OakChart

Philip Morris International Inc

PMConsumer Defensive·Tobacco·USA·Mega·NYSE·Nov 13 • 7:00 AM ET

197.20+0.54 (0.27%)
2026-11-13 13:02 CET
Market cap
$307.37B
Revenue, TTM
43,014.00 USD m
Net income, TTM
10,681.00 USD m
Free cash flow, TTM
13,595.00 USD m
EPS diluted, TTM
6.85
Price / earnings
28.79
Compare

Price

PM against its 20, 50 and 200-day averages
Terms2050200Miss
Patternshover a marker to name it
RS 61Sales 10,865Price10,85710,980180.00200.005.9M11.7MVolumeMay 26Jun 26Jul 26Aug 26Sep 26Oct 26Nov 26PMclose 197.2020-day 201.4350-day 196.26200-day 183.22197.2052w high 214.3552-week range, not 6 months

8.0% under the 52-week high of 214.35 on 30 Oct 2026. 52-week low 146.35 on 4 Dec 2025. Last 15 sessions, 11.5% high to low

Volume 0.01× normal · the line is the 50-bar volume average

Setup. RS line 61
CANSLIM 3 of 6 — fails: EPS Growth Qtr Over Qtr: High (>25%); EPS Growth This Year: High (>25%); Performance: Year +50%
VCP 5 of 6 — fails: Average True Range: Under 2
Minervini 3 of 4 — fails: Performance: Year +50%
Zanger 1 of 5 — fails: RSI (14): Not Oversold (>50); Performance: Week +10%; 20-Day High/Low: 0-5% below High; Relative Volume: Over 1.5
Leaders 4 of 5 — fails: Performance: Year +50%
Breakout 2 of 4 — fails: 52-Week High/Low: New High; Relative Volume: Over 2
Growth 0 of 4 — fails: EPS Growth Qtr Over Qtr: High (>25%); EPS Growth This Year: High (>25%); EPS Growth Next Year: High (>25%) — not on the tape: Return on Equity: Over +15%
Quality 2 of 5 — fails: P/E: Under 25 — not on the tape: Return on Equity: Over +15%; Debt/Equity: Low (<0.1)
Value 0 of 4 — fails: P/E: Under 15 — not on the tape: P/B: Under 2; Return on Equity: Over +15%; Debt/Equity: Low (<0.1)
Income 2 of 4 — fails: Payout Ratio: Low (<20%); P/E: Under 25
Small Cap 2 of 4 — fails: Float: Under 100M; Performance: Year +50%
Accumulation 3 of 4 — fails: Institutional Transactions: Over +10%
Relative Strength 2 of 3 — fails: Performance: Year +100%

Profile

PM
52-week range, 75% of the way up
146.35214.35

Philip Morris International, Inc. is a holding company, which engages in the business of delivering a smoke-free future and evolving a portfolio for the long term to include products outside of the tobacco and nicotine sector. It operates through the following geographical segments: Europe Region (Europe), South and Southeast Asia, Commonwealth of Independent States, Middle East, and Africa Region (SSEA, CIS, and MEA), East Asia, Australia, and PMI Global Travel Retail (EA, AU, and PMI GTR), and Americas Region (Americas). The Europe segment includes all the European Union countries, Switzerland, the United Kingdom, Ukraine, Moldova, and Southeast Europe. The SSEA, CIS, and MEA segment focuses on South and Southeast Asia, the African continent, the Middle East, Turkey, Israel, Central Asia, Caucasus, and Russia. The EA, AU, and PMI GTR segment is involved in the consolidation of international duty-free business with East Asia and Australia. The Americas segment consists of the United States, Canada, and Latin America. The company was founded by Philip Morris in 1847 and is headquartered in Stamford, CT.

