Stock Analysis on Net

Philip Morris International Inc. (NYSE:PM)

Income Statement 

The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.

Philip Morris International Inc., consolidated income statement

US$ in millions

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12 months ended: Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Revenues including excise taxes 82,223  76,047  77,921  79,823  78,098 
Excise taxes on products (50,818) (47,353) (48,116) (50,198) (49,350)
Net revenues 31,405  28,694  29,805  29,625  28,748 
Cost of sales (10,030) (9,569) (10,513) (10,758) (10,432)
Gross profit 21,375  19,125  19,292  18,867  18,316 
Marketing, administration and research costs (8,304) (7,384) (8,695) (7,408) (6,725)
Amortization of intangibles (96) (73) (66) (82) (88)
Operating income 12,975  11,668  10,531  11,377  11,503 
Interest expense (737) (728) (796) (855) (1,096)
Interest income 109  110  226  190  182 
Interest expense, net (628) (618) (570) (665) (914)
Pension and other employee benefit costs (115) (97) (89) (41) — 
Earnings before income taxes 12,232  10,953  9,872  10,671  10,589 
Provision for income taxes (2,671) (2,377) (2,293) (2,445) (4,307)
Equity investments and securities income, net 149  16  149  60  59 
Net earnings 9,710  8,592  7,728  8,286  6,341 
Net earnings attributable to noncontrolling interests (601) (536) (543) (375) (306)
Net earnings attributable to PMI 9,109  8,056  7,185  7,911  6,035 

Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).

Income statement item Description The company
Revenues including excise taxes Amount, including tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value-added and excise. Philip Morris International Inc. revenues including excise taxes decreased from 2019 to 2020 but then increased from 2020 to 2021 exceeding 2019 level.
Operating income The net result for the period of deducting operating expenses from operating revenues. Philip Morris International Inc. operating income increased from 2019 to 2020 and from 2020 to 2021.
Earnings before income taxes Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest. Philip Morris International Inc. earnings before income taxes increased from 2019 to 2020 and from 2020 to 2021.
Net earnings attributable to PMI The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Philip Morris International Inc. net earnings attributable to PMI increased from 2019 to 2020 and from 2020 to 2021.