US Market News
4週前
Counterfeit Cigarettes Drive EU Illicit Market Above 10% for First Time Since 2014June 3, 2026 4:00 AM
Business Wire Illicit cigarettes reached 10.3% of EU consumption in 2025 (41.8 billion), with an estimated €16.7 billion in lost tax revenues Counterfeits now lead the illicit market - accounting for 44% of EU illicit consumption (18.3 billion), up sharply year-on-year and displacing traditional East-to-West contraband flows Western Europe has the highest levels of illicit consumption, with France (41.4%), Belgium (24.8%), and the Netherlands (22.1%) among the most impacted. In France alone, counterfeit volumes reached nearly 10 billion cigarettes A new study detailing the scale of the illicit cigarette trade in the European Union (EU) shows that consumption of black-market cigarettes rose more than 7% year-on-year in 2025, reaching levels not seen in over a decade, with counterfeit cigarettes playing an increasingly significant role across member states. Philip Morris International (PMI) (NYSE: PM) reiterates its call for a coordinated response to illicit trade in Europe, built on evidence-based regulation and strengthened cooperation. According to the 20th edition of the study “Illicit cigarette and heated tobacco consumption, and oral nicotine share in Europe”, which was conducted by KPMG LLP on behalf of Philip Morris Products S.A., illicit cigarettes in the EU accounted for more than one in ten cigarettes for the first time since 2014. In 2025, illicit volumes reached 41.8 billion in the EU—representing 10.3% of total consumption—resulting in an estimated €16.7 billion in lost tax revenues. Across the 38 European countries included in the study, illicit consumption reached 55.3 billion cigarettes, corresponding to an estimated €22.4 billion in state budget revenue losses. A structural shift: from contraband flows to “closer-to-market” counterfeits The illicit market is undergoing a fundamental transformation: “Made in EU” counterfeit cigarettes are increasingly displacing traditional East-to-West contraband flows. Supply chains are becoming faster and harder to trace, and operations are moving closer to end consumers - especially in Western European countries such as France, Belgium, and the Netherlands, which are becoming central hubs for illicit tobacco and nicotine products. Counterfeits have become the largest source of illicit cigarettes in the EU, reaching 18.3 billion and accounting for 44% of total illicit consumption in 2025. Counterfeit volumes increased more than 20% year-on-year, highlighting organized crime’s ability to rapidly adapt production and distribution models to reduce detection risks. “The data is clear: counterfeits have become the primary engine of the illicit cigarette market in the EU, supported by criminal supply chains designed to bring fake products to consumers in high-value markets, undermining the European economy and fueling broader illicit activity,” said Christos Harpantidis, Group Chief Corporate Affairs Officer, Philip Morris International. “It also underscores persistent structural vulnerabilities across regulation, enforcement, and judicial follow-through that create space for illicit trade to grow - at a time when many EU member states are under broader security and economic pressure, from inflation and competitiveness challenges to rising budget demands on security and defense due to geopolitical fragmentation. Closing these gaps in Europe requires coordinated action: stronger law enforcement, public-private cooperation and a focus on regulation that is balanced, evidence-based, and enforceable in practice,” Harpantidis added. Estimates show that Europe’s tobacco and nicotine value chain supports over 2.1 million jobs and generates €224 billion in value - comparable to the EU’s 17th largest economy. With nearly €24 billion in annual exports, it is a significant industrial ecosystem, yet increasingly affected by illicit trade amid economic uncertainty and need for competitiveness in Europe. Addressing this requires pragmatic, evidence-based regulation and stronger cooperation, while supporting investment and innovation in Europe. “Illicit trade is becoming more sophisticated, localized, and increasingly industrialized. It not only erodes legitimate business activity but also fuels criminal networks that operate with speed, scale, and impunity, discouraging investment, innovation and governments’ ability to deliver on public health and fiscal objectives,” said Yann Guérin, Group Chief Legal Officer, Philip Morris International. Western Europe at the forefront of this trend Illicit consumption is increasingly concentrated in major Western European countries—most notably France, Belgium, and the Netherlands—amplifying fiscal pressures and enforcement challenges as illicit penetration rises. France remains Europe’s largest illicit market, at a 41.4% illicit share (20.5 billion cigarettes). Counterfeits alone accounted for almost 9.7 billion cigarettes (around 19% of total consumption). France saw the largest increase in illicit cigarette consumption across Europe in 2025. Belgium recorded an illicit share of nearly 25% (more than 2 billion cigarettes). The Netherlands rose above 22% illicit share (2.1 billion cigarettes), returning to levels last observed around 2006. More broadly, six EU member states now record illicit shares above 20%, underscoring the scale and concentration of the issue. Outside the EU, the United Kingdom remains the second-largest illicit cigarette country in the study, with volumes now surpassing 7 billion, including 3.5 billion counterfeit cigarettes. What works: evidence-based policy, not extremes Not all markets move in the same direction. Some countries have achieved sustained declines through a balanced policy mix combining predictable fiscal approaches, proportionate regulation, and consistent enforcement. Greece (14.1% illicit share; 1.9 billion cigarettes) recorded one of the largest year-on-year declines - 3.4 percentage points. This marks a significant shift from previous years, when illicit levels consistently remained above 20%, highlighting a notable improvement in recent performance. Ukraine (15.9% illicit share; 5.1 billion cigarettes) saw illicit volumes decline by nearly 1 billion cigarettes year-on-year. This reduction is particularly notable given the highly challenging operating and security environment, pointing to sustained enforcement efforts and market resilience. “The lesson we derive from the situation in Europe is that not one single lever solves the problem of illicit trade; it is that a well-coordinated set of measures does,” said Massimo Andolina, President, Europe Region, Philip Morris International. “Countries that coordinate a proportionate, evidence-based approach to regulatory and tax frameworks with a disciplined effort of enforcement demonstrate that illicit trade of nicotine products can be reduced to the benefit of consumers, public finances, and the fight against crime. On the contrary, countries that promote excessive tax increases, or, even worse, product bans, such as France and the Netherlands, see illicit trends worsening, public tax collection suffers, consumers gain access to uncontrolled products, and crime thrives. It is not the evidence that is now missing, but rather the desire to act rationally and decisively,” he added. “Sustained public-private collaboration, combining effective law enforcement with robust data, expertise, information sharing, and operational capabilities, is essential to help identify, investigate, and dismantle counterfeit networks and enable authorities to stay ahead of illicit operators, moving beyond reactive measures toward a more proactive, intelligence-led approach,” added Guérin. Heated tobacco and oral nicotine products For the second consecutive year, the report also covered illicit consumption of heated tobacco products in selected European markets. It found contraband represented 1.2% of total heated tobacco consumption—significantly lower than in cigarettes—with Germany, Austria, and the Netherlands among the most impacted countries. No counterfeit heated tobacco flows were identified. However, the presence of contraband underscores that, while the scale remains limited, no product category is immune to illicit trade. While electronic heating devices are not within the scope of the study, available PMI internal analyses and third-party research similarly indicate no meaningful presence of contraband or counterfeit activity in this category to date. For the first time, the study also assessed oral nicotine products in selected countries. It found that in markets where nicotine pouches are banned or highly restricted, survey data indicate significant availability—often involving counterfeit, non-compliant or non-domestic products—suggesting widespread consumer access despite legal restrictions. The highest shares of products not eligible for sale—with the potential to reach a substantial number of consumers—were observed in the Netherlands, Germany, and Belgium. “Philip Morris International believes policymakers in Europe should apply evidence-based, risk-proportionate regulatory approaches across all nicotine product categories - designing rules that protect consumers, support law enforcement, and avoid unintended consequences that shift demand toward the black market,” Christos Harpantidis added. “This is particularly important as evidence from other nicotine categories, including pouches and e-cigarettes, indicates the emergence of widespread illicit activity in some parts of Europe - reinforcing the need for regulatory approaches that are both effective and grounded in real-world conditions.” As Philip Morris International advances towards a smoke-free future, it continues to strengthen supply chain controls and cooperate with law enforcement and other stakeholders to combat counterfeiting and smuggling of tobacco and nicotine products. The full study results, country profiles, detailed study methodology, and country-level findings are available here. For more information about PMI’s illicit trade prevention efforts, visit PMI.com. Note to editors Definitions of illicit cigarette categories, as detailed in the KPMG report: Counterfeit: “Cigarettes that are illegally manufactured and sold by a party other than the original trademark owner.” Illicit whites: “Cigarettes that are usually manufactured legally in one country/market but which the evidence suggests have been smuggled across-borders during their transit to the destination market under review where they have limited or no legal distribution and are sold without payment of tax.” C&C: “Counterfeit and contraband, including illicit whites. Contraband refers to genuine products that have been either bought in a lower-tax country and which exceed legal border limits or acquired without taxes for export purposes to be illegally re-sold (for financial profit) in a higher priced market.” Other C&C: “Other C&C comprises contraband which does not fall within the Illicit Whites definition. It is often Duty Paid product from both EU27 and non-EU27 countries. There may also be counterfeit of brands that are not trademark-owned by participant manufacturers.” Not eligible for sale products: Products that are not eligible for sale in the market in which the product is consumed. This encompasses Non-Domestically labelled products, domestically labelled products which do not comply with regulations in the market of study, and Counterfeit products. Philip Morris International: A Global Smoke-Free Champion Philip Morris International is a leading international consumer goods company, actively delivering a smoke-free future and evolving its portfolio for the long term to include products outside of the tobacco and nicotine sector. The company’s current product portfolio primarily consists of cigarettes and smoke-free products, including heat-not-burn, nicotine pouch and e-vapor products. Our smoke-free products are available for sale in over 105 markets, and as of December 31, 2025, PMI estimates they were used by over 43 million legal-age consumers around the world, many of whom have moved away from cigarettes or significantly reduced their consumption. The smoke-free business accounted for 43% of PMI’s first-quarter 2026 total net revenues. Since 2008, PMI has invested over $16 billion to develop, scientifically substantiate and commercialize innovative smoke-free products for adults who would otherwise smoke, with the goal of completely ending the sale of cigarettes. This includes the building of world-class scientific assessment capabilities, notably in the areas of pre-clinical systems toxicology, clinical and behavioral research, as well as post-market studies. Following a robust science-based review, the U.S. Food and Drug Administration has authorized the marketing of Swedish Match’s General snus and ZYN nicotine pouches and versions of PMI’s IQOS devices and consumables - the first-ever such authorizations in their respective categories. Versions of IQOS devices and consumables and General snus also obtained the first-ever Modified Risk Tobacco Product authorizations from the FDA. With a strong foundation and significant expertise in life sciences, PMI has a long-term ambition to expand into wellness areas. References to “PMI”, “we”, “our” and “us” mean Philip Morris International Inc., and its subsidiaries. For more information, please visit www.pmi.com and www.pmiscience.com. View source version on businesswire.com: https://www.businesswire.com/news/home/20260603799047/en/ Philip Morris International
Corey Henry
T: +1 (202) 679 7296
E: corey.henry@pmi.com Original: Counterfeit Cigarettes Drive EU Illicit Market Above 10% for First Time Since 2014
US Market News
1月前
PMI U.S. LAUNCHES YEARLONG AMERICA250 INITIATIVE CELEBRATING AND ACCELERATING AMERICAN INNOVATION AND REINVENTIONMay 20, 2026 3:20 PM
PR Newswire (US) The nationwide program, including an innovation challenge, a five-city tour, expanded community investment, and commemorative items, reflects PMI U.S.'s commitment to building what comes next.STAMFORD, Conn., May 20, 2026 /PRNewswire/ -- Philip Morris International's U.S. business (PMI U.S.) today announced a sweeping America250 initiative grounded in a defining American force: reinvention. Building on the business's $1 billion investment in U.S. manufacturing, operational capabilities, and people costs1, and the continued growth of its portfolio of modern nicotine products, including ZYN and IQOS, the program will support progress already underway across the country. The initiative—which incorporates a $250,000 innovation challenge, a five-city tour, commemorative items, and expanded community activations—reflects PMI U.S.'s view that America's 250th anniversary is not just a moment for reflection, but a springboard for progress."At a time like this, it is not enough to look back. We must invest forward," said Stacey Kennedy, CEO of PMI U.S. "America's progress has always been driven by the people building what comes next in their communities. Our role as a business invested in America's future is to help scale those efforts in the immediate term by putting real resources behind them and ensuring they are seen and supported."For two and a half centuries, America has moved forward by challenging what exists and building what comes next. One area in which greater progress can be made: transitioning the approximately 25 million U.S. adults (21+) who still use combustible cigarettes—the leading cause of preventable death in this country and a product that has remained largely unchanged for decades—to better alternatives. PMI U.S. is working to bring new innovations to market in the coming months.PMI U.S.'s America250 initiative will extend beyond the factory floor to include investment in the entrepreneurs, civic leaders, and community innovators who are developing practical solutions to local and national challenges."Real progress is already happening across the country," Kennedy added. "What is often missing is the support and visibility needed to take those ideas further. PMI U.S.'s America250 initiative is about identifying what works and helping it grow."A National Platform: Four Pillars of Investment Community Futures Challenge
