PM Financials Philip Morris International

15 years of revenue, profit, cash flow and balance-sheet history through FY2025, from SEC filings — with a computed, factual read of the trend. Updated 28 h ago Overview →

Growth & profitability

Revenue has grown 7.2% per year over the past 5 years.
Net income has grown in line with revenue (7.1% vs 7.2% per year).
Operating margin has contracted, at 36.6% in the latest year.
Free cash flow has grown 3.0% per year over the past 5 years.

Financial health

Operating income covered interest expense 9.4× in the latest year.

Shareholder returns

Dividends have been paid for 15 consecutive years, consuming 76.0% of earnings and 80.9% of free cash flow.
The dividend has grown 3.2% per year over the past 5 years.

Revenue & net income

RevenueNet income

Margins (gross / operating / net)

GrossOperatingNet

Free cash flow (CFO − capex)

Free cash flow

Cash vs total debt

CashTotal debt

Cash flow: operating / investing / financing

OperatingInvestingFinancing

Key annual figures

FY	Revenue	Net income	Gross M	Op M	FCF	Total debt	Cash
2025	$40.6B	$11.3B	67.1%	36.6%	$10.7B	—	$4.9B
2024	$37.9B	$7.1B	64.8%	35.4%	$10.8B	—	$4.2B
2023	$35.2B	$7.8B	63.3%	32.9%	$7.9B	—	$3.1B
2022	$31.8B	$9.0B	64.1%	38.6%	$9.7B	—	$3.2B
2021	$31.4B	$9.1B	68.1%	41.3%	$11.2B	—	$4.5B
2020	$28.7B	$8.1B	66.7%	40.7%	$9.2B	—	$7.3B
2019	$29.8B	$7.2B	64.7%	35.3%	$9.2B	—	$6.9B
2018	$29.6B	$7.9B	63.7%	38.4%	$8.0B	—	$6.6B
2017	$28.7B	$6.0B	63.7%	40.3%	$7.4B	—	$8.4B
2016	$26.7B	$7.0B	64.8%	40.9%	$6.9B	—	$4.2B
2015	—	$6.9B	—	—	$6.9B	—	$3.4B
2014	—	$7.5B	—	—	$6.6B	—	$1.7B
2013	—	$8.6B	—	—	$8.9B	—	$2.2B
2012	—	$8.8B	—	—	$8.4B	—	$3.0B
2011	—	$8.6B	—	—	$9.6B	$18.5B	$2.5B

Revenue & net income

RevenueNet income

Margins (gross / operating / net)

GrossOperatingNet

Free cash flow (CFO − capex, quarterly)

Free cash flow

Cash vs total debt

CashTotal debt

Cash flow: operating / investing / financing

OperatingInvestingFinancing

Key quarterly figures

Quarter	Revenue	Net income	Gross M	Op M	FCF	Total debt	Cash
Mar '26	$10.1B	$2.4B	68.1%	38.4%	-$752M	—	$5.5B
Dec '25	$10.4B	$2.1B	65.6%	32.6%	$4.3B	—	$4.9B
Sep '25	$10.8B	$3.5B	67.8%	39.3%	$4.1B	—	$4.0B
Jun '25	$10.1B	$3.0B	67.7%	36.6%	$3.1B	—	$4.1B
Mar '25	$9.3B	$2.7B	67.4%	38.1%	-$754M	—	$4.4B
Dec '24	$9.7B	-$579M	64.7%	33.6%	$3.7B	—	$4.2B
Sep '24	$9.9B	$3.1B	66.0%	36.9%	$3.0B	—	$4.3B
Jun '24	$9.5B	$2.4B	64.7%	36.4%	$4.3B	—	$4.8B
Mar '24	$8.8B	$2.1B	63.7%	34.6%	-$176M	—	$4.0B
Dec '23	$9.0B	$2.2B	61.7%	31.9%	$3.0B	—	$3.1B
Sep '23	$9.1B	$2.1B	65.4%	36.9%	$3.0B	—	$3.0B
Jun '23	$9.0B	$1.6B	64.0%	28.6%	$3.1B	—	$3.5B
Mar '23	$8.0B	$2.0B	62.1%	34.1%	-$1.2B	—	$2.4B
Dec '22	$8.2B	$2.4B	60.6%	35.9%	$2.7B	—	$3.2B
Sep '22	$8.0B	$2.1B	63.5%	37.0%	$2.8B	—	$5.4B
Jun '22	$7.8B	$2.2B	66.2%	39.0%	$3.3B	—	$5.0B
Mar '22	$7.7B	$2.3B	66.3%	42.6%	$889M	—	$4.6B
Dec '21	$8.1B	$2.1B	65.4%	36.4%	$3.7B	—	$4.5B
Sep '21	$8.1B	$2.4B	68.0%	42.5%	$3.7B	—	$4.5B
Jun '21	$7.6B	$2.2B	69.0%	41.2%	$3.5B	—	$4.9B

Valuation over time

How the market has priced PM against its own fundamentals since 2023-03 — each month-end's share price set against the most recent annual filing, so the multiple moves as price runs ahead of (or behind) earnings. Split-adjusted.

The price-to-earnings ratio has risen from 16.7× (Mar '23) to 24.6× (Jun '26).
The price-to-sales ratio has risen from 4.8× (Mar '23) to 6.9× (Jun '26).
The dividend yield has fallen from 5.2% (Mar '23) to 3.1% (Jun '26).

Price / earnings (P/E)

P/E

Price / sales (P/S)

P/S

Dividend yield (%)

Dividend yield %

Frequently asked questions

Is PM growing its revenue and profit?

Over the past 5 years, Philip Morris International's revenue has grown 7.2% per year, and net income grown 7.1% per year. These are computed facts, not advice.

How much debt does PM have?

As of FY2025, Philip Morris International reported — of total debt against $4.9B of cash; operating income covered interest expense 9.4×.

What is PM's profit margin?

In FY2025, gross margin was 67.1%, operating margin 36.6%, and net margin 27.9%.

What is PM's P/E ratio?

As of Jun '26, Philip Morris International traded at a price-to-earnings ratio of about 24.6× (market cap ÷ latest annual net income). The valuation charts above show how its P/E, P/S and dividend yield have moved with the share price. These are computed facts, not advice.

Where does this data come from?

All figures are extracted from the company’s SEC EDGAR/XBRL filings — 10-K annual reports and 10-Q quarterly reports (use the Annual / Quarterly toggle). Quarterly figures are derived from the as-filed statements (year-to-date amounts are differenced into discrete quarters). Growth rates and ratios are computed by tradmap; nothing here is investment advice.

Source: SEC EDGAR / XBRL (10-K + 10-Q filings) · prices EOD (Databento), corporate-action-adjusted · growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price against the latest annual filing. Informational only — not investment advice.