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Stocks · Consumer staples · Cigarettes

Philip Morris International

PM Clue Score51
United States Fiscal year ends December CIK 0001413329
$202.00 +0.40% Close, 12 Oct 2026
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Price $202.00 +111.34% Close, 12 Oct 2026

Closing prices at the end of each trading day, from 13 Oct 2016. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back. P/E and P/FCF are the market value over the last full fiscal year's net income or free cash flow, as public on each day, so they step once a year when the annual report comes out. A hatched band marks a stretch with none: a year of net loss, or of cash burnt.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2016Revenue26.69Operating income10.90Net income6.97EPS, diluted4.48Fiscal year 2017Revenue28.75 +7.7%Operating income11.58Net income6.04 −13.4%EPS, diluted3.88 −13.4%Fiscal year 2018Revenue29.63 +3.1%Operating income11.38Net income7.91 +31.1%EPS, diluted5.08 +30.9%Fiscal year 2019Revenue29.81 +0.6%Operating income10.53Net income7.19 −9.2%EPS, diluted4.61 −9.3%Fiscal year 2020Revenue28.69 −3.7%Operating income11.67Net income8.06 +12.1%EPS, diluted5.16 +11.9%Fiscal year 2021Revenue31.41 +9.4%Operating income12.98Net income9.11 +13.1%EPS, diluted5.83 +13.0%Fiscal year 2022Revenue31.76 +1.1%Operating income12.25Net income9.05 −0.7%EPS, diluted5.81 −0.3%Fiscal year 2023Revenue35.17 +10.7%Operating income11.56Net income7.81 −13.6%EPS, diluted5.02 −13.6%Fiscal year 2024Revenue37.88 +7.7%Operating income13.40Net income7.06 −9.7%EPS, diluted4.52 −10.0%Fiscal year 2025Revenue40.65 +7.3%Operating income14.89Net income11.35 +60.8%EPS, diluted7.26 +60.6%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue 26.69 28.75 29.63 29.81 28.69 31.41 31.76 35.17 37.88 40.65
Growth +7.7% +3.1% +0.6% −3.7% +9.4% +1.1% +10.7% +7.7% +7.3%
Operating income 10.90 11.58 11.38 10.53 11.67 12.98 12.25 11.56 13.40 14.89
Net income 6.97 6.04 7.91 7.19 8.06 9.11 9.05 7.81 7.06 11.35
Growth −13.4% +31.1% −9.2% +12.1% +13.1% −0.7% −13.6% −9.7% +60.8%
EPS, diluted 4.48 3.88 5.08 4.61 5.16 5.83 5.81 5.02 4.52 7.26
Growth −13.4% +30.9% −9.3% +11.9% +13.0% −0.3% −13.6% −10.0% +60.6%

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Gross marginOperating marginNet margin
Fiscal year 2016Gross margin64.8%Operating margin40.9%Net margin26.1%Free cash flow margin25.9%Fiscal year 2017Gross margin63.7%Operating margin40.3%Net margin21.0%Free cash flow margin25.6%Fiscal year 2018Gross margin63.7%Operating margin38.4%Net margin26.7%Free cash flow margin27.1%Fiscal year 2019Gross margin64.7%Operating margin35.3%Net margin24.1%Free cash flow margin31.0%Fiscal year 2020Gross margin66.7%Operating margin40.7%Net margin28.1%Free cash flow margin32.1%Fiscal year 2021Gross margin68.1%Operating margin41.3%Net margin29.0%Free cash flow margin35.7%Fiscal year 2022Gross margin64.1%Operating margin38.6%Net margin28.5%Free cash flow margin30.6%Fiscal year 2023Gross margin63.3%Operating margin32.9%Net margin22.2%Free cash flow margin22.4%Fiscal year 2024Gross margin64.8%Operating margin35.4%Net margin18.6%Free cash flow margin28.4%Fiscal year 2025Gross margin67.1%Operating margin36.6%Net margin27.9%Free cash flow margin26.2%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Gross margin 64.8% 63.7% 63.7% 64.7% 66.7% 68.1% 64.1% 63.3% 64.8% 67.1%
Operating margin 40.9% 40.3% 38.4% 35.3% 40.7% 41.3% 38.6% 32.9% 35.4% 36.6%
Net margin 26.1% 21.0% 26.7% 24.1% 28.1% 29.0% 28.5% 22.2% 18.6% 27.9%
Free cash flow margin 25.9% 25.6% 27.1% 31.0% 32.1% 35.7% 30.6% 22.4% 28.4% 26.2%