PMI U.S will launch a nationwide search for innovators and community leaders tackling America's toughest challenges. Five winners will share $250,000 in direct funding and receive amplified visibility to support and expand their impact. Applications are set to open in June.Innovation tour
Beginning June 2026, PMI U.S. will convene business leaders, entrepreneurs, policymakers, and community organizations across five cities: Phoenix, AZ; Stamford, CT; Jacksonville, FL; Pittsburgh, PA; and Nashville, TN. Each stop will spotlight bold problem-solvers and connect changemakers driving innovation in real time.Community Investment and Volunteer Impact
Since 2022, PMI U.S. has contributed more than $35 million to charitable partners across the U.S. As part of its America250 commitment, the business is mobilizing its 3,300-person workforce to encourage an estimated 2,000 volunteer hours spent serving communities across America—including adults lacking essential services, food-insecure families, and military veterans in need of housing and pro-bono legal, financial, and IT assistance. In accordance with its "give where you live" ethos, PMI U.S. will also expand investment in the communities where it operates, including Aurora, CO; Owensboro, KY; and Wilson, NC.Innovation, Manufacturing Expansion, and Commemorative Items
As part of its focus on advancing the modern nicotine category to replace combustible cigarettes for adults 21+, PMI U.S. is driving the growth of the broader nicotine pouch category. The business is investing in brand-building and commercial execution alongside its continued innovation efforts. This includes preparing its manufacturing and commercial operations for upcoming product launches and opening its Aurora facility.To mark the anniversary, PMI U.S. will launch a series of limited-edition America250 designs across ZYN and IQOS for legal-age (21+) nicotine consumers only, celebrating the nation's red, white, and blue.ZYN Patriotic Storage Can: Inspired by the iconic stars and stripes, a limited-edition metal ZYN storage can will be available in the ZYN Rewards store from June 1.IQOS U.S. Edition: A limited-edition IQOS device will sport a bold red, white, and blue design for a limited time, starting in June. Celebrating Throughout 2026 and Beyond
PMI U.S. will continue celebrations throughout the year, at major events and cultural moments, including the Freedom 250 Grand Prix.The program culminates in early 2027 with the Next.Now Summit in Phoenix, a high-profile national gathering to celebrate the five Community Futures Challenge winners, showcase breakthrough community solutions, and set the agenda for what American innovation looks like in its next chapter. The summit will bring together national thought leaders, media, policymakers, and advocates to accelerate progress.More information will be available on www.uspmi.com.PMI U.S.: Invested in America
Philip Morris International Inc.'s U.S. businesses are invested in America's future and advancing a smoke-free nation. The businesses are committed to providing the approximately 25 million legal-age consumers who smoke cigarettes with better, smoke-free alternatives and to ensuring the products are marketed responsibly. From PMI's global headquarters in Stamford, Connecticut, and other locations nationwide, PMI U.S. contributes leadership, jobs, investment, and innovation in the U.S. The U.S. businesses employ more than 3,000 people across America and operate product manufacturing facilities, including in Aurora, Colorado, Owensboro, Kentucky, and Wilson, North Carolina. For more information, please visit www.uspmi.com.References to "PMI" mean the Philip Morris International family of companies. "PMI U.S.," "we," "our," and "us" refer to one or more PMI U.S. businesses.1 Through Sept. 30, 2025 View original content to download multimedia:https://www.prnewswire.com/news-releases/pmi-us-launches-yearlong-america250-initiative-celebrating-and-accelerating-american-innovation-and-reinvention-302778130.htmlSOURCE PMI US Corporate Services, Inc. Original: PMI U.S. LAUNCHES YEARLONG AMERICA250 INITIATIVE CELEBRATING AND ACCELERATING AMERICAN INNOVATION AND REINVENTION
US Market News
1月前
Philip Morris International Announces Group CFO SuccessionMay 20, 2026 7:00 AM
Business Wire Regulatory News: Philip Morris International Inc. (PMI) (NYSE: PM) announced today that Massimo Andolina has been appointed Group Chief Financial Officer, effective August 1, 2026, reporting to Jacek Olczak, Group CEO PMI. Massimo succeeds Emmanuel Babeau, who will remain with the Company until March 31, 2027 as Strategic Advisor to the Group CEO PMI, to ensure a smooth CFO transition. “Massimo is a highly respected leader with a deep knowledge of PMI and a strong track record of driving innovation, business growth, and people development,” said Jacek Olczak, Group CEO PMI. “I am confident that his experience, business judgment, and leadership will serve him extremely well in his new role as we continue to deliver best-in-class growth and sustainable performance for shareholders. I would like to warmly thank Emmanuel for his leadership and strong delivery over the past 6 years, a period of remarkable success for our smoke-free business, with strong financial performance and excellent shareholder returns.” Mr. Andolina joined PMI in 2008, and over the course of his journey, he has made significant contributions across the organization in a number of senior operational and strategic roles. Since being appointed President, Europe Region in 2023, Mr. Andolina’s responsibilities have included the execution of strategic and operational priorities, as well as the financial performance of the largest region and most advanced smoke-free geography in the group. Under Mr. Andolina’s leadership the Europe Region delivered robust top and bottom-line growth, underpinned by excellent smoke-free progress at-scale and resilient combustibles performance. He led significant regional organizational changes to strengthen management depth, improve financial discipline, and accelerate sustainable growth, while remaining a visible advocate for innovation, people development and constructive engagement with external stakeholders across Europe. From 2018 to 2023, Mr. Andolina served as PMI’s Senior Vice President, Global Operations, where he led a supply chain and manufacturing organization of over 30,000 people in an increasingly complex environment with significant external volatility. Mr. Andolina implemented a number of enterprise-wide transformation initiatives and operational efficiencies, many of which continue to benefit the company today, contributing to sustained improvements in PMI’s gross margin while enhancing resilience. Earlier, from 2016 to 2017, he served as Vice President, PMI Transformation, playing an important role at a pivotal moment in the company’s evolution. Prior to joining PMI, Mr. Andolina held a number of strategic and business development roles at other large multinational corporations. He holds a Master of Science in Mechanical and Industrial Engineering from the University of Palermo, and an MBA from IMD in Lausanne. Mr. Babeau was appointed Chief Financial Officer in May 2020 and joined PMI with extensive experience of transformation and Finance leadership across several industries, including at Schneider Electric and Pernod Ricard. Over the past six years, Mr. Babeau has made a significant contribution to both PMI’s strong financial performance and its evolution into a recognized growth company, including through the acquisition of Swedish Match in 2022 and a substantial increase in the share of net revenues derived from our smoke-free business, which reached 43% in Q1 2026. Philip Morris International: A Global Smoke-Free Champion Philip Morris International is a leading international consumer goods company, actively delivering a smoke-free future and evolving its portfolio for the long term to include products outside of the tobacco and nicotine sector. The company’s current product portfolio primarily consists of cigarettes and smoke-free products, including heat-not-burn, nicotine pouch and e-vapor products. Our smoke-free products are available for sale in over 105 markets, and as of December 31, 2025, PMI estimates they were used by over 43 million legal-age consumers around the world, many of whom have moved away from cigarettes or significantly reduced their consumption. The smoke-free business accounted for 43% of PMI’s first-quarter 2026 total net revenues. Since 2008, PMI has invested over $16 billion to develop, scientifically substantiate and commercialize innovative smoke-free products for adults who would otherwise continue to smoke, with the goal of completely ending the sale of cigarettes. This includes the building of world-class scientific assessment capabilities, notably in the areas of pre-clinical systems toxicology, clinical and behavioral research, as well as post-market studies. Following a robust science-based review, the U.S. Food and Drug Administration has authorized the marketing of Swedish Match’s General snus and ZYN nicotine pouches and versions of PMI’s IQOS devices and consumables - the first-ever such authorizations in their respective categories. Versions of IQOS devices and consumables and General snus also obtained the first-ever Modified Risk Tobacco Product authorizations from the FDA. With a strong foundation and significant expertise in life sciences, PMI has a long-term ambition to expand into wellness areas. References to “PMI”, “we”, “our” and “us” mean Philip Morris International Inc., and its subsidiaries. For more information, please visit www.pmi.com and www.pmiscience.com. Forward-Looking and Cautionary Statements This press release contains projections of future results and goals and other forward-looking statements, including statements regarding business plans and strategies. Achievement of future results is subject to risks, uncertainties, and inaccurate assumptions. In the event that risks or uncertainties materialize, or underlying assumptions prove inaccurate, actual results could vary materially from those contained in such forward-looking statements. Pursuant to the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, PMI is identifying important factors that, individually or in the aggregate, could cause actual results and outcomes to differ materially from those contained in any forward-looking statements made by PMI. PMI's business risks include: marketing and regulatory restrictions that could reduce our competitiveness, disrupt our SFP commercialization efforts, eliminate our ability to communicate with adult consumers, or ban certain of our products in certain markets or countries; excise tax increases and discriminatory tax structures; health concerns relating to the use of tobacco and other nicotine-containing products; litigation related to tobacco and/or nicotine products and intellectual property rights; intense competition; inability to anticipate changes in adult consumer preferences; use and reliance on third-parties; the adverse effects of global and individual country economic, regulatory and political developments, natural disasters and conflicts; geopolitical instability affecting international trade; the impact and consequences of Russia's invasion of Ukraine; changes in adult smoker behavior; continued decline of tax-paid cigarettes; lost revenues as a result of counterfeiting, contraband and cross-border purchases; governmental investigations; unfavorable currency exchange rates and currency devaluations, sustained periods of elevated inflation, and limitations on the ability to repatriate funds; adverse changes in applicable corporate tax laws; disruptions in the credit markets or changes to its credit ratings; recent and potential future tariffs imposed by the U.S. and other countries; adverse changes in the cost, availability, and quality of tobacco and other agricultural products and raw materials, as well as product components for our electronic devices; and the integrity of its information systems and effectiveness of its data privacy policies. PMI's future profitability may also be adversely affected should it be unsuccessful, in key markets or systemically, in its efforts to introduce, commercialize, and grow smoke-free products or if regulation or taxation do not differentiate between such products and cigarettes; if it is unable to successfully introduce new products, promote brand equity; if there are prolonged disruptions of facilities used to produce its products; if it is unable to enter new markets or improve its margins through increased prices and productivity gains; if other market participants are more successful in their SFP commercialization efforts; if it is unable to attract and retain the best global talent; or if it is unable to successfully integrate and realize the expected benefits from recent transactions and acquisitions. Future results are also subject to the lower predictability of our smoke-free products performance. PMI is further subject to other risks detailed from time to time in its publicly filed documents, including PMI’s Annual Report on Form 10-K for the fourth quarter and year ended December 31, 2025 and Quarterly Report on Form 10-Q for the first quarter ended March 31, 2026. PMI cautions that the foregoing list of important factors is not a complete discussion of all potential risks and uncertainties. PMI does not undertake to update any forward-looking statement that it may make from time to time, except in the normal course of its public disclosure obligations. View source version on businesswire.com: https://www.businesswire.com/news/home/20260519084388/en/ Philip Morris International Investor Relations:
Email: InvestorRelations@pmi.com
Stamford, CT: +1 (203) 905 2413 Media: Corey Henry
Email: Corey.Henry@pmi.com
Phone: +1 (202) 679 7296
Lausanne: +41 (0) 58 242 4500 Original: Philip Morris International Announces Group CFO Succession
US Market News
2月前
Forbes Includes Philip Morris International in Its Net Zero Leaders ListMay 4, 2026 4:00 AM
Business Wire
PMI ranks number 4, marking its fourth consecutive year of recognition for making significant strides toward reaching net zero carbon footprint goals
Philip Morris International (PMI) (NYSE: PM) has been included once more in Forbes’ 2026 Net Zero Leaders1 list, recognizing its leadership and continued progress in advancing climate action across its global operations.
The Forbes Net Zero Leaders list highlights U.S. publicly listed companies best positioned to achieve net zero emissions by 2050, based on measurable performance rather than commitments alone. Despite most companies aligning to a 2050 net zero horizon, PMI remains committed to reaching net zero by 2040, as set out in its Climate Transition Plan published in 2025. This aspiration reflects PMI’s confidence in collective progress, trust that ambition drives innovation, that policy will evolve to enable change, and collaboration will accelerate system-wide transformation. Above all, it signals hope: that by acting early and holding firm, PMI can help build the critical momentum needed to shift markets, technologies, and mindsets, and inspire similar action across its value chain.
“Transforming a global business has taught us that the companies best prepared for what’s ahead are those that treat long-term value creation as a source of strategic advantage, not a parallel agenda. Climate action sits at the heart of how we generate sustainable value – for our shareholders, our suppliers and partners, as well as the societies we operate in,” said Jennifer Motles, Chief Sustainability Officer. “Being recognized once again by Forbes as a climate leader confirms that the choices we make today about strategy, capital, and governance shape the sustainability of the business we become tomorrow.”
Philip Morris International placed number 1 in the fast-moving consumer goods category, the only FMCG to make it to the top 10, and 4th overall, reflecting its excellent risk management, operational strength, governance and organizational preparedness. Forbes evaluated companies using data from Sustainalytics and Morningstar, assessing governance, risk management, strategy, decarbonization metrics across Scopes 1, 2, and 3, and financial resilience.
