Philip Morris International (PM) Earnings: Q3 2026 Results

The quarter ended September 30, 2026 and Philip Morris International published the results on October 21, 2026. Revenue and diluted EPS are shown against Q3 2025, the same quarter a year earlier, which takes seasonal swings out of the comparison. Philip Morris International reports EPS two ways: GAAP, under the accounting rules every US filer follows, and adjusted, which leaves out items the company considers outside its operating results. The release reconciles the two, and when they diverge, the reconciliation says why.

• Philip Morris International reports net revenues net of excise tax on products. Excise tax on products was $15,139 million in Q3 2026 and $14,221 million in Q3 2025.
• Effective January 1, 2026, Philip Morris International replaced its four geographic segments with three: International Smoke-Free, International Combustibles and U.S. The year-ago segment figures are on the new basis.
• Adjusted diluted EPS is Philip Morris International's own non-GAAP measure. It excludes amortization of intangibles, fair value adjustments for equity security investments and other items listed in the release.

Source: Philip Morris International Q3 2026 results, October 21, 2026. Also in the Form 10-Q for the quarter ended September 30, 2026. Figures as reported; checked against the release on November 10, 2026.

How Philip Morris International splits revenue in its own release, under its own labels, for Q3 2026 against Q3 2025. Indented lines are parts of the line above them.

• Philip Morris International's International Smoke-Free revenue was $3.9 billion in Q3 2026, up 1% from $3.8 billion in Q3 2025, 34% of total revenue.
• Philip Morris International's International Combustibles revenue was $6.7 billion in Q3 2026, up 6% from $6.3 billion in Q3 2025, 59% of total revenue.
• Philip Morris International's U.S. revenue was $845 million in Q3 2026, up 23% from $689 million in Q3 2025, 7% of total revenue.

Segment lines are the figures writers cite most often, because they show where the growth in a quarter came from. Companies redraw their segments from time to time and restate the prior year to match, so a year-ago figure here can differ from the one printed a year ago. When that has happened, the note above says so.

From the earnings release

In its Q3 2026 release, Philip Morris International said:

“Reported diluted EPS is forecast to be in a range of $7.11 to $7.26, at prevailing exchange rates.”

“Excluding a total 2026 adjustment of $1.18 per share, this forecast represents a projected increase of 9.9% to 11.9% versus adjusted diluted EPS of $7.54 in 2025.”

“Net revenue growth of 5% to 7% on an organic basis; with a greater likelihood to be in the middle or upper-half of the range, supported by a fourth-quarter reacceleration in international smoke-free”

“Organic operating income growth of 7% to 9%; with a greater likelihood to be in the middle or lower-half of the range”

Source: Philip Morris International Q3 2026 release, Oct 21, 2026.

This is the company's own guidance as of Oct 21, 2026, quoted as given. Walnut does not make forecasts of its own. Analyst estimates for the coming quarters are on the PM forecast page.

Revenue and diluted EPS for the last 5 quarters. Each date links to that quarter's release.

GAAP net revenues and reported diluted EPS, each as first printed in that quarter's release. Adjusted EPS is left out because the adjusting items change from quarter to quarter.

We do not hold a confirmed date for Philip Morris International's next report. Companies post the date on their investor relations site a few weeks ahead, usually with the time of the conference call.

Each quarter keeps its own page with the figures as reported, so a link to one stays pointed at the same numbers after the next report.

• Q3 2026 (this page), reported Oct 21, 2026

Philip Morris International's net revenues were $11,438 million in Q3 2026, against $10,845 million a year earlier, up 5.5% and 7.1% on an organic basis. The figure is shown net of excise tax on products, which came to $15,139 million in the quarter, more than the net revenues themselves. (Philip Morris International Q3 2026 release, Oct 21, 2026; Philip Morris International Form 10-Q, Q3 2026, Oct 23, 2026)

Since January 1, 2026 Philip Morris International reports three segments. International Combustibles brought in $6,725 million, International Smoke-Free $3,867 million and U.S. $845 million. By product, smoke-free net revenues were $4,625 million (U.S. smoke-free $758 million, of which wellness $74 million) and combustible tobacco $6,812 million. (Philip Morris International Form 10-Q, Q3 2026, Oct 23, 2026)

Pricing did most of the work in the quarter. International Combustibles net revenues grew 6.5% (7.8% organically) on 8.9% pricing, and Philip Morris International said the quarter also benefited from a favorable restructuring of distribution terms in certain markets that is not expected to recur at the same level. International Smoke-Free grew 0.7% (3.4% organically) against a challenging heated tobacco unit comparison due to the phasing of shipments, notably in Japan. Currency took $155 million off total net revenues. (Philip Morris International Q3 2026 release, Oct 21, 2026)

