Philip Morris International Q2 Earnings Call Highlights

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Wed, July 22, 2026 astatine 11:06 AM CDT 7 min read

Key Points

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Philip Morris delivered a beardown 2nd quarter, with 8% integrated nett gross growth, 11% integrated operating income growth, and adjusted EPS up 15% to $2.20. Quarterly nett gross topped $11 billion for the archetypal time.
Smoke-free products remained the main maturation engine, led by planetary IQOS, VEEV, and ZYN. IQOS held astir a 76% planetary share of the heat-not-burn category, portion VEEV shipments jumped 55% and planetary ZYN measurement continued to summation traction.
The institution kept full-year guidance unchanged contempt stronger-than-expected combustibles and results, choosing alternatively to boost U.S. concern down ZYN, marketing, and imaginable IQOS ILUMA motorboat plans. Full-year EPS is present forecast astatine $8.26 to $8.41, helped by a currency tailwind.

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Philip Morris International (NYSE:PM) reported what absorption described arsenic a "very strong" 2nd quarter, with maturation led by its planetary smoke-free products concern and a better-than-expected show successful combustibles.

Emmanuel Babeau, the company's radical main fiscal officer, said Philip Morris generated 8% integrated nett gross maturation and 11% integrated operating income maturation successful the quarter. Adjusted diluted net per stock roseate 15% successful dollar presumption to $2.20, including a $0.03 favorable currency impact.

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Quarterly nett gross exceeded $11 cardinal for the archetypal time, Babeau said. Adjusted gross nett roseate 8.7% organically, portion adjusted operating income accrued astir 11% organically to $4.8 billion.

For the archetypal half, Philip Morris reported full shipment measurement maturation of 0.4%, integrated nett gross maturation of 5.3% and adjusted operating income maturation of 6.1% organically. Adjusted diluted EPS for the archetypal fractional reached $4.16, up 15.6% successful dollar terms.

Smoke-Free Products Remain Key Growth Driver

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Babeau said the company's planetary smoke-free concern delivered "outstanding" first-half results, with integrated nett gross maturation of 13.7% and gross nett maturation of 16.9%. Gross borderline for the conception expanded 190 ground points to 70%.

IQOS adjusted in-market income measurement roseate 5% successful the 2nd quarter, including what absorption called expected transitory headwinds from an April excise summation successful Japan and a characterizing spirit prohibition successful Poland. Excluding Japan and Poland, IQOS maturation was 10.2% successful the 4th and much than 11% successful the archetypal half.

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