Analysis of Profitability Ratios
Quarterly Data
Profitability ratios measure the company ability to generate profitable sales from its resources (assets).
Profitability Ratios (Summary)
Philip Morris International Inc., profitability ratios (quarterly data)
Based on: 10-K (reporting date: 2025-12-31), 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).
The profitability metrics exhibited varied trends over the observed period. Generally, gross profit margin demonstrated an increasing trend, while operating and net profit margins experienced more volatility. Return on assets showed initial strength, followed by a decline and subsequent partial recovery, while return on equity information is incomplete.
- Gross Profit Margin
- The gross profit margin generally increased from 67.17% in March 2022 to 67.12% in December 2025. While fluctuations occurred throughout the period, a clear upward trajectory is evident, culminating in a final value slightly above the initial measurement. The margin increased notably between December 2024 (64.81%) and March 2025 (65.68%), and again between September 2025 (66.92%) and December 2025 (67.12%).
- Operating Profit Margin
- The operating profit margin showed a declining trend from 40.64% in March 2022 to a low of 32.85% in December 2022. A modest recovery occurred in the subsequent quarters, reaching 36.64% by December 2025, but remained below the initial value. The largest single-quarter decrease was observed between September 2022 (38.69%) and December 2022 (38.56%), followed by a more substantial decline into March 2023 (36.46%).
- Net Profit Margin
- The net profit margin experienced significant volatility. It began at 28.58% in March 2022, decreased to a low of 22.21% in December 2022, and then showed a recovery, peaking at 27.92% in December 2025. The period between June 2023 (24.26%) and September 2023 (23.38%) saw a notable decrease, while the final quarter of 2024 and the first half of 2025 demonstrated substantial improvement. The margin in December 2025 exceeded the initial value from March 2022.
- Return on Assets
- Return on assets started at 21.62% in March 2022 and declined to 11.96% by December 2022. A gradual recovery followed, reaching 16.40% in December 2025. However, the final value remained considerably lower than the initial measurement. The most significant decline occurred between March 2022 and December 2022. The recovery was more moderate and consistent.
- Return on Equity
- Data for return on equity is incomplete, preventing any meaningful analysis of this metric.
In summary, while gross profit margin demonstrated consistent improvement, operating and net profit margins experienced greater fluctuations. Return on assets declined significantly before a partial recovery. The absence of return on equity information limits a comprehensive assessment of overall profitability.
Return on Sales
Return on Investment
Gross Profit Margin
Philip Morris International Inc., gross profit margin calculation (quarterly data)
| Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||
| Gross profit | 6,802) | 7,358) | 6,861) | 6,261) | 6,283) | 6,545) | 6,123) | 5,598) | 5,585) | 5,976) | 5,739) | 4,981) | 4,941) | 5,097) | 5,184) | 5,138) | |||||
| Net revenues | 10,362) | 10,845) | 10,140) | 9,301) | 9,706) | 9,911) | 9,468) | 8,793) | 9,047) | 9,141) | 8,967) | 8,019) | 8,152) | 8,032) | 7,832) | 7,746) | |||||
| Profitability Ratio | |||||||||||||||||||||
| Gross profit margin1 | 67.12% | 66.92% | 66.44% | 65.68% | 64.81% | 64.08% | 63.88% | 63.70% | 63.35% | 63.12% | 62.58% | 63.07% | 64.10% | 65.32% | 66.49% | 67.17% | |||||
| Benchmarks | |||||||||||||||||||||
| Gross Profit Margin, Competitors2 | |||||||||||||||||||||
| Coca-Cola Co. | 61.63% | 61.63% | 61.43% | 61.07% | 61.06% | 60.43% | 60.53% | 59.98% | 59.52% | 59.14% | 58.52% | 58.09% | 58.14% | 58.49% | 58.89% | 60.27% | |||||
| Mondelēz International Inc. | 28.38% | 31.05% | 32.55% | 32.74% | 39.12% | 38.77% | 40.34% | 41.69% | 38.22% | 37.77% | 36.59% | 35.79% | 35.92% | 36.34% | 37.76% | 38.54% | |||||
| PepsiCo Inc. | 54.15% | 53.96% | 54.43% | 54.74% | 54.55% | 54.68% | 54.44% | 54.13% | 54.21% | 53.93% | 53.58% | 53.28% | 53.03% | 53.03% | 53.13% | 53.20% | |||||
Based on: 10-K (reporting date: 2025-12-31), 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).
