Jun 2026 (Q2 FY26) — Jul 22, 2026
Philip Morris International Q2 FY26 — Strong Smoke-Free Growth & U.S. ZYN Acceleration
Read the full callPhilip Morris International (PM) earnings
- Jun 2026
- Jun 2026 (Q2 FY26)
- Dec 2025
Philip Morris International earnings: last reported Wed, 22 Jul 2026, for the quarter ended Jun 2026.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 11,192 | +10.4% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | 40.5 | +3.9 pts YoY | Operating profit / revenue | Quarter to Jun 2026 | For the quarter; a change is in percentage points. |
| Net profit | 2,817 | −7.3% YoY | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. |
Guidance
What management said, and what became of it
51 of 57 judged targets kept · 32 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Colorado ZYN plant production start | preliminary operation by the end of 2025 | Jun 2024 | the ramp-up of new ZYN capacity in Colorado, where full-scale commercial production began this month | Achieved* |
| FDA authorization of IQOS ILUMA | authorization assumed in the second half of 2025 | Jun 2024 | our U.S. investment include preparation for the future launch of [IQOS ILUMA] subject to FDA action | Missed |
| Full-year adjusted diluted EPS (dollar terms) | $8.39 to $8.54 | Dec 2025 | we now forecast a currency tailwind of around $0.15 at prevailing rates, translating into an adjusted diluted EPS range of $8.26 to $8.41 | Revised Down |
6 of Philip Morris International Inc.'s 89 targets were missed. See which ones, and which are quietly gone. The 3 above are the free sample; 86 more targets are in the full ledger.
Claimed
- Organic net revenue grew +7.6% (over $11B quarterly net revenues for the first time), driven by strong smoke-free performance and combustible pricing.
- Adjusted diluted EPS grew +15% to $2.20, including a $0.03 favorable currency impact.
- International smoke-free business (IQOS, VEEV, ZYN ex-Nordics) delivered +13.7% H1 organic net revenue growth and +16.9% H1 gross profit growth, expanding gross margin by +190 bps to 70%.
- ZYN shipments in the U.S. increased +2% to 2.9 billion pouches, with new variants launched and MRTP authorization received.
- VEEV (e-vapor) shipments grew +72% in H1, becoming the #1 brand in Europe for closed pod and combined categories.
Qualified
- IQOS adjusted in-market sales volume growth moderated to +5.1% in Q2 due to expected transitory headwinds from Japan excise increase and Poland flavor ban.
- U.S. segment net revenue declined close to 1% year-on-year, impacted by cigar decline and wellness business phasing.
- ZYN's gross profit in the U.S. was impacted by higher manufacturing costs related to the ramp-up of new capacity in Colorado.
- Oral smoke-free volumes declined by 1.2% in the quarter, reflecting industry declines and inventory impact for snus in the Nordics.
- Expected category volatility in Japan in H2 around the October excise change, with anticipated pantry loading and subsequent normalization.
Price
$201.05 −2.02% · −$4.15
Performance +27.2% 1Y
1Y: $158.06 on 17 Oct 2025 → $201.05. High $205.58 (14 Oct 2026), low $144.33 (31 Oct 2025).
- Previous close
- $205.2
- 52-week range
- $144.33 – $205.58
- One year
- +27.20%
Overview
- Symbol
- PM
- Sector
- Consumer Staples
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
51 of 57 judged targets kept · 32 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Colorado ZYN plant production start | preliminary operation by the end of 2025 | Jun 2024 | the ramp-up of new ZYN capacity in Colorado, where full-scale commercial production began this month | Achieved* |
| FDA authorization of IQOS ILUMA | authorization assumed in the second half of 2025 | Jun 2024 | our U.S. investment include preparation for the future launch of [IQOS ILUMA] subject to FDA action | Missed |
| Full-year adjusted diluted EPS (dollar terms) | $8.39 to $8.54 | Dec 2025 | we now forecast a currency tailwind of around $0.15 at prevailing rates, translating into an adjusted diluted EPS range of $8.26 to $8.41 | Revised Down |
Claimed
- Organic net revenue grew +7.6% (over $11B quarterly net revenues for the first time), driven by strong smoke-free performance and combustible pricing.
