PM · 10-Q · 2026Q3 · Full report

Liquidity and Cash Position

Philip Morris International Inc. · 2026-10-23 · Importance 64 · Surprise 56 · From source text

Cash and cash equivalents were $6.7 billion at September 30, 2026, up from $4.9 billion at December 31, 2025. Most cash was held by foreign subsidiaries, including $3.1 billion in Russia at September 30, 2026, compared with $2.3 billion there at December 31, 2025. PMI identified cash generated from operations as its principal liquidity source and said it also uses long- and short-term debt financing, commercial paper, and committed credit facilities. The company expected those sources together to be adequate to meet its liquidity requirements.

Key facts

• PMI had $6.7 billion in cash and cash equivalents at September 30, 2026, compared with $4.9 billion at December 31, 2025; the majority was held by foreign subsidiaries, including $3.1 billion and $2.3 billion, respectively, in Russia. source
• PMI had $6.0 billion in committed revolving credit facilities and no outstanding borrowings at September 30, 2026; the full committed amount was available. source
• PMI is a U.S. holding company whose most significant source of funds is distributions from non-U.S. subsidiaries. source

Impact estimates