Filing Flows › Philip Morris International (PM) › Q2 2025
Philip Morris International (PM) Q2 2025 earnings results (second quarter 2025)
10-Q filed Jul 25, 2025
Philip Morris International (PM) reported revenue of $10.1B for the second quarter 2025 (Q2 2025), +7% from a year earlier and +9% from the quarter before. Operating margin was 36.6%, net earnings $3.0B (30.0% of revenue).
Philip Morris International, Q2 2025: revenue $10.1B (+7% year over year), operating margin 36.6%, net earnings $3.0B, operating cash flow $3.4B. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $10.1B | +9% | +7% |
| Gross profit | $6.9B | +10% | +12% |
| Operating profit | $3.7B | +5% | +8% |
| Net earnings | $3.0B | +13% | +26% |
| Operating cash flow | $3.4B | — | -26% |
| Free cash flow | $3.1B | — | -28% |
What changed
Revenue was $10.1B in Q2 2025, up 7% year over year and up 9% from the previous quarter. Europe was the largest line at 42% of revenue. Europe added $0.34B year over year (up 9%), 50% of the total change.
Gross margin was 67.7%, up 3.0 points from a year earlier. Operating profit was $3.7B, a 36.6% margin (up 0.2 points year over year). Of the extra revenue versus a year earlier, 40% reached operating profit, above the 36% margin then. Operating expenses grew 18% against revenue growth of 7%. Net earnings were $3.0B, up 26% year over year. The effective tax rate was 17.2%.
Operating cash flow was $3.4B (down 26% year over year), 108% of net income including minority interests. Non-cash charges added back $0.49B of depreciation and amortization. Working capital and other items used $0.23B. Capital expenditures of $0.36B left free cash flow of $3.1B.
Questions
What was Philip Morris International's revenue in the second quarter 2025?
Philip Morris International (PM) reported revenue of $10.1B for the second quarter 2025 (Q2 2025), +7% from a year earlier and +9% from the quarter before.
Was Philip Morris International profitable in the second quarter 2025?
Operating profit was $3.7B (36.6% of revenue) and net earnings $3.0B.