Balance Sheet: Assets
Quarterly Data
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.
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- Statement of Comprehensive Income
- Cash Flow Statement
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Liquidity Ratios
- Analysis of Solvency Ratios
- Enterprise Value to FCFF (EV/FCFF)
- Current Ratio since 2008
- Debt to Equity since 2008
- Total Asset Turnover since 2008
- Price to Operating Profit (P/OP) since 2008
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Philip Morris International Inc., consolidated balance sheet: assets (quarterly data)
US$ in millions
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 asset composition of the entity demonstrates notable fluctuations over the observed period, spanning from March 2021 to December 2025. Current assets generally remained relatively stable between approximately US$17.7 billion and US$21.0 billion, with a noticeable increase towards the end of the period. Noncurrent assets exhibited a more dramatic shift, particularly with a substantial rise in late 2022, followed by a decline and subsequent recovery. A detailed examination of individual asset categories reveals specific trends contributing to these overall patterns.
- Cash and Cash Equivalents
- Cash and cash equivalents experienced variability throughout the period. Initial values around US$3.9 billion in early 2021 increased to nearly US$5.4 billion by September 2022, before decreasing significantly to US$2.4 billion in March 2023. Values subsequently recovered, fluctuating between approximately US$3.9 billion and US$4.9 billion through December 2025. This suggests active cash management and potentially strategic deployment of funds.
- Receivables
- Trade receivables generally remained between US$3.3 billion and US$4.9 billion, with a peak in the first half of 2025. Other receivables showed a similar pattern, increasing from approximately US$0.8 billion to over US$1.2 billion by the end of the period. The combined trend indicates a potential increase in credit sales or extended payment terms.
- Inventories
- Inventory levels fluctuated between roughly US$8.2 billion and US$11.5 billion. A significant increase occurred in late 2022 and early 2023, peaking at US$11.5 billion in December 2023, before decreasing slightly to US$11.478 billion in September 2025. This suggests potential build-up of finished goods or raw materials, possibly in anticipation of demand or due to supply chain considerations.
- Property, Plant, and Equipment
- Net property, plant, and equipment remained relatively stable between US$5.6 billion and US$8.4 billion. A gradual increase is observed over the period, indicating ongoing investment in fixed assets. Accumulated depreciation consistently reduced the gross value of these assets.
- Goodwill and Intangible Assets
- Goodwill experienced a substantial increase in late 2022, rising to approximately US$19.7 billion, before decreasing slightly. Other intangible assets also increased significantly during the same period, reaching US$9.9 billion in December 2023. These changes likely reflect acquisitions or revaluation of existing intangible assets. Both categories showed some decline in later periods.
- Equity Investments
- Equity investments decreased from US$4.6 billion in early 2021 to US$2.9 billion in December 2025, suggesting potential divestments or unrealized losses. The most significant decline occurred between September 2024 and December 2025.
- Total Assets
- Total assets increased from approximately US$39.8 billion in March 2021 to US$69.2 billion in December 2025. The most substantial increase occurred in 2022, driven primarily by the significant rise in goodwill and intangible assets. The overall trend indicates considerable growth in the entity’s asset base.
In summary, the asset structure underwent considerable change during the analyzed period. The substantial increase in noncurrent assets, particularly goodwill and intangible assets, in late 2022, significantly impacted the overall asset base. Fluctuations in cash and inventory levels suggest active management of working capital. The decline in equity investments warrants further investigation.