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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- Statement of Comprehensive Income
- Common-Size Balance Sheet: Assets
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Analysis of Geographic Areas
- Capital Asset Pricing Model (CAPM)
- Net Profit Margin since 2008
- Return on Equity (ROE) since 2008
- Debt to Equity since 2008
- Price to Earnings (P/E) since 2008
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Philip Morris International Inc., consolidated cash flow statement (quarterly data)
US$ in millions
Based on: 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), 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).
- Net Earnings
- Net earnings exhibited volatility over the periods, with notable peaks in March 2022 and September 2024, reaching above 3 billion USD. However, a significant negative dip occurred in December 2024, with net earnings dropping to -486 million USD. Overall, earnings demonstrated cyclical fluctuations with intermittent strong recoveries.
- Depreciation and Amortization Expense
- This expense generally increased over time, rising from approximately 241 million USD in early 2020 to consistently around 450 million USD by late 2024, indicating growing amortization and depreciation costs, possibly linked to asset base expansions.
- Impairment Charges
- There were isolated impairments recorded sporadically, including a significant 680 million USD goodwill/intangible impairment in mid-2023 and substantial impairments related to equity investments and sales expectations, especially near late 2024, implying occasional asset write-downs impacting financial performance.
- Deferred Income Tax Provision (Benefit)
- This line showed considerable fluctuations between positive and negative values without a clear trend, reflecting varying tax positions and adjustments driven by operational and possibly non-recurring tax impacts.
- Restructuring Charges
- Restructuring charges were sporadic, with some significant positive and negative values, peaking at 240 million USD in mid-2025. This indicates episodic restructuring activities affecting operational costs.
- Working Capital Components
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Receivables, inventories, accounts payable, and accrued liabilities showed high volatility with frequent large positive and negative changes. Inventories especially exhibited extreme swings, such as a sharp decrease of over 2000 million USD in late 2022. These fluctuations suggest dynamic inventory management and working capital adjustments in response to business conditions.
- Income Taxes
- Income tax payments fluctuated markedly, with both large positive and negative values, indicating unstable tax situations or adjustments potentially related to taxable income variability and tax planning actions.
- Operating Cash Flows
- Net cash provided by operating activities generally remained positive and sizable, frequently exceeding 3000 million USD except for a notable negative amount in early 2023. This demonstrates a strong cash-generating ability from ongoing operations despite volatility in earnings.
- Investing Activities
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Capital expenditures consistently ranged between -130 to -420 million USD quarterly, showing steady investment in property, plant, and equipment. A large acquisition (Swedish Match AB) in late 2022 led to a massive cash outflow (~-13,976 million USD), followed by smaller acquisitions and divestitures. There were also proceeds from business sales in select quarters, offsetting some investment outflows.
- Financing Activities
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Financing cash flows showed marked variability with significant borrowings and repayments. Short-term and long-term debt issuances and repayments fluctuated substantially, reflecting active capital management. Dividends were consistently paid at approximately 2 billion USD quarterly, illustrating a stable shareholder return policy. Stock repurchases occurred sporadically with notable activity in 2020 and 2021. The impact of the Swedish Match acquisition is evident in large borrowings and subsequent repayments.
- Cash and Cash Equivalents
- Cash balances demonstrated volatility with periods of both increases and decreases. Notable increases aligned with strong operating cash flows and financing inflows, while decreases often coincided with significant investing outflows or negative net earnings quarters. Exchange rate effects introduced additional variability in cash positions.
- Summary of Trends and Insights
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The company showed strong operational cash generation capability despite earnings volatility. Significant investing cash outflows driven by acquisitions impacted overall liquidity and were financed through a combination of debt issuance and repayments. Working capital components exhibited high variability, possibly reflecting adjustments for business cycles or strategic inventory and receivables management. Episodic impairments and restructuring charges suggest occasional adjustments to the business portfolio or cost structure. The consistent dividend payments and variable but strategic capital structure adjustments highlight a focus on shareholder value amid fluctuating financial performance.