Filing Flows › Philip Morris International (PM) › Q4 2025
Philip Morris International (PM) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 6, 2026
Philip Morris International (PM) reported revenue of $10.4B for the fourth quarter 2025 (Q4 2025), +7% from a year earlier and -4% from the quarter before. Operating margin was 32.6%, net earnings $2.1B (20.7% of revenue).
Philip Morris International, Q4 2025: revenue $10.4B (+7% year over year), operating margin 32.6%, net earnings $2.1B, operating cash flow $4.7B. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $10.4B | -4% | +7% |
| Gross profit | $6.8B | -8% | +8% |
| Operating profit | $3.4B | -21% | +3% |
| Net earnings | $2.1B | -38% | — |
| Operating cash flow | $4.7B | +6% | +18% |
| Free cash flow | $4.3B | +4% | +15% |
What changed
Revenue was $10.4B in Q4 2025, up 7% year over year and down 4% from the previous quarter. Europe was the largest line at 44% of revenue.
Gross margin was 65.5%, up 0.7 points from a year earlier. Operating profit was $3.4B, a 32.6% margin (down 1.0 points year over year). Of the extra revenue versus a year earlier, 17% reached operating profit, below the 34% margin then. Operating expenses grew 13% against revenue growth of 7%. Net earnings were $2.1B. The effective tax rate was 23.1%.
Operating cash flow was $4.7B (up 18% year over year), 209% of net income including minority interests. Non-cash charges added back $0.52B of depreciation and amortization. Working capital and other items added $1.9B. Capital expenditures of $0.44B left free cash flow of $4.3B.
Questions
What was Philip Morris International's revenue in the fourth quarter 2025?
Philip Morris International (PM) reported revenue of $10.4B for the fourth quarter 2025 (Q4 2025), +7% from a year earlier and -4% from the quarter before.
Was Philip Morris International profitable in the fourth quarter 2025?
Operating profit was $3.4B (32.6% of revenue) and net earnings $2.1B.