Philip Morris International(NYSE) PM

Philip Morris International Inc. makes cigarettes and smoke-free products. It helps smokers switch to alternatives like heated tobacco and pouches. These products are sold in 109 markets around the world.

Beyond the Traditional Cigarette

• International Combustibles: Traditional cigarette brands including Marlboro, L&M, and Bond Street; generated $12.1 billion in net revenues for the six months ended June 30, 2026.
• International Smoke-Free: Non-combustible products that heat rather than burn tobacco, such as IQOS and VEEV; generated $7.7 billion in net revenues for the six months ended June 30, 2026.
• U.S. Operations: Oral nicotine products like ZYN and wellness offerings through the Aspeya unit; generated $1.5 billion in net revenues for the six months ended June 30, 2026.

Mapping a Smoke-Free Future

• Acquired Swedish Match AB in Nov. 2022 to lead the global market in oral nicotine delivery.
• Reached an agreement in 2022 to end its U.S. commercial relationship with Altria Group, Inc.
• Regained full rights to commercialize IQOS in the United States as of April 30, 2024.
• Realigned its reportable segments on Jan. 1, 2026, into international smoke-free, international combustibles, and U.S. business units.

Scientific Investment and Reach

Philip Morris has invested more than $16 billion since 2008 to develop and scientifically test its portfolio of smoke-free products. These non-combustible offerings are now available for sale in 109 global markets as of June 30, 2026.

Performance by the Numbers

• Net revenues reached $21.3 billion for the six months ended June 30, 2026, an increase of 9.8% year over year.
• Operating income was $8.4 billion for the six-month period ended June 30, 2026, up 16.1% year over year.
• Diluted earnings per share were $3.36 for the six months ended June 30, 2026, a decrease of 8.4% year over year.
• Smoke-free product shipments grew 8.3% to 95.2 billion equivalent units during the six months ended June 30, 2026.

A Business in Transition

Philip Morris is shifting its core focus from traditional combustible tobacco to a portfolio of scientifically substantiated smoke-free alternatives. This evolution involves significant research investment and the strategic expansion of its nicotine pouch and heated tobacco brands into the U.S. market.