PM · 10-Q · 2026Q3 · Full report

Equity Investment Fair Value

Philip Morris International Inc. · 2026-10-23 · Importance 57 · Surprise 64

Equity investments and securities recorded a net loss of $330 million in the first nine months of 2026, compared with net income of $926 million in 2025. The $1.256 billion year-over-year swing was primarily caused by unfavorable fair-value adjustments to equity security investments in India and Sri Lanka. Those investments generated a $339 million after-tax loss in the first nine months of 2026, versus a $513 million after-tax gain in the comparable 2025 period. For the third quarter, the investments generated a $99 million after-tax loss in 2026, compared with a $103 million after-tax gain in 2025.

Key facts