Philip Morris Q3 Net Income Falls to $3.31 Billion; Shares Slip on 2026 Guidance

Philip Morris International Inc. (PM) reported third-quarter net earnings attributable to PMI of $3.31 billion, down from $3.48 billion a year earlier, as shares fell 1.97% to $196.00 in pre-market NYSE trading. Diluted EPS came in at $2.12, down 4.9%, mainly due to a non-cash fair value adjustment on equity security investments. Adjusted EPS rose to $2.36 from $2.24, or $2.37 excluding currency. Net revenues increased 5.5%, or 7.1% organically, to $11.4 billion, while shipments rose 0.6%, driven by a 2.7% gain in smoke-free products. For 2026, the company projects reported diluted EPS of $7.11 to $7.26 and adjusted diluted EPS of $8.29 to $8.44, representing growth of 9.9% to 11.9% versus 2025's $7.54. Organic net revenue growth is anticipated at 5% to 7%.