Q3 FY26 · Ended Sep 30, 2026 · View SEC filing
Selling made more money, yet earnings fell
Investment losses, a higher tax rate and pension costs, not the products, pulled net earnings attributable to PMI down 4.7%.
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Cigarette pricing lifted combustibles 6.4%, ahead of 4.1% for smoke-free, the opposite of the company's stated direction.
Marketing, administration and research fell to 26.2% of revenue, helped by a one-off charge in last year's quarter.
Cash from operations runs negative early in the year, then outruns earnings, because PMI collects excise before paying it.
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Business Lens describes Philip Morris International from its own filings with the SEC. It is not a view on its shares, a target, or advice to buy, sell or hold anything; figures are as filed and may be restated by the company later. The filing is linked above.
