Philip Morris International Inc. (PM) Income Statement
PM 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsPM revenue and net income
Where PM's revenue goes
2025Each bar shows an amount and its share of revenue. PM kept 27.9% of revenue as net income.
PM profit margins
PM growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +7.3% | +8.6% | +7.2% | +4.3% |
| Gross profit | +11.1% | +10.2% | +7.4% | +4.6% |
| Operating income | +11.1% | +6.7% | +4.9% | +3.4% |
| Net income | +61.3% | +7.8% | +7.1% | +5.1% |
| EPS (diluted) | +15.1% | +8.2% | +7.8% | +5.5% |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
PM quarterly EPS vs estimates
Philip Morris beat the analyst EPS estimate in 8 of the last 8 quarters. Next report: October 21, 2026 (estimate $2.30).
PM income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $40.65B | $37.88B | $35.17B | $31.76B | $31.41B | $28.69B | $29.80B | $29.62B | $28.75B | $26.68B |
| Cost of revenue | $13.37B | $13.33B | $12.89B | $11.40B | $2.81B | $9.57B | $10.51B | $10.76B | $10.43B | $9.39B |
| Gross profit | $27.28B | $24.55B | $22.28B | $20.36B | $5.30B | $19.12B | $19.29B | $18.87B | $18.32B | $17.29B |
| Research & development | $756.0M | $759.0M | $709.0M | $642.0M | $617.0M | $495.0M | $465.0M | $383.0M | $453.0M | $429.0M |
| Sales, general & admin | $11.75B | $11.15B | $10.06B | $8.11B | $8.42B | $7.48B | $8.78B | $7.45B | $6.72B | $6.41B |
| Total operating expenses | $12.39B | $11.15B | $10.72B | $8.11B | $2.35B | $7.46B | $8.76B | $7.47B | $6.75B | $6.38B |
| Operating income | $14.89B | $13.40B | $11.56B | $12.25B | $2.95B | $11.72B | $10.53B | $11.34B | $11.58B | $10.90B |
| Interest income | $621.0M | $620.0M | $465.0M | $588.0M | $628.0M | $618.0M | $226.0M | $190.0M | $182.0M | $178.0M |
| Interest expense | $1.59B | $1.76B | $1.53B | $768.0M | $146.0M | $728.0M | $796.0M | $855.0M | $1.10B | $1.07B |
| Income before taxes | $14.59B | $12.20B | $10.61B | $11.77B | $2.77B | $10.97B | $10.02B | $10.73B | $10.65B | $10.02B |
| Income taxes | $2.74B | $2.38B | $2.34B | $2.24B | $593.0M | $2.38B | $2.29B | $2.44B | $4.31B | $2.77B |
| Net income | $11.35B | $7.03B | $7.79B | $9.05B | $2.23B | $8.06B | $7.18B | $7.91B | $6.04B | $6.97B |
| EBITDA | $18.72B | $15.75B | $13.37B | $13.48B | $2.93B | $12.66B | $11.63B | $12.52B | $12.46B | $11.71B |
| EPS (diluted) | $7.54 | $6.55 | $6.01 | $5.96 | $6.07 | $5.18 | $5.20 | $5.10 | $4.71 | $4.48 |
| Gross margin | 67.1% | 64.8% | 63.3% | 64.1% | 16.9% | 66.7% | 64.7% | 63.7% | 63.7% | 64.8% |
| Operating margin | 36.6% | 35.4% | 32.9% | 38.6% | 9.4% | 40.8% | 35.3% | 38.3% | 40.3% | 40.9% |
| Net margin | 27.9% | 18.6% | 22.1% | 28.5% | 7.1% | 28.1% | 24.1% | 26.7% | 21.0% | 26.1% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $11.19B | $10.15B | $10.36B | $10.85B | $10.14B | $9.30B | $9.71B | $9.91B | $9.47B | $8.79B | $9.05B | $9.14B |
| Cost of revenue | $3.53B | $3.24B | $3.56B | $3.49B | $3.28B | $3.04B | $3.42B | $3.37B | $3.35B | $3.19B | $3.43B | $3.15B |
| Gross profit | $7.66B | $6.91B | $6.80B | $7.36B | $6.86B | $6.26B | $6.28B | $6.54B | $6.12B | $5.60B | $5.62B | $5.99B |
| Research & development | — | — | — | — | — | — | — | — | — | — | $709.0M | — |
| Sales, general & admin | $2.98B | $2.86B | $3.36B | $3.10B | $3.11B | $2.19B | $3.02B | $2.89B | $2.69B | $2.57B | $2.03B | $2.61B |
