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季報 季度報告 10-Q 2026-07-24

菲利普莫里斯第二季收入增一成 盈利受減值拖累跌7%

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**Philip Morris International Inc. (PMI) 2026 年第二季度 10-Q 業績摘要** 📄 **申報類型：** 10-Q（季度報告，截至 2026 年 6 月 30 日） **業績重點：** - PMI 於 2026 年第二季度錄得強勁收入增長，但盈利受一次性減值影響而下跌。 - 期內公司完成業務重組，自 2026 年 1 月 1 日起將報告分部重組為三個：國際無煙、國際可燃及美國（包括 wellness 業務 Aspeya）。 **關鍵數字（美元）：** - **第二季度：** 淨收入 111.92 億（2025 年同期：101.4 億，+10.4%）；歸屬於 PMI 的淨利潤 28.17 億（2025 年：30.39 億，-7.3%）；每股攤薄盈利 1.80 美元（2025 年：1.95 美元）。 - **上半年累計：** 淨收入 213.38 億（2025 年：194.41 億，+9.8%）；歸屬於 PMI 的淨利潤 52.55 億（2025 年：57.29 億，-8.3%）；每股攤薄盈利 3.36 美元（2025 年：3.67 美元）。 - **利潤率壓力：** 毛利率由 67.5% 微降至 68.3%。營運收入 84.23 億，按年升 16.1%，但淨利潤受 RBH（Rothmans Benson & Hedges）股權投資減值 5.11 億美元拖累。 - **現金流：** 經營活動淨現金流入 50.93 億（2025 年：30.62 億），大幅改善，主要受惠於營運資金管理及衍生工具抵押變化。 **分部表現（上半年）：** - **國際無煙：** 收入增長顯著，無煙產品（如 IQOS、ZYN）持續擴張。 - **國際可燃：** 傳統煙草收入穩定。 - **美國：** 包括無煙產品及 wellness 業務，其中 ZYN 品牌表現突出。 **其他事項：** - **商譽：** 完成年度減值測試，無重大減值。惟 wellness 業務（Aspeya）仍受關注。 - **出售業務：** 第二季度完成出售部分消費配件業務，獲得現金 8700 萬美元。 - **回購及股息：** 上半年派息每股 2.94 美元，合共 46 億美元。 **管理層展望：** 管理層繼續聚焦「無煙未來」轉型，加大對加熱煙草、電子煙及口服尼古丁產品的投資。美國市場增長潛力大，但面臨監管及競爭風險。公司維持全年指引，並預期下半年成本壓力紓緩。 **對投資者影響：** - 無煙業務增長動能強勁，為長期利潤增長鋪路。 - RBH 減值屬一次性，不影響核心營運能力。 - 現金流強勁支持持續回購及派息。 - 分部重組提升透明度，有助投資者評估各業務價值。 整體而言，PMI 穩步邁向無煙轉型，短期盈利受減值影響，但核心
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Table of Contents

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q 
(Mark One) 

☑QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2026
OR 

☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from                      to                     
Commission File Number 001-33708 

Philip Morris International Inc.

(Exact name of registrant as specified in its charter)

Virginia13-3435103
(State or other jurisdiction of
    incorporation or organization)(I.R.S. Employer
    Identification No.)

677 Washington Blvd, Suite 1100StamfordConnecticut06901
(Address of principal executive offices)(Zip Code)

Registrant’s telephone number, including area code(203)905-2410

Former name, former address and former fiscal year, if changed since last report

Securities registered pursuant to Section 12(b) of the Act: 

Title of each class                    Trading Symbol(s)Name of each exchange on which registered
Common Stock, no par valuePMNew York Stock Exchange
0.125% Notes due 2026PM26BNew York Stock Exchange
3.125% Notes due 2027PM27New York Stock Exchange
3.125% Notes due 2028PM28New York Stock Exchange
2.875% Notes due 2029PM29New York Stock Exchange
3.375% Notes due 2029PM29ANew York Stock Exchange
2.750% Notes due 2029PM29DNew York Stock Exchange
3.750% Notes due 2031PM31BNew York Stock Exchange
0.800% Notes due 2031PM31New York Stock Exchange
3.250% Notes due 2032PM32New York Stock Exchange
3.125% Notes due 2033PM33New York Stock Exchange
2.000% Notes due 2036PM36New York Stock Exchange
1.875% Notes due 2037PM37ANew York Stock Exchange
6.375% Notes due 2038PM38New York Stock Exchange
1.450% Notes due 2039PM39New York Stock Exchange
4.375% Notes due 2041PM41New York Stock Exchange
4.500% Notes due 2042PM42New York Stock Exchange

