Filing Flows › Philip Morris International (PM) › Q3 2026 › vs Q3 2025
Philip Morris International (PM) Q3 2026 vs Q3 2025 (year over year)
Philip Morris International's revenue rose $593M (+5%) from $10.8B in Q3 2025 to $11.4B in Q3 2026. The biggest changes: International Combustibles +$409M (+6%); U.S. +$156M (+23%); International Smoke-Free +$28.0M (+0.7%). Gross margin 68.7% against 67.9% (+0.8 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 Q3 2025, the increases inside each band.
Margins
| Q3 2026 | Q3 2025 | Change | |
|---|---|---|---|
| Gross margin | 68.7% | 67.9% | +0.8 pts |
| Operating margin | 42.5% | 39.3% | +3.2 pts |
| Net margin | 29.0% | 32.1% | -3.1 pts |
| Free cash flow margin | 43.5% | 37.8% | +5.7 pts |
Every line
| Line | Q3 2026 | Q3 2025 | Change | % |
|---|---|---|---|---|
| International Combustibles | $6.7B | $6.3B | $409M | +6% |
| International Smoke-Free | $3.9B | $3.8B | $28.0M | +0.7% |
| U.S. | $845M | $689M | $156M | +23% |
| Revenue | $11.4B | $10.8B | $593M | +5% |
| Gross profit | $7.9B | $7.4B | $493M | +7% |
| Cost of revenue | $3.6B | $3.5B | $100M | +3% |
| Operating profit | $4.9B | $4.3B | $603M | +14% |
| Operating expenses | $3.0B | $3.1B | −$110M | -4% |
| Pre-tax earnings | $4.5B | $4.4B | $144M | +3% |
| Other expense, net | $358M | −$101M | $459M | — |
| Net earnings | $3.3B | $3.5B | −$165M | -5% |
| Minority interests | $209M | $135M | $74.0M | +55% |
| Income tax | $986M | $751M | $235M | +31% |
| Depreciation & amortization | $511M | $505M | $6.0M | +1% |
| Working capital & other | $1.5B | $479M | $1.0B | +219% |
| Operating cash flow | $5.4B | $4.5B | $890M | +20% |
| Free cash flow (OCF − capex) | $5.0B | $4.1B | $873M | +21% |
| Capital expenditures | $382M | $365M | $17.0M | +5% |
Questions
How much did Philip Morris International's revenue grow year over year in Q3 2026?
Philip Morris International's revenue rose $593M (+5%) from $10.8B in Q3 2025 to $11.4B in Q3 2026.
What drove Philip Morris International's revenue change in Q3 2026?
International Combustibles +$409M (+6%); U.S.