Philip Morris International Inc.

PM 10-Q · Q3 2025

PM Q3 2025 request

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Income Statement

Income Statement
Metric Q3 2025 Q3 2024 YoY
Revenue 10,845 9,911 +9.4%
Show Product Lines breakouts
Combustible Tobacco Products 6,400 6,134 +4.3%
Combustible Tobacco Products · Americas 520 527 -1.3%
Combustible Tobacco Products · EA, AU & PMI GTR 649 673 -3.6%
Combustible Tobacco Products · Europe 2,478 2,322 +6.7%
Combustible Tobacco Products · SSEA, CIS & MEA 2,753 2,612 +5.4%
Smoke-Free Products 4,445 3,777 +17.7%
Smoke-Free Products · Americas 565 621 -9.0%
Smoke-Free Products · EA, AU & PMI GTR 1,119 929 +20.5%
Smoke-Free Products · Europe 2,241 1,875 +19.5%
Smoke-Free Products · Europe 57 76 -25.0%
Smoke-Free Products · SSEA, CIS & MEA 520 352 +47.7%
Show Business Segments breakouts
Americas 1,085 1,148 -5.5%
EA, AU & PMI GTR 1,768 1,602 +10.4%
Europe 4,719 4,197 +12.4%
SSEA, CIS & MEA 3,273 2,964 +10.4%
Show Counterparty Name breakouts
Megapolis Group · Related Party 802 660 +21.5%
Other · Related Party 505 385 +31.2%
Show Related Party Transactions By Related Party breakouts
Related Party 1,307 1,045 +25.1%
Cost of Revenue 3,487 3,366 +3.6%
Show Business Segments breakouts
Americas 418 372 +12.4%
EA, AU & PMI GTR 535 468 +14.3%
Europe 1,175 1,165 +0.9%
SSEA, CIS & MEA 1,359 1,361 -0.1%
Gross Profit 7,358 6,545 +12.4%
Marketing Administration And Research Costs 3,095 2,891 +7.1%
Show Business Segments breakouts
Americas 635 639 -0.6%
EA, AU & PMI GTR 387 346 +11.8%
Europe 1,394 1,263 +10.4%
SSEA, CIS & MEA 679 643 +5.6%
Operating Income 4,263 3,654 +16.7%
Show Business Segments breakouts
Americas 32 137 -76.6%
EA, AU & PMI GTR 846 788 +7.4%
Europe 2,150 1,769 +21.5%
SSEA, CIS & MEA 1,235 960 +28.6%
Interest Income Expense Nonoperating Net 230 189 +21.7%
Net Periodic Defined Benefits Expense Reversal Of Expense Excluding Service Cost Component 14 15 -6.7%
Show Retirement Plan Type breakouts
Pension Plans Defined Benefit -20 -19 -5.3%
Postemployment Benefit Plans 30 31 -3.2%
Postretirement Benefit Costs 4 3 +33.3%
Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments 4,019 3,450 +16.5%
Income Tax Expense (Benefit) 751 735 +2.2%
Income Loss From Equity Method Investments -345 -500 +31.0%
Net Income 3,613 3,215 +12.4%
Show Equity Components breakouts
Noncontrolling Interest 135 133 +1.5%
Retained Earnings 3,478 3,082 +12.8%
Net Income Loss Attributable To Noncontrolling Interest 135 133 +1.5%
Net Income 3,478 3,082 +12.8%
EPS (Basic) 2.23 1.98 +12.6%
EPS (Diluted) 2.23 1.97 +13.2%
Comprehensive Income 3,311 2,120 +56.2%
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 67 -160 +141.9%
Net Income Loss Available To Common Stockholders Basic 3,468 3,073 +12.9%

