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Philip Morris International Inc. (NYSE:PM)

Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
Quarterly Data

Philip Morris International Inc., common-size consolidated balance sheet: liabilities and stockholders’ equity (quarterly data)

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Jun 30, 2026 Mar 31, 2026 Dec 31, 2025 Sep 30, 2025 Jun 30, 2025 Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021
Short-term borrowings 4.89 8.26 0.24 2.80 3.71 6.82 0.22 0.23 0.21 0.43 3.01 3.42 6.66 7.74 9.14 6.92 3.80 5.85 0.54 0.54 0.33 0.48
Current portion of long-term debt 4.99 3.55 5.11 9.45 9.48 9.77 5.49 7.23 6.62 8.31 7.19 4.21 3.83 3.06 4.23 6.49 10.13 6.94 6.78 7.49 3.95 4.85
Accounts payable 5.74 5.70 6.37 5.93 5.65 5.76 6.40 5.25 5.46 5.59 6.34 5.61 6.12 6.36 6.61 8.21 8.01 7.67 8.07 6.76 6.46 6.37
Marketing and selling 1.97 1.88 1.96 2.10 1.71 1.46 1.64 1.56 1.46 1.26 1.32 1.36 1.33 1.07 1.13 1.72 1.80 1.62 1.96 1.93 1.77 1.59
Taxes, except income taxes 9.63 7.41 10.92 7.95 9.29 8.67 11.17 9.86 10.38 8.88 11.51 9.30 9.60 8.27 12.06 12.28 12.84 13.46 15.32 12.17 12.89 10.68
Employment costs 1.89 1.78 2.23 2.09 1.83 1.56 2.11 1.85 1.60 1.42 1.93 1.80 1.65 1.51 1.89 2.38 2.22 2.07 2.78 2.54 2.50 2.36
Dividends payable 3.39 3.36 3.34 3.45 3.10 3.26 3.43 3.17 3.10 3.12 3.13 3.24 3.22 3.21 3.23 4.89 4.78 4.69 4.74 4.73 4.64 4.74
Other 4.79 4.53 4.77 4.83 5.19 3.83 4.58 4.22 3.73 3.69 4.19 3.58 3.80 4.31 4.34 5.57 4.55 4.44 3.96 4.55 4.57 4.59
Accrued liabilities 21.68% 18.96% 23.22% 20.41% 21.11% 18.77% 22.94% 20.65% 20.27% 18.36% 22.08% 19.28% 19.59% 18.37% 22.65% 26.84% 26.20% 26.29% 28.76% 25.93% 26.37% 23.96%
Income taxes 1.58 1.58 1.81 1.25 1.15 2.03 2.04 1.58 1.52 1.26 1.77 1.72 1.36 1.51 1.69 2.56 2.03 2.17 2.48 2.28 1.92 2.56
Current liabilities 38.88% 38.05% 36.75% 39.84% 41.09% 43.16% 37.09% 34.93% 34.08% 33.94% 40.40% 34.24% 37.57% 37.04% 44.32% 51.02% 50.16% 48.92% 46.63% 42.98% 39.04% 38.22%
Long-term debt, excluding current portion 62.06 63.57 65.24 62.43 61.94 59.59 68.25 66.13 67.87 68.41 63.16 68.20 66.92 65.12 56.54 53.45 54.55 57.55 60.02 61.96 67.38 68.53
Deferred income taxes 3.01 2.92 2.98 2.98 3.14 4.33 4.07 3.81 4.03 4.08 3.58 4.61 2.76 2.94 3.17 2.27 2.09 1.80 1.76 1.73 1.24 1.28
Employment costs 3.29 3.40 3.48 4.80 4.81 4.60 4.76 4.42 4.29 4.32 4.66 3.04 3.21 3.19 3.22 6.38 6.72 6.90 7.19 9.59 9.96 10.46
Other liabilities 2.51 2.66 3.15 3.34 3.64 2.04 1.81 2.24 1.80 2.36 2.67 2.15 2.41 3.08 2.98 5.07 4.20 4.48 4.28 4.49 4.99 5.56
Noncurrent liabilities 70.87% 72.54% 74.85% 73.55% 73.53% 70.56% 78.89% 76.60% 78.00% 79.17% 74.06% 78.00% 75.29% 74.33% 65.91% 67.17% 67.56% 70.73% 73.25% 77.77% 83.57% 85.83%
Total liabilities 109.75% 110.59% 111.60% 113.40% 114.61% 113.72% 115.98% 111.53% 112.07% 113.11% 114.46% 112.25% 112.87% 111.36% 110.23% 118.18% 117.72% 119.66% 119.88% 120.76% 122.61% 124.05%
Common stock, no par value 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Additional paid-in capital 3.63 3.53 3.55 3.58 3.45 3.57 3.78 3.41 3.42 3.38 3.50 3.58 3.62 3.53 3.62 5.41 5.29 5.08 5.39 5.24 5.27 5.23
Earnings reinvested in the business 52.81 51.57 51.17 53.02 50.18 51.39 53.20 53.15 52.57 52.37 52.20 53.90 54.78 55.27 55.59 83.17 82.41 80.20 80.12 79.19 79.79 80.84
Accumulated other comprehensive losses -17.07 -17.11 -17.77 -19.86 -19.20 -17.08 -18.31 -17.78 -16.62 -16.94 -18.09 -15.60 -16.24 -15.49 -15.50 -22.81 -22.08 -23.39 -23.19 -25.30 -26.21 -27.00
Cost of repurchased stock -51.94 -51.46 -51.39 -53.01 -51.90 -54.64 -57.68 -53.28 -54.19 -54.59 -54.80 -56.87 -57.85 -57.69 -58.23 -88.21 -87.70 -86.08 -86.79 -84.51 -86.16 -88.08
Total PMI stockholders’ deficit -12.57% -13.46% -14.45% -16.27% -17.47% -16.75% -19.02% -14.49% -14.81% -15.78% -17.19% -14.99% -15.68% -14.38% -14.52% -22.44% -22.08% -24.20% -24.48% -25.37% -27.31% -29.01%
Noncontrolling interests 2.82 2.87 2.84 2.88 2.85 3.03 3.04 2.96 2.74 2.67 2.72 2.74 2.82 3.01 4.29 4.26 4.36 4.54 4.60 4.61 4.70 4.96
Total stockholders’ deficit -9.75% -10.59% -11.60% -13.40% -14.61% -13.72% -15.98% -11.53% -12.07% -13.11% -14.46% -12.25% -12.87% -11.36% -10.23% -18.18% -17.72% -19.66% -19.88% -20.76% -22.61% -24.05%
Total liabilities and stockholders’ deficit 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

