PM · 10-Q · 2026Q3 · Full report
Outstanding Indebtedness
Philip Morris International Inc. · 2026-10-23 · Importance 49 · Surprise 32 · From source text
Total debt was $47.6 billion at September 30, 2026, down from $48.8 billion at December 31, 2025. PMI had $1.9 billion of commercial paper outstanding at September 30, 2026, versus none at year-end 2025; its average commercial-paper balance was $4.3 billion in the first nine months of 2026. The company had $6.0 billion of committed revolving credit facilities, with no borrowings outstanding and the full amount available at September 30, 2026. Moody’s rated PMI A2 long-term with a positive outlook, S&P rated it A- with a positive outlook, and Fitch rated it A with a stable outlook.
Key facts
- PMI's average commercial paper balance was $4.3 billion during the first nine months of 2026 and $3.0 billion during 2025. source
- PMI's total debt was $47.6 billion at September 30, 2026, down from $48.8 billion at December 31, 2025. source
- PMI's U.S. and European commercial paper programs had aggregate issuance capacity of $8.0 billion; $1.9 billion was outstanding at September 30, 2026, versus none at December 31, 2025. source
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| liability | negative | realized | -2.9% | PMI's U.S. and European commercial paper programs had aggregate issuance capacity of $8.0 billion; $1.9 billion was outstanding at… |
| liability | negative | realized | -1.9% | PMI's average commercial paper balance was $4.3 billion during the first nine months of 2026 and $3.0 billion during 2025. |
| liability | positive | realized | +1.8% | PMI's total debt was $47.6 billion at September 30, 2026, down from $48.8 billion at December 31, 2025. |