Philip Morris International (PM) Financials

$177.79 -1.00 (-0.56%)

Closing price 03:59 PM Eastern

Extended Trading

$177.37 -0.42 (-0.24%)

As of 07:59 PM Eastern

Annual Income Statements for Philip Morris International

This table shows Philip Morris International's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Net Income / (Loss) Attributable to Common Shareholders	7,057	7,813	9,048	9,109	8,056	7,185	7,911	6,035	6,967	6,873
Consolidated Net Income / (Loss)	7,503	8,268	9,527	9,710	8,592	7,728	8,286	6,341	7,250	7,032
Net Income / (Loss) Continuing Operations	7,503	8,268	9,527	9,710	8,576	7,579	8,226	6,282	7,156	7,032
Total Pre-Tax Income	12,199	10,450	11,634	12,232	10,953	9,872	10,671	10,589	9,924	9,615
Total Operating Income	13,402	11,556	12,246	12,975	11,668	10,531	11,377	11,581	10,903	10,623
Total Gross Profit	24,549	22,281	20,360	21,375	19,125	19,292	18,867	18,316	17,294	17,429
Total Revenue	37,878	35,174	31,762	31,405	76,047	77,921	79,823	78,098	74,953	73,908
Operating Revenue	37,878	35,174	31,762	31,405	76,047	77,921	79,823	78,098	74,953	73,908
Total Cost of Revenue	13,329	12,893	11,402	10,030	56,922	58,629	60,956	59,782	57,659	56,479
Operating Cost of Revenue	13,329	12,893	11,402	10,030	56,922	58,629	60,956	59,782	57,659	56,479
Total Operating Expenses	11,147	10,725	8,114	8,400	7,457	8,761	7,490	6,735	6,391	6,806
Marketing Expense	11,147	10,060	8,114	8,400	7,457	8,695	7,408	6,647	6,317	6,656
Impairment Charge	0.00	665	0.00	0.00	-	-	-	-	-	-
Total Other Income / (Expense), net	-3,519	-1,106	-612	-743	-715	-659	-706	-992	-979	-1,008
Interest & Investment Income	-1,143	-1,061	-588	-	-	-	-	-	-	-
Other Income / (Expense), net	-2,376	-45	-24	-115	-97	-89	-41	-78	-88	-
Income Tax Expense	3,017	2,339	2,244	2,671	2,377	2,293	2,445	4,307	2,768	2,688
Other Gains / (Losses), net	637	157	137	149	-	-	-	-	-	105
Net Income / (Loss) Attributable to Noncontrolling Interest	446	455	479	601	536	543	375	306	283	159
Basic Earnings per Share	$4.53	$5.02	$5.82	$5.83	$5.16	$4.61	$5.08	$3.88	$4.48	$4.42
Weighted Average Basic Shares Outstanding	1.55B	1.55B	1.55B	1.55B	1.56B	1.56B	1.56B	1.55B	1.55B	1.55B
Diluted Earnings per Share	$4.52	$5.02	$5.81	$5.83	$5.16	$4.61	$5.08	$3.88	$4.48	$4.42
Weighted Average Diluted Shares Outstanding	1.55B	1.55B	1.55B	1.55B	1.56B	1.56B	1.56B	1.55B	1.55B	1.55B
Weighted Average Basic & Diluted Shares Outstanding	1.55B	1.55B	1.55B	1.55B	1.56B	1.56B	1.56B	1.55B	1.55B	1.55B
Cash Dividends to Common per Share	$5.30	$5.14	$5.04	$4.90	$4.74	$4.62	$4.49	$4.22	$4.12	$4.04

This table shows Philip Morris International's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Net Income / (Loss) Attributable to Common Shareholders	2,690	-579	3,082	2,406	2,148	2,196	2,054	1,568	1,995	2,397	2,087
Consolidated Net Income / (Loss)	2,837	-486	3,215	2,528	2,246	2,313	2,171	1,682	2,102	2,494	2,222
Net Income / (Loss) Continuing Operations	2,837	-486	3,215	2,528	2,246	2,313	2,171	1,682	2,102	2,453	2,222
Total Pre-Tax Income	3,291	2,917	3,450	3,101	2,731	2,607	3,101	2,263	2,479	2,746	2,823
Total Operating Income	3,544	3,259	3,654	3,444	3,045	2,889	3,370	2,566	2,731	2,924	2,968
Total Gross Profit	6,261	6,283	6,545	6,123	5,598	5,585	5,976	5,739	4,981	4,941	5,097
Total Revenue	9,301	9,706	9,911	9,468	8,793	9,047	9,141	8,967	8,019	-3,443	8,032
Operating Revenue	9,301	9,706	9,911	9,468	8,793	9,047	9,141	8,967	8,019	-3,443	8,032
Total Cost of Revenue	3,040	3,423	3,366	3,345	3,195	3,462	3,165	3,228	3,038	-8,384	2,935
Operating Cost of Revenue	3,040	3,423	3,366	3,345	3,195	3,462	3,165	3,228	3,038	-8,384	2,935
Total Operating Expenses	2,717	3,024	2,891	2,679	2,553	2,696	2,606	3,173	2,250	2,012	2,129
Marketing Expense	2,717	3,024	2,891	2,679	2,553	2,696	2,606	2,508	2,250	2,017	2,129
Total Other Income / (Expense), net	-253	-2,658	-204	-343	-314	-282	-269	-303	-252	-183	-145
Interest & Investment Income	-241	-	-189	-329	-	-	-261	-297	-	-	-
Other Income / (Expense), net	-12	-2,332	-15	-14	-15	-9.00	-8.00	-6.00	-22	-	-7.00
Income Tax Expense	659	872	735	734	676	320	1,031	560	428	409	622
Other Gains / (Losses), net	205	-215	500	161	191	26	101	-21	51	-	21
Net Income / (Loss) Attributable to Noncontrolling Interest	147	93	133	122	98	117	117	114	107	97	135
Basic Earnings per Share	$1.72	($0.37)	$1.98	$1.54	$1.38	$1.41	$1.32	$1.01	$1.28	$1.54	$1.34
Weighted Average Basic Shares Outstanding	1.56B	1.55B	1.55B	1.55B	1.55B	1.55B	1.55B	1.55B	1.55B	1.55B	1.55B
Diluted Earnings per Share	$1.72	($0.37)	$1.97	$1.54	$1.38	$1.41	$1.32	$1.01	$1.28	$1.54	$1.34
Weighted Average Diluted Shares Outstanding	1.56B	1.55B	1.55B	1.55B	1.55B	1.55B	1.55B	1.55B	1.55B	1.55B	1.55B
Weighted Average Basic & Diluted Shares Outstanding	1.56B	1.55B	1.55B	1.55B	1.55B	1.55B	1.55B	1.55B	1.55B	1.55B	1.55B
Cash Dividends to Common per Share	$1.35	-	$1.35	$1.30	$1.30	-	$1.30	$1.27	$1.27	-	$1.27

