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Philip Morris International PM Q2 2026 earnings

Reported July 22, 2026 · Before market open

Revenue$11.2BBeat by $590.3M
EPS$2.20Beat by $0.15
Revenue estimate$10.6B
EPS estimate$2.05
“With a robust first half under our belt, including continued momentum and strong results in our smoke-free business, we are well positioned to deliver on our full-year targets while investing for future growth.”
Jacek Olczak

Next report

Oct 21, 2026 (In 2 weeks)
Revenue estimate$11.3B
EPS estimate$2.30

Financials

Q2 2026

Income statement

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Revenue$11.2B+10.4%
Gross profit$7.7B+11.6%
Operating income$4.5B+22.0%
Net income$2.8B-7.3%
EPS (diluted)$1.80-7.7%

Balance sheet

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Cash & equivalents$6.0B+44.3%
Total debt$49.2B-4.5%
Total equity-$8.6B+28.3%
Total assets$68.3B-0.3%

Cash flow

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Operating cash flow$5.5B+61.0%
CapEx$380.0M+6.7%
Free cash flow$5.1B+67.3%

Valuation & ratios

Valuation

as of 10/02/26
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Market cap$293.3B+19.3%
Enterprise value$336.49B+15.3%
P/E27×+0.3×
P/S6.9×+0.7×

Profitability

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Gross margin67.5%+1.1pp
Operating margin37.7%+1.5pp
Net margin25.6%+3.0pp
FCF margin29.9%+6.9pp

Returns & leverage

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Current ratio1×+0.1×

Segments

By segment

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International Combustibles$6.5B+9.8%
International Smoke-Free$3.9B+14.2%

By product

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Combustible Tobacco Products$6.5B+9.5%
Smoke-Free Products$4.6B+11.6%

FAQ

When did Philip Morris International report Q2 2026 earnings?
Philip Morris International (PM) reported Q2 2026 earnings on July 22, 2026 before market open.
What were Philip Morris International's Q2 2026 revenue and EPS?
Philip Morris International reported revenue of $11.2B and eps of $2.20 for Q2 2026.
Did Philip Morris International beat estimates in Q2 2026?
Revenue beat the consensus estimate of $10.6B by $590.3M. EPS beat the consensus estimate of $2.05 by $0.15.
Where can I find Philip Morris International's Q2 2026 SEC filings?
You can read the 8-K earnings release (0001628280-26-049107) and the 10-Q periodic report (0001628280-26-049493) directly on SEC EDGAR. The filing index links above go to sec.gov.