Common-Size Income Statement
Quarterly Data
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Philip Morris International Inc. pages available for free this week:
- Balance Sheet: Assets
- Cash Flow Statement
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Enterprise Value to FCFF (EV/FCFF)
- Dividend Discount Model (DDM)
- Present Value of Free Cash Flow to Equity (FCFE)
- Return on Equity (ROE) since 2008
- Current Ratio since 2008
- Price to Book Value (P/BV) since 2008
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Philip Morris International Inc., common-size consolidated income statement (quarterly data)
Based on: 10-Q (reporting date: 2026-06-30), 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).
Analysis of the common-size income statement reveals a period of margin volatility followed by a trend toward recovery in gross and operating profitability. Gross profit margins experienced a notable decline from 70.02% in early 2021 to a trough of 60.61% by December 2022, driven by an increase in the cost of sales. However, a consistent recovery trend is observed from 2023 onwards, with gross margins returning to 68.43% by June 2026.
- Operating Efficiency and Expense Management
- Operating income margins displayed significant fluctuations, starting at 45.41% in March 2021 and reaching a low of 28.62% in June 2023. This decline was influenced by rising marketing, administration, and research costs, which peaked at 33.09% of net revenues in September 2025, as well as a one-time impairment of goodwill representing 7.42% of revenues in June 2023. By mid-2026, operating income margins improved to 40.48%, suggesting a stabilization of operating costs relative to revenue growth.
- Net Earnings and Non-Recurring Impairments
- Net earnings attributable to the parent company generally remained between 24% and 32% for most of the period, with a severe anomaly occurring in December 2024. During this quarter, net earnings dropped to -5.97% due to a substantial impairment related to the RBH equity investment, which cost 23.86% of net revenues. A similar, though smaller, impairment of 4.57% occurred in June 2026. Despite these shocks, the underlying net earnings margin demonstrated resilience, recovering to 25.17% by the end of the analyzed period.
- Financial Obligations and Taxation
- Interest expenses remained relatively stable, typically fluctuating between 1.6% and 3.4% of net revenues, indicating a consistent debt service burden relative to the size of operations. The provision for income taxes showed higher variability, ranging from a low of 3.54% in December 2023 to a peak of 11.28% in September 2023, which suggests periodic adjustments in the effective tax rate.
- Equity Investment Performance
- Income from equity investments and securities showed erratic behavior, contributing positively to the bottom line in most quarters, with a peak contribution of 5.04% in September 2024. However, significant losses were recorded in late 2025 and early 2026, specifically a -3.97% impact in March 2026, highlighting the volatility associated with these external investments.
In summary, while the period was marked by significant non-recurring impairments and a temporary compression of gross margins, the overall trajectory indicates a return to high-margin operations. The ability to restore gross profit and operating income to levels near 2021 peaks suggests effective cost management and pricing power despite the impact of specific investment write-downs.