Philip Morris International (NYSE:PM) Releases Earnings Results, Beats Estimates By $0.15 EPS

Posted by Stanley Muller on Jul 24th, 2026

Philip Morris International (NYSE:PM – Get Free Report) issued its quarterly earnings data on Wednesday. The company reported $2.20 EPS for the quarter, topping the consensus estimate of $2.05 by $0.15, FiscalAI reports. The company had revenue of $11.19 billion during the quarter, compared to analyst estimates of $10.60 billion. Philip Morris International had a negative return on equity of 163.41% and a net margin of 13.05%.Philip Morris International’s revenue was up 10.4% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.89 earnings per share. Philip Morris International updated its Q3 2026 guidance to 2.200-2.25 EPS.

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

Philip Morris posted a strong Q2, with organic net revenue up 8%, operating income up 11%, and adjusted EPS up 15% to $2.20, driven by smoke-free growth and better-than-expected combustible performance.
International smoke-free products remained the main growth engine, with IQOS, VEEV, and ZYN all contributing to high-single-digit volume growth and continued gross margin expansion.
Management kept full-year guidance unchanged despite the strong first half, saying it plans to step up U.S. investment in the second half behind ZYN, brand marketing, distribution, and preparation for future IQOS ILUMA launch.
In the U.S., ZYN shipments returned to growth and the company launched new variants like ZYN Ultra, with more formats coming later in the year; PMI also highlighted favorable regulatory momentum from MRTP authorization.
Japan remained volatile due to the April excise increase and an expected October change, but IQOS share held up and management said the business has largely navigated the most difficult phase of pricing pass-through.

Philip Morris International Trading Down 1.6%

NYSE PM opened at $191.13 on Friday. Philip Morris International has a 12 month low of $142.11 and a 12 month high of $199.78. The stock has a market cap of $297.89 billion, a price-to-earnings ratio of 27.46, a PEG ratio of 2.29 and a beta of 0.38. The company’s 50 day moving average is $182.72 and its two-hundred day moving average is $175.34.

Philip Morris International Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, July 20th. Investors of record on Thursday, June 25th were paid a dividend of $1.47 per share. The ex-dividend date was Thursday, June 25th. This represents a $5.88 dividend on an annualized basis and a dividend yield of 3.1%. Philip Morris International’s payout ratio is 82.70%.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on the company. UBS Group raised their target price on Philip Morris International from $168.00 to $182.00 and gave the stock a “neutral” rating in a research report on Thursday, July 2nd. Stifel Nicolaus upped their price target on shares of Philip Morris International from $195.00 to $205.00 and gave the company a “buy” rating in a research report on Thursday. Morgan Stanley increased their price objective on shares of Philip Morris International from $200.00 to $215.00 and gave the stock an “overweight” rating in a research note on Thursday. BTIG Research initiated coverage on shares of Philip Morris International in a report on Tuesday. They issued a “buy” rating and a $216.00 price objective on the stock. Finally, Weiss Ratings restated a “buy (b)” rating on shares of Philip Morris International in a research report on Wednesday, May 20th. One analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $201.44.

Get Our Latest Analysis on PM

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the company. Bank of America Corp DE lifted its holdings in Philip Morris International by 4.0% in the 4th quarter. Bank of America Corp DE now owns 15,383,248 shares of the company’s stock worth $2,467,473,000 after purchasing an additional 594,867 shares in the last quarter. Northern Trust Corp grew its holdings in Philip Morris International by 2.8% during the 3rd quarter. Northern Trust Corp now owns 14,701,879 shares of the company’s stock valued at $2,384,645,000 after buying an additional 401,381 shares in the last quarter. Price T Rowe Associates Inc. MD raised its position in shares of Philip Morris International by 12.5% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 14,161,027 shares of the company’s stock valued at $2,271,430,000 after buying an additional 1,569,685 shares during the last quarter. Charles Schwab Investment Management Inc. raised its position in shares of Philip Morris International by 1.5% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 13,338,069 shares of the company’s stock valued at $2,139,869,000 after buying an additional 191,257 shares during the last quarter. Finally, Boston Partners lifted its holdings in shares of Philip Morris International by 12.7% in the third quarter. Boston Partners now owns 7,019,625 shares of the company’s stock worth $1,136,402,000 after buying an additional 791,681 shares in the last quarter. Hedge funds and other institutional investors own 78.63% of the company’s stock.

Key Stories Impacting Philip Morris International

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

Positive Sentiment: Philip Morris delivered stronger-than-expected Q2 results, with earnings of $2.20 per share and revenue of $11.19 billion, both ahead of estimates, supported by robust demand for smoke-free products like Zyn, IQOS, and VEEV. Philip Morris beats second-quarter sales estimates
Positive Sentiment: Several analysts turned more bullish after the report, including Stifel raising its price target to $205, Needham lifting its target to $215, and BTIG upgrading the stock to strong-buy, reinforcing confidence in the company’s growth outlook. Analyst price-target and rating updates
Positive Sentiment: Commentary focused on margin expansion and smoke-free momentum, with articles arguing that the company’s growth story remains intact and that strong margins undercut the bearish earnings narrative. Philip Morris (NYSE:PM) Margins Challenge The Bearish Earnings Narrative
Neutral Sentiment: Philip Morris lowered its full-year EPS outlook, citing currency pressure and costs tied to Middle East conflict, which tempers the earnings beat and may limit upside until investors see whether growth offsets those headwinds. Philip Morris Stock Falls After It Cuts Guidance, but There Is One Bright Spot

Philip Morris International Company Profile

(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.