⚡What does Philip Morris International do, in 30 seconds?
Philip Morris International (PMI) sells cigarettes, including Marlboro outside the United States, and smoke-free nicotine products such as IQOS and ZYN 418. PMI's annual report says smoking cigarettes causes serious diseases 2. It says the best way to avoid the harm is never to start or to quit 2. The World Health Organization says tobacco kills more than 7 million people each year 7. That includes over 1.6 million non-smokers exposed to second-hand smoke 7. PMI's annual report also says its smoke-free products contain addictive nicotine and are not risk-free 2. Net revenues, which are reported after excise taxes 14, were $40.6bn ✓ in FY2025. Cigarettes and other burned products made up 59% ✓ of that. The smoke-free business, which also counts wellness products and accessories, made up 41% ✓.
📱What does Philip Morris International sell?
PMI sells two groups of products: cigarettes and other products that burn tobacco 1, and smoke-free nicotine products 4.
Cigarettes and other combustibles
Cigarettes and other burned products, mainly roll-your-own and make-your-own cigarettes, pipe tobacco, cigars and cigarillos 1. PMI's annual report says smoking cigarettes causes serious diseases 2. PMI shipped 607.4 billion cigarettes in 2025, down 1.5% from 2024 3. PMI says Marlboro is the world's best-selling international cigarette 4. Marlboro was about 43% of PMI's cigarette shipment volume in 2025 4. Other brands include Parliament, Chesterfield, L&M and Philip Morris 4. PMI also owns local brands such as Dji Sam Soe and Sampoerna A in Indonesia, and Fortune and Jackpot in the Philippines 4. This group brought in $23.8bn ✓ in FY2025.
👥 People who smoke. PMI's cigarettes are sold in about 170 markets 4.
Smoke-free products
PMI's term for products that deliver nicotine without burning tobacco: heat-not-burn, e-vapor and oral smokeless products 4. PMI's annual report says they contain nicotine, which is addictive, and are not risk-free 2. IQOS is a device that heats a tobacco unit to make an aerosol 2. PMI shipped 155.1 billion heated tobacco units in 2025, up 11.0% from 2024 3. ZYN nicotine pouches came to PMI with Swedish Match 2. PMI says ZYN is the leading smoke-free product brand in the U.S. market 2. PMI began launching its VEEV e-vapor brand in August 2020 2. VEEV was sold in 47 markets by the end of 2025 2. This group brought in $16.9bn ✓ in FY2025. That total also counts wellness products and accessories such as lighters and matches 4.
👥 PMI estimated that more than 43 million legal-age consumers were using its smoke-free products at 31 December 2025 6. The WHO says nicotine is highly addictive and harmful, particularly for children and adolescents 7. The FDA said in January 2025 that youth should not use tobacco products 8.
How the mix has shifted
Where the customers are
Europe is PMI's largest region, at 42% ✓ of FY2025 net revenues. South and Southeast Asia, the CIS, the Middle East and Africa added 30% ✓. East Asia, Australia and duty free added 16% ✓, and the Americas 12% ✓. Russia accounted for around 6% of PMI's net revenues in 2025 22. From January 1, 2026, PMI replaced these four regions with three segments: International Smoke-Free, International Combustibles and U.S. 39.
💸How does Philip Morris International make money?
Follow the money: what customers pay for, what it costs to make, and what is left as profit.
PMI's net revenues were $40.6bn ✓ in FY2025. That figure is after deducting excise taxes, the special taxes governments charge on tobacco 14. Excise tax on PMI's products was $53,211 million in 2025 14. Making those products cost $13.4bn ✓. What is left is gross profit, the money kept after paying for what was sold. That came to $27.3bn ✓.
Next come the costs of running the company. Research and development took $0.8bn ✓, and other operating costs took $11.6bn ✓. What remains is operating profit, the profit from the main business, which was $14.9bn ✓. Interest and other items outside the main business came to -$0.8bn ✓, and income tax was $2.7bn ✓. That left net income of $11.3bn ✓. Put simply, out of every hundred dollars of net revenues, PMI kept about $28 ✓ as profit.
