Philip Morris International Inc.

PM 10-K · Q4 2025

PM Q4 2025 request

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Income Statement

Income Statement
Metric Q4 2025 Q4 2024 YoY
Revenue 10,362 9,706 +6.8%
Show Product Lines breakouts
Combustible Tobacco Products 6,008 5,819 +3.2%
Combustible Tobacco Products · Americas 612 602 +1.7%
Combustible Tobacco Products · EA, AU & PMI GTR 564 627 -10.0%
Combustible Tobacco Products · Europe 2,271 2,132 +6.5%
Combustible Tobacco Products · SSEA, CIS & MEA 2,563 2,458 +4.3%
Smoke-Free Products 4,354 3,887 +12.0%
Smoke-Free Products · Americas 618 659 -6.2%
Smoke-Free Products · EA, AU & PMI GTR 861 807 +6.7%
Smoke-Free Products · Europe 2,327 2,011 +15.7%
Smoke-Free Products · SSEA, CIS & MEA 546 410 +33.2%
Show Business Segments breakouts
Americas 1,230 1,261 -2.5%
EA, AU & PMI GTR 1,425 1,434 -0.6%
Europe 4,598 4,143 +11.0%
SSEA, CIS & MEA 3,109 2,868 +8.4%
Show — breakouts
Revenue 72 87 -17.2%
Show Counterparty Name breakouts
Megapolis · Related Party 739 637 +16.0%
Other · Related Party 456 373 +22.3%
Show Related Party Transactions By Related Party breakouts
Related Party 1,195 1,010 +18.3%
Cost of Revenue 3,560 3,423 +4.0%
Show Business Segments breakouts
Americas 506 425 +19.1%
EA, AU & PMI GTR 449 438 +2.5%
Europe 1,215 1,156 +5.1%
SSEA, CIS & MEA 1,390 1,404 -1.0%
Gross Profit 6,802 6,283 +8.3%
Marketing Administration And Research Costs 3,429 3,024 +13.4%
Show Business Segments breakouts
Americas 716 707 +1.3%
EA, AU & PMI GTR 462 422 +9.5%
Europe 1,473 1,237 +19.1%
SSEA, CIS & MEA 778 658 +18.2%
Operating Income 3,373 3,259 +3.5%
Show Business Segments breakouts
Americas 8 129 -93.8%
EA, AU & PMI GTR 514 574 -10.5%
Europe 1,910 1,750 +9.1%
SSEA, CIS & MEA 941 806 +16.7%
Interest Income Expense Nonoperating Net 218 326 -33.1%
Net Periodic Defined Benefits Expense Reversal Of Expense Excluding Service Cost Component 9 16 -43.8%
Show Retirement Plan Type breakouts
Pension Plans Defined Benefit -26 -18 -44.4%
Show — breakouts
Net Periodic Defined Benefits Expense Reversal Of Expense Excluding Service Cost Component 5 4 +25.0%
Net Periodic Defined Benefits Expense Reversal Of Expense Excluding Service Cost Component 30 30 0.0%
Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments 3,146 2,917 +7.9%
Income Tax Expense (Benefit) 675 872 -22.6%
Income Loss From Equity Method Investments 221 215 +2.8%
Net Income 2,250 -486 +563.0%
Show Equity Components breakouts
Noncontrolling Interest 109 93 +17.2%
Retained Earnings 2,141 -579 +469.8%
Net Income Loss Attributable To Noncontrolling Interest 109 93 +17.2%
Net Income 2,141 -579 +469.8%
EPS (Basic) 1.37 -0.37 +470.3%
EPS (Diluted) 1.37 -0.37 +470.3%
Comprehensive Income 3,165 -1 +316600.0%
Wtd Avg Shares (Basic) 0 0
Wtd Avg Shares (Diluted) 0 0
Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Before Reclassification After Tax 79 313 -74.8%
Net Income Loss Available To Common Stockholders Basic 2,135 -580 +468.1%

