Did Philip Morris beat or miss consensus estimates last quarter?

What is the market's earnings forecast for Philip Morris next quarter?

What is Philip Morris's latest dividend and current dividend yield?

What is Philip Morris's gross profit margin?

What guidance did Philip Morris's management provide for the next earnings period?

What were the key takeaways from Philip Morris’s earnings call?

What does Philip Morris do and what are its main business segments?

What were the key takeaways from Philip Morris's earnings call?

- **Smoke-Free Growth**: IQOS/ZYN shipments +12.8% in Q4, U.S. ZYN +37% despite constraints. 
- **2026 Targets**: 5-7% revenue, 7-9% operating income growth. 
- **Risks**: Japan taxes, impact Q1, India/Indonesia price hikes. 
- **Innovation**: ZYN Ultra, FDA pending; IQOS ILUMA U.S. launch. 
- **Cost Efficiency**: $2B+ AI savings,2028, 2x leverage by 2026.

**【CEO Summary Section】**
- **Q4 2025 Performance**: Smoke-free products drove 12.8% shipment growth, with IQOS and ZYN leading. U.S. ZYN shipments grew 37% despite supply constraints. 
- **2026 Outlook**: Target 5-7% organic revenue growth, 7-9% operating income growth, and 7.5-9.5% EPS growth. Japan excise taxes and India/Indonesia price hikes will impact Q1 volumes.
- **Strategic Focus**: Expand U.S. portfolio (ZYN Ultra, IQOS ILUMA), invest in AI for cost savings, and deleverage to 2x by 2026.

**【CFO Financial Commentary】**
- **2025 Results**: $420M net income, 14% EPS growth, $12.2B operating cash flow. 
- **2026 Guidance**: $45B+ cash flow, $1.3-1.5B capex, 75%+ dividend payout. 
- **Risk Management**: Hedging limits yen impact, but 2026 transactional costs remain a headwind.

**【Q&A Highlights】**
- **Japan Excise Taxes**: April and October increases expected to slow IQOS growth temporarily. 
- **U.S. Strategy**: ZYN Ultra pending FDA approval; IQOS ILUMA launch in 2026. 
- **Cost Savings**: $2B+ AI-driven efficiency by 2028, targeting back office automation.

Philip Morris International Inc. (PM) Q4 2025 Earnings Call Transcript

- **ZYN Leadership Solidified**: U.S. nicotine pouch category leader with 60%+ volume share, 39% Q3 growth. 
- **IQOS Resilience**: 15.5% HTU shipment growth, 70%+ gross margin despite competitive intensity. 
- **Investment Payoff**: $100M Q3 spend drives 31% consumer trial, 58% Nielsen-accelerated growth. 
- **FDA Advocacy**: Pushing for streamlined PMTA reviews to maintain innovation pipeline. 
- **2026 Outlook**: 6-8% organic growth, 40%+ adjusted OI margin, $11.5B+ operating cash flow.

**【CEO Summary Section】**
- CEO emphasized ZYN's leadership in the U.S. market, with a focus on premium positioning and innovation. 
- Highlighted IQOS ILUMA's potential to convert smokers and drive long-term growth. 
- Discussed strategic investments in R&D and brand engagement to maintain category leadership. 

**【CFO Financial Commentary】**
- Reported strong operating income growth (+17.3%) driven by pricing and cost efficiency. 
- Noted a 22% effective tax rate and $11.5 billion+ operating cash flow for the year. 
- Highlighted disciplined capital allocation, including a record dividend increase (+8.9%). 

**【Q&A Key Highlights】**
- **ZYN Promotional Strategy**: $100M one-time investment in Q3 to accelerate consumer trial and brand awareness. 
- **Inventory Management**: Expect 20-30M can inventory reduction in Q4 to align shipments with market demand. 
- **FDA Regulatory Outlook**: Advocated for a level playing field and faster PMTA reviews to sustain innovation. 
- **Competitive Landscape**: Confident in IQOS's 75%+ share stability despite intensified competition. 
- **VEEV Momentum**: Accelerated pod-to-kit ratio and 91% year-to-date shipment growth in e-vapor. 
- **Global Expansion**: Launches in Spain, Poland, and South Africa to diversify growth beyond the U.S. 
- **Sustainability**: Targeting 2x net debt/EBITDA by 2026 through disciplined capital deployment.