Out of every $100 customers paid in FY2025…
📈How is Philip Morris International doing?
PMI's net revenues grew 7.3% ✓ in FY2025 to $40.6bn ✓. Pricing added $1,536 million to 2025 net revenues, and volume and mix added $920 million 1. PMI said the pricing gain came from higher combustible tobacco prices 1. It shipped 786.5 billion equivalent units of cigarettes and smoke-free products in 2025, up 1.4% from 2024 3. Operating margin was 36.6% ✓. Free cash flow was $10.7bn ✓.
Net income was $11.3bn ✓ in FY2025, against $7.1bn ✓ in FY2024. The FY2024 figure includes a non-cash impairment of $2,316 million on PMI's RBH investment for 2024 17. It also includes a pre-tax loss of $199 million on the sale of Vectura Group 40.
In the third quarter of 2026, net revenues rose 5.5% to $11.4 billion and shipment volume rose 0.6% 21. In the first nine months of 2026, smoke-free shipments rose 6.4% to 143.4 billion units 24. Cigarette shipments fell 1.2% to 452.2 billion 24. In the four quarters to 30 September 2026, net revenues were $43.1bn ✓, up 7.9% ✓ on the four quarters before. Net income in those four quarters was $10.7bn ✓. That includes a non-cash impairment of $511 million on the RBH investment, taken in the second quarter of 2026 30. PMI's 2026 forecast, updated on October 21, 2026, calls for organic net revenue growth of 5% to 7% 21.
PMI took its Canadian subsidiary RBH out of its results on March 22, 2019 1617. That followed court protection for RBH after a Quebec smoking and health judgment 1617. PMI took control of Swedish Match on November 11, 2022 10. Its 2022 results include that business only from that date 10. Net revenues grew 4.8% ✓ a year from FY2016 to FY2025. They rose in 8 ✓ of the 9 ✓ years after FY2016.
📝 The report card
PMI earns top marks for profit, cash and steadiness, a middle mark for growth and the lowest mark for its balance sheet. Every company is graded on the same fixed scale, so an A means the same thing on every page. The strip shows where Philip Morris International (orange) and its 2 peers land; further right is better.
Growth
PMI's net revenues grew 8.6% ✓ a year over the last three fiscal years, which earns a C ✓. FY2022, the starting year, includes Swedish Match only from November 11, 2022 10. Altria's figure was -2.5% ✓, an F ✓, on net revenues that include excise taxes 12. Turning Point Brands grew 13.0% ✓, a B ✓.
Why this measure? (higher is better)
Growing sales is the engine of a business. Mature giants rarely grow fast, so 5% a year already earns a C.
Profitability
Over the last three years combined, PMI kept 35.0% ✓ of net revenues as operating profit, an A ✓. Altria's figure was 45.5% ✓, but Altria's reported net revenues include excise taxes 12. PMI's are reported after deducting them 14, so the two are not measured the same way.
Why this measure? (higher is better)
Operating margin is the share of each sales dollar left after running the business. Software and platforms often clear 30%; hardware makers usually sit below 10%.
Cash generation
Over the last three years combined, PMI turned 25.8% ✓ of net revenues into free cash flow, an A ✓. Altria's figure was 37.3% ✓, again on net revenues that include excise taxes 12.
Why this measure? (higher is better)
Free cash flow is the cash left after paying for factories, data centres and equipment. It funds dividends, buybacks and new bets.
Balance sheet
At the end of FY2025, PMI's cash and investments minus its borrowings equalled -99.5% ✓ of a year's net revenues, an F ✓. In other words, PMI had far more borrowings than cash. That gap was -$40.4bn ✓ at the end of FY2025 and -$37.6bn ✓ at 30 September 2026.
Why this measure? (higher is better)
More cash than debt gives a company room to ride out bad years. Some debt is normal; a lot of it makes a company fragile.