- Adjusted diluted EPS grew +15% to $2.20, including a $0.03 favorable currency impact.
- International smoke-free business (IQOS, VEEV, ZYN ex-Nordics) delivered +13.7% H1 organic net revenue growth and +16.9% H1 gross profit growth, expanding gross margin by +190 bps to 70%.
- ZYN shipments in the U.S. increased +2% to 2.9 billion pouches, with new variants launched and MRTP authorization received.
- VEEV (e-vapor) shipments grew +72% in H1, becoming the #1 brand in Europe for closed pod and combined categories.
Qualified
- IQOS adjusted in-market sales volume growth moderated to +5.1% in Q2 due to expected transitory headwinds from Japan excise increase and Poland flavor ban.
- U.S. segment net revenue declined close to 1% year-on-year, impacted by cigar decline and wellness business phasing.
- ZYN's gross profit in the U.S. was impacted by higher manufacturing costs related to the ramp-up of new capacity in Colorado.
- Oral smoke-free volumes declined by 1.2% in the quarter, reflecting industry declines and inventory impact for snus in the Nordics.
- Expected category volatility in Japan in H2 around the October excise change, with anticipated pantry loading and subsequent normalization.
The full ledger
Open Philip Morris International Inc.’s full ledger
A free account opens 5 company ledgers a month. All 89 tracked commitments, with each call’s wording and source.
Call summaries
Mar 2026 (Q1 FY26) — Apr 22, 2026
Philip Morris International Inc. Q1 FY26 — Strong Smoke-Free Growth and Reaffirmed Outlook
Read the full callDec 2025 (Q4 FY25) — Feb 6, 2026
Philip Morris International Q4 FY25 — Strong Smoke-Free Growth and Renewed Mid-Term Targets
Read the full callEvery analysed call
Philip Morris International earnings calls (PM)
Financials
What the filings say
Net profit, year on year: −7% (quarter to jun 2026 against jun 2025).
| Line item | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 9,911 | 9,706 | 9,301 | 10,140 | 10,845 | 10,362 | 10,146 | 11,192 |
| Operating profit | 3,654 | 3,259 | 3,544 | 3,712 | 4,263 | 3,373 | 3,893 | 4,530 |
| Operating margin | 36.9% | 33.6% | 38.1% | 36.6% | 39.3% | 32.5% | 38.4% | 40.5% |
| Profit before tax | 3,450 | 2,917 | 3,291 | 3,424 | 4,019 | 3,146 | 3,661 | 4,292 |
| Tax rate | 21.3% | 29.9% | 20.0% | 19.0% | 18.7% | 21.5% | 18.5% | 22.3% |
| Net profit | 3,082 | -579 | 2,690 | 3,039 | 3,478 | 2,141 | 2,438 | 2,817 |
| EPS ($ per share) | 1.98 | — | 1.72 | 1.95 | 2.23 | — | 1.56 | 1.80 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Equity capital | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Reserves | 31,014 | 30,987 | 31,638 | 33,082 | 34,289 | 34,090 | 32,869 | 35,400 |
| Total liabilities | 50,540 | 52,474 | 55,446 | 49,498 | 67,992 | 74,750 | 71,654 | 77,213 |
| Fixed assets | 7,201 | 6,631 | 6,365 | 6,168 | 6,710 | 7,516 | 7,310 | 8,397 |
| Total assets | 39,801 | 42,875 | 44,815 | 41,290 | 61,681 | 65,304 | 61,784 | 69,185 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | 9,478 | 10,090 | 9,812 | 11,967 | 10,803 | 9,204 | 12,217 | 12,233 |
