Philip Morris International Inc.

PM 10-Q · Q1 2026

PM Q1 2026 request

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Income Statement

Income Statement
Metric Q1 2026 Q1 2025 YoY
Revenue 10,146 9,301 +9.1%
Show Product Lines breakouts
Combustible Tobacco Products 5,767 5,407 +6.7%
Combustible Tobacco Products · International Combustibles 5,688 5,326 +6.8%
Combustible Tobacco Products · U.S. 79 81 -2.5%
Smoke-Free Products 4,379 3,895 +12.4%
Smoke-Free Products · International Smoke-Free 3,836 3,076 +24.7%
Smoke-Free Products · U.S. 543 818 -33.6%
Smoke-Free Products · U.S. 62 51 +21.6%
Show Business Segments breakouts
International Combustibles 5,688 5,326 +6.8%
International Smoke-Free 3,836 3,076 +24.7%
U.S. 622 899 -30.8%
Show Counterparty Name breakouts
Megapolis Group · Related Party 704 549 +28.2%
Other · Related Party 481 388 +24.0%
Show Related Party Transactions By Related Party breakouts
Related Party 1,185 937 +26.5%
Cost of Revenue 3,241 3,031 +6.9%
Show Business Segments breakouts
International Combustibles 1,847 1,827 +1.1%
International Smoke-Free 1,152 990 +16.4%
U.S. 242 215 +12.6%
Gross Profit 6,905 6,270 +10.1%
Show Business Segments breakouts
International Combustibles 3,842 3,499 +9.8%
International Smoke-Free 2,684 2,087 +28.6%
U.S. 380 685 -44.5%
Marketing Administration And Research Costs 2,857 2,428 +17.7%
Corporate Expenses And Other 155 298 -48.0%
Operating Income 3,893 3,544 +9.8%
Interest Income Expense Nonoperating Net 237 241 -1.7%
Net Periodic Defined Benefits Expense Reversal Of Expense Excluding Service Cost Component -5 12 -141.7%
Show Retirement Plan Type breakouts
Pension Plans Defined Benefit -41 -20 -105.0%
Postemployment Benefit Plans 32 29 +10.3%
Postretirement Benefit Costs 4 3 +33.3%
Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments 3,661 3,291 +11.2%
Income Tax Expense (Benefit) 676 659 +2.6%
Show Business Acquisition breakouts
Swedish Match AB 75 -93 +180.6%
Income Loss From Equity Method Investments 403 -205 +296.6%
Net Income 2,582 2,837 -9.0%
Show Equity Components breakouts
Noncontrolling Interest 144 147 -2.0%
Retained Earnings 2,438 2,690 -9.4%
Net Income Loss Attributable To Noncontrolling Interest 144 147 -2.0%
Net Income 2,438 2,690 -9.4%
EPS (Basic) 1.56 1.72 -9.3%
EPS (Diluted) 1.56 1.72 -9.3%
Comprehensive Income 2,946 2,887 +2.0%
Wtd Avg Shares (Basic) 1,558 1,556 +0.1%
Wtd Avg Shares (Diluted) 1,559 1,557 +0.1%
Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Before Reclassification After Tax 94 -122 +177.0%
Net Income Loss Available To Common Stockholders Basic 2,431 2,682 -9.4%