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2016Operating cash flow8.08Capital expenditure−1.17Free cash flow6.91Buybacks0.00Dividends paid−6.38Fiscal year 2017Operating cash flow8.91Capital expenditure−1.55Free cash flow7.36 +6.6%Buybacks0.00Dividends paid−6.52Fiscal year 2018Operating cash flow9.48Capital expenditure−1.44Free cash flow8.04 +9.2%Dividends paid−6.89Fiscal year 2019Operating cash flow10.09Capital expenditure−0.85Free cash flow9.24 +14.9%Buybacks0.00Dividends paid−7.16Fiscal year 2020Operating cash flow9.81Capital expenditure−0.60Free cash flow9.21 −0.3%Buybacks0.00Dividends paid−7.36Fiscal year 2021Operating cash flow11.97Capital expenditure−0.75Free cash flow11.22 +21.8%Buybacks−0.78Dividends paid−7.58Fiscal year 2022Operating cash flow10.80Capital expenditure−1.08Free cash flow9.73 −13.3%Buybacks−0.21Dividends paid−7.81Fiscal year 2023Operating cash flow9.20Capital expenditure−1.32Free cash flow7.88 −18.9%Buybacks0.00Dividends paid−7.96Fiscal year 2024Operating cash flow12.22Capital expenditure−1.44Free cash flow10.77 +36.7%Buybacks0.00Dividends paid−8.20Fiscal year 2025Operating cash flow12.23Capital expenditure−1.57Free cash flow10.66 −1.0%Dividends paid−8.62
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow 8.08 8.91 9.48 10.09 9.81 11.97 10.80 9.20 12.22 12.23
Capital expenditure −1.17 −1.55 −1.44 −0.85 −0.60 −0.75 −1.08 −1.32 −1.44 −1.57
Free cash flow 6.91 7.36 8.04 9.24 9.21 11.22 9.73 7.88 10.77 10.66
Growth +6.6% +9.2% +14.9% −0.3% +21.8% −13.3% −18.9% +36.7% −1.0%
Buybacks 0.00 0.00 n/a 0.00 0.00 −0.78 −0.21 0.00 0.00 n/a
Dividends paid −6.38 −6.52 −6.89 −7.16 −7.36 −7.58 −7.81 −7.96 −8.20 −8.62

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
Cash
Fiscal year 2016Cash4.24Shareholders’ equity−12.69Fiscal year 2017Cash8.45Shareholders’ equity−12.09Fiscal year 2018Cash6.59Shareholders’ equity−12.46Fiscal year 2019Cash6.86Shareholders’ equity−11.58Fiscal year 2020Cash7.28Shareholders’ equity−12.57Fiscal year 2021Cash4.50Shareholders’ equity−10.11Fiscal year 2022Cash3.21Shareholders’ equity−8.96Fiscal year 2023Cash3.06Shareholders’ equity−11.23Fiscal year 2024Cash4.22Shareholders’ equity−11.75Fiscal year 2025Cash4.87Shareholders’ equity−9.99
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash 4.24 8.45 6.59 6.86 7.28 4.50 3.21 3.06 4.22 4.87
Shareholders’ equity −12.69 −12.09 −12.46 −11.58 −12.57 −10.11 −8.96 −11.23 −11.75 −9.99

In billions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Ratios

Percentages worked out from the filed figures; debt to equity in times. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2016 31 Dec 2016 FY2017 31 Dec 2017 FY2018 31 Dec 2018 FY2019 31 Dec 2019 FY2020 31 Dec 2020 FY2021 31 Dec 2021 FY2022 31 Dec 2022 FY2023 31 Dec 2023 FY2024 31 Dec 2024 FY2025 31 Dec 2025
Margins
64.8% 63.7% 63.7% 64.7% 66.7% 68.1% 64.1% 63.3% 64.8% 67.1%
40.9% 40.3% 38.4% 35.3% 40.7% 41.3% 38.6% 32.9% 35.4% 36.6%
37.2% 36.8% 36.0% 33.1% 38.2% 38.9% 36.6% 29.7% 32.2% 34.1%
26.1% 21.0% 26.7% 24.1% 28.1% 29.0% 28.5% 22.2% 18.6% 27.9%
25.9% 25.6% 27.1% 31.0% 32.1% 35.7% 30.6% 22.4% 28.4% 26.2%
Spending
1.6% 1.6% 1.3% 1.6% 1.7% 2.0% 2.0% 2.0% 2.0% 1.9%
0.6% 0.6% n/a n/a n/a n/a n/a n/a n/a n/a
4.4% 5.4% 4.8% 2.9% 2.1% 2.4% 3.4% 3.8% 3.8% 3.9%
27.9% 40.7% 22.9% 23.2% 21.7% 21.8% 19.3% 22.4% 24.7% 19.7%
Returns
18.9% 14.0% 19.9% 16.8% 18.0% 22.1% 14.7% 12.0% 11.4% 16.4%
Balance and payout
129.6% 123.8% 127.0% 122.4% 123.7% 119.9% 110.2% 114.5% 116.0% 111.6%
91.5% 108.0% 87.0% 99.7% 91.4% 83.2% 86.3% 101.9% 116.2% 76.0%
92.4% 88.5% 85.6% 77.5% 80.0% 74.5% 82.5% 101.0% 76.1% 80.9%