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:	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	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020
Net revenues	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)	7,444)	7,446)	6,651)	7,153)
Cost of sales	(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)	(2,572)	(2,416)	(2,179)	(2,402)
Gross profit	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)	4,872)	5,030)	4,472)	4,751)
Marketing, administration and research costs	(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)	(1,967)	(1,787)	(1,741)	(1,962)
Impairment of goodwill	—)	—)	—)	—)	—)	—)	—)	(665)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Operating income	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)	2,905)	3,243)	2,731)	2,789)
Interest expense, net	(241)	(326)	(189)	(329)	(299)	(273)	(261)	(297)	(230)	(170)	(138)	(126)	(154)	(146)	(154)	(161)	(167)	(164)	(163)	(162)	(129)
Pension and other employee benefit costs	(12)	(16)	(15)	(14)	(15)	(9)	(8)	(6)	(22)	(8)	(7)	(5)	(4)	(33)	(27)	(27)	(28)	(29)	(23)	(22)	(23)
Earnings before income taxes	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)	2,712)	3,057)	2,547)	2,637)
Provision for income taxes	(659)	(872)	(735)	(734)	(676)	(320)	(1,031)	(560)	(428)	(409)	(622)	(594)	(619)	(593)	(735)	(646)	(697)	(613)	(640)	(528)	(596)
Impairment related to the RBH equity investment	—)	(2,316)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Equity investments and securities income (loss), net	205)	(215)	500)	161)	191)	26)	101)	(21)	51)	157)	21)	15)	(56)	54)	49)	3)	43)	20)	20)	30)	(54)
Net earnings	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)	2,119)	2,437)	2,049)	1,987)
Net earnings attributable to noncontrolling interests	(147)	(93)	(133)	(122)	(98)	(117)	(117)	(114)	(107)	(97)	(135)	(113)	(134)	(136)	(162)	(126)	(177)	(143)	(130)	(102)	(161)
Net earnings attributable to PMI	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)	1,976)	2,307)	1,947)	1,826)

Net Revenues: Net revenues demonstrate a generally increasing trend over the reported periods, rising from 7,153 million USD in Q1 2020 to a peak of 9,911 million USD in Q3 2024, followed by a slight decline to 9,301 million USD in Q1 2025. Some quarter-to-quarter fluctuations are noticeable, but the overall trajectory is upward, indicating growth in sales or pricing power.
Cost of Sales: Cost of sales rose from 2,402 million USD in Q1 2020 to a high of 3,462 million USD in Q4 2021, with several fluctuations afterward, ending at 3,040 million USD in Q1 2025. The increase in cost of sales generally tracks with the revenue increase, but the irregular movements may suggest variability in input costs or efficiency changes.
Gross Profit: Gross profit grew moderately from 4,751 million USD in Q1 2020 to 6,545 million USD in Q3 2024, despite some dips in between. The upward trend corresponds with increasing revenues, although the gross margin may vary due to fluctuations in cost of sales.
Marketing, Administration, and Research Costs: Marketing, administration, and research expenses show a rising trend, increasing from 1,962 million USD in Q1 2020 to a peak of 3,024 million USD in Q4 2024, before declining to 2,717 million USD in Q1 2025. The general upward momentum indicates increased investment in these areas, with occasional decreases potentially reflecting cost control or restructuring.
Impairment of Goodwill: A significant impairment of goodwill of 665 million USD was recorded in Q2 2023, which could have impacted profitability and asset valuation during that period.
Operating Income: Operating income fluctuated between 2,731 million USD and 3,654 million USD, showing cyclicality across quarters. The lowest was observed in Q2 2023 at 2,566 million USD, likely influenced by the goodwill impairment, whereas the highest was in Q3 2024, indicating recovery and operational strength despite challenges.
Interest Expense, Net: Interest expense remained relatively stable, fluctuating between 126 million USD and 329 million USD, with occasional peaks suggesting variable debt financing costs or changes in interest rates.
Pension and Other Employee Benefit Costs: These costs remained low and relatively stable over time, ranging from 4 million USD to 33 million USD, with no significant trends observed.
Earnings Before Income Taxes: Earnings before income taxes generally rose over the periods, from 2,637 million USD in Q1 2020 to 3,450 million USD in Q3 2024, with some fluctuations. This shows improving profitability before tax considerations, despite periodic downturns.
Provision for Income Taxes: The provision for income taxes varied widely, from a low of 409 million USD in Q4 2022 to a peak of 1,031 million USD in Q3 2023, indicating volatility in tax expenses potentially linked to changes in taxable income or tax regulations.
Impairment Related to RBH Equity Investment: A large impairment charge of 2,316 million USD was recorded in Q1 2025, which likely had a significant negative impact on net earnings in that quarter.
Equity Investments and Securities Income (Loss), Net: This item showed high volatility, ranging from losses (e.g., -56 million USD in Q1 2022) to gains (notably 500 million USD in Q3 2024). The fluctuations suggest variability in investment income or securities valuations, contributing to income volatility.
Net Earnings: Net earnings attributable to the company increased from 1,826 million USD in Q1 2020 to a high of 3,082 million USD in Q3 2024. However, a notable loss of 579 million USD was reported in Q4 2024, likely due to the substantial impairment related to the RBH equity investment occurring around that time. Overall, the earnings trend shows growth, with short-term volatility tied to specific one-time charges.

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Philip Morris International Inc. (NYSE:PM)

Income Statement Quarterly Data

Income Statement
Quarterly Data