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Philip Morris International cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$5.0B in Q3 2026 · $13.6B over twelve months

Operating cash flow$5.4B
Capital spending−$382M
Free cash flow+$5.0B
Cash / net income1.5×
Cash conversion cycle219 days

Analysis

In Q3 2026, Philip Morris International generated $5.4B of operating cash flow and spent $382M on capital projects, leaving free cash flow of $5.0B. That is $873M more than in Q3 2025 ($4.1B).

Over the twelve months to Sep 30, 2026, operating cash flow was $15.2B; the largest uses were dividends ($9.2B), net borrowing (+) / repaid (−) ($2.0B), capital spending ($1.6B); besides operations, cash came from other investing ($647M); the cash balance rose by $2.6B.

Operating cash flow was $5.4B against net income of $3.5B — 1.5× profit, cash ran ahead of reported earnings. The largest differences: inventory +$1.0B, depreciation & amortization +$511M, income taxes payable +$362M.

Its cash conversion cycle was 219 days (receivables 42 + inventory 279 − payables 102).

Free cash flow

Philip Morris International: free cash flow by quarterPhilip Morris International: free cash flow by quarter$3.7BQ4 2024−$754MQ1 2025$3.1BQ2 2025$4.1BQ3 2025$4.3BQ4 2025−$752MQ1 2026$5.1BQ2 2026$5.0BQ3 2026
Operating cash flow less capital spending.
Philip Morris International: operating cash flow against capital spendingPhilip Morris International: operating cash flow against capital spendingOperating cash flowCapital spending$4.0B$278MQ4 2024−$350M$404MQ1 2025$3.4B$356MQ2 2025$4.5B$365MQ3 2025$4.7B$444MQ4 2025−$399M$353MQ1 2026$5.5B$380MQ2 2026$5.4B$382MQ3 2026
Latest (Q3 2026): Operating cash flow $5.4B, Capital spending $382M.

Capital allocation, year by year

Philip Morris International: where the cash came from (up) and went (down), by fiscal yearPhilip Morris International: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingAsset salesCapital spendingAcquisitionsBuybacksDividendsFY2021: Operating cash flow $12.0BFY2021: Net borrowing −$3.0BFY2021: Capital spending −$748MFY2021: Acquisitions −$2.1BFY2021: Buybacks −$775MFY2021: Dividends −$7.6B$12.0BFY2021FY2022: Operating cash flow $10.8BFY2022: Net borrowing $14.1BFY2022: Capital spending −$1.1BFY2022: Acquisitions −$14.0BFY2022: Buybacks −$209MFY2022: Dividends −$7.8B$24.9BFY2022FY2023: Operating cash flow $9.2BFY2023: Net borrowing $3.7BFY2023: Asset sales $191MFY2023: Capital spending −$1.3BFY2023: Dividends −$8.0B$13.1BFY2023FY2024: Operating cash flow $12.2BFY2024: Net borrowing −$1.7BFY2024: Asset sales $136MFY2024: Capital spending −$1.4BFY2024: Dividends −$8.2B$12.4BFY2024FY2025: Operating cash flow $12.2BFY2025: Net borrowing $1.7BFY2025: Asset sales $30.0MFY2025: Capital spending −$1.6BFY2025: Dividends −$8.6B$13.9BFY2025
Over these 5 years operating cash flow totalled $56.4B; the largest uses were dividends ($40.2B) and acquisitions ($16.1B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$6.7B
Debt$47.6B
Net debt$40.9B
Due within a year$3.5B

Philip Morris International funds itself: free cash flow was $13.6B over the last twelve months, and $6.7B of cash and investments stands against $47.6B of debt ($3.5B due within a year, 1.9× covered by cash).

Philip Morris International: debt maturities by year (FY2025)Philip Morris International: debt maturities by year (FY2025)$3.5BYear 1$6.8BYear 2$5.0BYear 3$5.0BYear 4$5.9BYear 5
Principal due in each year as disclosed in the annual report, against $6.7B of cash and investments now.

Where the cash came from and went

Philip Morris International: sources (+) and uses (−) of cash, Q3 2026Philip Morris International: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$5.4BDividends−$2.3BNet borrowing (+) / repaid (−)−$1.4BCash drawn (+) / kept (−)−$682MCapital spending−$382MOther financing−$261MExchange rates−$222MOther investing−$125M
Philip Morris International: sources (+) and uses (−) of cash, TTM to Q3 2026Philip Morris International: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$15.2BDividends−$9.2BCash drawn (+) / kept (−)−$2.6BNet borrowing (+) / repaid (−)−$2.0BCapital spending−$1.6BOther investing$647MNot reconciled−$196MOther financing−$162M

From profit to cash

Philip Morris International: net income to operating cash flow, Q3 2026Philip Morris International: net income to operating cash flow, Q3 2026Net income$3.5BDepreciation & amortization$511MDeferred taxes−$25.0MReceivables−$146MInventory$1.0BPayables$144MIncome taxes payable$362MOther operating capital$138MOperating cash flow$5.4B
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 202642279102219
Q2 202642294101235
Q1 202643318116245
Q4 202542280108213
Q3 202542277104215
Q2 202544290106228
Q1 202542291114218
Q4 202438253100191

Every quarter

QuarterOperating cash flowCapital spendingDividendsNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 2026$5.4B−$382M−$2.3B−$1.4B−$682M$5.0B
Q2 2026$5.5B−$380M−$2.3B−$2.7B−$554M$5.1B
Q1 2026−$399M−$353M−$2.3B$3.4B−$578M−$752M
Q4 2025$4.7B−$444M−$2.3B−$1.3B−$831M$4.3B
Q3 2025$4.5B−$365M−$2.1B−$1.4B$115M$4.1B
Q2 2025$3.4B−$356M−$2.1B$945M$300M$3.1B
Q1 2025−$350M−$404M−$2.1B$3.5B−$222M−$754M
Q4 2024$4.0B−$278M−$2.1B−$2.7B$47.0M$3.7B

Philip Morris International: income statement and cash flow

Philip Morris International, Q3 2026: revenue $11.4B (+6% year over year), operating margin 42.5%. The chart follows the revenue to costs, profit and cash.

Philip Morris International: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.