Philip Morris International Inc. (PM) Q3 2025 Earnings Call Transcript

- **Record Q2 Revenue**: $10.1 billion (7.1% YoY), with smoke-free net revenues up 17.3% to $8.1 billion.
- **EPS Beat**: Adjusted diluted EPS $1.91 (20% YoY growth), exceeding prior guidance.
- **ZYN Recovery**: U.S. offtake growth 36% in June, with 800-840M can shipment target reaffirmed.
- **Margin Expansion**: H1 OI margin 41.1% (250bps expansion), driven by smoke-free scale and combustible pricing.
- **Guidance Update**: Full-year EPS growth raised to 11.5-13.5%, with $11.5 billion operating cash flow.

**【CFO Financial Commentary】**
- **Q2 and H1 Performance**: Q2 net revenues reached $10.1 billion (up 7.1% YoY), with H1 at $19.8 billion (8.4% YoY growth). Adjusted diluted EPS was $1.91 (20% YoY growth), driven by smoke-free product profitability and combustible pricing.
- **Smoke-Free Growth**: Smoke-free net revenues grew 17.3% YoY to $8.1 billion, with IQOS HTU adjusted IMS up 11.4% (Europe +9.1%, Italy +11.4%). ZYN U.S. offtake growth accelerated to 26% Q2 and 36% in June, with shipments up 43% YoY. VEEV shipments doubled YoY.
- **Combustible Resilience**: Cigarette volumes declined 1.2% Q2 (2.5% H1), but gross profit grew 5% YoY. Full-year combustible volume decline expected at 2%.
- **Margin Expansion**: H1 adjusted OI margin expanded 250bps to 41.1%, with smoke-free gross margin at 70% (vs. 65.5% for combustibles). Cost savings of $1.2 billion YTD toward $2 billion target.
- **Updated Guidance**: Full-year adjusted EPS growth raised to 11.5-13.5% (vs. prior 10-12%), with H2 shipment volumes potentially down 2% YoY due to cigarette phasing. Operating cash flow forecast $11.5 billion.

**【Q&A Highlights】**
- **ZYN Restocking**: Q2 shipments included 14 million cans of restocking (vs. 10-20M earlier estimate). June offtake +36% (Nielsen), with Q3 shipments expected flat vs. Q2, and Q4 step-up to meet 800-840M can target.
- **EU TPD Concerns**: Proposed risk-based tax differentiation for smoke-free products welcomed, but lack of illicit trade measures criticized (9.2% EU cigarette market lost to illicit in 2024).
- **IQOS ILUMA U.S. Approval**: FDA PMTA review ongoing; H2 2025 approval possible, but 2026 risk acknowledged. Q3/Q4 IQOS HTU shipments expected 38.5-39.5 billion units.
- **Currency Impact**: $0.10 favorable EPS impact from weaker USD, offset by Swiss franc volatility. Full-year tax rate 22-23% (vs. prior 23-24%).

Philip Morris International Inc. (PM) Q2 2025 Earnings Conference Call Transcript

- **Q1 Revenue Beat**: 10.2% YoY growth ($9.3B) driven by smoke-free (+20%) and combustible pricing (+8.3%).
- **Smoke-Free Dominance**: 44% of gross profit, with IQOS gross margin >70% and ZYN shipments +53% YoY.
- **Margin Expansion**: 340bps organic improvement, led by smoke-free mix and cost savings ($180M+ in Q1).
- **ZYN Growth Acceleration**: Raised shipment forecast to 800-840M cans (prev. 700-740M), targeting replenishment completion by Q3.
- **IQOS Momentum**: Q1 IMS +9.4%, targeting +10-12% YoY despite EU flavor ban headwinds.
- **2025 Guidance**: +10.5-12.5% EPS growth reaffirmed, with H1 outperformance expected.

**【Management Opening Remarks】**
- Presented Q1 2025 results, highlighting strong performance across all business segments.
- Emphasized forward-looking statements and cautionary factors related to future projections.
- CFO Emmanuel Babeau led the financial review, focusing on smoke-free product growth, cost control, and margin expansion.

**【CFO Financial Review】**
- **Revenue Growth**: Organic net revenue up 10.2% YoY to $9.3 billion, driven by smoke-free products (20% growth) and combustible pricing (8.3%).
- **Smoke-Free Business**: 
  - IQOS shipments +14.4% YoY, with 33% gross profit growth and 70%+ gross margin.
  - ZYN shipments +53% YoY to 202 million cans, exceeding expectations due to production capacity expansion.
  - VEEV shipments doubled YoY, supported by global travel retail growth.
- **Gross Margin Expansion**: 340bps organic improvement, with smoke-free contributing 230bps (IQOS +230bps, ZYN +330bps).
- **Operating Income**: +16% YoY to $1.69 billion, driven by smoke-free mix and cost savings ($180M+ in Q1).
- **Guidance Update**: Raised ZYN shipment forecast to 800-840M cans (prev. 700-740M), targeting 12-14% SFP shipment growth.

