Source: SEC EDGAR 10-Q filing.

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