PM · 10-Q · 2026Q3 · Full report

Operating Cash Flow Trends

Philip Morris International Inc. · 2026-10-23 · Importance 69 · Surprise 56 · From source text

Net cash provided by operating activities was $10.445 billion in the first nine months of 2026, up from $7.524 billion in the same period of 2025. Excluding favorable currency movements, the $2.8 billion favorable variance primarily reflected $1.9 billion of lower working-capital requirements and $0.7 billion of pension-plan surplus refunds. Lower working-capital requirements mainly reflected less cash used in inventories and accrued liabilities and other current assets, including the timing of excise-tax-paid tactical inventory movements. PMI expected full-year 2026 operating cash flow of around $13.5 billion at prevailing exchange rates, subject to year-end working-capital requirements.

Key facts

• PMI expects full-year 2026 net cash provided by operating activities of around $13.5 billion at prevailing exchange rates, subject to year-end working capital requirements. source
• PMI received $10.445 billion of net cash from operating activities in the first nine months of 2026, compared with $7.524 billion in the first nine months of 2025. source
• The favorable $2.8 billion operating-cash-flow variance, excluding favorable currency movements, was primarily due to $1.9 billion of lower working capital requirements and $0.7 billion of pension-plan surplus asset refunds. source

Impact estimates