This table details how cash moves in and out of Philip Morris International's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Net Change in Cash & Equivalents	1,644	24	-1,070	-2,785	420	245	-1,171	3,060	865	1,735
Net Cash From Operating Activities	12,217	9,204	10,803	11,967	9,812	10,090	9,478	8,912	8,077	7,865
Net Cash From Continuing Operating Activities	12,217	9,133	10,803	11,967	9,793	10,090	9,478	8,912	8,077	7,865
Net Income / (Loss) Continuing Operations	7,503	8,268	9,527	9,710	8,592	7,728	8,286	6,341	7,250	7,032
Consolidated Net Income / (Loss)	7,503	8,268	9,527	9,710	8,592	7,728	8,286	6,341	7,250	7,032
Depreciation Expense	1,787	1,398	1,077	998	981	964	989	875	743	754
Non-Cash Adjustments To Reconcile Net Income	2,561	689	22	-22	-157	371	-113	-10	-	-164
Changes in Operating Assets and Liabilities, net	366	-1,222	177	1,281	396	1,027	316	1,706	84	243
Net Cash From Investing Activities	-1,092	-3,598	-15,679	-2,358	-1,154	-1,811	-998	-3,083	-834	-708
Net Cash From Continuing Investing Activities	-1,092	-3,598	-15,679	-2,358	-1,154	-1,811	-998	-3,083	-834	-708
Purchase of Property, Plant & Equipment	-1,444	-1,321	-1,077	-748	-602	-852	-1,436	-1,548	-1,172	-960
Acquisitions	-81	-1,886	-14,998	-2,145	-47	-1,377	-63	-111	-41	-55
Divestitures	136	191	0.00	-	-	-	-	-	-	-
Other Investing Activities, net	297	-582	396	69	46	32	85	103	84	68
Net Cash From Financing Activities	-9,481	-5,582	3,806	-11,977	-8,496	-8,061	-9,651	-2,769	-5,413	-4,736
Net Cash From Continuing Financing Activities	-9,481	-5,582	3,806	-11,977	-8,496	-8,061	-9,651	-2,769	-5,413	-4,736
Repayment of Debt	-10,354	-7,998	6,396	-3,622	-4,820	-5,708	-3,021	-4,738	-2,566	-1,333
Repurchase of Common Equity	0.00	0.00	-209	-775	0.00	0.00	-	-	-	-48
Payment of Dividends	-8,197	-7,964	-7,812	-7,580	-7,364	-7,161	-6,885	-6,520	-6,378	-4,628
Issuance of Debt	8,242	11,325	6,899	0.00	3,688	4,808	255	8,484	3,524	1,273
Other Financing Activities, net	828	-945	-1,468	0.00	-	-	-	-	-	-
Cash Interest Paid	1,559	1,342	717	716	728	800	882	1,050	1,052	1,045
Cash Income Taxes Paid	3,178	2,952	2,751	2,936	2,785	2,430	2,749	3,403	2,829	2,771

This table details how cash moves in and out of Philip Morris International's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Net Change in Cash & Equivalents	222	489	-575	547	1,183	207	-478	977	-682	-1,944	331
Net Cash From Operating Activities	-350	4,002	3,342	4,632	241	3,302	3,415	3,442	-955	3,093	3,068
Net Cash From Continuing Operating Activities	-350	4,002	3,342	4,632	241	3,231	3,415	3,442	-955	3,093	3,068
Net Income / (Loss) Continuing Operations	2,837	-486	3,215	2,528	2,246	2,313	2,171	1,682	2,102	2,494	2,222
Consolidated Net Income / (Loss)	2,837	-486	3,215	2,528	2,246	2,313	2,171	1,682	2,102	2,494	2,222
Depreciation Expense	480	477	498	445	367	369	429	301	299	179	358
Non-Cash Adjustments To Reconcile Net Income	-1.00	2,283	170	-33	141	-26	-50	708	57	101	-32
Changes in Operating Assets and Liabilities, net	-3,666	1,728	-541	1,692	-2,513	575	865	751	-3,413	319	520
Net Cash From Investing Activities	-434	441	-1,003	-337	-193	-568	-1,956	-483	-591	-15,528	-96
Net Cash From Continuing Investing Activities	-434	441	-1,003	-337	-193	-568	-1,956	-483	-591	-15,528	-96
Purchase of Property, Plant & Equipment	-404	-278	-379	-370	-417	-311	-371	-360	-279	-347	-252
Acquisitions	-10	-1.00	-11	-49	-20	-1,775	-20	-83	-8.00	-14,978	-
Other Investing Activities, net	-20	584	-613	82	244	1,327	-1,565	-40	-304	431	36
Net Cash From Financing Activities	671	-4,103	-2,981	-3,532	1,135	-2,897	-1,765	-1,784	864	9,877	-2,271
Net Cash From Continuing Financing Activities	671	-4,103	-2,981	-3,532	1,135	-2,897	-1,765	-1,784	864	9,877	-2,271
Repayment of Debt	-908	-5,751	-626	-2,130	-1,847	-711	-499	-4,963	-1,825	9,833	-2,948
Payment of Dividends	-2,116	-2,106	-2,027	-2,027	-2,037	-2,023	-1,977	-1,977	-1,987	-1,973	-1,942
Issuance of Debt	4,301	2,948	-	535	4,759	-99	704	5,159	5,561	3,485	2,619
Other Financing Activities, net	-606	806	-328	90	260	-64	7.00	-3.00	-885	-1,468	-
Effect of Exchange Rate Changes	335	-	67	-	-	-	-172	-	-	-	-370

This table presents Philip Morris International's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Total Assets	61,784	65,304	61,681	41,290	44,815	42,875	39,801	42,968	36,851	33,956
Total Current Assets	20,170	19,755	19,619	17,717	21,492	20,514	19,442	21,594	17,608	15,804
Cash & Equivalents	4,216	3,060	3,207	4,496	7,280	6,861	6,593	8,447	4,239	3,417
Accounts Receivable	4,675	4,391	4,756	3,940	3,761	3,717	3,564	3,738	3,499	2,778
Inventories, net	9,453	10,774	9,886	8,720	9,591	9,235	8,804	8,806	9,017	8,473
Other Current Assets	1,826	1,530	1,770	561	860	701	481	603	853	648
Plant, Property, & Equipment, net	7,310	7,516	6,710	6,168	6,365	6,631	7,201	7,271	6,064	5,721
Plant, Property & Equipment, gross	16,685	17,080	15,443	14,732	14,909	14,446	14,557	14,566	12,360	11,767
Accumulated Depreciation	9,375	9,564	8,733	8,564	8,544	7,815	7,356	7,295	6,296	6,046
Total Noncurrent Assets	34,304	38,033	35,352	17,405	16,958	15,730	13,158	14,103	13,179	12,431
Long-Term Investments	2,654	4,929	4,431	4,463	4,798	4,635	1,269	1,074	1,011	890
Goodwill	16,600	16,779	19,655	6,680	5,964	5,858	7,189	7,666	7,324	7,415
Intangible Assets	11,327	9,864	6,732	2,818	2,019	2,113	2,278	2,432	2,470	2,623
Noncurrent Deferred & Refundable Income Taxes	940	814	603	895	1,410	1,153	977	1,007	859	360
Other Noncurrent Operating Assets	2,783	5,647	3,931	2,549	2,767	1,971	1,445	1,924	1,515	1,143
Total Liabilities & Shareholders' Equity	61,784	65,304	61,681	41,290	44,815	42,875	39,801	42,968	36,851	33,956
Total Liabilities	71,654	74,750	67,992	49,498	55,446	52,474	50,540	53,198	47,751	45,432
Total Current Liabilities	22,915	26,383	27,336	19,255	19,615	18,833	17,191	15,962	16,467	15,386
Short-Term Debt	3,529	6,666	8,248	3,023	3,368	4,389	4,784	3,005	3,216	3,230
Accounts Payable	3,952	4,143	4,076	3,331	2,780	2,299	2,068	2,242	1,666	1,289
Accrued Expenses	3,847	3,599	3,374	2,448	2,904	2,639	2,098	2,054	2,128	2,078
Dividends Payable	2,120	2,041	1,990	1,958	1,880	1,831	1,783	1,669	1,621	1,589
Current Deferred & Payable Income Tax Liabilities	1,258	1,158	1,040	1,025	1,091	796	576	812	832	1,176
Current Employee Benefit Liabilities	1,305	1,262	1,168	1,146	1,189	1,042	794	856	800	903
Other Taxes Payable	6,904	7,514	7,440	6,324	6,403	5,837	5,088	5,324	6,204	5,121
Total Noncurrent Liabilities	48,739	48,367	40,656	30,243	35,831	33,641	33,349	37,236	31,284	30,046
Long-Term Debt	42,166	41,243	34,875	24,783	28,168	26,656	26,975	31,334	25,851	25,250
Noncurrent Deferred & Payable Income Tax Liabilities	3,633	4,078	3,797	2,492	3,193	3,351	898	3,631	2,633	1,543
Noncurrent Employee Benefit Liabilities	2,940	3,046	1,984	2,968	4,470	3,634	3,083	2,271	2,800	2,566
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	-9,870	-9,446	-6,311	-8,208	-10,631	-9,599	-10,739	-10,230	-10,900	-11,476
Total Preferred & Common Equity	-11,750	-11,225	-8,957	-10,106	-12,567	-11,577	-12,459	-12,086	-12,688	-13,244
Total Common Equity	-11,750	-11,225	-8,957	-10,106	-12,567	-11,577	-12,459	-12,086	-12,688	-13,244
Common Stock	2,335	2,285	2,230	2,225	2,105	2,019	1,939	1,972	1,964	1,929
Retained Earnings	32,869	34,090	34,289	33,082	31,638	30,987	31,014	29,859	30,397	29,842
Treasury Stock	-35,640	-35,785	-35,917	-35,836	-35,129	-35,220	-35,301	-35,382	-35,490	-35,613
Accumulated Other Comprehensive Income / (Loss)	-11,314	-11,815	-9,559	-9,577	-11,181	-9,363	-10,111	-8,535	-9,559	-9,402
Noncontrolling Interest	1,880	1,779	2,646	1,898	1,936	1,978	1,720	1,856	1,788	1,768

