Income StatementBalance SheetCash FlowSegments
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Philip Morris International Cash Flow Statement

Operating, investing, and financing cash movements

Philip Morris International generated $12.2B in operating cash flow over the trailing twelve months. After $1.5B in capital expenditures, free cash flow was $10.7B. Free cash flow increased 0.0% year-over-year. Based on the Q1 2026 filing.

Net Cash From Operating (TTM)$12.2BNet Cash From Investing (TTM)-$3.5BNet Cash From Financing (TTM)-$7.7BCapital Expenditures (TTM)$1.5BDepreciation And Amortization Cf (TTM)$2.0BNet Change In Cash (TTM)$994.0M
Latest FilingQ1 2026
Report Date2026-04-24
Market Cap$298.46B
P/E Ratio26.90
ROE-109.97%

Investing

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Capital expenditures$278.0M$404.0M$356.0M$365.0M$444.0M$353.0M
Collateral posted/settlements for derivatives, (paid)/returned (Note 6)—$6.0M———$314.0M
Payment for (Proceeds from) Other Investing Activity-$206.0M-$8.0M$42.0M$46.0M—$19.0M
Payments to Acquire Equity Method Investments$0.0$10.0M$25.0M$13.0M$15.0M$35.0M
Payments to Acquire Intangible Assets$0.0$0.0$0.0$0.0$0.0—
Proceeds From Sale And Maturity Of Available For Sale Securities$0.0$24.0M———$95.0M
Net cash from investing activities—-$434.0M-$2.3B-$789.0M-$428.0M-$3.0M
Proceeds from maturities/sales of investments$0.0$29.0M$29.0M$29.0M$29.0M—
Purchases of intangible assets$0.0$0.0$0.0$0.0$0.0—
Purchases of investments$33.0M$58.0M———$5.0M
Payments for Deposits$0.0$0.0$0.0$0.0$0.0—

Operating

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Change in accounts payable$558.0M-$127.0M-$34.0M$133.0M$286.0M-$317.0M
Change in income taxes payable/receivable—-$20.0M-$591.0M——-$171.0M
Change in inventories—$325.0M$94.0M—$1.2B$11.0M
Other working capital changes—-$229.0M—-$440.0M-$296.0M-$482.0M
Change in receivables—$882.0M———$640.0M
Deferred income taxes-$143.0M-$67.0M-$207.0M-$159.0M-$414.0M-$67.0M
Net cash from operating activities$4.0B-$350.0M$3.4B$4.5B$4.7B-$399.0M
Net income$0.0$2.8B$3.1B$3.6B$2.3B$2.6B
Pension plan contributions (Note 4)-$29.0M-$37.0M-$25.0M-$29.0M-$48.0M-$30.0M
Depreciation and amortization expense—$480.0M$490.0M$505.0M—$510.0M
Increase Decrease In Accrued Liabilities And Other Current Assets-$1.3B$2.4B—$507.0M—$2.7B
Restructuring charges, net of cash paid (Note 15)—-$1.0M$240.0M——-$3.0M
Restructuring Costs and Asset Impairment Charges—-$1.0M$240.0M——-$3.0M
Depreciation, Amortization and Impairment—$480.0M$490.0M$505.0M—$510.0M
Gain (Loss) on Disposal Group-$51.5M-$23.5M-$23.5M-$23.5M-$23.5M—
Restructuring Charges, Net of Cash Paid—-$1.0M$240.0M——-$3.0M

Financing

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Proceeds from issuance of debt$2.9B$0.0$3.6B$0.0$3.5B$0.0
Repayments of debt$2.4B$822.0M$744.0M$750.0M$3.1B$2.1B
Dividends paid$2.1B$2.1B$2.1B$2.1B$2.3B$2.3B
Collateral received/settlements for derivatives, received/(returned)$806.0M-$606.0M-$218.0M——$138.0M
Other, net-$152.0M-$86.0M-$182.0M-$152.0M-$101.0M-$116.0M
Short-term borrowings/(repayments) less than 90 days — net-$9.0M$4.2B———$4.5B
Issuances - maturities longer than 90 days—$70.0M$100.0M——$993.0M
Repayments of Short-Term Debt, Maturing in More than Three Months—$0.0$70.0M$100.0M$0.0$0.0
Payment of Deferred Purchase Consideration-$152.0M-$86.0M-$182.0M-$152.0M-$101.0M-$116.0M
Noncontrolling interest transactions and other-$152.0M-$86.0M-$182.0M-$152.0M-$101.0M-$116.0M
Net cash from financing activities-$4.1B$671.0M-$1.6B-$3.7B-$3.6B$1.1B
Proceeds from Short-Term Debt (Maturity > 3 Months)—$70.0M$100.0M——$993.0M
Repayments of Short-Term Debt (Maturity > 3 Months)—$0.0$70.0M$100.0M$0.0$0.0
Proceeds from Short-Term Debt (Maturity > 3 Months)—$70.0M$100.0M——$993.0M
Repayments of Short-Term Debt (Maturity > 3 Months)—$0.0$70.0M$100.0M$0.0$0.0
Derivative Collateral and Settlements (Financing)$806.0M-$606.0M-$218.0M——$138.0M
Noncontrolling Interests Activity and Other-$152.0M-$86.0M-$182.0M-$152.0M-$101.0M-$116.0M
Proceeds from Short-Term Debt (> 90 Days)—$70.0M$100.0M——$993.0M
Repayments of Short-Term Debt (> 90 Days)—$0.0$70.0M$100.0M$0.0$0.0

Free Cash Flow

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Free cash flow$3.7B-$754.0M$3.1B$4.1B$4.3B-$752.0M

Other

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Effect of exchange rate changes on cash-$387.0M$335.0M$165.0M—$131.0M-$116.0M
Net increase (decrease) in cash—$222.0M-$300.0M-$115.0M$831.0M$578.0M

Supplemental

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Income taxes paid$794.5M$963.0M$963.0M$963.0M$963.0M—
Interest paid$389.8M$422.0M$422.0M$422.0M$422.0M—
Income Taxes Paid, Net$794.5M$963.0M$963.0M$963.0M$963.0M—