Philip Morris International Inc. (PM) Form 8-K — Oct 21, 2026
Philip Morris International reported record Q3 2026 results, with net revenues up 5.5% to $11.4 billion (+7.1% organic) and adjusted diluted EPS of $2.36, up 5.4% (5.8% ex-currency); reported diluted EPS fell 4.9% to $2.12 on non-cash fair-value adjustments. Operating income rose 14.1% to a quarterly record $4.9 billion, and smoke-free products exceeded 40% of net revenues. The U.S. segment grew net revenues 22.7% on ZYN momentum, and the FDA granted PMTA authorization to 11 ZYN ULTRA variants in August, bringing total authorized ZYN variants to 31.
Key figures
- Eps
- $2.12 reported diluted EPS (Q3 2026); $2.36 adjusted diluted EPS
- Revenue
- $11.4 billion (Q3 2026 net revenues)
- Guidance
- FY2026 reported diluted EPS $7.11-$7.26; adjusted diluted EPS $8.29-$8.44 (+9.9% to 11.9% vs 2025's $7.54; +7.5% to 9.5% ex-currency); organic net revenue growth 5-7%; organic OI growth 7-9%; operating cash flow ~$13.5B; capex $1.4-1.6B; target net debt/adjusted EBITDA close to 2.0x by end-2026; no share repurchases
- Net Income
- $3,313 million net earnings attributable to PMI (Q3 2026)
- Total Debt
- $47,562 million total debt; net debt $40,879 million
- Revenue Yoy
- 5.5% reported / 7.1% organic (Q3)
- Total Assets
- $66,730 million (September 30, 2026)
- Cash Position
- $6,683 million cash and cash equivalents (September 30, 2026)
- Us zyn growth
- 4.2%
- Q3 shipment growth
- 0.6%
- Veev shipment growth
- 61.6%
- Marlboro category share
- 11.4% (record, +0.5pp)
- Adjusted diluted eps ytd
- $6.52 (+11.8%)
- Reported diluted eps ytd
- $5.48 (-7.0%)
- Sfp share of net revenues
- more than 40% in Q3; ~42% YTD
- Htu shipment volume billion
- 41.5
- Net debt to adjusted ebitda
- 2.17
- Dividend per share quarterly
- $1.60 (+8.8%; $6.40 annualized)
- Us segment net revenue growth
- 22.7%
- Operating cash flow nine months
- $10,445 million (+38.8%)
- Q3 shipment volume billion units
- 206.2
- Us zyn shipments billion pouches
- 3.2
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