Steadiness
PMI's yearly revenue growth swings by a standard deviation of 4.8% ✓, which earns an A ✓. Those years include the removal of RBH from PMI's results in 2019 1617 and the addition of Swedish Match in November 2022 10.
Why this measure? (lower is better)
Steady growers are easier to plan around. Big swings mean sales depend on product cycles, the economy or one-off events.
🧑🏫 How the grades work
- Same scale for everyone. Each measure has fixed cut-offs (shown under each strip). Clear the A line and you get an A, whatever your peers do.
- Three years together. Profitability and cash generation add up the last three fiscal years before dividing, so one unusual year counts for less than it would on its own (a year much bigger than the others still weighs most).
- Peers for context. The rank shows how Philip Morris International compares with the group. Companies within 0.1 percentage point share a rank.
- Same source. Every company's figures come from its own latest annual report (10-K), so fiscal years end in different months.
- Judgement, openly stated. The cut-offs are QuantVantage.ai's view of what good looks like for a large, established company. They are not a forecast or a recommendation.
10 years at a glance
Where the cash goes
From FY2016 to FY2025, PMI spent $75.5bn ✓ on dividends and buybacks, against $91.0bn ✓ of free cash flow. Dividends were $8.6bn ✓ in FY2025. In the third quarter of 2026, PMI's board raised the quarterly dividend by 8.8% to $1.60 per common share 24.
🧮Ratios 101: what are Philip Morris International's key financial ratios?
RBH left PMI's results in March 2019 1617, and Swedish Match joined in November 2022 10. Altria's reported net revenues include excise taxes 12. PMI's are reported after deducting them 14, so margins and other ratios based on net revenues are not measured the same way. A ratio divides one number by another so companies of any size can be compared. Each card shows the formula with Philip Morris International's real FY2025 numbers, the peer median and the trend.
💰 Profitability: how much of each sale is kept?
Gross margin
What is left from each sale after paying to make the product or deliver the service.
👉 PMI kept 67.1% ✓ of net revenues as gross profit in FY2025, against a median of 59.8% ✓ for its two peers. One of them, Altria, counts excise taxes in net revenues 12.
📏 Rule of thumb: Above 40% usually signals pricing power or a big software or services mix.
Operating margin
What is left after also paying for research, marketing and running the company.
👉 PMI's 36.6% ✓ is above the 31.6% ✓ median of its two peers. One of them, Altria, counts excise taxes in net revenues 12.
📏 Rule of thumb: Above 20% is strong for a large company.
Net margin
The bottom line: profit after interest and taxes, per dollar of sales.
👉 PMI kept 27.9% ✓ of net revenues as final profit in FY2025, above the 21.2% ✓ median of its two peers. One of them, Altria, counts excise taxes in net revenues 12.
📏 Rule of thumb: Above 15% is strong; one-off tax items can move it in a single year.
⚙️ Efficiency: how hard do the assets work?
Return on assets (ROA)
Profit earned from everything the company owns, however it was paid for.
👉 Return on assets was 16.4% ✓ in FY2025, above the 13.7% ✓ peer median.
📏 Rule of thumb: Above 10% is strong; banks and factories usually earn less.
Asset turnover
Dollars of sales squeezed out of each dollar of assets.
👉 PMI's net revenues were 0.6x ✓ the value of everything it owns, close to the 0.6x ✓ peer median.
📏 Rule of thumb: Retailers often top 2x; asset-heavy businesses can sit below 0.5x.
Inventory days
How many days of products sit in warehouses before they are sold.
👉 PMI holds 313 ✓ days of stock, well above the peer median of 122 ✓ days.
📏 Rule of thumb: Fewer days means less cash tied up and less risk of products going stale.
🛟 Safety: could it survive a bad year?
Current ratio
Can short-term assets (cash, money owed by customers, stock) pay the bills due within a year?
👉 PMI's 1.0x ✓ means current assets of $24.4bn ✓ against $25.4bn ✓ of bills due within a year.
📏 Rule of thumb: Above 1.0x is the classic comfort line, but cash-rich giants can run below it on purpose.
