Analysis of Geographic Areas
Philip Morris International Inc. operates in 5 regions: Europe Region; South and Southeast Asia, Commonwealth of Independent States, Middle East and Africa Region (SSEA, CIS & MEA); East Asia, Australia, and PMI Duty Free Region (EA, AU & PMI DF); Americas Region; and Wellness and Healthcare.
Area Profit Margin
Philip Morris International Inc., profit margin by geographic area
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Europe Region | 45.18% | 43.35% | 44.53% | 48.72% | — |
| South and Southeast Asia, Commonwealth of Independent States, Middle East and Africa Region (SSEA, CIS & MEA) | 30.45% | 29.50% | 36.92% | 33.42% | — |
| East Asia, Australia, and PMI Duty Free Region (EA, AU & PMI DF) | 45.02% | 40.95% | 40.84% | 43.98% | — |
| Americas Region | 12.09% | 15.29% | 20.79% | 26.42% | — |
| Wellness and Healthcare | -117.42% | -284.31% | -95.20% | -51.49% | — |
Based on: 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).
The profit margin data across various geographic regions exhibit both positive and negative trends over the analyzed periods.
- Europe Region
- The profit margin in Europe shows a slight decline from 48.72% in 2021 to 43.35% in 2023, followed by a modest recovery to 45.18% in 2024. This suggests some volatility but overall maintains a relatively high margin compared to other regions.
- South and Southeast Asia, Commonwealth of Independent States, Middle East and Africa Region (SSEA, CIS & MEA)
- This region experienced an increase in profit margin from 33.42% in 2021 to a peak of 36.92% in 2022, but subsequently saw a significant drop to 29.5% in 2023 before a slight increase to 30.45% in 2024, indicating fluctuating profitability with a downward pressure in the most recent periods.
- East Asia, Australia, and PMI Duty Free Region (EA, AU & PMI DF)
- The profit margin here decreased from 43.98% in 2021 to 40.84% in 2022, remained relatively stable at 40.95% in 2023, and saw a notable increase to 45.02% in 2024. This pattern suggests initial stability with recent improvement in profitability.
- Americas Region
- The Americas region displays a clear declining trend in profit margin, starting at 26.42% in 2021 and steadily falling to 12.09% by 2024. This continuous decrease highlights potential challenges impacting margin sustainability in this region.
- Wellness and Healthcare
- The Wellness and Healthcare segment consistently shows negative profit margins throughout the available periods, worsening significantly from -51.49% in 2021 to -284.31% in 2023, before recovering moderately to -117.42% in 2024. These figures indicate substantial ongoing losses in this segment with some reduction in magnitude in the most recent year.
Area Profit Margin: Europe Region
Philip Morris International Inc.; Europe Region; area profit margin calculation
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Operating income (loss) | 6,938) | 6,169) | 5,776) | 6,409) | —) |
| Net revenues | 15,357) | 14,231) | 12,972) | 13,155) | —) |
| Area Profitability Ratio | |||||
| Area profit margin1 | 45.18% | 43.35% | 44.53% | 48.72% | — |
Based on: 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).
1 2024 Calculation
Area profit margin = 100 × Operating income (loss) ÷ Net revenues
= 100 × 6,938 ÷ 15,357 = 45.18%
- Operating Income (Loss)
- The operating income shows a fluctuating trend over the observed periods. Starting from a value of 6,409 million USD in 2021, there is a decline to 5,776 million USD in 2022. However, the figure recovers in the subsequent years, rising to 6,169 million USD in 2023 and further to 6,938 million USD in 2024, indicating a positive trajectory towards the end of the series.
- Net Revenues
- Net revenues exhibit a general upward trend. Beginning at 13,155 million USD in 2021, there is a slight decrease to 12,972 million USD in 2022. Following this, revenues increase significantly to 14,231 million USD in 2023 and continue to grow to 15,357 million USD in 2024. This progression suggests expanding sales or improved pricing power in the later years.
- Area Profit Margin
- The area profit margin starts high at 48.72% in 2021 but experiences a consistent decline over the next two years, falling to 44.53% in 2022 and further to 43.35% in 2023. There is a slight recovery in 2024, with the margin increasing to 45.18%. Although not reaching the initial level, this indicates some improvement in profitability efficiency at the end of the period.
- Summary of Trends
- Overall, the financial data reflects an initial dip in both operating income and net revenues in 2022, followed by a strong recovery and growth in 2023 and 2024. The profit margin trend somewhat contrasts this pattern, showing a decreasing profitability ratio through 2022 and 2023, with a modest rebound in 2024. These patterns suggest challenges that were managed effectively in the latter years, leading to improved financial performance and operational efficiency in the most recent period.
Area Profit Margin: South and Southeast Asia, Commonwealth of Independent States, Middle East and Africa Region (SSEA, CIS & MEA)
Philip Morris International Inc.; South and Southeast Asia, Commonwealth of Independent States, Middle East and Africa Region (SSEA, CIS & MEA); area profit margin calculation
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Operating income (loss) | 3,429) | 3,136) | 3,864) | 3,295) | —) |
| Net revenues | 11,261) | 10,629) | 10,467) | 9,858) | —) |
| Area Profitability Ratio | |||||
| Area profit margin1 | 30.45% | 29.50% | 36.92% | 33.42% | — |
Based on: 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).
1 2024 Calculation
Area profit margin = 100 × Operating income (loss) ÷ Net revenues
= 100 × 3,429 ÷ 11,261 = 30.45%
The financial data for the region encompassing South and Southeast Asia, the Commonwealth of Independent States, the Middle East, and Africa demonstrate several notable trends over the period from 2021 to 2024.
- Net Revenues
- Net revenues show a consistent upward trend across the reported years. Starting at approximately US$9,858 million in 2021, revenues increased to US$10,467 million in 2022. This growth continued more modestly to US$10,629 million in 2023 and again to US$11,261 million by the end of 2024. The steady increase in net revenues suggests a strengthening market presence or improved sales performance in this geographic area.
- Operating Income (Loss)
- Operating income figures exhibit more fluctuation. Beginning at US$3,295 million in 2021, operating income rose to a peak of US$3,864 million in 2022 but then declined to US$3,136 million in 2023. In 2024, operating income rebounded slightly to US$3,429 million. The variations imply that while revenue growth was steady, operational profitability faced challenges possibly related to cost pressures or margin compression during the mid-period.
- Area Profit Margin
- The area profit margin followed a declining pattern after peaking in 2022. At 33.42% in 2021, the margin increased further to 36.92% in 2022, reflecting strong profitability relative to revenue. However, it then decreased sharply to 29.5% in 2023 and improved marginally to 30.45% in 2024. The reduction in profit margin despite rising revenues points to increased costs or other operational inefficiencies affecting profitability.
Overall, the region experienced revenue growth coupled with volatile profitability. The highest operating income and profit margin occurred in 2022, indicating particularly favorable conditions that year. Subsequent declines in profitability metrics suggest emerging challenges in cost management or market conditions, though a partial recovery was noted by the end of 2024.
Area Profit Margin: East Asia, Australia, and PMI Duty Free Region (EA, AU & PMI DF)
Philip Morris International Inc.; East Asia, Australia, and PMI Duty Free Region (EA, AU & PMI DF); area profit margin calculation
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Operating income (loss) | 2,878) | 2,539) | 2,424) | 2,836) | —) |
| Net revenues | 6,393) | 6,201) | 5,936) | 6,448) | —) |
| Area Profitability Ratio | |||||
| Area profit margin1 | 45.02% | 40.95% | 40.84% | 43.98% | — |
Based on: 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).
1 2024 Calculation
Area profit margin = 100 × Operating income (loss) ÷ Net revenues
= 100 × 2,878 ÷ 6,393 = 45.02%
The financial performance of the East Asia, Australia, and PMI Duty Free Region (EA, AU & PMI DF) over the analyzed period demonstrates notable fluctuations and recent improvement across several key metrics.
- Operating Income (Loss)
- The operating income shows variability over the years from 2021 to 2024. It decreased from 2,836 million US dollars in 2021 to 2,424 million in 2022, indicating a decline in profitability during that period. However, a recovery trend is visible afterward, with operating income increasing to 2,539 million in 2023 and further rising to 2,878 million in 2024, surpassing the 2021 level.
