PM
FY2026 Q2 · Calendar Q3 2026
Philip Morris International Inc.
Philip Morris International delivered a strong Q2 2026 beat, with EPS of $2.20 exceeding consensus of $2.05 by 7.3% and revenue of $11.19B surpassing estimates of $10.60B by 5.6%. The smoke-free portfolio - IQOS, ZYN, and VEEV - remains the primary growth engine, delivering double-digit volume gains across many markets. Combustible sales also outperformed expectations, supported by strong pricing and emerging-market volume. Management maintained full-year guidance (5-7% revenue growth, 7-9% operating income growth, EPS $8.26-$8.41) despite accelerating U.S. investment in ZYN marketing and new product launches. The market responded positively, with shares rising 3.3% on the report and continuing to drift higher. The key question ahead is whether smoke-free momentum can offset rising regulatory and competitive headwinds in Japan and Europe.
EPS surprise+7.3%
Market move+3.3%
