**Philip Morris International Reports Increased Revenue and Earnings in Fiscal Year 2025**

Philip Morris International Inc. (PMI) reported net revenues of $40.6 billion for the year ended December 31, 2025, an increase of 7.3% compared to $37.8 billion in 2024. The company attributed this growth to favorable pricing, primarily in combustible tobacco, and increased smoke-free product volumes, despite lower cigarette volumes. Shipment volumes increased by 1.4% to 786.5 billion equivalent units, driven by a 12.8% increase in smoke-free product volumes, while cigarette volumes decreased by 1.5%.

Diluted earnings per share (EPS) for 2025 reached $7.26, a 60.6% increase from $4.52 in the previous year. This increase was influenced by several factors, including higher operating income, a lower effective tax rate, and decreased net interest expense. The company's effective tax rate decreased to 19.7% in 2025, and interest expense, net, decreased by 15.5% to $966 million. The company expects its 2026 effective tax rate to be around 21.5%, excluding discrete tax events.

Operationally, PMI's smoke-free products were available in 106 markets as of December 31, 2025, with modern oral pouches expanding to 56 markets. The company's international market share for cigarettes and heated tobacco units (HTUs) increased by 0.2 percentage points to 29.2%. The company's HTU share of the total cigarette and HTU market increased by 0.5 percentage points to 5.8%. The company's cigarette shipment volume decreased by 1.5% to 607.4 billion units, while HTU shipment volume increased by 11.0% to 155.1 billion units.

Looking ahead, PMI anticipates broadly stable total cigarette and smoke-free product shipment volume in 2026, with high-single-digit growth in smoke-free product shipment volume and a cigarette shipment volume decline of around 3%. The company also expects net cash from operating activities of around $13.5 billion at prevailing exchange rates, subject to year-end working capital requirements. The company's workforce comprised approximately 84,900 employees worldwide as of December 31, 2025.

About Philip Morris International Inc.

Philip Morris International Inc. is a leading global tobacco company focused on delivering a smoke-free future. It develops, manufactures, and markets cigarettes, heated tobacco, and nicotine pouch products in numerous markets worldwide. The company emphasizes science-based innovation, regulatory compliance, and consumer education to promote less harmful alternatives, aiming to transition adult smokers away from traditional cigarettes through a diversified portfolio of smoke-free products and related wellness offerings.

This description was generated via AI from an annual report. Updated 8 months ago.

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