- Net Revenues
- Net revenues in the region experienced a downward trend initially, falling from 6,448 million US dollars in 2021 to 5,936 million in 2022. Following this decline, revenues began to recover gradually, reaching 6,201 million in 2023 and nearly returning to the 2021 figure at 6,393 million in 2024. This suggests a period of contraction followed by a steady rebound in sales activity within the region.
- Area Profit Margin
- The area profit margin percentage exhibits a similar pattern to the other financial indicators. It declined from 43.98% in 2021 to 40.84% in 2022, reflecting decreased profitability efficiency. Subsequently, this margin slightly increased to 40.95% in 2023, followed by a more substantial improvement to 45.02% in 2024. The margin in 2024 not only recovered but exceeded the margin level reported in 2021, indicating enhanced profitability and operational effectiveness in the region.
In summary, the data reflects a challenging year in 2022 marked by declines in both revenue and profitability metrics. Nevertheless, the subsequent years show a positive recovery trend, culminating in 2024 with operating income and profit margins that surpass previous peak values, accompanied by a near return to earlier revenue levels. This suggests effective management responses and potential market recovery or growth within the East Asia, Australia, and PMI Duty Free Region.
Area Profit Margin: Americas Region
Philip Morris International Inc.; Americas Region; area profit margin calculation
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Operating income (loss) | 548) | 582) | 440) | 487) | —) |
| Net revenues | 4,534) | 3,807) | 2,116) | 1,843) | —) |
| Area Profitability Ratio | |||||
| Area profit margin1 | 12.09% | 15.29% | 20.79% | 26.42% | — |
Based on: 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).
1 2024 Calculation
Area profit margin = 100 × Operating income (loss) ÷ Net revenues
= 100 × 548 ÷ 4,534 = 12.09%
The financial data for the Americas Region demonstrate notable trends across the annual periods from 2020 through 2024. The analysis reveals several key insights into the performance metrics of operating income, net revenues, and area profit margin.
- Operating Income (Loss)
- Operating income displayed growth from 487 million USD in 2021 to a peak of 582 million USD in 2023. However, this was followed by a decline to 548 million USD in 2024, indicating some volatility in operating profitability after an initial upward trend. The missing value for 2020 limits the ability to analyze the full trend from the start of the dataset.
- Net Revenues
- Net revenues show a strong upward trajectory throughout the period. From 1843 million USD in 2021, revenues increased to 2116 million USD in 2022 and surged significantly to 3807 million USD in 2023, continuing to rise sharply to 4534 million USD in 2024. This consistent and accelerated growth in revenues contrasts with the less steady trend observed in operating income.
- Area Profit Margin
- The area profit margin experienced a continuous decline over the period covered. Starting from 26.42% in 2021, it dropped to 20.79% in 2022, then further decreased to 15.29% in 2023, and declined even more significantly to 12.09% in 2024. This downward trend indicates diminishing profitability relative to revenues despite the increase in net revenues, suggesting rising costs or reduced operational efficiency impacting margins.
In summary, while net revenues in the Americas Region have exhibited strong growth throughout the observed period, operating income has shown variability with a slight decrease in the latest year. More strikingly, the area profit margin has steadily deteriorated, signaling potential challenges in managing costs or achieving margin improvements despite the expanding top-line revenue. These patterns indicate a need for focused attention on cost control and margin management to sustain profitability amid increasing revenue levels.
Area Profit Margin: Wellness and Healthcare
Philip Morris International Inc.; Wellness and Healthcare; area profit margin calculation
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Operating income (loss) | (391) | (870) | (258) | (52) | —) |
| Net revenues | 333) | 306) | 271) | 101) | —) |
| Area Profitability Ratio | |||||
| Area profit margin1 | -117.42% | -284.31% | -95.20% | -51.49% | — |
Based on: 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).
1 2024 Calculation
Area profit margin = 100 × Operating income (loss) ÷ Net revenues
= 100 × -391 ÷ 333 = -117.42%
- Net Revenues
- Net revenues in the Wellness and Healthcare segment have exhibited a consistent upward trend from 2021 through 2024. Starting at 101 million USD in 2021, revenues increased to 271 million USD in 2022, then rose further to 306 million USD in 2023, and reached 333 million USD in 2024. This steady growth indicates an expanding market presence or increased sales within this geographic area.
- Operating Income (Loss)
- Operating income has demonstrated a persistent negative performance throughout the period with significant deterioration in 2023. In 2021, the area reported a loss of 52 million USD, which worsened to a 258 million USD loss in 2022. The loss expanded sharply to 870 million USD in 2023, followed by a partial recovery to a 391 million USD loss in 2024. Despite the recent reduction in losses, the segment continues to operate at a substantial deficit.
- Area Profit Margin
- The area profit margin has mirrored the pattern of operating income losses, remaining deeply negative over all years reported. The margin was -51.49% in 2021, declined further to -95.2% in 2022, and worsened significantly to -284.31% in 2023. In 2024, the margin improved but remained negative at -117.42%. This deep negative margin indicates high costs or inefficiencies relative to revenues.
- Overall Insights
- While net revenues have shown consistent growth, operating losses and profit margins indicate ongoing challenges in managing costs or achieving profitability in the Wellness and Healthcare segment. The substantial loss peak in 2023 suggests a period of heightened expenses or one-time charges. Although there was some improvement in 2024, profitability remains elusive. The data highlights a need for strategic focus on cost control and operational efficiency to convert revenue growth into sustainable profitability.
Area Return on Assets (Area ROA)
Philip Morris International Inc., ROA by geographic area
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Europe Region | 125.23% | 108.29% | 111.53% | 130.32% | — |
| South and Southeast Asia, Commonwealth of Independent States, Middle East and Africa Region (SSEA, CIS & MEA) | 158.75% | 142.74% | 188.76% | 151.08% | — |
| East Asia, Australia, and PMI Duty Free Region (EA, AU & PMI DF) | 761.38% | 527.86% | 359.11% | 382.21% | — |
| Americas Region | 35.15% | 44.43% | 34.32% | 73.12% | — |
| Wellness and Healthcare | — | — | — | — | — |
Based on: 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).
The geographic area Return on Assets (ROA) data reveals varying performance trends across different regions over the period from December 31, 2020, to December 31, 2024, with some regions demonstrating significant fluctuations.
- Europe Region
- The ROA in the Europe Region experienced an increase from 130.32% in 2021 to a peak of 111.53% in 2022, followed by a slight decline to 108.29% in 2023. However, the value rose again to 125.23% in 2024, indicating a relatively strong but somewhat volatile performance with a notable rebound at the end of the period.
- South and Southeast Asia, Commonwealth of Independent States, Middle East and Africa Region (SSEA, CIS & MEA)
- This region demonstrated a pronounced degree of volatility. The ROA increased sharply from 151.08% in 2021 to 188.76% in 2022 but then dropped to 142.74% in 2023 before recovering to 158.75% in 2024. The fluctuations suggest a dynamic market environment with significant changes in asset profitability over the years.
- East Asia, Australia, and PMI Duty Free Region (EA, AU & PMI DF)
- The ROA trend in this region showed consistent and steep growth, starting from 382.21% in 2021 and slightly decreasing to 359.11% in 2022. This was followed by a marked increase to 527.86% in 2023 and continued upward to a robust 761.38% in 2024. This pattern indicates substantial improvement in asset efficiency and profitability in this geographic division, markedly outperforming other regions.
- Americas Region
- The Americas Region displayed a declining ROA trend overall. Having an ROA of 73.12% in 2021, it fell sharply to 34.32% in 2022, improved marginally to 44.43% in 2023 but then decreased again to 35.15% in 2024. This pattern highlights challenges in maintaining asset profitability in the Americas over the observed period.
- Wellness and Healthcare
- There is no available data for this category across all periods, indicating either a lack of reporting or absence of measurable ROA figures for this segment.
