Stock Analysis on Net

Philip Morris International Inc. (NYSE:PM)

$24.99

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.

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Philip Morris International Inc., consolidated balance sheet: assets

US$ in millions

Microsoft Excel
Dec 31, 2025 Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021
Cash and cash equivalents
Trade receivables, less allowances
Other receivables, less allowances
Inventories
Other current assets
Current assets
Property, plant and equipment, less accumulated depreciation
Goodwill
Other intangible assets, net
Equity investments
Deferred income taxes
Other assets, less allowances
Noncurrent assets
Total assets

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


Current Assets: Selected Items