Achieved fifth consecutive year of total volume growth, with net revenues surpassing $40 billion and smoke-free products (SFP) driving performance, now available in 106 markets and accounting for over 50% of net revenues in 27 markets.
Adjusted diluted EPS grew 15% in dollar terms to $7.54, the strongest since 2011 (excluding 2021), with currency-neutral growth of 14.2%.
Smoke-free product volumes grew 12.8% year-over-year, with IQOS, ZYN, and VEEV as key drivers, and over 43 million adult consumers globally.
Strong cash flow generation supported progressive shareholder returns and continued investment in premium brands.
Provided 2026–2028 growth targets, aiming for continued strong performance and sustainable shareholder value.
2025 net revenues grew 7.3% year-over-year to $40.6 billion; organic growth was 6.5%.
Adjusted operating income rose 10.6% to $16.4 billion, with margin expansion to 40.4%.
Adjusted diluted EPS was $7.54, up 14.8% from 2024; operating cash flow reached $12.2 billion.
Gross margin increased by 270 basis points to 69.5% for SFPs and 65.5% for combustibles.
Fourth-quarter 2025 net revenues were $10.4 billion, up 6.8% reported year-over-year.
2026 organic net revenue growth forecast at 5%-7%; adjusted diluted EPS projected at $8.38–$8.53, up 11.1%–13.1% (including currency).
Currency-neutral adjusted diluted EPS growth expected at 7.5%-9.5%.
Operating cash flow projected to accelerate to ~$13.5 billion in 2026.
2026–2028 CAGR targets: 6%-8% for net revenues, 8%-10% for operating income, and 9%-11% for adjusted diluted EPS (excluding currency).
Capital expenditures projected at $1.3–$1.6 billion per year, with net debt to adjusted EBITDA targeted near 2.0x by end of 2026.
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Philip Morris first saw the light of day when Mr. Philip Morris, in 1847, opened a shop on London’s Bond Street, selling tobacco and ready-made cigarettes.
Philip Morris is the leader in manufacturing and selling cigarettes, tobacco, and nicotine-containing products. They are the makers of Marlboro, the world’s best-selling cigarette. Despite operating in an industry plagued by scandal, health concerns, regulations, and taxation, Philip Morris has continuously posted record-breaking profits and sales year after year.
As this industry is highly controversial, Philip Morris, early on, diversified their interests and expanded into international markets. By acquiring Miller Brewing in 1970, General Foods in 1985, and Kraft Inc. in 1988, Philip Morris became the world’s largest food corporation and beverage company in North America by revenue. Philip Morris is, on their behalf, owned by Altria.
Further reading: The Rise of ZYN: Redefining Nicotine Consumption
Today’s Philip Morris expects a bright future for heat-not-burn (HNB) tobacco products sold under its “I Quit Original Smoking” (IQOS) brand. In 2021, the number of adults who have stopped smoking and switched to IQOS reached 15.3 million across 71 markets.
"We are investing behind innovation and delivering sustainable growth from our leading smoke-free products, which are a much better choice than continued smoking." – James Bushnell, Vice President, Investor Relations & Financial Communications
Other companies within the business are British American Tabacco, Japan Tabacco Inc, and Imperial Brands.
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