In summary, the East Asia, Australia, and PMI Duty Free Region exhibited the strongest and most consistent growth in ROA, suggesting a significant enhancement in operational efficiency or asset utilization. Other regions showed more variability, with Europe and SSEA, CIS & MEA experiencing moderate fluctuations and the Americas seeing diminished asset returns. The absence of data for Wellness and Healthcare precludes any analysis for this segment.
Area ROA: Europe Region
Philip Morris International Inc.; Europe Region; area ROA calculation
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Operating income (loss) | 6,938) | 6,169) | 5,776) | 6,409) | —) |
| Long-lived assets | 5,540) | 5,697) | 5,179) | 4,918) | —) |
| Area Profitability Ratio | |||||
| Area ROA1 | 125.23% | 108.29% | 111.53% | 130.32% | — |
Based on: 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).
1 2024 Calculation
Area ROA = 100 × Operating income (loss) ÷ Long-lived assets
= 100 × 6,938 ÷ 5,540 = 125.23%
- Operating Income (Loss)
- The operating income in the Europe Region experienced fluctuations between 2021 and 2024. Starting from 6,409 million US dollars in 2021, it decreased to 5,776 million in 2022, followed by a recovery to 6,169 million in 2023, and further increased to 6,938 million in 2024. This indicates an overall upward trend after an initial decline, suggesting improving operational performance in the latter years.
- Long-lived Assets
- Long-lived assets showed steady growth from 4,918 million US dollars in 2021 to 5,179 million in 2022 and further to 5,697 million in 2023, indicating ongoing investment or acquisition of long-term assets. However, there was a slight decline to 5,540 million in 2024, which may reflect asset disposals, depreciation, or revaluation adjustments.
- Area Return on Assets (ROA)
- The Area ROA began at a high level of 130.32% in 2021, then declined to 111.53% in 2022 and further to 108.29% in 2023, indicating a decrease in efficiency or profitability relative to the asset base during these years. However, in 2024, ROA increased significantly to 125.23%, suggesting enhanced utilization of assets or improved profit margins in the most recent period.
- Overall Trends and Insights
- The data shows an initial challenge in 2022 with a decline in operating income and ROA, despite an increase in long-lived assets, which may imply that investments had not yet translated into improved profitability. The subsequent years show recovery and growth in operating income and ROA, indicating stronger financial performance and more effective asset management. The slight decrease in long-lived assets in 2024 contrasts with the improved ROA and operating income, possibly reflecting a more efficient use of a slightly smaller asset base.
Area ROA: South and Southeast Asia, Commonwealth of Independent States, Middle East and Africa Region (SSEA, CIS & MEA)
Philip Morris International Inc.; South and Southeast Asia, Commonwealth of Independent States, Middle East and Africa Region (SSEA, CIS & MEA); area ROA calculation
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Operating income (loss) | 3,429) | 3,136) | 3,864) | 3,295) | —) |
| Long-lived assets | 2,160) | 2,197) | 2,047) | 2,181) | —) |
| Area Profitability Ratio | |||||
| Area ROA1 | 158.75% | 142.74% | 188.76% | 151.08% | — |
Based on: 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).
1 2024 Calculation
Area ROA = 100 × Operating income (loss) ÷ Long-lived assets
= 100 × 3,429 ÷ 2,160 = 158.75%
- Operating Income (Loss)
- The operating income for the region showed an initial increase from 3,295 million US dollars in 2021 to 3,864 million in 2022, representing a significant improvement. However, in 2023, operating income declined to 3,136 million, indicating a setback. In 2024, there was a recovery with income rising again to 3,429 million, though it remained below the peak achieved in 2022.
- Long-lived Assets
- The value of long-lived assets demonstrated some fluctuation over the years. It decreased from 2,181 million US dollars in 2021 to 2,047 million in 2022, followed by an increase to 2,197 million in 2023. In 2024, the assets slightly declined again to 2,160 million, suggesting ongoing adjustments in asset holdings but with no consistent upward or downward trend.
- Area Return on Assets (ROA)
- The area ROA exhibited a notable rise from 151.08% in 2021 to 188.76% in 2022, indicating improved profitability relative to asset base during this period. This performance weakened in 2023 as the ROA decreased to 142.74%, followed by a partial rebound to 158.75% in 2024. The fluctuations align broadly with the movements in operating income, reflecting variability in operational efficiency or market conditions.
Area ROA: East Asia, Australia, and PMI Duty Free Region (EA, AU & PMI DF)
Philip Morris International Inc.; East Asia, Australia, and PMI Duty Free Region (EA, AU & PMI DF); area ROA calculation
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Operating income (loss) | 2,878) | 2,539) | 2,424) | 2,836) | —) |
| Long-lived assets | 378) | 481) | 675) | 742) | —) |
| Area Profitability Ratio | |||||
| Area ROA1 | 761.38% | 527.86% | 359.11% | 382.21% | — |
Based on: 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).
1 2024 Calculation
Area ROA = 100 × Operating income (loss) ÷ Long-lived assets
= 100 × 2,878 ÷ 378 = 761.38%
The financial data for the East Asia, Australia, and PMI Duty Free Region demonstrates notable trends over the period from 2020 to 2024. The analysis focuses on operating income, long-lived assets, and area return on assets (ROA).
- Operating Income (Loss)
- Operating income has exhibited fluctuations across the observed years. Starting from a missing value in 2020, it rose to 2,836 million US dollars in 2021, then decreased to 2,424 million US dollars in 2022. Subsequently, operating income increased again to 2,539 million US dollars in 2023 and reached 2,878 million US dollars by 2024. This pattern indicates some volatility, with a general trend toward recovery and growth after the dip in 2022.
- Long-lived Assets
- Long-lived assets have shown a consistent downward trend throughout the period. From 742 million US dollars in 2021, there was a decline to 675 million in 2022, followed by a sharper decrease to 481 million in 2023 and further down to 378 million in 2024. This significant reduction suggests possible divestitures, asset disposals, or depreciation outpacing asset additions in the region.
- Area Return on Assets (ROA)
- Area ROA experienced substantial growth, moving from 382.21% in 2021 to 359.11% in 2022, which is a slight decline, and then increasing sharply to 527.86% in 2023, followed by an even more pronounced increase to 761.38% in 2024. The rising ROA indicates improved efficiency and profitability relative to the asset base, reflecting enhanced operational performance despite the declining asset base.
In summary, the region has seen a mixed performance in operating income with a temporary decline but eventual growth by 2024. Meanwhile, the asset base has contracted notably, and this asset reduction correlates with significantly improved return on assets ratios, demonstrating more effective asset utilization and stronger profitability over time.
Area ROA: Americas Region
Philip Morris International Inc.; Americas Region; area ROA calculation
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Operating income (loss) | 548) | 582) | 440) | 487) | —) |
| Long-lived assets | 1,559) | 1,310) | 1,282) | 666) | —) |
| Area Profitability Ratio | |||||
| Area ROA1 | 35.15% | 44.43% | 34.32% | 73.12% | — |
Based on: 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).
1 2024 Calculation
Area ROA = 100 × Operating income (loss) ÷ Long-lived assets
= 100 × 548 ÷ 1,559 = 35.15%
The financial data for the Americas Region from 2020 through 2024 reveals several noteworthy trends across key metrics.
- Operating Income
- Operating income shows fluctuations throughout the five-year period. It increased from 487 million USD in 2021 to 582 million USD in 2023, indicating a positive growth trajectory during these years. However, there was a slight decline to 548 million USD in 2024, suggesting a modest downturn after the peak in 2023. The absence of data for 2020 limits the ability to assess the initial trend prior to 2021.
- Long-Lived Assets
- The value of long-lived assets demonstrates a strong upward trend over the period. After an initial value of 666 million USD in 2021, the assets nearly doubled to 1282 million USD in 2022 and continued to increase steadily to reach 1559 million USD by 2024. This growth reflects ongoing capital investments or asset acquisitions, which could support the company's operational capacity or strategic initiatives in the Americas region.
- Area Return on Assets (ROA)
- The Area ROA exhibits significant variability. Following a high of 73.12% in 2021, it decreased sharply to 34.32% in 2022. A partial recovery occurred in 2023, with ROA increasing to 44.43%, before declining again to 35.15% in 2024. This volatility may reflect fluctuating profitability relative to asset base changes and operational efficiency within the region.
