Philip Morris International Inc. (PM) Cash Flow Statement
Where PM’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $12.23B +0.1% vs 2024
- Capital expenditures
- $1.57B 3.9% of revenue
- Free cash flow
- $10.66B 26.2% margin
- Returned to shareholders
- $8.62B 81% of free cash flow
- Change in cash
- $638.0M cash at year-end $4.89B
Drawn to scale: where the cash came from and how it was used. Hover for values.
PM operating cash flow, capex and free cash flow
PM cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $8.08B2016 | $12.23B2025 | +4.7%/yr | |
| Capital expenditures | $1.17B2016 | $1.57B2025 | +3.3%/yr | |
| Free cash flow | $6.91B2016 | $10.66B2025 | +4.9%/yr | |
| Free cash flow margin | 25.9%2016 | 26.2%2025 | +0.4 pts | |
| Operating cash flow / net income | 1.162016 | 1.082025 | −0.08 | |
| Stock-based compensation | $153.0M2016 | $212.0M2023 | +4.8%/yr | |
| Dividends paid | $6.38B2016 | $8.62B2025 | +3.4%/yr | |
| Share buybacks (net) | $02016 | $02024 | — | |
| Capex / revenue | 4.4%2016 | 3.9%2025 | −0.5 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
PM cash flow by activity
PM net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
PM cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $11.32B | $7.50B | $8.27B | $9.53B | $9.71B | $8.59B | $7.73B | $7.91B | $6.04B | $6.97B |
| Depreciation & amortization | $2.00B | $1.79B | $1.40B | $1.19B | $998.0M | $981.0M | $964.0M | $989.0M | $875.0M | $743.0M |
| Stock-based compensation | — | — | $212.0M | $183.0M | −$22.0M | −$14.0M | $371.0M | $138.0M | $148.0M | $153.0M |
| Change in working capital | −$1.10B | $677.0M | −$1.30B | $162.0M | $1.37B | $128.0M | $755.0M | $303.0M | $2.20B | −$63.0M |
| Other non-cash items | $26.0M | $2.25B | $626.0M | −$258.0M | −$86.0M | $125.0M | $272.0M | $137.0M | −$343.0M | $277.0M |
| Cash from operating activities | $12.23B | $12.22B | $9.20B | $10.80B | $11.97B | $9.81B | $10.09B | $9.48B | $8.91B | $8.08B |
| Investing activities | ||||||||||
| Capital expenditures | −$1.57B | −$1.44B | −$1.32B | −$1.08B | −$748.0M | −$602.0M | −$852.0M | −$1.44B | −$1.55B | −$1.17B |
| Investments (net) | −$86.0M | −$1.09B | −$3.60B | $264.0M | $432.0M | −$598.0M | $355.0M | $353.0M | −$3.01B | −$968.0M |
| Acquisitions & other investing | −$2.83B | $1.44B | $1.32B | −$14.87B | −$2.04B | $46.0M | −$1.31B | $85.0M | $1.55B | $1.17B |
| Cash from investing activities | −$4.49B | −$1.09B | −$3.60B | −$15.68B | −$2.36B | −$1.15B | −$1.81B | −$998.0M | −$3.01B | −$968.0M |
| Financing activities | ||||||||||
| Dividends paid | −$8.62B | −$8.20B | −$7.96B | −$7.81B | −$7.58B | −$7.36B | −$7.16B | −$6.88B | −$6.52B | −$6.38B |
| Share repurchases & issuance (net) | — | $0 | $0 | −$209.0M | −$775.0M | $0 | $51.0M | −$81.0M | $5.0M | $7.0M |
| Net borrowing (repayment) | $1.71B | −$1.62B | $3.70B | $14.18B | −$3.04B | −$356.0M | −$543.0M | −$2.23B | $4.17B | $1.13B |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$693.0M | $339.0M | −$1.32B | −$2.35B | −$580.0M | −$776.0M | −$408.0M | −$456.0M | −$426.0M | −$173.0M |
| Cash from financing activities | −$7.61B | −$9.48B | −$5.58B | $3.81B | −$11.98B | −$8.50B | −$8.06B | −$9.65B | −$2.77B | −$5.41B |
| Summary | ||||||||||
| Net change in cash | $638.0M | $1.11B | −$71.0M | −$1.28B | −$2.79B | $420.0M | $245.0M | −$1.86B | $4.21B | $822.0M |
| Cash at end of period | $4.89B | $4.25B | $3.15B | $3.22B | $4.50B | $7.29B | $6.87B | $6.62B | $8.45B | $4.24B |
| Free cash flow | $10.66B | $10.77B | $7.88B | $9.73B | $11.22B | $9.21B | $9.24B | $8.04B | $7.36B | $6.91B |
| Free cash flow margin | 26.2% | 28.4% | 22.4% | 30.6% | 35.7% | 32.1% | 31.0% | 27.1% | 25.6% | 25.9% |
| Capex / revenue | 3.9% | 3.8% | 3.8% | 3.4% | 2.4% | 2.1% | 2.9% | 4.8% | 5.4% | 4.4% |
| Operating cash flow / net income | 1.08 | 1.63 | 1.11 | 1.13 | 1.23 | 1.14 | 1.31 | 1.20 | 1.48 | 1.16 |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | $2.98B | $2.44B | $2.25B | $3.61B | $3.15B | $2.84B | −$486.0M | $3.21B | $2.53B | $2.25B | $2.20B | $2.17B |
| Depreciation & amortization | $513.0M | $510.0M | $521.0M | $505.0M | $490.0M | $480.0M | $477.0M | $498.0M | $445.0M | $367.0M | $369.0M | $429.0M |
