Core Insights - Philip Morris International Inc. reported strong third-quarter 2025 results, with both revenue and earnings exceeding expectations and showing year-over-year growth [1][2][9] Financial Performance - Adjusted earnings for the quarter were $2.24, reflecting a 17.3% increase year over year, surpassing the Zacks Consensus Estimate of $2.10 [2][9] - Net revenues reached $10,845 million, a 9.4% increase on a reported basis and 5.9% on an organic basis, exceeding the Zacks Consensus Estimate of $10,704 million [3][9] - The smoke-free business contributed significantly, with revenues increasing 17.7% and accounting for 41% of total revenues [4][9] Segment Performance - Revenues from combustible products grew 4.3% year over year, driven by high single-digit pricing, despite expected volume declines [4] - Total shipment volumes increased by 0.7% to 204.9 billion units [5] Regional Performance - In Europe, net revenues grew 12.4% to $4,719 million, supported by positive pricing and volume/mix, despite lower cigarette volumes [6] - The SSEA, CIS & MEA regions saw a 10.4% increase in net revenues to $3,273 million, primarily due to favorable pricing [7] - The EA, AU & PMI GTR regions also experienced a 10.4% revenue growth to $1,768 million, driven by favorable volume/mix [8] - Revenues in the Americas declined by 5.5% to $1,085 million, mainly due to unfavorable price variance [8] Future Outlook - For 2025, adjusted EPS is projected in the range of $7.46-$7.56, indicating a growth of 13.5-15.1% [11] - The company expects net revenues to increase by 6-8% on an organic basis and operating income to rise by 10-11.5% [13] - Capital expenditures are anticipated to be nearly $1.6 billion, primarily for smoke-free business investments [13] Other Updates - The company ended the quarter with cash and cash equivalents of $4,037 million and announced an 8.9% increase in its quarterly dividend to $1.47 per share [10]