NYSE$PM
Philip Morris International Inc. · Q4 2025 earnings
Q4 2025 earnings · · Before market open · Investor relations
Briefing
Philip Morris reported Q4 2025 net revenues above $10B with reported diluted EPS of $1.37 and adjusted EPS of $1.70.
Smoke-free products drove growth with Q4 net revenues up 3.7% organically and smoke-free net revenues exceeding 50% of the total in three of four regions. Reported diluted EPS was $1.37 and adjusted diluted EPS was $1.70. Management targets 2026 adjusted diluted EPS of $8.38–$8.53 and organic net revenue growth of 5%–7%.
- Q4 adjusted diluted EPS $1.70; reported EPS $1.37.
- Smoke-free net revenues +12% in Q4; >50% mix in three regions.
- 2026 adjusted EPS guide $8.38–$8.53.
- IQOS and ZYN expansion supports 2026–2028 growth algorithm refresh.
Headline financials
Revenue & EPS history
Philip Morris · Revenue · Quarterly
$10.2B
Revenue by segment
Philip Morris · $5.61B total across 1 segment · Q3 2022
- Combustible Products$5.61B-3.2%100.0%
Forward guidance
2026 adjusted diluted EPS guide $8.38–$8.53; organic net revenue growth 5%–7%; Q1 adjusted EPS $1.80–$1.85.
Tailwinds
- Smoke-free net revenues +12% in Q4.
- 2026–2028 growth algorithm refresh.
- Pricing and IQOS/ZYN momentum.
Headwinds
- Combustible volume declines.
- Currency and regulatory risk.
- Turkey share pressure.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q4 2025
+0.8%
Avg return
Earnings day
+1.6%
Avg return
5 days after
+2.2%
Avg return
30 days after
55%
40 / 73 earnings
Positive
+10.9%
Q4 2024
Best reaction
-16.9%
Q1 2018
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | +6.5% | +5.0% | +23.5% | |
| Q4 2025 | +0.4% | +2.3% | -6.6% | |
| Q3 2025 | -4.0% | -0.3% | -1.5% | |
| Q2 2025 | -0.4% | +1.7% | +0.1% | |
| Q1 2025 | +2.3% | +3.1% | +8.6% | |
| Q4 2024 | +10.9% | +13.0% | +15.2% | |
| Q3 2024 | +10.5% | +9.2% | +10.3% | |
| Q2 2024 | +3.9% | +5.7% | +12.0% | |
| Q1 2024 | +5.3% | +1.0% | +5.9% | |
| Q4 2023 | -2.5% | -2.5% | +1.4% | |
| Q3 2023 | -0.7% | -2.6% | -1.4% | |
| Q2 2023 | -1.3% | -1.6% | -4.5% | |
| Q1 2023 | -3.7% | -2.8% | -8.2% | |
| Q4 2022 | +1.1% | +0.4% | -2.9% | |
| Q3 2022 | +0.0% | +2.3% | +11.3% | |
| Q2 2022 | +6.8% | +7.5% | +11.5% | |
| Q1 2022 | -0.3% | -0.3% | -1.8% | |
| Q4 2021 | +3.7% | +5.4% | -14.6% | |
| Q3 2021 | -0.4% | -0.6% | -6.1% | |
| Q2 2021 | -1.4% | +0.5% | +3.6% | |
| Q1 2021 | +2.7% | +3.2% | +6.3% | |
| Q4 2020 | +5.0% | +6.7% | +7.4% | |
| Q3 2020 | -5.2% | -4.4% | -0.4% | |
| Q2 2020 | +4.3% | +5.4% | +7.3% | |
| Q1 2020 | -4.9% | -4.2% | -8.3% | |
| Q4 2019 | +4.2% | +6.6% | +4.0% | |
| Q3 2019 | +1.8% | +2.6% | +7.2% | |
| Q2 2019 | +9.5% | +7.0% | +4.8% | |
| Q1 2019 | -1.4% | -0.7% | +1.6% | |
| Q4 2018 | +5.9% | +6.7% | +15.8% | |
| Q3 2018 | +5.0% | +4.7% | +2.1% | |
| Q2 2018 | +2.6% | +1.7% | +3.5% | |
| Q1 2018 | -16.9% | -18.7% | -20.4% | |
| Q4 2017 | +1.1% | +4.2% | +9.5% | |
| Q3 2017 | -2.7% | -3.5% | -8.8% | |
| Q2 2017 | -1.7% | -3.1% | -5.2% | |
| Q1 2017 | -3.8% | -0.7% | +0.7% | |
| Q4 2016 | +5.4% | +5.9% | +14.9% | |
| Q3 2016 | +0.5% | +0.8% | -6.5% | |
| Q2 2016 | -3.3% | -3.1% | -2.6% | |
| Q1 2016 | -2.5% | — | — | |
| Q4 2015 | -0.3% | — | — | |
| Q3 2015 | +3.9% | — | — | |
| Q2 2015 | +3.8% | — | — | |
| Q1 2015 | +9.1% | — | — | |
| Q4 2014 | -1.0% | — | — | |
| Q3 2014 | +2.9% | — | — | |
| Q2 2014 | +1.6% | — | — | |
| Q1 2014 | -1.5% | — | — | |
| Q4 2013 | +4.4% | — | — | |
| Q3 2013 | +1.0% | — | — | |
| Q2 2013 | -1.2% | — | — | |
| Q1 2013 | -2.2% | — | — | |
| Q4 2012 | +3.1% | — | — | |
| Q3 2012 | -4.1% | — | — | |
| Q2 2012 | -0.6% | — | — | |
| Q1 2012 | +0.1% | — | — | |
| Q4 2011 | +1.1% | — | — | |
| Q3 2011 | +0.5% | — | — | |
| Q2 2011 | -1.7% | — | — | |
| Q1 2011 | -1.2% | — | — | |
| Q4 2010 | +0.8% | — | — | |
| Q4 2007 | +0.8% | — | — | |
| Q3 2010 | -1.0% | — | — | |
| Q2 2010 | +0.7% | — | — | |
| Q1 2009 | +0.7% | — | — | |
| Q1 2010 | -0.0% | — | — | |
| Q4 2009 | -1.4% | — | — | |
| Q3 2008 | +2.5% | — | — | |
| Q3 2009 | +2.5% | — | — | |
| Q2 2009 | -2.1% | — | — | |
| Q2 2008 | -2.1% | — | — | |
| Q4 2008 | -2.1% | — | — |
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