PM · 10-Q · 2026Q2 · Full report

Liquidity and Cash Position

Philip Morris International Inc. · 2026-07-24 · Importance 59 · Surprise 48 · From source text

Cash and cash equivalents increased to $6.0 billion at June 30, 2026 from $4.9 billion at December 31, 2025. Most cash was held by foreign subsidiaries, including $2.8 billion in Russia at June 30, 2026 compared with $2.3 billion at year-end 2025. PMI relies primarily on operating cash flow and supplements liquidity with long-term debt, short-term debt, commercial paper, and committed credit facilities.

Key facts

• During the first six months of 2026, net cash used in financing activities was $3,879 million compared to $890 million in the first six months of 2025. source
• As of June 30, 2026 and December 31, 2025, PMI had cash and cash equivalents of $6.0 billion and $4.9 billion, respectively, the majority held by foreign subsidiaries, including $2.8 billion and $2.3 billion, respectively, held in Russia. source
• At June 30, 2026, total committed revolving credit facilities were $6.2 billion and there were no borrowings outstanding; the entire committed amounts were available for borrowing. source
• During the first six months of 2026, net cash provided by investing activities was $23 million compared to net cash used in investing activities of $2,750 million in 2025. source
• Dividends paid in the first six months of 2026 were $4.6 billion. source
• All banks participating in our committed revolving credit facilities have an investment-grade long-term credit rating and the facilities do not include credit rating triggers, material adverse change clauses or provisions that could require us to post collateral. source
• In August 2024, PMI entered into a guarantee agreement for an equity investee. source
• PMI sells trade receivables to unaffiliated financial institutions to mitigate credit risk and enhance cash and liquidity management. source

Impact estimates