Volumes were close to flat. Total shipments were 206.2 billion units, up 0.6%, with cigarettes at 158.0 billion and smoke-free products up 2.7%. IQOS heated tobacco unit shipments rose 1.5% to 41.5 billion units. In the U.S., ZYN shipments grew 4.2% to 3.2 billion pouches and segment net revenues rose 22.7%, helped by favorable pricing comparisons against promotions a year earlier. (Philip Morris International Q3 2026 release, Oct 21, 2026)

Philip Morris International's sales are concentrated in a few places. Japan, its largest market, accounted for $4.2 billion of net revenues in 2025. In 2025 one customer in the former EA, AU & PMI GTR segment accounted for 10% of consolidated net revenues and one customer in the former Europe segment for 12%. (Philip Morris International Form 10-K, 2025, Feb 6, 2026)

Philip Morris International's reported diluted EPS fell 4.9% to $2.12 in Q3 2026 while adjusted diluted EPS rose 5.4% to $2.36. The gap of $0.24 is made up of amortization of intangibles ($0.13), a fair value adjustment for equity security investments ($0.06), a Dutch pension plan buy-out loss ($0.04) and the income tax impact associated with Swedish Match AB financing ($0.01). The company said the reported decline was mainly due to the non-cash fair value adjustment. (Philip Morris International Q3 2026 release, Oct 21, 2026)

The year-ago quarter had its own one-offs: a $0.10 Germany excise tax classification litigation charge, a $0.09 impairment of the Wellness business related equity investment, and $0.14 of favorable tax items. Adjusted EPS excluding currency was $2.37, up 5.8%, after a one cent unfavorable currency impact. (Philip Morris International Q3 2026 release, Oct 21, 2026)

The effective tax rate was 21.5% in Q3 2026, against 18.7% a year earlier. Diluted weighted-average shares were 1,560 million against 1,558 million, and Philip Morris International bought back no shares under a repurchase program in the quarter; its 2026 forecast assumes no share repurchases. Net earnings attributable to the company were $3,313 million, against $3,478 million. (Philip Morris International Form 10-Q, Q3 2026, Oct 23, 2026; Philip Morris International Q3 2026 financial schedules (Exhibit 99.2), Oct 21, 2026; Philip Morris International Q3 2026 release, Oct 21, 2026)

Diluted EPS divides net income by the weighted average number of shares outstanding in the quarter, plus the shares that options and other equity awards could add. Buybacks shrink that count and lift EPS for the same profit; share issuance and stock awards enlarge it.

Philip Morris International publishes a full-year forecast in its release and updates it each quarter. In the Q3 2026 release it forecast 2026 reported diluted EPS of $7.11 to $7.26 and adjusted diluted EPS of $8.29 to $8.44, an increase of 9.9% to 11.9% over adjusted EPS of $7.54 in 2025, including a favorable currency impact of $0.18 (previously $0.24). It changed the forecast for currency only. (Philip Morris International Q3 2026 release, Oct 21, 2026)

The same release guided organic net revenue growth of 5% to 7%, more likely in the middle or upper half, and organic operating income growth of 7% to 9%, more likely in the middle or lower half, citing energy-related cost pressure from the Middle East conflict and a step-up in U.S. investment behind ZYN. It also assumed operating cash flow of around $13.5 billion and capital expenditures of $1.4 to $1.6 billion. (Philip Morris International Q3 2026 release, Oct 21, 2026)

A consensus figure is the average of the models published by the analysts who cover Philip Morris International, collected by a data provider and revised up to the day of the report. A quarter that lands above it says how expectations were set as much as how the business did, and the share price on the day also reflects the guidance and the lines no consensus covers.

The consensus figures on this page are Yahoo Finance's, as pulled on the date shown. Each comes with the number of analysts behind it; the smaller that number, the more one revised estimate can move the average.

The figures below are the ones Philip Morris International's own release and filings put weight on for Q3 2026, with the latest reported value for each.

What the quarter means for a holding is a separate question from what it reported. The case for and against owning PM is on is PM a buy or a sell?, what analysts expect next is on the PM forecast, and what the company does is on the Philip Morris International (PM) stock page.

Every number on this page can be traced to a document Philip Morris International published. Checking one takes a couple of minutes, and it is worth doing before you quote a figure anywhere.

• The results release is the document linked in the source line above. Companies publish it on their investor relations site at the moment results go out, and it carries the headline tables: revenue, operating income, net income and EPS for the quarter and the year-ago quarter.
• The same release is filed with the SEC as Exhibit 99.1 to a Form 8-K under Item 2.02, usually on the day of the report. The SEC copy does not change after the fact, which makes it the safer thing to link when you cite a number.
• The quarterly report (Form 10-Q) follows within a few weeks and carries the full financial statements, the segment note and management's discussion of what changed. The fourth quarter is covered by the annual report (Form 10-K) instead.
• Restated comparisons are flagged in the notes on this page. When a company redraws its segments or changes how it adjusts EPS, it restates the year-ago column, so the year-ago figure in a new release can differ from the one printed a year ago. This page always uses the comparison in the newer release, because that is the like-for-like one.

A walk-through of every line in a release, with what each one tells you, is in how to read an earnings report.