This table presents Philip Morris International's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Total Assets	65,079	61,784	66,892	65,782	65,315	65,304	62,927	61,868	62,060	61,681	40,717
Total Current Assets	22,196	20,170	20,796	21,028	20,874	19,755	19,193	19,836	19,571	19,619	19,035
Cash & Equivalents	4,443	4,216	4,258	4,807	3,968	3,060	3,017	3,492	2,428	3,207	5,368
Accounts Receivable	5,793	4,675	5,191	5,117	5,052	4,391	4,789	5,012	4,599	4,756	4,611
Inventories, net	10,127	9,453	9,355	9,382	9,970	10,774	9,645	9,900	10,712	9,886	7,153
Other Current Assets	1,833	1,826	1,992	1,722	1,884	1,530	1,742	1,432	1,832	1,770	1,903
Plant, Property, & Equipment, net	7,532	7,310	7,548	7,264	7,201	7,516	6,883	6,991	6,788	6,710	5,610
Plant, Property & Equipment, gross	17,428	16,685	17,512	16,736	16,545	17,080	15,893	16,195	15,777	15,443	13,845
Accumulated Depreciation	9,896	9,375	9,964	9,472	9,344	9,564	9,010	9,204	8,989	8,733	8,235
Total Noncurrent Assets	35,351	34,304	38,548	37,490	37,240	38,033	36,851	35,041	35,701	35,352	16,072
Long-Term Investments	2,972	2,654	5,631	4,961	4,918	4,929	4,691	4,747	4,504	4,431	4,087
Goodwill	16,864	16,600	17,144	16,819	16,458	16,779	16,509	19,236	19,866	19,655	6,127
Intangible Assets	11,345	11,327	11,916	12,171	9,448	9,864	9,579	6,630	6,732	6,732	2,224
Noncurrent Deferred & Refundable Income Taxes	1,287	940	1,012	918	950	814	577	574	585	603	682
Other Noncurrent Operating Assets	2,883	2,783	2,845	2,621	5,466	5,647	5,495	3,854	4,014	3,931	2,952
Total Liabilities & Shareholders' Equity	65,079	61,784	66,892	65,782	65,315	65,304	62,927	61,868	62,060	61,681	40,717
Total Liabilities	74,005	71,654	74,605	73,724	73,878	74,750	70,633	69,828	69,113	67,992	48,120
Total Current Liabilities	28,087	22,915	23,366	22,416	22,168	26,383	21,547	23,245	22,985	27,336	20,772
Short-Term Debt	10,798	3,529	4,985	4,492	5,704	6,666	4,801	6,493	6,705	8,248	5,459
Accounts Payable	3,749	3,952	3,511	3,591	3,648	4,143	3,533	3,786	3,945	4,076	3,342
Accrued Expenses	3,440	3,847	3,863	3,414	3,232	3,599	3,107	3,168	3,337	3,374	2,968
Dividends Payable	2,121	2,120	2,119	2,040	2,038	2,041	2,040	1,992	1,991	1,990	1,990
Current Deferred & Payable Income Tax Liabilities	1,323	1,258	1,059	1,001	822	1,158	1,082	844	935	1,040	1,044
Current Employee Benefit Liabilities	1,016	1,305	1,235	1,052	925	1,262	1,131	1,023	939	1,168	968
Other Taxes Payable	5,640	6,904	6,594	6,826	5,799	7,514	5,853	5,939	5,133	7,440	5,001
Total Noncurrent Liabilities	45,918	48,739	51,239	51,308	51,710	48,367	49,086	46,583	46,128	40,656	27,348
Long-Term Debt	38,781	42,166	44,237	44,647	44,683	41,243	42,914	41,400	40,416	34,875	21,762
Noncurrent Deferred & Payable Income Tax Liabilities	2,817	3,633	4,045	3,838	4,203	4,078	4,257	3,199	3,735	3,797	2,989
Noncurrent Employee Benefit Liabilities	2,991	2,940	2,957	2,823	2,824	3,046	1,915	1,984	1,977	1,984	2,597
Other Noncurrent Operating Liabilities	1,329	-	-	-	-	-	-	-	-	-	-
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	-8,926	-9,870	-7,713	-7,942	-8,563	-9,446	-7,706	-7,960	-7,053	-6,311	-7,403
Total Preferred & Common Equity	-10,901	-11,750	-9,694	-9,744	-10,309	-11,225	-9,433	-9,703	-8,924	-8,957	-9,137
Total Common Equity	-10,901	-11,750	-9,694	-9,744	-10,309	-11,225	-9,433	-9,703	-8,924	-8,957	-9,137
Common Stock	2,326	2,335	2,283	2,249	2,205	2,285	2,253	2,240	2,188	2,230	2,204
Retained Earnings	33,447	32,869	35,556	34,582	34,208	34,090	33,919	33,893	34,303	34,289	33,865
Treasury Stock	-35,557	-35,640	-35,641	-35,645	-35,657	-35,785	-35,788	-35,791	-35,801	-35,917	-35,918
Accumulated Other Comprehensive Income / (Loss)	-11,117	-11,314	-11,892	-10,930	-11,065	-11,815	-9,817	-10,045	-9,614	-9,559	-9,288
Noncontrolling Interest	1,975	1,880	1,981	1,802	1,746	1,779	1,727	1,743	1,871	2,646	1,734

