PM · 10-Q · 2026Q2 · Full report
Revenue Performance and Mix
Philip Morris International Inc. · 2026-07-24 · Importance 49 · Surprise 32 · In source text
Net revenues increased 9.8% year over year to $21.338 billion for the six months ended June 30, 2026, and increased 10.4% to $11.192 billion for the second quarter. International Smoke-Free revenue rose 19.2% year to date to $7.713 billion, while International Combustibles revenue increased 8.4% to $12.147 billion. U.S. revenue declined 16.1% year to date to $1.478 billion, reflecting distributor and trade inventory movements affecting ZYN, an unfavorable price comparison, and lower cigar revenue. Smoke-free revenue increased 12.0% year to date to $9.024 billion, with smoke-free shipment volume up 8.3%, while combustible tobacco revenue increased 8.2% to $12.314 billion and cigarette volume declined 1.9%.
Key facts
- For the three months ended June 30, 2026, Philip Morris International Inc. reported net revenues of $11.2 billion, an increase of $1.1 billion or 10.4% versus the comparable 2025 amount. source
- For the six months ended June 30, 2026, Philip Morris International Inc. reported net revenues of $21.3 billion, an increase of $1.9 billion or 9.8% versus the comparable 2025 amount. source
- For the six months ended June 30, 2026, net revenues excluding currency and acquisitions/divestitures increased by 5.3%, mainly reflecting a favorable pricing variance mainly driven by international combustibles, partly offset by unfavorable volume/mix mainly from lower international combustibles and U.S. volumes. source
- For the three months ended June 30, 2026, net revenues excluding currency and acquisitions/divestitures increased by 7.6%, mainly reflecting a favorable pricing variance mainly driven by international combustibles and supported by favorable volume/mix driven by international smoke-free volumes. source
- In addition to consolidated financial results, management regularly reviews metrics including market shares, in-market sales, adjusted in-market sales, and SFP users to evaluate our business. source
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| revenue | positive | realized | +17.0% | For the six months ended June 30, 2026, Philip Morris International Inc. reported net revenues of $21.3 billion, an increase of $1.9… |
| revenue | positive | realized | +9.8% | For the three months ended June 30, 2026, Philip Morris International Inc. reported net revenues of $11.2 billion, an increase of $1.1… |