Balance Sheet

Balance Sheet
Metric Q1 2026 Q1 2025 YoY
Current Assets
Cash & Cash Equivalents 5,450 4,443 +22.7%
Accounts Receivable 5,120 4,880 +4.9%
Show Counterparty Name breakouts
Megapolis Group · Related Party 636 562 +13.2%
Other · Related Party 360 329 +9.4%
Show Related Party Transactions By Related Party breakouts
Related Party 996 891 +11.8%
Other Receivables Net Current 1,270 913 +39.1%
Inventory 11,392 10,127 +12.5%
Other Assets Current 2,370 1,833 +29.3%
Total Current Assets 25,602 22,196 +15.3%
Non-Current Assets
Goodwill 17,069
Show Business Segments breakouts
International Combustibles 4,772
International Smoke-Free 3,816
U.S. 8,481
Long Term Investments 2,478 2,972 -16.6%
Deferred Tax Assets 1,197 1,287 -7.0%
Other Non-Current Assets 3,796
Show Counterparty Name breakouts
Other · Related Party 82
Show Related Party Transactions By Related Party breakouts
Related Party 82
Total Assets 68,913 65,079 +5.9%
Intangible Assets 5,801
Show Finite Lived Intangible Assets By Major Class breakouts
Contractual Rights 1,712
Customer relationships and other 2,711
Developed Technology Rights 186
Trademarks 1,192
Other Assets
Inventory Leaf Tobacco 2,565 2,166 +18.4%
Inventory Raw Materials Net Of Reserves 2,473 2,631 -6.0%
Inventory Finished Goods Net Of Reserves 6,354 5,330 +19.2%
Property Plant And Equipment And Finance Lease Right Of Use Asset Before Accumulated Depreciation And Amortization 19,452 17,428 +11.6%
Property Plant And Equipment And Finance Lease Right Of Use Asset Accumulated Depreciation And Amortization 11,193 9,896 +13.1%
Property Plant And Equipment And Finance Lease Right Of Use Asset After Accumulated Depreciation And Amortization 8,259 7,532 +9.7%
Intangible Assets Net Excluding Goodwill 10,512
Current Liabilities
Long Term Debt And Capital Lease Obligations Current 2,447 6,360 -61.5%
Accounts Payable 3,927 3,749 +4.7%
Show Counterparty Name breakouts
Other · Related Party 43 83 -48.2%
Show Related Party Transactions By Related Party breakouts
Related Party 43 83 -48.2%
Accrued Marketing Costs Current 1,298 949 +36.8%
Sales And Excise Tax Payable Current 5,105 5,640 -9.5%
Employee Related Liabilities Current 1,227 1,016 +20.8%
Dividends Payable Current 2,313 2,121 +9.1%
Other Accrued Liabilities Current 3,121 2,491 +25.3%
Accrued Income Taxes Current 1,091 1,323 -17.5%
Total Current Liabilities 26,222 28,087 -6.6%
Non-Current Liabilities
Deferred Tax Liabilities 2,013 2,817 -28.5%
Pension And Other Postretirement And Postemployment Benefit Plans Liabilities Noncurrent 2,340 2,991 -21.8%
Other Non-Current Liabilities 1,830 1,329 +37.7%
Total Liabilities 76,213 74,005 +3.0%
Other Liabilities
Short Term Borrowings 5,693 4,438 +28.3%
Show Short Term Debt Type breakouts
Bank Loan Obligations 216 269 -19.7%
Commercial Paper 5,477 4,169 +31.4%
Long Term Debt And Capital Lease Obligations 43,808 38,781 +13.0%
Stockholders' Equity
Additional Paid In Capital Common Stock 2,433 2,326 +4.6%
Retained Earnings 35,538 33,447 +6.3%
Accumulated Other Comprehensive Income -11,788 -11,117 -6.0%
Stockholders Equity Before Treasury Stock 26,183 24,656 +6.2%
Treasury Stock Value 35,462 35,557 -0.3%
Total Stockholders' Equity -9,279 -10,901 +14.9%
Minority Interest 1,979 1,975 +0.2%
Stockholders Equity Including Portion Attributable To Noncontrolling Interest -7,300 -8,926 +18.2%
Show Equity Components breakouts
Accumulated Defined Benefit Plans Adjustment -1,380 -2,415 +42.9%
Accumulated Gain Loss Net Cash Flow Hedge Parent 346 324 +6.8%
Accumulated Other Comprehensive Income -11,788 -11,117 -6.0%
Accumulated Translation Adjustment -10,754 -9,026 -19.1%
Additional Paid In Capital 2,433 2,326 +4.6%
Noncontrolling Interest 1,979 1,975 +0.2%
Retained Earnings 35,538 33,447 +6.3%
Treasury Stock Common -35,462 -35,557 +0.3%
Total Liabilities & Equity 68,913 65,079 +5.9%

Cash Flow Statement

Cash Flow Statement
Metric YTD Q1 2026 YTD Q1 2025 YoY
Operating Activities
Depreciation Amortization And Impairment 510 480 +6.2%
Deferred Income Taxes -67 -67 0.0%
Restructuring Costs And Asset Impairment Charges -3 -1 -200.0%
Increase Decrease In Receivables -640 -882 +27.4%
Change in Inventory -11 -325 +96.6%
Change in Accounts Payable -317 -127 -149.6%
Increase Decrease In Accrued Liabilities And Other Current Assets -2,734 -2,437 -12.2%
Increase Decrease In Accrued Income Taxes Payable -171 -20 -755.0%
Defined Benefit Plan Plan Assets Pension Plan Contributions Net Of Refunds -30 -37 +18.9%
Increase Decrease In Other Operating Capital Net 482 229 +110.5%
Net Cash from Operations -399 -350 -14.0%
Depreciation & Amortization 510 480 +6.2%
Show Business Segments breakouts
International Combustibles · Operating Segments 67 71 -5.6%
International Smoke-Free · Operating Segments 90 78 +15.4%
U.S. · Operating Segments 27 23 +17.4%
Show Consolidation Items breakouts
Corporate And Reconciling Items 326 308 +5.8%
Operating Segments 184 172 +7.0%
Investing Activities
Capital Expenditures -353 -404 +12.6%
Purchases of Investments -5 -58 +91.4%
Proceeds From Sale And Maturity Of Available For Sale Securities 95 24 +295.8%
Payments To Acquire Equity Method Investments -35 -10 -250.0%
Collateral For Derivatives Paid Returned Investing Activities 314 6 +5133.3%
Other Investing Activities -19 8 -337.5%
Net Cash from Investing -3 -434 +99.3%
Financing Activities
Proceeds From Repayments Of Short Term Debt Maturing In Three Months Or Less 4,530 4,231 +7.1%
Proceeds From Short Term Debt Maturing In More Than Three Months 993 70 +1318.6%
Repayments Of Long Term Debt -2,142 -822 -160.6%
Payments Of Dividends -2,307 -2,116 -9.0%
Collateral For Derivatives Received Returned Financing Activities 138 -606 +122.8%
Proceeds From Payments For Other Financing Activities -116 -86 -34.9%
Net Cash from Financing 1,096 671 +63.3%
Other Cash Flow
Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents -116 335 -134.6%
Net Change in Cash 578 222 +160.4%
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents 5,470 4,476 +22.2%

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

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