Overall, the region experienced growth in asset holdings with mixed results in profitability and efficiency measures. The increase in long-lived assets suggests strategic investment, yet the inconsistent ROA and slight decline in operating income in the latter years point to challenges in fully capitalizing on these assets to enhance financial returns consistently.
Area ROA: Wellness and Healthcare
Philip Morris International Inc.; Wellness and Healthcare; area ROA calculation
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Operating income (loss) | (391) | (870) | (258) | (52) | —) |
| Long-lived assets | —) | —) | —) | —) | —) |
| Area Profitability Ratio | |||||
| Area ROA1 | — | — | — | — | — |
Based on: 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).
1 2024 Calculation
Area ROA = 100 × Operating income (loss) ÷ Long-lived assets
= 100 × -391 ÷ 0 = —
The financial data for the Wellness and Healthcare geographic area reveals key trends in operating income over the observed five-year period.
- Operating Income (loss)
- From 2020 to 2024, the operating income shows a consistently negative trajectory, indicating increasing losses year over year except for 2020, where data is not reported. In 2021, the operating loss was recorded at -52 million US dollars, which deepened significantly to -258 million in 2022. This downward trend accelerated in 2023, with losses reaching -870 million US dollars, representing the peak negative value in the timeframe. However, in 2024, the operating loss decreased substantially to -391 million US dollars, suggesting a partial recovery or reduction in losses relative to the previous year.
- Long-lived Assets
- There are no reported values for long-lived assets during the period, indicating either an absence of such assets being recorded or missing data for these years.
- Area Return on Assets (ROA)
- No data is provided for the area ROA, limiting the ability to evaluate asset efficiency or profitability relative to the asset base for the Wellness and Healthcare area.
Overall, the data suggests the geographic area has been facing significant operating challenges, with increasing operating losses peaking in 2023, and a noticeable improvement in 2024. The lack of asset and return metrics restricts a more comprehensive assessment of asset utilization and profitability trends within the segment.
Area Asset Turnover
Philip Morris International Inc., asset turnover by geographic area
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Europe Region | 2.77 | 2.50 | 2.50 | 2.67 | — |
| South and Southeast Asia, Commonwealth of Independent States, Middle East and Africa Region (SSEA, CIS & MEA) | 5.21 | 4.84 | 5.11 | 4.52 | — |
| East Asia, Australia, and PMI Duty Free Region (EA, AU & PMI DF) | 16.91 | 12.89 | 8.79 | 8.69 | — |
| Americas Region | 2.91 | 2.91 | 1.65 | 2.77 | — |
| Wellness and Healthcare | — | — | — | — | — |
Based on: 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).
- Europe Region
- The asset turnover ratio in Europe demonstrated a fluctuating trend from 2021 to 2024. The ratio started at 2.67 in 2021, decreased slightly to 2.5 in 2022 and remained stable at 2.5 in 2023, before increasing to 2.77 in 2024. This indicates a period of relative stability followed by modest improvement in the latest year.
- South and Southeast Asia, Commonwealth of Independent States, Middle East and Africa Region (SSEA, CIS & MEA)
- In this region, the asset turnover ratio generally trended upward over the period. It increased from 4.52 in 2021 to 5.11 in 2022, experienced a slight decline to 4.84 in 2023, and then rose again to 5.21 in 2024. This suggests strong and sustained operational efficiency with minor short-term fluctuations.
- East Asia, Australia, and PMI Duty Free Region (EA, AU & PMI DF)
- This region displayed a marked and continuous increase in asset turnover ratios over the available years. Starting at 8.69 in 2021, the ratio increased slightly to 8.79 in 2022, then rose substantially to 12.89 in 2023 and reached 16.91 in 2024. The growth trend indicates a significant enhancement in asset utilization efficiency, especially in the most recent years.
- Americas Region
- The Americas region showed a more volatile trend. The asset turnover ratio decreased sharply from 2.77 in 2021 to 1.65 in 2022, followed by a strong recovery to 2.91 in 2023, remaining stable at 2.91 in 2024. This pattern reflects a period of reduced efficiency in 2022, with subsequent recovery and stabilization.
- Wellness and Healthcare
- No data is available for this category over the assessed period, precluding any analysis or trend identification.
Area Asset Turnover: Europe Region
Philip Morris International Inc.; Europe Region; area asset turnover calculation
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Net revenues | 15,357) | 14,231) | 12,972) | 13,155) | —) |
| Long-lived assets | 5,540) | 5,697) | 5,179) | 4,918) | —) |
| Area Activity Ratio | |||||
| Area asset turnover1 | 2.77 | 2.50 | 2.50 | 2.67 | — |
Based on: 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).
1 2024 Calculation
Area asset turnover = Net revenues ÷ Long-lived assets
= 15,357 ÷ 5,540 = 2.77
- Net Revenues
- Net revenues exhibited a generally positive trend from 2021 to 2024, increasing from 13,155 million US dollars in 2021 to 15,357 million US dollars in 2024. Despite a slight decline between 2021 and 2022 (from 13,155 to 12,972 million), the subsequent years showed a steady growth, with revenue increasing to 14,231 million in 2023 and further to 15,357 million in 2024, indicating a recovery and expansion in this geographic region.
- Long-lived Assets
- The value of long-lived assets saw a gradual rise from 4,918 million US dollars in 2021 to 5,697 million in 2023. However, in 2024, there was a moderate decrease to 5,540 million US dollars. This pattern suggests ongoing investment in long-term assets until 2023, followed by a slight reduction, which might imply asset disposals or revaluation adjustments in the most recent year.
- Area Asset Turnover
- The area asset turnover ratio, which measures the efficiency of asset utilization in generating revenues, showed some fluctuation. It decreased from 2.67 in 2021 to 2.5 in 2022 and remained stable in 2023. In 2024, the ratio improved to 2.77, surpassing its 2021 level. This indicates that, despite the dip in asset turnover in 2022 and 2023, the company enhanced its effectiveness in generating revenues from its assets in 2024.
- Overall Insights
- The data reflects a recovering and expanding revenue base in the Europe region, supported by sustained investments in long-lived assets throughout most of the observed period. The turn in the asset turnover ratio in 2024 suggests improved operational efficiency in asset use. The slight reduction in long-lived assets in 2024, paired with higher revenue and increased asset turnover, may point to more optimized asset management or a shift in asset composition to support growth.
Area Asset Turnover: South and Southeast Asia, Commonwealth of Independent States, Middle East and Africa Region (SSEA, CIS & MEA)
Philip Morris International Inc.; South and Southeast Asia, Commonwealth of Independent States, Middle East and Africa Region (SSEA, CIS & MEA); area asset turnover calculation
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Net revenues | 11,261) | 10,629) | 10,467) | 9,858) | —) |
| Long-lived assets | 2,160) | 2,197) | 2,047) | 2,181) | —) |
| Area Activity Ratio | |||||
| Area asset turnover1 | 5.21 | 4.84 | 5.11 | 4.52 | — |
Based on: 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).
1 2024 Calculation
Area asset turnover = Net revenues ÷ Long-lived assets
= 11,261 ÷ 2,160 = 5.21
- Net Revenues
- Net revenues in the South and Southeast Asia, Commonwealth of Independent States, Middle East and Africa Region exhibit a consistent upward trend from 2021 to 2024. Starting at $9,858 million in 2021, revenues increased to $10,467 million in 2022, followed by a slight rise to $10,629 million in 2023, and reaching $11,261 million in 2024. This reflects a steady growth trajectory over the four-year period, demonstrating expanding sales or pricing power in this geographic area.
- Long-Lived Assets
- Long-lived assets show minor fluctuations during the analyzed period. From $2,181 million in 2021, the value decreased to $2,047 million in 2022, slightly recovered to $2,197 million in 2023, and edged down to $2,160 million in 2024. These variations suggest moderate reinvestment or depreciation activity without significant expansion or contraction of capital assets in the region.
