Q4 25 EPS
$1.70
BEAT +0.00%
Est. $1.70
Q4 25 Revenue
$10.36B
MISS 0.59%
Est. $10.42B
vs S&P Since Q4 25
-13.4%
TRAILING MARKET
PM -9.1% vs S&P +4.3%
Full Year 2025 Results
FY 25 EPS
$7.54
MISS 0.08%
Est. $7.55
FY 25 Revenue
$40.65B
MISS 0.02%
Est. $40.66B
Market Reaction
Did PM Beat Earnings? Q4 2025 Results
Philip Morris International closed out 2025 on steady footing, matching Wall Street's earnings target precisely while revenue came in just shy of expectations, painting a picture of a company in durable, if not spectacular, transition. The tobacco gi… Read more Philip Morris International closed out 2025 on steady footing, matching Wall Street's earnings target precisely while revenue came in just shy of expectations, painting a picture of a company in durable, if not spectacular, transition. The tobacco giant posted Q4 adjusted diluted EPS of $1.70, exactly in line with the $1.70 consensus estimate, while revenue of $10.36 billion rose 6.8% year-over-year but fell about 0.59% short of the $10.42 billion analysts had anticipated. The miss was modest, and the underlying growth story remained intact, anchored by a smoke-free business that now accounts for 41.5% of total net revenues, with ZYN nicotine pouches in the U.S. Shipping 196 million cans in the quarter alone, up over 19%. Analysts maintaining a moderate buy consensus on the stock appear encouraged by forward guidance, with PMI projecting 2026 adjusted diluted EPS of $8.38 to $8.53, representing growth of 11.1% to 13.1% over 2025, supported by expected operating cash flow of approximately $13.50 billion.
Key Takeaways
- • Strong smoke-free product volume growth driving revenue mix improvement
- • Higher combustible tobacco pricing generating favorable price variance
- • IQOS HTU adjusted IMS growth accelerating to 12% in Q4
- • ZYN nicotine pouch volume growth of over 19% in Q4 in the U.S.
- • VEEV e-vapor shipment volumes more than doubled on a full-year basis
- • Adjusted operating income margin expansion of 1.6pp to 40.4% for the full year
PM YoY Financials
Q4 2025 vs Q4 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 another remarkable year of results in 2025, with a fifth consecutive year of volume growth, net revenues surpassing $40 billion, including close to $17 billion from our smoke-free business, and very good operating margin expansion.”
— Jacek Olczak, Q4 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% |