IndexS&P 500, RUI
Employees84900
IPOMar 17, 2008
Beta0.35
ATR, 14d5.04
Rel volume0.01
Short float0.96%
Insider own0.21%
Inst own86.00%

Snapshot

6 groups

Valuation

IndexS&P 500, RUI
Market Cap$307.37B
Enterprise Value350.21B
Income10.68B
Sales43.01B
Book / share-5.09
Cash / share4.30
Dividend Est.6.09 (3.09%)
Dividend TTM6.01 (3.05%)
Dividend Ex-DateOct 02, 2026
Dividend Gr. 3/5Y3.82% 3.54%
Payout77.65%
Employees84900
IPOMar 17, 2008

Ratios

Price / earnings28.79
Forward price / earnings21.76
Price / earnings / growth2.30
Price / sales7.15
Price / book-
Price / cash45.83
Price / free cash flow22.61
Value / cash profit19.19
Value / sales8.14
Quick Ratio0.61
Current Ratio1.02
Debt / equity-
Long-term debt / equity-
Options and shortYes / Yes

Earnings

Earnings / share6.85
Earnings next year9.06
Earnings next quarter1.84
Earnings this year10.68%
Earnings next year8.57%
Earnings growth, 5 years9.48%
Past earnings growth7.70% 7.09%
Past sales growth8.74% 7.15%
Earnings vs last year24.06%
Sales vs last year7.91%
Earnings vs last quarter-4.82%
Sales vs last quarter5.24%
EarningsOct 21 BMO
Surprise3.20% 1.07%

Ownership

Insiders own0.21%
Insider trades0.00%
Institutions own86.00%
Institution trades0.33%
Return on assets15.97%
Return on equity-
Return on capital31.63%
Gross Margin65.37%
Operating margin37.65%
Profit Margin24.83%
20-day average-2.10%
50-day average0.48%
200-day average7.63%

Technical

Shares out1.56B
Shares floating1.56B
Short / float0.96%
Short ratio3.23
Short interest14.88M
52-week high214.35 -8.0%
52-week low146.35 +34.7%
Volatility2.48% 2.67%
Average range5.04
Strength index46.73
Market sensitivity0.35
Relative volume0.01
Avg Volume4.61M
Volume2,664

Performance

Perf Week-0.34%
Perf Month-1.35%
Perf Quarter6.87%
Perf Half Y4.00%
Perf YTD22.94%
Perf Year27.10%
Perf 3Y119.11%
Perf 5Y108.10%
Perf 10Y121.70%
Recommendation1.80
Target Price215.25
Prev Close196.66
Price197.20
Change %0.27%

Analyst ratings

latest 10 of 20
DateActionAnalystRating changeTargetImplied
Nov 10, 2026ResumedJP MorganNeutral$200+1.4%
Jul 22, 2026InitiatedBTIG ResearchBuy$216+9.5%
Jan 20, 2026DowngradeJefferiesBuy → Hold$180-8.7%
Jul 09, 2025ResumedJefferiesBuy$220+11.6%
May 22, 2025InitiatedNeedhamBuy$195-1.1%
Apr 25, 2025UpgradeUBSSell → Neutral$170-13.8%
Mar 14, 2025UpgradeArgusHold → Buy
Jan 16, 2025InitiatedMorgan StanleyOverweight$140-29.0%
Mar 05, 2024DowngradeArgusBuy → Hold
Feb 13, 2024UpgradeSociete GeneraleSell → Hold

Peers

Mkt cap
TickerCompanyMkt cap
BTIBritish American Tobacco Plc ADR130.96B
MOAltria Group Inc129.70B
RLXRLX Technology Inc ADR1.43B
TPBTurning Point Brands Inc1.11B
ISPRIspire Technology Inc100.51M
UVVUniversal Corp939.75M
KOCoca-Cola Co420.30B
PEPPepsiCo Inc193.92B
PGProcter & Gamble Co389.46B
ULUnilever plc ADR141.60B