Title of each class                    Trading Symbol(s)Name of each exchange on which registered
3.875% Notes due 2042PM42ANew York Stock Exchange
4.125% Notes due 2043PM43New York Stock Exchange
4.875% Notes due 2043PM43ANew York Stock Exchange
4.250% Notes due 2044PM44New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  þ        No  ¨

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  þ        No  ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer    þ                        Accelerated filer            ☐   
Non-accelerated filer    ☐                         Smaller reporting company    ☐ 
                                    Emerging growth company    ☐ 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨ 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ☐    No  þ
At July 17, 2026, there were 1,558,613,439 shares outstanding of the registrant’s common stock, no par value per share. 

1

Table of Contents

PHILIP MORRIS INTERNATIONAL INC.
TABLE OF CONTENTS
 

  Page No.
PART I -FINANCIAL INFORMATION

Item 1.Financial Statements (Unaudited)

Condensed Consolidated Statements of Earnings for the
Six Months Ended June 30, 2026 and 2025
3

Three Months Ended June 30, 2026 and 2025
3

Condensed Consolidated Statements of Comprehensive Earnings for the
Six Months Ended June 30, 2026 and 20254

Three Months Ended June 30, 2026 and 20255

Condensed Consolidated Balance Sheets at
June 30, 2026 and December 31, 2025
6 – 7

Condensed Consolidated Statements of Cash Flows for the
Six Months Ended June 30, 2026 and 2025
8 – 9

Condensed Consolidated Statements of Stockholders’ (Deficit) Equity for the
Six Months Ended June 30, 2026 and 202510

Three Months Ended June 30, 2026 and 202511

Notes to Condensed Consolidated Financial Statements
12 – 40

Item 2.Management’s Discussion and Analysis of Financial Condition and Results of Operations
41 – 88

Item 4.Controls and Procedures
88

PART II -OTHER INFORMATION

Item 1.Legal Proceedings
88

Item 1A.Risk Factors
88

Item 2.Unregistered Sales of Equity Securities and Use of Proceeds
89

Item 5. Other Information
89

Item 6.Exhibits
90

Signature
91

In this report, “PMI,” “we,” “us” and “our” refer to Philip Morris International Inc. and its subsidiaries.

Trademarks and service marks in this report are the registered property of, or licensed by, the subsidiaries of Philip Morris International Inc. and are italicized.
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PART I – FINANCIAL INFORMATION

Item 1. Financial Statements.

Philip Morris International Inc. and Subsidiaries
Condensed Consolidated Statements of Earnings
(in millions of dollars, except per share data)
(Unaudited)

 For the Six Months Ended June 30,
 20262025
Net revenues 1 & 2 (Note 13) 
$21,338 $19,441 
Cost of sales (Note 1)6,774 6,305 
Gross profit14,564 13,136 
Marketing, administration and research costs (Notes 1 & 15)5,838 5,416 
Impairment of goodwill (Note 5)— 41 
Corporate expenses and other (Note 1)303 423 
Operating income8,423 7,256 
Interest expense, net480 518 
Pension and other employee benefit (income) costs (Note 4)(10)23 
Earnings before income taxes7,953 6,715 
Provision for income taxes1,631 1,311 
Impairment related to the RBH equity investment (Note 13)511 — 
Equity investments and securities (income)/loss, net (Note 13)244 (581)
Net earnings$5,567 $5,985 
Net earnings attributable to noncontrolling interests312 256 
Net earnings attributable to PMI$5,255 $5,729 
Per share data (Note 7):
Basic earnings per share$3.36 $3.67 
Diluted earnings per share$3.36 $3.67 

(1) Includes net revenues from related parties of $2,440 million and $2,080 million for the six months ended June 30, 2026 and 2025, respectively.
(2) Net revenues are shown net of excise tax on products. For the six months ended June 30, 2026 and 2025, excise tax on products was $27,826 million and $25,274 million, respectively.

See notes to condensed consolidated financial statements.

