Philip Morris International Inc., operating profit margin, long-term trends, calculation

	Operating profit margin	=	100	×	Operating income¹	÷	Revenues including excise taxes¹
Dec 31, 2019	13.51%	=	100	×	10,531	÷	77,921
Dec 31, 2018	14.25%	=	100	×	11,377	÷	79,823
Dec 31, 2017	14.73%	=	100	×	11,503	÷	78,098
Dec 31, 2016	14.43%	=	100	×	10,815	÷	74,953
Dec 31, 2015	14.37%	=	100	×	10,623	÷	73,908
Dec 31, 2014	14.61%	=	100	×	11,702	÷	80,106
Dec 31, 2013	16.89%	=	100	×	13,515	÷	80,029
Dec 31, 2012	17.91%	=	100	×	13,863	÷	77,393
Dec 31, 2011	17.48%	=	100	×	13,342	÷	76,346
Dec 31, 2010	16.54%	=	100	×	11,200	÷	67,713
Dec 31, 2009	16.17%	=	100	×	10,040	÷	62,080
Dec 31, 2008	16.10%	=	100	×	10,248	÷	63,640

¹ US$ in millions

Philip Morris International Inc., operating profit margin, long-term trends, comparison to competitors

	Philip Morris International Inc.	Altria Group Inc.
Dec 31, 2019	13.51%	41.12%
Dec 31, 2018	14.25%	35.94%
Dec 31, 2017	14.73%	37.36%
Dec 31, 2016	14.43%	34.04%
Dec 31, 2015	14.37%	32.87%
Dec 31, 2014	14.61%	31.07%
Dec 31, 2013	16.89%	33.04%
Dec 31, 2012	17.91%	29.46%
Dec 31, 2011	17.48%	25.50%
Dec 31, 2010	16.54%	25.56%
Dec 31, 2009	16.17%	23.19%
Dec 31, 2008	16.10%	25.22%

Philip Morris International Inc. (NYSE:PM)

Operating Profit Margin
since 2008