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:	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	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020
Net revenues	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)	7,444)	7,446)	6,651)	7,153)
Cost of sales	(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)	(2,572)	(2,416)	(2,179)	(2,402)
Gross profit	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)	4,872)	5,030)	4,472)	4,751)
Marketing, administration and research costs	(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)	(1,967)	(1,787)	(1,741)	(1,962)
Impairment of goodwill	—)	(41)	—)	—)	—)	—)	—)	—)	—)	(665)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Operating income	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)	2,905)	3,243)	2,731)	2,789)
Interest expense, net	(230)	(277)	(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	(14)	(11)	(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	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)	2,712)	3,057)	2,547)	2,637)
Provision for income taxes	(751)	(652)	(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	345)	376)	205)	(215)	500)	161)	191)	26)	101)	(21)	51)	157)	21)	15)	(56)	54)	49)	3)	43)	20)	20)	30)	(54)
Net earnings	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)	2,119)	2,437)	2,049)	1,987)
Net earnings attributable to noncontrolling interests	(135)	(109)	(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	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)	1,976)	2,307)	1,947)	1,826)

Net Revenues: Net revenues exhibited an overall upward trajectory from Q1 2020 through Q3 2025, despite some periodic fluctuations. Revenue increased from approximately 7,153 million USD in Q1 2020 to a peak of 10,845 million USD in Q3 2025. Notable growth periods occurred between mid-2022 and late 2024, suggesting successful operational strategies or favorable market conditions during this timeframe.
Cost of Sales: The cost of sales generally increased in line with revenues but showed greater volatility. Starting at around 2,402 million USD in Q1 2020, costs peaked intermittently, reaching up to 3,487 million USD by Q3 2025. The increase in cost of sales corresponds with revenue growth but also indicates rising production or procurement expenses that may impact margin stability if unchecked.
Gross Profit: Gross profit trends reflected the interplay between net revenues and cost of sales. Gross profit increased from 4,751 million USD in Q1 2020 to 7,358 million USD in Q3 2025, with some periods of dip during mid-2022 and early 2023 before recovering. The steady upward trend in gross profit demonstrates sustained operational efficiency and ability to generate profit from sales despite cost variability.
Marketing, Administration, and Research Costs: These expenses showed a generally increasing pattern over the analyzed periods, starting at 1,962 million USD in Q1 2020 and rising to over 3,000 million USD by late 2024 and 2025. The rising administrative and marketing costs may be linked to strategic investments in market expansion or product development but could also pressure overall profitability if not matched by revenue growth.
Impairment of Goodwill: An impairment charge of 665 million USD was recorded in mid-2023, significantly impacting operating income for that period. A smaller impairment of 41 million USD appeared in Q1 2025, indicating occasional asset write-downs affecting the financial position.
Operating Income: Operating income increased from 2,789 million USD in Q1 2020 to reach 4,263 million USD in Q3 2025, with periods of volatility. A decline was observed in late 2022 and early 2023, coinciding with increased expenses and impairment charges. Nonetheless, operating income recovered strongly by 2025, reflecting effective cost control or improved operational performance despite challenges.
Interest Expense, Net: Interest expenses fluctuated over the period but generally showed a slight upward trend, rising from 129 million USD in Q1 2020 to around 230-330 million USD in the later periods. This increase suggests higher borrowing costs or increased debt levels which may affect net earnings if continued.
Pension and Other Employee Benefit Costs: Employee benefit-related costs remained relatively stable with minor fluctuations between 4 million and 33 million USD, indicating consistent management of these obligations without significant financial stress arising from this area.
Earnings Before Income Taxes: EBIT followed the general pattern of operating income with growth from 2,637 million USD in Q1 2020 to approximately 4,019 million USD by Q3 2025. The variations aligned with operating performance and were affected by interest expenses and other non-operating items. Peaks and troughs correspond with the timing of impairments and variable expenses.
Provision for Income Taxes: The tax provision showed variability with some significant spikes and declines. Notably, a substantial provision of over 1,000 million USD occurred in Q3 2022, followed by lower values in subsequent quarters. These shifts in tax expenses may reflect changes in taxable income, tax strategies, or regulatory impacts during the periods analyzed.
Impairment Related to RBH Equity Investment: A significant impairment charge of 2,316 million USD was recognized in late 2024, sharply affecting net earnings and overall financial results for that period. Such a large write-down indicates a notable decline in the value of this investment and had a pronounced negative impact on profitability.
Equity Investments and Securities Income (Loss), Net: This category demonstrated high volatility, with income ranging from negative amounts (e.g., -56 million USD in early 2022) to positive spikes (e.g., 500 million USD in late 2024). The fluctuations likely reflect market-driven valuation changes and income variability from equity holdings.
Net Earnings: Net earnings generally trended upward from 1,987 million USD in Q1 2020 to a peak of 3,613 million USD by Q3 2025, with a significant downturn to negative 486 million USD in late 2024 due to the substantial impairment charge related to the RBH equity investment. Earnings attributed to the company’s shareholders mirrored this pattern, recovering strongly after the impairment period.
Net Earnings Attributable to Noncontrolling Interests: Earnings attributable to noncontrolling interests showed smaller values compared to overall net earnings and fluctuated modestly without a definitive trend, indicating stable minority interest stakes in subsidiaries or joint ventures.

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Philip Morris International Inc. (NYSE:PM)

Income Statement Quarterly Data

Income Statement
Quarterly Data