1 Q4 2025 Calculation
Gross profit margin = 100
× (Gross profitQ4 2025
+ Gross profitQ3 2025
+ Gross profitQ2 2025
+ Gross profitQ1 2025)
÷ (Net revenuesQ4 2025
+ Net revenuesQ3 2025
+ Net revenuesQ2 2025
+ Net revenuesQ1 2025)
= 100 × (6,802 + 7,358 + 6,861 + 6,261)
÷ (10,362 + 10,845 + 10,140 + 9,301)
= 67.12%
2 Click competitor name to see calculations.
The gross profit margin exhibited a generally declining trend from the first quarter of 2022 through the first quarter of 2023, followed by a period of stabilization and subsequent improvement through the end of the first quarter of 2025. While fluctuations occurred, the overall trajectory indicates increasing profitability as a percentage of revenue in the latter portion of the analyzed period.
- Initial Decline (Q1 2022 - Q1 2023)
- The gross profit margin decreased steadily from 67.17% in March 2022 to 63.07% in March 2023. This represents a cumulative decline of approximately 4.1 percentage points over the course of a year. This initial decrease suggests potential pressures on input costs or pricing strategies during this timeframe.
- Stabilization and Recovery (Q2 2023 - Q4 2024)
- Following the decline, the gross profit margin demonstrated a period of relative stability, with fluctuations between 62.58% and 64.81% from June 2023 to December 2024. A gradual upward trend became apparent in the latter half of 2023 and continued into 2024, reaching 64.81% by the end of 2024. This suggests successful implementation of cost control measures or improved pricing power.
- Continued Improvement (Q1 2025)
- The gross profit margin continued its upward trajectory in the first quarter of 2025, reaching 67.12%. This represents a return to levels observed in the initial period of the analysis and indicates sustained improvements in profitability. The increase from 64.81% to 67.12% suggests a positive impact from operational efficiencies or favorable market conditions.
The gross profit figures themselves generally increased over the period, but at a varying rate. The margin’s behavior indicates that revenue growth did not always translate directly into proportional gross profit growth, particularly during the initial decline. The later recovery suggests a more effective relationship between revenue and gross profit generation.
Operating Profit Margin
Philip Morris International Inc., operating profit margin calculation (quarterly data)
| Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||
| Operating income | 3,373) | 4,263) | 3,712) | 3,544) | 3,259) | 3,654) | 3,444) | 3,045) | 2,889) | 3,370) | 2,566) | 2,731) | 2,924) | 2,968) | 3,056) | 3,298) | |||||
| Net revenues | 10,362) | 10,845) | 10,140) | 9,301) | 9,706) | 9,911) | 9,468) | 8,793) | 9,047) | 9,141) | 8,967) | 8,019) | 8,152) | 8,032) | 7,832) | 7,746) | |||||
| Profitability Ratio | |||||||||||||||||||||
| Operating profit margin1 | 36.64% | 36.95% | 36.28% | 36.21% | 35.38% | 35.01% | 34.97% | 33.02% | 32.85% | 33.81% | 33.73% | 36.46% | 38.56% | 38.69% | 40.11% | 40.64% | |||||
| Benchmarks | |||||||||||||||||||||
| Operating Profit Margin, Competitors2 | |||||||||||||||||||||
| Coca-Cola Co. | 28.71% | 30.69% | 27.96% | 24.55% | 21.23% | 20.61% | 22.20% | 21.89% | 24.72% | 24.68% | 24.76% | 24.99% | 25.37% | 24.81% | 24.96% | 27.39% | |||||
| Mondelēz International Inc. | 9.21% | 11.18% | 12.44% | 11.79% | 17.41% | 16.40% | 17.10% | 18.61% | 15.28% | 14.53% | 13.02% | 11.99% | 11.22% | 12.82% | 15.12% | 15.26% | |||||
| PepsiCo Inc. | 12.24% | 11.03% | 11.44% | 13.93% | 14.03% | 13.40% | 13.54% | 13.14% | 13.10% | 12.14% | 11.60% | 10.08% | 13.33% | 15.85% | 15.96% | 17.46% | |||||
Based on: 10-K (reporting date: 2025-12-31), 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).