Interest cover
How many times over operating profit could pay the year's interest bill.
👉 Operating profit covered interest costs 9.4x ✓ in FY2025, above the 6.1x ✓ peer median.
📏 Rule of thumb: Above 5x is comfortable; below 2x is a warning sign.
💵 Cash and owners: where does the money end up?
Cash conversion
Does reported profit turn into real cash? Free cash flow is operating cash minus capital spending.
👉 PMI turned profit into free cash at 0.9x ✓ in FY2025, a little below the 1.0x ✓ peer median.
📏 Rule of thumb: Near or above 1.0x means profits are backed by cash.
R&D intensity
How much of each sales dollar goes into inventing future products.
👉 PMI spent 1.9% ✓ of net revenues on R&D in FY2025, above the 0.5% ✓ peer median.
📏 Rule of thumb: Tech companies often spend 10% to 20%; more is not always better if it does not pay off.
Shareholder payout
How much of the year's profit was handed back to owners.
👉 PMI paid out 76.0% ✓ of FY2025 profit as dividends, above the 62.0% ✓ peer median.
📏 Rule of thumb: Above 100% means it returned more than it earned, using cash savings or debt.
Ratios use fiscal-year-end balance sheet values. Inputs are shown rounded, so dividing them can differ from the result in the last digit. A peer median leaves out peers that do not report the inputs, or where the ratio means nothing (for example, negative shareholders' equity). Rules of thumb are general guides from QuantVantage.ai, not hard limits. No share-price ratios (like price-to-earnings) are shown on this page.
🥊Who are Philip Morris International's competitors?
PMI's rivals include Altria and Turning Point Brands, along with other tobacco groups 232010. Altria sells Marlboro inside the United States, while PMI owns the brand outside it 18192. Altria's Philip Morris USA is separate from PMI, which Altria spun off in 2008 3334. Altria's reported net revenues include excise taxes 12. PMI's are reported after deducting them 14, so the two are not measured the same way.
| Company | Where they compete | Revenue | Growth/yr (3y) | Op. margin | FCF margin |
|---|---|---|---|---|---|
| Philip Morris International (PM, FY2025) | Cigarettes and smoke-free nicotine products in many markets 4 | $40.6bn | 8.6% | 36.6% | 26.2% |
| Altria (MO, FY2025) | Sells Marlboro inside the U.S., while PMI owns it outside; both sell nicotine pouches in the U.S., Altria's on! and PMI's ZYN 18192 | $23.3bn | -2.5% | 42.5% | 39.0% |
| Turning Point Brands (TPB, FY2025) | Names Swedish Match, owned by PMI since 2022, among its main rivals in moist snuff, chewing tobacco and oral nicotine; Swedish Match also makes all of its U.S. loose-leaf chewing tobacco 2010 | $0.5bn | 13.0% | 20.6% | 9.5% |
PMI also names British American Tobacco, Japan Tobacco and Imperial Brands as competitors 23. It lists new entrants, regional companies and state-owned tobacco firms too, principally in Algeria, Egypt, China, Taiwan, Thailand and Vietnam 23.
🧭Philip Morris International SWOT: strengths, weaknesses, opportunities and threats
💪 Strengths
- PMI estimates its share of cigarette and heated tobacco unit volume outside China and the U.S. was 29.2% in 2025, up from 28.6% in 2023 3.
- PMI's cigarettes are sold in about 170 markets 4, and its smoke-free products were sold in 106 markets at December 31, 2025 4.
- Over the last three years combined, PMI turned 25.8% ✓ of net revenues into free cash flow, an A ✓.
- PMI says it uses its commercial and distribution infrastructure for cigarettes as a platform for selling smoke-free products 2.
🩹 Weaknesses
- PMI's annual report says smoking cigarettes causes serious diseases 2, and cigarettes and other burned products made up 59% ✓ of FY2025 net revenues.
- PMI says use of tax-paid cigarettes continues to fall in many of its markets 22. It names taxes, government action, health concerns and illicit products, among other factors 22.
