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.

Paying user area

Try for free

Philip Morris International Inc. pages available for free this week:

The data is hidden behind: . Unhide it.

  • Get full access to the entire website from $10.42/mo, or

  • get 1-month access to Philip Morris International Inc. for $24.99.

Get access

This is a one-time payment. There is no automatic renewal.

We accept:

Visa Mastercard American Express Maestro Discover JCB PayPal Google Pay
Visa Secure Mastercard Identity Check American Express SafeKey

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

US$ in millions

Microsoft Excel
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: 2026-03-31), 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).

The financial position is characterized by a significant expansion of total liabilities and a persistent stockholders' deficit over the analyzed period. Total liabilities grew from 49,378 million USD in March 2021 to 76,213 million USD by March 2026, reflecting a substantial increase in the company's leverage and funding requirements.

Debt Obligations and Long-Term Liabilities
A marked increase in long-term debt is observed, rising from 27,276 million USD in March 2021 to a peak of 44,683 million USD in March 2024, eventually settling at 43,808 million USD in March 2026. This long-term debt growth is complemented by a volatile but generally upward trend in the current portion of long-term debt, which increased from 1,930 million USD to 2,447 million USD over the same period, with several peaks exceeding 6,000 million USD in 2025.
Current Liability Dynamics
Current liabilities shifted from 15,215 million USD in March 2021 to 26,222 million USD in March 2026. This growth was largely driven by accrued liabilities, which fluctuated between 9,537 million USD and 16,064 million USD, and taxes (excluding income taxes), which showed cyclical peaks, particularly reaching 7,555 million USD in December 2025. Short-term borrowings exhibited extreme volatility, with sharp spikes in December 2022 (5,637 million USD), March 2025 (4,438 million USD), and March 2026 (5,693 million USD), suggesting opportunistic or periodic short-term financing strategies.
Stockholders' Equity and Capital Structure
The company maintained a consistent stockholders' deficit throughout the period, starting at 9,574 million USD in March 2021 and ending at 7,300 million USD in March 2026. This negative equity position is primarily attributable to the cost of repurchased stock, which remained consistently high, ranging between 35,060 million USD and 35,924 million USD. This indicates an aggressive share buyback strategy that outweighs the growth in earnings reinvested in the business, which rose modestly from 32,178 million USD to 35,538 million USD.
Other Comprehensive Losses and Noncontrolling Interests
Accumulated other comprehensive losses remained a persistent drag on equity, fluctuating between a low of 9,043 million USD and a high of 13,320 million USD. Noncontrolling interests remained relatively stable, oscillating between 1,727 million USD and 2,646 million USD, providing a minor offset to the overall stockholders' deficit.

Overall, the balance sheet reveals a capital structure heavily reliant on debt to fund operations and shareholder returns. The sustained stockholders' deficit, driven by massive treasury stock holdings, combined with the expansion of both short-term and long-term debt, suggests a high-leverage financial strategy.