| Total operating expenses | $3.13B | $3.01B | $3.43B | $3.10B | $3.11B | $2.72B | $3.02B | $2.89B | $2.68B | $2.55B | $2.73B | $2.61B |
| Operating income | $4.53B | $3.89B | $3.37B | $4.26B | $3.75B | $3.54B | $3.26B | $3.65B | $3.44B | $3.04B | $2.89B | $3.37B |
| Interest income | — | — | $218.0M | $230.0M | $277.0M | $241.0M | $326.0M | $189.0M | — | — | — | $261.0M |
| Interest expense | $243.0M | $237.0M | $839.0M | $230.0M | $277.0M | $241.0M | $946.0M | $189.0M | $329.0M | $299.0M | $738.0M | $261.0M |
| Income before taxes | $4.29B | $3.26B | $2.92B | $4.36B | $3.80B | $3.50B | $2.06B | $3.95B | $3.26B | $2.92B | $2.63B | $3.20B |
| Income taxes | $955.0M | $676.0M | $675.0M | $751.0M | $652.0M | $659.0M | $235.0M | $735.0M | $734.0M | $676.0M | $320.0M | $1.03B |
| Net income | $2.82B | $2.44B | $2.14B | $3.48B | $3.04B | $2.69B | −$579.0M | $3.08B | $2.41B | $2.15B | $2.20B | $2.05B |
| EBITDA | $5.05B | $4.41B | $4.51B | $4.75B | $4.19B | $4.01B | $4.34B | $4.14B | $3.88B | $3.40B | $4.06B | $3.79B |
| EPS (diluted) | $2.20 | $1.96 | $1.70 | $2.24 | $1.91 | $1.69 | $1.55 | $1.91 | $1.59 | $1.50 | $1.36 | $1.67 |
| Gross margin | 68.4% | 68.1% | 65.6% | 67.8% | 67.7% | 67.3% | 64.7% | 66.0% | 64.7% | 63.7% | 62.1% | 65.5% |
| Operating margin | 40.5% | 38.4% | 32.6% | 39.3% | 37.0% | 38.1% | 33.6% | 36.9% | 36.4% | 34.6% | 31.9% | 36.9% |
| Net margin | 25.2% | 24.0% | 20.7% | 32.1% | 30.0% | 28.9% | −6.0% | 31.1% | 25.4% | 24.4% | 24.3% | 22.5% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in PM's financial statements (latest annual report filed February 6, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
PM financial results
In fiscal year 2025 (ended December 31, 2025), Philip Morris reported revenue of $40.6 billion, up 7.3% from the year before. It had net income of $11.3 billion (up 61.3%), a net profit margin of 27.9%. Diluted earnings per share came to $7.54. Over five years revenue grew at an average rate of 7.2% a year.
See the PM stock overview for the latest quote and news, or the PM chart for price history and technical indicators.
PM income statement FAQ
What is Philip Morris's annual revenue?
Philip Morris reported total revenue of $40.6 billion for fiscal year 2025, which ended on December 31, 2025. That was up 7.3% from $37.9 billion the previous year.
Is Philip Morris profitable?
Yes. Philip Morris reported net income of $11.3 billion in fiscal 2025, a net profit margin of 27.9%; its operating margin was 36.6%.
What is Philip Morris's gross margin?
Philip Morris's gross margin was 67.1% in fiscal 2025: for every $100 of revenue, Philip Morris kept $67 after the direct cost of its products and services.
How much does Philip Morris spend on research and development?
Philip Morris spent $756.0 million on research and development in fiscal 2025, 1.9% of revenue.
How fast is Philip Morris growing?
Revenue grew 7.2% a year on average over the last five fiscal years, from $28.7 billion to $40.6 billion.
What are Philip Morris's earnings per share?
Philip Morris earned $7.54 per diluted share in fiscal 2025, compared with $6.55 a year earlier.
When will Philip Morris report its next earnings?
Philip Morris is expected to report results for the quarter ending September 30, 2026 on October 21, 2026 before the market opens.
When does Philip Morris's fiscal year end?
Philip Morris's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 6, 2026.