Statement of Comprehensive Income
Comprehensive income is the change in equity (net assets) of a business enterprise during a period from transactions and other events and circumstances from non-owners sources. It includes all changes in equity during a period except those resulting from investments by owners and distributions to owners.
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- 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 statement of comprehensive income
US$ in millions
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
The statement of comprehensive income reveals fluctuating performance over the five-year period. Net earnings experienced a decline from 2021 to 2023, reaching a low of US$7.503 billion in 2024, before a substantial increase to US$11.848 billion in 2025. However, other comprehensive income components introduce significant volatility to the overall comprehensive earnings.
- Net Earnings Trend
- Net earnings decreased consistently from US$9.710 billion in 2021 to US$7.503 billion in 2024, representing a cumulative decline of approximately 22.7%. The subsequent increase to US$11.848 billion in 2025 indicates a strong recovery and suggests potential positive impacts from strategic initiatives or market conditions.
- Unrealized Gains/Losses
- Unrealized gains (losses) exhibited considerable fluctuation. A modest gain of US$58 million in 2021 was followed by substantial losses in 2022, 2023, and 2025, peaking at a loss of US$1.864 billion in 2025. The 2024 figure showed a smaller loss of US$122 million. These fluctuations suggest exposure to volatile market conditions or complex financial instruments.
- Comprehensive Income Components
- Other comprehensive income (OCI) demonstrated significant variability, moving from a gain of US$1.525 billion in 2021 to a loss of US$2.430 billion in 2023, before recovering to a gain of US$400 million in 2024 and then declining again to a loss of US$985 million in 2025. This volatility significantly impacted overall comprehensive earnings.
- Impact of Currency Translation
- Changes in currency translation adjustments mirrored the pattern of unrealized gains/losses, contributing to the overall volatility in OCI. Large negative adjustments were observed in 2022, 2023, and 2025, indicating adverse effects from exchange rate movements.
- Attribution to Noncontrolling Interests
- Comprehensive earnings attributable to noncontrolling interests remained relatively stable, ranging from US$-281 million to US$-522 million over the period. The consistent negative attribution suggests a consistent ownership structure with noncontrolling interests.
- Overall Comprehensive Earnings
- Comprehensive earnings followed a similar trend to net earnings, declining from US$11.235 billion in 2021 to US$5.838 billion in 2023, increasing to US$7.903 billion in 2024, and then rising substantially to US$10.863 billion in 2025. The significant influence of OCI components is evident in the divergence between net earnings and comprehensive earnings figures.
The considerable fluctuations in other comprehensive income components, particularly unrealized gains/losses and currency translation adjustments, warrant further investigation to understand the underlying drivers and potential risks. While net earnings demonstrate a positive trend in the final year, the overall financial picture is heavily influenced by these non-net income items.