PM · 10-Q · 2026Q2 · Full report
Guidance and Outlook
Philip Morris International Inc. · 2026-07-24 · Importance 56 · Surprise 68 · In source text
For full-year 2026, PMI expects total cigarette and smoke-free product shipment volume to be broadly stable to slightly growing, revising its prior expectation of broadly stable volume. Management expects high-single-digit smoke-free shipment volume growth and a 2% to 3% decline in cigarette shipment volume, compared with its previous expectation of approximately 3% decline. PMI also estimates its 2026 effective tax rate at approximately 21.5%, excluding discrete tax events.
Key facts
- Philip Morris International Inc.'s effective tax rate increased by 1.0 percentage point to 20.5% for the six months ended June 30, 2026, and PMI estimates its 2026 effective tax rate will be around 21.5% excluding discrete tax events. source
- PMI is pursuing a limited U.S. roll-out of the IQOS device while waiting for authorization to market IQOS ILUMA in the United States. source
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| net_income | negative | realized | — | Philip Morris International Inc.'s effective tax rate increased by 1.0 percentage point to 20.5% for the six months ended June 30, 2026,… |
| net_income | negative | committed | — | Philip Morris International Inc.'s effective tax rate increased by 1.0 percentage point to 20.5% for the six months ended June 30, 2026,… |