Stock Analysis on Net

Philip Morris International Inc. (NYSE:PM)

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.

Philip Morris International Inc., consolidated cash flow statement (quarterly data)

US$ in millions

Microsoft Excel
3 months ended: 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
Net earnings 2,837 (486) 3,215 2,528 2,246 2,313 2,171 1,682 2,102 2,494 2,222 2,346 2,465 2,229 2,588 2,298 2,595 2,119 2,437 2,049 1,987
Depreciation and amortization expense 480 477 498 445 367 369 429 301 299 291 358 287 253 279 235 239 245 272 239 229 241
Impairment of other intangibles 27 680
Impairment related to Vectura Group’s expected sale 8 198
Impairment related to the RBH equity investment 2,316
Deferred income tax provision (benefit) (67) (143) (39) (17) 76 (364) 245 (115) (96) (88) (58) (87) (1) 1 (20) (31) 33 44 (93) (70) (24)
Restructuring charges, net of cash paid (1) (12) (2) (12) 148 (5) (50) (17) 102 (14) (32) (19) (28) 12 (8) 10 (36) 30 (42) 46 (48)
Receivables, net (882) 249 (9) (88) (890) 581 25 (537) 245 92 (336) (74) (553) 156 273 (200) (427) 167 197 (454) 116
Inventories (325) (713) 218 520 527 (681) (107) 709 (783) (2,080) (74) 1,099 (232) (686) 468 462 305 (988) 843 555 (575)
Accounts payable (127) 558 (116) 36 (181) 335 (209) (269) (145) 444 101 160 14 488 181 51 (67) 428 142 (99) (65)
Accrued liabilities and other current assets (2,437) 1,271 (302) 1,456 (1,797) 690 681 1,102 (2,705) 2,188 543 (34) (835) 1,643 (80) 1,168 (2,108) 1,147 (246) (118) (662)
Income taxes (20) 179 88 (250) (79) (31) 308 (421) (88) (71) 234 (331) (93) 4 195 (368) (91) (79) 52 (179) (54)
Cash effects of changes, net of the effects from acquired companies (3,791) 1,544 (121) 1,674 (2,420) 894 698 584 (3,476) 573 468 820 (1,699) 1,605 1,037 1,113 (2,388) 675 988 (295) (1,240)
Pension plan contributions (37) (29) (26) (21) (34) 75 (24) (27) (45) (35) (25) 97 (34) (50) (22) (167) (30) (40) (10) (29) (23)
Other 229 327 (381) 35 (169) 20 (54) 354 159 (128) 135 80 162 (44) 60 168 16 62 95 (5) 218
Adjustments to reconcile net earnings to operating cash flows (3,187) 4,488 127 2,104 (2,005) 989 1,244 1,760 (3,057) 599 846 1,178 (1,347) 1,803 1,282 1,332 (2,160) 1,043 1,177 (124) (876)
Net cash provided by (used in) operating activities (350) 4,002 3,342 4,632 241 3,302 3,415 3,442 (955) 3,093 3,068 3,524 1,118 4,032 3,870 3,630 435 3,162 3,614 1,925 1,111
Capital expenditures (404) (278) (379) (370) (417) (311) (371) (360) (279) (347) (252) (249) (229) (289) (152) (128) (179) (140) (152) (140) (170)
Acquisition of Swedish Match AB, net of acquired cash (13,976)
Other acquisitions, net of acquired cash (1) 44 (242) (1,842) (27)
Altria Group, Inc. agreement (1,775) (1,002)
Proceeds from sale of business, net of cash disposed 136 191
Equity investments (10) (11) (93) (20) (20) (83) (8) (20) (8) (26) (44) (1) (2)
Collateral posted/settlements for derivatives, (paid) returned 6 510 (598) 129 310 (550) 232 (178) (164) (350) 120 393 121 188 131 (52) 199 (413) (312) (510) 684
Other (26) 74 (15) (47) (66) 102 (22) 138 (140) 147 36 (3) (68) 11 (1) 24 35 11 30 3 2
Net cash (used in) provided by investing activities (434) 441 (1,003) (337) (193) (568) (1,956) (483) (591) (15,528) (96) 141 (196) (340) (1,890) (183) 55 (586) (434) (648) 514
Short-term borrowing, net issuances (repayments), maturities of 90 days or less 4,231 (9) 11 12 (1,475) 174 (2,000) (1,005) 3,361 (1,743) 2,054 (1,351) 1,916 18 90 (59) (49) 89 (84) (1,172) 1,097
Short-term borrowing, issuances, maturities longer than 90 days 70 100 257 397 354 358 139 490 305 20 25
Short-term borrowing, repayments, maturities longer than 90 days (149) (284) (618) (374) (42) (138) (780) (15) (45)
Borrowings under credit facilities related to Swedish Match AB acquisition 13,920
Repayments under credit facilities related to Swedish Match AB acquisition (3,168) (4,430) (4,000)
Long-term debt proceeds 2,948 535 4,659 2,307 2,449 5,203 5,965 1,483 2,230
Long-term debt repaid (822) (2,422) (569) (1,812) (517) (1,352) (682) (745) (1,482) (1) (496) (1,063) (347) (1,632) (358) (3,641)
Repurchases of common stock (209) (681) (94)
Dividends paid (2,116) (2,106) (2,027) (2,027) (2,037) (2,023) (1,977) (1,977) (1,987) (1,973) (1,942) (1,945) (1,952) (1,952) (1,876) (1,873) (1,879) (1,879) (1,827) (1,830) (1,828)
Collateral received/settlements for derivatives, received (returned) (606) 806 (328) 90 260 (64) 7 (3) (2)
Payments to acquire Swedish Match AB noncontrolling interests (883) (1,495)
Noncontrolling interests activity and Other (86) (152) (68) (181) (88) (106) (125) (208) 64 (191) (121) (277) (265) (123) (173) (195) (89) (158) (214) (202) (202)
Net cash provided by (used in) financing activities 671 (4,103) (2,981) (3,532) 1,135 (2,897) (1,765) (1,784) 864 9,877 (2,271) (3,099) (701) (3,801) (2,053) (2,474) (3,649) (465) (2,528) (954) (4,549)
Effect of exchange rate changes on cash, cash equivalents and restricted cash 335 (387) 67 14 (230) 275 (172) (109) (89) 401 (370) (149) (95) (191) (47) 41 (220) 347 (32) 134 (191)
Cash, cash equivalents and restricted cash, increase (decrease) 222 (47) (575) 777 953 112 (478) 1,066 (771) (2,157) 331 417 126 (300) (120) 1,014 (3,379) 2,458 620 457 (3,115)