“Our approach combines mitigation with adaptation, building resilience across manufacturing footprint and agricultural supply chains,” said Scott Coutts, Chief Global Operations Officer. “It is about protecting the business we operate today while preparing it for the climate-related risks, impacts, and opportunities ahead. For PMI, climate action is fundamental to operational excellence, continuity, and long-term competitiveness.”
Over the past year, Philip Morris International has continued to strengthen the foundations of its climate strategy and integrate it more deeply into how the business creates long-term value. Key milestones include:
Launching its comprehensive Value Plan 2030+, defining the next phase of PMI’s long-term value creation;
Publishing an updated Climate Transition Plan, setting out the actions, governance, timelines, and targets to achieve net zero GHG emissions across the value chain by 2040; and
Continued progress towards its science-based decarbonization targets, validated by the Science Based Targets initiative (SBTi).
To learn more about sustainability at PMI, including the 2025 Value Report and Climate Transition Plan, visit www.pmi.com/sustainability.
Philip Morris International: A Global Smoke-Free Champion
Philip Morris International is a leading international consumer goods company, actively delivering a smoke-free future and evolving its portfolio for the long term to include products outside of the tobacco and nicotine sector. The company’s current product portfolio primarily consists of cigarettes and smoke-free products, including heat-not-burn, nicotine pouch and e-vapor products. Our smoke-free products are available for sale in over 105 markets, and as of December 31, 2025, PMI estimates they were used by over 43 million legal-age consumers around the world, many of whom have moved away from cigarettes or significantly reduced their consumption. The smoke-free business accounted for 43% of PMI’s first-quarter 2026 total net revenues. Since 2008, PMI has invested over $16 billion to develop, scientifically substantiate and commercialize innovative smoke-free products for adults who would otherwise continue to smoke, with the goal of completely ending the sale of cigarettes. This includes the building of world-class scientific assessment capabilities, notably in the areas of pre-clinical systems toxicology, clinical and behavioral research, as well as post-market studies. Following a robust science-based review, the U.S. Food and Drug Administration has authorized the marketing of Swedish Match’s General snus and ZYN nicotine pouches and versions of PMI’s IQOS devices and consumables - the first-ever such authorizations in their respective categories. Versions of IQOS devices and consumables and General snus also obtained the first-ever Modified Risk Tobacco Product authorizations from the FDA. With a strong foundation and significant expertise in life sciences, PMI has a long-term ambition to expand into wellness areas. References to “PMI”, “we”, “our” and “us” mean Philip Morris International Inc., and its subsidiaries. For more information, please visit www.pmi.com and www.pmiscience.com.
Forward-Looking and Cautionary Statements
This press release contains projections of future results and goals and other forward-looking statements, including statements regarding business and operational plans and strategies. Achievement of future results is subject to risks, uncertainties, and inaccurate assumptions. In the event that risks or uncertainties materialize, or underlying assumptions prove inaccurate, actual results could vary materially from those contained in such forward-looking statements. Pursuant to the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, PMI is identifying important factors that, individually or in the aggregate, could cause actual results and outcomes to differ materially from those contained in any forward-looking statements made by PMI.
PMI's business risks include: marketing and regulatory restrictions that could reduce our competitiveness, disrupt our SFP commercialization efforts, eliminate our ability to communicate with adult consumers, or ban certain of our products in certain markets or countries; excise tax increases and discriminatory tax structures; health concerns relating to the use of tobacco and other nicotine-containing products; litigation related to tobacco and/or nicotine products and intellectual property rights; intense competition; inability to anticipate changes in adult consumer preferences; use and reliance on third-parties; the adverse effects of global and individual country economic, regulatory and political developments, natural disasters and conflicts; geopolitical instability affecting international trade; the impact and consequences of Russia's invasion of Ukraine; changes in adult smoker behavior; continued decline of tax-paid cigarettes; lost revenues as a result of counterfeiting, contraband and cross-border purchases; governmental investigations; unfavorable currency exchange rates and currency devaluations, sustained periods of elevated inflation, and limitations on the ability to repatriate funds; adverse changes in applicable corporate tax laws; disruptions in the credit markets or changes to its credit ratings; recent and potential future tariffs imposed by the U.S. and other countries; adverse changes in the cost, availability, and quality of tobacco and other agricultural products and raw materials, as well as product components for our electronic devices; and the integrity of its information systems and effectiveness of its data privacy policies. PMI's future profitability may also be adversely affected should it be unsuccessful, in key markets or systemically, in its efforts to introduce, commercialize, and grow smoke-free products or if regulation or taxation do not differentiate between such products and cigarettes; if it is unable to successfully introduce new products, promote brand equity; if there are prolonged disruptions of facilities used to produce its products; if it is unable to enter new markets or improve its margins through increased prices and productivity gains; if other market participants are more successful in their SFP commercialization efforts; if it is unable to attract and retain the best global talent; or if it is unable to successfully integrate and realize the expected benefits from recent transactions and acquisitions. Future results are also subject to the lower predictability of our smoke-free products performance.
PMI is further subject to other risks detailed from time to time in its publicly filed documents, including PMI’s Annual Report on Form 10-K for the fourth quarter and year ended December 31, 2025 and the Quarterly Report on Form 10-Q for the first quarter ended March 31, 2026. PMI cautions that the foregoing list of important factors is not a complete discussion of all potential risks and uncertainties. PMI does not undertake to update any forward-looking statement that it may make from time to time, except in the normal course of its public disclosure obligations.
1 From Forbes © 2026 Forbes Media LLC. All rights reserved. Used under license.
View source version on businesswire.com: https://www.businesswire.com/news/home/20260504338284/en/
Philip Morris International
Corey Henry
T. +1 (202) 679 7296
E. corey.henry@pmi.com
Original: Forbes Includes Philip Morris International in Its Net Zero Leaders List
US Market News
3月前
Philip Morris International Presents its Value Report 2025: change in motionMarch 31, 2026 4:30 AM
Business Wire
The company’s annual disclosure unveils its Value Plan 2030+
Philip Morris International (NYSE: PM) today released its Value Report 2025, offering a holistic perspective on the company’s approach to sustainable value creation. The report marks the completion of PMI’s 2025 Roadmap, communicating achievements for each aspiration introduced by the company in 2020, and introduces its Value Plan 2030+, set to guide the company’s continued path to sustainable growth.
“For more than a decade, PMI has pursued an industry-leading shift away from cigarettes—a transformation that goes far beyond product innovation to encompass how we allocate capital, engage stakeholders, and measure success,” said Jacek Olczak, Group Chief Executive Officer. “‘change in motion’ captures the reality that transformation is not a project with a defined end date, it is the continuous work of improvement, innovation, and adaptation that keeps us relevant and resilient. We transform continuously because markets evolve, science advances, stakeholder expectations rise, and new opportunities emerge. This is who we are: a company perpetually in motion toward a better future, refusing to stand still even as we celebrate how far we have come.”
Built on the progress that PMI has made over the past decade, the report explains how the company is securing the resources, capabilities, and stakeholder trust that will sustain its business for decades to come. The sustainability of the business is PMI’s strategy; it is how it secures resources, manages risk, meets stakeholder expectations, and future-proofs a business built to deliver results today, while securing the ability to deliver tomorrow.
“Our approach to value creation is anchored in a simple conviction: long-term financial success depends on the health of the resources and relationships that make it possible. By investing in natural, human, social, intellectual, and manufactured capital—what we define as non-financial capitals—we strengthen the very foundations on which long-term financial success depends,” said Emmanuel Babeau, Group Chief Financial Officer. “This is fundamental to our growth, resilience, and identity as a forward-thinking organization.”
PMI achieved meaningful progress across both product and operational impact in 2025, as it closed its 2025 Roadmap.
PMI’s Business Transformation Metrics (BTMs) have provided stakeholders with clear, comparable indicators of our progress toward a smoke-free future. These metrics go beyond traditional reporting frameworks to capture aspects unique to PMI’s change of motion. They include the following:
Around 43.5 million adult consumers of smoke-free products worldwide.i
PMI’s smoke-free products were available for sale in 106 markets.ii
PMI’s smoke-free business net revenues reached USD 16.9 billion and represented 41.5% of total annual net revenues.iii
In addition, PMI celebrated progress on:
98% coverage of shipment volume with youth access prevention programs in its indirect retail channels.iv
91% coverage of shipment volumes with PMI’s anti-littering programs for cigarette butts.v
76% of PMI employees globally had access to structured lifelong learning opportunities. vi
99.6% of contracted farmers supplying tobacco to PMI made a living income by year-end 2025. This was achieved through initiatives aimed at boosting farm productivity and encouraging income diversification.vii
99.3% of tobacco purchased at no risk of net deforestation of managed natural forest and no conversion of natural ecosystems.viii
46% decrease versus 2019 on absolute Scope 1 and 2 greenhouse gas (GHG) emissions, with the company achieving carbon neutrality in its direct operationsix, and PMI’s absolute Scope 3 Forest, Land, and Agriculture (FLAG) GHG emissions decreased by 31% versus 2010.x
“We have identified six strategic priorities that reflect what matters most to our stakeholders and our business: consumers and product health impact, circularity, climate change, nature and biodiversity, our own workforce, and workers throughout our value chain, which are consolidated in our Value Plan 2030+. This plan identifies where our actions intersect most significantly with business imperatives, ensuring our initiatives drive tangible outcomes across various forms of capital, creating a strategy that is comprehensive yet focused, ambitious yet pragmatic, and deeply integrated into how we operate and grow,” said Jennifer Motles, Chief Sustainability Officer. “Our plan is explicit about what we control directly and what requires the action of, and partnership with others, setting a strong foundation for effective action. That is the spirit with which we present our Value Plan 2030+, as an invitation to dialogue, a platform for collaboration, and a roadmap for the next chapter: turning sustainability into lasting business value.”
PMI’s Value Plan 2030+ sets the course for the company’s next chapter—a continuation of the change in motion that has defined PMI’s evolution over the past decade. It focuses on accelerating the growth of its smoke-free product portfolio, working to make cigarettes obsolete, and exploring adjacent avenues of growth in wellness, while maintaining responsible sales and marketing practices, investing in human and natural capital, and strengthening the operational resilience that underpins long-term, sustainable value creation.
PMI’s Value Report 2025 has been prepared with reference to the Global Reporting Initiative (GRI) Universal Standards (2021) and relevant topic-specific standards. This report follows guidance from the International Sustainability Standards Board (ISSB) of the IFRS Foundation, including SASB Standards, Integrated Thinking Principles, and the Integrated Reporting Framework. Beginning with the 2025 reporting cycle, the company renamed its annual disclosure from the ‘Integrated Report’ to the ‘Value Report’ to reflect its commitment to transparency, communicating how it creates, preserves, and enhances value over the short, medium, and long term. The Value Report continues to build on the foundation established by previous Integrated Reports, providing a comprehensive and integrated view of PMI’s strategy, management, performance, and outlook in relation to its most significant sustainability-related topics.
Please visit www.pmi.com/sustainability to learn more and read the full 2025 Value Report, as well as Stories of Impact.
Philip Morris International: A Global Smoke-Free Champion
Philip Morris International is a leading international consumer goods company, actively delivering a smoke-free future and evolving its portfolio for the long term to include products outside of the tobacco and nicotine sector. The company’s current product portfolio primarily consists of cigarettes and smoke-free products, including heat-not-burn, nicotine pouch and e-vapor products. Our smoke-free products are available for sale in over 105 markets, and as of December 31, 2025, PMI estimates they were used by over 43 million legal-age consumers around the world, many of whom have moved away from cigarettes or significantly reduced their consumption. The smoke-free business accounted for 41.5% of PMI’s full year 2025 total net revenues. Since 2008, PMI has invested over $16 billion to develop, scientifically substantiate and commercialize innovative smoke-free products for adults who would otherwise continue to smoke, with the goal of completely ending the sale of cigarettes. This includes the building of world-class scientific assessment capabilities, notably in the areas of pre-clinical systems toxicology, clinical and behavioral research, as well as post-market studies. Following a robust science-based review, the U.S. Food and Drug Administration has authorized the marketing of Swedish Match’s General snus and ZYN nicotine pouches and versions of PMI’s IQOS devices and consumables - the first-ever such authorizations in their respective categories. Versions of IQOS devices and consumables and General snus also obtained the first-ever Modified Risk Tobacco Product authorizations from the FDA. With a strong foundation and significant expertise in life sciences, PMI has a long-term ambition to expand into wellness areas. References to “PMI”, “we”, “our” and “us” mean Philip Morris International Inc., and its subsidiaries. For more information, please visit www.pmi.com and www.pmiscience.com.
Forward-Looking and Cautionary Statements
This press release contains projections of future results and goals and other forward-looking statements, including statements regarding business plans and strategies. Achievement of future results is subject to risks, uncertainties, and inaccurate assumptions. In the event that risks or uncertainties materialize, or underlying assumptions prove inaccurate, actual results could vary materially from those contained in such forward-looking statements. Pursuant to the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, PMI is identifying important factors that, individually or in the aggregate, could cause actual results and outcomes to differ materially from those contained in any forward-looking statements made by PMI.
