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
- Common-Size Balance Sheet: Assets
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Solvency Ratios
- Analysis of Short-term (Operating) Activity Ratios
- Analysis of Geographic Areas
- Common Stock Valuation Ratios
- Enterprise Value to FCFF (EV/FCFF)
- Price to Book Value (P/BV) since 2008
- Analysis of Revenues
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Philip Morris International Inc., common-size consolidated income statement (quarterly data)
Based on: 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), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
- Gross Profit and Cost of Sales
- Gross profit as a percentage of net revenues demonstrated fluctuations over the period. Initially, it rose from approximately 66.4% in March 2020 reaching a peak around 70.0% in March 2021. Thereafter, the margin generally trended downward, dipping to near 60.6% by December 2022, followed by a recovery phase through 2023 and into early 2024 where it reached approximately 67.3%. Cost of sales inversely mirrored this pattern, declining initially from about 33.6% in early 2020 to as low as 30.0% in March 2021, then generally increasing with volatility peaking near 39.4% at the end of 2022 before moderating again to approximately 32.7% in the first quarter of 2025.
- Marketing, Administration, and Research Expenses
- These expenses remained relatively stable as a proportion of net revenues but with slight variability. They ranged mostly between 24% and 29% until mid-2022, after which a gradual increase occurred, reaching levels around 31.2% in late 2024, indicating a possible emphasis on operational and R&D spending in the later periods.
- Operating Income
- Operating income percentage showed a fluctuating trajectory. It increased in the early part of the cycle, peaking close to 45.4% in March 2021, deteriorated notably through 2022 and into 2023 with a low near 28.6%, then somewhat recovered towards early 2024 to around 38.1%. This volatility may be associated with changes in cost structure and possibly impairments.
- Impairments
- An impairment of goodwill appeared in 2023 at -7.42% of revenues, negatively impacting operating income in that period. Additionally, a significant impairment related to RBH equity investment was evident in late 2024 at -23.86%, signaling a substantial one-time charge against earnings in that quarter.
- Interest Expense and Employee Benefit Costs
- Net interest expense as a percentage of net revenues varied moderately, mostly staying between -1.6% to -3.4%, with spikes in mid-2023. Pension and other employee benefit costs were minimal overall, fluctuating slightly around -0.1% to -0.4%, indicating relatively stable personnel-related financial burdens.
- Earnings Before Income Taxes
- EBIT margins followed a similar pattern to operating income, with a peak near 42.8% in Q1 2021 and subsequent declines to lows near 25.2% in mid-2023. After that, the margin improved to around 35.4% by Q1 2025, suggesting recovery from temporary setbacks.
- Provision for Income Taxes
- The effective tax rate, represented by the tax provision as a percentage of net revenues, generally ranged between -5.0% and -9.2%, with an unusual drop to -3.5% in Q4 2023 and a spike to -11.3% in Q1 2023. These fluctuations imply varying tax expense influences, possibly from tax planning or exceptional items.
- Equity Investments and Securities Income (Loss), Net
- This line item showed variability with periods of positive income and occasional losses. Notable positives occurred in late 2022 through mid-2024, with a strong peak around 5.0% in Q3 2024, followed by a significant negative swing of -2.2% in Q4 2024, denoting volatility in investment returns.
- Net Earnings
- Net earnings as a percentage of net revenues showed a general rise from 27.8% in early 2020 to about 34.2% in Q1 2021. Following that, earnings fluctuated and experienced a steep decline to approximately 18.8% in mid-2023. Earnings recovered thereafter, rising above 32% by late 2024 before a sharp drop to -5.0% in Q1 2025, influenced likely by impairment charges and other extraordinary items. Earnings attributable to the company’s shareholders mirrored these trends closely.
- Net Earnings Attributable to Noncontrolling Interests
- The share of net earnings attributed to noncontrolling interests remained a small, negative factor, averaging around -1.3%, showing minor volatility but no material trend over the observed periods.