- PMI had far more borrowings than cash at the end of FY2025, with net cash of -$40.4bn ✓, an F ✓.
- Russia accounted for around 9% of PMI's cigarette and heated tobacco shipment volume and around 6% of its net revenues in 2025 22.
- PMI's oral smoke-free shipments fell 5.3% to 14.9 billion equivalent units in the first nine months of 2026 24.
🚀 Opportunities
- PMI said in its third-quarter 2026 release that its smoke-free business passed 50% of net revenues in more than 30 markets 21. PMI's annual report says those products are not risk-free 2.
- PMI has held the full U.S. rights to IQOS since April 30, 2024 28. It began a limited roll-out of IQOS 3.0 in Austin, Texas, on March 27, 2025 28. At September 30, 2026, it was waiting for FDA authorization to market IQOS ILUMA in the United States 28.
- PMI has an exclusive deal to sell KT&G's smoke-free products outside South Korea, running to January 29, 2038 2.
- On August 21, 2026, the FDA authorized 11 ZYN ULTRA products, bringing ZYN's authorized variants to 31 2621. When it authorized ZYN in January 2025, the FDA said authorization does not mean the products are safe or FDA approved 8.
⚠️ Threats
- Since March 2024, purported classes, people and the City of Baltimore have sued PMI and subsidiaries over ZYN 2930. The claims include addiction and failure to warn about health risks 2930.
- Major markets that have banned or severely restricted one or more smoke-free product categories include Brazil, Canada, France, India, Mexico and Turkey 31.
- In July 2025 the European Commission proposed extending the EU tobacco excise directive to heated tobacco, e-cigarettes and nicotine pouches 28. The proposed start date is January 1, 2028 28. Several categories, including heated tobacco and nicotine pouches, would get an additional four-year transition 28.
- A Canadian court approved a plan on March 6, 2025, covering RBH, Imperial Tobacco Canada and JTI Macdonald 17. Under it they pay an aggregate settlement of CAD 32.5 billion over Canadian tobacco claims 17.
- At December 31, 2025, seven health care cost recovery cases were pending against PMI or its affiliates: one in Brazil, one in Korea and five in Nigeria 29.
🏰Does Philip Morris International have a moat?
Why 4?
PMI says Marlboro is the world's best-selling international cigarette 4. It made up about 43% of PMI's cigarette shipment volume in 2025 4. PMI estimates Marlboro held 10.7% of cigarette volume outside China and the U.S. in 2025, up from 9.8% in 2023 3. PMI said Marlboro reached a record 11.4% category share of cigarette volume in its International Combustibles segment in the third quarter of 2026 21. PMI's 2025 net revenues gained $1,536 million from pricing, which PMI said came from higher combustible tobacco prices 1. But PMI's cigarette portfolio is weighted toward the premium-price category 22. PMI says tax regimes based on sales price can put it at a disadvantage in some markets 22.
Why 3?
PMI says that in a stable regulatory environment only a very small percentage of adult smokers who convert to IQOS switch back to cigarettes 2. But PMI also says it competes on retail price, taste and innovation 23. And PMI's oral smoke-free shipments fell 5.3% to 14.9 billion equivalent units in the first nine months of 2026 24.
Why 1?
PMI says it competes on product quality, brand recognition, brand loyalty, taste, innovation, marketing and retail price 23. One person's use of these products does not help anyone else, so this scores 1 out of 5 ✓.
Why 4?
PMI shipped 786.5 billion equivalent units of cigarettes and smoke-free products in 2025, up 1.4% from 2024 3. It operated and owned 50 factories at December 31, 2025 18. PMI estimates its share of cigarette and heated tobacco unit volume outside China and the U.S. was 29.2% in 2025 3. It says it has at least a 15% market share in about 100 markets 3. PMI said in October 2026 that it holds around three-quarters of heated tobacco unit volume, in a category it leads worldwide 21. It says it uses its cigarette distribution infrastructure as a platform for selling smoke-free products 2. In 2025 it bought direct materials from about 350 suppliers 23. Its top ten made up about 60% of those purchases 23.