| Stock-based compensation | — | — | — | — | — | — | — | −$133.0M | $55.0M | $78.0M | $37.0M | −$50.0M |
| Change in working capital | $1.54B | −$3.87B | $2.27B | $115.0M | −$152.0M | −$3.79B | $1.54B | −$121.0M | $1.67B | −$2.42B | $989.0M | $698.0M |
| Other non-cash items | $456.0M | $526.0M | −$330.0M | $229.0M | −$74.0M | $124.0M | $2.47B | −$117.0M | −$70.0M | −$30.0M | −$289.0M | $167.0M |
| Cash from operating activities | $5.49B | −$399.0M | $4.71B | $4.46B | $3.41B | −$350.0M | $4.00B | $3.34B | $4.63B | $241.0M | $3.30B | $3.42B |
| Investing activities | ||||||||||||
| Capital expenditures | −$380.0M | −$353.0M | −$444.0M | −$365.0M | −$356.0M | −$404.0M | −$278.0M | −$379.0M | −$370.0M | −$417.0M | −$311.0M | −$371.0M |
| Investments (net) | $98.0M | $90.0M | $2.23B | −$789.0M | −$2.32B | −$434.0M | $441.0M | −$1.00B | −$337.0M | −$193.0M | −$568.0M | −$1.96B |
| Acquisitions & other investing | $308.0M | $260.0M | −$2.22B | $365.0M | $356.0M | $404.0M | $278.0M | $379.0M | $370.0M | $417.0M | $311.0M | −$703.0M |
| Cash from investing activities | $26.0M | −$3.0M | −$428.0M | −$789.0M | −$2.32B | −$434.0M | $441.0M | −$1.00B | −$337.0M | −$193.0M | −$568.0M | −$3.03B |
| Financing activities | ||||||||||||
| Dividends paid | −$2.30B | −$2.31B | −$2.29B | −$2.11B | −$2.11B | −$2.12B | −$2.11B | −$2.03B | −$2.03B | −$2.04B | −$2.02B | −$1.98B |
| Share repurchases & issuance (net) | — | — | — | — | — | — | $0 | — | — | — | $0 | $0 |
| Net borrowing (repayment) | −$2.73B | $3.38B | −$1.31B | −$1.41B | $945.0M | $3.48B | −$2.65B | −$558.0M | — | — | — | $330.0M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | $56.0M | $22.0M | $21.0M | −$143.0M | −$400.0M | −$692.0M | $654.0M | −$396.0M | −$1.50B | $3.17B | −$874.0M | −$118.0M |
| Cash from financing activities | −$4.97B | $1.10B | −$3.58B | −$3.66B | −$1.56B | $671.0M | −$4.10B | −$2.98B | −$3.53B | $1.14B | −$2.90B | −$1.76B |
| Summary | ||||||||||||
| Net change in cash | $554.0M | $578.0M | $831.0M | −$115.0M | −$300.0M | $222.0M | −$47.0M | −$575.0M | $777.0M | $953.0M | $112.0M | −$478.0M |
| Cash at end of period | $6.02B | $5.47B | $4.89B | $4.06B | $4.18B | $4.48B | $4.25B | $4.30B | $4.88B | $4.10B | $3.15B | $3.03B |
| Free cash flow | $5.11B | −$752.0M | $4.26B | $4.10B | $3.06B | −$754.0M | $3.72B | $2.96B | $4.26B | −$176.0M | $2.99B | $3.04B |
| Free cash flow margin | 45.7% | −7.4% | 41.2% | 37.8% | 30.1% | −8.1% | 38.4% | 29.9% | 45.0% | −2.0% | 33.1% | 33.3% |
| Capex / revenue | 3.4% | 3.5% | 4.3% | 3.4% | 3.5% | 4.3% | 2.9% | 3.8% | 3.9% | 4.7% | 3.4% | 4.1% |
| Operating cash flow / net income | 1.84 | −0.16 | 2.09 | 1.23 | 1.08 | −0.12 | — | 1.04 | 1.83 | 0.11 | 1.50 | 1.57 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
PM cash generation
In fiscal 2025 (ended December 31, 2025), Philip Morris generated $12.2 billion of cash from operations (up 0.1%) and spent $1.6 billion on capital expenditures, leaving free cash flow of $10.7 billion, 26.2% of revenue. It returned $8.6 billion to shareholders through dividends ($8.6 billion) and net share buybacks ($0). Cash and equivalents rose by $638.0 million over the year.
Related: PM income statement, PM balance sheet, PM dividend history. See the PM stock overview for the latest quote and news.
PM cash flow FAQ
What is Philip Morris's free cash flow?
Philip Morris's free cash flow was $10.7 billion in fiscal 2025: $12.2 billion of operating cash flow minus $1.6 billion of capital expenditures It was $10.8 billion a year earlier..
How much cash does Philip Morris generate from operations?
Philip Morris generated $12.2 billion of cash from operating activities in fiscal 2025, 1.08 times its net income of $11.3 billion.
How much does Philip Morris spend on capital expenditures?
Philip Morris spent $1.6 billion on capital expenditures in fiscal 2025, 3.9% of revenue, compared with $1.4 billion the year before.
How much does Philip Morris pay in dividends?
Philip Morris paid $8.6 billion in dividends in fiscal 2025, 80.9% of free cash flow.