PM · 10-Q · 2026Q3 · Full report
Smoke-Free Product Demand
Philip Morris International Inc. · 2026-10-23 · Importance 63 · Surprise 64 · In source text
For the nine months ended September 30, 2026, smoke-free shipment volume increased 6.4% to 143.4 billion equivalent units, led by heated tobacco units (up 6.7%) and e-vapor (up 68.1%); oral smoke-free volume declined 5.3%. Total cigarette and smoke-free shipments rose 0.5%, while cigarette shipments fell 1.2%. International smoke-free shipment growth included HTU and e-vapor, and the company reported high-single-digit growth in adjusted smoke-free in-market sales during the third quarter. Estimated industry cigarette and HTU volume excluding China and the U.S. declined 0.4% year to date and was broadly stable in the quarter, down 0.1%.
Key facts
- For full-year 2026, Philip Morris International Inc. expects total cigarette and smoke-free shipment volume to grow, with high-single-digit smoke-free shipment growth led by high-single-digit adjusted IMS growth, and cigarette shipment decline similar to the year-to-date trend. source
- PMI says the timing and drivers of smoke-free product growth are more difficult to predict than for its mature cigarette business. source
- For the nine months ended September 30, 2026, Philip Morris International Inc.'s cigarette and smoke-free shipment volume increased 0.5%; smoke-free volume increased 6.4% and cigarette volume declined 1.2%. source
- For the nine months ended September 30, 2026, Philip Morris International Inc.'s total shipment volume was 595.6 billion equivalent units, up 0.5%; cigarette shipments were 452.2 billion, down 1.2%, and smoke-free shipments were 143.4 billion, up 6.4%. source
- For the three months ended September 30, 2026, Philip Morris International Inc.'s total shipment volume increased 0.6%, driven by 2.7% growth in smoke-free products, with shipment growth across all categories supported by high-single-digit growth in adjusted SFP in-market sales. source
- PMI smoke-free products were available for sale in 110 markets as of September 30, 2026. source
- PMI's BONDS devices and BLENDS consumables, commercialized since 2022, are available in 15 markets. source
- PMI's VEEV vaping products have been launched and expanded in 51 markets since August 2020. source
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| revenue | positive | committed | — | For full-year 2026, Philip Morris International Inc. expects total cigarette and smoke-free shipment volume to grow, with… |