Balance Sheet: Assets

The balance sheet provides creditors, investors, and analysts with information on company resources (assets) and its sources of capital (its equity and liabilities). It normally also provides information about the future earnings capacity of a company assets as well as an indication of cash flows that may come from receivables and inventories.

Assets are resources controlled by the company as a result of past events and from which future economic benefits are expected to flow to the entity.

Philip Morris International Inc., consolidated balance sheet: assets

US$ in millions

	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Cash and cash equivalents	4,872)	4,216)	3,060)	3,207)	4,496)
Trade receivables, less allowances	4,572)	3,789)	3,461)	3,850)	3,123)
Other receivables, less allowances	1,238)	886)	930)	906)	817)
Inventories	11,478)	9,453)	10,774)	9,886)	8,720)
Other current assets	2,203)	1,826)	1,530)	1,770)	561)
Current assets	24,363)	20,170)	19,755)	19,619)	17,717)
Property, plant and equipment, less accumulated depreciation	8,397)	7,310)	7,516)	6,710)	6,168)
Goodwill	17,264)	16,600)	16,779)	19,655)	6,680)
Other intangible assets, net	10,884)	11,327)	9,864)	6,732)	2,818)
Equity investments	2,891)	2,654)	4,929)	4,431)	4,463)
Deferred income taxes	1,247)	940)	814)	603)	895)
Other assets, less allowances	4,139)	2,783)	5,647)	3,931)	2,549)
Noncurrent assets	44,822)	41,614)	45,549)	42,062)	23,573)
Total assets	69,185)	61,784)	65,304)	61,681)	41,290)

Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).

Total assets exhibited a significant increase between 2021 and 2025, growing from US$41.29 billion to US$69.19 billion. This growth was not consistent year-over-year, with a decrease observed between 2023 and 2024. The composition of assets shifted considerably over the period, with notable changes in both current and noncurrent asset categories.

Current Assets: Current assets demonstrated an overall upward trend, increasing from US$17.72 billion in 2021 to US$24.36 billion in 2025. The most substantial component of current assets, inventories, increased from US$8.72 billion to US$11.48 billion over the same period, with a dip in 2024. Cash and cash equivalents experienced volatility, decreasing initially before rising to US$4.87 billion in 2025. A significant increase was noted in ‘Other current assets’ between 2021 and 2025, rising from US$0.56 billion to US$2.20 billion. Trade receivables also showed an increasing trend, moving from US$3.12 billion to US$4.57 billion.
Noncurrent Assets: Noncurrent assets experienced a dramatic increase between 2021 and 2023, rising from US$23.57 billion to US$45.55 billion. This was primarily driven by substantial growth in goodwill and other intangible assets. However, noncurrent assets decreased to US$41.61 billion in 2024 before recovering to US$44.82 billion in 2025. Goodwill increased significantly from US$6.68 billion in 2021 to US$17.26 billion in 2025, although the largest increase occurred between 2021 and 2022. Other intangible assets exhibited a similar pattern, increasing from US$2.82 billion to US$10.88 billion over the period. Property, plant, and equipment showed a more moderate, but consistent, increase, rising from US$6.17 billion to US$8.40 billion. Equity investments decreased from US$4.46 billion in 2021 to US$2.89 billion in 2025.

The significant growth in goodwill and intangible assets suggests potential acquisitions or substantial investments in internally developed intellectual property. The fluctuations in cash and cash equivalents, alongside the increases in receivables and inventories, warrant further investigation to assess liquidity and working capital management. The overall increase in total assets indicates expansion, but the year-over-year variations suggest potential strategic shifts or external factors influencing asset allocation.

Assets: Selected Items

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Current Assets: Selected Items

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Philip Morris International Inc. (NYSE:PM)

Balance Sheet: Assets

Assets: Selected Items

Current Assets: Selected Items