Q4 2025 Philip Morris International Inc Earnings Call Transcript

Feb 06, 2026 / 02:00PM GMT

Release Date Price: CHF143 (+2.14%)

Transcript 10-K8-K

Key Points

Positve

Philip Morris International Inc (PM) achieved a fifth consecutive year of positive volumes, driven by a 12.8% growth in smoke-free products.
The company reported a significant 18.7% organic smoke-free gross profit growth, with IQOS as the core driver.
Philip Morris International Inc (PM) delivered a 15% adjusted diluted EPS growth in dollar terms, marking the strongest growth since 2011, excluding the pandemic recovery year.
The company's smoke-free products now represent over 41.5% of total net revenues, with a substantial increase in gross profit contribution.
Philip Morris International Inc (PM) continues to expand its global smoke-free presence, reaching 106 markets, with 52 markets deploying a multi-category strategy.

Negative

The company faces transitory headwinds in 2026, including excise tax increases in Japan and the US, which may impact smoke-free volume growth.
Supply chain issues in Turkey and a more normalized industry volume decline affected the combustibles segment.
The nicotine pouch category remains nascent in most geographies, posing challenges for growth.
Philip Morris International Inc (PM) anticipates shipment volatility in 2026 due to in-market sales trends around excise increases.
The competitive environment in the US for nicotine pouches is highly dynamic, with regulatory uncertainties impacting growth potential.

Operator

Good day, and thank you for standing by. Welcome to the Philip Morris International Inc 2025 fourth quarter results conference call. (Operator Instructions) Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, James Bushnell, VP of Investor Relations and Financial Communications. Please go ahead.

James Bushnell

Philip Morris International Inc - IR Contact Officer

Welcome. Thank you for joining us. Earlier today, we issued a press release containing detailed information on our 2025 fourth quarter and full year results. The press release is available on our website at pmi.com. A glossary of terms, including the definition for smoke-free products as well as adjustments, other calculations and reconciliations to the most directly comparable US GAAP measures for non-GAAP financial measures cited in this presentation are available in the company's Form 8-K dated today's date and on our IR website.

Today's remarks contain forward-looking statements and projections of future results.

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