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Philip Morris International PM International Smoke-Free — Net revenues

Other segment segments

International Combustibles
$6.46B+9.8%

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Other financials

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

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Market cap$294.47B+13.3%
Enterprise value$337.66B+9.9%
P/E27.1×-2.4×
P/S6.9×+0.3×

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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Return on equity-105.8%
Debt / equity-5.7×
Current ratio+0.1×

Where this comes from

Reported directly by Philip Morris International in its filing.

Tagged under the XBRL concept us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax.

The source filing: Philip Morris International’s 10-Q, filed July 24, 2026.

Filed
Jul 24, 2026, 6:44 AM EDT
Fiscal quarter
Q4 FY2026
Calendar quarter
Q4 2026
Accession
0001628280-26-049493
(in millions) / For the Three Months Ended June 30, 2026International Smoke-FreeInternational CombustiblesU.S.Total
Net revenues$3,877$6,459$856$11,192
Cost of sales(1,161)(2,071)(301)(3,533)
Gross profit$2,716$4,388$555$7,659
For the Three Months Ended June 30, 2025
Net revenues$3,395$5,883$862$10,140
Cost of sales(1,076)(1,947)(252)(3,274)
Gross profit$2,319$3,936$611$6,866

Item 1. Financial Statements (Unaudited)

FAQ

What is Philip Morris International's international smoke-free — net revenues?
Philip Morris International (PM) reported international smoke-free — net revenues of $3.88B in Q2 2026.
What does international smoke-free — net revenues mean?
This represents the total sales generated from smoke-free products, such as heat-not-burn devices and nicotine pouches, within international markets after deducting returns and allowances. It serves as the primary indicator of market adoption and consumer demand for the company's reduced-risk product portfolio. Growth in this metric is central to the company's long-term strategy to replace traditional combustible tobacco revenue.

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