Common-Size Income Statement
Quarterly Data
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Philip Morris International Inc. pages available for free this week:
- Balance Sheet: Liabilities and Stockholders’ Equity
- Cash Flow Statement
- Analysis of Geographic Areas
- Enterprise Value to FCFF (EV/FCFF)
- Present Value of Free Cash Flow to Equity (FCFE)
- Operating Profit Margin since 2008
- Return on Assets (ROA) since 2008
- Current Ratio since 2008
- Price to Operating Profit (P/OP) since 2008
- Price to Sales (P/S) since 2008
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Philip Morris International Inc., common-size consolidated income statement (quarterly data)
Based on: 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31).
The financial performance across the analyzed period is characterized by strong gross margins and high operating profitability, punctuated by significant non-recurring impairment charges that caused periodic volatility in net earnings.
- Gross Profitability Trends
- Gross profit margins exhibited a cyclical pattern, starting at a peak of 70.02% in early 2021 before declining to a low of 60.61% by December 2022. This contraction was driven by an increase in the cost of sales, which rose from approximately 30% to over 39% of net revenues during the same period. A consistent recovery followed, with gross margins trending upward to reach 68.06% by March 2026, reflecting improved cost management or pricing adjustments.
- Operating Expense and Margin Analysis
- Operating income generally remained robust, typically ranging between 32% and 45% of net revenues. Marketing, administration, and research costs remained a significant expenditure, fluctuating between 23.75% and 33.09%. A notable dip in operating income occurred in June 2023, falling to 28.62% primarily due to a 7.42% impairment of goodwill. By the end of the period, operating margins stabilized in the 38% range, despite a slight increase in corporate expenses in early 2026.
- Impact of Non-Recurring Impairments
- The bottom line was heavily influenced by specific one-time charges. The most substantial impact occurred in December 2024, where an impairment related to the RBH equity investment equaled 23.86% of net revenues. This single event shifted the net earnings attributable to the company from a typical positive range to a deficit of -5.97% for that quarter. Additional smaller impairments of goodwill were recorded in June 2023 and June 2025, contributing to intermittent volatility in profitability.
- Net Earnings and Fiscal Obligations
- Excluding the outlier in late 2024, net earnings attributable to the company generally fluctuated between 17.49% and 32.07% of net revenues. Interest expenses remained relatively stable, typically hovering between 1.6% and 3.4% of revenue. The provision for income taxes showed variability, with a peak of 11.28% in September 2023 and a low of 3.54% in December 2023, suggesting fluctuations in the effective tax rate across different quarters.