Stock Analysis on Net
Stock Analysis on Net

Philip Morris International Inc. (NYSE:PM)

$24.99

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

US$ in millions

Microsoft Excel
3 months ended: 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
Cost of sales
Gross profit
Marketing, administration and research costs
Impairment of goodwill
Corporate expenses and other
Operating income
Interest expense, net
Pension and other employee benefit income (costs)
Earnings before income taxes
Provision for income taxes
Impairment related to the RBH equity investment
Equity investments and securities income (loss), net
Net earnings
Net earnings attributable to noncontrolling interests
Net earnings attributable to PMI

Based on: 10-Q (reporting date: 2026-03-31), 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).

Financial performance over the analyzed period exhibits a general upward trajectory in top-line growth and gross profitability, punctuated by significant non-recurring impairments that impacted net earnings. Net revenues demonstrated a steady climb, rising from 7,585 million USD in March 2021 to 10,146 million USD by March 2026, indicating a consistent expansion of market reach or pricing power.

Revenue and Gross Profitability
Net revenues grew consistently, surpassing the 10 billion USD quarterly threshold for the first time in June 2025. This growth is mirrored in gross profit, which increased from 5,311 million USD in March 2021 to 6,905 million USD in March 2026. While the cost of sales rose in absolute terms, the gross profit margin remained robust, supporting the company's ability to manage direct production costs relative to sales growth.
Operating Expenditure and Income
Marketing, administration, and research costs showed a progressive increase, rising from 1,867 million USD in March 2021 to a peak of 3,429 million USD in September 2025. Despite these rising operational costs and occasional impairment charges—such as the 665 million USD goodwill impairment in June 2023—operating income generally trended upward, reaching a high of 4,263 million USD in September 2025 before stabilizing around 3,893 million USD by March 2026.
Net Earnings and Non-Recurring Items
Net earnings attributable to the company experienced significant volatility due to one-time events. The most notable disruption occurred in December 2024, where net earnings dropped to negative 579 million USD, primarily driven by a 2,316 million USD impairment related to the RBH equity investment. Aside from this outlier, net earnings attributable to the company showed a growth trend, peaking at 3,478 million USD in September 2025.
Financial and Tax Obligations
Interest expenses, net, shifted from a range of 146 to 167 million USD in 2021 to higher levels in subsequent years, frequently exceeding 200 million USD and peaking at 329 million USD in June 2024. Provision for income taxes remained relatively stable as a percentage of earnings, though a notable spike to 1,031 million USD occurred in September 2023.
Equity Investments
Income from equity investments and securities displayed high variance, fluctuating between significant gains, such as 500 million USD in September 2024, and substantial losses, including a 403 million USD loss in March 2026, highlighting the volatility of the company's external investment portfolio.