What is Philip Morris International's net debt?

Philip Morris International (PM) reported net debt of $46.57B in Q1 2026.

How has Philip Morris International's net debt changed year-over-year?

Philip Morris International's net debt increased by 3.1% year-over-year, from $45.17B to $46.57B.

What is the long-term trend for Philip Morris International's net debt?

Over 5 years (2020 to 2025), Philip Morris International's net debt has grown at a 12.4% compound annual growth rate (CAGR), from $25B to $44.76B.

What does net debt mean?

Total debt minus cash and equivalents at the quarter end. The debt that would remain if the company used all its cash to pay down borrowings.

Philip Morris International PM Net debt

Discontinued — last reported Q1 '26

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Other financials

Income statement

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Revenue$10.1B+9.1%

Gross profit$6.9B+10.1%

Operating income$3.9B+9.8%

Net income$2.4B-9.4%

EPS (diluted)$1.56-9.3%

Balance sheet

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Cash & equivalents$5.5B+22.2%

Total debt$52.0B+4.8%

Total equity-$9.3B+14.9%

Total assets$68.9B+5.9%

Cash flow

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Operating cash flow-$399.0M-14.0%

CapEx$353.0M-12.6%

Free cash flow-$752.0M+0.3%

Valuation

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Market cap$278.05B+4.3%

Enterprise value$324.61B+4.1%

P/E25.1×-7.5×

P/S6.7×-0.2×

Profitability

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Gross margin67.3%+1.6pp

Operating margin36.7%+0.5pp

Net margin26.7%+5.4pp

FCF margin25.7%-0.9pp

Returns & leverage

See full

Return on equity-110%—

Debt / equity-5.6×—

Current ratio1×+0.2×

Where this comes from

Calculated from Philip Morris International’s reported figures.

$52.0Btotal debt−$5.5Bcash and equivalents=$46.57B

The official record: Philip Morris International’s 10-Q, filed April 24, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is Philip Morris International's net debt?: Philip Morris International (PM) reported net debt of $46.57B in Q1 2026.
How has Philip Morris International's net debt changed year-over-year?: Philip Morris International's net debt increased by 3.1% year-over-year, from $45.17B to $46.57B.
What is the long-term trend for Philip Morris International's net debt?: Over 5 years (2020 to 2025), Philip Morris International's net debt has grown at a 12.4% compound annual growth rate (CAGR), from $25B to $44.76B.
What does net debt mean?: Total debt minus cash and equivalents at the quarter end. The debt that would remain if the company used all its cash to pay down borrowings.