Philip Morris International Inc. and Subsidiaries
Condensed Consolidated Statements of Earnings
(in millions of dollars, except per share data)
(Unaudited)

 For the Three Months Ended June 30,
 20262025
Net revenues 1 & 2 (Note 13)
$11,192 $10,140 
Cost of sales (Note 1)3,533 3,274 
Gross profit7,659 6,866 
Marketing, administration and research costs (Notes 1 & 15)2,981 2,988 
Impairment of goodwill (Note 5)— 41 
Corporate expenses and other (Note 1)148 125 
Operating income4,530 3,712 
Interest expense, net243 277 
Pension and other employee benefit (income) costs (Note 4)(5)11 
Earnings before income taxes4,292 3,424 
Provision for income taxes955 652 
Impairment related to the RBH equity investment (Note 13)511 — 
Equity investments and securities (income)/loss, net (Note 13)(159)(376)
Net earnings2,985 3,148 
Net earnings attributable to noncontrolling interests168 109 
Net earnings attributable to PMI$2,817 $3,039 

Per share data (Note 7):
Basic earnings per share$1.80 $1.95 
Diluted earnings per share$1.80 $1.95 

 
(1) Includes net revenues from related parties of $1,255 million and $1,143 million for the three months ended June 30, 2026 and 2025, respectively.
(2) Net revenues are shown net of excise tax on products. For the three months ended June 30, 2026 and 2025, excise tax on products was $14,973 million and $13,272 million, respectively.

 

See notes to condensed consolidated financial statements.
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Philip Morris International Inc. and Subsidiaries
Condensed Consolidated Statements of Comprehensive Earnings
(in millions of dollars)
(Unaudited)

For the Six Months Ended June 30,
20262025
Net earnings$5,567 $5,985 
Other comprehensive earnings (losses), net of income taxes:
Change in currency translation adjustments:

Unrealized gains (losses), net of income taxes of $(139) in 2026 and $433 in 2025
491 (1,626)
(Gains)/losses transferred to earnings, net of income taxes of $0 in 2026 and $0 in 2025 
(19)— 

Change in net loss and prior service cost:

Net gains (losses) and prior service costs, net of income taxes of $0 in 2026 and $(7) in 2025
— 12 
Amortization of net losses, prior service costs and net transition costs, net of income taxes of $(14) in 2026 and $(25) in 2025
50 93 

Change in fair value of derivatives accounted for as hedges:

Gains (losses) recognized, net of income taxes of $(26) in 2026 and $43 in 2025
135 (235)
(Gains) losses transferred to earnings, net of income taxes of $16 in 2026 and $9 in 2025
(73)(50)

Total other comprehensive earnings (losses)584 (1,806)
Total comprehensive earnings6,151 4,179 
Less comprehensive earnings (losses) attributable to:
Noncontrolling interests256 289 

Comprehensive earnings attributable to PMI$5,895 $3,890 

See notes to condensed consolidated financial statements.
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Philip Morris International Inc. and Subsidiaries
Condensed Consolidated Statements of Comprehensive Earnings
(in millions of dollars)
(Unaudited)

For the Three Months Ended June 30,
20262025
Net earnings$2,985 $3,148 
Other comprehensive earnings (losses), net of income taxes:
Change in currency translation adjustments:

Unrealized gains (losses), net of income taxes of $(17) in 2026 and $339 in 2025
81 (1,922)
(Gains)/losses transferred to earnings, net of income taxes of $0 in 2026 and $0 in 2025 
3 — 

Change in net loss and prior service cost:

Net gains (losses) and prior service costs, net of income taxes of $0 in 2026 and $(7) in 2025
— 12 
Amortization of net losses, prior service costs and net transition costs, net of income taxes of $(7) in 2026 and $(11) in 2025
25 47 

Change in fair value of derivatives accounted for as hedges:

Gains (losses) recognized, net of income taxes of $(8) in 2026 and $19 in 2025
41 (113)
(Gains) losses transferred to earnings, net of income taxes of $9 in 2026 and $7 in 2025
(41)(29)

Total other comprehensive earnings (losses)109 (2,005)
Total comprehensive earnings
3,094 1,143 
Less comprehensive earnings (losses) attributable to:
Noncontrolling interests145 140 

Comprehensive earnings attributable to PMI$2,949 $1,003 

See notes to condensed consolidated financial statements.
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Philip Morris International Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(in millions of dollars)
(Unaudited)
 

June 30,
2026December 31,
2025
ASSETS
Cash and cash equivalents$5,999 $4,872 
Trade receivables (less allowances of $64 in 2026 and $23 in 2025) (1)
5,179 4,572 
Other receivables (less allowances of $24 in 2026 and $24 in 2025)
1,295 1,238 

Inventories:
Leaf tobacco2,639 2,425 
Other raw materials2,629 2,223 
Finished product6,168 6,830 
11,436 11,478 

Other current assets2,097 2,203 

Total current assets26,006 24,363 

Property, plant and equipment, at cost19,556 19,616 
Less: accumulated depreciation11,243 11,219 
8,313 8,397 
Goodwill (Note 5)16,917 17,264 
Other intangible assets, net (Note 5)10,178 10,884 
Equity investments (Note 13)2,130 2,891 
Deferred income taxes1,137 1,247 
Other assets (less allowances of $11 in 2026 and $12 in 2025) 
3,590 4,139 
TOTAL ASSETS$68,271 $69,185 

(1) Includes trade receivables from related parties of $1,043 million and $839 million as of June 30, 2026, and December 31, 2025, respectively. For further details, see Note 13. Related Parties - Equity Investments and Other.

