Operating Profit Margin
since 2008
Calculation
Philip Morris International Inc., operating profit margin, long-term trends, calculation
| Operating profit margin | = | 100 | × | Operating income1 | ÷ | Net revenues1 | |
|---|---|---|---|---|---|---|---|
| Dec 31, 2025 | 36.64% | = | 100 | × | 14,892) | ÷ | 40,648) |
| Dec 31, 2024 | 35.38% | = | 100 | × | 13,402) | ÷ | 37,878) |
| Dec 31, 2023 | 32.85% | = | 100 | × | 11,556) | ÷ | 35,174) |
| Dec 31, 2022 | 38.56% | = | 100 | × | 12,246) | ÷ | 31,762) |
| Dec 31, 2021 | 41.32% | = | 100 | × | 12,975) | ÷ | 31,405) |
| Dec 31, 2020 | 40.66% | = | 100 | × | 11,668) | ÷ | 28,694) |
| Dec 31, 2019 | 35.33% | = | 100 | × | 10,531) | ÷ | 29,805) |
| Dec 31, 2018 | 38.40% | = | 100 | × | 11,377) | ÷ | 29,625) |
| Dec 31, 2017 | 40.01% | = | 100 | × | 11,503) | ÷ | 28,748) |
| Dec 31, 2016 | 40.53% | = | 100 | × | 10,815) | ÷ | 26,685) |
| Dec 31, 2015 | 39.65% | = | 100 | × | 10,623) | ÷ | 26,794) |
| Dec 31, 2014 | 39.31% | = | 100 | × | 11,702) | ÷ | 29,767) |
| Dec 31, 2013 | 43.29% | = | 100 | × | 13,515) | ÷ | 31,217) |
| Dec 31, 2012 | 44.18% | = | 100 | × | 13,863) | ÷ | 31,377) |
| Dec 31, 2011 | 42.90% | = | 100 | × | 13,342) | ÷ | 31,097) |
| Dec 31, 2010 | 41.16% | = | 100 | × | 11,200) | ÷ | 27,208) |
| Dec 31, 2009 | 40.10% | = | 100 | × | 10,040) | ÷ | 25,035) |
| Dec 31, 2008 | 39.87% | = | 100 | × | 10,248) | ÷ | 25,705) |
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), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31).
1 US$ in millions
The operating profit margin exhibited a generally increasing trend from 2008 through 2018, followed by fluctuations and a subsequent decline. Initial values were consistently above 39% and peaked in 2018 before experiencing a notable decrease in subsequent years.
- Overall Trend (2008-2018)
- From 2008 to 2018, the operating profit margin demonstrated a positive trajectory, increasing from 39.87% to 40.53% and peaking at 44.18% in 2012. This indicates improving operational efficiency or pricing power during this period. A slight dip occurred in 2014, but the margin recovered and continued to trend upward through 2018.
- Recent Performance (2019-2025)
- Beginning in 2019, the operating profit margin experienced increased volatility. It decreased from 38.40% in 2018 to 35.33% in 2019, then recovered to 41.32% in 2021. However, a significant decline was observed in 2022, falling to 38.56%, and continued to 32.85% in 2023. The margin showed some recovery in 2024 and 2025, reaching 35.38% and 36.64% respectively, but remained below the levels seen prior to 2019.
- Relationship to Net Revenues
- While net revenues generally increased over the period, the operating profit margin’s recent decline suggests that revenue growth has not translated into proportional gains in operating profitability. The period from 2019 to 2023 demonstrates that despite revenue fluctuations, the operating profit margin decreased, indicating potential pressures on cost of goods sold or operating expenses.
- Long-Term Perspective
- Considering the entire period from 2008 to 2025, the operating profit margin has demonstrated a cyclical pattern. The initial growth phase was followed by a period of instability and a recent downward trend. The values in 2024 and 2025 suggest a potential stabilization, but further monitoring is needed to confirm a sustained recovery.
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Comparison to Competitors
Philip Morris International Inc., operating profit margin, long-term trends, comparison to competitors
| Philip Morris International Inc. | Coca-Cola Co. | Mondelēz International Inc. | PepsiCo Inc. | |
|---|---|---|---|---|
| Dec 31, 2025 | 36.64% | 28.71% | 9.21% | 12.24% |
| Dec 31, 2024 | 35.38% | 21.23% | 17.41% | 14.03% |
| Dec 31, 2023 | 32.85% | 24.72% | 15.28% | 13.10% |
| Dec 31, 2022 | 38.56% | 25.37% | 11.22% | 13.33% |
| Dec 31, 2021 | 41.32% | 26.67% | 16.20% | 14.04% |
| Dec 31, 2020 | 40.66% | 27.25% | 14.50% | 14.32% |
| Dec 31, 2019 | 35.33% | 27.06% | 14.86% | 15.32% |
| Dec 31, 2018 | 38.40% | 27.31% | 12.77% | 15.64% |
| Dec 31, 2017 | 40.01% | 21.18% | 13.54% | 16.54% |
| Dec 31, 2016 | 40.53% | 20.61% | 9.91% | 15.58% |
| Dec 31, 2015 | 39.65% | 19.70% | 30.02% | 13.25% |
| Dec 31, 2014 | 39.31% | 21.11% | 9.47% | 14.37% |
| Dec 31, 2013 | 43.29% | 21.83% | 11.25% | 14.61% |
| Dec 31, 2012 | 44.18% | 22.45% | 10.39% | 13.91% |
| Dec 31, 2011 | 42.90% | 21.82% | 12.25% | 14.48% |
| Dec 31, 2010 | 41.16% | 24.06% | 11.51% | 14.41% |
| Dec 31, 2009 | 40.10% | 26.56% | 13.68% | 18.61% |
| Dec 31, 2008 | 39.87% | 26.44% | 9.04% | 16.03% |
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), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31).