This table displays calculated financial ratios and metrics derived from Philip Morris International's official financial filings.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	7.69%	10.74%	1.14%	-58.70%	-2.41%	-2.38%	2.21%	4.20%	1.41%	-7.74%
EBITDA Growth	-0.74%	-2.93%	-4.03%	10.40%	10.05%	-7.46%	-0.43%	7.09%	1.59%	-9.64%
EBIT Growth	-4.21%	-5.82%	-4.96%	11.14%	10.81%	-7.89%	-1.45%	6.36%	1.81%	-9.22%
NOPAT Growth	12.46%	-9.25%	-2.54%	11.01%	13.00%	-7.81%	27.65%	-12.61%	2.73%	-7.78%
Net Income Growth	-9.25%	-13.22%	-1.88%	13.01%	11.18%	-6.73%	30.67%	-12.54%	3.10%	-8.17%
EPS Growth	-9.96%	-13.60%	-0.34%	12.98%	11.93%	-9.25%	30.93%	-13.39%	1.36%	-7.14%
Operating Cash Flow Growth	32.74%	-14.80%	-9.73%	21.96%	-2.76%	6.46%	6.35%	10.34%	2.70%	1.63%
Free Cash Flow Firm Growth	51.31%	187.74%	-205.23%	-19.18%	-9.21%	11.49%	95.79%	-32.31%	-26.92%	-0.58%
Invested Capital Growth	-4.43%	4.34%	147.39%	17.65%	-9.12%	-21.15%	-8.10%	11.82%	1.76%	-16.19%
Revenue Q/Q Growth	1.77%	55.06%	508.82%	-61.19%	-0.42%	-0.01%	-2.12%	3.17%	1.10%	-2.08%
EBITDA Q/Q Growth	-12.59%	0.86%	-1.09%	0.33%	3.42%	-1.74%	-4.83%	5.18%	6.57%	-5.54%
EBIT Q/Q Growth	-15.05%	-0.69%	-0.38%	0.30%	3.56%	-1.90%	-5.33%	5.14%	7.04%	-5.61%
NOPAT Q/Q Growth	-2.35%	0.41%	1.76%	0.67%	4.68%	-3.34%	16.26%	-13.79%	7.25%	-4.67%
Net Income Q/Q Growth	-27.17%	-2.14%	2.86%	1.15%	4.08%	-2.78%	17.05%	-13.37%	7.04%	-4.75%
EPS Q/Q Growth	-28.25%	-2.52%	3.57%	1.39%	4.67%	-4.16%	18.14%	-14.35%	7.18%	-4.95%
Operating Cash Flow Q/Q Growth	6.08%	2.32%	-8.00%	7.84%	-1.62%	9.82%	-5.00%	9.48%	3.55%	7.05%
Free Cash Flow Firm Q/Q Growth	5.45%	158.36%	-181.26%	-2.62%	-2.66%	0.00%	19.49%	-17.29%	12.49%	-8.57%
Invested Capital Q/Q Growth	-7.90%	-5.32%	152.28%	-5.46%	-8.67%	-12.64%	-8.71%	-5.83%	-6.35%	-4.49%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	64.81%	63.35%	64.10%	68.06%	25.15%	24.76%	23.64%	23.45%	23.07%	23.58%
EBITDA Margin	33.83%	36.70%	41.87%	44.13%	16.51%	14.64%	15.44%	15.85%	15.42%	15.39%
Operating Margin	35.38%	32.85%	38.56%	41.32%	15.34%	13.52%	14.25%	14.83%	14.55%	14.37%
EBIT Margin	29.11%	32.73%	38.48%	40.95%	15.22%	13.40%	14.20%	14.73%	14.43%	14.37%
Profit (Net Income) Margin	19.81%	23.51%	30.00%	30.92%	11.30%	9.92%	10.38%	8.12%	9.67%	9.51%
Tax Burden Percent	61.51%	79.12%	81.89%	79.38%	78.44%	78.28%	77.65%	59.88%	73.06%	73.14%
Interest Burden Percent	110.64%	90.78%	95.19%	95.12%	94.66%	94.54%	94.13%	92.05%	91.76%	90.51%
Effective Tax Rate	24.73%	22.38%	19.29%	21.84%	21.70%	23.23%	22.91%	40.67%	27.89%	27.96%
Return on Invested Capital (ROIC)	31.73%	28.17%	45.17%	87.04%	81.25%	60.51%	56.22%	44.62%	54.55%	48.85%
ROIC Less NNEP Spread (ROIC-NNEP)	25.49%	26.40%	43.95%	84.99%	78.70%	58.99%	54.37%	42.58%	52.16%	46.55%
Return on Net Nonoperating Assets (RNNOA)	-109.41%	-133.11%	-176.41%	-190.12%	-166.19%	-136.51%	-135.25%	-104.64%	-119.35%	-110.87%
Return on Equity (ROE)	-77.69%	-104.94%	-131.23%	-103.08%	-84.94%	-76.00%	-79.03%	-60.02%	-64.80%	-62.01%
Cash Return on Invested Capital (CROIC)	36.26%	23.93%	-39.68%	70.82%	90.80%	84.16%	64.66%	33.46%	52.80%	66.47%
Operating Return on Assets (OROA)	17.35%	18.13%	23.74%	29.87%	26.39%	25.26%	27.39%	28.82%	30.55%	30.73%
Return on Assets (ROA)	11.81%	13.02%	18.50%	22.55%	19.60%	18.69%	20.02%	15.89%	20.48%	20.34%
Return on Common Equity (ROCE)	-92.40%	-134.42%	-172.31%	-124.06%	-101.38%	-89.81%	-92.51%	-70.37%	-75.10%	-70.75%
Return on Equity Simple (ROE_SIMPLE)	-63.86%	-73.66%	-106.36%	-96.08%	-68.37%	-66.75%	-66.51%	-52.47%	-57.14%	-53.10%
Net Operating Profit after Tax (NOPAT)	10,087	8,969	9,884	10,142	9,136	8,085	8,770	6,871	7,862	7,653
NOPAT Margin	26.63%	25.50%	31.12%	32.29%	12.01%	10.38%	10.99%	8.80%	10.49%	10.36%
Net Nonoperating Expense Percent (NNEP)	6.23%	1.77%	1.23%	2.05%	2.55%	1.52%	1.86%	2.04%	2.39%	2.30%
Return On Investment Capital (ROIC_SIMPLE)	28.16%	23.32%	26.85%	-	-	-	-	-	-	-
Cost of Revenue to Revenue	35.19%	36.65%	35.90%	31.94%	74.85%	75.24%	76.36%	76.55%	76.93%	76.42%
SG&A Expenses to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	29.43%	30.49%	25.55%	26.75%	9.81%	11.24%	9.38%	8.62%	8.53%	9.21%
Earnings before Interest and Taxes (EBIT)	11,026	11,511	12,222	12,860	11,571	10,442	11,336	11,503	10,815	10,623
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	12,813	12,909	13,299	13,858	12,552	11,406	12,325	12,378	11,558	11,377
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	4.94	4.00	4.50	4.17	1.43	1.34	0.97	1.48	1.29	1.20
Price to Earnings (P/E)	26.52	17.99	15.81	14.39	13.47	14.56	9.78	19.21	13.87	12.93
Dividend Yield	3.34%	5.68%	5.46%	5.82%	6.80%	6.87%	9.02%	5.65%	6.62%	7.04%
Earnings Yield	3.77%	5.56%	6.33%	6.95%	7.42%	6.87%	10.22%	5.21%	7.21%	7.73%
Enterprise Value to Invested Capital (EV/IC)	7.33	5.61	5.81	12.05	12.14	10.71	6.89	8.77	8.41	8.04
Enterprise Value to Revenue (EV/Rev)	6.01	5.18	5.70	4.83	1.71	1.62	1.29	1.83	1.63	1.55
Enterprise Value to EBITDA (EV/EBITDA)	17.78	14.12	13.62	10.95	10.35	11.06	8.36	11.52	10.57	10.09
Enterprise Value to EBIT (EV/EBIT)	20.66	15.83	14.82	11.80	11.23	12.08	9.09	12.40	11.30	10.81
Enterprise Value to NOPAT (EV/NOPAT)	22.59	20.32	18.33	14.97	14.22	15.60	11.75	20.76	15.55	15.00
Enterprise Value to Operating Cash Flow (EV/OCF)	18.65	19.80	16.77	12.69	13.24	12.50	10.87	16.00	15.13	14.60
Enterprise Value to Free Cash Flow (EV/FCFF)	19.76	23.92	0.00	18.40	12.73	11.22	10.21	27.68	16.06	11.03
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	-4.63	-5.07	-6.83	-3.39	-2.97	-3.23	-2.96	-3.36	-2.67	-2.48
Long-Term Debt to Equity	-4.27	-4.37	-5.53	-3.02	-2.65	-2.78	-2.51	-3.06	-2.37	-2.20
Financial Leverage	-4.29	-5.04	-4.01	-2.24	-2.11	-2.31	-2.49	-2.46	-2.29	-2.38
Leverage Ratio	-6.58	-8.06	-7.09	-4.57	-4.33	-4.07	-3.95	-3.78	-3.16	-3.05
Compound Leverage Factor	-7.28	-7.32	-6.75	-4.35	-4.10	-3.84	-3.72	-3.48	-2.90	-2.76
Debt to Total Capital	127.55%	124.56%	117.14%	141.88%	150.85%	144.76%	151.09%	142.43%	160.00%	167.49%
Short-Term Debt to Total Capital	9.85%	17.33%	22.41%	15.43%	16.11%	20.47%	22.76%	12.46%	17.70%	19.00%