Why 4?
PMI says its patent portfolio as a whole is material to its business, but no single patent or related group of patents is 18. It owns or has the right to use the trademarks for its main brands, including Marlboro outside the U.S., IQOS, TEREA, VEEV and ZYN 18. The FDA authorized IQOS 2.4 for U.S. sale on April 30, 2019, and IQOS 3.0 on December 7, 2020 25. It authorized the 20 ZYN varieties then sold in the U.S. on January 16, 2025 25. The FDA said that authorization does not mean the products are safe or FDA approved 8. As of September 30, 2026, the 20 authorized ZYN products were the only nicotine pouches on the U.S. market authorized as modified risk tobacco products 26. Separately, on October 30, 2026, the FDA authorized 24 Velo nicotine pouches from a British American Tobacco unit 2720. An eight-year settlement with a British American Tobacco subsidiary was signed on February 1, 2024 18. Both sides may sell certain heat-not-burn and vapor products, with royalties depending on the patents used 18.
A moat is what keeps rivals from taking a company's customers and profits. Scores are QuantVantage.ai's judgement (5 = strongest), set with the same rubric on every explainer (orange is Philip Morris International; grey dots are peers).
🔭What should you watch next?
UK ban on tobacco sales by birth year
On April 29, 2026, the UK government adopted a bill on tobacco products, including heated tobacco 28. It bans their sale to people born on or after January 1, 2009 28. E-vapor products and nicotine pouches are excluded 28. The ban takes effect on January 1, 2027 28.
EU Tobacco Products Directive
The European Commission is expected to issue a potential legislative proposal to revise the directive by the end of 2026 28.
Aspeya wellness restructuring
PMI expects restructuring costs for its Aspeya wellness unit in the fourth quarter of 2026 and the first half of 2027 30. In October 2026 PMI began moving parts of Aspeya to an asset-light model using joint ventures and partnerships 30. PMI said that move could lead to a goodwill impairment 30.
WHO tobacco treaty conference
The next conference of the parties to the WHO tobacco control treaty, CoP12, will take place in 2027 31.
📚Learn the words
❓Frequently asked questions about Philip Morris International
How does Philip Morris International make money?
PMI got 59% ✓ of its FY2025 net revenues from cigarettes and other burned products. They brought in $23.8bn ✓. The smoke-free business, which also counts wellness products and accessories 4, brought in $16.9bn ✓.
Is tobacco harmful?
Tobacco harms health. The World Health Organization says all forms of tobacco use are harmful and that there is no safe level of exposure 7. It says tobacco kills more than 7 million people each year 7. That includes over 1.6 million non-smokers exposed to second-hand smoke 7. It also says about 80% of the world's 1.2 billion tobacco users live in low- and middle-income countries 7. PMI's annual report says the best way to avoid the harm of smoking is never to start or to quit 2.
Are smoke-free products safe?
No tobacco product is safe, the FDA said in January 2025 8. It said its authorization of ZYN does not mean the products are safe or FDA approved 8. PMI's annual report says its smoke-free products contain nicotine, which is addictive, and are not risk-free 2. On June 30, 2026, the FDA authorized 20 ZYN products to be marketed with a modified risk claim 262132. The claim states that using ZYN instead of cigarettes lowers the risk of mouth cancer, heart disease, lung cancer, stroke, emphysema and chronic bronchitis 262132. That same month, the FDA said those who do not use tobacco should not start 32. It said fully quitting all tobacco products would most benefit the health of adults who smoke 32.
Are Philip Morris International and Philip Morris USA the same company?
They are separate companies. Philip Morris USA is Altria's U.S. cigarette business, and PMI has been a separate company since Altria spun it off in 2008 3334.
Does PMI sell cigarettes in the United States?
In the third quarter of 2026, PMI's U.S. segment shipped smoke-free products 21. All of its 158.0 billion cigarettes were shipped by its International Combustibles segment 21. Altria sells Marlboro inside the United States 18192.
