Philip Morris International Inc. · PM · Next earnings

Philip Morris International Inc. reports Wednesday, Oct 21, 2026

PM reports before market open with consensus EPS at $2.26 and revenue at $11.29B. Last quarter: PM Beats Q2 on Smoke-Free Momentum, Holds Full-Year Guidance

Reports Before market open31 days awayDate estimated Consumer Defensive

What the street expects

Consensus for the coming report
Consensus EPS $2.26 Calendar consensus
Consensus revenue $11.29B Calendar consensus
Report date Oct 21, 2026 Wednesday, date estimated
Session Before market open 31 days away

Where PM left off: FY2026 Q2

Full report

PM Beats Q2 on Smoke-Free Momentum, Holds Full-Year Guidance

EPS surprise +7.3% Reported $2.20 vs $2.05
Revenue surprise +5.6% Reported $11.19B vs $10.60B
Stock move +3.3% Event window
Subsequent drift +0.7% Up to 20 sessions

Full-year 2026 guidance was maintained for the second consecutive quarter: 5-7% organic revenue growth, 7-9% operating income growth, and EPS of $8.26-$8.41. No upward revision despite the beat, suggesting management is building in a cushion for regulatory and macro risks, particularly Japan excise-tax hikes and European flavor bans.

What to watch on the call

Carried forward from the last transcript

Risks management flagged

  • Japanese excise-tax increase creating volatility and potential consumer price shock in a key IQOS market.
  • European flavor-ban implementation in Poland and Hungary affecting IQOS volume trajectory.
  • Competitive pressure and promotional activity, particularly from Japan Tobacco in Japan.
  • Adverse geographic mix and inventory tailwinds that could compress margins in H2.
  • Increased U.S. promotional spend on ZYN may pressure near-term margins.

Questions analysts left open

  • Impact of increased U.S. promotional spend on ZYN margins.
  • Sustainability of IQOS growth amid Japanese excise-tax hikes.
  • Effect of European flavor bans on IQOS volume trajectory.
  • Whether combustible volume outlook remains robust into H2.
  • Potential need to revise guidance if pricing or mix dynamics shift.

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Recent PM quarters

All PM earnings
+3.3%FY2026 Q2

Sources

  1. FN2 corporate events calendar, resolved from the earnings calendar feed
  2. FN2 earnings calendar analyst consensus
  3. Earnings call transcript analysis, FY2026 Q2

Methodology

The report date comes from FN2's resolved corporate-events calendar and is marked estimated until the company confirms it. Consensus figures are the calendar's latest analyst estimates for the fiscal period and are not an FN2 forecast.

Risks and open questions are carried forward verbatim from FN2's structured analysis of the previous earnings call. Missing values stay missing and are never estimated.

By FN2 Research · Updated . For educational purposes only; not investment advice.