1 Q4 2025 Calculation
Operating profit margin = 100
× (Operating incomeQ4 2025
+ Operating incomeQ3 2025
+ Operating incomeQ2 2025
+ Operating incomeQ1 2025)
÷ (Net revenuesQ4 2025
+ Net revenuesQ3 2025
+ Net revenuesQ2 2025
+ Net revenuesQ1 2025)
= 100 × (3,373 + 4,263 + 3,712 + 3,544)
÷ (10,362 + 10,845 + 10,140 + 9,301)
= 36.64%
2 Click competitor name to see calculations.
The operating profit margin exhibited a generally declining trend from March 31, 2022, through June 30, 2023, before stabilizing and showing some improvement in subsequent periods. Initial values were consistently above 40%, but gradually decreased to a low of 32.85% by December 31, 2022, and further to 33.73% by June 30, 2023. The latter half of the observed period demonstrates a recovery, with the margin reaching 36.64% by December 31, 2025.
- Overall Trend
- The operating profit margin initially decreased over the first six quarters, indicating potential pressures on profitability. However, the margin demonstrated resilience and began to improve in the latter half of the period, suggesting successful implementation of cost control measures or increased pricing power.
- Short-Term Fluctuations
- A slight increase is observed from September 30, 2022, to December 31, 2022 (38.69% to 38.56%), though this is minimal. A more notable increase occurs between June 30, 2023, and September 30, 2023 (33.73% to 33.81%), followed by a more substantial rise through December 31, 2024 (35.38%).
- Recent Performance
- The operating profit margin reached 36.64% by December 31, 2025, representing a recovery from the low point of 32.85% observed earlier in the period. This suggests a positive trajectory in profitability, although it remains below the initial levels of above 40% seen in early 2022.
- Relationship to Revenue
- While the operating profit margin fluctuated, net revenues generally increased over the period. The initial decline in the operating profit margin did not necessarily coincide with declining revenues, suggesting that factors beyond revenue volume, such as increased costs of goods sold or operating expenses, contributed to the margin compression.
The observed fluctuations in the operating profit margin warrant further investigation into the underlying drivers of profitability. A detailed analysis of cost structures and revenue streams would provide a more comprehensive understanding of the observed trends.
Net Profit Margin
Philip Morris International Inc., net profit margin calculation (quarterly data)
| Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||
| Net earnings attributable to PMI | 2,141) | 3,478) | 3,039) | 2,690) | (579) | 3,082) | 2,406) | 2,148) | 2,196) | 2,054) | 1,568) | 1,995) | 2,397) | 2,087) | 2,233) | 2,331) | |||||
| Net revenues | 10,362) | 10,845) | 10,140) | 9,301) | 9,706) | 9,911) | 9,468) | 8,793) | 9,047) | 9,141) | 8,967) | 8,019) | 8,152) | 8,032) | 7,832) | 7,746) | |||||
| Profitability Ratio | |||||||||||||||||||||
| Net profit margin1 | 27.92% | 21.57% | 21.08% | 19.80% | 18.63% | 26.42% | 24.15% | 22.16% | 22.21% | 23.38% | 24.26% | 27.20% | 28.49% | 27.57% | 28.56% | 28.58% | |||||
| Benchmarks | |||||||||||||||||||||
| Net Profit Margin, Competitors2 | |||||||||||||||||||||
| Coca-Cola Co. | 27.34% | 27.34% | 25.89% | 23.00% | 22.59% | 22.45% | 22.92% | 23.41% | 23.42% | 23.92% | 23.81% | 22.69% | 22.19% | 23.44% | 23.16% | 25.69% | |||||
| Mondelēz International Inc. | 6.36% | 9.38% | 9.81% | 9.88% | 12.65% | 10.56% | 10.97% | 11.87% | 13.77% | 12.97% | 12.13% | 11.99% | 8.63% | 10.30% | 12.93% | 14.34% | |||||
| PepsiCo Inc. | 8.77% | 7.82% | 8.23% | 10.24% | 10.43% | 10.18% | 10.34% | 10.00% | 9.92% | 9.05% | 8.76% | 7.48% | 10.31% | 11.61% | 11.28% | 12.57% | |||||
Based on: 10-K (reporting date: 2025-12-31), 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).