Insider trading

14 filings
InsiderRelationshipDateTransactionCostSharesValueTotal heldForm
Babeau EmmanuelGroup Chief Financial OfficerFeb 19 '26Sale181.6133,8006,138,418164,463Feb 20 04:01 PM
Dobrowolski ReginaldoGroup ControllerFeb 20 '26Sale183.465,000917,30021,182Feb 20 04:01 PM
Dobrowolski ReginaldoGroup ControllerFeb 20 '26Sale183.581,000183,5807,254Feb 20 04:01 PM
Guerin YannGroup Chief Legal OfficerFeb 19 '26Sale181.694,000726,76034,412Feb 20 04:01 PM
Kennedy StaceyCEO PMI U.S.Feb 20 '26Sale183.1314,3502,627,91645,301Feb 20 04:01 PM
Olczak JacekGroup CEO PMIFeb 19 '26Sale182.1880,00014,574,400632,344Feb 20 04:01 PM
De Wilde FredericCEO PMI InternationalFeb 19 '26Sale182.5820,0003,651,600133,513Feb 20 04:00 PM
CRISTINA HARUMI OKA DOBROWOLSKMember of immediate family ofFeb 20 '26Proposed Sale183.581,000183,580Feb 20 02:09 PM
REGINALDO DOBROWOLSKIOfficerFeb 20 '26Proposed Sale183.465,000917,300Feb 20 01:54 PM
STACEY R KENNEDYOfficerFeb 20 '26Proposed Sale183.1214,3502,627,772Feb 20 12:23 PM
EMMANUEL BABEAUOfficerFeb 19 '26Proposed Sale181.6033,8006,138,080Feb 19 03:10 PM
JACEK OLCZAKOfficerFeb 19 '26Proposed Sale182.1780,00014,573,600Feb 19 02:43 PM
FREDERIC J DE WILDEOfficerFeb 19 '26Proposed Sale182.5720,0003,651,400Feb 19 02:23 PM
YANN GUERINOfficerFeb 19 '26Proposed Sale181.684,000726,720Feb 19 02:01 PM

Held by

AUM
TickerCompanyAUM
VTIVanguard Morningstar Total Stock Market ETFAUM: 696.31B
VOOVanguard S&P 500 ETFAUM: 1070.75B
IVViShares Core S&P 500 ETFAUM: 882.14B
SPYSPDR S&P 500 ETF TrustAUM: 805.69B
VTVVanguard Morningstar Value ETFAUM: 198.14B
VYMVanguard High Dividend Yield Indx ETFAUM: 83.97B
DGROiShares Core Dividend Growth ETFAUM: 46.00B
XLPState Street Consumer Staples Select Sector SPDR ETFAUM: 14.99B
SPYMState Street SPDR Portfolio S&P 500 ETFAUM: 186.08B
JEPIJPMorgan Equity Premium Income ETFAUM: 47.28B

News

latest 14 of 200

Quarterly earnings

2026Q3 EPS 2.370 beat 2.297, from 2.240 a year earlier. Sales 11,438 beat 11,317, from 10,845 a year earlier
EPS
2.37002024Q4 EPS 1.550 against 1.49924Q42025Q1 EPS 1.690 against 1.61225Q12025Q2 EPS 1.910 against 1.85825Q22025Q3 EPS 2.240 against 2.09425Q32025Q4 EPS 1.700 against 1.70025Q42026Q1 EPS 1.960 against 1.85726Q12026Q2 EPS 2.200 against 2.05126Q22026Q3 EPS 2.370 against 2.29726Q3
Sales, USD millions
11,43802024Q4 sales 9,706 against 9,43624Q42025Q1 sales 9,301 against 9,14525Q12025Q2 sales 10,140 against 10,31825Q22025Q3 sales 10,845 against 10,63625Q32025Q4 sales 10,362 against 10,38425Q42026Q1 sales 10,146 against 9,95326Q12026Q2 sales 11,192 against 10,60226Q22026Q3 sales 11,438 against 11,31726Q3

The outline behind the bar is the estimate. The filled bar is the print. Green beat it, red missed it.