- Area Asset Turnover
- The area asset turnover ratio, which measures the efficiency of the assets in generating revenues, improved overall from 4.52 in 2021 to 5.21 in 2024. The ratio increased noticeably to 5.11 in 2022, dipped somewhat to 4.84 in 2023, then rose again in 2024. This indicates enhanced effectiveness in utilizing assets to produce revenues, despite some short-term fluctuations.
- Summary of Trends
- The data reveals a positive revenue growth pattern accompanied by relatively stable asset values. The improving asset turnover ratio suggests increasing operational efficiency in converting asset base into revenues, which may signal effective management or favorable market conditions in the region. The minor asset value changes paired with revenue growth indicate that revenue increases are not primarily driven by large capital expenditures but possibly through better asset use or market expansion.
Area Asset Turnover: East Asia, Australia, and PMI Duty Free Region (EA, AU & PMI DF)
Philip Morris International Inc.; East Asia, Australia, and PMI Duty Free Region (EA, AU & PMI DF); area asset turnover calculation
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Net revenues | 6,393) | 6,201) | 5,936) | 6,448) | —) |
| Long-lived assets | 378) | 481) | 675) | 742) | —) |
| Area Activity Ratio | |||||
| Area asset turnover1 | 16.91 | 12.89 | 8.79 | 8.69 | — |
Based on: 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).
1 2024 Calculation
Area asset turnover = Net revenues ÷ Long-lived assets
= 6,393 ÷ 378 = 16.91
The financial data for the East Asia, Australia, and PMI Duty Free Region over the recent five-year period indicates several notable trends regarding net revenues, long-lived assets, and area asset turnover.
- Net Revenues
- Net revenues have demonstrated a fluctuating but overall moderately positive trend starting at 6,448 million US dollars in 2021, declining to 5,936 million in 2022, and subsequently recovering to 6,201 million in 2023 and further increasing to 6,393 million in 2024. This pattern suggests a temporary decline in revenue followed by a recovery phase, nearing but not exceeding the 2021 figure by the end of the period.
- Long-lived Assets
- Long-lived assets have consistently decreased throughout the period, starting at 742 million US dollars in 2021 and dropping year-over-year to 378 million by 2024. This steady decline may indicate asset disposals, reduced capital investment, or revaluation adjustments, impacting the asset base substantially over the timeframe.
- Area Asset Turnover
- The area asset turnover ratio reveals a significant upward trend, rising from 8.69 in 2021 to 16.91 in 2024. This sharp increase suggests improved efficiency in utilizing the asset base to generate revenues. Given the simultaneous reduction in long-lived assets, the rising turnover ratio indicates enhanced operational productivity or leaner asset management contributing to generating higher revenues per unit of asset value.
In summary, the region experienced a dip and subsequent recovery in net revenues, a notable reduction in the asset base, and significant gains in asset utilization efficiency. The combination of declining asset values and increasing asset turnover points to strategic adjustments in asset management, potentially optimizing resource allocation to sustain revenue growth despite a smaller asset footprint.
Area Asset Turnover: Americas Region
Philip Morris International Inc.; Americas Region; area asset turnover calculation
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Net revenues | 4,534) | 3,807) | 2,116) | 1,843) | —) |
| Long-lived assets | 1,559) | 1,310) | 1,282) | 666) | —) |
| Area Activity Ratio | |||||
| Area asset turnover1 | 2.91 | 2.91 | 1.65 | 2.77 | — |
Based on: 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).
1 2024 Calculation
Area asset turnover = Net revenues ÷ Long-lived assets
= 4,534 ÷ 1,559 = 2.91
- Net Revenues
- The data exhibits a consistent upward trajectory in net revenues over the examined period. Starting at 1,843 million US dollars in 2021, revenues increased to 2,116 million in 2022, followed by a considerable jump to 3,807 million in 2023. The upward trend continued into 2024, reaching 4,534 million US dollars. This pattern indicates strong growth in the region’s sales performance year over year.
- Long-Lived Assets
- Long-lived assets also display growth during this timeframe. From 666 million US dollars in 2021, the asset base nearly doubled to 1,282 million in 2022. Thereafter, the increase was more modest but steady, rising slightly to 1,310 million in 2023 and advancing to 1,559 million in 2024. This suggests ongoing investment in durable operational resources.
- Area Asset Turnover Ratio
- The area asset turnover ratio, which measures revenue generated per unit of asset value, shows some variability. It declined from 2.77 in 2021 to 1.65 in 2022, indicating lower efficiency in asset utilization during that year despite asset growth. However, in 2023 the ratio rebounded significantly to 2.91 and remained stable at that level in 2024. This improvement suggests enhanced operational efficiency and better revenue generation relative to assets in recent years.
- Overall Insights
- Collectively, these metrics reveal a strong expansion in net revenues coupled with sustained investment in long-lived assets within the Americas region. The initial dip in asset turnover in 2022 may reflect a period of capital investment or restructuring, which was followed by a recovery in efficiency by 2023. The stabilization of asset turnover at a higher level in 2023 and 2024 indicates successful integration of new assets into productive operations. This overall positive trend signals strengthening financial performance and efficient asset management in the region.
Area Asset Turnover: Wellness and Healthcare
Philip Morris International Inc.; Wellness and Healthcare; area asset turnover calculation
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Net revenues | 333) | 306) | 271) | 101) | —) |
| Long-lived assets | —) | —) | —) | —) | —) |
| Area Activity Ratio | |||||
| Area asset turnover1 | — | — | — | — | — |
Based on: 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).
1 2024 Calculation
Area asset turnover = Net revenues ÷ Long-lived assets
= 333 ÷ 0 = —
The data presents limited but notable information regarding the performance of the "Wellness and Healthcare" geographic area over the five-year period ending December 31, 2024.
- Net Revenues
- There is a clear upward trend in net revenues from 2021 through 2024. Beginning with US$101 million in 2021, revenues increased to US$271 million in 2022, marking a substantial jump in one year. This growth continues but at a slower pace, reaching US$306 million in 2023 and then US$333 million in 2024, demonstrating steady revenue expansion within this geographic area.
- Long-lived Assets
- No data is available for long-lived assets throughout the five-year period, which prevents any analysis regarding asset investment or changes in capital employed in this segment.
- Area Asset Turnover
- Similarly, the ratio representing area asset turnover is not provided, leaving an information gap about the efficiency or productivity of assets in generating revenue over time.
In summary, the available data shows a strong revenue growth trajectory in the "Wellness and Healthcare" area beginning from 2021, implying successful expansion or increased market penetration. However, the absence of data on asset values and asset turnover limits the ability to assess operational efficiency and capital utilization.
Area Capital Expenditures to Depreciation
Philip Morris International Inc., capital expenditures to depreciation by geographic area
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Europe Region | 1.59 | 1.89 | 1.69 | 1.30 | — |
| South and Southeast Asia, Commonwealth of Independent States, Middle East and Africa Region (SSEA, CIS & MEA) | 1.01 | 0.94 | 0.76 | 0.42 | — |
| East Asia, Australia, and PMI Duty Free Region (EA, AU & PMI DF) | 0.13 | 0.26 | 0.15 | 0.21 | — |
| Americas Region | 0.37 | 0.15 | 0.95 | 0.76 | — |
| Wellness and Healthcare | 0.76 | 0.40 | 0.53 | 0.82 | — |
Based on: 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).
Analysis of the annual capital expenditures to depreciation ratios across different geographic areas and business segments reveals varied trends over the recent periods.
- Europe Region
- The ratio demonstrates a generally positive trajectory from 2021 through 2023, increasing steadily from 1.3 to a peak of 1.89. However, a decline to 1.59 is observed in 2024, indicating a reduction in capital expenditures relative to depreciation after several years of growth.
- South and Southeast Asia, Commonwealth of Independent States, Middle East and Africa Region (SSEA, CIS & MEA)
- This region shows continuous growth through the analyzed periods, with the ratio rising consistently from 0.42 in 2021 to 1.01 in 2024. The steady increase suggests expanding investment or capital improvement activity relative to depreciation expenses in this diverse region.
