Cash Flow Statement
Quarterly Data
The cash flow statement provides information about a company cash receipts and cash payments during an accounting period, showing how these cash flows link the ending cash balance to the beginning balance shown on the company balance sheet.
The cash flow statement consists of three parts: cash flows provided by (used in) operating activities, cash flows provided by (used in) investing activities, and cash flows provided by (used in) financing activities.
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Philip Morris International Inc. pages available for free this week:
- Income Statement
- Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Liquidity Ratios
- Enterprise Value to FCFF (EV/FCFF)
- Price to FCFE (P/FCFE)
- Present Value of Free Cash Flow to Equity (FCFE)
- Return on Equity (ROE) since 2008
- Total Asset Turnover since 2008
- Price to Operating Profit (P/OP) since 2008
- Analysis of Revenues
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Philip Morris International Inc., consolidated cash flow statement (quarterly data)
US$ in millions
Based on: 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 information reveals fluctuating cash flows over the observed period, spanning from March 2021 to December 2025. Net earnings demonstrate variability, initially decreasing from approximately US$2.6 billion in March 2021 to US$2.2 billion in June 2021, then increasing again before declining to US$2.1 billion in March 2023. A significant drop to negative US$486 million occurred in December 2022, followed by a recovery to US$2.8 billion in March 2025.
Operating cash flow generally remained positive throughout the period, with notable peaks in June 2021 (US$3.6 billion) and September 2023 (US$4.7 billion). However, it experienced a substantial decrease in March 2025, falling to negative US$955 million. Depreciation and amortization expense consistently contributed positively to operating cash flow, showing an upward trend, increasing from US$245 million in March 2021 to US$521 million in December 2025.
- Investing Activities
- Investing activities consistently resulted in net cash outflows. A particularly large outflow of negative US$15.5 billion occurred in December 2022, primarily attributed to the acquisition of Swedish Match AB. Significant cash outflows were also observed related to the acquisition of Swedish Match AB noncontrolling interests in December 2022 and repayments under credit facilities related to the same acquisition in December 2023. Capital expenditures remained relatively stable, ranging between approximately US$250 million and US$444 million per quarter.
- Financing Activities
- Financing activities exhibited substantial fluctuations. A significant inflow of US$9.9 billion was recorded in December 2022, largely due to borrowings under credit facilities related to the Swedish Match AB acquisition. However, this was offset by significant outflows from long-term debt repayment and dividend payments, which consistently ranged between approximately US$1.8 billion and US$2.3 billion per quarter. Repurchases of common stock were present in some quarters, but were not a consistent feature. Net cash flow from financing activities was highly volatile.
Working capital components demonstrated considerable movement. Receivables, net, fluctuated significantly, with both increases and decreases throughout the period. Inventories also showed substantial volatility, with large increases in some quarters and significant decreases in others. Accounts payable and accrued liabilities exhibited similar patterns of fluctuation. Deferred income tax provision (benefit) varied considerably, swinging between positive and negative values.
- Significant Non-Recurring Items
- Several non-recurring items impacted cash flow. An impairment of goodwill and other intangibles of US$680 million was recorded in June 2023. A loss on the sale of Vectura Group of US$198 million occurred in September 2024. An impairment related to the RBH equity investment of US$2,316 million was recorded in December 2022. Restructuring charges also appeared intermittently, impacting overall cash flow.
The overall effect of exchange rate changes on cash was relatively small, generally ranging between negative US$200 million and positive US$400 million per quarter. The net change in cash, cash equivalents, and restricted cash mirrored the overall volatility of the cash flow statement, with significant decreases in some periods and increases in others.