PeriodReportedEPS adjustedEPS estEPS reportedSales act, USD mSales est, USD mSurpriseYear-ago quarterAnalystsNext session
2026Q3ended 2026-09-302026-10-21 08:302.3702.2972.12011,43811,317EPS +3.2% · sales +1.1%vs 2025Q3, year-ago quarter · EPS +5.8% · sales +5.5%12 EPS · 10 salesOpen -6.38% vs SPY +0.28%. Close -1.22% vs SPY +0.53%
2026Q2ended 2026-06-302026-07-22 08:302.2002.0511.80111,19210,602EPS +7.3% · sales +5.6%vs 2025Q2, year-ago quarter · EPS +15.2% · sales +10.4%11 EPS · 9 salesOpen +2.12% vs SPY -0.22%. Close +3.33% vs SPY -0.12%
2026Q1ended 2026-03-312026-04-22 08:301.9601.8571.55910,1469,953EPS +5.5% · sales +1.9%vs 2025Q1, year-ago quarter · EPS +16.0% · sales +9.1%11 EPS · 9 salesOpen +3.00% vs SPY +0.72%. Close +6.98% vs SPY +1.01%
2025Q4ended 2025-12-312026-02-06 08:301.7001.7001.37010,36210,384EPS +0.0% · sales -0.2%vs 2024Q4, year-ago quarter · EPS +9.7% · sales +6.8%11 EPS · 9 salesOpen -1.19% vs SPY +0.57%. Close +0.45% vs SPY +1.92%
2025Q3ended 2025-09-302025-10-21 08:302.2402.0942.22610,84510,636EPS +7.0% · sales +2.0%vs 2024Q3, year-ago quarter · EPS +17.3% · sales +9.4%11 EPS · 9 salesOpen -2.14% vs SPY +0.02%. Close -3.83% vs SPY 0.00%
2025Q2ended 2025-06-302025-07-22 08:301.9101.8581.94510,14010,318EPS +2.8% · sales -1.7%vs 2024Q2, year-ago quarter · EPS +20.1% · sales +7.1%12 EPS · 9 salesOpen -6.02% vs SPY +0.05%. Close -8.43% vs SPY +0.01%
2025Q1ended 2025-03-312025-04-23 08:301.6901.6121.7239,3019,145EPS +4.8% · sales +1.7%vs 2024Q1, year-ago quarter · EPS +12.7% · sales +5.8%9 EPS · 6 salesOpen +2.94% vs SPY +2.50%. Close +2.44% vs SPY +1.55%
2024Q4ended 2024-12-312025-02-06 08:301.5501.499-0.3739,7069,436EPS +3.4% · sales +2.9%vs 2023Q4, year-ago quarter · EPS +14.0% · sales +7.8%9 EPS · 6 salesOpen +11.42% vs SPY +0.29%. Close +10.95% vs SPY +0.35%
2024Q3ended 2024-09-302024-10-22 08:301.9101.8221.9759,9119,676EPS +4.8% · sales +2.4%vs 2023Q3, year-ago quarter · EPS +14.4% · sales +8.4%8 EPS · 7 salesOpen +3.67% vs SPY -0.44%. Close +10.47% vs SPY -0.05%
2024Q2ended 2024-06-302024-07-23 08:301.5901.5691.5429,4689,186EPS +1.3% · sales +3.1%vs 2023Q2, year-ago quarter · EPS -0.6% · sales +5.6%10 EPS · 8 salesOpen +1.89% vs SPY -0.02%. Close +2.18% vs SPY -0.16%
2024Q1ended 2024-03-312024-04-23 08:301.5001.4081.3788,7938,443EPS +6.6% · sales +4.1%vs 2023Q1, year-ago quarter · EPS +8.7% · sales +9.7%11 EPS · 8 salesOpen +0.35% vs SPY +0.41%. Close +3.83% vs SPY +1.19%
2023Q4ended 2023-12-312024-02-08 08:301.3601.4491.4109,0009,008EPS -6.2% · sales -0.1%vs 2022Q4, year-ago quarter · EPS -2.2% · sales +10.4%10 EPS · 8 salesOpen -2.67% vs SPY 0.00%. Close -2.66% vs SPY +0.04%
2023Q3ended 2023-09-302023-10-19 08:301.6701.6151.3189,1419,214EPS +3.4% · sales -0.8%vs 2022Q3, year-ago quarter · EPS +25.6% · sales +13.8%13 EPS · 9 sales-
2023Q2ended 2023-06-302023-07-20 08:301.6001.4991.0068,9678,756EPS +6.7% · sales +2.4%vs 2022Q2, year-ago quarter · EPS +21.2% · sales +14.5%13 EPS · 8 sales-
2023Q1ended 2023-03-312023-04-20 08:301.3801.3431.2818,0198,106EPS +2.7% · sales -1.1%vs 2022Q1, year-ago quarter · EPS -11.5% · sales +3.5%13 EPS · 8 sales-
2022Q4ended 2022-12-312023-02-09 08:301.3901.2651.5418,1527,499EPS +9.9% · sales +8.7%vs 2021Q4, year-ago quarter · EPS +3.0% · sales +0.6%12 EPS · 8 sales-