- East Asia, Australia, and PMI Duty Free Region (EA, AU & PMI DF)
- The ratio for this region fluctuates over time, starting at a low 0.21 in 2021, dropping to 0.15 in 2022, rising again to 0.26 in 2023, and decreasing notably to 0.13 in 2024. This inconsistency indicates variation in capital expenditure relative to depreciation with no clear upward or downward trend.
- Americas Region
- The ratio shows a declining pattern overall. It begins at 0.76 in 2021, increases slightly to 0.95 in 2022, but then experiences a sharp decrease to 0.15 in 2023. There is some recovery to 0.37 in 2024, yet the ratio remains significantly below earlier values, indicating reduced investment levels relative to depreciation in this region towards the end of the period.
- Wellness and Healthcare
- In this business segment, the ratio decreases from 0.82 in 2021 to its lowest point of 0.4 in 2023, followed by a rebound to 0.76 in 2024. This pattern suggests initial reductions in capital expenditures relative to depreciation, succeeded by renewed investment activity.
Overall, there is a notable contrast between regions such as Europe and SSEA, CIS & MEA, which show upward or stable investment trends relative to depreciation, and others like the Americas and East Asia-related regions, which display more volatility or decline. The Wellness and Healthcare segment experienced a dip with subsequent recovery, indicating changing investment dynamics within this area.
Area Capital Expenditures to Depreciation: Europe Region
Philip Morris International Inc.; Europe Region; area capital expenditures to depreciation calculation
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Capital expenditures | 783) | 905) | 657) | 481) | —) |
| Depreciation and amortization expense | 492) | 479) | 388) | 371) | —) |
| Area Financial Ratio | |||||
| Area capital expenditures to depreciation1 | 1.59 | 1.89 | 1.69 | 1.30 | — |
Based on: 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).
1 2024 Calculation
Area capital expenditures to depreciation = Capital expenditures ÷ Depreciation and amortization expense
= 783 ÷ 492 = 1.59
- Capital Expenditures
- Capital expenditures in the Europe region show a generally increasing trend from 2021 to 2023, rising from 481 million USD in 2021 to a peak of 905 million USD in 2023. However, in 2024, there is a decrease to 783 million USD, indicating a moderate reduction in investment activities compared to the previous year.
- Depreciation and Amortization Expense
- Depreciation and amortization expenses exhibit an upward trend throughout the observed period, increasing from 371 million USD in 2021 to 492 million USD in 2024. This consistent rise reflects a growing recognition of asset depreciation, possibly due to previously invested capital expenditures or acquisitions of long-lived assets.
- Area Capital Expenditures to Depreciation Ratio
- The ratio of capital expenditures to depreciation reveals a trend of increasing capital investment intensity relative to asset depreciation until 2023, moving from 1.3 in 2021 to a high of 1.89 in 2023. In 2024, this ratio declines to 1.59, suggesting a relative slowdown in new capital investment compared to asset use and wear. This pattern corresponds with the observed decrease in capital expenditures for the last year.
- Overall Insights
- From 2021 to 2023, the Europe region experienced a notable growth in capital expenditures, outpacing depreciation increases, indicating expansion or upgrade of asset base. The 2024 data reflects a shift towards stabilization or cautious investment, as capital expenditures decrease while depreciation continues to grow, which may impact future asset base renewal or expansion capacity.
Area Capital Expenditures to Depreciation: South and Southeast Asia, Commonwealth of Independent States, Middle East and Africa Region (SSEA, CIS & MEA)
Philip Morris International Inc.; South and Southeast Asia, Commonwealth of Independent States, Middle East and Africa Region (SSEA, CIS & MEA); area capital expenditures to depreciation calculation
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Capital expenditures | 306) | 287) | 258) | 149) | —) |
| Depreciation and amortization expense | 304) | 304) | 340) | 354) | —) |
| Area Financial Ratio | |||||
| Area capital expenditures to depreciation1 | 1.01 | 0.94 | 0.76 | 0.42 | — |
Based on: 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).
1 2024 Calculation
Area capital expenditures to depreciation = Capital expenditures ÷ Depreciation and amortization expense
= 306 ÷ 304 = 1.01
- Capital Expenditures
- Capital expenditures in the region demonstrate a consistent upward trend over the reported periods, increasing from 149 million USD in 2021 to 306 million USD in 2024. This indicates a growing investment in fixed assets or infrastructure within the region.
- Depreciation and Amortization Expense
- Depreciation and amortization expense shows a declining trend from 354 million USD in 2021 to 304 million USD in both 2023 and 2024. The reduction after 2021 suggests either slower asset write-downs or changes in asset composition that impact amortization schedules.
- Area Capital Expenditures to Depreciation Ratio
- The ratio of capital expenditures to depreciation has exhibited a marked increase from 0.42 in 2021 to over 1.0 in 2024. This rising ratio signifies that capital investments are growing faster than the rate at which assets are being depreciated, potentially indicating an expansion or modernization phase in this geographic area.
Area Capital Expenditures to Depreciation: East Asia, Australia, and PMI Duty Free Region (EA, AU & PMI DF)
Philip Morris International Inc.; East Asia, Australia, and PMI Duty Free Region (EA, AU & PMI DF); area capital expenditures to depreciation calculation
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Capital expenditures | 22) | 38) | 25) | 36) | —) |
| Depreciation and amortization expense | 173) | 144) | 167) | 168) | —) |
| Area Financial Ratio | |||||
| Area capital expenditures to depreciation1 | 0.13 | 0.26 | 0.15 | 0.21 | — |
Based on: 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).
1 2024 Calculation
Area capital expenditures to depreciation = Capital expenditures ÷ Depreciation and amortization expense
= 22 ÷ 173 = 0.13
The capital expenditures for the geographic area exhibited variability over the analyzed periods. Starting from 36 million US dollars in 2021, the expenditures decreased to 25 million in 2022, rose again to 38 million in 2023, and declined to 22 million in 2024. This pattern suggests fluctuations in investment levels with no consistent upward or downward trend.
Depreciation and amortization expenses showed relative stability with minor fluctuations. The expense slightly decreased from 168 million in 2021 to 167 million in 2022, followed by a more pronounced reduction to 144 million in 2023. However, it increased again to 173 million in 2024, surpassing the 2021 level. This indicates periodic variations in asset depreciation, possibly related to changes in asset base or accounting estimates.
The ratio of area capital expenditures to depreciation also fluctuated over the period. Beginning at 0.21 in 2021, it declined to 0.15 in 2022, rose significantly to 0.26 in 2023, and then fell again to 0.13 in 2024. These changes indicate that investment in capital assets relative to the depreciation expense was inconsistent, with the highest reinvestment relative to depreciation occurring in 2023 and the lowest in 2024.
Overall, the data reveal variability in capital spending and depreciation trends over the five-year span, with no clear long-term directional pattern but short-term fluctuations that may reflect operational or strategic adjustments within the geographic area.
Area Capital Expenditures to Depreciation: Americas Region
Philip Morris International Inc.; Americas Region; area capital expenditures to depreciation calculation
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Capital expenditures | 280) | 57) | 92) | 54) | —) |
| Depreciation and amortization expense | 748) | 387) | 97) | 71) | —) |
| Area Financial Ratio | |||||
| Area capital expenditures to depreciation1 | 0.37 | 0.15 | 0.95 | 0.76 | — |
Based on: 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).
1 2024 Calculation
Area capital expenditures to depreciation = Capital expenditures ÷ Depreciation and amortization expense
= 280 ÷ 748 = 0.37
The analysis of the financial data for the Americas region reveals several noteworthy trends over the five-year period from 2020 to 2024. The data focuses on capital expenditures, depreciation and amortization expense, and the ratio between area capital expenditures to depreciation.
- Capital Expenditures
- Capital expenditures exhibit a fluctuating pattern. Starting from an unreported value in 2020, there is a moderate increase from 54 million USD in 2021 to 92 million USD in 2022. This is followed by a decline to 57 million USD in 2023, and a significant rise to 280 million USD in 2024. The surge in 2024 suggests a substantial investment or expansion effort in the Americas region during this period.