PMI's business risks include: marketing and regulatory restrictions that could reduce our competitiveness, disrupt our SFP commercialization efforts, eliminate our ability to communicate with adult consumers, or ban certain of our products in certain markets or countries; excise tax increases and discriminatory tax structures; health concerns relating to the use of tobacco and other nicotine-containing products; litigation related to tobacco and/or nicotine products and intellectual property rights; intense competition; inability to anticipate changes in adult consumer preferences; use and reliance on third-parties; the adverse effects of global and individual country economic, regulatory and political developments, natural disasters and conflicts; geopolitical instability affecting international trade; the impact and consequences of Russia's invasion of Ukraine; changes in adult smoker behavior; continued decline of tax-paid cigarettes; lost revenues as a result of counterfeiting, contraband and cross-border purchases; governmental investigations; unfavorable currency exchange rates and currency devaluations, sustained periods of elevated inflation, and limitations on the ability to repatriate funds; adverse changes in applicable corporate tax laws; disruptions in the credit markets or changes to its credit ratings; recent and potential future tariffs imposed by the U.S. and other countries; adverse changes in the cost, availability, and quality of tobacco and other agricultural products and raw materials, as well as product components for our electronic devices; and the integrity of its information systems and effectiveness of its data privacy policies. PMI's future profitability may also be adversely affected should it be unsuccessful, in key markets or systemically, in its efforts to introduce, commercialize, and grow smoke-free products or if regulation or taxation do not differentiate between such products and cigarettes; if it is unable to successfully introduce new products, promote brand equity; if there are prolonged disruptions of facilities used to produce its products; if it is unable to enter new markets or improve its margins through increased prices and productivity gains; if other market participants are more successful in their SFP commercialization efforts; if it is unable to attract and retain the best global talent; or if it is unable to successfully integrate and realize the expected benefits from recent transactions and acquisitions. Future results are also subject to the lower predictability of our smoke-free products performance.
PMI is further subject to other risks detailed from time to time in its publicly filed documents, including PMI’s Annual Report on Form 10-K for the fourth quarter and year ended December 31, 2025. PMI cautions that the foregoing list of important factors is not a complete discussion of all potential risks and uncertainties. PMI does not undertake to update any forward-looking statement that it may make from time to time, except in the normal course of its public disclosure obligations.
________________________________
i Total PMI smoke-free users is defined as the sum of total IQOS users, total oral smokeless users, and total e-vapor users of PMI products and considering poly-users across PMI's smoke-free product categories. For definitions, see Glossary in PMI’s Value Report 2025.
ii For definition of available for sale, see Glossary in PMI’s Value Report 2025.
iii For definition of net revenues related to smoke-free, see Glossary in PMI’s Value Report 2025. This information should be read in conjunction with the Reconciliation of non-GAAP measures in PMI’s Value Report 2025.
iv Total shipment volume includes cigarettes, other tobacco products (OTPs), and smoke-free product consumables. See PMI’s Non-financial KPI hub for further details.
v See PMI’s Non-financial KPI hub for further details.
vi See PMI’s Non-financial KPI hub for further details.
vii Excludes China, Thailand, Switzerland, and India (flue-cured). See PMI’s Non-financial KPI hub for further details on methodology.
viii For definitions, please see PMI’s Zero Deforestation Manifesto and PMI’s Non-financial KPI hub.
ix Ambition achieved in early 2026 against 2025 emissions; data refer to yearly gross emissions from the reporting year minus the retroactive offsetting of the previous year's emission. See PMI’s Non-financial KPI hub for further details.
x For further details on scope 3 calculation, please refer to PMI's Value Chain Carbon Footprint Methodology Overview and PMI’s Non-financial KPI hub.
View source version on businesswire.com: https://www.businesswire.com/news/home/20260331272710/en/
Corey Henry
Philip Morris International
T. +1 (202) 679 7296
E. corey.henry@pmi.com
Original: Philip Morris International Presents its Value Report 2025: change in motion
US Market News
3月前
PMI U.S. BRINGS TECHNOVATION TO WASHINGTON D.C.March 30, 2026 8:00 AM
PR Newswire (US)
PMI's global science and innovation platform brings together leaders to accelerate progress toward a smoke-free futureWASHINGTON, March 30, 2026 /PRNewswire/ -- Technovation, the global science and innovation platform of Philip Morris International (PMI) (NYSE: PM), will make its U.S. debut on April 14. The one-day event brings together experts, policymakers, scientists, media, and business leaders across the Americas to explore how innovation, science, and regulation can accelerate progress toward a smoke-free future.
The U.S. launch of Technovation marks a key moment for the platform and for the future of nicotine in the United States. A global leader in smoke-free innovation, PMI is advancing the development and adoption of smoke-free alternatives worldwide, helping millions of adults who smoke switch to better alternatives. In parallel, PMI and its U.S. businesses (PMI U.S.) are strongly committed to investing in America, making significant, long-term investments across U.S. manufacturing, infrastructure, and workforce development to support the growth of its smoke-free portfolio and strengthen domestic capabilities. This includes expanding its U.S. manufacturing footprint and investing in advanced production facilities in Aurora, Colorado; Owensboro, Kentucky; and Wilson, North Carolina, while growing a workforce that has scaled from several hundred employees to more than 3,000 in recent years.Positioned at the nexus of science, innovation, and real-world adoption, PMI U.S. is defining the modern nicotine market in this country and accelerating the nation's smoke-free future. The business is focused on its smoke-free portfolio and anchored by ZYN, the nation's leading smoke-free product and first nicotine pouch authorized by the U.S. Food and Drug Administration (FDA).The event will bring together leading voices across science, policy, and business to explore the forces shaping smoke-free products, from product innovation and regulatory progress to evolving consumer behaviors and preferences. It will debut new data on an often-overlooked segment of the U.S. adult smoking population, tackle persistent challenges such as misperceptions about nicotine and highlight the need for collaboration with law enforcement to help combat illicit trade. PMI will also feature an interactive exhibition with demonstrations and immersive experiences that showcase the science behind its portfolio of smoke-free products."Technovation is an important platform to better understand the scientific and technological progress behind today's smoke free alternatives," said Stacey Kennedy, Chief Executive Officer of PMI U.S. "Here in the United States, our business is focused on leading the smoke free future—investing in innovation, domestic manufacturing, and partnerships to responsibly develop smoke free products that meet the expectations of a highly regulated market and support a science based, responsible approach to modern nicotine."Since 2008, PMI has invested more than $16 billion in developing, scientifically substantiating and commercializing smoke-free products (as of 31 December 2025), now used by over 43 million legal age consumers worldwide. Committed to responsible marketing practices and scientific integrity, PMI's affiliates hold 80% of modified risk tobacco product (MRTP) authorizations and 41% of premarket tobacco product application (PMTA) marketing orders issued by the U.S. FDA. The company also holds an extensive portfolio of patents supporting its smoke-free technologies and ambitions, underscoring its continued leadership in scientific advancement and product innovation.PMI U.S.: Invested in America
Philip Morris International Inc.'s U.S. businesses are invested in America's future and advancing a smoke-free nation. The businesses are committed to providing the approximately 30 million legal-age consumers who smoke cigarettes with better, smoke-free alternatives and to ensuring the products are marketed responsibly. From PMI's global headquarters in Stamford, Connecticut, and other locations nationwide, PMI U.S. contributes leadership, jobs, investment, and innovation in the U.S. The U.S. businesses employ more than 3,000 people across America and operate product manufacturing facilities, including in Aurora, Colorado, Owensboro, Kentucky, and Wilson, North Carolina. For more information, please visit?www.uspmi.com. References to "PMI" mean the Philip Morris International family of companies. "PMI U.S.," "we," "our," and "us" refer to one or more PMI U.S. businesses. Philip Morris International: A Global Smoke-Free Champion
Philip Morris International is a leading international consumer goods company, actively delivering a smoke-free future and evolving its portfolio for the long term to include products outside of the tobacco and nicotine sector. The company's current product portfolio primarily consists of cigarettes and smoke-free products, including heat-not-burn, nicotine pouch and e-vapor products. Our smoke-free products are available for sale in over 105 markets, and as of December 31, 2025, PMI estimates they were used by over 43 million legal-age consumers around the world, many of whom have moved away from cigarettes or significantly reduced their consumption. The smoke-free business accounted for 41.5% of PMI's full year 2025 total net revenues. Since 2008, PMI has invested over $16 billion to develop, scientifically substantiate and commercialize innovative smoke-free products for adults who would otherwise continue to smoke, with the goal of completely ending the sale of cigarettes. This includes the building of world-class scientific assessment capabilities, notably in the areas of pre-clinical systems toxicology, clinical and behavioral research, as well as post-market studies. Following a robust science-based review, the U.S. Food and Drug Administration has authorized the marketing of Swedish Match's General snus and ZYN nicotine pouches and versions of PMI's IQOS devices and consumables - the first-ever such authorizations in their respective categories. Versions of IQOS devices and consumables and General snus also obtained the first-ever Modified Risk Tobacco Product authorizations from the FDA. With a strong foundation and significant expertise in life sciences, PMI has a long-term ambition to expand into wellness areas. References to "PMI", "we", "our" and "us" mean Philip Morris International Inc., and its subsidiaries. For more information, please visit www.pmi.com and www.pmiscience.com.Forward-Looking and Cautionary Statements
This press release contains projections of future results and goals and other forward-looking statements, including statements regarding business plans and strategies. Achievement of future results is subject to risks, uncertainties, and inaccurate assumptions. In the event that risks or uncertainties materialize, or underlying assumptions prove inaccurate, actual results could vary materially from those contained in such forward-looking statements. Pursuant to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, PMI is identifying important factors that, individually or in the aggregate, could cause actual results and outcomes to differ materially from those contained in any forward-looking statements made by PMI.PMI's business risks include: marketing and regulatory restrictions that could reduce our competitiveness, disrupt our SFP commercialization efforts, eliminate our ability to communicate with adult consumers, or ban certain of our products in certain markets or countries; excise tax increases and discriminatory tax structures; health concerns relating to the use of tobacco and other nicotine-containing products; litigation related to tobacco and/or nicotine products and intellectual property rights; intense competition; inability to anticipate changes in adult consumer preferences; use and reliance on third-parties; the adverse effects of global and individual country economic, regulatory and political developments, natural disasters and conflicts; geopolitical instability affecting international trade; the impact and consequences of Russia's invasion of Ukraine; changes in adult smoker behavior; continued decline of tax-paid cigarettes; lost revenues as a result of counterfeiting, contraband and cross-border purchases; governmental investigations; unfavorable currency exchange rates and currency devaluations, sustained periods of elevated inflation, and limitations on the ability to repatriate funds; adverse changes in applicable corporate tax laws; disruptions in the credit markets or changes to its credit ratings; recent and potential future tariffs imposed by the U.S. and other countries; adverse changes in the cost, availability, and quality of tobacco and other agricultural products and raw materials, as well as product components for our electronic devices; and the integrity of its information systems and effectiveness of its data privacy policies. PMI's future profitability may also be adversely affected should it be unsuccessful, in key markets or systemically, in its efforts to introduce, commercialize, and grow smoke-free products or if regulation or taxation do not differentiate between such products and cigarettes; if it is unable to successfully introduce new products, promote brand equity; if there are prolonged disruptions of facilities used to produce its products; if it is unable to enter new markets or improve its margins through increased prices and productivity gains; if other market participants are more successful in their SFP commercialization efforts; if it is unable to attract and retain the best global talent; or if it is unable to successfully integrate and realize the expected benefits from recent transactions and acquisitions. Future results are also subject to the lower predictability of our smoke-free products performance.PMI is further subject to other risks detailed from time to time in its publicly filed documents, including PMI's Annual Report on Form 10-K for the fourth quarter and year ended December 31, 2025. PMI cautions that the foregoing list of important factors is not a complete discussion of all potential risks and uncertainties. PMI does not undertake to update any forward-looking statement that it may make from time to time, except in the normal course of its public disclosure obligations.
View original content to download multimedia:https://www.prnewswire.com/news-releases/pmi-us-brings-technovation-to-washington-dc-302728519.htmlSOURCE PMI US Corporate Services, Inc.
Original: PMI U.S. BRINGS TECHNOVATION TO WASHINGTON D.C.
US Market News
5月前
Philip Morris International Reports 2025 Fourth-Quarter & Full-Year ResultsFebruary 6, 2026 6:59 AM
Business Wire
Delivers Full Year 2025 Reported Diluted EPS of $7.26 compared to $4.52 in 2024 and Adjusted Diluted EPS of $7.54, Representing Growth of 14.8%, and 14.2% on a Currency-Neutral Basis; Provides 2026 - 2028 Growth Targets
Regulatory News:
Philip Morris International Inc. (PMI) (NYSE: PM) today announces its 2025 fourth quarter results.1
"We achieved another remarkable year of results in 2025, with a fifth consecutive year of volume growth, net revenues surpassing $40 billion, including close to $17 billion from our smoke-free business, and very good operating margin expansion," said Jacek Olczak, Group CEO PMI.
