Short answer
Philip Morris International (PM) filed its fiscal 2025 10-K annual report with the SEC on Feb 6, 2026. It reported revenue of $40.6B (+7.3% year over year) and net income of $11.3B.
- Top risk flagged: Regulatory risk: Russian divestment subject to complex local regulatory approval and international restrictions, risking material impairment of $4.8B in total Russian assets
FY2025 key financial metrics · XBRL
- Revenue
- $40.6B
- +7.3% YoY
- Net income
- $11.3B
- +60.8% YoY
- Operating margin
- 36.6%
- +1.3 pp YoY
- Gross margin
- 67.1%
- +2.3 pp YoY
- EPS (diluted)
- $7.26
- +60.6% YoY
- ROE
- -113.5%
- −53.5 pp YoY
- Operating cash flow
- $12.2B
- +0.1% YoY
Source: XBRL data from the Philip Morris International (PM) FY2025 10-K on SEC EDGAR. USD.
Philip Morris International FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business: international consumer goods company focused on cigarettes and smoke-free products including heat-not-burn, nicotine pouch, and e-vapor
- New emphasis on smoke-free portfolio expansion with acquisition of Swedish Match in November 2022, adding oral nicotine delivery brands IQOS and ZYN
- Strategic U.S. market control gained by ending Altria relationship and holding full IQOS commercialization rights as of April 30, 2024
- FDA authorized marketing and first-ever Modified Risk Tobacco Product orders for IQOS devices, consumables, General snus, and ZYN nicotine pouches
- Over $16 billion invested since 2008 in smoke-free product development, scientific validation, and commercialization initiatives
Management Discussion & Analysis
- Cash and cash equivalents $4.9B in 2025 vs $4.2B in 2024, including $2.3B held in Russia vs $1.0B prior year
- Total debt increased to $48.8B in 2025 from $45.7B in 2024, weighted-average debt maturity ~7 years
- Dividends paid $8.6B in 2025, quarterly dividend increased 8.9% to $1.47 per share, annualized rate $5.88 per share
- Commercial paper program capacity $8.0B; no outstanding commercial paper at year-end 2025 or 2024; average balance $3.0B vs $1.3B
- Management expects liquidity requirements met by cash flows, debt financing, and credit facilities; foreign currency risks from capital controls noted in Argentina and Russia
Risk Factors
- Regulatory risk: Russian divestment subject to complex local regulatory approval and international restrictions, risking material impairment of $4.8B in total Russian assets
- Geopolitical risk: War in Ukraine suspends Kharkiv factory; new $30M production facility started April 2024 supports $0.7B in Ukrainian assets
- Operational risk: Reliance on contract manufacturing and production outside Ukraine due to local safety issues
- Financial risk: $2.3B cash held mostly in Russian rubles exposing liquidity to currency and geopolitical volatility
- Investment risk: $303M carrying value equity stake in JSC TK Megapolis distributor in Russia with uncertain market conditions
Generated from the filing text; verify against the original. How to read a 10-K
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