Philip Morris International (NYSE:PM) Issues Quarterly Earnings Results

23 Apr 2026, 10:58 by Jessica Moore · The Cerbat Gem

Philip Morris International (NYSE:PM – Get Free Report) issued its quarterly earnings data on Wednesday. The company reported $1.96 EPS for the quarter, topping the consensus estimate of $1.83 by $0.13, FiscalAI reports. The business had revenue of $10.15 billion during the quarter, compared to analyst estimates of $9.95 billion. Philip Morris International had a net margin of 12.09% and a negative return on equity of 130.95%. The company’s revenue for the quarter was up 9.1% on a year-over-year basis. During the same period in the prior year, the business earned $1.69 EPS. Philip Morris International updated its FY 2026 guidance to 8.360-8.510 EPS and its Q2 2026 guidance to 2.020-2.070 EPS.

Here are the key takeaways from Philip Morris International’s conference call:

Strong quarter and upgraded dollar EPS view: Adjusted diluted EPS rose +16% to $1.96 and adjusted operating income grew +10%, and PMI reconfirmed its 2026 targets while updating adjusted diluted EPS to $8.36–$8.51 (includes ~$0.25 currency tailwind), reflecting better-than-expected top-line and margin performance.
International smoke‑free momentum: IQOS, VEEV and ZYN drove double‑digit smoke‑free volume growth (IQOS IMS +10.9%) and strong profitability (smoke‑free gross margin ~70%), making smoke‑free the primary growth engine for the company.
U.S. ZYN execution and regulatory timing created near‑term headwinds: ZYN offtake grew ~10% but shipments fell due to downstream inventory normalization and heavier promotional activity versus a low‑promo prior year, while ZYN Ultra and other innovations remain subject to FDA review, delaying potential upside.
Cigarette volumes pressured: Total cigarette volumes declined at the high end of expectations (industry and country excise changes—e.g., Mexico, India—contributed), creating a structural headwind despite pricing (+8.5%) offsetting much of the revenue impact.
Outlook & risks: Management reconfirmed 2026 organic growth and margin targets but flagged macro uncertainty, excise/tax moves and localized disruptions (Middle East, Japan pantry loading) as variables to monitor, while continuing elevated H1 investment that should moderate in H2.

Philip Morris International Price Performance

PM stock traded up $2.91 on Thursday, reaching $166.86. 445,983 shares of the company traded hands, compared to its average volume of 5,201,869. The company has a market cap of $260.06 billion, a P/E ratio of 22.87, a price-to-earnings-growth ratio of 1.86 and a beta of 0.43. The firm has a fifty day simple moving average of $170.12 and a 200-day simple moving average of $163.81. Philip Morris International has a one year low of $142.11 and a one year high of $191.30.

Philip Morris International Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, April 13th. Investors of record on Thursday, March 19th were given a dividend of $1.47 per share. This represents a $5.88 dividend on an annualized basis and a yield of 3.5%. The ex-dividend date of this dividend was Thursday, March 19th. Philip Morris International’s dividend payout ratio (DPR) is 80.88%.

Insider Activity at Philip Morris International

In related news, CEO Jacek Olczak sold 80,000 shares of the firm’s stock in a transaction that occurred on Thursday, February 19th. The shares were sold at an average price of $182.18, for a total transaction of $14,574,400.00. Following the completion of the sale, the chief executive officer owned 632,344 shares of the company’s stock, valued at $115,200,429.92. This trade represents a 11.23% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Emmanuel Babeau sold 33,800 shares of the firm’s stock in a transaction that occurred on Thursday, February 19th. The shares were sold at an average price of $181.61, for a total transaction of $6,138,418.00. Following the sale, the chief financial officer directly owned 164,463 shares of the company’s stock, valued at $29,868,125.43. This trade represents a 17.05% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 0.13% of the stock is owned by company insiders.

Institutional Investors Weigh In On Philip Morris International

Institutional investors and hedge funds have recently made changes to their positions in the company. Safe Harbor Fiduciary LLC bought a new stake in shares of Philip Morris International during the fourth quarter valued at approximately $29,000. Measured Wealth Private Client Group LLC bought a new stake in shares of Philip Morris International in the third quarter worth approximately $32,000. McIlrath & Eck LLC bought a new stake in shares of Philip Morris International in the second quarter worth approximately $36,000. Swiss RE Ltd. bought a new stake in shares of Philip Morris International in the fourth quarter worth approximately $40,000. Finally, WFA of San Diego LLC bought a new stake in Philip Morris International in the 2nd quarter worth approximately $41,000. Institutional investors own 78.63% of the company’s stock.

Analyst Ratings Changes

PM has been the subject of a number of research reports. Needham & Company LLC reiterated a “buy” rating and issued a $200.00 price objective on shares of Philip Morris International in a report on Thursday. Weiss Ratings reiterated a “buy (b)” rating on shares of Philip Morris International in a report on Thursday, January 22nd. Stifel Nicolaus decreased their price objective on Philip Morris International from $200.00 to $195.00 and set a “buy” rating for the company in a report on Friday, April 10th. Morgan Stanley decreased their price objective on Philip Morris International from $205.00 to $190.00 and set an “overweight” rating for the company in a report on Friday, April 17th. Finally, Barclays reiterated an “overweight” rating and issued a $205.00 price objective on shares of Philip Morris International in a report on Monday, February 23rd. Ten research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $192.56.

Get Our Latest Report on Philip Morris International

Philip Morris International News Roundup

Here are the key news stories impacting Philip Morris International this week:

Positive Sentiment: Q1 beat on both EPS and revenue: adjusted EPS $1.96 vs. $1.83 consensus and revenue $10.15B vs. ~$9.95B; management highlighted strong organic growth in smoke‑free products (IQOS) which drove the upside. Q1 Results Press Release / Slide Deck
Positive Sentiment: Earnings call highlighted “smoke‑free momentum” and execution in high‑margin IQOS markets — a key driver for long‑term margin expansion and revenue mix improvement. Earnings Call Highlights
Positive Sentiment: Marketing/brand expansion: PMI expanded its Ducati Corse partnership to bring the ZYN nicotine‑pouch brand onto select MotoGP races, increasing global consumer visibility for ZYN. This supports commercialization efforts for its pouch business. Ducati Partnership / ZYN Promotion
Neutral Sentiment: Some analysts note valuation concerns even with growth — a view that could cap multiple expansion despite solid fundamentals (rating/valuation discussion). Analyst Note: Growth at an Expensive Price
Negative Sentiment: Management trimmed outlook: Q2 EPS guidance (2.020–2.070) came in below consensus (~2.12) and FY EPS range was modestly adjusted, reflecting uncertainty — the company explicitly cited heightened competition and regulatory uncertainty around nicotine pouches (ZYN). Reuters: Cuts Annual Profit Forecast

About Philip Morris International

(Get Free Report)

Philip Morris International Inc (NYSE: PM) is a global tobacco company that manufactures and sells cigarettes, other nicotine-containing products and a growing portfolio of smoke-free alternatives for adult smokers. The firm traces its corporate roots to the 19th century Philip Morris enterprise and was established as an independent, publicly traded company following a 2008 separation from what is now Altria. Since the spin-off, the company has focused on serving international markets outside the United States.

PMI’s product mix includes traditional combustible cigarettes as well as smoke-free offerings such as heated tobacco systems and other reduced-risk products.