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Philip Morris International (PM) earnings and revenue breakdown
Latest: Q3 2026 · 10-Q filed Oct 23, 2026 · Philip Morris International (PM) Q3 2026 earnings results →
Q3 2026 Revenue up 6% year over year to $11.4B · 29¢ of every $1 of revenue kept as net profit · operating margin 42.5%
Philip Morris International made $11.4B in Q3 2026 (+6% Y/Y): International Combustibles $6.7B, International Smoke-Free $3.9B, U.S. $845M. Operating margin 42.5%, net earnings $3.3B. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Oct 23, 2026.
Drawing the Sankey…
Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF
What changed this quarter
Revenue was $11.4B in Q3 2026, up 5% year over year and up 2% from the previous quarter. International Combustibles was the largest line at 59% of revenue. International Combustibles added $0.41B year over year (up 6%), 69% of the total change.
Gross margin was 68.7%, up 0.8 points from Q3 2025. Operating profit was $4.9B, a 42.5% margin (up 3.2 points year over year). Of the extra revenue versus Q3 2025, 102% reached operating profit, above the 39% margin then. Operating expenses fell 4% while revenue rose 5%. Net earnings were $3.3B, down 5% year over year. The effective tax rate was 21.9%.
Operating cash flow was $5.4B (up 20% year over year), 152% of net income including minority interests. Non-cash charges added back $0.51B of depreciation and amortization. Working capital and other items added $1.3B. Capital expenditures of $0.38B left free cash flow of $5.0B.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q3 2026 | 10-Q | Oct 23, 2026 | $11.4B | +6% | 42.5% | $3.3B | $5.4B |
| Q2 2026 | 10-Q | Jul 24, 2026 | $11.2B | +10% | 40.5% | $2.8B | $5.5B |
| Q1 2026 | 10-Q | Apr 24, 2026 | $10.1B | +9% | 38.4% | $2.4B | −$399M |
| Q4 2025 | 10-K | Feb 6, 2026 | $10.4B | +7% | 32.6% | $2.1B | $4.7B |
| Q3 2025 | 10-Q | Oct 24, 2025 | $10.8B | +9% | 39.3% | $3.5B | $4.5B |
| Q2 2025 | 10-Q | Jul 25, 2025 | $10.1B | +7% | 36.6% | $3.0B | $3.4B |
| Q1 2025 | 10-Q | Apr 24, 2025 | $9.3B | +6% | 38.1% | $2.7B | −$350M |
Charts
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💵Where each $1 goesinteractive
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🌏Named in Asian annual reportsinteractive
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🔄Rotation against the market and its industry (RRG)interactive
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⚖️Fair value by methodinteractive
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📈Investments: gains and what it boughtinteractive
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Customers and suppliers named in filings
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About Philip Morris International
Philip Morris International Inc. is a Virginia holding company incorporated in 1987. In March 2008, we became a U.S. public company listed on the New York Stock Exchange and subject to the rules of the U.S. Securities and Exchange Commission (the "SEC"). We are a leading international consumer goods company, actively delivering a smoke-free future and evolving our portfolio for the long term to include products outside of the tobacco and nicotine sector. Our current product portfolio primarily consists of cigarettes and smoke-free products, including heat-not-burn, nicotine pouch and e-vapor products. Since 2008, we have invested over $16 billion to develop, scientifically substantiate and commercialize innovative smoke-free products for adults who would otherwise continue to smoke, with the goal of completely ending the sale of cigarettes.
In its own words, from its 10-K, filed Feb 6, 2026.
Philip Morris International against its Cigarettes peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +6% against the peers' median +6%. Operating margin: 42.5% against the peers' median 42.5%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| PM Philip Morris International | Q3 2026 | $11.4B | +6% | 42.5% |
| MO Altria Group | Q3 2026 | $6.1B | +1% | 54.0% |
| ISPR Ispire Technology | Q4 FY26 | $26.7M | +32% | -50.7% |
| XXII 22nd Century Group | Q2 2026 | $2.9M | -30% | -114.9% |
Source: Philip Morris International 10-Q on SEC EDGAR · CIK 1413329 · Cigarettes
13F: who owns PM and who is buying
More on PM
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History
Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results
- Philip Morris International guidance history: guided vs reported
- Philip Morris International gross margin by quarter
- Philip Morris International operating margin by quarter
- Philip Morris International net income by quarter
- Philip Morris International free cash flow by quarter
- Philip Morris International capital expenditures by quarter
- Philip Morris International International Combustibles revenue by quarter
- Philip Morris International International Smoke-Free revenue by quarter
- Philip Morris International U.S. revenue by quarter