**【Q&A Highlights】**
- **ZYN Inventory Restocking**: Expected normalization by Q3 2025; Q1 shipments included replenishment for distributors, limiting retail impact.
- **Margin Drivers**: Smoke-free mix (44% of gross profit), ZYN's high-margin U.S. sales, and IQOS scale benefits.
- **IQOS Growth**: Q1 IMS +9.4% vs. +8% Q4 2024, targeting +10-12% YoY growth; EU flavor ban impact annualizing but recovery observed in markets like Hungary.
- **Regulatory Risks**: Uncertainty around U.S. FDA ILUMA approval timeline, but no material impact expected on 2025 guidance.
- **Full Year Outlook**: Reaffirmed +10.5-12.5% currency-neutral EPS growth, with H1 outperformance expected due to favorable shipment timing.


Philip Morris International (PM)-23 Apr 25-2025 Q1 Earnings call transcript

- **Record Growth**: 2024 organic net revenue up 9.8%, smoke-free revenue nearly $15B (40% of total). IQOS IMS +15B units, ZYN U.S. +51% shipments despite supply constraints.
- **Profitability Surge**: 160bps gross margin expansion, smoke-free gross profit up 23% to $10B. 2025 EPS growth 10.5-12.5%, targeting 2x net debt/EBITDA by 2026.
- **Key Risks**: $0.22 EPS FX headwind, EU flavor ban impact of 1B units in 2025, and ZYN supply normalization in 2H25.
- **Strategic Focus**: Multi-category smoke-free expansion, cost efficiency ($750M+ savings in 2024), and deleveraging.


**【CEO Summary Section】**
- PMI delivered outstanding 2024 performance with 9.8% organic net revenue growth and 15.6% currency-neutral adjusted EPS growth. IQOS and ZYN drove smoke-free revenue to nearly $15 billion, accounting for 40% of total net revenues in Q4.
- IQOS achieved 13% HTU shipment growth, with Japan and Europe leading the charge despite EU flavor ban headwinds. ZYN U.S. shipments grew 51% to 581 million cans, though supply constraints limited growth.
- 2025 outlook: HTU adjusted IMS growth of 10-12%, ZYN shipments of 780-820 million cans, and 6-8% organic net revenue growth. Focus on multi-category strategy and deleveraging to 2x net debt/EBITDA by 2026.

**【CFO Financial Commentary】**
- 2024 results: $12.2 billion operating cash flow, $1.55 adjusted EPS (14% growth), and 160bps organic gross margin expansion. Smoke-free gross profit reached $10 billion, up 23% year-over-year.
- 2025 guidance: 10.5-12.5% currency-neutral EPS growth, $7.40-$7.70 EPS range, and $11 billion operating cash flow. Risks include $0.22 EPS FX headwind and EU flavor ban impacts.

**【Q&A Key Takeaways】**
- **ZYN Supply Normalization**: Targeting 2H25 for U.S. supply resolution, with 2025 shipments of 780-820 million cans (+200-240 million vs. 2024). FDA authorization of ZYN nicotine pouches reinforces leadership.
- **Europe IQOS Momentum**: Italy recovery slower than expected, but Poland, Greece, and Spain show strong growth. 2025 EU flavor ban impact estimated at 1 billion units.
- **ILUMA U.S. Potential**: If authorized, IQOS ILUMA could add 2-3 years of user acquisition, mirroring international success. Margins initially negative but accretive over time.
- **FX Hedging**: 60% yen hedged at JPY 138/USD, limiting yen volatility impact. Ruble weakness remains key risk.


