Philip Morris (PM) Earnings Dates, Call Summary & Reports

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Earnings Data

Report Date

Apr 22, 2026

Before Open (Confirmed)

Period Ending

2026 (Q1)

Consensus EPS Forecast

1.82

Last Year’s EPS

1.69

Same Quarter Last Year

Analyst Consensus

Moderate Buy

Based on 11 Analysts Ratings

Earnings Call Summary

Q4 2025

Earnings Call Date:Feb 06, 2026|

% Change Since:

Earnings Call Sentiment|Positive

The call presents a strongly positive operational and financial story: robust smoke-free volume growth, meaningful margin expansion, rising profitability, strong cash generation, and delivery of strategic targets ahead of schedule. These positives are tempered by several material near-term headwinds—most notably Japan excise changes, regional excise-driven combustible volume pressure (India, Mexico), transactional currency losses in Q4, U.S. regulatory timing for new product introductions, and some supply/inventory dynamics for ZYN. Management has durable growth plans and renewed medium-term targets, but execution and regulatory/tax events create identifiable near-term risks.

Company Guidance

PMI guided to another year of strong, profitable growth in 2026, forecasting organic net revenue growth of 5–7% and organic operating income growth of 7–9%, with currency‑neutral adjusted diluted EPS up 7.5–9.5% (an expected 28¢ currency benefit implying $8.09–$8.54, or 11.3–13.3% in dollar terms); they expect smoke‑free shipments and adjusted IMS to grow in the high‑single‑digit range (after Japan excise and U.S. ZYN inventory headwinds) while combustible cigarette shipments decline ~3% (industry cigarettes & HDUs ~‑2%), and total shipment growth broadly stable; first‑quarter is expected to be the softest (Q1 combustible down up to 5%, broadly flat organic net revenue and operating income) with Q1 adjusted EPS guided to $1.80–$1.85 (including a 14¢ FX tailwind); operating cash flow is expected to accelerate to ~€13.5bn, the effective tax rate to be ~21.5%, net finance costs broadly stable, leverage targeted close to 2.0x by year‑end 2026, dividend payout maintained around ~75% of adjusted diluted EPS, and the company reaffirmed medium‑term 2026–28 CAGRs of 6–8% organic net revenue, 8–10% organic operating income, and 9–11% constant‑currency adjusted diluted EPS, with smoke‑free shipment/IMS growth targeted at high‑single‑digits to low‑teens.

Strong Smoke-Free Volume Growth

Smoke-free product shipments rose 12.8% year-over-year, adding ~20 billion units (179 billion total smoke-free units in 2025). IQOS shipments grew ~11% (to ~155 billion units) with adjusted in-market sales (IMS) growth accelerating to ~12% in Q4 and ~10.5% for the full year.

Material Profitability and Margin Expansion

Adjusted operating income grew 11.8% in dollar terms to $16.4 billion; organic operating income rose 10.6% with organic margin expansion of +140 bps. Adjusted operating income margin reached 40.4%. Gross margin expanded organically by ~220 bps to >67%; smoke-free adjusted gross margin increased ~270 bps to ~69.5%.

Record Revenue Mix Shift to Smoke-Free

Total net revenues exceeded $40 billion in 2025, with smoke-free products representing ~41.5% (~$17 billion) of net revenue and smoke-free gross contribution doubling over five years to ~43% of total PMI.

Adjusted Diluted EPS and Cash Generation

Adjusted diluted EPS rose ~15% in dollar terms (currency-neutral +14.2%) to $7.54, at the high end of guidance. Operating cash flow was strong at $12.2 billion (matching 2024). Management targets further cash flow acceleration (~€13.5 billion at prevailing rates) and deleveraging to close to 2x net leverage by end-2026 (2.5x at year-end 2025).

ZYN and Multi-Category Execution

ZYN shipments grew ~36–37% globally with expansion into ~56 markets (added ~19 markets). ZYN had ~40% PMI pouch-category share and significant US share gains (leading premium share; US shipment growth despite supply constraints). E-vapor brand VIVE doubled shipments for the year and improved profitability; VIVE is present in ~47 markets.

Geographic and Market Milestones

106 markets now have PMI smoke-free products (52 deployed category strategy). 27 markets exceeded 50% smoke-free net revenue; 8 markets exceeded 75% (including the US). Europe surpassed 50% smoke-free net revenue for the year. Estimated legal-age smoke-free users reached ~43.5 million (up ~10 million in two years).

Delivered and Accelerated Strategic Targets

Company achieved its three-year CAGR targets for organic operating income and currency-neutral EPS in two years. Management renewed medium-term targets for 2026–2028: organic net revenue CAGR 6–8%, organic operating income 8–10%, adjusted diluted EPS 9–11% (constant currency). 2026 guidance: organic net revenue +5–7%, organic OI +7–9%, currency-neutral EPS +7.5–9.5% (translating to $8.09–$8.54 including ~€ currency benefit).

Cost Savings and Efficiency

Delivered roughly $1.5 billion of growth cost savings since 2024 and remains on track for a $2 billion objective in the 2024–2026 period. Management expects further efficiency gains, including future AI-driven productivity improvements.

Philip Morris (PM) Earnings, Revenues Date & History

The upcoming earnings date is based on a company’s previous reporting, and may be updated when the actual date is announced

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PM Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Apr 22, 2026	2026 (Q1)	1.82 / -	1.69	―	―	―
Feb 06, 2026	2025 (Q4)	1.70 / 1.70	1.55	9.68% (+0.15)
Oct 21, 2025	2025 (Q3)	2.09 / 2.24	1.91	17.28% (+0.33)
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)

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
Feb 06, 2026	$182.00	$182.81	+0.45%
Oct 21, 2025	$156.63	$150.63	-3.83%
Jul 22, 2025	$177.18	$162.25	-8.43%
Apr 23, 2025	$159.91	$163.81	+2.44%

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.