Philip Morris (PM) Reports Q4 Earnings: What Key Metrics Have to Say

Core Insights - Philip Morris reported $10.36 billion in revenue for Q4 2025, a 6.8% year-over-year increase, with an EPS of $1.70 compared to $1.55 a year ago [1] - The revenue fell short of the Zacks Consensus Estimate of $10.43 billion by 0.63%, while the EPS exceeded the consensus estimate of $1.67 by 2.04% [1] Financial Performance - The company’s stock has returned +14.6% over the past month, outperforming the Zacks S&P 500 composite, which declined by -1.5% [3] - Philip Morris holds a Zacks Rank 3 (Hold), indicating expected performance in line with the broader market in the near term [3] Shipment Volumes - Total shipment volume for cigarettes and heated tobacco units (HTUs) was 38.4 billion, exceeding the average estimate of 37.97 billion [4] - In Europe, cigarette shipment volume reached 36.89 billion, surpassing the estimated 36.01 billion [4] - Total shipment volume in Europe was 53.18 billion, compared to the average estimate of 51.98 billion [4] - In the Americas, total shipment volume was 16.87 billion, above the estimated 16.47 billion [4] Geographic Revenue Breakdown - Net revenues in the Americas were $1.23 billion, slightly below the $1.3 billion estimate, reflecting a -2.5% year-over-year change [4] - Net revenues from EA, AU & PMI DF were $1.43 billion, compared to the estimated $1.45 billion, marking a -0.6% change year-over-year [4] - Net revenues from SSEA, CIS & MEA were $3.11 billion, slightly below the estimate of $3.12 billion, with an 8.4% year-over-year increase [4] - European net revenues reached $4.6 billion, exceeding the estimate of $4.59 billion, with a 13.4% year-over-year increase [4] Smoke-Free and Combustible Tobacco Revenues - Smoke-free revenues excluding W&H in Europe were $2.26 billion, below the estimate of $2.32 billion, but showed a 17.2% year-over-year increase [4] - Smoke-free revenues excluding W&H in SSEA, CIS & MEA were $546 million, slightly above the estimate of $540.69 million, with a 33.2% year-over-year increase [4] - Total smoke-free revenues excluding W&H were $4.35 billion, below the estimate of $4.39 billion, reflecting a 14.6% year-over-year increase [4] - Total revenues from combustible tobacco were $6.01 billion, below the estimate of $6.15 billion, with a year-over-year increase of 3.3% [4]