Q1 25 EPS
$1.69
BEAT +4.79%
Est. $1.61
Q1 25 Revenue
$9.30B
BEAT +1.71%
Est. $9.14B
vs S&P Since Q1 25
-32.4%
TRAILING MARKET
PM +2.2% vs S&P +34.6%
Market Reaction
Did PM Beat Earnings? Q1 2025 Results
Philip Morris International opened 2025 with a strong first quarter, posting earnings per share of $1.69 against a consensus estimate of $1.61, a beat of 4.79%, while revenue of $9.30 billion topped the $9.14 billion estimate by 1.71% and climbed 5.8… Read more Philip Morris International opened 2025 with a strong first quarter, posting earnings per share of $1.69 against a consensus estimate of $1.61, a beat of 4.79%, while revenue of $9.30 billion topped the $9.14 billion estimate by 1.71% and climbed 5.8% year over year. The standout driver behind the outperformance was the company's smoke-free business, which now accounts for 42% of total net revenues and delivered organic revenue growth exceeding 20% in the period, with U.S. ZYN nicotine pouch shipments surging 53% to exceed 200 million cans as expanded production capacity came online ahead of schedule. IQOS continued to gain ground internationally, reaching a record 32.2% adjusted market share in Japan and 11.4% in Europe. With momentum firmly in place, PMI raised its full-year adjusted diluted EPS guidance to $7.36 to $7.49, representing growth of 12% to 14%, and projected operating cash flow exceeding $11.00 billion for the year, reinforcing confidence in the company's ongoing shift toward smoke-free products.
Key Takeaways
- • Smoke-free business organic net revenue growth of over 20% and organic gross profit growth of over 33%
- • IQOS HTU adjusted IMS volume grew 9.4% globally
- • ZYN U.S. shipments grew 53%, exceeding 200 million cans, beating initial expectations
- • Strong combustible pricing contributing to favorable pricing variance
- • Adjusted operating income margin expanded 2.5 percentage points to 40.7%
- • IQOS market share gains in Japan (up 3.0pp to record 32.2%) and Europe (up 1.2pp to record 11.4%)
- • VEEV e-vapor shipment volumes more than doubled
PM YoY Financials
Q1 2025 vs Q1 2024, source: SEC Filings
PM Revenue by Segment
With YoY comparisons, source: SEC Filings
PM Revenue by Geography
With YoY comparisons, source: SEC Filings
“We achieved exceptionally strong performance in the first quarter, with continued volume growth supporting an excellent top-line performance and very strong margin expansion.”
— Jacek Olczak, Q1 2025 Earnings Press Release
PM Earnings Trends
PM vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
PM EPS Trend
Earnings per share: estimate vs actual
PM Revenue Trend
Quarterly revenue: estimate vs actual
PM Quarterly Results
5 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 | — | $1.96 | — | $10.15B | — |
| Q4 25 BEAT FY | $1.70 | $1.70 | +0.00% | $10.36B | -0.59% |
| FY Full Year | $7.55 | $7.54 | -0.08% | $40.65B | -0.02% |
| Q3 25 BEAT | $2.10 | $2.24 | +6.88% | $10.85B | +1.74% |
| Q2 25 BEAT | $1.86 | $1.91 | +2.80% | $10.14B | -1.80% |
| Q1 25 BEAT | $1.61 | $1.69 | +4.79% | $9.30B | +1.71% |