Income Statement
Quarterly Data
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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- Balance Sheet: Liabilities and Stockholders’ Equity
- Common-Size Income Statement
- Analysis of Profitability Ratios
- Analysis of Short-term (Operating) Activity Ratios
- Enterprise Value to FCFF (EV/FCFF)
- Current Ratio since 2008
- Debt to Equity since 2008
- Total Asset Turnover since 2008
- Price to Sales (P/S) since 2008
- Analysis of Revenues
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Philip Morris International Inc., consolidated income statement (quarterly data)
US$ in millions
Based on: 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), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
The financial data over the examined periods reveals several noteworthy trends and fluctuations across major financial metrics.
- Net Revenues
- Net revenues show overall growth with some volatility. Starting at 7,153 million USD in March 2020, revenues experienced a dip in June 2020, followed by a general upward trend that culminates in over 10,000 million USD by June 2025. Seasonal or quarterly fluctuations are evident, with occasional dips offset by substantial increases in subsequent periods.
- Cost of Sales
- Cost of sales generally increased over time though the changes were uneven. Initial values around 2,400 million USD rose gradually, peaking at 3,462 million USD in December 2021 and again fluctuating near this upper range through 2025. These increases somewhat track the rise in net revenues, suggesting maintained cost structures relative to sales volumes.
- Gross Profit
- Gross profit trends align with revenues but display periodic volatility. Despite some fluctuations, gross profit increased from approximately 4,751 million USD in early 2020 to around 6,861 million USD in December 2024, indicating an improvement in profitability at the gross margin level. Some quarters showed a reduction (e.g., December 2022), but recovery followed in subsequent periods.
- Marketing, Administration, and Research Costs
- These operating expenses increased steadily, rising from under 2,000 million USD in the first quarter of 2020 to peaks above 3,000 million USD by mid-2025. The steady rise indicates either strategic investments or inflationary pressures on operating costs which may impact operating margins despite growing revenues.
- Impairment of Goodwill
- Two notable impairment charges are recorded: a significant charge of 665 million USD in June 2023 and a smaller one of 41 million USD in March 2025. These non-recurring items negatively affect operating income in these quarters.
- Operating Income
- Operating income shows variability but remains positively trending, increasing from approximately 2,789 million USD in March 2020 to near 3,700 million USD by June 2025. Some dips correspond with increases in operating expenses and impairment charges, though the overall trajectory remains upward.
- Interest Expense, Net
- Interest expense remains relatively stable with moderate fluctuations, averaging around 150 to 300 million USD, showing a slight rising trend in the later years, which could signal increased borrowing or interest rates impacting financial costs.
- Pension and Other Employee Benefit Costs
- These costs fluctuate at a relatively low level compared to other expenses, generally remaining below 30 million USD per quarter, with no clear trend upward or downward, indicating steady employee benefit obligations.
- Earnings Before Income Taxes
- Earnings before income taxes generally track operating income trends, with fluctuations matched by variability in interest and other income components. Values increase from around 2,637 million USD in early 2020 to over 3,400 million USD by the end of 2024, reflecting operational profitability improvements.
- Provision for Income Taxes
- The tax provision shows considerable volatility, particularly a sharp spike to over 1,000 million USD in September 2022 followed by sizeable fluctuations. This volatility affects net earnings and may reflect changes in tax rates, tax planning strategies, or non-recurring tax events.
- Impairment Related to RBH Equity Investment
- A significant impairment charge of 2,316 million USD appears in March 2025, representing a substantial non-operational loss negatively impacting net earnings in that period.
- Equity Investments and Securities Income (Loss), Net
- This line item exhibits high variability with both positive and negative contributions, ranging between losses of 215 million USD to gains exceeding 500 million USD in some quarters. This indicates exposure to market fluctuations or investment valuation changes affecting the overall profitability.
- Net Earnings
- Net earnings generally increased from approximately 1,987 million USD in March 2020, peaking at over 3,200 million USD in late 2024. However, a substantial negative net earnings of -486 million USD occurred in March 2025, coinciding with significant impairments, before rebounding to over 3,000 million USD in subsequent quarters. This volatility reflects the impact of non-recurring impairments and variation in tax and investment income effects.
- Net Earnings Attributable to PMI
- Shareholders’ earnings show similar trends to overall net earnings, with growth over the analyzed timeframe but sharp contraction in March 2025, reflecting the substantial impairments and their influence on profitability allocation. Earnings recovered strongly in the following quarters, indicating resilience beyond the non-recurring losses.