Philip Morris International (PM) Q4 FY25 earnings call

Earnings call· Dec 2025 (Q4 FY25)· Consumer Staples· Feb 6, 2026

Source: earnings call transcript

Philip Morris International delivered an outstanding Q4 FY25, driven by robust smoke-free product growth and strong pricing power in combustibles, leading to double-digit adjusted diluted EPS growth. The company renewed its ambitious mid-term growth targets for 2026-2028, reflecting confidence in its smoke-free transformation and multi-category strategy, despite facing transitory headwinds from excise tax increases in Japan, India, and Mexico, and U.S. ZYN inventory dynamics in the near term.

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PM operating KPIs by quarter

PM operating KPIs stated on its earnings calls, by fiscal quarter
KPI	Dec 2024 Q4 FY24	Mar 2025 Q1 FY25	Sep 2025 Q3 FY25	Mar 2026 Q1 FY26	Change vs prior quarter
Shipment volume US ZYN	165M Switching categories now to ZYN, where we continued -- where continued strong demand supported Q4 US shipment volume growth of plus 42% year-on-year to 165 million cans. Source: earnings call transcript	202M ZYN, once again, delivered strong growth in the US with shipments increasing by an impressive plus 53% to reach 202 million cans, exceeding our initial expectations as demand remained strong and production capacity increased ahead of schedule in the latter part of March, enabling some initial replenishment of trade inventories. Source: earnings call transcript	205M Driven by the strong performance in the fast-growing nicotine pouch category, US shipments grew by plus 37% to 205 million cans, ahead of expectation. Source: earnings call transcript	155M While offtake volume increased, Q1 shipment declined to 155 million can, reflecting the inventory dynamic explained last quarter, which I will now briefly recap. Source: earnings call transcript	-24.4%
Markets Nicotine pouches	37 We launched nicotine pouches in 6 new markets during the quarter to reach a total of 37 worldwide, including Italy, Romania and Thailand. Source: earnings call transcript	38 We are now in 38 markets globally, following Q1 launches in the UAE and Colombia and you see at least all addressable market has meaningful opportunity given the unit [indiscernible]. Source: earnings call transcript	47 Can shipment grew by plus 36% on a global basis with a presence now in 47 markets. Source: earnings call transcript	—	+23.7%

Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.

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