Balance Sheet

Balance Sheet
Metric Q4 2025 Q4 2024 YoY
Current Assets
Cash & Cash Equivalents 4,872 4,216 +15.6%
Show Geography breakouts
RU 2.3
Accounts Receivable 4,572 3,789 +20.7%
Show Counterparty Name breakouts
Megapolis · Related Party 568 405 +40.2%
Other · Related Party 271 286 -5.2%
Show Related Party Transactions By Related Party breakouts
Related Party 839 691 +21.4%
Other Receivables Net Current 1,238 886 +39.7%
Inventory 11,478 9,453 +21.4%
Other Assets Current 2,203 1,826 +20.6%
Total Current Assets 24,363 20,170 +20.8%
Non-Current Assets
Goodwill 17,264 16,600 +4.0%
Show Business Segments breakouts
Americas 8,823 8,749 +0.8%
EA, AU & PMI GTR 461 470 -1.9%
Europe 4,779 4,130 +15.7%
SSEA, CIS & MEA 3,201 3,251 -1.5%
Long Term Investments 2,891 2,654 +8.9%
Deferred Tax Assets 1,247 940 +32.7%
Other Non-Current Assets 4,139 2,783 +48.7%
Total Assets 69,185 61,784 +12.0%
Show Geography breakouts
RU 4.8
Operating Lease Right-of-Use Assets 679 585 +16.1%
Show Property Plant And Equipment By Type breakouts
Other Assets 679 585 +16.1%
Intangible Assets 6,108 6,881 -11.2%
Show Finite Lived Intangible Assets By Major Class breakouts
Contractual Rights 1,851 2,407 -23.1%
Customer relationships and other 2,816 2,991 -5.9%
Developed Technology Rights 198 199 -0.5%
Trademarks 1,243 1,284 -3.2%
Other Assets
Inventory Leaf Tobacco 2,425 2,080 +16.6%
Inventory Raw Materials Net Of Reserves 2,223 2,261 -1.7%
Inventory Finished Goods Net Of Reserves 6,830 5,112 +33.6%
Property Plant And Equipment And Finance Lease Right Of Use Asset Before Accumulated Depreciation And Amortization 19,616 16,685 +17.6%
Property Plant And Equipment And Finance Lease Right Of Use Asset Accumulated Depreciation And Amortization 11,219 9,375 +19.7%
Property Plant And Equipment And Finance Lease Right Of Use Asset After Accumulated Depreciation And Amortization 8,397 7,310 +14.9%
Intangible Assets Net Excluding Goodwill 10,884 11,327 -3.9%
Current Liabilities
Long Term Debt And Capital Lease Obligations Current 3,533 3,392 +4.2%
Accounts Payable 4,407 3,952 +11.5%
Show Counterparty Name breakouts
Other · Related Party 37 60 -38.3%
Show Related Party Transactions By Related Party breakouts
Related Party 37 60 -38.3%
Accrued Marketing Costs Current 1,354 1,015 +33.4%
Sales And Excise Tax Payable Current 7,555 6,904 +9.4%
Employee Related Liabilities Current 1,545 1,305 +18.4%
Dividends Payable Current 2,312 2,120 +9.1%
Other Accrued Liabilities Current 3,298 2,832 +16.5%
Accrued Income Taxes Current 1,255 1,258 -0.2%
Total Current Liabilities 25,427 22,915 +11.0%
Non-Current Liabilities
Deferred Tax Liabilities 2,065 2,517 -18.0%
Pension And Other Postretirement And Postemployment Benefit Plans Liabilities Noncurrent 2,406 2,940 -18.2%
Other Non-Current Liabilities 2,181 1,116 +95.4%
Total Liabilities 77,213 71,654 +7.8%
Operating Lease Liabilities 526 427 +23.2%
Other Liabilities
Short Term Borrowings 168 137 +22.6%
Show Short Term Debt Type breakouts
Bank Loan Obligations 168 137 +22.6%
Long Term Debt And Capital Lease Obligations 45,134 42,166 +7.0%
Stockholders' Equity
Additional Paid In Capital Common Stock 2,453 2,335 +5.1%
Retained Earnings 35,400 32,869 +7.7%
Accumulated Other Comprehensive Income -12,296 -11,314 -8.7%
Stockholders Equity Before Treasury Stock 25,557 23,890 +7.0%
Treasury Stock Value 35,551 35,640 -0.2%
Total Stockholders' Equity -9,994 -11,750 +14.9%
Minority Interest 1,966 1,880 +4.6%
Stockholders Equity Including Portion Attributable To Noncontrolling Interest -8,028 -9,870 +18.7%
Show Equity Components breakouts
Accumulated Defined Benefit Plans Adjustment -1,405 -2,461 +42.9%
Accumulated Gain Loss Net Cash Flow Hedge Parent 284 467 -39.2%
Accumulated Other Comprehensive Income -12,296 -11,314 -8.7%
Accumulated Translation Adjustment -11,175 -9,320 -19.9%
Additional Paid In Capital 2,453 2,335 +5.1%
Noncontrolling Interest 1,966 1,880 +4.6%
Retained Earnings 35,400 32,869 +7.7%
Treasury Stock Common -35,551 -35,640 +0.2%
Total Liabilities & Equity 69,185 61,784 +12.0%
Land And Land Improvements 562 581 -3.3%
Buildings And Improvements Gross 5,050 4,391 +15.0%
Machinery And Equipment Gross 12,533 10,632 +17.9%
Construction In Progress Gross 1,471 1,081 +36.1%