Annual earnings

2025FY EPS 7.540 beat 7.522, from 6.570 a year earlier. Sales 40,648 beat 40,632, from 37,878 a year earlier
EPS
7.54002018FY EPS 5.100 against 5.02120182019FY EPS 5.190 against 5.20120192020FY EPS 5.170 against 5.13620202021FY EPS 6.080 against 6.04420212022FY EPS 5.980 against 5.67120222023FY EPS 6.010 against 6.12920232024FY EPS 6.570 against 6.50420242025FY EPS 7.540 against 7.5222025
Sales, USD millions
40,64802018FY sales 29,625 against 29,54420182019FY sales 29,805 against 29,82120192020FY sales 28,694 against 28,67720202021FY sales 31,405 against 31,20420212022FY sales 31,762 against 30,52320222023FY sales 35,174 against 35,12420232024FY sales 37,878 against 37,65720242025FY sales 40,648 against 40,6322025

Reported years only. The outline behind the bar is the estimate. A later year with no print stays in the table.

earnings feed, not the snapshot. Not the statement ratio.

PeriodEPS adjustedEPS estEPS reportedSales act, USD mSales est, USD mP/E, earnings feed
2030FYestimate-11.833--52,32616.67
2029FYestimate-10.722--49,98118.39
2028FYestimate-9.895--48,58719.93
2027FYestimate-9.061--45,68821.76
2026FYestimate-8.345--43,57423.63
2025FY7.5407.5227.26040,64840,63221.27
2024FY6.5706.5044.52137,87837,65718.32
2023FY6.0106.1295.01735,17435,12415.65
2022FY5.9805.6715.81431,76230,52316.93
2021FY6.0806.0445.82631,40531,20415.63
2020FY5.1705.1365.15828,69428,67716.01
2019FY5.1905.2014.60729,80529,82116.40
2018FY5.1005.0215.08029,62529,54413.09
2017FY4.7204.7443.88028,74828,49322.38
2016FY4.4804.4884.48026,68526,42220.42
2015FY4.4204.4194.42026,79426,76744.62
2014FY5.0205.0424.76029,76729,58739.28
2013FY5.4005.4085.26031,21731,24436.52
2012FY5.2205.2125.17031,37731,48237.78
2011FY4.8804.8664.85031,09730,83040.41
2010FY3.8703.8743.92027,20827,38350.96

Quarterly results

2026Q3 revenue 11,396, from 10,829 a year earlier. Operating margin 40.5%, from 39.4% a year earlier
Revenue, USD millions
11,39602024Q4 revenue 9,65324Q42025Q1 revenue 9,24925Q12025Q2 revenue 10,12925Q22025Q3 revenue 10,82925Q32025Q4 revenue 10,33325Q42026Q1 revenue 10,12426Q12026Q2 revenue 11,16126Q22026Q3 revenue 11,39626Q3
Operating margin
40.802024Q4 operating margin 26.4%24Q42025Q1 operating margin 40.8%25Q12025Q2 operating margin 28.5%25Q22025Q3 operating margin 39.4%25Q32025Q4 operating margin 34.0%25Q42026Q1 operating margin 35.9%26Q12026Q2 operating margin 39.8%26Q22026Q3 operating margin 40.5%26Q3

From the quarterly statement. Not an estimate.