"With excellent results in 2024 and 2025, we have delivered our three-year CAGR targets on operating income and EPS in just two years. With another strong performance expected in 2026, we are on track to outperform our 2024-2026 growth algorithm. This again demonstrates our ability to create sustainable value for our shareholders as we renew our growth targets for 2026-2028."
_________________________
1 Explanation of PMI's use of non-GAAP measures cited in this document and reconciliations to the most directly comparable U.S. GAAP measures can be found in the “Non-GAAP Measures, Glossary and Explanatory Notes” section of this release, in Exhibit 99.2 to the company's Form 8-K dated February 6, 2026, and here.
Results Highlights
Smoke-free business (SFB): Our smoke-free business delivered a strong performance, with full-year shipment volumes up by 12.8%, net revenues growing by 15.0% (14.1% organically) and gross profit increasing by 20.3% (18.7% organically). Our smoke-free business accounted for 41.5% of our total net revenues, and nearly 43% of total gross profit (up by 2.8pp and 3.2pp respectively vs. full-year 2024). Our smoke-free products (SFP) are now available in 106 markets, with over 43 million estimated adult consumers (up by around 4.5 million versus December 2024). In the fourth quarter, we delivered 12.0% net revenue growth (8.6% organically), 12.2% gross profit growth (8.3% organically) while achieving a key milestone with over 50% of net revenues generated by the smoke-free business in 3 of our 4 regions. On full-year basis, we reached the same milestone in 27 markets, including 8 markets where we exceeded 75%.
Heat-not-burn SFP: IQOS continued to drive the growth of the global category, where PMI holds approximately 76% volume share. We strengthened the overall position of IQOS (gaining 1pp of the combined cigarette and HTU industry volumes in the fourth quarter to reach 9.6%) as the second largest nicotine ‘brand’ in markets where present, with the #1 volume share position in 13 markets. HTU adjusted in-market sales (IMS) volume growth, which excludes the net impact of estimated distributor and wholesaler inventory movements, accelerated to 12% in the fourth quarter and increased by an estimated 10.5% for the full-year, broadly in line with shipment growth.
In Japan, PMI HTU adjusted IMS grew by an estimated 7.0% for the full year and 5.8% in the fourth quarter. IQOS continues to hold close to 70% of heat-not-burn category volume, notwithstanding intensifying competition. IQOS HTU adjusted market share of total nicotine increased by 2.0pp to 32.6% in the fourth quarter. In December, the overall HTU category exceeded 50% of total nicotine offtake share at the national level, including 19 out of 20 major cities and 16 prefectures.
In Europe, with continuous brand equity investment and innovation, IQOS HTU adjusted IMS grew by an estimated 8.6% for the full year with an acceleration in the fourth quarter to 10.3% and IQOS HTU adjusted market share up by 1.5pp to 12.0%. Another year of dynamic adjusted IMS growth was led by Italy's return to double-digit performance, which was also delivered in many other markets, notably Germany, Greece, Romania and Spain.
Outside Europe and Japan, adjusted IMS grew strongly in the fourth quarter and offtake share increased in key cities across the globe, including Mexico City, Jakarta, Riyadh, Kuala Lumpur, Cairo and Manila. In Taiwan, the recent launch of IQOS delivered very promising early results.
Oral SFP: Full-year shipment volume increased by 18.5% (up 7.3% in Q4) in pouch or pouch equivalents, fueled by nicotine pouches, which grew by nearly 37% in the U.S., and over 35% in international markets, despite some snus volume declines in the Nordics.
In the U.S., nicotine pouches account for a high single-digit percentage of total industry volumes and remain the fastest growing nicotine category. ZYN, with a premium price positioning, continued to lead the category with around two-thirds value share in 2025. Supported by a wide range of commercial activities to further enhance the equity and presence of the brand, ZYN shipment volume in the fourth quarter reached 196 million cans, an increase of over 19%, whilst offtake volume grew 23% as estimated by Nielsen. Full-year ZYN shipment volumes reached 794 million cans.
The international nicotine pouch business continues to expand, with ZYN now available in 55 markets and growth fueled by strong market share gains of this dynamically growing category. Our focus remains on switching legal-age smokers with a relevant product portfolio, including 1.5mg variants which are now available in around two thirds of ZYN markets.
E-vapor SFP: VEEV continued to accelerate its increasingly profitable growth, and is now available in 47 markets. Shipment volumes more than doubled on a full-year basis, notably driven by Europe and Indonesia. Within the closed pods segment, VEEV holds the #1 volume share position in 8 markets, and is gaining significant market share, sourcing primarily from legal-age consumers of other vaping products and adult smokers. PMI remains committed to building and commercializing the brand in a focused, responsible and profitable manner.
Combustibles: Notwithstanding expected lower volumes, full-year net revenues grew by 2.5% (1.8% organically) driven by strong pricing, partly offset by geographic mix. Together with productivity improvements, this resulted in gross profit growth of 5.2% (4.4% organically). In the fourth quarter net revenues grew by 3.2% (up 0.3% organically) with gross profit up by 5.5% (2.8% organically) and Marlboro reaching a record high 11.0% category share. Our overall cigarette category share was slightly lower for the full-year, predominantly due to Turkey.
Dividend: Declared regular quarterly dividend of $1.47 per share, or an annualized $5.88 per share.
Full-Year 2025 Performance Highlights
Total PMI
SFP
HTU
Oral SFP
E-vapor2
Cigarettes
Total Shipment Volume
(units bn)
786.5
179.1
155.1
20.7
3.3
607.4
vs. FY 2024
1.4%
12.8%
11.0%
18.5%
+100%
(1.5)%
PMI
Smoke-Free
Business
Combustibles
Net Revenues ($ bn)
$40.6
$16.9
$23.8
reported vs. FY 2024
7.3%
15.0%
2.5%
organic vs. FY 2024
6.5%
14.1%
1.8%
Gross Profit ($ bn)
$27.3
$11.7
$15.6
reported vs. FY 2024
11.1%
20.3%
5.2%
organic vs. FY 2024
10.1%
18.7%
4.4%
Operating Income ($ bn)
$14.9
reported vs. FY 2024
11.1%
organic vs. FY 2024
10.6%
Reported
Diluted
EPS
Adjusting
Items3
Adjusted
Diluted
EPS
Currency
Impact
Adj. Diluted
EPS ex. Currency
EPS
$7.26
$(0.28)
$7.54
$0.04
$7.50
vs. FY 2024
60.6%
14.8%
14.2%
Fourth-Quarter 2025 Performance Highlights
Total PMI
SFP
HTU
Oral SFP
E-vapor2
Cigarettes
Total Shipment Volume
(units bn)
193.8
44.3
38.4
5.0
1.0
149.4
vs. Q4 2024
0.1%
8.5%
7.5%
7.3%
91.4%
(2.2)%
PMI
Smoke-Free
Business
Combustibles
Net Revenues ($ bn)
$10.4
$4.4
$6.0
reported vs. Q4 2024
6.8%
12.0%
3.2%
organic vs. Q4 2024
3.7%
8.6%
0.3%
Gross Profit ($ bn)
$6.8
$2.9
$3.9
reported vs. Q4 2024
8.3%
12.2%
5.5%
organic vs. Q4 2024
5.1%
8.3%
2.8%
Operating Income ($ bn)
$3.4
reported vs. Q4 2024
3.5%
organic vs. Q4 2024
4.5%
Reported
Diluted
EPS
Adjusting
Items3
Adjusted
Diluted
EPS
Currency
Impact
Adj. Diluted
EPS ex. Currency
EPS
$1.37
$(0.33)
$1.70
$0.01
$1.69
vs. Q4 2024
+100%
9.7%
9.0%
_________________________
2 One milliliter of e-vapor liquid equivalent to 10 units; 2024 volume of e-vapor in billions of units: Q1 0.3, Q2 0.4, Q3 0.5, Q4 0.5
3 For a list of adjusting items refer to additional information section of this release
Note: Sums might not foot to total due to rounding.
2026 Full-Year Forecast
Full-Year
2026
Forecast
2025
Growth
Reported Diluted EPS
$7.87
-
$8.02
$ 7.26
Adjustments:
Restructuring charges(1)
—
0.14
Impairment of goodwill and other intangibles
—
0.03
Amortization of intangibles
0.51
0.50
Germany excise tax classification litigation charge
—
0.10
RBH (Canada) Plan Implementation, including dividend income, net
—
(0.10)
Impairment of Wellness business related equity investment
—
0.09
Loss on expected sale of consumer accessories and other businesses
—
0.06
Income tax impact associated with Swedish Match AB financing
—
(0.25)
Fair value adjustment for equity security investments
—
(0.18)
Tax items
—
(0.11)
Total Adjustments
0.51
0.28
Adjusted Diluted EPS
$8.38
-
$8.53
$ 7.54
11.1%
-
13.1%
Less: Currency
0.27
Adjusted Diluted EPS, excluding currency
$8.11
-
$8.26
$ 7.54
7.5%
-
9.5%
(1) 2025 amount reflects pre-tax restructuring charges of $241 million ($222 million net of income tax) with respect to manufacturing footprint optimization in Germany
Reported diluted EPS is forecast to be in a range of $7.87 to $8.02, at prevailing exchange rates, versus reported diluted EPS of $7.26 in 2025. Excluding a total 2026 adjustment of $0.51 per share, this forecast represents a projected increase of 11.1% to 13.1% versus adjusted diluted EPS of $7.54 in 2025. Also excluding a favorable currency impact of $0.27, at prevailing exchange rates, this forecast represents a projected increase of 7.5% to 9.5% versus adjusted diluted EPS of $7.54 in 2025, as outlined in the above table.
2026 Full-Year Forecast Assumptions
This forecast assumes:
An estimated total international industry volume decline of around 2% for cigarettes and HTUs, excluding China and the U.S.;
Broadly stable total PMI cigarette and SFP shipment volume, with high-single digit SFP shipment volume growth, and a cigarette shipment volume decline of around 3%, including the impact of weaker industry volume in India and Mexico, and the ongoing recovery of our business in Turkey;
Net revenue growth of 5% to 7% on an organic basis;
Organic operating income growth of 7% to 9%;
Full-year amortization of acquired intangibles of $0.51 per share;
Broadly stable net financing costs;
An effective tax rate, excluding discrete tax events, of around 21.5%;
Operating cash flow around $13.5 billion at prevailing exchange rates, subject to year-end working capital requirements;
Capital expenditures of $1.4 to $1.6 billion, predominantly due to investments supporting the smoke-free business;
Further net debt to adjusted EBITDA ratio improvement as we target a ratio of close to 2.0x by the end of 2026, at prevailing exchange rates;
No share repurchases; and
First quarter adjusted diluted EPS of $1.80 to $1.85, including an estimated favorable currency impact of 14 cents at prevailing exchange rates.
Factors described in the Forward-Looking and Cautionary Statements section of this release represent continuing risks to these projections.
2026 - 2028 Growth Targets
Following strong full-year results in 2024 and 2025 coupled with another strong performance expected in 2026, we are on track to deliver at or above the top end of our 2024 to 2026 compound annual growth ranges announced on September 28th, 2023.
Today, the company provides 2026 to 2028 compound annual growth targets of:
– 6% to 8% for net revenues, on an organic basis, with SFP volume growth of high single-digit to low-teens driving total shipment volume growth;
– 8% to 10% for operating income, on an organic basis; and
– 9% to 11% for adjusted diluted EPS, excluding currency, assuming current corporate income tax rates and no share repurchases.
New Segment Reporting
With our smoke-free business now operating at scale across our regions, including substantial growth from our U.S. business, PMI has implemented an evolved organizational model with two primary business units: International and U.S. The updated organizational structure is designed to enhance our agility and to support our journey to become a smoke-free company under the leadership of Jacek Olczak, Group CEO PMI. This change was implemented effective January 1, 2026, and as a result PMI realigned its reportable segments accordingly. The four geographic segments have been replaced with three new reportable segments: International Smoke-Free, International Combustibles, and U.S. As of the first quarter of 2026, our reporting will reflect these changes. The company plans to disclose select historical financial information for the 2023 to 2025 period based on the new reportable segments before the end of the first quarter.
Conference Call
A conference call hosted by Jacek Olczak, Group CEO PMI, and Emmanuel Babeau, Group Chief Financial Officer, will be webcast at 9:00 a.m., Eastern Time, on February 6, 2026. The webcast can be accessed here.
