Philip Morris International (PM) Financials

$173.21 +2.35 (+1.38%)

Closing price 03:59 PM Eastern

Extended Trading

$173.36 +0.16 (+0.09%)

As of 07:58 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	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	6,873	6,967	6,035	7,911	7,185	8,056	9,109	9,048	7,813	7,057
Consolidated Net Income / (Loss)	7,032	7,250	6,341	8,286	7,728	8,592	9,710	9,527	8,268	7,503
Net Income / (Loss) Continuing Operations	7,032	7,156	6,282	8,226	7,579	8,576	9,710	9,527	8,268	7,503
Total Pre-Tax Income	9,615	9,924	10,589	10,671	9,872	10,953	12,232	11,634	10,450	12,199
Total Operating Income	10,623	10,903	11,581	11,377	10,531	11,668	12,975	12,246	11,556	13,402
Total Gross Profit	17,429	17,294	18,316	18,867	19,292	19,125	21,375	20,360	22,281	24,549
Total Revenue	73,908	74,953	78,098	79,823	77,921	76,047	31,405	31,762	35,174	37,878
Operating Revenue	73,908	74,953	78,098	79,823	77,921	76,047	31,405	31,762	35,174	37,878
Total Cost of Revenue	56,479	57,659	59,782	60,956	58,629	56,922	10,030	11,402	12,893	13,329
Operating Cost of Revenue	56,479	57,659	59,782	60,956	58,629	56,922	10,030	11,402	12,893	13,329
Total Operating Expenses	6,806	6,391	6,735	7,490	8,761	7,457	8,400	8,114	10,725	11,147
Marketing Expense	6,656	6,317	6,647	7,408	8,695	7,457	8,400	8,114	10,060	11,147
Impairment Charge	-	-	-	-	-	-	0.00	0.00	665	0.00
Total Other Income / (Expense), net	-1,008	-979	-992	-706	-659	-715	-743	-612	-1,106	-3,519
Interest & Investment Income	-	-	-	-	-	-	-	-588	-1,061	-1,143
Other Income / (Expense), net	-	-88	-78	-41	-89	-97	-115	-24	-45	-2,376
Income Tax Expense	2,688	2,768	4,307	2,445	2,293	2,377	2,671	2,244	2,339	3,017
Other Gains / (Losses), net	105	-	-	-	-	-	149	137	157	637
Net Income / (Loss) Attributable to Noncontrolling Interest	159	283	306	375	543	536	601	479	455	446
Basic Earnings per Share	$4.42	$4.48	$3.88	$5.08	$4.61	$5.16	$5.83	$5.82	$5.02	$4.53
Weighted Average Basic Shares Outstanding	1.55B	1.55B	1.55B	1.56B	1.56B	1.56B	1.55B	1.55B	1.55B	1.55B
Diluted Earnings per Share	$4.42	$4.48	$3.88	$5.08	$4.61	$5.16	$5.83	$5.81	$5.02	$4.52
Weighted Average Diluted Shares Outstanding	1.55B	1.55B	1.55B	1.56B	1.56B	1.56B	1.55B	1.55B	1.55B	1.55B
Weighted Average Basic & Diluted Shares Outstanding	1.55B	1.55B	1.55B	1.56B	1.56B	1.56B	1.55B	1.55B	1.55B	1.55B
Cash Dividends to Common per Share	$4.04	$4.12	$4.22	$4.49	$4.62	$4.74	$4.90	$5.04	$5.14	$5.30

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

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

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

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

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

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

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

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

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

Frequently Asked Questions About Philip Morris International's Financials

When does Philip Morris International's financial year end?

According to the most recent income statement we have on file, Philip Morris International's fiscal year ends in December. Their fiscal 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. Find out what analysts predict for Philip Morris International in the coming months.

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 5/5/2025 by MarketBeat.com Staff

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Philip Morris International (PM) Financials

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