Stock Analysis on Net

Philip Morris International Inc. (NYSE:PM)

$24.99

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.

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Philip Morris International Inc., consolidated income statement

US$ in millions

Microsoft Excel
12 months ended: Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Net revenues
Cost of sales
Gross profit
Marketing, administration and research costs
Impairment of goodwill
Operating income
Interest expense
Interest income
Interest expense, net
Pension and other employee benefit costs
Earnings before income taxes
Provision for income taxes
Impairment related to the RBH equity investment
Equity investments and securities income, net
Net earnings
Net earnings attributable to noncontrolling interests
Net earnings attributable to PMI

Based on: 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), 10-K (reporting date: 2020-12-31).


The financial data indicates a general upward trend in net revenues over the five-year period, increasing from $28,694 million in 2020 to $37,878 million in 2024. This represents a steady growth trajectory, with a particularly notable increase between 2022 and 2024.

Cost of sales has also risen in absolute terms, from $9,569 million in 2020 to $13,329 million in 2024. While costs have increased, gross profit reflects a positive trend overall, rising from $19,125 million in 2020 to $24,549 million in 2024, despite a slight decline in 2022.

Marketing, administration, and research expenses show a significant increase, especially from 2022 to 2024, growing from $8,114 million to $11,147 million. This upward movement highlights an intensification in operational spending which may impact overall profitability.

There is an impairment of goodwill recorded in 2023 amounting to $665 million, representing an extraordinary item that could influence operating performance for that year.

Operating income exhibits some volatility, starting at $11,668 million in 2020, peaking in 2021 at $12,975 million, dipping in the subsequent years and then recovering somewhat by 2024 to $13,402 million. The dip post-2021 may be partially related to increased impairment and operational expenses.

Interest expense doubled in 2023 compared to previous years, rising from around $730 million to $1,526 million, and further increased to $1,763 million in 2024. Interest income, conversely, also increased notably over the same period, from about $180 million in 2022 to $620 million in 2024. The net interest expense consequently escalated sharply, indicating higher financing costs offset partially by improved interest earnings.

Pension and other employee benefit costs fluctuate but remain relatively low in comparison to other expenses, with a noticeable reduction in 2022 before slightly increasing again in the last two reported years.

Earnings before income taxes generally follow the trend of operating income but show a decline in 2023 to $10,450 million before rebounding to $12,199 million in 2024. The provision for income taxes demonstrates variability, with the largest charge recorded in 2024 at $3,017 million, reflecting potentially higher taxable income or tax rate adjustments.

An impairment related to an equity investment, specifically the RBH equity, is recognized in 2024 amounting to $2,316 million, which is a significant one-time charge affecting that year’s results.

Equity investments and securities income show a positive increasing trend, from $16 million in 2020 to $637 million in 2024, suggesting improved returns or income from these investments.

Net earnings present a peak in 2021 at $9,710 million, followed by a downward trend to $7,503 million in 2024. This decline corresponds with increased operating expenses, impairments, and higher net interest expenses. Earnings attributable to noncontrolling interests decreased gradually, while net earnings attributable to the company similarly decreased from $9,109 million in 2021 to $7,057 million in 2024.

Overall, the company exhibits revenue growth and improved gross profit margins; however, increasing operational costs, impairments, and rising financing expenses have exerted pressure on net profitability in recent years.