PM · 10-Q · 2026Q2 · Full report
Capital Expenditure Outlook
Philip Morris International Inc. · 2026-07-24 · Importance 64 · Surprise 42 · In source text
PMI’s 2026 capital expenditures were primarily directed toward smoke-free product manufacturing capacity. The company expects total 2026 capital expenditures of $1.4 billion to $1.6 billion, predominantly supporting the smoke-free business. First-half 2026 investing activities were $23 million of net cash provided, compared with $2.75 billion of net cash used in the first half of 2025, mainly because of changes in derivative collateral and debt-security investments rather than operating investment needs.
Key facts
- The 2026 capital expenditures were primarily related to ongoing investments in smoke-free product manufacturing capacity and PMI expects total capital expenditures in 2026 to be $1.4 billion to $1.6 billion, predominantly supporting the smoke-free business. source
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| cash | negative | committed | -1.9% | The 2026 capital expenditures were primarily related to ongoing investments in smoke-free product manufacturing capacity and PMI expects… |
| assets | positive | committed | +1.9% | The 2026 capital expenditures were primarily related to ongoing investments in smoke-free product manufacturing capacity and PMI expects… |