Filing Flows › Philip Morris International (PM) › Q2 2026 › vs Q1 2026
Philip Morris International (PM) Q2 2026 vs Q1 2026 (quarter over quarter)
Philip Morris International's revenue rose $1.0B (+10%) from $10.1B in Q1 2026 to $11.2B in Q2 2026. The biggest changes: International Combustibles +$771M (+14%); U.S. +$234M (+38%); International Smoke-Free +$41.0M (+1%). Gross margin 68.4% against 68.1% (+0.4 pts).
Philip Morris International, Q2 2026: revenue $11.2B (+10% year over year), operating margin 40.5%, net earnings $2.8B, operating cash flow $5.5B. The chart draws each line against Q1 2026, the increases inside each band.
Margins
| Q2 2026 | Q1 2026 | Change | |
|---|---|---|---|
| Gross margin | 68.4% | 68.1% | +0.4 pts |
| Operating margin | 40.5% | 38.4% | +2.1 pts |
| Net margin | 25.2% | 24.0% | +1.1 pts |
| Free cash flow margin | 45.7% | -7.4% | +53.1 pts |
Every line
| Line | Q2 2026 | Q1 2026 | Change | % |
|---|---|---|---|---|
| International Combustibles | $6.5B | $5.7B | $771M | +14% |
| International Smoke-Free | $3.9B | $3.8B | $41.0M | +1% |
| U.S. | $856M | $622M | $234M | +38% |
| Revenue | $11.2B | $10.1B | $1.0B | +10% |
| Gross profit | $7.7B | $6.9B | $754M | +11% |
| Cost of revenue | $3.5B | $3.2B | $292M | +9% |
| Operating profit | $4.5B | $3.9B | $637M | +16% |
| Operating expenses | $3.1B | $3.0B | $117M | +4% |
| Pre-tax earnings | $3.9B | $3.3B | $682M | +21% |
| Other expense, net | $590M | $635M | −$45.0M | -7% |
| Net earnings | $2.8B | $2.4B | $379M | +16% |
| Minority interests | $168M | $144M | $24.0M | +17% |
| Income tax | $955M | $676M | $279M | +41% |
| Depreciation & amortization | $513M | $510M | $3.0M | +0.6% |
| Working capital & other | $2.2B | −$3.3B | $5.5B | — |
| Operating cash flow | $5.5B | −$399M | $5.9B | — |
| Free cash flow (OCF − capex) | $5.1B | −$752M | $5.9B | — |
| Capital expenditures | $380M | $353M | $27.0M | +8% |
Questions
How much did Philip Morris International's revenue grow quarter over quarter in Q2 2026?
Philip Morris International's revenue rose $1.0B (+10%) from $10.1B in Q1 2026 to $11.2B in Q2 2026.
What drove Philip Morris International's revenue change in Q2 2026?
International Combustibles +$771M (+14%); U.S.