Filing Flows › Philip Morris International (PM) › Q2 2026
Philip Morris International (PM) Q2 2026 earnings results (second quarter 2026)
10-Q filed Jul 24, 2026
Philip Morris International (PM) reported revenue of $11.2B for the second quarter 2026 (Q2 2026), +10% from a year earlier and +10% from the quarter before. Operating margin was 40.5%, net earnings $2.8B (25.2% of revenue).
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 follows the revenue to costs, profit and cash.
| Q2 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $11.2B | +10% | +10% |
| Gross profit | $7.7B | +11% | +12% |
| Operating profit | $4.5B | +16% | +22% |
| Net earnings | $2.8B | +16% | -7% |
| Operating cash flow | $5.5B | — | +61% |
| Free cash flow | $5.1B | — | +67% |
What changed
Revenue was $11.2B in Q2 2026, up 10% year over year and up 10% from the previous quarter. International Combustibles was the largest line at 58% of revenue. International Combustibles added $0.58B year over year (up 10%), 55% of the total change. U.S. declined 1%.
Gross margin was 68.4%, up 0.7 points from Q2 2025. Operating profit was $4.5B, a 40.5% margin (up 3.9 points year over year). Of the extra revenue versus Q2 2025, 78% reached operating profit, above the 37% margin then. Operating expenses fell 1% while revenue rose 10%. Net earnings were $2.8B, down 7% year over year. The effective tax rate was 24.2%.
Operating cash flow was $5.5B (up 61% year over year), 184% of net income including minority interests. Non-cash charges added back $0.51B of depreciation and amortization. Working capital and other items added $2.0B. Capital expenditures of $0.38B left free cash flow of $5.1B.
Questions
What was Philip Morris International's revenue in the second quarter 2026?
Philip Morris International (PM) reported revenue of $11.2B for the second quarter 2026 (Q2 2026), +10% from a year earlier and +10% from the quarter before.
Was Philip Morris International profitable in the second quarter 2026?
Operating profit was $4.5B (40.5% of revenue) and net earnings $2.8B.