Estimate revisions

Latest snapshot of each period and type. 2026FY E 8.35 per share.
PeriodTypeScaleDateMeanvs prior date
2026FYEper share2026-11-098.35-0.1%
2026FYRper share2026-11-097.78-1.5%
2026FYSUSD millions2026-11-0943,574+0.1%
2026Q4Eper share2026-11-081.84-0.6%
2026Q4Rper share2026-11-081.86+0.3%
2026Q4SUSD millions2026-11-0810,865+0.1%
2026Q3Eper share2026-10-152.30+0.0%
2026Q3SUSD millions2026-10-1511,317-0.1%
2026Q3Rper share2026-10-092.22-0.3%
2026Q2Eper share2026-07-202.03+0.2%
2026Q2Rper share2026-07-201.98-0.7%
2026Q2SUSD millions2026-07-2010,602-0.1%
2026Q1Eper share2026-04-221.830.0%
2026Q1Rper share2026-04-221.760.0%
2026Q1SUSD millions2026-04-179,907+0.2%
2025FYEper share2026-01-297.520.0%
2025Q4Eper share2026-01-291.700.0%
2025FYSUSD millions2026-01-1640,632+0.0%
2025Q4SUSD millions2026-01-1610,384+0.0%
2025FYRper share2026-01-117.310.0%
2025Q4Rper share2026-01-111.520.0%
2025Q3Eper share2025-10-122.090.0%
2025Q3SUSD millions2025-10-0910,636+0.1%
2025Q3Rper share2025-10-062.01-0.1%
2025Q2Eper share2025-07-171.86+0.1%
2025Q2SUSD millions2025-07-1710,318+0.1%
2025Q2Rper share2025-07-111.800.0%
2025Q1Eper share2025-04-231.610.0%
2025Q1SUSD millions2025-04-239,1450.0%
2025Q1Rper share2025-04-221.580.0%
2024FYRper share2025-02-066.41+0.2%
2024Q4SUSD millions2025-02-019,4360.0%
2024FYEper share2025-01-316.50+0.0%
2024Q4Eper share2025-01-311.50+0.1%
2024FYSUSD millions2025-01-3137,6570.0%
2024Q4Rper share2025-01-101.63-0.6%
2024Q3Eper share2024-10-141.820.0%
2024Q3Rper share2024-10-141.78-0.1%
2024Q3SUSD millions2024-10-149,676-0.1%
2024Q2Eper share2024-07-191.57-0.2%
2024Q2Rper share2024-07-191.480.0%
2024Q2SUSD millions2024-07-199,186+0.0%
2024Q1Eper share2024-04-191.41-0.1%
2024Q1SUSD millions2024-04-198,443-0.2%
2024Q1Rper share2024-04-181.42+0.6%
2023FYRper share2024-02-065.42+2.3%
2023FYEper share2024-01-316.13+0.0%
2023FYSUSD millions2024-01-3035,124+0.0%

Estimate history

Annual
Metric201720182019202020212022202320242025TTMMRQ
EPS per share3.885.084.6075.1585.8265.8145.0174.5217.2636.8496-
Sales USD millions28,68829,60729,78328,69731,34631,52935,06037,69240,54043,014-
Shares million shares1,5531,5551,5561,5571,5501,5501,5521,5551,557-1,559
Quarterly
MetricQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26Q3 '26
EPS per share1.975-0.3731.7231.9452.2261.371.5591.8012.119
Sales USD millions9,8689,6539,24910,12910,82910,33310,12411,16111,396
Shares million shares1,5551,5551,5561,5571,5571,5571,5591,5591,559