Cash Flow Statement

Cash Flow Statement
Metric YTD Q4 2025 YTD Q4 2024 YoY
Operating Activities
Depreciation & Amortization 521 477 +9.2%
Show Business Segments breakouts
Americas 243 230 +5.7%
EA, AU & PMI GTR 44 42 +4.8%
Europe 156 128 +21.9%
SSEA, CIS & MEA 78 77 +1.3%
Goodwill And Intangible Asset Impairment 0 0
Deferred Income Taxes -414 -143 -189.5%
Restructuring Costs And Asset Impairment Charges -10 -12 +16.7%
Increase Decrease In Receivables 261 249 +4.8%
Change in Inventory -1,153 -713 -61.7%
Change in Accounts Payable 286 558 -48.7%
Increase Decrease In Accrued Liabilities And Other Current Assets 2,328 1,271 +83.2%
Increase Decrease In Accrued Income Taxes Payable 298 179 +66.5%
Defined Benefit Plan Plan Assets Pension Plan Contributions Net Of Refunds -48 -29 -65.5%
Increase Decrease In Other Operating Capital Net 296 327 -9.5%
Net Cash from Operations 4,709 4,002 +17.7%
Investing Activities
Capital Expenditures -444 -278 -59.7%
Payments To Acquire Equity Method Investments -15 0
Collateral For Derivatives Paidreturned Investing Activities 44 510 -91.4%
Other Investing Activities 75 206 -63.6%
Net Cash from Investing -428 441 -197.1%
Financing Activities
Proceeds From Repayments Of Short Term Debt Maturing In Three Months Or Less -1,714 -9 -18944.4%
Proceeds From Short Term Debt Maturing In More Than Three Months 0 0
Repayments Of Short Term Debt Maturing In More Than Three Months 0 0
Proceeds From Issuance Of Long Term Debt 3,459 2,948 +17.3%
Repayments Of Long Term Debt -3,052 -2,422 -26.0%
Payments Of Dividends -2,295 -2,106 -9.0%
Collateral For Derivatives Received Returned Financing Activities 122 806 -84.9%
Proceeds From Payments For Other Financing Activities -101 -152 +33.6%
Net Cash from Financing -3,581 -4,103 +12.7%
Other Cash Flow
Net Change in Cash 831 -47 +1868.1%
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents 4,892 4,254 +15.0%

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

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