1 Q4 2025 Calculation
Net profit margin = 100
× (Net earnings attributable to PMIQ4 2025
+ Net earnings attributable to PMIQ3 2025
+ Net earnings attributable to PMIQ2 2025
+ Net earnings attributable to PMIQ1 2025)
÷ (Net revenuesQ4 2025
+ Net revenuesQ3 2025
+ Net revenuesQ2 2025
+ Net revenuesQ1 2025)
= 100 × (2,141 + 3,478 + 3,039 + 2,690)
÷ (10,362 + 10,845 + 10,140 + 9,301)
= 27.92%
2 Click competitor name to see calculations.
The net profit margin exhibited fluctuations over the observed period, beginning in March 2022 and extending through December 2025. An initial period of relative stability was followed by a discernible downward trend and subsequent recovery.
- Initial Stability & Subsequent Decline (Mar 31, 2022 – Dec 31, 2022)
- From March 31, 2022, to December 31, 2022, the net profit margin remained relatively consistent, fluctuating between 27.57% and 28.58%. This suggests a period of stable profitability. However, a downward trend commenced in the first quarter of 2023, with the margin decreasing from 27.20% to 22.21% by the end of the year.
- Continued Decline & Low Point (Mar 31, 2023 – Dec 31, 2023)
- The decline continued into the first three quarters of 2024, reaching a low point of 18.63% in December 2023. This represents the lowest net profit margin observed throughout the entire period, indicating a significant reduction in profitability.
- Recovery & Peak (Mar 31, 2024 – Dec 31, 2025)
- Following the low in December 2023, the net profit margin began a recovery. It increased steadily through the subsequent quarters, peaking at 27.92% in December 2025. This recovery suggests successful implementation of strategies to improve profitability or favorable market conditions.
- Overall Trend
- The overall trend demonstrates a cyclical pattern. The period began with stability, experienced a substantial decline, and ultimately concluded with a strong recovery. The margin increased by approximately 9.29 percentage points from its lowest point in December 2023 to its highest point in December 2025.
The fluctuations in net profit margin warrant further investigation to determine the underlying drivers, such as changes in cost of goods sold, operating expenses, or revenue recognition policies. The significant decline in late 2023 and the subsequent recovery are particularly noteworthy and require detailed analysis.