Fourth-Quarter 2025 Operating Review
Net Revenues
(in millions)
Total PMI
Europe
SSEA, CIS & MEA
EA, AU & PMI GTR
Americas
2024
9,706
4,143
2,868
1,434
1,261
Price
285
158
240
13
(126)
Volume/Mix
73
54
(54)
1
72
Other
(3)
—
(1)
—
(2)
Acquisitions & Divestitures
(44)
(44)
—
—
—
Currency
345
287
56
(23)
25
2025
10,362
4,598
3,109
1,425
1,230
vs. Q4 2024
6.8%
11.0%
8.4%
(0.6)%
(2.5)%
Organic growth
3.7%
5.1%
6.5%
1.0%
(4.4)%
Operating Income
(in millions)
Total PMI
Europe
SSEA, CIS & MEA
EA, AU & PMI GTR
Americas
2024
3,259
1,750
806
574
129
Price
285
158
240
13
(126)
Volume/Mix
75
30
26
(46)
65
Cost/Other
(289)
(184)
(60)
30
(75)
Acquisitions & Divestitures
3
3
—
—
—
Currency
40
153
(71)
(57)
15
2025
3,373
1,910
941
514
8
vs. Q4 2024
3.5%
9.1%
16.7%
(10.5)%
(93.8)%
Adjustments*
(349)
(146)
(4)
(1)
(198)
2025 Adjusted OI
3,722
2,056
944
515
207
vs. Q4 2024
5.8%
14.5%
16.5%
(10.4)%
(38.9)%
Organic growth
4.5%
5.8%
25.3%
(0.5)%
(43.4)%
2024 Adjusted OI Margin
36.3%
43.3%
28.2%
40.1%
26.9%
2025 Adjusted OI Margin
35.9%
44.7%
30.4%
36.1%
16.8%
vs. Q4 2024
(0.4)pp
1.4pp
2.2pp
(4.0)pp
(10.1)pp
Organic growth
0.3pp
0.3pp
5.0pp
(0.6)pp
(11.0)pp
(*) For a list of adjusting items refer to additional information section of this release or Schedule 9 in Exhibit 99.2 to the Form 8-K dated February 6, 2026.
HTU & Cigarette Shipments
(m units)
Total PMI
Europe
SSEA, CIS & MEA
EA, AU & PMI GTR
Americas
Heated Tobacco Units
38,398
16,289
9,236
12,681
192
vs. Q4 2024
7.5%
7.2%
9.6%
6.2%
28.0%
Cigarettes
149,426
36,891
85,640
10,219
16,676
vs. Q4 2024
(2.2)%
(3.9)%
(0.2)%
(10.5)%
(2.9)%
Total
187,824
53,180
94,876
22,900
16,868
vs. Q4 2024
(0.4)%
(0.8)%
0.7%
(2.0)%
(2.6)%
Oral SFP Shipments
(m cans)
Total PMI
Europe
SSEA, CIS & MEA
EA, AU & PMI GTR
Americas
Nicotine Pouches
217.0
11.7
6.3
1.0
198.0
vs. Q4 2024
18.1%
(13.5)%
63.2%
(22.7)%
19.9%
Snus
51.9
48.5
—
2.9
0.5
vs. Q4 2024
(10.8)%
(15.6)%
—
—
(32.6)%
Moist Snuff
31.2
—
—
—
31.2
vs. Q4 2024
(2.5)%
—
—
—
(2.5)%
Other Oral SFP
0.5
0.5
—
—
—
vs. Q4 2024
(22.6)%
(22.6)%
—
—
—
Total
300.5
60.7
6.3
3.9
229.7
vs. Q4 2024
9.5%
(15.3)%
63.2%
+100%
16.1%
Note: U.S. travel retail volumes of approximately 3.7m nicotine pouch cans recorded in Americas segment, financial impact recorded in EA, AU & PMI GTR segment. No meaningful U.S. travel retail volumes in prior year. Refer to additional information section of this release for shipments in pouch or pouch equivalents. "-" indicates volume below 0.1 million cans
Total PMI
Estimated industry volume (excluding China and the U.S.) for cigarettes and HTUs was broadly stable.
PMI's shipment volume was flat with SFP volumes up by 8.5%, offset by a cigarette volume decline of 2.2%, predominantly driven by Europe and East Asia, Australia and PMI Global Travel Retail regions.
Net revenues increased by 3.7% on an organic basis, mainly reflecting: a favorable pricing variance due to higher combustible tobacco pricing; and favorable volume/mix driven by higher SFP volume, notwithstanding lower volumes and unfavorable mix for cigarettes. As expected, the net revenue growth rate was below the full-year, notably due to the shipment and phasing factors outlined previously.
Adjusted operating income increased by 4.5% on an organic basis, mainly reflecting the same factors as for net revenues, partly offset by higher marketing, administration and research costs.
Europe
The estimated industry volume for cigarettes and HTUs decreased by 3.6% to 126.4 billion units, with a 5.0% decrease for cigarettes and continued HTU growth. Markets with notable decreases include Poland (down by 15.4%), Ukraine (down by 16.5%), and France (down by 9.4%), partly offset by Bulgaria (up by 8.3%), Germany (up by 1.7%), and Serbia (up by 6.4%).
PMI's shipment volume decreased by 0.4% with cigarettes down by 3.9% and SFP up by 7.6%.
Oral SFP shipments decreased, primarily driven by lower snus volume due to inventory movements. Nicotine pouch shipment volume declined against a strong prior year comparator in the Nordics, notwithstanding a very strong performance in other markets.
Net revenues increased by 5.1% on an organic basis, reflecting: a favorable pricing variance predominantly driven by higher combustible tobacco pricing; and favorable volume/mix driven by higher smoke-free products volume, notwithstanding lower volumes and unfavorable mix for cigarettes.
Adjusted operating income increased by 5.8% organically, mainly due to the same factors as for net revenue, partly offset by higher marketing, administration and research costs.
SSEA, CIS & MEA
The estimated industry volume for cigarettes and HTUs increased by 2.0% to 402.0 billion units, mainly due to India (up by 11.1%) and Turkey (up by 4.6%), partly offset by Saudi Arabia (down by 11.3%).
PMI's shipment volume increased by 0.8% with SFP up by 10.1% and cigarettes down by 0.2%.
PMI's HTU adjusted IMS volume increased by an estimated 20.4% with strong growth across the region.
Net revenues increased by 6.5% on an organic basis, primarily reflecting: a favorable pricing variance, predominantly driven by higher combustible tobacco pricing; partly offset by unfavorable volume/mix driven by unfavorable cigarette mix notably due to the below mentioned commercial model change in Indonesia.
A change in our commercial model for the below tier-one cigarette segment in Indonesia in the fourth quarter of 2024 resulted in lower net revenue growth, with no meaningful impact on operating income.
Adjusted operating income increased by 25.3% on an organic basis, mainly reflecting a favorable price variance, predominantly driven by higher combustible tobacco pricing, partly offset by higher marketing, administration and research costs.
East Asia, Australia & PMI Global Travel Retail
The estimated industry volume for cigarettes and HTUs, excluding China, decreased by 2.1% to 79.3 billion units, with HTU growth more than offset by decrease in cigarettes. Notable decreases in South Korea (down by 8.0%) and Australia (down by 60.6%) were partly offset by Global Travel Retail (up by 5.6%) and Taiwan (up by 6.2%).
PMI's shipment volume decreased by 1.7% with SFP up by 6.7% and cigarettes down by 10.5%.
PMI's HTU adjusted in-market sales volume increased by an estimated 8.9%.
Net revenues increased by 1.0% on an organic basis, primarily reflecting: a favorable price variance, predominantly due to higher combustible tobacco pricing.
Adjusted operating income decreased by 0.5% organically due to unfavorable volume/mix driven by lower cigarette volume, partly offset by lower costs and favorable price variance.
Americas
The estimated industry volume for cigarettes and HTUs, excluding the U.S., decreased by 1.9% to 49.1 billion units, driven by a decrease in the cigarette market. The decrease was mainly due to Canada (down by 13.8%) and Argentina (down by 4.0%), partly offset by Brazil (up by 0.8%).
PMI's shipment volume increased by 0.1% with SFP up by 15.6% and cigarettes down by 2.9%.
Oral SFP shipments increased by 16.1% to 230 million cans, predominantly driven by ZYN nicotine pouches in the U.S.
Net revenues decreased by 4.4% organically, predominantly driven by the U.S., with an unfavorable price comparison to low levels of ZYN promotional activity in the prior year, partly offset by favorable volume/mix due to higher ZYN volume.
Adjusted operating income decreased by 43.4% on an organic basis. While U.S. nicotine pouches retained gross margins superior to our international SFP business, this decrease primarily reflects the same factors as for net revenues; and higher marketing, administration and research costs, including further investments in our U.S. capabilities and organization.
Full-Year 2025 Operating Review
Net Revenues
(in millions)
Total PMI
Europe
SSEA, CIS & MEA
EA, AU & PMI GTR
Americas
2024
37,878
15,690
11,261
6,393
4,534
Price
1,536
805
836
81
(186)
Volume/Mix
920
258
(146)
211
597
Other
23
—
36
—
(13)
Acquisitions & Divestitures
(170)
(170)
—
—
—
Currency
461
528
64
(53)
(78)
2025
40,648
17,111
12,051
6,632
4,854
vs. FY 2024
7.3%
9.1%
7.0%
3.7%
7.1%
Organic growth
6.5%
6.8%
6.4%
4.6%
8.8%
Operating Income
(in millions)
Total PMI
Europe
SSEA, CIS & MEA
EA, AU & PMI GTR
Americas
2024
13,402
6,547
3,429
2,878
548
Price
1,536
805
836
81
(186)
Volume/Mix
1,084
127
186
224
547
Cost/Other
(1,371)
(710)
(326)
31
(366)
Acquisitions & Divestitures
87
56
31
—
—
Currency
154
340
(60)
(88)
(38)
2025
14,892
7,165
4,096
3,126
505
vs. FY 2024
11.1%
9.4%
19.5%
8.6%
(7.8)%
Adjustments*
(1,536)
(745)
(15)
(3)
(774)
2025 Adjusted OI
16,428
7,909
4,111
3,129
1,279
vs. FY 2024
11.8%
13.3%
17.7%
8.6%
(4.3)%
Organic growth
10.6%
8.5%
18.6%
11.7%
(1.4)%
2024 Adjusted OI Margin
38.8%
44.5%
31.0%
45.1%
29.5%
2025 Adjusted OI Margin
40.4%
46.2%
34.1%
47.2%
26.3%
vs. FY 2024
1.6pp
1.7pp
3.1pp
2.1pp
(3.2)pp
Organic growth
1.4pp
0.7pp
3.5pp
3.0pp
(2.8)pp
(*) For a list of adjusting items refer to additional information section of this release or Schedule 10 in Exhibit 99.2 to the Form 8-K dated February 6, 2026.
HTU & Cigarette Shipments
(m units)
Total PMI
Europe
SSEA, CIS & MEA
EA, AU & PMI GTR
Americas
Heated Tobacco Units
155,133
59,322
32,318
62,768
725
vs. FY 2024
11.0%
10.5%
13.1%
10.3%
16.6%
Cigarettes
607,367
153,758
347,293
45,709
60,607
vs. FY 2024
(1.5)%
(5.5)%
0.7%
(4.1)%
(1.7)%
Total
762,500
213,080
379,611
108,477
61,332
vs. FY 2024
0.8%
(1.5)%
1.7%
3.8%
(1.5)%
Oral SFP Shipments
(m cans)
Total PMI
Europe
SSEA, CIS & MEA
EA, AU & PMI GTR
Americas
Nicotine Pouches
879.6
54.2
22.9
4.7
797.9
vs. FY 2024
36.6%
11.0%
99.9%
99.2%
37.2%
Snus
227.9
212.0
—
13.4
2.4
vs. FY 2024
(4.9)%
(10.4)%
—
—
(18.1)%
Moist Snuff
129.8
—
—
—
129.8
vs. FY 2024
(3.5)%
—
—
—
(3.5)%
Other Oral SFP
2.6
2.6
—
—
—
vs. FY 2024
(22.9)%
(23.4)%
—
—
—
Total
1,240.0
268.8
22.9
18.1
930.2
vs. FY 2024
21.4%
(6.9)%
99.9%
+100%
29.4%
Note: U.S. travel retail volumes of approximately 11.9m nicotine pouch cans recorded in Americas segment, financial impact recorded in EA, AU & PMI GTR segment. No meaningful U.S. travel retail volumes in prior year. Refer to additional information section of this release for shipments in pouch or pouch equivalents. "-" indicates volume below 0.1 million cans
Total PMI
Estimated industry volume (excluding China and the U.S.) for cigarettes and HTUs was broadly stable, with a 1.1% decrease for cigarettes, largely offset by 10.2% growth of HTUs.
PMI's shipment volume increased by 1.4% with smoke-free volumes up by 12.8%. All SFP categories grew strongly, and cigarette volume declined by 1.5%.
Net revenues increased organically by 6.5%, mainly reflecting: a favorable pricing variance due to higher combustible tobacco pricing; and favorable volume/mix, driven by higher SFP volume, notwithstanding unfavorable mix and lower volumes for cigarettes.
Adjusted operating income increased by 10.6% organically, reflecting: the same factors as for net revenues; partly offset by marketing, administration and research costs.
Europe
PMI's shipment volume decreased by 1.0% with cigarettes down by 5.5% and SFP up by 10.9%.
Net revenues increased organically by 6.8%, reflecting: a favorable price variance, predominantly due to higher combustible tobacco pricing; and favorable volume/mix, driven by higher SFP volume, notwithstanding lower volumes and unfavorable mix for cigarettes. Our Aspeya wellness business also grew organic net revenues strongly.