Balance Sheet

Balance Sheet
Metric Q3 2025 Q3 2024 YoY
Current Assets
Cash & Cash Equivalents 4,037 4,258 -5.2%
Show Geography breakouts
RU · War In Ukraine 2 1 +100.0%
Accounts Receivable 4,796 4,239 +13.1%
Show Counterparty Name breakouts
Megapolis Group · Related Party 607 457 +32.8%
Other · Related Party 298 311 -4.2%
Show Related Party Transactions By Related Party breakouts
Related Party 905 768 +17.8%
Other Receivables Net Current 1,027 952 +7.9%
Inventory 10,267 9,355 +9.7%
Other Assets Current 2,538 1,992 +27.4%
Total Current Assets 22,665 20,796 +9.0%
Non-Current Assets
Goodwill 17,181 17,144 +0.2%
Show Business Segments breakouts
Americas 8,807 8,773 +0.4%
EA, AU & PMI GTR 465
Europe 4,697 4,121 +14.0%
SSEA, CIS & MEA 3,212 3,416 -6.0%
Long Term Investments 3,133 5,631 -44.4%
Deferred Tax Assets 1,057 1,012 +4.4%
Other Non-Current Assets 3,764 2,845 +32.3%
Total Assets 67,061 66,892 +0.3%
Show Geography breakouts
RU · War In Ukraine 4.5 2.9 +55.2%
Intangible Assets (Q)
Show Finite Lived Intangible Assets By Major Class breakouts
Contractual Rights 1,990 2,546 -21.8%
Customer relationships and other 2,892
Developed Technology Rights 201 220 -8.6%
Trademarks 1,334 1,382 -3.5%
Other Assets
Inventory Leaf Tobacco 2,300 1,980 +16.2%
Inventory Raw Materials Net Of Reserves 2,702 2,368 +14.1%
Inventory Finished Goods Net Of Reserves 5,265 5,007 +5.2%
Property Plant And Equipment And Finance Lease Right Of Use Asset Before Accumulated Depreciation And Amortization 19,186 17,512 +9.6%
Property Plant And Equipment And Finance Lease Right Of Use Asset Accumulated Depreciation And Amortization 11,071 9,964 +11.1%
Property Plant And Equipment And Finance Lease Right Of Use Asset After Accumulated Depreciation And Amortization 8,115 7,548 +7.5%
Intangible Assets Net Excluding Goodwill 11,146 11,916 -6.5%
Current Liabilities
Long Term Debt And Capital Lease Obligations Current 6,339 4,833 +31.2%
Accounts Payable 3,978 3,511 +13.3%
Show Counterparty Name breakouts
Other · Related Party 35 65 -46.2%
Show Related Party Transactions By Related Party breakouts
Related Party 35 65 -46.2%
Accrued Marketing Costs Current 1,405 1,043 +34.7%
Sales And Excise Tax Payable Current 5,332 6,594 -19.1%
Employee Related Liabilities Current 1,402 1,235 +13.5%
Dividends Payable Current 2,311 2,119 +9.1%
Other Accrued Liabilities Current 3,237 2,820 +14.8%
Accrued Income Taxes Current 835 1,059 -21.2%
Total Current Liabilities 26,719 23,366 +14.3%
Non-Current Liabilities
Deferred Tax Liabilities 1,999 2,547 -21.5%
Pension And Other Postretirement And Postemployment Benefit Plans Liabilities Noncurrent 3,222 2,957 +9.0%
Other Non-Current Liabilities 2,242
Total Liabilities 76,045 74,605 +1.9%
Other Liabilities
Short Term Borrowings 1,880 152 +1136.8%
Show Short Term Debt Type breakouts
Bank Loan Obligations 195 152 +28.3%
Commercial Paper 1,685
Long Term Debt And Capital Lease Obligations 41,863 44,237 -5.4%
Stockholders' Equity
Additional Paid In Capital Common Stock 2,400 2,283 +5.1%
Retained Earnings 35,557 35,556 0.0%
Accumulated Other Comprehensive Income -13,320 -11,892 -12.0%
Stockholders Equity Before Treasury Stock 24,637 25,947 -5.0%
Treasury Stock Value 35,551 35,641 -0.3%
Total Stockholders' Equity -10,914 -9,694 -12.6%
Minority Interest 1,930 1,981 -2.6%
Stockholders Equity Including Portion Attributable To Noncontrolling Interest -8,984 -7,713 -16.5%
Show Equity Components breakouts
Accumulated Defined Benefit Plans Adjustment -2,309 -2,486 +7.1%
Accumulated Gain Loss Net Cash Flow Hedge Parent 230 230 0.0%
Accumulated Other Comprehensive Income -13,320 -11,892 -12.0%
Accumulated Translation Adjustment -11,241 -9,636 -16.7%
Additional Paid In Capital 2,400 2,283 +5.1%
Noncontrolling Interest 1,930 1,981 -2.6%
Retained Earnings 35,557 35,556 0.0%
Treasury Stock Common -35,551 -35,641 +0.3%
Total Liabilities & Equity 67,061 66,892 +0.3%

Cash Flow Statement

Cash Flow Statement
Metric YTD Q3 2025 YTD Q3 2024 YoY
Operating Activities
Depreciation Amortization And Impairment 1,475 1,310 +12.6%
Goodwill And Intangible Asset Impairment 41 27 +51.9%
Deferred Income Taxes -433 20 -2265.0%
Restructuring Costs And Asset Impairment Charges 216 134 +61.2%
Increase Decrease In Receivables -709 -987 +28.2%
Change in Inventory -48 1,265 -103.8%
Change in Accounts Payable -28 -261 +89.3%
Increase Decrease In Accrued Liabilities And Other Current Assets -2,479 -643 -285.5%
Increase Decrease In Accrued Income Taxes Payable -564 -241 -134.0%
Defined Benefit Plan Plan Assets Pension Plan Contributions Net Of Refunds -91 -81 -12.3%
Increase Decrease In Other Operating Capital Net 546 -515 +206.0%
Net Cash from Operations 7,524 8,215 -8.4%
Depreciation & Amortization 1,475 1,310 +12.6%
Show Business Segments breakouts
Americas 707 518 +36.5%
EA, AU & PMI GTR 150 131 +14.5%
Europe 402 434 -7.4%
SSEA, CIS & MEA 216 227 -4.8%
Investing Activities
Capital Expenditures -1,125 -1,166 +3.5%
Proceeds From Divestiture Of Businesses 32
Payments To Acquire Equity Method Investments -48 -124 +61.3%
Collateral For Derivatives Paidreturned Investing Activities -2,318 -159 -1357.9%
Other Investing Activities -80 -128 +37.5%
Net Cash from Investing -3,539 -1,533 -130.9%
Financing Activities
Proceeds From Repayments Of Short Term Debt Maturing In Three Months Or Less 1,733 -1,452 +219.4%
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 -170 -433 +60.7%
Proceeds From Issuance Of Long Term Debt 3,596 5,194 -30.8%
Repayments Of Long Term Debt -2,316 -2,381 +2.7%
Payments Of Dividends -6,329 -6,091 -3.9%
Collateral For Derivatives Received Returned Financing Activities -815 22 -3804.5%
Proceeds From Payments For Other Financing Activities -420 -337 -24.6%
Net Cash from Financing -4,551 -5,378 +15.4%
Other Cash Flow
Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents 373 -149 +350.3%
Net Change in Cash -193 1,155 -116.7%
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents 4,061 4,301 -5.6%

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

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