Long-Term Debt to Total Capital	117.70%	107.23%	94.74%	126.46%	134.74%	124.29%	128.33%	129.97%	142.30%	148.49%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	5.25%	4.63%	7.19%	9.68%	9.26%	9.22%	8.18%	7.70%	9.84%	10.40%
Common Equity to Total Capital	-32.80%	-29.18%	-24.33%	-51.57%	-60.11%	-53.98%	-59.27%	-50.13%	-69.84%	-77.89%
Debt to EBITDA	3.57	3.71	3.24	2.01	2.51	2.72	2.58	2.77	2.51	2.50
Net Debt to EBITDA	3.03	3.09	2.67	1.36	1.55	1.71	1.94	2.01	2.06	2.12
Long-Term Debt to EBITDA	3.29	3.19	2.62	1.79	2.24	2.34	2.19	2.53	2.24	2.22
Debt to NOPAT	4.53	5.34	4.36	2.74	3.45	3.84	3.62	5.00	3.70	3.72
Net Debt to NOPAT	3.85	4.45	3.59	1.86	2.13	2.42	2.72	3.61	3.03	3.16
Long-Term Debt to NOPAT	4.18	4.60	3.53	2.44	3.08	3.30	3.08	4.56	3.29	3.30
Altman Z-Score	3.46	2.86	3.06	4.45	4.76	4.88	5.02	5.14	5.41	5.63
Noncontrolling Interest Sharing Ratio	-18.94%	-28.08%	-31.30%	-20.35%	-19.35%	-18.18%	-17.05%	-17.25%	-15.89%	-14.08%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.88	0.75	0.72	0.92	1.10	1.09	1.13	1.35	1.07	1.03
Quick Ratio	0.39	0.28	0.29	0.44	0.56	0.56	0.59	0.76	0.47	0.40
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	11,527	7,618	-8,683	8,252	10,210	11,245	10,086	5,152	7,610	10,413
Operating Cash Flow to CapEx	846.05%	696.74%	1,003.06%	1,599.87%	1,629.90%	1,184.27%	660.03%	575.71%	689.16%	819.27%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	13.14	16.52	19.73	15.17	5.64	8.54	10.33
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	19.06	15.88	17.70	14.25	9.75	9.07	7.80
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	17.86	14.90	16.21	12.09	8.06	7.75	6.85
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.60	0.55	0.62	0.73	1.73	1.89	1.93	1.96	2.12	2.14
Accounts Receivable Turnover	8.36	7.69	7.31	8.16	20.34	21.40	21.86	21.58	23.88	21.80
Inventory Turnover	1.32	1.25	1.23	1.10	6.05	6.50	6.92	6.71	6.59	6.62
Fixed Asset Turnover	5.11	4.95	4.93	5.01	11.70	11.27	11.03	11.71	12.72	12.54
Accounts Payable Turnover	3.29	3.14	3.08	3.28	22.41	26.85	28.29	30.59	39.02	44.63
Days Sales Outstanding (DSO)	43.68	47.46	49.97	44.75	17.95	17.05	16.69	16.91	15.28	16.75
Days Inventory Outstanding (DIO)	276.95	292.44	297.81	333.18	60.36	56.15	52.72	54.41	55.36	55.14
Days Payable Outstanding (DPO)	110.84	116.34	118.56	111.19	16.28	13.59	12.90	11.93	9.35	8.18
Cash Conversion Cycle (CCC)	209.79	223.56	229.22	266.74	62.02	59.61	56.51	59.39	61.29	63.71
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	31,075	32,515	31,164	12,597	10,707	11,781	14,941	16,257	14,538	14,286
Invested Capital Turnover	1.19	1.10	1.45	2.70	6.76	5.83	5.12	5.07	5.20	4.72
Increase / (Decrease) in Invested Capital	-1,440	1,351	18,567	1,890	-1,074	-3,160	-1,316	1,719	252	-2,760
Enterprise Value (EV)	227,829	182,263	181,147	151,805	129,942	126,115	103,010	142,601	122,217	114,817
Market Capitalization	187,124	140,564	143,016	131,060	108,548	104,588	77,393	115,927	96,612	88,876
Book Value per Share	($7.56)	($7.23)	($5.78)	($6.49)	($8.07)	($7.44)	($8.01)	($7.78)	($8.18)	($8.55)
Tangible Book Value per Share	($25.52)	($24.39)	($22.80)	($12.59)	($13.20)	($12.56)	($14.10)	($14.28)	($14.49)	($15.03)
Total Capital	35,825	38,463	36,812	19,598	20,905	21,446	21,020	24,109	18,167	17,004
Total Debt	45,695	47,909	43,123	27,806	31,536	31,045	31,759	34,339	29,067	28,480
Total Long-Term Debt	42,166	41,243	34,875	24,783	28,168	26,656	26,975	31,334	25,851	25,250
Net Debt	38,825	39,920	35,485	18,847	19,458	19,549	23,897	24,818	23,817	24,173
Capital Expenditures (CapEx)	1,444	1,321	1,077	748	602	852	1,436	1,548	1,172	960
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-3,432	-3,022	-2,676	-3,011	-2,035	-791	442	190	118	231
Debt-free Net Working Capital (DFNWC)	784	38	531	1,485	5,245	6,070	7,035	8,637	4,357	3,648
Net Working Capital (NWC)	-2,745	-6,628	-7,717	-1,538	1,877	1,681	2,251	5,632	1,141	418
Net Nonoperating Expense (NNE)	2,584	701	357	432	544	357	484	530	612	621
Net Nonoperating Obligations (NNO)	40,945	41,961	37,475	20,805	21,338	21,380	25,680	26,487	25,438	25,762
Total Depreciation and Amortization (D&A)	1,787	1,398	1,077	998	981	964	989	875	743	754
Debt-free, Cash-free Net Working Capital to Revenue	-9.06%	-8.59%	-8.43%	-9.59%	-2.68%	-1.02%	0.55%	0.24%	0.16%	0.31%
Debt-free Net Working Capital to Revenue	2.07%	0.11%	1.67%	4.73%	6.90%	7.79%	8.81%	11.06%	5.81%	4.94%
Net Working Capital to Revenue	-7.25%	-18.84%	-24.30%	-4.90%	2.47%	2.16%	2.82%	7.21%	1.52%	0.57%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$4.53	$5.02	$5.82	$5.83	$5.16	$4.61	$5.08	$3.88	$4.48	$4.42
Adjusted Weighted Average Basic Shares Outstanding	1.55B	1.55B	1.55B	1.55B	1.56B	1.56B	1.55B	1.55B	1.55B	1.55B
Adjusted Diluted Earnings per Share	$4.52	$5.02	$5.81	$5.83	$5.16	$4.61	$5.08	$3.88	$4.48	$4.42
Adjusted Weighted Average Diluted Shares Outstanding	1.55B	1.55B	1.55B	1.55B	1.56B	1.56B	1.55B	1.55B	1.55B	1.55B
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$4.61	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	1.55B	1.55B	1.55B	1.55B	1.56B	1.56B	1.55B	1.55B	1.55B	1.55B
Normalized Net Operating Profit after Tax (NOPAT)	10,087	9,486	9,884	10,142	9,136	8,085	8,770	6,871	7,862	7,702
Normalized NOPAT Margin	26.63%	26.97%	31.12%	32.29%	12.01%	10.38%	10.99%	8.80%	10.49%	10.42%
Pre Tax Income Margin	32.21%	29.71%	36.63%	38.95%	14.40%	12.67%	13.37%	13.56%	13.24%	13.01%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	20.48	18.72	18.32	17.05	12.59	12.14	10.54
NOPAT to Interest Expense	0.00	0.00	0.00	16.15	14.78	14.18	13.19	7.52	8.82	7.59
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	19.29	17.75	16.82	14.89	10.89	10.82	9.59
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	14.96	13.81	12.69	11.03	5.82	7.51	6.64
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	109.25%	96.32%	82.00%	78.06%	85.71%	92.66%	83.09%	102.82%	87.97%	65.81%
Augmented Payout Ratio	109.25%	96.32%	84.19%	86.05%	85.71%	92.66%	83.09%	102.82%	87.97%	66.50%

