Q3 25 EPS
$2.24
BEAT +6.88%
Est. $2.10
Q3 25 Revenue
$10.85B
BEAT +1.74%
Est. $10.66B
vs S&P Since Q3 25
+9.2%
BEATING MARKET
PM +16.6% vs S&P +7.4%
Market Reaction
Did PM Beat Earnings? Q3 2025 Results
Philip Morris International capped a record-setting third quarter with results that cleared Wall Street's expectations on both the top and bottom lines, as the company's accelerating smoke-free transformation drove earnings per share to $2.24, beatin… Read more Philip Morris International capped a record-setting third quarter with results that cleared Wall Street's expectations on both the top and bottom lines, as the company's accelerating smoke-free transformation drove earnings per share to $2.24, beating the $2.10 consensus by 6.88%, while revenue climbed 9.4% year-over-year to $10.85 billion, ahead of the $10.66 billion estimate by 1.74%. The single most material force behind the beat was smoke-free momentum, with that segment now representing 41% of total net revenues and posting 17.7% net revenue growth, anchored by IQOS volume gains and a 39% offtake acceleration for ZYN nicotine pouches in the U.S. Stifel reiterated a Buy rating on the stock, pointing to the smoke-free portfolio as a durable growth engine relative to consumer staples peers. Management lifted its full-year 2025 adjusted EPS guidance to $7.46 to $7.56, implying growth of 13.5% to 15.1% versus 2024, and said operating cash flow would exceed $11.50 billion for the year.
Key Takeaways
- • Smoke-free product shipment volumes grew 16.6%, driving total PMI volume growth of 0.7%
- • ZYN U.S. offtake growth accelerated to 39% in Q3 per Nielsen estimates
- • HTU adjusted IMS volume grew 9.0% globally against a strong prior year comparator
- • Combustible pricing drove favorable pricing variance of $305 million
- • IQOS HTU adjusted market share in Japan increased 1.8pp to 31.7%
- • Europe HTU adjusted IMS reached record 15 billion units, growing 7.3%
- • VEEV e-vapor shipment volumes grew 91.0%
PM YoY Financials
Q3 2025 vs Q3 2024, source: SEC Filings
PM Revenue by Segment
With YoY comparisons, source: SEC Filings
PM Revenue by Geography
With YoY comparisons, source: SEC Filings
“In the third quarter, we continued to invest in the growth of our increasingly profitable smoke-free business, while achieving record quarterly smoke-free gross profit and adjusted diluted EPS.”
— Jacek Olczak, Q3 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% |