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.

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

US$ in millions

	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
Short-term borrowings	1,880)	2,540)	4,438)	137)	152)	139)	279)	1,968)	2,149)	4,121)	4,803)	5,637)	2,818)	1,558)	2,441)	225)	223)	136)	192)	244)	152)	281)	1,438)
Current portion of long-term debt	6,339)	6,491)	6,360)	3,392)	4,833)	4,353)	5,425)	4,698)	2,652)	2,372)	1,902)	2,611)	2,641)	4,149)	2,897)	2,798)	3,114)	1,608)	1,930)	3,124)	1,992)	2,304)	1,933)
Accounts payable	3,978)	3,870)	3,749)	3,952)	3,511)	3,591)	3,648)	4,143)	3,533)	3,786)	3,945)	4,076)	3,342)	3,279)	3,203)	3,331)	2,810)	2,630)	2,537)	2,780)	2,155)	1,991)	2,073)
Marketing and selling	1,405)	1,169)	949)	1,015)	1,043)	961)	823)	862)	857)	820)	662)	695)	700)	739)	678)	811)	804)	722)	634)	782)	752)	718)	645)
Taxes, except income taxes	5,332)	6,361)	5,640)	6,904)	6,594)	6,826)	5,799)	7,514)	5,853)	5,939)	5,133)	7,440)	5,001)	5,261)	5,618)	6,324)	5,063)	5,244)	4,253)	6,403)	4,870)	5,293)	5,058)
Employment costs	1,402)	1,252)	1,016)	1,305)	1,235)	1,052)	925)	1,262)	1,131)	1,023)	939)	1,168)	968)	911)	864)	1,146)	1,058)	1,016)	939)	1,189)	981)	928)	783)
Dividends payable	2,311)	2,123)	2,121)	2,120)	2,119)	2,040)	2,038)	2,041)	2,040)	1,992)	1,991)	1,990)	1,990)	1,958)	1,958)	1,958)	1,967)	1,889)	1,885)	1,880)	1,879)	1,833)	1,832)
Other	3,237)	3,556)	2,491)	2,832)	2,820)	2,453)	2,409)	2,737)	2,250)	2,348)	2,675)	2,679)	2,268)	1,862)	1,854)	1,637)	1,891)	1,859)	1,826)	2,122)	1,897)	1,656)	2,011)
Accrued liabilities	13,687)	14,461)	12,217)	14,176)	13,811)	13,332)	11,994)	14,416)	12,131)	12,122)	11,400)	13,972)	10,927)	10,731)	10,972)	11,876)	10,783)	10,730)	9,537)	12,376)	10,379)	10,428)	10,329)
Income taxes	835)	786)	1,323)	1,258)	1,059)	1,001)	822)	1,158)	1,082)	844)	935)	1,040)	1,044)	830)	904)	1,025)	947)	780)	1,019)	1,091)	847)	788)	811)
Current liabilities	26,719)	28,148)	28,087)	22,915)	23,366)	22,416)	22,168)	26,383)	21,547)	23,245)	22,985)	27,336)	20,772)	20,547)	20,417)	19,255)	17,877)	15,884)	15,215)	19,615)	15,525)	15,792)	16,584)
Long-term debt, excluding current portion	41,863)	42,431)	38,781)	42,166)	44,237)	44,647)	44,683)	41,243)	42,914)	41,400)	40,416)	34,875)	21,762)	22,345)	24,019)	24,783)	25,768)	27,414)	27,276)	28,168)	27,346)	27,043)	24,999)
Deferred income taxes	1,999)	2,152)	2,817)	2,517)	2,547)	2,651)	2,664)	2,335)	2,903)	1,710)	1,822)	1,956)	923)	856)	751)	726)	720)	505)	511)	684)	661)	775)	838)
