PHILIP MORRIS INTERNATIONAL INC.
Fiscal years labelled by the calendar year in which they end. Bars in $ billions; per-share figures as reported.
CAPITALIZATION 12/31/25
| ($ millions) | Amount | % |
|---|---|---|
| Total debt | 48,835 | 125.7 |
| Stockholders' equity | (9,994) | -25.7 |
| Total capitalization | 38,841 | 100.0 |
1,558,613,439 shares outstanding at 17 July 2026 (cover page of the 10-Q filed 24 July 2026).
LONG-TERM DEBT 12/31/25
| ($ millions) | Amount |
|---|---|
| Long-term debt, incl. current maturities | 48,667 |
| Long-term debt, noncurrent | 45,134 |
| Current maturities | 3,533 |
| Short-term borrowings / commercial paper | 168 |
CAPITAL STOCK 12/31/25
| Common shares authorized | 6,000,000,000 |
| Common shares issued | 2,109,316,331 |
| Treasury shares | 552,659,642 |
| Outstanding at 7/17/26 | 1,558,613,439 |
DIVIDENDS DECLARED/PAID
| Fiscal year | Per share $ | Payout % |
|---|---|---|
| 2025 | 5.64 | 77.7 |
| 2024 | 5.30 | 117.3 |
| 2023 | 5.14 | 102.4 |
| 2022 | 5.04 | 86.7 |
| 2021 | 4.90 | 84.0 |
HISTORY AND BUSINESS
HISTORY: Incorporated in Virginia.
BUSINESS: Classified by the SEC under Standard Industrial Classification 2111, Cigarettes. Large accelerated filer. Principal executive office: 677 Washington Blvd, Ste. 1100, Stamford, CT 06901. Fiscal year ends December 31. For a description of the business, see Item 1 of the latest 10-K.
CONSOLIDATED INCOME ACCOUNT, YEARS ENDED
| ($ millions) | 12/31/25 | 12/31/24 | 12/31/23 |
|---|---|---|---|
| Revenues | 40,648 | 37,878 | 35,174 |
| Cost of revenues | 13,366 | 13,329 | 12,893 |
| Gross profit | 27,282 | 24,549 | 22,281 |
| Research and development | 756 | 759 | 709 |
| Depreciation and amortization | 1,996 | 1,787 | 1,398 |
| Operating income | 14,892 | 13,402 | 11,556 |
| Interest expense | 1,587 | 1,763 | 1,526 |
| Income before income taxes | 13,880 | 12,199 | 10,450 |
| Income taxes | 2,737 | 3,017 | 2,339 |
| Net income | 11,348 | 7,057 | 7,813 |
| Earned per share, diluted ($) | 7.26 | 4.52 | 5.02 |
| Dividends per share ($) | 5.64 | 5.30 | 5.14 |
CONSOLIDATED BALANCE SHEET
| ($ millions) | 12/31/25 | 12/31/24 |
|---|---|---|
| Cash and equivalents | 4,872 | 4,216 |
| Receivables, net | 4,572 | 3,789 |
| Inventories | 11,478 | 9,453 |
| Total current assets | 24,363 | 20,170 |
| Property, plant and equipment, net | 8,397 | 7,310 |
| Goodwill | 17,264 | 16,600 |
| Total assets | 69,185 | 61,784 |
| Total current liabilities | 25,427 | 22,915 |
| Long-term debt | 45,134 | 42,166 |
| Total liabilities | 77,213 | 71,654 |
| Stockholders' equity | (9,994) | (11,750) |
| Total liabilities and equity | 69,185 | 61,784 |
TEN-YEAR STATISTICS: FISCAL YEARS ($ millions except per share)
