PM · 10-Q · 2026Q2 · Full report

Outstanding Indebtedness

Philip Morris International Inc. · 2026-07-24 · Importance 61 · Surprise 32 · Contradicted

Total debt was $49.1 billion at June 30, 2026, compared with $48.8 billion at December 31, 2025. PMI had $2.7 billion of commercial paper outstanding at June 30, 2026, versus no commercial paper outstanding at year-end 2025, against aggregate U.S. and European program capacity of $8.0 billion. The company also had $6.2 billion of committed revolving credit facilities with no borrowings outstanding, and all committed amounts were available.

Key facts

• The average commercial paper balance outstanding during the first six months of 2026 was $4.7 billion and the average commercial paper balance outstanding during 2025 was $3.0 billion. source
• Total debt was $49.1 billion at June 30, 2026 and $48.8 billion at December 31, 2025. source
• On February 6, 2026, PMI filed a shelf registration statement with the SEC under which it may from time to time sell debt securities and/or warrants to purchase debt securities over a three-year period. source
• PMI's commercial paper programs in the U.S. and in Europe have an aggregate issuance capacity of $8.0 billion and had $2.7 billion of commercial paper outstanding at June 30, 2026. source
• On April 14, 2026, Moody’s revised PMI's outlook from "Stable" to "Positive". source
• Interest expense, net, was $480 million for the six months ended June 30, 2026, a decrease of $38 million or 7.3% primarily due to higher interest income on investments. source
• At June 30, 2026, PMI's credit ratings and outlook were: Moody’s short-term P-1 long-term A2 Outlook Positive; Standard & Poor’s short-term A-2 long-term A- Outlook Positive; Fitch short-term F1 long-term A Outlook Stable. source

Impact estimates