- Depreciation and Amortization Expense
- This expense shows a consistent and sharp upward trend. Beginning at 71 million USD in 2021, it increases steadily to 97 million USD in 2022, then experiences large incremental jumps to 387 million USD in 2023 and further to 748 million USD in 2024. The marked increase in depreciation and amortization expenses in the last two years likely reflects higher asset base capitalization or revaluation.
- Area Capital Expenditures to Depreciation Ratio
- The ratio of capital expenditures to depreciation indicates how capital investments compare relative to the asset depreciation over time. This ratio declines substantially from 0.76 in 2021 to 0.15 in 2023, before slightly recovering to 0.37 in 2024. The initial descent suggests that depreciation is growing faster than capital expenditures, indicating that asset consumption or write-off rates outpace investments. However, the slight increase in 2024 ratio corresponds with the significant hike in capital expenditures, suggesting an attempt to balance or replenish the asset base against depreciation trends.
Overall, the data portrays a dynamic investment environment with a substantial increase in both capital expenditures and depreciation in recent years. The drastic rise in depreciation expenses relative to capital expenditures in the earlier part of the period flags higher asset aging or adoption of new accounting standards, while the sharp capital expenditure in 2024 indicates renewed investment activity aimed at countering this depreciation acceleration.
Area Capital Expenditures to Depreciation: Wellness and Healthcare
Philip Morris International Inc.; Wellness and Healthcare; area capital expenditures to depreciation calculation
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Capital expenditures | 53) | 34) | 45) | 28) | —) |
| Depreciation and amortization expense | 70) | 84) | 85) | 34) | —) |
| Area Financial Ratio | |||||
| Area capital expenditures to depreciation1 | 0.76 | 0.40 | 0.53 | 0.82 | — |
Based on: 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).
1 2024 Calculation
Area capital expenditures to depreciation = Capital expenditures ÷ Depreciation and amortization expense
= 53 ÷ 70 = 0.76
- Capital Expenditures
- The capital expenditures show an overall increasing trend over the observed period. Starting at 28 million US dollars in 2021, capital expenditures rose to 45 million in 2022, subsequently decreased to 34 million in 2023, and then increased again significantly to 53 million in 2024. This fluctuation suggests varying investment levels in this segment, with a notable recovery in investment in the latest period.
- Depreciation and Amortization Expense
- Depreciation and amortization expenses increased sharply from 34 million US dollars in 2021 to a peak of 85 million in 2022. This level was largely maintained in 2023, with a slight decrease to 84 million, followed by a more pronounced decline to 70 million in 2024. This pattern indicates an initial spike in asset consumption or amortization, followed by gradual reductions, which may correspond to changes in asset base or amortization schedules.
- Area Capital Expenditures to Depreciation Ratio
- The ratio of capital expenditures to depreciation experienced a decline from 0.82 in 2021 to 0.53 in 2022, further dropping to a low of 0.4 in 2023. This indicates that, relative to depreciation and amortization, new investments were becoming less aggressive in these years. However, in 2024, the ratio rebounded substantially to 0.76, signaling renewed investment intensity relative to asset depreciation in that year.
- Overall Insights
- The data reveals a cyclical investment pattern in the wellness and healthcare area. After an initial increase in both capital expenditures and depreciation/amortization, the company reduced investments relative to asset depreciation in 2022 and 2023. The subsequent increase in capital expenditures and ratio in 2024 may reflect strategic renewed commitment to asset growth or modernization. Meanwhile, the reduction in depreciation expenses towards 2024 suggests a possible completion or write-down of earlier investments or changes in asset utilization.
Net revenues
Philip Morris International Inc., net revenues by geographic area
US$ in millions
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Europe Region | 15,357) | 14,231) | 12,972) | 13,155) | —) |
| South and Southeast Asia, Commonwealth of Independent States, Middle East and Africa Region (SSEA, CIS & MEA) | 11,261) | 10,629) | 10,467) | 9,858) | —) |
| East Asia, Australia, and PMI Duty Free Region (EA, AU & PMI DF) | 6,393) | 6,201) | 5,936) | 6,448) | —) |
| Americas Region | 4,534) | 3,807) | 2,116) | 1,843) | —) |
| Wellness and Healthcare | 333) | 306) | 271) | 101) | —) |
| Total | 37,878) | 35,174) | 31,762) | 31,405) | —) |
Based on: 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).
- Europe Region
- The net revenues show a consistent upward trend from 13,155 million USD in 2021 to 15,357 million USD in 2024. This represents steady growth over the four-year period, indicating expanding market presence or increased sales within this region.
- South and Southeast Asia, Commonwealth of Independent States, Middle East and Africa Region (SSEA, CIS & MEA)
- Revenues increased from 9,858 million USD in 2021 to 11,261 million USD in 2024, with growth appearing gradual but continuous. This suggests sustained demand and possibly gradual expansion across these combined markets.
- East Asia, Australia, and PMI Duty Free Region (EA, AU & PMI DF)
- Net revenues first declined from 6,448 million USD in 2021 to 5,936 million USD in 2022, followed by a recovery to 6,393 million USD by 2024. This pattern might indicate temporary challenges in the region that were progressively addressed.
- Americas Region
- This region experienced the most pronounced growth, with net revenues more than doubling from 1,843 million USD in 2021 to 4,534 million USD in 2024. The sharp increase suggests a successful market penetration or significant increase in demand over the period.
- Wellness and Healthcare
- The segment shows consistent growth from 101 million USD in 2021 to 333 million USD in 2024, indicating increased focus or expansion in wellness and healthcare-related revenues.
- Total Net Revenues
- Total geographic net revenues rose from 31,405 million USD in 2021 to 37,878 million USD in 2024. This reflects overall company growth with steady increases each year, supported by the positive trends observed in all regions and segments.
Operating income (loss)
Philip Morris International Inc., operating income (loss) by geographic area
US$ in millions
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Europe Region | 6,938) | 6,169) | 5,776) | 6,409) | —) |
| South and Southeast Asia, Commonwealth of Independent States, Middle East and Africa Region (SSEA, CIS & MEA) | 3,429) | 3,136) | 3,864) | 3,295) | —) |
| East Asia, Australia, and PMI Duty Free Region (EA, AU & PMI DF) | 2,878) | 2,539) | 2,424) | 2,836) | —) |
| Americas Region | 548) | 582) | 440) | 487) | —) |
| Wellness and Healthcare | (391) | (870) | (258) | (52) | —) |
| Total | 13,402) | 11,556) | 12,246) | 12,975) | —) |
Based on: 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).
The analysis of the annual operating income across various geographic regions and business segments reveals several discernible trends and fluctuations over the observed periods.
- Europe Region
- Operating income in the Europe region experienced some volatility but generally showed a positive trajectory. Starting at 6,409 million USD, it slightly declined to 5,776 million in 2022 before recovering and increasing to 6,169 million in 2023 and further to 6,938 million in 2024. This suggests a resilience and growth momentum in this region after a minor dip.
- South and Southeast Asia, Commonwealth of Independent States, Middle East and Africa Region (SSEA, CIS & MEA)
- This region displayed fluctuating performance with a peak of 3,864 million USD in 2022, followed by a notable decrease to 3,136 million in 2023, and then a partial rebound to 3,429 million in 2024. The temporary decline may indicate regional challenges or market pressures that were partially mitigated in the subsequent year.
- East Asia, Australia, and PMI Duty Free Region (EA, AU & PMI DF)
- The East Asia, Australia, and PMI Duty Free region saw a decrease from 2,836 million USD in 2021 to 2,424 million in 2022. However, starting in 2023, the operating income increased to 2,539 million and continued upward to 2,878 million in 2024, suggesting a recovery and strengthening performance in these markets.
- Americas Region
- The Americas region reported the lowest operating income figures among the geographic segments, with a decline from 487 million USD in 2021 to 440 million in 2022. This was followed by an increase to 582 million in 2023, then a slight decrease to 548 million in 2024. The fluctuating but relatively modest amounts reveal a less robust but somewhat volatile performance.
- Wellness and Healthcare
- This segment consistently reported negative operating income throughout the observed periods, with losses widening significantly to -870 million USD in 2023 before improving to -391 million in 2024. This pattern indicates ongoing challenges within this segment, although the reduction of losses in the latest year suggests efforts towards better management or restructuring.
