Income Statement

The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.

Philip Morris International Inc., consolidated income statement

US$ in millions

12 months ended:	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
Revenues including excise taxes	80,669)	82,223)	76,047)	77,921)	79,823)
Excise taxes on products	(48,907)	(50,818)	(47,353)	(48,116)	(50,198)
Net revenues	31,762)	31,405)	28,694)	29,805)	29,625)
Cost of sales	(11,402)	(10,030)	(9,569)	(10,513)	(10,758)
Gross profit	20,360)	21,375)	19,125)	19,292)	18,867)
Marketing, administration and research costs	(8,114)	(8,400)	(7,457)	(8,761)	(7,490)
Operating income	12,246)	12,975)	11,668)	10,531)	11,377)
Interest expense	(768)	(737)	(728)	(796)	(855)
Interest income	180)	109)	110)	226)	190)
Interest expense, net	(588)	(628)	(618)	(570)	(665)
Pension and other employee benefit costs	(24)	(115)	(97)	(89)	(41)
Earnings before income taxes	11,634)	12,232)	10,953)	9,872)	10,671)
Provision for income taxes	(2,244)	(2,671)	(2,377)	(2,293)	(2,445)
Equity investments and securities income, net	137)	149)	16)	149)	60)
Net earnings	9,527)	9,710)	8,592)	7,728)	8,286)
Net earnings attributable to noncontrolling interests	(479)	(601)	(536)	(543)	(375)
Net earnings attributable to PMI	9,048)	9,109)	8,056)	7,185)	7,911)

Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).

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Income statement item	Description	The company
Revenues including excise taxes	Amount, including tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value-added and excise.	Philip Morris International Inc. revenues including excise taxes increased from 2020 to 2021 but then slightly decreased from 2021 to 2022.
Operating income	The net result for the period of deducting operating expenses from operating revenues.	Philip Morris International Inc. operating income increased from 2020 to 2021 but then slightly decreased from 2021 to 2022 not reaching 2020 level.
Earnings before income taxes	Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.	Philip Morris International Inc. earnings before income taxes increased from 2020 to 2021 but then slightly decreased from 2021 to 2022.
Net earnings attributable to PMI	The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.	Philip Morris International Inc. net earnings attributable to PMI increased from 2020 to 2021 but then slightly decreased from 2021 to 2022.

Philip Morris International Inc. (NYSE:PM)

Income Statement