Philip Morris International (PM) 10-K Summaries & Annual Filing History
Review Philip Morris International Inc. (PM) 10-K filings from 2023 through the latest annual report, including business, financial performance, risks, and liquidity.
Key takeaway
Year ended Dec 31, 2025 · FY2025 10-K
Philip Morris International Inc. filed its annual report for the most recent fiscal year. The company reported revenue growth and strong operating cash flow, while facing currency control risks in certain jurisdictions.
Financial snapshot
Selected annual figures reported with the filing, shown separately from the narrative summary.
Annual revenue
$40.6B
Revenue reported for the fiscal year.
Operating income
$14.9B
Income from operations reported for the year.
Net income
$11.3B
Net income reported for the year.
Operating cash flow
$12.2B
Cash generated by operating activities.
Annual revenue trend
Reported annual revenue and its change from the preceding fiscal year.
| Period ended | Revenue | Year-over-year change |
|---|---|---|
| Dec 31, 2022 | $31.8B | +1.1% |
| Dec 31, 2023 | $35.2B | +10.7% |
| Dec 31, 2024 | $37.9B | +7.7% |
| Dec 31, 2025 | $40.6B | +7.3% |
Business overview
Philip Morris International is a holding company that depends on dividends and debt repayments from its subsidiaries to fund dividends, debt payments, and other obligations. The company operates in jurisdictions where capital controls and foreign currency exchange constraints may affect its subsidiaries' ability to settle imports or pay dividends. Its cash and cash equivalents are held primarily with institutions having investment-grade credit ratings, and it does not invest in structured or equity-linked products.
Financial performance
Revenue increased compared to the prior year, continuing a multi-year upward trend. Operating income and net income were reported, and operating cash flow remained substantial. The company's financial direction reflects consistent revenue growth over recent periods.
Material risks
The company faces material risks from capital controls and foreign currency exchange constraints in jurisdictions such as Argentina and Russia, which may limit subsidiaries' ability to settle foreign currency imports or pay dividends. These factors increase foreign currency devaluation risks that could negatively impact financial condition, net assets, and results of operations. As a holding company, it relies on subsidiary dividends and debt repayments, which could be affected by these constraints.
Liquidity and capital
The company's primary sources of funds are dividends and debt repayments from subsidiaries, which are generally not restricted by long-term debt agreements. However, capital controls in certain jurisdictions affect the ability of local subsidiaries to transfer funds, increasing foreign currency devaluation risks.
What to watch
Monitor the impact of capital controls and foreign currency exchange constraints in Argentina and Russia on the company's ability to receive dividends from subsidiaries in those jurisdictions.