Filing Flows › Philip Morris International (PM) › Q3 2026
Philip Morris International (PM) Q3 2026 earnings results (third quarter 2026)
10-Q filed Oct 23, 2026
Philip Morris International (PM) reported revenue of $11.4B for the third quarter 2026 (Q3 2026), +5% from a year earlier and +2% from the quarter before. Operating margin was 42.5%, net earnings $3.3B (29.0% of revenue).
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 follows the revenue to costs, profit and cash.
| Q3 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $11.4B | +2% | +5% |
| Gross profit | $7.9B | +3% | +7% |
| Operating profit | $4.9B | +7% | +14% |
| Net earnings | $3.3B | +18% | -5% |
| Operating cash flow | $5.4B | -3% | +20% |
| Free cash flow | $5.0B | -3% | +21% |
What changed
Revenue was $11.4B in Q3 2026, up 5% year over year and up 2% from the previous quarter. International Combustibles was the largest line at 59% of revenue. International Combustibles added $0.41B year over year (up 6%), 69% of the total change.
Gross margin was 68.7%, up 0.8 points from Q3 2025. Operating profit was $4.9B, a 42.5% margin (up 3.2 points year over year). Of the extra revenue versus Q3 2025, 102% reached operating profit, above the 39% margin then. Operating expenses fell 4% while revenue rose 5%. Net earnings were $3.3B, down 5% year over year. The effective tax rate was 21.9%.
Operating cash flow was $5.4B (up 20% year over year), 152% of net income including minority interests. Non-cash charges added back $0.51B of depreciation and amortization. Working capital and other items added $1.3B. Capital expenditures of $0.38B left free cash flow of $5.0B.
Questions
What was Philip Morris International's revenue in the third quarter 2026?
Philip Morris International (PM) reported revenue of $11.4B for the third quarter 2026 (Q3 2026), +5% from a year earlier and +2% from the quarter before.
Was Philip Morris International profitable in the third quarter 2026?
Operating profit was $4.9B (42.5% of revenue) and net earnings $3.3B.