What is a heat-not-burn product?
It heats tobacco in a device to create an aerosol rather than burning it 2. Cigarettes burn tobacco and produce smoke 2. IQOS is PMI's heat-not-burn product 2. The FDA issued exposure modification orders for IQOS, but found the evidence did not support a risk modification order at that time 25. PMI's annual report notes the orders do not mean the FDA has approved IQOS 25.
🎮Play: higher or lower, then test yourself
Figures come from each company's latest annual report (10-K); fiscal years end in different months. Sources: [9] [11] [13].
🧠 Test yourself
5 quick questions. Score: 0 / 5
1. About how much of PMI's FY2025 net revenues came from its smoke-free business?
2. Which region brought in the biggest share of PMI's net revenues in FY2025?
3. Who sells Marlboro inside the United States?
4. What did the FDA say its January 2025 authorization of ZYN does not mean?
5. In what year did Altria spin off PMI?
🔎Sources and method
Every figure comes from a source listed here or is calculated from those sources (marked ✓). Company financials come from the reports each company files with the SEC (10-K annual and 10-Q quarterly reports). Peer grades rank the same measures across the company and its peers. This page contains no share-price data and no valuation.
- Philip Morris International Form 10-K for fiscal year 2025 — Item 7: net revenue variances, smoke-free revenue, restructuring, dividends (accessed 2026-11-08)
- Philip Morris International Form 10-K for fiscal year 2025 — Item 7 Business Environment: approach to smoke-free products, health statements, commercialization (accessed 2026-11-08)
- Philip Morris International Form 10-K for fiscal year 2025 — Item 1: segments, shipment volumes, market shares, distribution (accessed 2026-11-08)
- Philip Morris International Form 10-K for fiscal year 2025 — Cover and Item 1: business overview, products, brands, markets, history (accessed 2026-11-08)
- Philip Morris International (PM) Form 10-K for fiscal year 2025, filed 2026-02-06 — revenue and cost of sales by product, segment and geography (accessed 2026-11-04)
- Philip Morris International press release on fourth-quarter 2025 results (8-K exhibit 99.1, February 6, 2026) — Smoke-free adult consumers and share of 2025 net revenues (accessed 2026-11-08)
- World Health Organization fact sheet: Tobacco — Health harm, deaths, number of tobacco users, nicotine (accessed 2026-11-08)
- FDA press announcement: 20 ZYN nicotine pouch products authorized, January 16, 2025 — Meaning of authorization; youth use of nicotine pouches (accessed 2026-11-08)
- SEC EDGAR companyfacts: Philip Morris International (PM) — annual 10-K facts (accessed 2026-11-04)
- Philip Morris International Form 10-K for fiscal year 2022 — Note 3: Swedish Match, Vectura, Fertin Pharma, Altria IQOS agreement; Item 7: Swedish Match timeline (accessed 2026-11-08)
- SEC EDGAR companyfacts: ALTRIA GROUP, INC. (MO) — annual 10-K facts (accessed 2026-11-04)
- Altria Group Form 10-K for fiscal year 2025 — Item 7: net revenues and excise taxes, retail share, shipments, list prices and 2028 goals (accessed 2026-11-08)
- SEC EDGAR companyfacts: Turning Point Brands, Inc. (TPB) — annual 10-K facts (accessed 2026-11-04)
- Philip Morris International Form 10-K for fiscal year 2025 — Item 8 statements of earnings: net revenues shown net of excise tax on products, and excise tax amounts (accessed 2026-11-08)
- SEC EDGAR companyfacts: Philip Morris International (PM) — balance sheet at 2026-09-30 (accessed 2026-11-04)
- Philip Morris International Form 10-K for fiscal year 2019 — Deconsolidation of Rothmans, Benson & Hedges on March 22, 2019 (accessed 2026-11-08)
