PM · 8-K · 20260908PR060806
Guidance and Outlook
Philip Morris International Inc. · 2026-09-08 · Importance 67 · Surprise 76 · In source text
PMI raised its 2026 reported diluted EPS forecast to $7.28-$7.43, from $7.26 in 2025, solely for currency. The 2026 adjusted diluted EPS forecast is $8.35-$8.50, representing 10.7%-12.7% growth versus $7.54 in 2025. Excluding a favorable $0.24-per-share currency impact, adjusted diluted EPS is projected at $8.11-$8.26, or 7.5%-9.5% growth. PMI also raised its third-quarter adjusted diluted EPS forecast to $2.29-$2.34, including an estimated $0.01 favorable currency impact versus the previously estimated $0.08 unfavorable impact.
Key facts
- Total adjustments for 2026 equal $1.07 per share (total adjustments for 2025 equal $0.28). source
- Adjusted Diluted EPS excluding currency for 2026 is $8.11 to $8.26 versus $7.54 in 2025, representing growth of 7.5% to 9.5%. source
- Excluding a favorable currency impact at prevailing exchange rates of $0.24 per share (previously $0.15), the adjusted EPS growth represents 7.5% to 9.5%. source
- PMI raises its 2026 full-year reported diluted EPS forecast to a range of $7.28 to $7.43 to reflect currency only. source
- PMI updates its Q3 adjusted diluted EPS forecast for currency only to a range of $2.29 to $2.34. source
- The adjusted diluted EPS forecast range of $8.35 to $8.50 represents a projected increase of 10.7% to 12.7% versus $7.54 in 2025. source
- Excluding a total 2026 adjustment of $1.07 per share, the forecast range for adjusted diluted EPS is $8.35 to $8.50. source
- Adjusted Diluted EPS for 2026 is forecast at $8.35 to $8.50 (2025 Adjusted Diluted EPS was $7.54). source
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| net_income | negative | committed | — | Total adjustments for 2026 equal $1.07 per share (total adjustments for 2025 equal $0.28). |
| net_income | positive | committed | — | Adjusted Diluted EPS excluding currency for 2026 is $8.11 to $8.26 versus $7.54 in 2025, representing growth of 7.5% to 9.5%. |
| net_income | positive | committed | — | Excluding a favorable currency impact at prevailing exchange rates of $0.24 per share (previously $0.15), the adjusted EPS growth… |
| net_income | positive | committed | — | PMI raises its 2026 full-year reported diluted EPS forecast to a range of $7.28 to $7.43 to reflect currency only. |
| net_income | positive | committed | — | Adjusted Diluted EPS for 2026 is forecast at $8.35 to $8.50 (2025 Adjusted Diluted EPS was $7.54). |
| operating_income | negative | committed | — | Amortization of intangibles adjustment is $0.50 per share in the 2026 forecast adjustments (and $0.50 for 2025). |
| net_income | positive | committed | — | Fair value adjustment for equity investments is $0.16 per share in 2026 and (0.18) per share in 2025. |
| assets | positive | committed | — | Fair value adjustment for equity investments is $0.16 per share in 2026 and (0.18) per share in 2025. |
| operating_income | negative | committed | — | Restructuring charges adjustment is $0.03 per share in 2026 and $0.14 per share in 2025. |
| net_income | positive | committed | — | Income tax impact associated with Swedish Match AB financing is $0.06 per share in 2026 and (0.25) per share in 2025. |
| net_income | negative | committed | — | Egypt sales tax settlement adjustment is (0.01) per share in the 2026 adjustments. |
| net_income | negative | committed | — | Footnote includes a $0.10 Germany excise tax classification litigation charge in 2026 adjustments. |