- Total Operating Income
- The total operating income reflected overall volatility, peaking at 12,975 million USD in 2021, followed by a steady decline to 11,556 million in 2023, and then a notable recovery to 13,402 million in 2024. This recovery is primarily driven by improvements in the Europe region and a partial rebound in other geographic segments, despite persistent losses in the Wellness and Healthcare segment.
Depreciation and amortization expense
Philip Morris International Inc., depreciation and amortization expense by geographic area
US$ in millions
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Europe Region | 492) | 479) | 388) | 371) | —) |
| South and Southeast Asia, Commonwealth of Independent States, Middle East and Africa Region (SSEA, CIS & MEA) | 304) | 304) | 340) | 354) | —) |
| East Asia, Australia, and PMI Duty Free Region (EA, AU & PMI DF) | 173) | 144) | 167) | 168) | —) |
| Americas Region | 748) | 387) | 97) | 71) | —) |
| Wellness and Healthcare | 70) | 84) | 85) | 34) | —) |
| Total | 1,787) | 1,398) | 1,077) | 998) | —) |
Based on: 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).
The annual depreciation and amortization expenses across geographic regions and business segments exhibit notable trends over the five-year period ending December 31, 2024.
- Europe Region
- The expenses demonstrate a steady upward trajectory from 371 million US dollars in 2021 to 492 million in 2024. This consistent increase suggests ongoing investments or asset base growth within this region, leading to higher depreciation and amortization charges over time.
- South and Southeast Asia, Commonwealth of Independent States, Middle East and Africa Region (SSEA, CIS & MEA)
- Expenses decreased from 354 million in 2021 to 304 million in 2023, stabilizing at 304 million in 2024. This decline and subsequent plateau may reflect a reduction in capital expenditures or asset disposals, followed by a period of stability.
- East Asia, Australia, and PMI Duty Free Region (EA, AU & PMI DF)
- A downward trend is apparent from 168 million in 2021 to 144 million in 2023, with a recovery to 173 million in 2024. The initial decline could indicate asset base reductions or lower capital intensity, while the increase in 2024 suggests renewed investment or asset additions in the latter period.
- Americas Region
- This region exhibits the most dramatic increase, rising from 71 million in 2021 to 748 million in 2024. The exponential growth in depreciation and amortization expenses signals significant recent asset acquisition or capital investments, contributing to a sharp rise in amortization charges.
- Wellness and Healthcare
- Expenses grew substantially from 34 million in 2021 to 85 million in 2022, then gradually declined to 70 million by 2024. This pattern may indicate an initial period of capital expansion followed by asset optimization or disposals reducing the depreciation burden.
- Total Depreciation and Amortization Expense
- The total expense increased steadily from 998 million in 2021 to 1,787 million in 2024. The overall growth underscores expanding asset holdings or intensified capital investment activities across various regions and segments, particularly driven by the Americas region’s rapid expense increase.
Capital expenditures
Philip Morris International Inc., capital expenditures by geographic area
US$ in millions
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Europe Region | 783) | 905) | 657) | 481) | —) |
| South and Southeast Asia, Commonwealth of Independent States, Middle East and Africa Region (SSEA, CIS & MEA) | 306) | 287) | 258) | 149) | —) |
| East Asia, Australia, and PMI Duty Free Region (EA, AU & PMI DF) | 22) | 38) | 25) | 36) | —) |
| Americas Region | 280) | 57) | 92) | 54) | —) |
| Wellness and Healthcare | 53) | 34) | 45) | 28) | —) |
| Total | 1,444) | 1,321) | 1,077) | 748) | —) |
Based on: 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).
- Overall Capital Expenditures Trend
- The total capital expenditures demonstrate a consistent upward trajectory from 2021 to 2024, rising from $748 million in 2021 to $1,444 million in 2024. This nearly doubles the capital outlay over the four-year period, indicating an increasing investment trend across all regions and sectors combined.
- Europe Region
- Capital expenditures in the Europe Region show a marked increase from $481 million in 2021 to a peak of $905 million in 2023. However, there is a slight decline to $783 million in 2024. This suggests a strategic focus on this area with a substantial expansion phase followed by a moderate reduction but still maintaining a higher level of investment than earlier years.
- South and Southeast Asia, Commonwealth of Independent States, Middle East and Africa Region (SSEA, CIS & MEA)
- This region exhibits steady growth in capital expenditures, increasing from $149 million in 2021 to $306 million in 2024. The increments each year are consistent, reflecting a deliberate and ongoing ramp-up of investments in these emerging and diverse markets.
- East Asia, Australia, and PMI Duty Free Region (EA, AU & PMI DF)
- Capital expenditure here fluctuates moderately over the period, peaking at $38 million in 2023 but declining to $22 million by 2024. The variability suggests selective or project-based spending in this region rather than a uniform investment strategy.
- Americas Region
- The Americas Region sees a more volatile pattern with expenditures jumping from $54 million in 2021 to $92 million in 2022, dipping back to $57 million in 2023, and then rising sharply to $280 million in 2024. The substantial increase in 2024 indicates a renewed or intensified investment focus on this region.
- Wellness and Healthcare
- Investments in the Wellness and Healthcare sector show a general upward pattern, from $28 million in 2021 to $53 million in 2024, despite a slight drop in 2023. This suggests growing attention and allocation of resources to this sector over the years.
- Summary Insights
- Capital expenditure allocations reveal a strategic emphasis on Europe and the SSEA, CIS & MEA regions, as these show sustained growth throughout the period. The Americas Region's sharp increase in 2024 may indicate new initiatives or expansion efforts. The variability in the EA, AU & PMI DF region suggests more opportunistic spending. The Wellness and Healthcare sector appears to be a growing focus area, reflecting possibly evolving business priorities.
Long-lived assets
Philip Morris International Inc., long-lived assets by geographic area
US$ in millions
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Europe Region | 5,540) | 5,697) | 5,179) | 4,918) | —) |
| South and Southeast Asia, Commonwealth of Independent States, Middle East and Africa Region (SSEA, CIS & MEA) | 2,160) | 2,197) | 2,047) | 2,181) | —) |
| East Asia, Australia, and PMI Duty Free Region (EA, AU & PMI DF) | 378) | 481) | 675) | 742) | —) |
| Americas Region | 1,559) | 1,310) | 1,282) | 666) | —) |
| Wellness and Healthcare | —) | —) | —) | —) | —) |
| Total | 9,637) | 9,685) | 9,183) | 8,507) | —) |
Based on: 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).
- Europe Region
- The Europe Region's long-lived assets showed a consistent increase from US$ 4,918 million in 2021 to a peak of US$ 5,697 million in 2023, followed by a slight decline to US$ 5,540 million in 2024. This indicates a generally positive trend with a minor reduction in the most recent period.
- South and Southeast Asia, Commonwealth of Independent States, Middle East and Africa Region (SSEA, CIS & MEA)
- Assets in this combined region experienced a slight decrease from US$ 2,181 million in 2021 to US$ 2,047 million in 2022. Subsequently, there was a recovery to US$ 2,197 million in 2023, followed by a small decline to US$ 2,160 million in 2024. The data reflects some variability but overall relative stability.
- East Asia, Australia, and PMI Duty Free Region (EA, AU & PMI DF)
- The long-lived assets in this region exhibited a continuous downward trend, falling from US$ 742 million in 2021 to US$ 378 million in 2024. This consistent decline represents a significant reduction in asset value over the analyzed period.
- Americas Region
- The Americas Region showed a notable upward trajectory in asset values, rising from US$ 666 million in 2021 to US$ 1,559 million in 2024. This increase is marked and indicates expanding investment or asset accumulation in this area.
- Wellness and Healthcare
- No data was reported for the Wellness and Healthcare category throughout the periods, suggesting either an absence of assets or unreported figures in this domain.
- Total
- The total long-lived assets increased steadily from US$ 8,507 million in 2021 to a peak of US$ 9,685 million in 2023, followed by a slight decrease to US$ 9,637 million in 2024. The overall trend signals gradual asset growth with a minor recent contraction.