Employment costs	3,222)	3,295)	2,991)	2,940)	2,957)	2,823)	2,824)	3,046)	1,915)	1,984)	1,977)	1,984)	2,597)	2,752)	2,880)	2,968)	3,988)	4,054)	4,164)	4,470)	3,589)	3,547)	3,560)
Other liabilities	2,242)	2,492)	1,329)	1,116)	1,498)	1,187)	1,539)	1,743)	1,354)	1,489)	1,913)	1,841)	2,066)	1,720)	1,869)	1,766)	1,868)	2,029)	2,212)	2,509)	2,253)	2,125)	2,576)
Noncurrent liabilities	49,326)	50,370)	45,918)	48,739)	51,239)	51,308)	51,710)	48,367)	49,086)	46,583)	46,128)	40,656)	27,348)	27,673)	29,519)	30,243)	32,344)	34,002)	34,163)	35,831)	33,849)	33,490)	31,973)
Total liabilities	76,045)	78,518)	74,005)	71,654)	74,605)	73,724)	73,878)	74,750)	70,633)	69,828)	69,113)	67,992)	48,120)	48,220)	49,936)	49,498)	50,221)	49,886)	49,378)	55,446)	49,374)	49,282)	48,557)
Common stock, no par value	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Additional paid-in capital	2,400)	2,364)	2,326)	2,335)	2,283)	2,249)	2,205)	2,285)	2,253)	2,240)	2,188)	2,230)	2,204)	2,165)	2,118)	2,225)	2,181)	2,143)	2,080)	2,105)	2,071)	2,044)	1,992)
Earnings reinvested in the business	35,557)	34,376)	33,447)	32,869)	35,556)	34,582)	34,208)	34,090)	33,919)	33,893)	34,303)	34,289)	33,865)	33,755)	33,468)	33,082)	32,935)	32,465)	32,178)	31,638)	31,537)	31,103)	30,984)
Accumulated other comprehensive losses	(13,320)	(13,153)	(11,117)	(11,314)	(11,892)	(10,930)	(11,065)	(11,815)	(9,817)	(10,045)	(9,614)	(9,559)	(9,288)	(9,043)	(9,760)	(9,577)	(10,520)	(10,665)	(10,746)	(11,181)	(10,567)	(10,009)	(10,774)
Cost of repurchased stock	(35,551)	(35,553)	(35,557)	(35,640)	(35,641)	(35,645)	(35,657)	(35,785)	(35,788)	(35,791)	(35,801)	(35,917)	(35,918)	(35,921)	(35,924)	(35,836)	(35,147)	(35,056)	(35,060)	(35,129)	(35,133)	(35,135)	(35,146)
Total PMI stockholders’ deficit	(10,914)	(11,966)	(10,901)	(11,750)	(9,694)	(9,744)	(10,309)	(11,225)	(9,433)	(9,703)	(8,924)	(8,957)	(9,137)	(9,044)	(10,098)	(10,106)	(10,551)	(11,113)	(11,548)	(12,567)	(12,092)	(11,997)	(12,944)
Noncontrolling interests	1,930)	1,954)	1,975)	1,880)	1,981)	1,802)	1,746)	1,779)	1,727)	1,743)	1,871)	2,646)	1,734)	1,784)	1,895)	1,898)	1,919)	1,913)	1,974)	1,936)	1,847)	1,877)	1,881)
Total stockholders’ deficit	(8,984)	(10,012)	(8,926)	(9,870)	(7,713)	(7,942)	(8,563)	(9,446)	(7,706)	(7,960)	(7,053)	(6,311)	(7,403)	(7,260)	(8,203)	(8,208)	(8,632)	(9,200)	(9,574)	(10,631)	(10,245)	(10,120)	(11,063)
Total liabilities and stockholders’ deficit	67,061)	68,506)	65,079)	61,784)	66,892)	65,782)	65,315)	65,304)	62,927)	61,868)	62,060)	61,681)	40,717)	40,960)	41,733)	41,290)	41,589)	40,686)	39,804)	44,815)	39,129)	39,162)	37,494)

