Stock Analysis on Net
Stock Analysis on Net

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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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 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 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 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 1.96 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 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 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 3.34 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 4.77 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 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 1.81 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 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 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 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 3.48 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 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 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 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
Additional paid-in capital 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 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 -17.77 -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 -51.39 -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 -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 2.84 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 -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%

Based on: 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 composition of liabilities and stockholders’ equity for the assessed entity exhibits notable shifts over the analyzed period, spanning from March 31, 2021, to December 31, 2025. A significant trend involves the fluctuation of short-term borrowings and current portion of long-term debt, alongside changes in various liability accounts and equity components.

Short-Term Borrowings & Current Portion of Long-Term Debt
Initially, short-term borrowings represented a small percentage of total liabilities and stockholders’ equity, fluctuating between 0.33% and 0.54% from June 30, 2021, to December 31, 2021. However, a substantial increase is observed starting in March 2022, peaking at 9.14% in December 2022, before declining to 0.24% by December 2025. The current portion of long-term debt mirrored this trend, increasing from approximately 4% to over 10% in mid-2022, then decreasing to around 5% by the end of the period. This suggests a strategic shift in financing, potentially utilizing short-term debt for specific purposes followed by a return to longer-term financing or debt reduction.
Current Liabilities
Current liabilities consistently comprised a substantial portion of the total, generally ranging between 34% and 46%. A peak of 46.63% was observed in December 2021, followed by a decline to 36.75% by December 2025. This suggests a moderate decrease in the proportion of short-term obligations relative to the overall financial structure.
Long-Term Debt (Excluding Current Portion)
Long-term debt, excluding the current portion, consistently represented the largest component of liabilities, typically between 53% and 69%. A noticeable decrease is observed from 68.53% in March 2021 to 65.24% in December 2025. This indicates a gradual reduction in reliance on long-term debt financing.
Key Liability Accounts
Accounts payable remained relatively stable, fluctuating between approximately 5.25% and 8.07% throughout the period. Taxes, except income taxes, exhibited more volatility, peaking at 15.32% in December 2021 and decreasing to 10.92% by December 2025. Accrued liabilities consistently represented a significant portion, generally between 18% and 29%, with a decreasing trend observed towards the end of the period. Marketing and selling expenses, while smaller in proportion, showed an increase towards the end of the period, rising from around 1.13% to 2.10%.
Stockholders’ Equity
Total stockholders’ equity consistently represented a negative portion of the total liabilities and stockholders’ equity, primarily due to significant cost of repurchased stock. This negative equity position decreased from -29.01% in March 2021 to -11.60% in December 2025, indicating a reduction in the cumulative impact of share repurchases. Accumulated other comprehensive losses also contributed to the negative equity, showing a decrease in magnitude over time. Common stock and additional paid-in capital remained relatively stable as percentages of the total.
Overall Trends
The overall trend suggests a shift in the entity’s financial structure. There is a reduction in the proportion of both short-term and long-term debt, coupled with a decrease in the negative equity position. The fluctuations in tax liabilities and accrued liabilities suggest potential changes in operational and financial management practices. The increase in marketing and selling expenses towards the end of the period may indicate a strategic focus on growth initiatives.

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