This table displays calculated financial ratios and metrics derived from Philip Morris International's official financial filings.

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	5.78%	7.28%	8.42%	5.59%	9.65%	362.77%	13.81%	14.49%	-58.54%	88.52%	-62.84%
EBITDA Growth	18.10%	-56.79%	9.13%	35.44%	12.93%	4.71%	14.22%	-14.42%	-15.20%	-2.82%	-9.39%
EBIT Growth	16.57%	-67.81%	8.24%	33.98%	11.85%	-1.50%	13.54%	-16.23%	-17.76%	0.34%	-13.62%
NOPAT Growth	23.70%	-9.85%	27.83%	36.14%	1.41%	1.84%	-2.79%	-20.71%	-14.67%	7.46%	-13.63%
Net Income Growth	26.31%	-121.01%	48.09%	50.30%	6.85%	-7.26%	-2.30%	-28.30%	-14.73%	11.89%	-14.14%
EPS Growth	24.64%	-126.24%	49.24%	52.48%	7.81%	-8.44%	-1.49%	-29.37%	-14.67%	14.93%	-13.55%
Operating Cash Flow Growth	-245.23%	21.20%	-2.14%	34.57%	125.24%	6.76%	11.31%	-2.33%	-185.42%	-23.29%	-20.72%
Free Cash Flow Firm Growth	0.37%	214.75%	117.62%	115.49%	113.07%	107.36%	-700.67%	-1,462.28%	-1,239.71%	-3,877.38%	204.73%
Invested Capital Growth	1.10%	-4.43%	-1.75%	-0.64%	-0.43%	4.34%	178.00%	151.65%	147.76%	147.39%	-7.29%
Revenue Q/Q Growth	-4.17%	-2.07%	4.68%	7.68%	-2.81%	-1.03%	1.94%	11.82%	332.91%	-142.87%	2.55%
EBITDA Q/Q Growth	185.76%	-66.06%	6.76%	14.07%	32.23%	-14.30%	32.51%	-4.89%	-3.06%	-6.51%	-0.72%
EBIT Q/Q Growth	281.01%	-74.53%	6.09%	13.20%	5.21%	-14.34%	31.33%	-5.50%	-7.35%	-1.25%	-3.11%
NOPAT Q/Q Growth	24.05%	-20.54%	9.39%	14.73%	-9.59%	12.66%	16.50%	-14.54%	-9.20%	7.54%	-4.98%
Net Income Q/Q Growth	683.74%	-115.12%	27.18%	12.56%	-2.90%	6.54%	29.07%	-19.98%	-15.72%	12.24%	-5.29%
EPS Q/Q Growth	564.86%	-118.78%	27.92%	11.59%	-2.13%	6.82%	30.69%	-21.09%	-16.88%	14.93%	-6.29%
Operating Cash Flow Q/Q Growth	-108.75%	19.75%	-27.85%	1,821.99%	-92.70%	-3.31%	-0.78%	460.42%	-130.88%	0.81%	-12.94%
Free Cash Flow Firm Q/Q Growth	-34.19%	7.11%	22.20%	16.52%	106.38%	106.00%	-7.46%	1.72%	-16.24%	-589.30%	143.70%
Invested Capital Q/Q Growth	13.79%	-7.90%	0.81%	-4.31%	7.57%	-5.32%	1.94%	-4.10%	12.72%	152.28%	-7.72%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	67.32%	64.73%	66.04%	64.67%	63.66%	61.73%	65.38%	64.00%	62.12%	0.00%	63.46%
EBITDA Margin	43.14%	14.47%	41.74%	40.93%	38.63%	35.91%	41.47%	31.91%	37.51%	0.00%	41.32%
Operating Margin	38.10%	33.58%	36.87%	36.38%	34.63%	31.93%	36.87%	28.62%	34.06%	0.00%	36.95%
EBIT Margin	37.97%	9.55%	36.72%	36.23%	34.46%	31.83%	36.78%	28.55%	33.78%	0.00%	36.87%
Profit (Net Income) Margin	30.50%	-5.01%	32.44%	26.70%	25.54%	25.57%	23.75%	18.76%	26.21%	0.00%	27.66%
Tax Burden Percent	86.20%	-16.66%	93.19%	81.52%	82.24%	88.72%	70.01%	74.33%	84.79%	90.82%	78.71%
Interest Burden Percent	93.18%	314.67%	94.81%	90.41%	90.13%	90.52%	92.24%	88.40%	91.51%	93.91%	95.34%
Effective Tax Rate	20.02%	29.89%	21.30%	23.67%	24.75%	12.27%	33.25%	24.75%	17.27%	14.89%	22.03%
Return on Invested Capital (ROIC)	33.26%	28.04%	31.72%	30.14%	26.72%	30.95%	23.91%	19.74%	23.36%	0.00%	11.71%
ROIC Less NNEP Spread (ROIC-NNEP)	33.27%	21.36%	32.54%	29.90%	26.62%	30.39%	23.66%	18.94%	22.87%	0.00%	11.27%
Return on Net Nonoperating Assets (RNNOA)	-167.06%	-91.68%	-176.19%	-156.15%	-146.12%	-153.21%	-96.77%	-77.52%	-96.80%	0.00%	-29.31%
Return on Equity (ROE)	-133.80%	-63.63%	-144.47%	-126.01%	-119.39%	-122.26%	-72.86%	-57.78%	-73.44%	0.00%	-17.60%
Cash Return on Invested Capital (CROIC)	29.14%	36.26%	32.12%	29.53%	26.11%	23.93%	-55.92%	-48.02%	-46.47%	-39.68%	83.23%
Operating Return on Assets (OROA)	22.36%	5.69%	21.05%	20.69%	19.45%	17.64%	16.10%	11.98%	13.31%	0.00%	4.67%
Return on Assets (ROA)	17.96%	-2.98%	18.60%	15.25%	14.42%	14.16%	10.40%	7.87%	10.32%	0.00%	3.51%
Return on Common Equity (ROCE)	-162.27%	-75.69%	-179.21%	-154.11%	-147.04%	-156.59%	-89.54%	-71.17%	-91.57%	0.00%	-21.61%
Return on Equity Simple (ROE_SIMPLE)	-74.25%	0.00%	-106.27%	-95.01%	-81.60%	0.00%	-89.57%	-87.60%	-102.69%	0.00%	-101.37%
Net Operating Profit after Tax (NOPAT)	2,834	2,285	2,876	2,629	2,291	2,534	2,250	1,931	2,259	2,488	2,314
NOPAT Margin	30.47%	23.54%	29.01%	27.77%	26.06%	28.01%	24.61%	21.53%	28.18%	0.00%	28.81%
Net Nonoperating Expense Percent (NNEP)	-0.01%	6.68%	-0.81%	0.24%	0.11%	0.56%	0.25%	0.80%	0.49%	-0.02%	0.44%
Return On Investment Capital (ROIC_SIMPLE)	6.97%	6.38%	-	-	-	6.59%	-	-	-	6.76%	-
Cost of Revenue to Revenue	32.68%	35.27%	33.96%	35.33%	36.34%	38.27%	34.62%	36.00%	37.89%	0.00%	36.54%
SG&A Expenses to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	29.21%	31.16%	29.17%	28.30%	29.03%	29.80%	28.51%	35.39%	28.06%	0.00%	26.51%
Earnings before Interest and Taxes (EBIT)	3,532	927	3,639	3,430	3,030	2,880	3,362	2,560	2,709	2,924	2,961
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	4,012	1,404	4,137	3,875	3,397	3,249	3,791	2,861	3,008	3,103	3,319
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	6.43	4.94	5.07	4.32	3.96	4.00	6.02	6.65	6.98	4.50	22.75
Price to Earnings (P/E)	32.48	26.52	19.20	17.89	17.85	17.99	17.03	17.83	16.38	15.81	13.57
Dividend Yield	2.56%	3.34%	0.00%	5.13%	5.64%	5.68%	5.81%	6.85%	5.50%	5.46%	6.56%
Earnings Yield	3.08%	3.77%	5.21%	5.59%	5.60%	5.56%	5.87%	5.61%	6.10%	6.33%	7.37%
Enterprise Value to Invested Capital (EV/IC)	8.23	7.33	6.82	5.94	5.30	5.61	5.19	5.49	5.26	5.81	11.19
Enterprise Value to Revenue (EV/Rev)	7.58	6.01	6.18	5.45	5.16	5.18	7.86	8.57	9.04	5.70	26.49
Enterprise Value to EBITDA (EV/EBITDA)	21.67	17.78	15.70	13.88	13.95	14.12	13.92	15.00	14.48	13.62	10.28
Enterprise Value to EBIT (EV/EBIT)	25.24	20.66	17.73	15.64	15.68	15.83	15.38	16.52	15.88	14.82	11.26
Enterprise Value to NOPAT (EV/NOPAT)	27.36	22.59	22.27	20.49	20.61	20.32	19.95	20.55	19.46	18.33	14.23
Enterprise Value to Operating Cash Flow (EV/OCF)	25.03	18.65	19.98	17.14	17.83	19.80	19.81	21.38	21.17	16.77	11.77
Enterprise Value to Free Cash Flow (EV/FCFF)	28.39	19.76	21.05	20.04	20.27	23.92	0.00	0.00	0.00	0.00	12.93
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	-5.55	-4.63	-6.38	-6.19	-5.88	-5.07	-6.19	-6.02	-6.68	-6.83	-3.68
Long-Term Debt to Equity	-4.34	-4.27	-5.74	-5.62	-5.22	-4.37	-5.57	-5.20	-5.73	-5.53	-2.94
Financial Leverage	-5.02	-4.29	-5.42	-5.22	-5.49	-5.04	-4.09	-4.09	-4.23	-4.01	-2.60
Leverage Ratio	-7.46	-6.58	-8.42	-8.03	-8.16	-8.06	-6.86	-6.76	-6.80	-7.09	-5.13
Compound Leverage Factor	-6.95	-20.70	-7.98	-7.26	-7.35	-7.30	-6.33	-5.97	-6.23	-6.66	-4.89
Debt to Total Capital	121.96%	127.55%	118.58%	119.28%	120.47%	124.56%	119.26%	119.93%	117.60%	117.14%	137.35%