Adjusted operating income increased by 8.5% on an organic basis, primarily reflecting: the same factors as for net revenues; partly offset by higher marketing, administration and research costs.
SSEA, CIS & MEA
PMI's shipment volume increased by 1.7% with SFP up by 14.1% and cigarettes up by 0.7%.
Net revenues increased organically by 6.4%, mainly reflecting: a favorable price variance, predominantly driven by combustible tobacco pricing; while unfavorable cigarette mix, due to the commercial model change in Indonesia, was largely offset by higher cigarette and SFP volume.
Adjusted operating income increased by 18.6% on an organic basis, mainly reflecting: a favorable price variance as well as higher cigarette and SFP volume, partly offset by higher marketing, administration and research costs as well as manufacturing costs (notably tobacco leaf).
East Asia, Australia & PMI Global Travel Retail
PMI's shipment volume increased by 4.1% with SFP up by 11.0% and cigarettes down by 4.1%.
Net revenues increased 4.6% organically, predominantly due to: favorable volume/mix, driven by SFP volume; coupled with favorable price variance, driven by higher combustible tobacco pricing.
Adjusted operating income increased 11.7% organically, reflecting the same factors as for net revenues.
Americas
PMI's shipment volume increased by 3.1% with SFP up by 27.7% and cigarettes down by 1.7%.
Net revenues increased 8.8% organically with favorable volume/mix, driven by SFP volume, and an unfavorable U.S. price variance partly offset by cigarette pricing outside of the U.S.
Adjusted OI decreased by 1.4% organically, reflecting the same factors as for net revenues, more than offset by higher marketing, administration and research costs as well as manufacturing costs.
Additional Information
Fourth-Quarter
Full-Year
2025
2024
2025
2024
$
1.37
$
(0.38
)
Reported Diluted EPS
$
7.26
$
4.52
0.01
0.01
Restructuring charges
0.14
0.10
—
—
Impairment of goodwill and other intangibles
0.03
0.01
0.13
0.11
Amortization of intangibles
0.50
0.40
—
1.49
Impairment related to the RBH equity investment
—
1.49
—
0.05
Megapolis localization tax impact
—
0.05
(0.01
)
0.14
Income tax impact associated with Swedish Match AB financing
(0.25
)
0.14
—
—
Egypt sales tax charge
—
0.03
—
—
Loss on sale of Vectura Group
—
0.13
0.06
—
Loss on expected sale of consumer accessories and other businesses
0.06
—
—
—
Germany excise tax classification litigation charge
0.10
—
—
—
RBH (Canada) Plan Implementation, including dividend income, net
(0.10
)
—
—
—
Impairment of Wellness business related equity investment
0.09
—
0.14
0.13
Fair value adjustment for equity security investments
(0.18
)
(0.27
)
—
—
Tax items
(0.11
)
(0.03
)
$
1.70
$
1.55
Adjusted Diluted EPS
$
7.54
$
6.57
0.01
Less: Currency
0.04
$
1.69
$
1.55
Adjusted Diluted EPS, excluding Currency
$
7.50
$
6.57
Fourth-Quarter
Change
Fav./(Unfav.)
Variance
Fav./(Unfav.)
2025
2024
Total
Excl.
Curr. &
Acq./Div.
Total
Cur-
rency
Acq.
/ Div.
Price
Vol/
Mix
Cost/
Other
(in millions)
Net Revenues
$ 10,362
$ 9,706
6.8
%
3.7
%
656
345
(44
)
285
73
(3
)
Cost of Sales(1)
(3,560
)
(3,423
)
(4.0
)%
(1.0
)%
(137
)
(131
)
27
—
2
(35
)
Marketing, Administration and Research Costs(2)
(3,429
)
(3,024
)
(13.4
)%
(8.3
)%
(405
)
(174
)
20
—
—
(251
)
Operating Income
$ 3,373
$ 3,259
3.5
%
2.2
%
114
40
3
285
75
(289
)
Restructuring charges
2
(12
)
+100
%
+100
%
14
—
—
—
—
14
Amortization of intangibles
(257
)
(247
)
(4.0
)%
(4.0
)%
(10
)
—
—
—
—
(10
)
Loss on sale of Vectura Group
—
(1
)
+100
%
+100
%
1
—
—
—
—
1
Loss on expected sale of consumer accessories and other businesses
(94
)
—
—
%
—
%
(94
)
—
—
—
—
(94
)
Adjusted Operating Income
$ 3,722
$ 3,519
5.8
%
4.5
%
203
40
3
285
75
(200
)
Adjusted Operating Income Margin
35.9
%
36.3
%
(0.4
)pp
0.3
pp
(1) Includes $6 million in 2025 and $5 million in 2024 related to the special items below.
(2) Includes $343 million in 2025 and $255 million in 2024 related to the special items below.
Full-Year
Change
Fav./(Unfav.)
Variance
Fav./(Unfav.)
2025
2024
Total
Excl.
Curr. &
Acq./Div.
Total
Cur-
rency
Acq.
/ Div.
Price
Vol/
Mix
Cost/
Other
(in millions)
Net Revenues
$ 40,648
$ 37,878
7.3
%
6.5
%
2,770
461
(170
)
1,536
920
23
Cost of Sales (1)
(13,366
)
(13,329
)
(0.3
)%
—
%
(37
)
(194
)
155
—
164
(162
)
Marketing, Administration and Research Costs (2)
(12,349
)
(11,147
)
(10.8
)%
(10.7
)%
(1,202
)
(113
)
102
—
—
(1,191
)
Impairment of Goodwill
(41
)
—
—
%
—
%
(41
)
—
—
—
—
(41
)
Operating Income
$ 14,892
$ 13,402
11.1
%
9.3
%
1,490
154
87
1,536
1,084
(1,371
)
Restructuring charges
(241
)
(180
)
(33.9
)%
(33.9
)%
(61
)
—
—
—
—
(61
)
Impairment of goodwill and other intangibles
(41
)
(27
)
(51.9
)%
-(100
)%
(14
)
—
26
—
—
(40
)
Amortization of intangibles
(1,003
)
(835
)
(20.1
)%
(23.7
)%
(168
)
—
30
—
—
(198
)
Loss on sale of Vectura Group
—
(199
)
+100
%
+100
%
199
—
—
—
—
199
Egypt sales tax charge
—
(45
)
+100
%
+100
%
45
—
—
—
—
45
Germany excise tax classification litigation charge
(176
)
—
—
%
—
%
(176
)
—
—
—
—
(176
)
RBH (Canada) Plan implementation
19
—
—
%
—
%
19
—
—
—
—
19
Loss on expected sale of consumer accessories and other businesses
(94
)
—
—
%
—
%
(94
)
—
—
—
—
(94
)
Adjusted Operating Income
$ 16,428
$ 14,688
11.8
%
10.6
%
1,740
154
31
1,536
1,084
(1,065
)
Adjusted Operating Income Margin
40.4
%
38.8
%
1.6
pp
1.4
pp
(1) Includes $22 million in 2025 and $51 million in 2024 related to the special items below.
(2) Includes $1,473 million in 2025 and $1,235 million in 2024 related to the special items below.
Note: Acq. / Div. variances predominantly due to the sale of Vectura Group Ltd. announced in September 2024
Fourth-Quarter
Full-Year
2025
2024
Change (pp)
2025
2024
Change (pp)
Total International Market Share(1)
29.1%
29.2%
(0.1)
29.2%
29.0%
0.2
Cigarettes
23.1%
23.7%
(0.6)
23.4%
23.7%
(0.3)
HTU
6.1%
5.5%
0.6
5.8%
5.3%
0.5
Cigarette over Cigarette Market Share(2)
25.1%
25.6%
(0.5)
25.3%
25.5%
(0.2)
(1) Defined as PMI's cigarette and heated tobacco unit IMS volume as a percentage of total industry cigarette and heated tobacco unit sales volume, excluding China and the U.S., including cigarillos in Japan
(2) Defined as PMI's cigarette IMS volume as a percentage of total industry cigarette sales volume, excluding China and the U.S., including cigarillos in Japan
Note: Sum of share of market by product categories might not foot to total due to rounding.
Fourth-Quarter
Oral SFP Shipments
(m pouch or pouch equivalents)4
Total PMI
Europe
SSEA, CIS & MEA
EA, AU & PMI GTR
Americas
Nicotine Pouches
3,341
240
111
20
2,970
vs. Q4 2024
17.2%
(13.8)%
59.1%
(23.4)%
19.9%
Snus
1,096
1,022
—
62
12
vs. Q4 2024
(11.0)%
(15.8)%
—
—
(32.6)%
Moist Snuff
523
—
—
—
523
vs. Q4 2024
(2.4)%
—
—
—
(2.4)%
Other Oral SFP
14
14
—
—
—
vs. Q4 2024
(23.6)%
(23.6)%
—
—
—
Total
4,974
1,276
111
82
3,505
vs. Q4 2024
7.3%
(15.6)%
59.1%
+100%
15.7%
Note: U.S. travel retail volumes of approximately 56m nicotine pouches recorded in Americas segment, financial impact recorded in EA, AU & PMI GTR segment. No meaningful U.S. travel retail volumes in prior year. Refer to quarterly operating review section of this release for shipments in cans. "-" indicates volume below 1 million pouch or pouch equivalents
Full-Year
Oral SFP Shipments
(m pouch or pouch equivalents)4
Total PMI
Europe
SSEA, CIS & MEA
EA, AU & PMI GTR
Americas
Nicotine Pouches
13,599
1,112
423
95
11,969
vs. FY 2024
36.0%
9.4%
98.4%
98.4%
37.2%
Snus
4,813
4,467
—
288
58
vs. FY 2024
(5.5)%
(11.1)%
—
—
(18.1)%
Moist Snuff
2,182
—
—
—
2,182
vs. FY 2024
(3.5)%
—
—
—
(3.5)%
Other Oral SFP
74
73
—
—
—
vs. FY 2024
(20.6)%
(21.1)%
—
—
—
Total
20,668
5,652
423
383
14,209
vs. FY 2024
18.5%
(7.8)%
98.4%
+100%
28.6%
Note: U.S. travel retail volumes of approximately 178m nicotine pouches recorded in Americas segment, financial impact recorded in EA, AU & PMI GTR segment. No meaningful U.S. travel retail volumes in prior year. Refer to full-year operating review section of this release for shipments in cans. "-" indicates volume below 1 million pouch or pouch equivalents
_________________________
4 Oral smoke-free products conversion: (i) nicotine pouches (units): 15 pouches per can in the U.S. and approximately 20 pouches per can outside the U.S.; (ii) snus products: weighted average 21 pouches equivalent per can; (iii) moist snuff products: weighted average 17 pouches equivalent per can; (iv) tobacco bits products: weighted average 30 pouches equivalent per can; (v) chew bags products: weighted average 20 pouches per can.
Philip Morris International: A Global Smoke-Free Champion
Philip Morris International is a leading international consumer goods company, actively delivering a smoke-free future and evolving its portfolio for the long term to include products outside of the tobacco and nicotine sector. The company’s current product portfolio primarily consists of cigarettes and smoke-free products, including heat-not-burn, nicotine pouch and e-vapor products. Our smoke-free products are available for sale in over 105 markets, and as of December 31, 2025 PMI estimates they were used by over 43 million legal-age consumers around the world, many of whom have moved away from cigarettes or significantly reduced their consumption. The smoke-free business accounted for 41.5% of PMI’s full year 2025 total net revenues. Since 2008, PMI has invested over $16 billion to develop, scientifically substantiate and commercialize innovative smoke-free products for adults who would otherwise continue to smoke, with the goal of completely ending the sale of cigarettes. This includes the building of world-class scientific assessment capabilities, notably in the areas of pre-clinical systems toxicology, clinical and behavioral research, as well as post-market studies. Following a robust science-based review, the U.S. Food and Drug Administration has authorized the marketing of Swedish Match’s General snus and ZYN nicotine pouches and versions of PMI’s IQOS devices and consumables - the first-ever such authorizations in their respective categories. Versions of IQOS devices and consumables and General snus also obtained the first-ever Modified Risk Tobacco Product authorizations from the FDA. With a strong foundation and significant expertise in life sciences, PMI has a long-term ambition to expand into wellness areas. References to “PMI”, “we”, “our” and “us” mean Philip Morris International Inc., and its subsidiaries. For more information, please visit www.pmi.com and www.pmiscience.com.
Forward-Looking and Cautionary Statements
This press release contains projections of future results and goals and other forward-looking statements, including statements regarding expected financial or operational performance; capital allocation plans; investment strategies; regulatory outcomes; market expectations; business plans and strategies. Achievement of future results is subject to risks, uncertainties and inaccurate assumptions. In the event that risks or uncertainties materialize, or underlying assumptions prove inaccurate, actual results could vary materially from those contained in such forward-looking statements. Pursuant to the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, PMI is identifying important factors that, individually or in the aggregate, could cause actual results and outcomes to differ materially from those contained in any forward-looking statements made by PMI.