Short-term borrowings: There is considerable volatility in short-term borrowings, with a pronounced increase during the end of 2022, peaking at 5,637 million US dollars in December 2022. This is followed by a general decrease throughout 2023 and early 2024, with minor fluctuations thereafter.
Current portion of long-term debt: Current portion of long-term debt exhibits fluctuating values but shows an overall rising trend beginning 2022, reaching a notable high of 6,360 million US dollars by September 2025. This indicates an increasing near-term debt obligation over time.
Accounts payable: Accounts payable steadily increased over the period, growing from approximately 2,073 million in Q1 2020 to close to 3,978 million by Q3 2025, reflecting a gradual rise in short-term operational liabilities.
Marketing and selling expenses: Marketing and selling expenses demonstrate a consistent upward trend, increasing from 645 million US dollars at the start of 2020 to 1,405 million by Q4 2025, suggesting enhanced focus on market activities or inflationary effects over time.
Taxes, except income taxes: This category experiences significant volatility, with peaks such as 7,514 million in Q4 2021 and other sharp rises in December each year, implying seasonal or periodic tax-related payments. Despite fluctuations, amounts remain elevated, generally above 5,000 million US dollars.
Employment costs: Employment costs show some variability but generally increase from 783 million in early 2020 to over 1,400 million in late 2025. This suggests rising personnel expenses possibly due to wage growth or workforce expansion.
Dividends payable: Dividends payable remain relatively stable with a modest upward trend from approximately 1,832 million to 2,311 million over the examined period, indicating steady dividend commitments.
Other liabilities and accrued liabilities: Accrued liabilities show steady growth, increasing from 10,329 million in Q1 2020 to a peak of around 14,461 million in mid-2025, demonstrating rising accrued expenses or pending obligations. Other liabilities fluctuate but do not show a clear trend, remaining in the range of approximately 1,300 to 2,500 million.
Income taxes: Income taxes are highly variable but fluctuate mostly between 780 and 1,300 million US dollars, indicating some volatility possibly related to profitability variations or tax planning.
Current liabilities: Current liabilities increased from around 16,584 million in early 2020 to a peak near 28,148 million in mid-2025, which parallels rises in borrowings and payables, indicating expanding short-term financial obligations.
Long-term debt excluding current portion: Long-term debt fluctuates, rising notably at the end of 2022 to a high of 34,875 million, and further increases peaking at over 44,683 million by mid-2024, then declining towards 41,863 million by late 2025. This suggests active debt management and refinancing activities.
Deferred income taxes: Deferred income taxes generally increase over the timeframe, moving from around 838 million in 2020 to above 2,800 million in early 2025 before declining somewhat near the end, indicating growing deferred tax liabilities.
Employment costs (duplicate row): The second set of employment costs (possibly referring to a different classification) shows a decline from 3,560 million in Q1 2020 to around 1,915-3,295 million in 2025 with some variability, reflecting changes in workforce cost structures or accounting classifications.
Noncurrent liabilities and total liabilities: Noncurrent liabilities exhibit a cyclical pattern, reaching a maximum of 49,086 million in late 2023, then decreasing to approximately 45,918 million by early 2025, before rebounding again. Total liabilities trend upwards overall, peaking near 78,518 million in mid-2025 before slightly declining, indicating an increasing leverage position with periodic adjustments.
Equity components and stockholders’ deficit: The company consistently reports a stockholders’ deficit, with total stockholders’ deficit fluctuating but remaining negative throughout the period, generally remaining between -7,000 and -12,000 million. Accumulated other comprehensive losses and cost of repurchased stock contribute significantly to this deficit. Earnings reinvested in the business shows a steady increase, indicating retained earnings growth despite the deficit. Additional paid-in capital remains relatively stable with a slight upward trend.
Noncontrolling interests: Noncontrolling interests remain fairly stable, fluctuating around 1,700 to 2,000 million, suggesting minimal changes in minority ownership stakes.
Total liabilities and stockholders’ deficit: This aggregate measure rises from approximately 37,494 million in early 2020 to over 67,000 million by the end of the analyzed period, reflecting overall balance sheet expansion largely driven by increases in liabilities.

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Philip Morris International Inc. (NYSE:PM)

Balance Sheet: Liabilities and Stockholders’ Equity Quarterly Data

Balance Sheet: Liabilities and Stockholders’ Equity
Quarterly Data