Income statement, annual

USD millions, except where the row names a unit. The percent under a figure is against the same period a year earlier. TTM has no earlier TTM to compare with, and a ratio or a margin has no change.
MetricTTM2025FY12/31/20252024FY12/31/20242023FY12/31/20232022FY12/31/20222021FY12/31/20212020FY12/31/20202019FY12/31/20192018FY12/31/2018
Total Revenue43,014.0040,540.00+7.6%37,692.00+7.5%35,060.00+11.2%31,529.00+0.6%31,346.00+9.2%28,697.00-3.6%29,783.00+0.6%29,607.00
Cost of Goods Sold Incl. D&A14,894.0013,359.00-5.3%14,113.00+6.1%13,299.00+16.6%11,402.00+12.6%10,126.00+4.9%9,649.00-8.8%10,580.00-2.4%10,840.00
Gross Profit28,120.0027,181.00+15.3%23,579.00+8.4%21,761.00+8.1%20,127.00-5.2%21,220.00+11.4%19,048.00-0.8%19,203.00+2.3%18,767.00
Selling, General and Administrative Excl. Other11,925.0010,197.00-1.4%10,344.00+36.2%7,597.00-2.3%7,776.00-5.7%8,248.00+18.1%6,984.00-4.5%7,316.00-1.0%7,393.00
Research and Development-756.00-0.4%759.00+7.1%709.00+10.4%642.00+4.1%617.00+24.6%495.00+6.5%465.00+21.4%383.00
Other Operating Expense0.000.000.000.000.000.000.000.000.00
Operating Income16,195.0016,984.00+28.3%13,235.00-6.6%14,164.00+14.7%12,351.00-4.8%12,972.00+7.5%12,064.00+1.5%11,887.00+4.5%11,374.00
Interest Expense1,298.002,319.00+3.3%2,245.00+8.7%2,066.00+112.8%971.00+3.7%936.00-4.7%982.00-11.7%1,112.00+21.4%916.00
Unusual Expense-741.001,240.00-743.00-137.7%1,969.00-41.00-205.00-181.3%252.00-73.8%962.00-62.00
Net Income Before Taxes15,693.0013,880.00+13.8%12,199.00+16.7%10,450.00-10.2%11,634.00-4.9%12,232.00+11.7%10,953.00+11.0%9,872.00-7.5%10,671.00
Income Taxes3,292.002,737.00-9.3%3,017.00+29.0%2,339.00+4.2%2,244.00-16.0%2,671.00+12.4%2,377.00+3.7%2,293.00-6.2%2,445.00
Consolidated Net Income11,311.0011,816.00+58.0%7,480.00-9.3%8,246.00-13.2%9,503.00-1.9%9,684.00+13.0%8,572.00+11.2%7,711.00-6.8%8,270.00
Net Income From Continuing Operations10,681.0011,316.00+60.9%7,034.00-9.7%7,791.00-13.7%9,024.00-0.6%9,083.00+13.0%8,036.00+12.1%7,168.00-9.2%7,895.00
Net Income10,681.0011,316.00+60.9%7,034.00-9.7%7,791.00-13.7%9,024.00-0.6%9,083.00+13.0%8,036.00+12.1%7,168.00-9.2%7,895.00
EPS (Recurring) per share6.517.82+86.6%4.19-29.0%5.90+1.7%5.80+1.2%5.73+8.7%5.27+4.6%5.04-0.2%5.05
EPS (Basic, Before Extraordinaries) per share6.857.27+60.5%4.53-9.8%5.02-13.7%5.82-0.2%5.83+13.0%5.16+11.9%4.61-9.3%5.08
EPS (Diluted) per share6.857.26+60.6%4.52-10.0%5.02-13.6%5.81-0.3%5.83+13.0%5.16+11.9%4.61-9.3%5.08
EBITDA18,250.0018,980.00+26.3%15,022.00-3.5%15,562.00+14.9%13,540.00-3.1%13,970.00+7.1%13,045.00+1.5%12,851.00+3.9%12,363.00
Non-Operating Income (Expense)55.00455.00-2.4%466.00+45.2%321.00+50.7%213.00-9.00-107.3%123.00+108.5%59.00-60.9%151.00
Other After Tax Adjustments-539.00-32.00-2,339.00-22.00-24.00-26.00-20.00-17.00-16.00
Stock Option Compensation Expense165.03193.00+7.6%179.33+7.1%167.48+15.8%144.57-5.7%153.30+25.7%121.91-2.9%125.56+15.2%109.02
Price To Earnings Ratio ratio statement ratio, not the snapshot28.7128.7119.0918.2818.0316.3116.0518.4713.14
Price To Sales Ratio ratio6.926.164.974.174.984.724.494.453.51
Gross Margin %65.3767.0562.5662.0763.8467.7066.3864.4863.39
Operating Margin %37.6541.8935.1140.4039.1741.3842.0439.9138.42
Net Margin %24.8327.9118.6622.2228.6228.9828.0024.0726.67
Shares Outstanding million shares1,558.641,556.66+0.1%1,554.85+0.2%1,552.42+0.1%1,550.22+0.0%1,550.17-0.5%1,557.37+0.1%1,555.89+0.1%1,554.58
Market Capitalization306,526.08306,526.08+63.8%187,123.79+28.1%146,050.73-6.9%156,895.74+6.1%147,898.85+14.7%128,930.52-2.6%132,389.83+27.6%103,779.76

