Philip Morris International Inc
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+ FollowMarket Cap$325.42B
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Earnings Call Q3 2026
October 21, 2026 - AI Summary
Strong Q3 + “best-in-class” momentum; profit & EPS beat
- Net revenues: +$7.1% organic (+$5.5% in dollars) to $11.4B.
- Operating income: > $5B adjusted operating income for the first time; adjusted OI margin close to 45% (≈ +10.5% organic OI / +9.6% in dollars).
- Adjusted diluted EPS: $2.36, +6% excluding currency to a record quarterly level (growth also reduced by prior-year low tax comparison and FX).
Volume/shipments: smoke-free strong; combustibles resilient; mix helps margins
- Total shipments: +0.6% in Q3 (outperforming a broadly stable industry).
- Smoke-free shipments: +2.7% in Q3; +6.4% year-to-date, with Q3 benefiting from IQOS and growth acceleration in E-vapor.
- IQOS HTUs: 41.5B units in Q3 (+6.7% YTD).
- Oral smoke-free: +1.8% Q3 (supported by new U.S. variants + ZYN international + Swedish snus).
- ZYN: U.S. Q3 shipments +4% (+13% excluding Sept. 2025 promotions); international acceleration.
- E-vapor (VEEV): shipments +62% in Q3 (step-up; strong in Europe).
- Combustibles: Cigarettes flat in Q3 vs industry -1.1%; pricing up, with some benefit from distribution-term restructuring.
Full-year outlook tempered by costs & U.S. investment—management guides to mid/lower range
- Net revenues: still +5% to +7% organic; confidence that performance could be middle/upper portion due to stronger Q4 international smoke-free.
- Operating income (organic): +7% to +9%, but guidance implies geopolitical cost pressure and heavy U.S. reinvestment weigh in H2.
- Adjusted diluted EPS (currency neutral): $8.29–$8.44, ~+10% to +12% in dollar terms; management expects delivery more likely midpoint/lower half.
- Key drag quantified: about ~0.5 percentage point cost impact from geopolitical inflation (Middle East/energy/shipping) + ~0.5 point from Ukraine disruptions (product destruction/supply-chain impacts), i.e., ~1 point combined growth headwind.
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$206.53
2.3% downside
Current Fair Value
2.3% downsideOvervalued by 2.3% based on the discounted cash flow analysis.
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Share Statistics
| Market cap | $325.42 Billion |
|---|---|
| Enterprise Value | $369.02 Billion |
| Annual dividend | $6.01 |
| Dividend yield | 2.88% |
| Earnings per Share | $7.27 |
| Beta | 0.36 |
| Outstanding Shares | 1,562,820,513 |
Return
| Return on Equity | -137.09% |
|---|---|
| Return on Assets | 16.31% |
| Return on Invested Capital | 41.03% |
Valuation & Multiples
| P/E Ratio | 30.48 |
|---|---|
| PEG | -642.49 |
| Price to Sales | 7.83 |
| Price to Book Ratio | -52.83 |
| Enterprise Value to Revenue | 8.55 |
| Enterprise Value to EBIT | 21.66 |
| Enterprise Value to Net Income | 33 |
| Total Debt to Enterprise | 0.14 |
| Debt to Equity | -6.34 |
Revenue Sources
No data
Last Earnings Call
Report Date
October 21, 2026
EPS Estimate
$2.30
Consensus analyst estimateRevenue Estimate
$11.32 B
Consensus analyst estimateNext Earnings Call
Expected Date
February 5, 2027
EPS Estimate
$1.85
Consensus analyst estimateRevenue Estimate
$10.86 B
Consensus analyst estimateInstitutional Put/Call Ratio
Compares institutional put options with call options. At 14.04, the ratio is above 1, so institutions hold more puts than calls. That is a more cautious stance.
| Put/Call Ratio | 14.0435▲ 1273.69% |
|---|---|
| Total Calls | 2,300▼ 99.96% |
| Total Puts | 32,300▼ 99.56% |
Institutional Ownership
Holdings and activity of institutional investors.
| Ownership % | 3.21%▼ 80.99% |
|---|---|
| Total Invested | $9.56B▼ 95.98% |
| Investors Holding | 1,336▼ 1683.00% |
About Philip Morris International Inc
84,900 employees
CEO: Andre Calantzopoulos
Philip Morris International Inc. is a tobacco enterprise dedicated to achieving a smoke-free future and diversifying its product range beyond traditional tobacco and nicotine over the long term. The company's principal offerings encompas...