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.

Philip Morris International Inc., consolidated income statement (quarterly data)

US$ in millions

3 months ended:	Jun 30, 2026	Mar 31, 2026	Dec 31, 2025	Sep 30, 2025	Jun 30, 2025	Mar 31, 2025	Dec 31, 2024	Sep 30, 2024	Jun 30, 2024	Mar 31, 2024	Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021
Net revenues	11,192)	10,146)	10,362)	10,845)	10,140)	9,301)	9,706)	9,911)	9,468)	8,793)	9,047)	9,141)	8,967)	8,019)	8,152)	8,032)	7,832)	7,746)	8,104)	8,122)	7,594)	7,585)
Cost of sales	(3,533)	(3,241)	(3,560)	(3,487)	(3,279)	(3,040)	(3,423)	(3,366)	(3,345)	(3,195)	(3,462)	(3,165)	(3,228)	(3,038)	(3,211)	(2,935)	(2,648)	(2,608)	(2,807)	(2,596)	(2,353)	(2,274)
Gross profit	7,659)	6,905)	6,802)	7,358)	6,861)	6,261)	6,283)	6,545)	6,123)	5,598)	5,585)	5,976)	5,739)	4,981)	4,941)	5,097)	5,184)	5,138)	5,297)	5,526)	5,241)	5,311)
Marketing, administration and research costs	(2,981)	(2,857)	(3,429)	(3,095)	(3,108)	(2,717)	(3,024)	(2,891)	(2,679)	(2,553)	(2,696)	(2,606)	(2,508)	(2,250)	(2,017)	(2,129)	(2,128)	(1,840)	(2,350)	(2,071)	(2,112)	(1,867)
Impairment of goodwill	—)	—)	—)	—)	(41)	—)	—)	—)	—)	—)	—)	—)	(665)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Corporate expenses and other	(148)	(155)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Operating income	4,530)	3,893)	3,373)	4,263)	3,712)	3,544)	3,259)	3,654)	3,444)	3,045)	2,889)	3,370)	2,566)	2,731)	2,924)	2,968)	3,056)	3,298)	2,947)	3,455)	3,129)	3,444)
Interest expense, net	(243)	(237)	(218)	(230)	(277)	(241)	(326)	(189)	(329)	(299)	(273)	(261)	(297)	(230)	(170)	(138)	(126)	(154)	(146)	(154)	(161)	(167)
Pension and other employee benefit income (costs)	5)	5)	(9)	(14)	(11)	(12)	(16)	(15)	(14)	(15)	(9)	(8)	(6)	(22)	(8)	(7)	(5)	(4)	(33)	(27)	(27)	(28)
Earnings before income taxes	4,292)	3,661)	3,146)	4,019)	3,424)	3,291)	2,917)	3,450)	3,101)	2,731)	2,607)	3,101)	2,263)	2,479)	2,746)	2,823)	2,925)	3,140)	2,768)	3,274)	2,941)	3,249)
Provision for income taxes	(955)	(676)	(675)	(751)	(652)	(659)	(872)	(735)	(734)	(676)	(320)	(1,031)	(560)	(428)	(409)	(622)	(594)	(619)	(593)	(735)	(646)	(697)
Impairment related to the RBH equity investment	(511)	—)	—)	—)	—)	—)	(2,316)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Equity investments and securities income (loss), net	159)	(403)	(221)	345)	376)	205)	(215)	500)	161)	191)	26)	101)	(21)	51)	157)	21)	15)	(56)	54)	49)	3)	43)
Net earnings	2,985)	2,582)	2,250)	3,613)	3,148)	2,837)	(486)	3,215)	2,528)	2,246)	2,313)	2,171)	1,682)	2,102)	2,494)	2,222)	2,346)	2,465)	2,229)	2,588)	2,298)	2,595)
Net earnings attributable to noncontrolling interests	(168)	(144)	(109)	(135)	(109)	(147)	(93)	(133)	(122)	(98)	(117)	(117)	(114)	(107)	(97)	(135)	(113)	(134)	(136)	(162)	(126)	(177)
Net earnings attributable to PMI	2,817)	2,438)	2,141)	3,478)	3,039)	2,690)	(579)	3,082)	2,406)	2,148)	2,196)	2,054)	1,568)	1,995)	2,397)	2,087)	2,233)	2,331)	2,093)	2,426)	2,172)	2,418)

Net revenues exhibit a consistent upward trajectory over the analyzed period, rising from 7,585 million US$ in March 2021 to 11,192 million US$ by June 2026. While growth was gradual through 2022, a more pronounced acceleration occurred starting in 2023, with revenues consistently exceeding 9,000 million US$ from June 2024 onward. Gross profit followed a similar growth pattern, expanding from 5,311 million US$ in the first quarter of 2021 to 7,659 million US$ in the second quarter of 2026, indicating a sustained ability to maintain value despite rising costs of sales.

Operating Expenditure and Efficiency: Marketing, administration, and research costs showed a general increase, growing from 1,867 million US$ in March 2021 to 2,981 million US$ in June 2026. This expansion in operating spend suggests increased investment in business development or research. Despite these rising costs, operating income demonstrated long-term resilience, peaking at 4,530 million US$ in June 2026, reflecting an improvement in operational leverage over time.
Impact of Non-Recurring Impairments: The financial results were significantly impacted by sporadic, large-scale impairment charges. A goodwill impairment of 665 million US$ was recorded in June 2023, and a substantial impairment related to the RBH equity investment of 2,316 million US$ occurred in December 2024. These items created significant volatility in the net earnings line, specifically causing a net loss of 486 million US$ in the fourth quarter of 2024.
Interest and Tax Dynamics: Net interest expenses generally trended higher in the later years of the period compared to 2021, with several quarters in 2023 and 2024 exceeding 300 million US$. Provision for income taxes remained relatively stable as a percentage of earnings before taxes, although a spike to 1,031 million US$ in September 2023 indicates periodic tax adjustments.
Net Earnings and Attributable Income: Net earnings attributable to the company remained robust for most of the period, typically ranging between 2,000 million US$ and 3,500 million US$ per quarter. The anomalous loss in December 2024 was followed by a strong recovery in 2025 and 2026, with net earnings attributable to the company reaching 2,817 million US$ by June 2026. This suggests that the underlying business remains profitable and capable of absorbing significant one-time write-downs.

AI Ask an analyst for more

Download chart

Philip Morris International Inc. (NYSE:PM)

Income StatementQuarterly Data

Income Statement
Quarterly Data