Filing Flows › Philip Morris International (PM) › Q3 2026 › vs Q2 2026
Philip Morris International (PM) Q3 2026 vs Q2 2026 (quarter over quarter)
Philip Morris International's revenue rose $246M (+2%) from $11.2B in Q2 2026 to $11.4B in Q3 2026. The biggest changes: International Combustibles +$266M (+4%); U.S. −$11.0M (-1%); International Smoke-Free −$10.0M (-0.3%). Gross margin 68.7% against 68.4% (+0.2 pts).
Philip Morris International, Q3 2026: revenue $11.4B (+6% year over year), operating margin 42.5%, net earnings $3.3B, operating cash flow $5.4B. The chart draws each line against Q2 2026, the increases inside each band.
Margins
| Q3 2026 | Q2 2026 | Change | |
|---|---|---|---|
| Gross margin | 68.7% | 68.4% | +0.2 pts |
| Operating margin | 42.5% | 40.5% | +2.1 pts |
| Net margin | 29.0% | 25.2% | +3.8 pts |
| Free cash flow margin | 43.5% | 45.7% | -2.2 pts |
Every line
| Line | Q3 2026 | Q2 2026 | Change | % |
|---|---|---|---|---|
| International Combustibles | $6.7B | $6.5B | $266M | +4% |
| International Smoke-Free | $3.9B | $3.9B | −$10.0M | -0.3% |
| U.S. | $845M | $856M | −$11.0M | -1% |
| Revenue | $11.4B | $11.2B | $246M | +2% |
| Gross profit | $7.9B | $7.7B | $195M | +3% |
| Cost of revenue | $3.6B | $3.5B | $51.0M | +1% |
| Operating profit | $4.9B | $4.5B | $336M | +7% |
| Operating expenses | $3.0B | $3.1B | −$141M | -5% |
| Pre-tax earnings | $4.5B | $3.9B | $568M | +14% |
| Other expense, net | $358M | $590M | −$232M | -39% |
| Net earnings | $3.3B | $2.8B | $496M | +18% |
| Minority interests | $209M | $168M | $41.0M | +24% |
| Income tax | $986M | $955M | $31.0M | +3% |
| Depreciation & amortization | $511M | $513M | −$2.0M | -0.4% |
| Working capital & other | $1.5B | $2.2B | −$634M | -29% |
| Operating cash flow | $5.4B | $5.5B | −$140M | -3% |
| Free cash flow (OCF − capex) | $5.0B | $5.1B | −$142M | -3% |
| Capital expenditures | $382M | $380M | $2.0M | +0.5% |
Questions
How much did Philip Morris International's revenue grow quarter over quarter in Q3 2026?
Philip Morris International's revenue rose $246M (+2%) from $11.2B in Q2 2026 to $11.4B in Q3 2026.
What drove Philip Morris International's revenue change in Q3 2026?
International Combustibles +$266M (+4%); U.S.