| Cash from investing | -998 | -1,811 | -1,154 | -2,358 | -15,679 | -3,598 | -1,092 | -3,967 |
| Cash from financing | -9,651 | -8,061 | -8,496 | -11,977 | 3,806 | -5,582 | -9,481 | -8,132 |
| Net cash flow | -1,856 | 245 | 420 | -2,785 | -1,283 | -71 | 1,108 | 638 |
| Capital expenditure | -1,436 | -852 | -602 | -748 | -1,077 | -1,321 | -1,444 | -1,569 |
| Free cash flow | 8,042 | 9,238 | 9,210 | 11,219 | 9,726 | 7,883 | 10,773 | 10,664 |
PM revenue by segment
| Segment | Q3 FY2024 | Q4 FY2024 | Q1 FY2025 | Q2 FY2025 | Q3 FY2025 | Q4 FY2025 | Q1 FY2026 | Q2 FY2026 | YoY growth latest quarter |
|---|---|---|---|---|---|---|---|---|---|
| International Combustibles | — | — | — | — | — | — | 56% | 58% | — |
| International Smoke Free | — | — | — | — | — | — | 38% | 35% | — |
| U S | — | — | — | — | — | — | 6% | 8% | — |
Share of consolidated revenue by quarter. Q4 is the fiscal year less its first three quarters.
See how segments are shifting across companies → Segment Shift
PM operating KPIs by 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 | 165MSwitching 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 | 202MZYN, 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 | 205MDriven 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 | 155MWhile 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 | 37We 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 | 38We 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 | 47Can 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.
Insider filings
39 filings between Feb 5, 2026 and May 6, 2026.
Open market
decisions to buy or sellPurchases
None
No insider bought shares.
Sales
$28.82M
7 sales by 6 insiders
Compensation
not trading decisions- 23
- Award — granted as compensation
- 9
- Tax withheld — shares kept back by the company to cover tax
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| Olczak Jacek | — | $14.57M | Feb 19, 2026 |
| Babeau Emmanuel | — | $6.14M | Feb 19, 2026 |
| De Wilde Frederic | — | $3.65M | Feb 19, 2026 |
| Kennedy Stacey | — | $2.63M | Feb 20, 2026 |
| Dobrowolski Reginaldo | — | $1.10M | Feb 20, 2026 |
| Guerin Yann | — | $726.8K | Feb 19, 2026 |
Latest filings (50)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| May 6, 2026 | Bough Bonin Director | Award | 1,119 | $190.2K |
| May 6, 2026 | Polet Robert Director | Award | 1,119 | $190.2K |
| May 6, 2026 | Morparia Kalpana Director | Award | 1,119 | $190.2K |
| May 6, 2026 | Calantzopoulos Andre Director | Award | 1,119 | $190.2K |
| May 6, 2026 | Combes Michel Director | Award | 1,119 | $190.2K |
| May 6, 2026 | Harker Victoria D Director | Award | 1,119 | $190.2K |
| May 6, 2026 | Geissler Werner Director | Award | 1,119 | $190.2K |
| May 6, 2026 | Yanai Shlomo Director | Award | 1,119 | $190.2K |
| May 6, 2026 | Hook Lisa Director | Award | 1,119 | $190.2K |
| Mar 6, 2026 | Dobrowolski Reginaldo Group Controller | Tax withheld | 22 | $3.7K |
| Feb 20, 2026 | Dobrowolski Reginaldo Group Controller | Sale | 5,000 | $917.3K |
| Feb 20, 2026 | Dobrowolski Reginaldo Group Controller | Sale | 1,000 | $183.6K |
