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Dec 31, 2025
Philip Morris Q4 2025 Earnings Report
Philip Morris delivered strong fourth-quarter growth driven by smoke-free products.
Key Takeaways
Philip Morris reported solid Q4 revenue growth, higher operating income, and strong performance from smoke-free products, partially offset by declining cigarette volumes.
Smoke-free products exceeded 50% of net revenues in most regions.
Heated tobacco unit shipments grew at a high-single-digit rate.
Combustible products delivered pricing-led revenue growth.
Adjusted operating margins remained strong despite cost pressures.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Management guided for continued growth supported by smoke-free product expansion and pricing.
Positive Outlook
- Strong momentum in smoke-free products.
- Continued HTU volume growth.
- Pricing strength in combustibles.
- Expanding smoke-free margins.
- Clear multi-year growth targets.
Challenges Ahead
- Ongoing decline in cigarette volumes.
- Higher marketing and R&D investments.
- Currency volatility risks.
- Regulatory uncertainty in some markets.
- Inflationary cost pressures.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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