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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- Income Statement
- Balance Sheet: Assets
- Common-Size Balance Sheet: Assets
- Analysis of Profitability Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Enterprise Value (EV)
- Net Profit Margin since 2008
- Operating Profit Margin since 2008
- Price to Earnings (P/E) since 2008
- Price to Sales (P/S) 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: 2025-09-30), 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), 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 demonstrated a generally positive trajectory from early 2020 through the end of 2023, with notable peaks in the quarters ending September 2024 and December 2024, reaching above $3 billion. However, there was a significant and sharp dip into negative territory in the quarter ending March 2025, followed by a quick recovery in subsequent quarters. This volatility in 2025 highlights an unusual event or adjustment impacting profitability during that period.
- Depreciation and Amortization Expense
- Depreciation and amortization expenses showed a steady increase over the examined periods, rising from approximately $240 million in early 2020 to over $500 million by the end of 2025. This consistent growth suggests ongoing investments in capital assets or intangibles, possibly linked to acquisitions or expansions.
- Impairments and Losses
- The data shows isolated occurrences of large impairments, such as goodwill impairment recorded in mid-2023 and significant impairments related to the RBH equity investment and the loss on the sale of the Vectura Group in late 2024. These extraordinary items have likely contributed to fluctuations in net earnings, especially the extreme negative net earnings in early 2025.
- Deferred Income Tax Provision (Benefit)
- The deferred income tax provision exhibited substantial fluctuations, oscillating between benefits and provisions without a clear trend. Large negative values in certain quarters indicate tax benefits, while positive spikes suggest tax expenses, reflecting variable tax impacts possibly associated with restructuring, impairments, or other non-operational activities.
- Working Capital Changes
- Key working capital accounts such as receivables, inventories, accounts payable, and accrued liabilities showed considerable volatility. Inventories, in particular, had large negative swings, reaching extreme negative values in late 2022, followed by periods of recovery. Accounts payable and accrued liabilities also showed large positive and negative fluctuations, indicating dynamic operational adjustments. These movements suggest varying supply chain and payment cycle impacts, possibly influenced by inventory management or supplier negotiations.
- Operating Cash Flows
- Operating cash flows generally remained strong, with multiple quarters exceeding $3 billion, particularly from mid-2020 through 2024. However, there were some quarters with notable declines, including a significant negative cash flow reported in early 2023. Overall, the ability to generate consistent operational cash flows indicates robust cash-generating efficiency despite occasional disruptions.
- Capital Expenditures and Investing Activities
- Capital expenditures fluctuated between approximately $140 million and $400 million quarterly, with an upward tendency toward the later periods, suggesting continued investment in fixed assets. Investing activities were significantly impacted by large outflows related to acquisitions, notably the Swedish Match AB acquisition in late 2022 and continued related payments in 2023. These acquisitions led to large one-time cash outflows, considerably influencing the investing cash flow line.
- Financing Activities
- Financing cash flows were highly variable, with substantial outflows associated with debt repayments, share repurchases, and dividend payments. Dividends paid remained stable at around $2 billion quarterly, indicating a consistent commitment to shareholder returns. There were also notable spikes in long-term debt issuance in several quarters, especially following acquisitions, balanced by repayments in subsequent periods. The variability in short-term and long-term borrowings reflects active capital structure management.
- Cash and Cash Equivalents
- Cash, cash equivalents, and restricted cash balances showed significant fluctuations, including a sizeable reduction around early 2021 and another sharp decrease in late 2022, aligned with major investment outflows. Subsequent quarters show partial recoveries, yet the overall balance remains volatile, reflective of the aggressive acquisition strategy and operational cash flow variability.
- Other Items
- Items such as restructuring charges, other adjustments, and pension contributions showed sporadic and sometimes large movements, particularly restructuring charges peaking sharply in late 2023 and early 2024. These operational adjustments contributed to fluctuations in expense profiles and cash flows.
- Summary
- The financial data reflects a company actively investing through acquisitions, managing working capital dynamically, and maintaining consistent dividend payouts. Earnings and operating cash flows generally trended positively with occasional volatility induced by impairments and restructuring activities. The company's capital structure adapted through significant debt issuances and repayments in response to strategic acquisitions. The considerable variability in cash flows and balance sheet components in recent quarters signals episodic challenges and major corporate activity impacting financial stability and performance.