Non-Current Assets
Construction in progress
Philip Morris International Construction in progress increased by 36.1% to $1.47B in Q4 2025 compared to the prior quarter. Year-over-year, this metric grew by 36.1%, from $1.08B to $1.47B. Over 5 years (FY 2020 to FY 2025), Construction in progress shows an upward trend with a 26.8% CAGR. This is a positive signal — higher values indicate stronger performance for this metric.
Analysis
StatementBalance Sheet Statement
SectionNon-Current Assets
CategoryGrowth
SignalHigher is better
VolatilityVolatile
First reportedQ4 2014
Last reportedQ4 2025Feb 6, 2026
Parent metricPP&E (Net)
How to read this metric
An increasing balance signals active investment in future growth or modernization, while a decrease suggests project completion.
Detailed definition
This represents capital expenditures for projects that are currently under development and have not yet been placed into...
Peer comparison
Common in capital-intensive industries; signals the pace of infrastructure development relative to peers.
Metric ID:
ppe_construction_in_progressHistorical Data
5 periods
| Q4 '21 | Q4 '22 | Q4 '23 | Q4 '24 | Q4 '25 | |
|---|---|---|---|---|---|
| Value | $599M | $1.06B | $1.2B | $1.08B | $1.47B |
| QoQ Change | — | +76.6% | +13.4% | -9.9% | +36.1% |
| YoY Change | — | +76.6% | +13.4% | -9.9% | +36.1% |
| % of PP&E (Net) | 9.7% | 15.8% | 16.0% | 14.8% | 17.5% |
| Share Change | — | +6.1pp | +0.2pp | -1.2pp | +2.7pp |
Range$599M – $1.47B
CAGR+145.6%
Avg YoY Growth+29.1%
Median YoY Growth+24.7%
Construction in progress at Other Companies
Frequently Asked Questions
- What is Philip Morris International's construction in progress?
- Philip Morris International (PM) reported construction in progress of $1.47B in Q4 2025.
- How has Philip Morris International's construction in progress changed year-over-year?
- Philip Morris International's construction in progress increased by 36.1% year-over-year, from $1.08B to $1.47B.
- What is the long-term trend for Philip Morris International's construction in progress?
- Over 5 years (2020 to 2025), Philip Morris International's construction in progress has grown at a 26.8% compound annual growth rate (CAGR), from $449M to $1.47B.
- What does construction in progress mean?
- The cost of capital projects that are currently being built but are not yet operational.