| Feb 20, 2026 | Kennedy Stacey CEO PMI U.S. | Sale | 14,350 | $2.63M |
| Feb 19, 2026 | De Wilde Frederic CEO PMI International | Sale | 20,000 | $3.65M |
| Feb 19, 2026 | Babeau Emmanuel Group Chief Financial Officer | Sale | 33,800 | $6.14M |
| Feb 19, 2026 | Guerin Yann Group Chief Legal Officer | Sale | 4,000 | $726.8K |
| Feb 19, 2026 | Olczak Jacek Group CEO PMI | Sale | 80,000 | $14.57M |
| Feb 18, 2026 | Olczak Jacek Group CEO PMI | Tax withheld | 6,121 | $1.12M |
| Feb 18, 2026 | Calantzopoulos Andre Director | Tax withheld | 14,740 | $2.69M |
| Feb 18, 2026 | De Wilde Frederic CEO PMI International | Tax withheld | 1,000 | $182.7K |
| Feb 18, 2026 | Dobrowolski Reginaldo Group Controller | Tax withheld | 40 | $7.3K |
| Feb 18, 2026 | Babeau Emmanuel Group Chief Financial Officer | Tax withheld | 2,228 | $407.0K |
| Feb 18, 2026 | Dobrowolski Reginaldo Group Controller | Tax withheld | 210 | $38.4K |
| Feb 18, 2026 | Kennedy Stacey CEO PMI U.S. | Tax withheld | 4,324 | $789.9K |
| Feb 18, 2026 | Guerin Yann Group Chief Legal Officer | Tax withheld | 176 | $32.1K |
| Feb 6, 2026 | Guerin Yann Group Chief Legal Officer | Award | 5,050 | $873.3K |
| Feb 6, 2026 | Kennedy Stacey CEO PMI U.S. | Award | 4,430 | $766.1K |
| Feb 6, 2026 | De Wilde Frederic CEO PMI International | Award | 10,640 | $1.84M |
| Feb 6, 2026 | Olczak Jacek Group CEO PMI | Award | 33,460 | $5.79M |
| Feb 6, 2026 | Dobrowolski Reginaldo Group Controller | Award | 740 | $128.0K |
| Feb 6, 2026 | Dobrowolski Reginaldo Group Controller | Award | 1,960 | $338.9K |
| Feb 6, 2026 | Babeau Emmanuel Group Chief Financial Officer | Award | 11,340 | $1.96M |
| Feb 5, 2026 | Guerin Yann Group Chief Legal Officer | Award | 3,230 | $0 |
| Feb 5, 2026 | De Wilde Frederic CEO PMI International | Award | 22,439 | $0 |
| Feb 5, 2026 | Babeau Emmanuel Group Chief Financial Officer | Award | 50,046 | $0 |
| Feb 5, 2026 | Kennedy Stacey CEO PMI U.S. | Award | 11,780 | $0 |
| Feb 5, 2026 | Olczak Jacek Group CEO PMI | Award | 137,579 | $0 |
| Feb 5, 2026 | Calantzopoulos Andre Director | Award | 40,052 | $0 |
| Feb 5, 2026 | Dobrowolski Reginaldo Group Controller | Award | 3,838 | $0 |
| May 7, 2025 | Temperley Dessislava Director | Award | 1,002 | $175.2K |
| May 7, 2025 | Bough Bonin Director | Award | 1,002 | $175.2K |
| May 7, 2025 | Yanai Shlomo Director | Award | 1,002 | $175.2K |
| May 7, 2025 | Harker Victoria D Director | Award | 1,002 | $175.2K |
| May 7, 2025 | Morparia Kalpana Director | Award | 1,002 | $175.2K |
| May 7, 2025 | Hook Lisa Director | Award | 1,002 | $175.2K |
| May 7, 2025 | Combes Michel Director | Award | 1,002 | $175.2K |
| May 7, 2025 | Geissler Werner Director | Award | 1,002 | $175.2K |
| May 7, 2025 | Polet Robert Director | Award | 1,002 | $175.2K |
| May 7, 2025 | Calantzopoulos Andre Director | Award | 1,002 | $175.2K |
| Mar 6, 2025 | Dahlgren Lars Pres. Smoke-Free Oral Products | Sale | 3,679 | $562.7K |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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