Filing Flows › Philip Morris International (PM) › Q2 2026 › vs Q2 2025
Philip Morris International (PM) Q2 2026 vs Q2 2025 (year over year)
Philip Morris International's revenue rose $1.1B (+10%) from $10.1B in Q2 2025 to $11.2B in Q2 2026. The biggest changes: International Combustibles +$576M (+10%); International Smoke-Free +$482M (+14%); U.S. −$6.0M (-0.7%). Gross margin 68.4% against 67.7% (+0.7 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 Q2 2025, the increases inside each band.
Margins
| Q2 2026 | Q2 2025 | Change | |
|---|---|---|---|
| Gross margin | 68.4% | 67.7% | +0.7 pts |
| Operating margin | 40.5% | 36.6% | +3.9 pts |
| Net margin | 25.2% | 30.0% | -4.8 pts |
| Free cash flow margin | 45.7% | 30.1% | +15.5 pts |
Every line
| Line | Q2 2026 | Q2 2025 | Change | % |
|---|---|---|---|---|
| International Combustibles | $6.5B | $5.9B | $576M | +10% |
| International Smoke-Free | $3.9B | $3.4B | $482M | +14% |
| U.S. | $856M | $862M | −$6.0M | -0.7% |
| Revenue | $11.2B | $10.1B | $1.1B | +10% |
| Gross profit | $7.7B | $6.9B | $793M | +12% |
| Cost of revenue | $3.5B | $3.3B | $259M | +8% |
| Operating profit | $4.5B | $3.7B | $818M | +22% |
| Operating expenses | $3.1B | $3.2B | −$25.0M | -0.8% |
| Pre-tax earnings | $3.9B | $3.8B | $140M | +4% |
| Other expense, net | $590M | −$88.0M | $678M | — |
| Net earnings | $2.8B | $3.0B | −$222M | -7% |
| Minority interests | $168M | $109M | $59.0M | +54% |
| Income tax | $955M | $652M | $303M | +46% |
| Depreciation & amortization | $513M | $490M | $23.0M | +5% |
| Working capital & other | $2.2B | −$117M | $2.3B | — |
| Operating cash flow | $5.5B | $3.4B | $2.1B | +61% |
| Free cash flow (OCF − capex) | $5.1B | $3.1B | $2.1B | +67% |
| Capital expenditures | $380M | $356M | $24.0M | +7% |
Questions
How much did Philip Morris International's revenue grow year over year in Q2 2026?
Philip Morris International's revenue rose $1.1B (+10%) from $10.1B in Q2 2025 to $11.2B in Q2 2026.
What drove Philip Morris International's revenue change in Q2 2026?
International Combustibles +$576M (+10%); International Smoke-Free +$482M (+14%); U.S.