Filing Flows › Philip Morris International (PM) › Q3 2025
Philip Morris International (PM) Q3 2025 earnings results (third quarter 2025)
10-Q filed Oct 24, 2025
Philip Morris International (PM) reported revenue of $10.8B for the third quarter 2025 (Q3 2025), +9% from a year earlier and +7% from the quarter before. Operating margin was 39.3%, net earnings $3.5B (32.1% of revenue).
Philip Morris International, Q3 2025: revenue $10.8B (+9% year over year), operating margin 39.3%, net earnings $3.5B, operating cash flow $4.5B. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $10.8B | +7% | +9% |
| Gross profit | $7.4B | +7% | +12% |
| Operating profit | $4.3B | +15% | +17% |
| Net earnings | $3.5B | +14% | +13% |
| Operating cash flow | $4.5B | +31% | +34% |
| Free cash flow | $4.1B | +34% | +38% |
What changed
Revenue was $10.8B in Q3 2025, up 9% year over year and up 7% from the previous quarter. Europe was the largest line at 44% of revenue. Europe added $0.52B year over year (up 12%), 56% of the total change. Americas declined 5%.
Gross margin was 67.9%, up 1.8 points from a year earlier. Operating profit was $4.3B, a 39.3% margin (up 2.4 points year over year). Of the extra revenue versus a year earlier, 65% reached operating profit, above the 37% margin then. Operating expenses grew 7% against revenue growth of 9%. Net earnings were $3.5B, up 13% year over year. The effective tax rate was 17.2%.
Operating cash flow was $4.5B (up 34% year over year), 123% of net income including minority interests. Non-cash charges added back $0.51B of depreciation and amortization. Working capital and other items added $0.34B. Capital expenditures of $0.36B left free cash flow of $4.1B.
Questions
What was Philip Morris International's revenue in the third quarter 2025?
Philip Morris International (PM) reported revenue of $10.8B for the third quarter 2025 (Q3 2025), +9% from a year earlier and +7% from the quarter before.
Was Philip Morris International profitable in the third quarter 2025?
Operating profit was $4.3B (39.3% of revenue) and net earnings $3.5B.