See notes to condensed consolidated financial statements.
Continued
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Philip Morris International Inc. and Subsidiaries
Condensed Consolidated Balance Sheets (Continued)
(in millions of dollars, except share data)
(Unaudited)
 

June 30,
2026December 31,
2025
LIABILITIES
Short-term borrowings (Note 11)$3,341 $168 
Current portion of long-term debt (Note 11)3,406 3,533 
Accounts payable3,919 4,407 
Accrued liabilities:
Marketing and selling1,348 1,354 
Taxes, except income taxes6,572 7,555 
Employment costs1,293 1,545 
Dividends payable2,314 2,312 
Other3,273 3,298 
Income taxes1,076 1,255 

Total current liabilities26,542 25,427 

Long-term debt (Note 11)42,366 45,134 
Deferred income taxes2,057 2,065 
Employment costs2,249 2,406 
Other liabilities1,714 2,181 
Total liabilities74,928 77,213 

Contingencies (Note 9)

STOCKHOLDERS’ (DEFICIT) EQUITY

Common stock, no par value
   (2,109,316,331 shares issued in 2026 and 2025)
— — 
Additional paid-in capital2,477 2,453 
Earnings reinvested in the business36,055 35,400 
Accumulated other comprehensive losses (Note 12)(11,656)(12,296)
26,876 25,557 
Less: cost of repurchased stock 
   (550,713,450 and 552,659,642 shares in 2026 and 2025, respectively)
35,459 35,551 
Total PMI stockholders’ deficit(8,583)(9,994)
Noncontrolling interests1,926 1,966 
Total stockholders’ deficit(6,657)(8,028)
TOTAL LIABILITIES AND STOCKHOLDERS’ (DEFICIT) EQUITY$68,271 $69,185 

See notes to condensed consolidated financial statements.
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Philip Morris International Inc. and Subsidiaries
Condensed Consolidated Statements of Cash Flows 
(in millions of dollars)
(Unaudited)
 

 For the Six Months Ended June 30,
 20262025
CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES

Net earnings$5,567 $5,985 

Adjustments to reconcile net earnings to operating cash flows:
Depreciation and amortization expense1,023 970 
Impairment of goodwill (Note 5)— 41 

Impairment related to the RBH equity investment (Note 13)511 — 
Deferred income tax (benefit) provision(10)(274)
Restructuring charges, net of cash paid (Note 15)(15)239 

Cash effects of changes, net of the effects from acquired and divested companies:
Receivables, net (690)(780)
Inventories(80)(419)
Accounts payable(284)(161)
Accrued liabilities and other current assets(1,081)(1,972)
Income taxes(200)(611)
Pension plan contributions (Note 4)(67)(62)
Other419 106 
Net cash provided by (used in) operating activities5,093 3,062 

CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES

Capital expenditures(733)(760)
Proceeds from sale of businesses, net of cash disposed (Note 2)87 32 

Purchases of debt securities (5)(105)
Sales and maturities of debt securities 193 25 
Equity investments(45)(35)

Collateral posted/settlements for derivatives, (paid)/returned (Note 6)543 (1,953)
Other(17)46 
Net cash provided by (used in) investing activities23 (2,750)

 

See notes to condensed consolidated financial statements.

Continued
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Philip Morris International Inc. and Subsidiaries
Condensed Consolidated Statements of Cash Flows (Continued)
(in millions of dollars)
(Unaudited)
 

 For the Six Months Ended June 30,
 20262025
CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES

Short-term borrowing activity by original maturity:
    Net issuances (repayments) - maturities of 90 days or less$2,525 $2,294 
    Issuances - maturities longer than 90 days1,659 170 
    Repayments - maturities longer than 90 days(994)(70)

Long-term debt proceeds1,478 3,596 
Long-term debt repaid(4,021)(1,566)

Dividends paid(4,604)(4,222)
Collateral received/settlements for derivatives, received/