Stock Analysis on Net
Stock Analysis on Net

Philip Morris International Inc. (NYSE:PM)

$24.99

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., consolidated cash flow statement (quarterly data)

US$ in millions

Microsoft Excel
3 months ended: 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
Net earnings
Depreciation and amortization expense
Impairment of goodwill and other intangibles
Loss on sale of Vectura Group
Impairment related to the RBH equity investment
Deferred income tax provision (benefit)
Restructuring charges, net of cash paid
Receivables, net
Inventories
Accounts payable
Accrued liabilities and other current assets
Income taxes
Cash effects of changes, net of the effects from acquired and divested companies
Pension plan contributions
Other
Adjustments to reconcile net earnings to operating cash flows
Net cash provided by (used in) operating activities
Capital expenditures
Proceeds from sale of business, net of cash disposed
Acquisition of Swedish Match AB, net of acquired cash
Other acquisitions, net of acquired cash
Altria Group, Inc. agreement
Purchases of debt securities
Sales and maturities of debt securities
Equity investments
Collateral posted/settlements for derivatives, (paid) returned
Other
Net cash (used in) provided by investing activities
Short-term borrowing, net issuances (repayments), maturities of 90 days or less
Short-term borrowing, issuances, maturities longer than 90 days
Short-term borrowing, repayments, maturities longer than 90 days
Borrowings under credit facilities related to Swedish Match AB acquisition
Repayments under credit facilities related to Swedish Match AB acquisition
Long-term debt proceeds
Long-term debt repaid
Repurchases of common stock
Dividends paid
Collateral received/settlements for derivatives, received (returned)
Payments to acquire Swedish Match AB noncontrolling interests
Noncontrolling interests activity and Other
Net cash provided by (used in) financing activities
Effect of exchange rate changes on cash, cash equivalents and restricted cash
Cash, cash equivalents and restricted cash, increase (decrease)

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).

Operating cash flows exhibit significant quarterly volatility, often diverging sharply from net earnings. This variance is primarily driven by substantial fluctuations in accrued liabilities and other current assets, which frequently result in alternating quarters of high cash generation and temporary deficits. Despite these swings, a general capacity to generate strong operational cash remains evident, with several peaks exceeding 4 billion USD.

Earnings and Non-Recurring Impairments
Net earnings generally remain stable between 2.1 billion USD and 3.6 billion USD, though a notable outlier occurred in the quarter ending December 31, 2024, where earnings fell to negative 486 million USD. This decline is directly linked to a non-cash impairment related to the RBH equity investment of 2.3 billion USD. Other significant non-cash charges include a 680 million USD impairment of goodwill and intangibles in June 2023.
Capital Expenditure and Investing Activity
A consistent upward trend is observed in depreciation and amortization expenses, rising from approximately 240 million USD in early 2021 to over 500 million USD by 2025, reflecting an expanding asset base. Capital expenditures have followed a similar growth trajectory, increasing from roughly 180 million USD per quarter to a range between 350 million USD and 440 million USD. The most significant investing event was the acquisition of Swedish Match AB in December 2022, requiring an outflow of nearly 14 billion USD.
Financing and Dividend Stability
Dividend payments demonstrate a disciplined and steady increase, growing from 1.8 billion USD per quarter in 2021 to approximately 2.3 billion USD by 2026. To fund major acquisitions and maintain liquidity, the company utilizes a combination of long-term debt issuances and short-term credit facilities. Specifically, the Swedish Match acquisition was supported by 13.9 billion USD in credit facilities, which were subsequently reduced through phased repayments.
Working Capital Dynamics
The cash flow from operations is heavily influenced by working capital adjustments. The item labeled "Accrued liabilities and other current assets" shows extreme variance, with swings often exceeding 3 billion USD in either direction. This suggests a cyclical or timing-based nature to the company's obligations and asset realizations, which masks the underlying stability of the core operational cash generation.