Philip Morris International Inc · NYSE:PM
Philip Morris International — Q3 2026 Earnings Presentation
16 slides from Philip Morris International's earnings presentation, Oct 21, 2026
Slide 1: 2026 Third-Quarter Results
Championing a Smoke-Free World 2026 Third-Quarter Results October 21, 2026 Introduction • A glossary of terms as well as adjustments, other calculations and reconciliations to the most directly comparable U.S. GAAP measures for non-GAAP financial measures cited in this presentation are available in
Slide 2: Forward-Looking and Cautionary Statements
Forward-Looking and Cautionary Statements • This presentation contains projections of future results and goals and other forward-looking statements, including statements regarding expected financial or operational performance; capital allocation plans; investment strategies; regulatory outcomes; mar
Slide 3: Q3: Very Strong Top and Bottom-Line Growth
Q3: Very Strong Top and Bottom-Line Growth Q3’26 Q3’26 vs. PY Variance Organic Shipment Volume 206bn +0.6% Net Revenues $11.4bn +5.5% +7.1% Adj. Gross Profit $7.9bn +6.7% +8.3% Adj. Operating Income $5.1bn +9.6% +10.5% Adj. Diluted EPS $2.36 +5.4% +5.8% (Excl. Currency) 5 Note: Organic growth rates
Slide 4: On Track for Sixth Year of Volume Growth
On Track for Sixth Year of Volume Growth (shipments, billion equivalent units) Q3’26 YTD Sep’26 vs. PY vs. PY Total 206.2 +0.6% 595.6 +0.5% SFP 48.2 +2.7% 143.4 +6.4% HTU: +1.5% HTU: +6.7% Oral SFP: +1.8% Oral SFP: (5.3)% E-Vapor: +61.6% E-Vapor: +68.1% Cigarettes 158.0 Flat 452.2 (1.2)% Q3’26 YTD S
Slide 5: Continued Margin Expansion As We Reinvest for Growth
Continued Margin Expansion As We Reinvest for Growth YTD Sep’26 Adjusted OI Margin (0.2)pp +0.3pp 42.9% 42.6% 42.0% +0.8pp SG&A Currency & Acq/Div Gross Profit +60bps +90bps YTD Sep'25 YTD Sep’26 YTD Sep'26 (excl. Curr. & Acq/Div) Q3’26 43.1% +0.8pp +0.5pp 44.4% +0.3pp 44.7% 9 Source: PMI financials
Slide 6: Strong IMS Momentum for International SFPs
Strong IMS Momentum for International SFPs PMI International SFP Adj. IMS Growth(a) (change vs. PY) 11.5% 11.8% Excl. Japan & Poland 8.0% Q3’26 vs. PY 10.8% Excl. Japan & 8.6% Poland ~1pp >Industry(b) FY'25 YTD Sep'26 (a) Including HTU adjusted IMS, Oral SFP and E-Vapor reported IMS. (b) Reflects es
Slide 7: Very Good IQOS Progress Across Key Global Cities
Very Good IQOS Progress Across Key Global Cities PMI HTU Offtake Shares (Q3’26)(a) Change vs. PY, pp +0.5 +0.4 +1.3 +1.0 +8.3 +0.5 +0.8 +3.3 +1.6 +0.3 +0.7 +1.0 +2.4 +1.8 +1.6 +0.2 +4.2 +1.2 +1.0 38.5% 32.4% 33.7% 21.7% 19.1% 19.6% Jun’26 17.4% 13.9% 14.2% 14.9% 12.0% 12.1% 7.9% 8.3% 8.3% 9.1% 6.8%
Slide 8: ZYN: Accelerating International Growth
ZYN: Accelerating International Growth Int’l Modern Oral Shipments(a) Int’l Modern Oral IMS (billion pouches) (excl. Nordics, YTD Sep’26 growth vs. PY) 1.5 30% +25.1% 27% Excl. Nordics 1.3 like-for-like +6.3% vs. PY like-for-like (b) YTD Sep'25 YTD Sep'26 Industry (a) YTD Sep’25 (1.3bn) includes onl
Slide 9: Japan: Resilient IQOS Performance; U.S.: Strong Q3 Growth
Japan: Resilient IQOS Performance & Category Leadership Adj. IMS Growth vs. PY Excl. consumer Q3’26 pantry loading +5.9% +1.0% +1.3% PMI HTU Adj. Share 10.4% 32.9% +1.1pp vs. PY 3.4% Q3’26 PMI HnB Adj. Category Share 68% (3.4)% Global IQOS Flagship Store in Ginza, Tokyo Q1'26 Q2'26 Q3'26 September 2
Slide 10: ZYN: Investing Behind Portfolio & Brand Equity
ZYN: Investing Behind Portfolio & Brand Equity • Significant portfolio expansion ongoing: ⎼ ZYN ULTRA and new flagship (dry) flavors approaching full distribution ⎼ Flagship variants in 1.5mg and 8mg now rolling out at retail • Transition of 1.5mg, 3mg and 6mg dry variants to 20 pouches/can in Q4 to
Slide 11: 2026: Continue to Expect Strong, High-Quality Growth
2026: Continue to Expect Strong, High-Quality Growth • Confirming 2026 strong currency-neutral 2026 Outlook growth outlook: Net Revenues(a) 5-7% ⎼ Reflects excellent top-line performance, partly offset by cost impact of geopolitical tensions & Operating Income(a) 7-9% previously announced U.S. growt
Slide 12: Questions & Answers
Championing a Smoke-Free World 2026 Third-Quarter Results Questions & Answers Have you downloaded the PMI Investor Relations App? iOS Download Android Download The free IR App is available to download at the Apple App Store for iOS devices and at Google Play for Android mobile devices Or go to: www.
Slide 13: Appendix and Reconciliation of Non-GAAP Measures
Championing a Smoke-Free World Appendix and Reconciliation of Non-GAAP Measures 25 2026: EPS Guidance ($/share) 2026 Forecast 2025 Growth Reported Diluted EPS $7.11 – $7.26 $7.26 Adjustments: - Amortization of intangibles 0.50 0.50 - Fair value adjustment for equity security investments 0.22 (0.18)
Slide 14: Additional Market Data: Total Market and Market Share
Additional Market Data: Total Market and Market Share YTD Sep’26 vs. YTD Sep’25 Select Multicategory Markets (PMI present in 3 SFP categories) Total Market, PMI Market Share, %(a)(b)(c) Market bio units (a)(b) Total Smoke Free Products HTU 2026 2025 % Change 2026 2025 pp Change 2026 2025 pp Change 2
Slide 15: International Market Share
International Market Share Third-Quarter Nine-Months Year-to-Date Total PMI 2026 2025 Change (pp) 2026 2025 Change (pp) Cigarettes 23.7% 23.6% 0.1 23.3% 23.5% (0.2) HTU 6.4% 5.8% 0.6 6.4% 5.8% 0.6 Total International Market Share(a) 30.1% 29.3% 0.8 29.7% 29.2% 0.5 Cigarette over Cigarette Market Sha
Slide 16: 2026 Third-Quarter Results
Championing a Smoke-Free World 2026 Third-Quarter Results October 21, 2026
Philip Morris International — Q3 2026 Earnings Presentation on 6ix