Return on Equity (ROE)
Philip Morris International Inc., ROE calculation (quarterly data)
| Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||
| Net earnings attributable to PMI | 2,141) | 3,478) | 3,039) | 2,690) | (579) | 3,082) | 2,406) | 2,148) | 2,196) | 2,054) | 1,568) | 1,995) | 2,397) | 2,087) | 2,233) | 2,331) | |||||
| Total PMI stockholders’ deficit | (9,994) | (10,914) | (11,966) | (10,901) | (11,750) | (9,694) | (9,744) | (10,309) | (11,225) | (9,433) | (9,703) | (8,924) | (8,957) | (9,137) | (9,044) | (10,098) | |||||
| Profitability Ratio | |||||||||||||||||||||
| ROE1 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||
| Benchmarks | |||||||||||||||||||||
| ROE, Competitors2 | |||||||||||||||||||||
| Coca-Cola Co. | 40.74% | 41.70% | 42.62% | 41.16% | 42.77% | 39.25% | 41.19% | 40.80% | 41.30% | 40.92% | 40.40% | 39.13% | 39.59% | 43.52% | 41.60% | 41.49% | |||||
| Mondelēz International Inc. | 9.49% | 13.49% | 13.90% | 13.97% | 17.12% | 13.70% | 14.25% | 15.06% | 17.50% | 16.09% | 14.45% | 13.97% | 10.11% | 11.78% | 14.04% | 14.89% | |||||
| PepsiCo Inc. | 40.38% | 37.26% | 40.99% | 50.95% | 53.09% | 48.10% | 48.95% | 48.22% | 49.04% | 44.08% | 44.67% | 38.62% | 51.96% | 51.19% | 49.78% | 55.85% | |||||
Based on: 10-K (reporting date: 2025-12-31), 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).
1 Q4 2025 Calculation
ROE = 100
× (Net earnings attributable to PMIQ4 2025
+ Net earnings attributable to PMIQ3 2025
+ Net earnings attributable to PMIQ2 2025
+ Net earnings attributable to PMIQ1 2025)
÷ Total PMI stockholders’ deficit
= 100 × (2,141 + 3,478 + 3,039 + 2,690)
÷ -9,994 = —
2 Click competitor name to see calculations.
The analysis focuses on the Return on Equity (ROE) trend, derived from net earnings attributable to PMI and total PMI stockholders’ deficit over the period from March 31, 2022, to December 31, 2025. A significant fluctuation in ROE is observed throughout the analyzed timeframe, with notable shifts occurring in later periods.
- Initial Period (Mar 31, 2022 – Dec 31, 2022)
- ROE values are not available for this period. However, net earnings demonstrate relative stability, ranging from US$2,087 million to US$2,397 million, while stockholders’ deficit gradually decreases from -US$10,098 million to -US$8,957 million. This suggests a potential for positive ROE development if the trend continues.
- 2023 Performance
- The first three quarters of 2023 show a decline in net earnings, reaching a low of US$1,568 million in June. Correspondingly, the stockholders’ deficit increases to -US$9,703 million. While ROE values are unavailable, the decreasing earnings and increasing deficit likely contribute to a lower ROE. Net earnings recover somewhat in the final quarter of 2023, reaching US$2,196 million, but the deficit continues to grow to -US$11,225 million.
- Significant Volatility (2024)
- 2024 exhibits substantial ROE volatility. Net earnings fluctuate, peaking at US$3,082 million in September but plummeting to -US$579 million in December. The stockholders’ deficit also experiences considerable change, reaching -US$11,750 million in December. This period demonstrates a clear inverse relationship between net earnings and the magnitude of the deficit, significantly impacting ROE.
- Recent Trend (2025)
- The trend continues to be volatile in 2025. Net earnings show recovery in the first half of the year, reaching US$3,478 million in September. However, they decline to US$2,141 million by the end of the year. The stockholders’ deficit decreases from -US$10,901 million to -US$9,994 million over the same period. The ROE values are not available, but the fluctuating net earnings and deficit suggest continued instability.
In summary, the period under review is characterized by significant fluctuations in both net earnings and the stockholders’ deficit. The absence of ROE values for much of the period limits a complete assessment, but the available information suggests a highly variable ROE performance, particularly in 2024 and 2025. The substantial negative net earnings in December 2024, coupled with a large deficit, likely resulted in a significantly negative ROE for that quarter.
