Philip Morris International (PM) Tops Q1 EPS by 13c, Beats on Revenue; Offers Guidance

Philip Morris International (NYSE: PM) reported Q1 EPS of $1.96, $0.13 better than the analyst estimate of $1.83. Revenue for the quarter came in at $10.1 billion versus the consensus estimate of $9.89 billion.

2026 Full-Year Forecast Assumptions

An estimated industry volume decline of around 2% for cigarettes and HTUs, excluding China and the U.S.;
Broadly stable total PMI cigarette and SFP shipment volume, with high-single digit SFP shipment volume growth, and a cigarette shipment volume decline of around 3%;
Net revenue growth of 5% to 7% on an organic basis;
Organic operating income growth of 7% to 9%;
Full-year amortization of acquired intangibles of $0.50 per share;
Broadly stable net financing costs;
An effective tax rate, excluding discrete tax events, of around 21.5%;
Operating cash flow around $13.5 billion at prevailing exchange rates, subject to year-end working capital requirements;
Capital expenditures of $1.4 to $1.6 billion, predominantly supporting the smoke-free business;
Further net debt to adjusted EBITDA ratio improvement as we target a ratio of close to 2.0x by the end of 2026, at prevailing exchange rates;
No share repurchases; and
Second quarter adjusted diluted EPS of $2.02 to $2.07, including an estimated favorable currency impact of 2 cents at prevailing exchange rates.

For earnings history and earnings-related data on Philip Morris International (PM) click here.

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