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Jun 30, 2025
Philip Morris Q2 2025 Earnings Report
Philip Morris reported strong Q2 2025 results with record net revenues and solid smoke-free product growth.
Key Takeaways
Philip Morris International posted robust Q2 2025 results, with revenue exceeding $10 billion, strong EPS growth, and accelerated smoke-free product adoption, led by IQOS and ZYN momentum.
Reported diluted EPS rose to $1.95, adjusted EPS at $1.91
Net revenues grew to $10.1 billion, driven by smoke-free products
Operating income reached $3.7 billion, up 7.8% year-over-year
Smoke-free business accounted for 41% of total net revenues
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
PMI raised its full-year guidance, expecting EPS growth of 13% to 15%, driven by smoke-free product momentum and strong pricing power.
Positive Outlook
- Full-year adjusted EPS forecasted at $7.43–$7.56
- Smoke-free product volume expected to grow 12% to 14%
- Operating income growth projected at 11% to 12.5%
- HTU shipment growth rate broadly in line with 2024
- U.S. nicotine pouch shipment forecast at 800–840 million cans
Challenges Ahead
- Expected cigarette volume declines of around 2%
- International industry volume expected to decline around 1%
- Higher marketing and research costs projected
- Regulatory risks in certain markets remain a concern
- No share repurchases planned for 2025
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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