The earnings call reflected a strong performance in smoke-free products and overall growth, with significant achievements in IQOS and ZYN sales. Despite challenges with combustible volumes and currency impacts, the company showed resilience and confidence in future growth.

Company Guidance -

Q3 2025

During the Philip Morris International 2025 second quarter results conference call, the company reported several key metrics highlighting a strong performance. The smoke-free product portfolio achieved $4 billion in net revenues, with double-digit growth in adjusted diluted earnings per share both in constant currency and dollar terms. Specifically, IQOS heated tobacco unit sales grew by 11.4% in Q2, with significant gains in Europe and the US, while nicotine pouch volumes increased by 65% internationally. The e-vapor brand VEEV saw shipments more than doubling year-on-year. Overall, PMI delivered a shipment volume increase of 1.2% and organic top-line growth of 6.8%, reaching over $10 billion in quarterly net revenues for the first time. Adjusted operating income grew by 14.9% organically, contributing to a 20% rise in adjusted diluted EPS to $1.91. The company raised its full-year EPS growth forecast to 13% to 15%, or 11.5% to 13.5% excluding currency impacts, citing strong business fundamentals and a more favorable tax rate.

Strong Performance of Smoke-Free Products

Achieved $4 billion in net revenues from smoke-free products, with double-digit adjusted diluted EPS growth in both constant currency and dollar terms.

IQOS and ZYN Growth

IQOS adjusted in-market sales grew 11.4% in Q2, with a notable acceleration in US consumer offtake growth by 26% for Q2 and 36% in June. ZYN international pouch volumes increased by 65%.

Record H1 Performance

Total shipment volumes grew by 2.5% and organic net revenues by 8.4%, reaching $8 billion in total adjusted operating income.

Adjusted EPS Forecast Raised

Full-year adjusted diluted EPS forecast increased to 13% to 15% growth, or 11.5% to 13.5% excluding currency.

Philip Morris (PM) Earnings, Revenues Date & History

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PM Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Oct 21, 2025	2025 (Q3)	2.10 / -	1.91	―	―	―
Jul 22, 2025	2025 (Q2)	1.86 / 1.91	1.59	20.13% (+0.32)
Apr 23, 2025	2025 (Q1)	1.61 / 1.69	1.5	12.67% (+0.19)
Feb 06, 2025	2024 (Q4)	1.50 / 1.55	1.36	13.97% (+0.19)
Oct 22, 2024	2024 (Q3)	1.82 / 1.91	1.67	14.37% (+0.24)
Jul 23, 2024	2024 (Q2)	1.57 / 1.59	1.6	-0.63% (-0.01)
Apr 23, 2024	2024 (Q1)	1.41 / 1.50	1.38	8.70% (+0.12)
Feb 08, 2024	2023 (Q4)	1.45 / 1.36	1.39	-2.16% (-0.03)
Oct 19, 2023	2023 (Q3)	1.61 / 1.67	1.33	25.56% (+0.34)
Jul 20, 2023	2023 (Q2)	1.50 / 1.60	1.32	21.21% (+0.28)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

PM Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Jul 22, 2025	$180.48	$165.27	-8.43%
Apr 23, 2025	$162.88	$166.85	+2.44%
Feb 06, 2025	$128.86	$142.97	+10.95%
Oct 22, 2024	$115.75	$127.87	+10.47%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.