Stock Analysis on Net
Stock Analysis on Net

Philip Morris International Inc. (NYSE:PM)

$24.99

Balance Sheet: Liabilities and Stockholders’ Equity
Quarterly Data

The balance sheet provides creditors, investors, and analysts with information on company resources (assets) and its sources of capital (its equity and liabilities). It normally also provides information about the future earnings capacity of a company assets as well as an indication of cash flows that may come from receivables and inventories.

Liabilities represents obligations of a company arising from past events, the settlement of which is expected to result in an outflow of economic benefits from the entity.

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Philip Morris International Inc., consolidated balance sheet: liabilities and stockholders’ equity (quarterly data)

US$ in millions

Microsoft Excel
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
Short-term borrowings
Current portion of long-term debt
Accounts payable
Marketing and selling
Taxes, except income taxes
Employment costs
Dividends payable
Other
Accrued liabilities
Income taxes
Current liabilities
Long-term debt, excluding current portion
Deferred income taxes
Employment costs
Other liabilities
Noncurrent liabilities
Total liabilities
Common stock, no par value
Additional paid-in capital
Earnings reinvested in the business
Accumulated other comprehensive losses
Cost of repurchased stock
Total PMI stockholders’ deficit
Noncontrolling interests
Total stockholders’ deficit
Total liabilities and stockholders’ deficit

Based on: 10-Q (reporting date: 2026-06-30), 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).

An analysis of the financial position reveals a significant expansion in total liabilities coupled with a persistent stockholders' deficit over the observed period. Total liabilities increased from 49,378 million US dollars in March 2021 to 74,928 million US dollars by June 2026. This growth is characterized by a substantial step-increase in long-term debt and a steady rise in current obligations, reflecting a shift toward a more leveraged capital structure.

Long-Term Debt and Noncurrent Liabilities
Noncurrent liabilities exhibited a strong upward trend, growing from 34,163 million US dollars in March 2021 to 48,386 million US dollars in June 2026. A critical inflection point occurred in December 2022, where long-term debt excluding the current portion jumped from 21,762 million US dollars in September 2022 to 34,875 million US dollars. Following this increase, long-term debt levels remained elevated, generally fluctuating between 38,000 million and 45,000 million US dollars through 2026.
Current Liability Dynamics
Current liabilities rose from 15,215 million US dollars in March 2021 to 26,542 million US dollars in June 2026. This increase was driven by several factors, including a general rise in accrued liabilities and the current portion of long-term debt. Short-term borrowings displayed high volatility, characterized by sharp periodic spikes, notably in March 2022, December 2022, March 2025, and March 2026, suggesting the use of short-term credit facilities for liquidity management or temporary financing needs.
Stockholders' Deficit and Capital Strategy
The company maintained a consistent stockholders' deficit throughout the period. While the total stockholders' deficit stood at 9,574 million US dollars in March 2021, it narrowed to 6,657 million US dollars by June 2026. The primary driver of this negative equity position is the cost of repurchased stock, which remained consistently high, averaging approximately 35,000 million US dollars. This indicates an aggressive share buyback strategy that outweighs the accumulation of earnings reinvested in the business.
Accrued and Operational Liabilities
Accrued liabilities demonstrated a steady climb, increasing from 9,537 million US dollars in March 2021 to 14,800 million US dollars in June 2026. Within this category, taxes except income taxes remained a significant component, showing cyclical peaks that often coincided with year-end reporting periods, specifically reaching 7,555 million US dollars in December 2025.

The overall trajectory indicates a corporate financial strategy characterized by high leverage and substantial returns of capital to shareholders via stock repurchases, resulting in a negative book value of equity despite the gradual narrowing of the deficit.