Short-Term Debt to Total Capital	26.56%	9.85%	12.01%	10.90%	13.64%	17.33%	12.00%	16.26%	16.73%	22.41%	27.55%
Long-Term Debt to Total Capital	95.40%	117.70%	106.57%	108.37%	106.84%	107.23%	107.26%	103.67%	100.87%	94.74%	109.81%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	4.86%	5.25%	4.77%	4.37%	4.17%	4.63%	4.32%	4.36%	4.67%	7.19%	8.75%
Common Equity to Total Capital	-26.81%	-32.80%	-23.35%	-23.65%	-24.65%	-29.18%	-23.58%	-24.30%	-22.27%	-24.33%	-46.10%
Debt to EBITDA	3.69	3.57	3.36	3.43	3.79	3.71	3.73	3.89	3.69	3.24	2.02
Net Debt to EBITDA	3.14	3.03	2.68	2.75	3.12	3.09	3.13	3.22	3.15	2.67	1.32
Long-Term Debt to EBITDA	2.89	3.29	3.02	3.12	3.36	3.19	3.35	3.36	3.17	2.62	1.62
Debt to NOPAT	4.66	4.53	4.76	5.07	5.60	5.34	5.34	5.32	4.96	4.36	2.80
Net Debt to NOPAT	3.97	3.85	3.81	4.06	4.61	4.45	4.48	4.41	4.23	3.59	1.83
Long-Term Debt to NOPAT	3.65	4.18	4.28	4.60	4.96	4.60	4.80	4.60	4.26	3.53	2.24
Altman Z-Score	3.38	2.92	2.95	2.72	2.57	2.42	2.41	2.42	2.42	2.56	2.96
Noncontrolling Interest Sharing Ratio	-21.28%	-18.94%	-24.05%	-22.29%	-23.16%	-28.08%	-22.91%	-23.17%	-24.69%	0.00%	-22.78%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.79	0.88	0.89	0.94	0.94	0.75	0.89	0.85	0.85	0.72	0.92
Quick Ratio	0.36	0.39	0.40	0.44	0.41	0.28	0.36	0.37	0.31	0.29	0.48
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	2,451	3,725	3,478	2,846	2,442	1,183	-19,738	-18,369	-18,690	-16,079	3,286
Operating Cash Flow to CapEx	-86.63%	1,439.57%	881.79%	1,251.89%	57.79%	1,061.74%	920.49%	956.11%	-342.29%	891.35%	1,217.46%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	8.17	0.00	0.00	0.00	-81.26	0.00	23.81
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	0.81	0.00	0.00	0.00	-4.15	0.00	22.23
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	-0.59	0.00	0.00	0.00	-5.37	0.00	20.41
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.59	0.60	0.57	0.57	0.56	0.55	0.44	0.42	0.39	0.62	0.13
Accounts Receivable Turnover	7.08	8.36	7.46	7.20	7.45	7.69	4.83	4.49	4.53	7.31	1.19
Inventory Turnover	1.31	1.32	1.41	1.37	1.26	1.25	0.12	0.09	0.02	1.23	0.00
Fixed Asset Turnover	5.21	5.11	5.16	5.11	5.14	4.95	3.63	3.33	3.20	4.93	0.89
Accounts Payable Turnover	3.56	3.29	3.80	3.57	3.44	3.14	0.30	0.23	0.07	3.08	0.00
Days Sales Outstanding (DSO)	51.56	43.68	48.94	50.72	49.00	47.46	75.63	81.25	80.51	49.97	307.59
Days Inventory Outstanding (DIO)	278.40	276.95	259.39	267.26	289.23	292.44	2,928.02	3,898.17	14,935.74	297.81	0.00
Days Payable Outstanding (DPO)	102.47	110.84	96.16	102.25	106.19	116.34	1,198.36	1,578.17	5,504.26	118.56	0.00
Cash Conversion Cycle (CCC)	227.49	209.79	212.16	215.72	232.04	223.56	1,805.28	2,401.25	9,511.99	229.22	307.59
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	35,359	31,075	33,739	33,469	34,976	32,515	34,341	33,686	35,127	31,164	12,353
Invested Capital Turnover	1.09	1.19	1.09	1.09	1.03	1.10	0.97	0.92	0.83	1.45	0.41
Increase / (Decrease) in Invested Capital	383	-1,440	-602	-217	-151	1,351	21,988	20,300	20,949	18,567	-972
Enterprise Value (EV)	290,941	227,829	230,067	198,696	185,478	182,263	178,222	184,897	184,787	181,147	138,193
Market Capitalization	246,802	187,124	188,753	157,523	142,231	140,564	136,488	143,500	142,727	143,016	118,693
Book Value per Share	($7.01)	($7.56)	($6.23)	($6.27)	($6.63)	($7.23)	($6.08)	($6.25)	($5.76)	($5.78)	($5.89)
Tangible Book Value per Share	($25.15)	($25.52)	($24.93)	($24.92)	($23.30)	($24.39)	($22.88)	($22.92)	($22.91)	($22.80)	($11.28)
Total Capital	40,653	35,825	41,509	41,197	41,824	38,463	40,009	39,933	40,068	36,812	19,818
Total Debt	49,579	45,695	49,222	49,139	50,387	47,909	47,715	47,893	47,121	43,123	27,221
Total Long-Term Debt	38,781	42,166	44,237	44,647	44,683	41,243	42,914	41,400	40,416	34,875	21,762
Net Debt	42,164	38,825	39,333	39,371	41,501	39,920	40,007	39,654	40,189	35,485	17,766
Capital Expenditures (CapEx)	404	278	379	370	417	311	371	360	279	347	252
Debt-free, Cash-free Net Working Capital (DFCFNWC)	464	-3,432	-1,843	-1,703	442	-3,022	-570	-408	863	-2,676	-1,646
Debt-free Net Working Capital (DFNWC)	4,907	784	2,415	3,104	4,410	38	2,447	3,084	3,291	531	3,722
Net Working Capital (NWC)	-5,891	-2,745	-2,570	-1,388	-1,294	-6,628	-2,354	-3,409	-3,414	-7,717	-1,737
Net Nonoperating Expense (NNE)	-2.66	2,771	-339	101	45	221	79	249	157	-5.51	92
Net Nonoperating Obligations (NNO)	44,285	40,945	41,452	41,411	43,539	41,961	42,047	41,646	42,180	37,475	19,756
Total Depreciation and Amortization (D&A)	480	477	498	445	367	369	429	301	299	179	358
Debt-free, Cash-free Net Working Capital to Revenue	1.21%	-9.06%	-4.95%	-4.67%	1.23%	-8.59%	-2.51%	-1.89%	4.22%	-8.43%	-31.55%
Debt-free Net Working Capital to Revenue	12.78%	2.07%	6.49%	8.52%	12.27%	0.11%	10.79%	14.29%	16.10%	1.67%	71.34%
Net Working Capital to Revenue	-15.35%	-7.25%	-6.91%	-3.81%	-3.60%	-18.84%	-10.38%	-15.80%	-16.70%	-24.30%	-33.30%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$1.72	($0.37)	$1.98	$1.54	$1.38	$1.41	$1.32	$1.01	$1.28	$1.54	$1.34
Adjusted Weighted Average Basic Shares Outstanding	1.56B	1.55B	1.55B	1.55B	1.55B	1.55B	1.55B	1.55B	1.55B	1.55B	1.55B
Adjusted Diluted Earnings per Share	$1.72	($0.37)	$1.97	$1.54	$1.38	$1.41	$1.32	$1.01	$1.28	$1.54	$1.34
Adjusted Weighted Average Diluted Shares Outstanding	1.56B	1.55B	1.55B	1.55B	1.55B	1.55B	1.55B	1.55B	1.55B	1.55B	1.55B
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	1.56B	1.55B	1.55B	1.55B	1.55B	1.55B	1.55B	1.55B	1.55B	1.55B	1.55B
Normalized Net Operating Profit after Tax (NOPAT)	2,834	2,285	2,876	2,629	2,291	2,534	2,250	2,431	2,259	2,488	2,314
Normalized NOPAT Margin	30.47%	23.54%	29.01%	27.77%	26.06%	28.01%	24.61%	27.12%	28.18%	0.00%	28.81%
Pre Tax Income Margin	35.38%	30.05%	34.81%	32.75%	31.06%	28.82%	33.92%	25.24%	30.91%	0.00%	35.15%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	10.13	0.00	0.00	0.00	11.78	0.00	21.46
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	7.66	0.00	0.00	0.00	9.82	0.00	16.77
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	8.74	0.00	0.00	0.00	10.57	0.00	19.63
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	6.27	0.00	0.00	0.00	8.61	0.00	14.94
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	102.25%	109.25%	78.76%	87.10%	95.27%	96.32%	93.67%	92.69%	85.63%	82.00%	84.12%
Augmented Payout Ratio	102.25%	109.25%	78.76%	87.10%	95.27%	96.32%	93.67%	92.69%	85.63%	84.19%	93.73%