Philip Morris International (PM)-6 Feb 25-2024 Q4 Earnings call transcript

Philip Morris International (PM)-22 Oct 24-2024 Q3 Earnings call transcript

Philip Morris International (PM)-23 Jul 24-2024 Q2 Earnings call transcript

Philip Morris International (PM)-23 Apr 24-2024 Q1 Earnings call transcript

Philip Morris International (PM)-8 Feb 24-2023 Q4 Earnings call transcript

Philip Morris International (PM)-19 Oct 23-2023 Q3 Earnings call transcript

Philip Morris International (PM)-20 Jul 23-2023 Q2 Earnings call transcript

Philip Morris International (PM)-20 Apr 23-2023 Q1 Earnings call transcript

Philip Morris International (PM)-9 Feb 23-2022 Q4 Earnings call transcript

Philip Morris International (PM)-20 Oct 22-2022 Q3 Earnings call transcript

Philip Morris International (PM)-21 Jul 22-2022 Q2 Earnings call transcript

Philip Morris International (PM)-25 Apr 22-2022 Q1 Earnings call transcript

Philip Morris International (PM)-10 Feb 22-2021 Q4 Earnings call transcript

Philip Morris International (PM)-19 Oct 21-2021 Q3 Earnings call transcript

Philip Morris International (PM)-20 Jul 21-2021 Q2 Earnings call transcript

Philip Morris International (PM)-20 Apr 21-2021 Q1 Earnings call transcript

Philip Morris International (PM)-4 Feb 21-2020 Q4 Earnings call transcript

Philip Morris International (PM)-20 Oct 20-2020 Q3 Earnings call transcript

Philip Morris International (PM)-21 Jul 20-2020 Q2 Earnings call transcript

Philip Morris International (PM)-21 Apr 20-2020 Q1 Earnings call transcript

Philip Morris International (PM)-6 Feb 20-2019 Q4 Earnings call transcript

Philip Morris International (PM)-17 Oct 19-2019 Q3 Earnings call transcript

Philip Morris International (PM)-18 Jul 19-2019 Q2 Earnings call transcript

Philip Morris International (PM)-18 Apr 19-2019 Q1 Earnings call transcript

Philip Morris International (PM)-8 Feb 19-2018 Q4 Earnings call transcript

Philip Morris International (PM)-18 Oct 18-2018 Q3 Earnings call transcript

Philip Morris International (PM)-19 Jul 18-2018 Q2 Earnings call transcript

Philip Morris International (PM)-19 Apr 18-2018 Q1 Earnings call transcript

Philip Morris International (PM)-8 Feb 18-2017 Q4 Earnings call transcript

Philip Morris International (PM)-19 Oct 17-2017 Q3 Earnings call transcript

Actual																1.21	1.29	1.42	1.26	1.57	1.57	1.58	1.35	1.56	1.32	1.33	1.39	1.38	1.6	1.67	1.36	1.5	1.59	1.91	1.55	1.69	1.91	2.24	1.7
Forecast																1.1333	1.1005	1.3633	1.2127	1.3984	1.5463	1.5619	1.3254	1.4892	1.2536	1.361	1.2648	1.3434	1.4989	1.6154	1.4493	1.4077	1.5693	1.8222	1.4988	1.6119	1.8575	2.0944	1.6996	1.8302
Surprise	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	+6.77%	+17.22%	+4.16%	+3.90%	+12.27%	+1.53%	+1.16%	+1.86%	+4.75%	+5.30%	-2.28%	+9.90%	+2.72%	+6.74%	+3.38%	-6.16%	+6.56%	+1.32%	+4.82%	+3.42%	+4.85%	+2.83%	+6.95%	+0.02%	0.00%

Actual	--	--	--	--	--	--	--	--	--	--	--	--	--	--	--	7.15B	6.65B	7.45B	7.44B	7.58B	7.84B	8.12B	8.10B	7.75B	7.83B	8.03B	8.15B	8.02B	8.97B	9.14B	9.00B	8.79B	9.47B	9.91B	9.71B	9.30B	10.14B	10.85B	10.36B	--
Forecast	--	--	--	--	--	--	--	--	--	--	--	--	--	--	--	6.84B	6.50B	7.28B	7.41B	7.27B	7.67B	7.94B	7.75B	7.43B	6.71B	7.32B	7.50B	8.11B	8.76B	9.21B	9.01B	8.44B	9.19B	9.68B	9.44B	9.14B	10.32B	10.64B	10.38B	9.95B
Surprise	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	+4.51%	+2.31%	+2.23%	+0.47%	+4.36%	+2.19%	+2.31%	+4.58%	+4.26%	+16.70%	+9.77%	+8.70%	-1.07%	+2.41%	-0.79%	-0.09%	+4.14%	+3.07%	+2.43%	+2.86%	+1.71%	-1.72%	+1.97%	-0.23%	0.00%

PM

PM fundamentals

PM Q1 2026 Earnings Preview

Earnings Call

You can ask Aime

PM

PM fundamentals

PM Q1 2026 Earnings Preview

Earnings Call

PM Earnings Call Summary for Q1/2026Upcoming Mar 25, 2026

PM Earnings Call Summary for Q4/20259:00 AM on Feb 6, 2026

PM Earnings Call Summary for Q3/20259:00 AM on Oct 21, 2025

PM Earnings Call Summary for Q2/20259:00 AM on Jul 22, 2025

PM Earnings Call Summary for Q1/20259:00 AM on Apr 23, 2025

You can ask Aime