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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Philip Morris International Inc. pages available for free this week:
- Income Statement
- Analysis of Liquidity Ratios
- Analysis of Solvency Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Enterprise Value (EV)
- Dividend Discount Model (DDM)
- Return on Equity (ROE) since 2008
- Return on Assets (ROA) since 2008
- Current Ratio since 2008
- Total Asset Turnover since 2008
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Philip Morris International Inc., consolidated balance sheet: assets (quarterly data)
US$ in millions
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 total asset base expanded significantly from 39.8 billion USD in March 2021 to 68.3 billion USD by June 2026. This growth is characterized by a distinct shift in the balance sheet composition, moving from a relatively balanced distribution between current and non-current assets to a structure heavily dominated by non-current intangible assets.
- Current Asset Dynamics
- Current assets increased from 17.9 billion USD to 26.0 billion USD over the analyzed period. This growth was primarily driven by an upward trend in trade receivables, which rose from 3.3 billion USD to 5.2 billion USD, and a steady increase in total inventories, which grew from 9.0 billion USD to 11.4 billion USD. Within the inventory category, finished products remained the largest component, exhibiting volatility but reaching a peak of 6.8 billion USD in December 2025. Cash and cash equivalents demonstrated cyclicality, hitting a period low of 2.4 billion USD in March 2023 before recovering to a period high of 6.0 billion USD by June 2026.
- Non-Current Asset Expansion and Structural Changes
- A substantial structural transformation occurred between September 2022 and December 2022, during which non-current assets nearly doubled from 21.7 billion USD to 42.1 billion USD. This surge was driven by a sharp increase in goodwill, which rose from 6.1 billion USD to 19.7 billion USD, and other intangible assets, which increased from 2.2 billion USD to 6.7 billion USD. This pattern strongly indicates a major corporate acquisition during the final quarter of 2022. While property, plant, and equipment (net) showed a consistent gradual increase from 5.9 billion USD to 8.3 billion USD, equity investments experienced a marked decline in the latter half of the period, falling from 5.6 billion USD in September 2024 to 2.1 billion USD by June 2026.
- Overall Asset Composition and Long-Term Trends
- The expansion of the asset base is heavily weighted toward non-current assets, which accounted for approximately 62% of total assets by June 2026, compared to approximately 55% in March 2021. The growth in total assets is primarily attributable to intangible value rather than physical capacity, although the steady rise in net PP&E suggests continuous capital investment in infrastructure. The significant reduction in equity investments during 2025 and 2026 suggests a strategic reallocation of capital or a divestment phase.