Philip Morris International Inc: Beat — EPS $2.36, Revenue $11.44B
Earnings BeatQ3 2026 · Pre-market
@trystockwhiz
Did Philip Morris International Inc (PM) beat earnings today?
Yes, Philip Morris International Inc (PM) beat Wall Street analyst expectations for Q3 2026, reporting higher-than-expected EPS and higher-than-expected revenue.
Earnings Per Share+1.72% surprise
$2.36Actual
Expected: $2.32
vs. year ago +5.4%
Total Revenue+0.86% surprise
$11.44BActual
Expected: $11.34B
vs. year ago +5.5%
Released Oct 21 · 6:59 AM ET
Earning Report
| Metric | Q3 2026 | Q3 2025 | YoY Change % |
|---|---|---|---|
| Net Revenues | $11.44B | $10.85B | +5.5 |
| Revenue detail — reported lines | |||
| └─International Smoke-Free | $3.87B | $3.84B | +0.7 |
| └─International Combustibles | $6.72B | $6.32B | +6.5 |
| └─U.S. | $845.00M | $689.00M | +22.7 |
| Reported Diluted EPS | $2.12 | $2.23 | -4.9 |
| Adjusted Diluted EPS | $2.36 | $2.24 | +5.4 |
| Adjusted Diluted EPS, excluding Currency | $2.37 | $2.24 | +5.8 |
Financial Outlook / Guidance
| Metric | Next Quarter Outlook | 2026 Full-Year Forecast |
|---|---|---|
| Reported Diluted EPS | — | $7.11-$7.26 |
| Adjusted Diluted EPS | — | $8.29-$8.44 (+9.9%-11.9% YoY) |
| Adjusted Diluted EPS, excluding currency | — | $8.11-$8.26 (+7.5%-9.5% YoY) |
| Currency | — | $0.18 (prev. $0.24) |
| Total PMI cigarette and SFP shipment volume | — | Growing (prev. broadly stable to slightly growing) |
| SFP shipment growth | — | High single-digit |
| Cigarette shipment volume decline | — | Similar to YTD trend (prev. ~2%-3%) |
| Net revenue growth | — | 5%-7% organic |
| Operating income growth | — | 7%-9% organic |
| Amortization of acquired intangibles | — | $0.50/share |
| Operating cash flow | — | ~$13.5B |
| Capital expenditures | — | $1.4B-$1.6B |
| Net debt to adjusted EBITDA ratio | — | ~2.0x |
Business Highlights
- ➤Smoke-free products became available in 110 markets.
- ➤IQOS held around three-quarters of global HTU volume share.
- ➤ZYN expanded to 62 international markets.
- ➤VEEV reinforced its European leadership across Romania, Greece, France and Spain.
- ➤VEEV launched in South Korea in August.
- ➤FDA authorized 11 ZYN ULTRA variants on August 21.
- ➤ZYN held PMTA authorization for 31 variants, more than any nicotine brand.
- ➤PMI expanded the When It Clicks ZYN brand campaign.
- ➤ZYN flagship portfolio is transitioning to 20-pouch cans.
- ➤Regular quarterly dividend increased to $1.60 per share.
Management Commentary
Jacek Olczak, Group CEO PMI
“We delivered another excellent quarter, with growing total volumes, double-digit organic operating income growth and robust margin expansion.”
Jacek Olczak, Group CEO PMI
“With continued strong offtake momentum for our smoke-free brands and the exceptional results of our combustible business, we are in a strong position to continue delivering best-in-class performance, and firmly on track for a sixth consecutive year of volume growth.”