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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- Common-Size Income Statement
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Profitability Ratios
- Enterprise Value to FCFF (EV/FCFF)
- Operating Profit Margin since 2008
- Return on Equity (ROE) since 2008
- Return on Assets (ROA) since 2008
- Price to Earnings (P/E) since 2008
- Price to Book Value (P/BV) since 2008
- Analysis of Debt
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Philip Morris International Inc., consolidated income statement (quarterly data)
US$ in millions
Based on: 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 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).
Net revenues exhibited a generally increasing trend over the analyzed period, though not consistently. Initial revenues around US$7.6 billion in the first three quarters of 2021 experienced a slight dip in the fourth quarter before recovering. A more substantial increase occurred in the second quarter of 2023, reaching US$8.967 billion, followed by further growth to US$10.845 billion in the third quarter of 2025. However, the final quarter of 2025 saw a decrease to US$10.362 billion.
Cost of sales mirrored the revenue trend, generally increasing over time. This resulted in fluctuating gross profit figures. While gross profit remained relatively stable between US$5.2 billion and US$5.6 billion during 2021 and the first half of 2022, it increased significantly in the latter half of 2023 and throughout 2024, peaking at US$7.358 billion in the third quarter of 2025 before declining in the final quarter.
- Profitability
- Operating income demonstrated volatility. After peaking at US$3.455 billion in the third quarter of 2021, it declined, reaching a low of US$2.731 billion in the first quarter of 2022. It then recovered, peaking again at US$4.263 billion in the third quarter of 2025, before falling to US$3.373 billion in the final quarter. Net earnings attributable to PMI followed a similar pattern, with a significant drop in the fourth quarter of 2024 resulting in a net loss of US$579 million, followed by recovery in 2025.
Marketing, administration, and research costs consistently represented a substantial portion of revenues, generally ranging between US$1.8 billion and US$3.4 billion per quarter. These costs showed an upward trend, particularly in 2024, contributing to pressure on operating income.
- Specific Items
- An impairment of goodwill of US$665 million was recorded in the second quarter of 2022. A further impairment related to the RBH equity investment of US$2.316 billion was recorded in the fourth quarter of 2024, significantly impacting net earnings for that period. Equity investments and securities income (loss), net, fluctuated considerably, with a notable positive impact in the third and fourth quarters of 2024.
Interest expense, net, remained relatively stable between approximately US$126 million and US$329 million per quarter, with a slight increase observed in 2024. Pension and other employee benefit costs were consistently lower, ranging from US$4 million to US$22 million per quarter, and also showed a slight increase in 2024. Provision for income taxes varied considerably, influenced by earnings levels and potentially other factors, with a substantial impact observed in the third quarter of 2022.
Overall, the financial performance exhibited periods of growth and decline. While net revenues generally increased, profitability was impacted by rising costs, impairments, and fluctuating tax provisions. The significant loss in the fourth quarter of 2024 warrants further investigation due to the substantial impairment related to the RBH equity investment.