| Fiscal year ended | Revenues | Oper. income | Net income | Net margin % | EPS diluted $ | Div. per share $ | Oper. cash flow | Capital expend. | Free cash flow | Total assets | Total liabilities | Total debt | Stockholders' equity | ROE % | Debt / equity |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 12/31/25 | 40,648 | 14,892 | 11,348 | 27.9 | 7.26 | 5.64 | 12,233 | 1,569 | 10,664 | 69,185 | 77,213 | 48,835 | (9,994) | -113.5 | -4.89 |
| 12/31/24 | 37,878 | 13,402 | 7,057 | 18.6 | 4.52 | 5.30 | 12,217 | 1,444 | 10,773 | 61,784 | 71,654 | 45,695 | (11,750) | -60.1 | -3.89 |
| 12/31/23 | 35,174 | 11,556 | 7,813 | 22.2 | 5.02 | 5.14 | 9,204 | 1,321 | 7,883 | 65,304 | 74,750 | 47,909 | (11,225) | -69.6 | -4.27 |
| 12/31/22 | 31,762 | 12,246 | 9,048 | 28.5 | 5.81 | 5.04 | 10,803 | 1,077 | 9,726 | 61,681 | 67,992 | 43,123 | (8,957) | -101.0 | -4.81 |
| 12/31/21 | 31,405 | 12,975 | 9,109 | 29.0 | 5.83 | 4.90 | 11,967 | 748 | 11,219 | 41,290 | 49,498 | 27,806 | (10,106) | -90.1 | -2.75 |
| 12/31/20 | 28,694 | 11,668 | 8,056 | 28.1 | 5.16 | 4.74 | 9,812 | 602 | 9,210 | 44,815 | 55,446 | 31,536 | (12,567) | -64.1 | -2.51 |
| 12/31/19 | 29,805 | 10,531 | 7,185 | 24.1 | 4.61 | 4.62 | 10,090 | 852 | 9,238 | 42,875 | 52,474 | 31,045 | (11,577) | -62.1 | -2.68 |
| 12/31/18 | 29,625 | 11,377 | 7,911 | 26.7 | 5.08 | 4.49 | 9,478 | 1,436 | 8,042 | 39,801 | 50,540 | 31,759 | (12,459) | -63.5 | -2.55 |
| 12/31/17 | 28,748 | 11,581 | 6,035 | 21.0 | 3.88 | 4.22 | 8,912 | 1,548 | 7,364 | 42,968 | 53,198 | 34,339 | (12,086) | -49.9 | -2.84 |
| 12/31/16 | 26,685 | 10,903 | 6,967 | 26.1 | 4.48 | 4.12 | 8,077 | 1,172 | 6,905 | 36,851 | 47,751 | 29,067 | (12,688) | -54.9 | -2.29 |
Net margin = net income ÷ revenues; ROE = net income ÷ year-end stockholders’ equity; total debt = long-term debt including current maturities plus short-term borrowings/commercial paper, as tagged in XBRL; free cash flow = operating cash flow − purchases of property, plant and equipment; d = derived as total assets − total equity where the filing does not tag total liabilities; – = not reported in XBRL for that year.
REGISTRANT:
Philip Morris International Inc.
CIK 1413329 · EIN 13-3435103
PRINCIPAL OFFICE:
677 Washington Blvd, Ste. 1100, Stamford, CT 06901
Tel.: 203-905-2410
INCORPORATED:
Virginia
INDUSTRY (SEC SIC CODE):
2111 · Cigarettes
FILER STATUS:
Large accelerated filer
LATEST ANNUAL REPORT:
10-K for period ended 12/31/25, filed 6 February 2026
Sources: SEC XBRL company facts (all financial figures) · SEC submissions (registrant, address, SIC, filings) · annual reports: 10-K FY2025 (filed 2/6/26) · 10-K FY2024 (filed 2/6/25) · 10-K FY2023 (filed 2/8/24) · 10-K FY2022 (filed 2/10/23) · 10-K FY2021 (filed 2/11/22) · 10-K FY2020 (filed 2/9/21) · 10-K FY2019 (filed 2/7/20) · 10-K FY2018 (filed 2/7/19). Values are the latest figures filed for each fiscal year (restated where a later 10-K restated them). Ratios and free cash flow are Pathos calculations from those figures. Retrieved 31 October 2026.
Data from SEC filings. © 2026 Pathos Investments · pathosinvestments.com · For educational purposes only. Not investment advice.