Filing Flows › Philip Morris International (PM) › Q1 2026
Philip Morris International (PM) Q1 2026 earnings results (first quarter 2026)
10-Q filed Apr 24, 2026
Philip Morris International (PM) reported revenue of $10.1B for the first quarter 2026 (Q1 2026), +9% from a year earlier and -2% from the quarter before. Operating margin was 38.4%, net earnings $2.4B (24.0% of revenue).
Philip Morris International, Q1 2026: revenue $10.1B (+9% year over year), operating margin 38.4%, net earnings $2.4B, operating cash flow −$399M. The chart follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $10.1B | -2% | +9% |
| Gross profit | $6.9B | +2% | +10% |
| Operating profit | $3.9B | +15% | +10% |
| Net earnings | $2.4B | +14% | -9% |
| Operating cash flow | −$399M | -108% | — |
What changed
Revenue was $10.1B in Q1 2026, up 9% year over year and down 2% from the previous quarter. International Combustibles was the largest line at 56% of revenue. International Smoke-Free added $0.76B year over year (up 25%), 90% of the total change. U.S. declined 31%.
Gross margin was 68.1%, up 0.6 points from Q1 2025. Operating profit was $3.9B, a 38.4% margin (up 0.3 points year over year). Of the extra revenue versus Q1 2025, 41% reached operating profit, above the 38% margin then. Operating expenses grew 10% against revenue growth of 9%. Net earnings were $2.4B, down 9% year over year. The effective tax rate was 20.7%.
Operating cash flow was −$0.40B. Non-cash charges added back $0.51B of depreciation and amortization. Working capital and other items used $3.5B. Capital expenditures of $0.35B exceeded it, leaving free cash flow of −$0.75B.
Questions
What was Philip Morris International's revenue in the first quarter 2026?
Philip Morris International (PM) reported revenue of $10.1B for the first quarter 2026 (Q1 2026), +9% from a year earlier and -2% from the quarter before.
Was Philip Morris International profitable in the first quarter 2026?
Operating profit was $3.9B (38.4% of revenue) and net earnings $2.4B.