PM · 10-Q · 2026Q3 · Full report
Revenue Performance and Mix
Philip Morris International Inc. · 2026-10-23 · Importance 53 · Surprise 48 · In source text
For the nine months ended September 30, 2026, net revenues rose 8.2% to $32.776 billion, including 5.9% growth excluding currency and acquisitions/divestitures; for the third quarter, revenue rose 5.5% to $11.438 billion, or 7.1% excluding those effects. Nine-month revenue growth reflected favorable pricing, mainly in International Combustibles, and higher International Smoke-Free volumes, partly offset by unfavorable volume/mix from lower International Combustibles and U.S. volumes in the first quarter. By segment, nine-month revenue was $11.580 billion for International Smoke-Free, up 12.3%; $18.872 billion for International Combustibles, up 7.7%; and $2.324 billion for U.S., down 5.2%. Smoke-free revenue increased 9.2% to $13.649 billion for the nine months, while combustible tobacco revenue increased 7.5% to $19.126 billion; quarterly category growth was 4.1% and 6.4%, respectively.
Key facts
- For the nine months ended September 30, 2026, Philip Morris International Inc.'s net revenues were $32.8 billion, up $2.5 billion or 8.2% from the comparable 2025 amount. source
- For the three months ended September 30, 2026, Philip Morris International Inc.'s net revenues were $11.4 billion, up $0.6 billion or 5.5% from the comparable 2025 amount. source
- International Combustibles quarterly revenue growth reflected favorable pricing and the 2026 restructuring of prior distribution terms in certain markets, partly offset by unfavorable geographic mix. source
- For the nine months ended September 30, 2026, International Combustibles revenue growth reflected favorable pricing and the 2026 restructuring of prior distribution terms, partly offset by unfavorable volume/mix. source
- For the nine months ended September 30, 2026, Philip Morris International Inc.'s net revenues excluding currency and acquisitions/divestitures increased 5.9%, mainly reflecting favorable pricing driven mainly by international combustibles and higher international smoke-free volumes, partly offset by unfavorable volume/mix, mainly from lower international combustibles and U.S. volumes in the first quarter. source
- For the three months ended September 30, 2026, Philip Morris International Inc.'s net revenues excluding currency and acquisitions/divestitures increased 7.1%, mainly reflecting favorable pricing driven by international combustibles and the U.S. segment. source
- International Combustibles quarterly net revenues increased 6.5%; excluding currency and acquisitions/divestitures, they increased 7.8%. source
- For the nine months ended September 30, 2026, International Combustibles net revenues increased 7.7%; excluding currency and acquisitions/divestitures, they increased 5.2%. source
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| revenue | positive | realized | +21.9% | For the nine months ended September 30, 2026, Philip Morris International Inc.'s net revenues were $32.8 billion, up $2.5 billion or 8.2%… |
| revenue | positive | realized | +5.3% | For the three months ended September 30, 2026, Philip Morris International Inc.'s net revenues were $11.4 billion, up $0.6 billion or 5.5%… |