- Philip Morris International Form 10-K for fiscal year 2025 — Note 5 and Item 7: Rothmans, Benson & Hedges deconsolidation, Canadian settlement, impairments (accessed 2026-11-08)
- Philip Morris International Form 10-K for fiscal year 2025 — Item 1 human capital and intellectual property; Item 2 properties (accessed 2026-11-08)
- Altria Group Form 10-K for fiscal year 2025 — Products, retail shares of Marlboro and on!, IQOS rights assignment, heated tobacco joint venture (accessed 2026-11-08)
- Turning Point Brands Form 10-K for fiscal year 2025 — Products, competitors named, supply agreement with Swedish Match, modern oral products (accessed 2026-11-08)
- Philip Morris International press release on third-quarter 2026 results (8-K exhibit 99.1, October 21, 2026) — Third-quarter 2026 volumes, shares, ZYN, smoke-free revenue share, segment shipments, 2026 forecast (accessed 2026-11-08)
- Philip Morris International Form 10-K for fiscal year 2025 — Item 1A risk factors: regulation, illicit trade, Russia and Ukraine, litigation (accessed 2026-11-08)
- Philip Morris International Form 10-K for fiscal year 2025 — Item 1: competition, raw materials, suppliers, customers (accessed 2026-11-08)
- Philip Morris International Form 10-Q for the quarter ended September 30, 2026 — Shipment volumes for the first nine months of 2026; dividend (accessed 2026-11-08)
- Philip Morris International Form 10-K for fiscal year 2025 — Item 7 Business Environment: FDA authorizations for IQOS and ZYN, government studies, KT&G (accessed 2026-11-08)
- Philip Morris International Form 10-Q for the quarter ended September 30, 2026 — Business Environment: FDA actions on IQOS and ZYN in 2026 (accessed 2026-11-08)
- FDA Center for Tobacco Products: 24 Velo nicotine pouches authorized, October 30, 2026 — Rival pouch authorization (accessed 2026-11-08)
- Philip Morris International Form 10-Q for the quarter ended September 30, 2026 — Business Environment: taxes, EU rules, UK bill, Indonesia free float, KT&G, IQOS in the U.S. (accessed 2026-11-08)
- Philip Morris International Form 10-K for fiscal year 2025 — Note 16 contingencies: tobacco and ZYN litigation (accessed 2026-11-08)
- Philip Morris International Form 10-Q for the quarter ended September 30, 2026 — Notes 2, 9, 13, 15: divestitures, litigation, RBH impairment, Aspeya restructuring (accessed 2026-11-08)
- Philip Morris International Form 10-K for fiscal year 2025 — Item 7 Business Environment: taxes, tobacco treaty, EU rules, packaging, flavor bans, generation bans (accessed 2026-11-08)
- FDA Center for Tobacco Products: 20 ZYN pouches authorized with modified risk claim, June 30, 2026 — Scope of the modified risk order and FDA advice to non-users and smokers (accessed 2026-11-08)
- Altria Group Form 10-K for fiscal year 2008 — Item 1: UST acquisition and the Philip Morris International and Kraft spin-offs (accessed 2026-11-08)
- Altria Group Form 10-K for fiscal year 2025 — Item 1: operating companies, products, brands, shipment volumes, employees (accessed 2026-11-08)
- Philip Morris International Form 10-K for fiscal year 2025 — Item 10: executive officers (accessed 2026-11-08)
- Philip Morris International press release on CFO succession (8-K exhibit 99.1, May 20, 2026) — Group CFO appointment (accessed 2026-11-08)
- Philip Morris International Form 10-K for fiscal year 2008 — Separation from Altria Group on March 28, 2008 (accessed 2026-11-08)
- SEC EDGAR companyfacts: Philip Morris International (PM) — quarterly 10-Q/10-K facts (accessed 2026-11-04)
- Philip Morris International Form 10-Q for the quarter ended September 30, 2026 — Overview and Note 1: smoke-free markets, new segments (accessed 2026-11-08)
- Philip Morris International Form 10-K for fiscal year 2025 — Note 3 acquisitions and divestitures: Vectura sale, accessories, Altria agreement, Egypt (accessed 2026-11-08)