Return on Assets (ROA)
Philip Morris International Inc., ROA calculation (quarterly data)
| Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||
| Net earnings attributable to PMI | 2,141) | 3,478) | 3,039) | 2,690) | (579) | 3,082) | 2,406) | 2,148) | 2,196) | 2,054) | 1,568) | 1,995) | 2,397) | 2,087) | 2,233) | 2,331) | |||||
| Total assets | 69,185) | 67,061) | 68,506) | 65,079) | 61,784) | 66,892) | 65,782) | 65,315) | 65,304) | 62,927) | 61,868) | 62,060) | 61,681) | 40,717) | 40,960) | 41,733) | |||||
| Profitability Ratio | |||||||||||||||||||||
| ROA1 | 16.40% | 12.87% | 12.02% | 11.68% | 11.42% | 14.70% | 13.38% | 12.20% | 11.96% | 12.74% | 13.01% | 14.04% | 14.67% | 21.48% | 22.18% | 21.62% | |||||
| Benchmarks | |||||||||||||||||||||
| ROA, Competitors2 | |||||||||||||||||||||
| Coca-Cola Co. | 12.50% | 12.29% | 11.68% | 10.60% | 10.57% | 9.80% | 10.52% | 10.85% | 10.97% | 11.04% | 10.67% | 10.13% | 10.29% | 10.73% | 10.27% | 10.96% | |||||
| Mondelēz International Inc. | 3.43% | 4.95% | 5.13% | 5.22% | 6.73% | 5.29% | 5.40% | 5.53% | 6.95% | 6.48% | 5.75% | 5.42% | 3.82% | 4.61% | 5.85% | 6.17% | |||||
| PepsiCo Inc. | 7.67% | 6.78% | 7.17% | 9.21% | 9.63% | 9.31% | 9.56% | 9.18% | 9.03% | 8.29% | 8.24% | 7.07% | 9.67% | 10.28% | 9.92% | 10.93% | |||||
Based on: 10-K (reporting date: 2025-12-31), 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).
1 Q4 2025 Calculation
ROA = 100
× (Net earnings attributable to PMIQ4 2025
+ Net earnings attributable to PMIQ3 2025
+ Net earnings attributable to PMIQ2 2025
+ Net earnings attributable to PMIQ1 2025)
÷ Total assets
= 100 × (2,141 + 3,478 + 3,039 + 2,690)
÷ 69,185 = 16.40%
2 Click competitor name to see calculations.
The Return on Assets (ROA) exhibited considerable fluctuation throughout the observed period, spanning from March 31, 2022, to December 31, 2025. Initially, the ROA demonstrated a relatively stable performance, hovering around the 21-22% range in the first four quarters of 2022. However, a noticeable downward trend commenced in early 2023, with the ROA declining to approximately 13% by June 30, 2023.
- Initial Decline (2022-2023)
- The decrease in ROA during this period coincided with a substantial increase in total assets, particularly evident in the December 31, 2022, figure. While net earnings attributable to PMI also experienced some fluctuation, the asset growth outpaced earnings growth, resulting in a lower ROA. This suggests a potential investment phase or acquisition activity that temporarily reduced the efficiency of asset utilization.
Following the initial decline, the ROA experienced a period of modest recovery throughout the remainder of 2023 and into the first three quarters of 2024, peaking at 14.70% on September 30, 2024. However, this recovery was short-lived. A significant disruption occurred in the December 31, 2024, period, with the ROA plummeting to 11.42% due to a substantial negative net earnings figure.
- Significant Disruption (December 31, 2024)
- The negative earnings reported for this quarter had a disproportionately large impact on the ROA, given the relatively stable asset base. This suggests a one-time event or significant unfavorable circumstance impacted profitability during that period.
Despite the December 2024 anomaly, the ROA demonstrated a strong rebound in 2025. The first three quarters of 2025 showed a consistent increase, culminating in an ROA of 16.40% by December 31, 2025. This recovery indicates a return to profitability and improved asset utilization following the challenges experienced in late 2024. The increase in ROA in 2025 was supported by both increasing net earnings and moderate asset growth.
- Overall Trend
- The overall trend reveals a cyclical pattern, with periods of stability, decline, disruption, and recovery. The ROA’s sensitivity to fluctuations in net earnings is particularly evident, highlighting the importance of profitability in driving asset efficiency. The company’s ability to recover from the significant earnings setback in December 2024 suggests underlying resilience.