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).

The financial structure is characterized by a consistent stockholders' deficit and a heavy reliance on long-term debt to finance operations. Total liabilities consistently exceed 100% of the total liabilities and stockholders' deficit, indicating that the company's obligations exceed its equity. However, a gradual trend toward a reduced deficit is observable, moving from -24.05% in March 2021 to -9.75% by June 2026.

Long-Term Debt and Noncurrent Liabilities
Long-term debt, excluding the current portion, remains the primary component of the capital structure, generally fluctuating between 53% and 68%. Noncurrent liabilities peaked at 85.83% in early 2021, experienced a decline through 2022, and subsequently stabilized between 70% and 79% through 2026. This suggests a sustained strategy of utilizing long-term leverage to maintain operational liquidity.
Current Liability Dynamics
Current liabilities exhibit significant volatility, peaking at 51.02% in September 2022 before retreating to a range of 33% to 43%. This fluctuation is largely driven by variations in accrued liabilities, which ranged from a high of 28.76% to a low of 18.36%, and the current portion of long-term debt, which frequently spikes between 6% and 10%.
Short-Term Financing and Liquidity
Short-term borrowings demonstrate a tactical pattern of usage, characterized by periods of near-zero balance (e.g., 0.21% in June 2024) followed by sharp increases (e.g., 8.26% in March 2026). This pattern indicates the use of short-term credit facilities to manage temporary cash flow requirements or bridge financing gaps.
Equity and Stockholders' Deficit
The equity position is marked by a substantial cost of repurchased stock and accumulated other comprehensive losses. A significant structural shift occurred around December 2022, where earnings reinvested in the business dropped from approximately 83% to 55%, and the cost of repurchased stock decreased from -88.21% to -58.23%. Despite these shifts, the overall stockholders' deficit has steadily narrowed over the analyzed period, reflecting a slow improvement in the net equity position.
Operational Liabilities
Taxes, excluding income taxes, represent a significant and fluctuating portion of the balance sheet, ranging from 7.41% to 15.32%. Accounts payable have remained relatively stable, generally oscillating between 5.25% and 8.21%, suggesting a consistent management of trade credit terms.

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