Based on: 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), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).


The quarterly financial data reveals several notable trends and patterns across various financial metrics over the examined periods.

Net Earnings
Net earnings generally displayed volatility with peaks in late 2024 at 3,215 million US dollars and a significant dip to negative 486 million in the quarter ending December 31, 2024. Earlier periods show fluctuations around the 2,000 to 2,500 million range, indicating variability in profitability.
Depreciation and Amortization Expense
There is a general upward trend in depreciation and amortization expense, rising from around 229-241 million in early 2020 to approximately 480 million by the first quarter of 2025, suggesting increasing capital intensity or asset base adjustments.
Impairments
Costs related to impairments are sporadic but notable, including a large impairment of 680 million in the middle of 2023 and a substantial charge of 2,316 million associated with the RBH equity investment in late 2024. There are also several smaller impairments related to acquisitions and expected sales, reflecting periodic asset revaluations or strategic shifts.
Deferred Income Tax Provision (Benefit)
The tax provision shows considerable fluctuations between positive and negative values, with significant tax benefits (-364 million) in late 2023 and varying benefits and provisions in other quarters. This volatility may be due to changes in tax positions or extraordinary items affecting taxable income.
Working Capital Components
Receivables, inventories, and accounts payable show irregular patterns with both positive and negative swings, indicating fluctuations in operational cash flow components and inventory management. Notably, accrued liabilities and other current assets exhibit substantial volatility, with large outflows and inflows across quarters, implying considerable spikes in current liabilities and operational adjustments.
Operating Cash Flows
Net cash from operating activities remained strong in many quarters, often exceeding 3,000 million, except for some quarters such as early 2023 and early 2025, which recorded negative or significantly lower values. The adjustments to reconcile net earnings to operating cash flows show occasional strong negative adjustments, reflecting working capital and non-cash impacts.
Investing Activities
Investing cash flows are variable, with significant outflows related to the acquisition of Swedish Match AB in 2022 (notably -13,976 million) and other acquisitions. Capital expenditures steadily increased over time, reaching close to 400 million in several recent quarters, indicating sustained investment in property and equipment.
Financing Activities
Financing activities are characterized by notable debt issuances and repayments, particularly linked to the Swedish Match acquisition. Short-term and long-term borrowings fluctuate considerably, with intermittent large repayments and issuances. Dividends paid show a steady, gradual increase, reflecting consistent shareholder distributions. Repurchases of common stock appear irregular and concentrated in few quarters.
Cash and Cash Equivalents
The cash balance shows negative increases or decreases in many periods, indicating net cash outflows or usage in operations, investing, or financing activities. Exchange rate effects also contribute notably to cash fluctuations, particularly in quarters showing large positive or negative impacts.

Overall, the data reflects a company undergoing strategic acquisitions and associated financing adjustments, with operational cash generation largely supporting capital expenditures and financing costs. Variability in net earnings and impairments suggests episodic charges impacting profitability, while strong dividend payments indicate a continued focus on shareholder returns despite fluctuations.