Frequently Asked Questions About Philip Morris International's Financials

When does Philip Morris International's fiscal year end?

According to the most recent income statement we have on file, Philip Morris International's financial year ends in December. Their financial year 2024 ended on December 31, 2024.

How has Philip Morris International's net income changed over the last 9 years?

Philip Morris International's net income appears to be on an upward trend, with a most recent value of $7.50 billion in 2024, rising from $7.03 billion in 2015. The previous period was $8.27 billion in 2023. See Philip Morris International's forecast for analyst expectations on what’s next for the company.

What is Philip Morris International's operating income?

Philip Morris International's total operating income in 2024 was $13.40 billion, based on the following breakdown:

Total Gross Profit: $24.55 billion
Total Operating Expenses: $11.15 billion

How has Philip Morris International revenue changed over the last 9 years?

Over the last 9 years, Philip Morris International's total revenue changed from $73.91 billion in 2015 to $37.88 billion in 2024, a change of -48.7%.

How much debt does Philip Morris International have?

Philip Morris International's total liabilities were at $71.65 billion at the end of 2024, a 4.1% decrease from 2023, and a 57.7% increase since 2015.

How much cash does Philip Morris International have?

In the past 9 years, Philip Morris International's cash and equivalents has ranged from $3.06 billion in 2023 to $8.45 billion in 2017, and is currently $4.22 billion as of their latest financial filing in 2024.

How has Philip Morris International's book value per share changed over the last 9 years?

Over the last 9 years, Philip Morris International's book value per share changed from -8.55 in 2015 to -7.56 in 2024, a change of -11.6%.

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This page (NYSE:PM) was last updated on 5/29/2025 by MarketBeat.com Staff

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Philip Morris International (PM) Financials

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