PMI's business risks include: marketing and regulatory restrictions that could reduce our competitiveness, disrupt our SFP commercialization efforts, eliminate our ability to communicate with adult consumers, or ban certain of our products in certain markets or countries; excise tax increases and discriminatory tax structures; health concerns relating to the use of tobacco and other nicotine-containing products; litigation related to tobacco and/or nicotine products and intellectual property rights; intense competition; inability to anticipate changes in adult consumer preferences; use and reliance on third-parties; the adverse effects of global and individual country economic, regulatory and political developments, natural disasters and conflicts; geopolitical instability affecting international trade; the impact and consequences of Russia's invasion of Ukraine; changes in adult smoker behavior; continued decline of tax-paid cigarettes; lost revenues as a result of counterfeiting, contraband and cross-border purchases; governmental investigations; unfavorable currency exchange rates and currency devaluations, sustained periods of elevated inflation, and limitations on the ability to repatriate funds; adverse changes in applicable corporate tax laws; disruptions in the credit markets or changes to its credit ratings; recent and potential future tariffs imposed by the U.S. and other countries; adverse changes in the cost, availability, and quality of tobacco and other agricultural products and raw materials, as well as product components for our electronic devices; and the integrity of its information systems and effectiveness of its data privacy policies. PMI's future profitability may also be adversely affected should it be unsuccessful, in key markets or systemically, in its efforts to introduce, commercialize, and grow smoke-free products or if regulation or taxation do not differentiate between such products and cigarettes; if it is unable to successfully introduce new products, promote brand equity; if there are prolonged disruptions of facilities used to produce its products; if it is unable to enter new markets or improve its margins through increased prices and productivity gains; if other market participants are more successful in their SFP commercialization efforts; if it is unable to attract and retain the best global talent; or if it is unable to successfully integrate and realize the expected benefits from recent transactions and acquisitions. Future results are also subject to the lower predictability of our smoke-free products performance.
PMI is further subject to other risks detailed from time to time in its publicly filed documents, including PMI's Annual Report on Form 10-K for the fourth quarter and year ended December 31, 2024, Quarterly Report on Form 10-Q for the third quarter ended September 30, 2025, and the Form 10-K for the fourth quarter and year ended December 31, 2025, which will be filed later today. PMI cautions that the foregoing list of important factors is not a complete discussion of all potential risks and uncertainties. PMI does not undertake to update any forward-looking statement that it may make from time to time, except in the normal course of its public disclosure obligations.
Non-GAAP Measures, Glossary and Explanatory Notes
Reconciliations of non-GAAP measures in this release to the most directly comparable U.S. GAAP measures can be found in Exhibit 99.2 to the Form 8-K dated February 6, 2026, and here. A glossary of key terms, definitions and explanatory notes is available in the aforementioned Exhibit 99.2 and on the same webpage, where additional financial schedules, as well as adjustments and other calculations have also been made available.
Management reviews net revenues, gross profit, operating income, operating income margin, operating cash flow and earnings per share, or "EPS," on an adjusted basis, which may exclude the impact of currency and other items such as acquisitions, divestitures, restructuring costs, tax items and other special items. Additionally, starting in 2022 and on a comparative basis, for these measures other than net revenues and operating cash flow, PMI includes adjustments to add back amortization expense on acquisition related intangible assets that are recorded as part of purchase accounting and contribute to PMI’s revenue generation, as well as impairment of intangible assets, if any. While amortization expense on acquisition related intangible assets is excluded in these adjusted measures, the net revenues generated from these acquired intangible assets are included in the company's adjusted measures, unless otherwise stated. Currency-neutral and organic growth rates reflect the way management views underlying performance for these measures. PMI believes that such measures provide useful insight into underlying business trends and results. Management reviews these measures because they exclude changes in currency exchange rates and other factors that may distort underlying business trends, thereby improving the comparability of PMI’s business performance between reporting periods. Furthermore, PMI uses several of these measures in its management compensation program to promote internal fairness and a disciplined assessment of performance against company targets. PMI discloses these measures to enable investors to view the business through the eyes of management.
Non-GAAP measures used in this release should neither be considered in isolation nor as a substitute for the financial measures prepared in accordance with U.S. GAAP.
Appendix 1
PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries
Key Market Data
Fourth-Quarter
Market
Cigarette & HTU Industry Vol. (bn units)
PMI Shipments (bn units)
PMI Volume Share(2) (%)
Cigarette & HTU
Cigarette
HTU
Cigarette & HTU
HTU
2025
2024
% Change
2025
2024
% Change
2025
2024
% Change
2025
2024
% Change
2025
2024
pp Change
2025
2024
pp Change
Total(1)(2)
656.9
656.5
0.1
187.8
188.5
(0.4)
149.4
152.8
(2.2)
38.4
35.7
7.5
29.1
29.2
(0.1)
6.1
5.5
0.6
Europe
France
5.7
6.3
(9.4)
2.4
2.4
1.7
2.4
2.4
2.1
—
—
—
40.7
41.8
(1.1)
0.5
0.6
(0.1)
Germany(3)
16.5
16.2
1.7
6.7
6.6
1.3
5.4
5.4
(1.3)
1.3
1.1
13.5
37.4
38.4
(1.0)
7.7
6.6
1.1
Italy(3)
18.1
17.9
1.1
10.7
10.1
6.1
6.0
6.4
(5.4)
4.7
3.7
25.7
53.9
53.1
0.8
20.1
16.5
3.6
Poland(3)
11.5
13.6
(15.4)
5.4
6.2
(12.5)
4.2
4.8
(11.9)
1.2
1.4
(14.4)
46.8
45.5
1.3
10.9
9.7
1.2
Spain
10.8
11.1
(2.4)
3.2
2.8
14.3
2.9
2.5
16.7
0.4
0.4
(0.8)
30.1
29.6
0.5
3.8
3.5
0.3
SSEA, CIS & MEA
Egypt
23.1
22.5
2.5
6.5
5.4
21.2
6.1
4.9
24.1
0.4
0.5
(10.5)
29.1
24.5
4.6
1.8
1.7
0.1
Indonesia(4)
66.4
65.5
1.4
20.0
20.3
(1.6)
19.5
19.9
(1.9)
0.4
0.4
17.1
30.1
31.0
(0.9)
0.6
0.6
—
Philippines
11.8
11.2
4.7
5.5
5.3
5.3
5.4
5.2
4.4
0.1
0.1
61.0
47.0
46.8
0.2
1.1
0.7
0.4
Russia
56.3
54.8
2.9
16.7
18.0
(7.1)
10.9
12.5
(12.7)
5.8
5.5
5.7
31.1
32.9
(1.8)
9.8
8.7
1.1
Turkey
40.3
38.6
4.6
18.8
20.4
(7.9)
18.8
20.4
(7.9)
—
—
—
46.4
52.9
(6.5)
—
—
—
EA, AU & PMI GTR
Australia
0.5
1.1
(60.6)
0.2
0.4
(50.3)
0.2
0.4
(50.3)
—
—
—
37.1
31.3
5.8
—
—
—
Japan(2)(3)
38.5
38.8
(1.0)
13.3
13.7
(3.0)
3.4
3.9
(12.1)
9.8
9.8
0.7
43.3
41.9
1.4
32.6
30.6
2.0
South Korea
16.2
17.6
(8.0)
3.3
3.4
(2.3)
1.7
2.0
(11.8)
1.6
1.4
10.5
20.7
19.5
1.2
9.9
8.2
1.7
Americas
Argentina
6.9
7.2
(4.0)
4.4
4.5
(2.8)
4.4
4.5
(2.8)
—
—
—
63.3
62.5
0.8
—
—
—
Mexico
9.7
9.6
0.8
5.6
5.6
—
5.5
5.5
(0.8)
0.1
0.1
82.3
57.8
58.2
(0.4)
1.1
0.6
0.5
(1) Market share estimates are calculated using IMS data, unless otherwise stated. Depending on the market and distribution model, IMS may represent an estimate. Consequently, past reported periods may be updated to ensure comparability and to incorporate the most current information.
(2) Total industry and volume share estimates include cigarillos in Japan
(3) PMI market share reflects estimated adjusted IMS volume share (see Glossary for definition); Total Market is based on reported IMS
(4) 2025 includes 2.3 billion units and 2024 includes 0.6 billion units of cigarette shipment volume under an arrangement where PMI acts as brand management and fulfilment services agent
Note: % change for Total Market and PMI shipments is computed based on millions of units. "-" indicates volume below 50 million units and market share below 0.1%
Appendix 2
PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries
Key Market Data
Full-Year
Market
Cigarette & HTU Industry Vol. (bn units)
PMI Shipments (bn units)
PMI Volume Share(2) (%)
Cigarette & HTU
Cigarette
HTU
Cigarette & HTU
HTU
2025
2024
% Change
2025
2024
% Change
2025
2024
% Change
2025
2024
% Change
2025
2024
pp Change
2025
2024
pp Change
Total(1)(2)
2,586.9
2,596.0
(0.4)
762.5
756.6
0.8
607.4
616.8
(1.5)
155.1
139.7
11.0
29.2
29.0
0.2
5.8
5.3
0.5
Europe
France
23.8
26.1
(8.8)
9.9
10.7
(7.9)
9.7
10.5
(7.6)
0.1
0.2
(29.6)
40.3
41.2
(0.9)
0.5
0.6
(0.1)
Germany(3)
69.3
69.2
0.1
26.2
26.7
(2.0)
21.3
22.4
(5.1)
4.9
4.3
14.6
37.5
38.6
(1.1)
7.2
6.2
1.0
Italy(3)
73.9
73.6
0.4
40.3
39.1
3.1
25.7
27.3
(5.9)
14.6
11.8
23.7
53.6
53.6
—
18.6
16.9
1.7
Poland(3)
51.0
58.0
(12.1)
23.2
25.6
(9.4)
18.2
20.1
(9.9)
5.0
5.4
(7.7)
45.3
43.8
1.5
10.0
9.2
0.8
Spain
43.6
44.4
(1.7)
13.3
12.7
4.9
11.9
11.4
4.1
1.4
1.3
11.9
29.6
29.3
0.3
3.4
2.9
0.5
SSEA, CIS & MEA
Egypt
87.3
82.8
5.5
26.0
23.9
8.9
24.6
22.3
10.1
1.4
1.6
(7.5)
30.0
28.8
1.2
1.9
1.8
0.1
Indonesia(4)
258.7
265.2
(2.4)
79.4
80.8
(1.8)
77.9
79.6
(2.2)
1.5
1.2
23.2
30.7
30.5
0.2
0.6
0.5
0.1
Philippines
46.4
44.9
3.4
22.0
21.1
4.3
21.5
20.8
3.6
0.5
0.3
58.1
47.3
46.9
0.4
1.0
0.7
0.3
Russia
220.6
216.5
1.9
69.8
69.9
(0.1)
49.5
51.4
(3.8)
20.3
18.5
9.9
31.7
32.3
(0.6)
9.3
8.6
0.7
Turkey
160.2
150.5
6.4
74.3
78.2
(4.9)
74.3
78.2
(4.9)
—
—
—
46.4
52.0
(5.6)
—
—
—
EA, AU & PMI GTR
Australia
2.8
5.1
(45.7)
1.0
1.8
(45.2)
1.0
1.8
(45.2)
—
—
—
35.4
34.8
0.6
—
—
—
Japan(2)(3)
150.6
151.1
(0.3)
67.8
64.8
4.7
15.9
16.5
(3.8)
52.0
48.3
7.5
43.0
41.4
1.6
32.1
29.9
2.2
South Korea
68.0
70.5
(3.5)
14.0
14.0
(0.1)
7.5
8.3
(9.3)
6.5
5.7
13.2
20.6
19.9
0.7
9.5
8.1
1.4
Americas
Argentina
26.8
26.4
1.8
17.0
16.4
4.1
17.0
16.4
4.1
—
—
—
63.5
62.1
1.4
—
—
—
Mexico
30.5
31.6
(3.6)
17.6
18.5
(4.8)
17.3
18.3
(5.3)
0.3
0.2
43.2
57.8
58.5
(0.7)
1.0
0.7
0.3
(1) Market share estimates are calculated using IMS data, unless otherwise stated. Depending on the market and distribution model, IMS may represent an estimate. Consequently, past reported periods may be updated to ensure comparability and to incorporate the most current information.
(2) Total industry and volume share estimates include cigarillos in Japan
(3) PMI market share reflects estimated adjusted IMS volume share (see Glossary for definition); Total Market is based on reported IMS
(4) 2025 includes 8.7 billion units and 2024 includes 0.6 billion units of cigarette shipment volume under an arrangement where PMI acts as brand management and fulfilment services agent
Note: % change for Total Market and PMI shipments is computed based on millions of units. "-" indicates volume below 50 million units and market share below 0.1%
View source version on businesswire.com: https://www.businesswire.com/news/home/20260205612890/en/
Philip Morris International
Investor Relations:
Email: InvestorRelations@pmi.com
Stamford, CT: +1 (203) 905 2413
Media:
Email: Corey.Henry@pmi.com
Stamford, CT: +1 (203) 905 2410
Lausanne: +41 582 424 500
Original: Philip Morris International Reports 2025 Fourth-Quarter & Full-Year Results
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