Income statement, quarterly

USD millions, except where the row names a unit. The percent under a figure is against the same period a year earlier. TTM has no earlier TTM to compare with, and a ratio or a margin has no change.
Metric2026Q39/30/20262026Q26/30/20262026Q13/31/20262025Q412/31/20252025Q39/30/20252025Q26/30/20252025Q13/31/20252024Q412/31/2024
Total Revenue11,396.00+5.2%11,161.00+10.2%10,124.00+9.5%10,333.00+7.0%10,829.00+9.7%10,129.00+7.7%9,249.00+5.5%9,653.00+7.7%
Cost of Goods Sold Incl. D&A3,908.00+4.8%3,860.00+9.5%3,567.00+8.7%3,559.00-2.9%3,730.00+3.4%3,525.00-0.5%3,281.00-0.5%3,665.00+2.6%
Gross Profit7,488.00+5.5%7,301.00+10.6%6,557.00+9.9%6,774.00+13.1%7,099.00+13.4%6,604.00+12.6%5,968.00+9.2%5,988.00+11.0%
Selling, General and Administrative Excl. Other2,874.00+1.3%2,860.00-23.0%2,927.00+33.5%3,264.00-5.1%2,837.00+39.8%3,715.00+56.7%2,193.00-21.4%3,441.00+203.7%
Other Operating Expense0.000.000.000.000.000.000.000.00
Operating Income4,614.00+8.3%4,441.00+53.7%3,630.00-3.8%3,510.00+37.8%4,262.00+0.7%2,889.00-17.3%3,775.00+41.1%2,547.00-40.2%
Interest Expense210.00-50.0%379.00-19.4%366.00-21.3%343.00-64.6%420.00+5.5%470.00+1.3%465.00+12.6%970.00+11.6%
Unusual Expense-201.00-175.00-353.00-1203.1%-12.00-168.00-140.2%-1,004.0032.00-695.00-155.1%
Net Income Before Taxes4,594.00+14.3%4,292.00+25.4%3,661.00+11.2%3,146.00+7.9%4,019.00+16.5%3,424.00+10.4%3,291.00+20.5%2,917.00+11.9%
Income Taxes986.00+31.3%955.00+46.5%676.00+2.6%675.00-22.6%751.00+2.2%652.00-11.2%659.00-2.5%872.00+172.5%
Consolidated Net Income3,514.00-2.5%2,978.00-5.2%2,575.00-9.0%2,244.003,603.00+12.4%3,140.00+24.6%2,829.00+26.3%-487.00-121.1%
Net Income From Continuing Operations3,305.00-4.7%2,810.00-7.3%2,431.00-9.4%2,135.003,468.00+12.9%3,031.00+26.3%2,682.00+25.2%-580.00-126.5%
Net Income3,305.00-4.7%2,810.00-7.3%2,431.00-9.4%2,135.003,468.00+12.9%3,031.00+26.3%2,682.00+25.2%-580.00-126.5%
EPS (Recurring) per share2.03-5.6%1.72+15.4%1.40-19.5%1.362.15-0.5%1.49-2.6%1.74+46.2%-0.69-134.8%
EPS (Basic, Before Extraordinaries) per share2.12-4.9%1.80-7.7%1.56-9.3%1.372.23+12.6%1.95+26.6%1.72+24.6%-0.37-126.2%
EPS (Diluted) per share2.12-4.9%1.80-7.7%1.56-9.3%1.372.23+13.2%1.95+26.6%1.72+24.6%-0.37-126.2%
EBITDA5,125.00+7.5%4,954.00+46.6%4,140.00-2.7%4,031.00+33.3%4,767.00+0.8%3,379.00-14.2%4,255.00+39.9%3,024.00-34.7%
Non-Operating Income (Expense)-11.00-222.2%55.00+5400.0%44.00+238.5%-33.00-105.1%9.00-74.3%1.00-97.6%13.00-72.3%645.00+35.2%
Other After Tax Adjustments-8.00-518.00-7.00-6.00-10.00-8.00-8.00-2,317.00
Stock Option Compensation Expense24.00-24.1%32.00-5.8%64.00-28.9%45.03-49.1%31.60+29.0%33.97+616.7%90.06+46.2%88.48+27.3%
Price To Earnings Ratio ratio statement ratio, not the snapshot28.7125.4822.7629.0530.7837.4335.1119.09
Price To Sales Ratio ratio6.926.656.226.166.347.296.474.97
Gross Margin %65.7165.4264.7765.5665.5665.2064.5362.03
Operating Margin %40.4939.7935.8633.9739.3628.5240.8226.39
Net Margin %29.0025.1824.0120.6632.0329.9229.00-6.01
Shares Outstanding million shares1,558.64+0.1%1,558.60+0.1%1,558.53+0.1%1,556.66+0.1%1,556.62+0.1%1,556.58+0.1%1,556.49+0.1%1,554.85+0.2%
Market Capitalization306,526.08+21.4%281,959.09-0.5%257,381.47+4.3%249,685.06+33.4%252,478.90+33.8%283,488.99+80.0%246,802.93+73.5%187,123.79+28.1%

Balance sheet, annual

USD millions, except where the row names a unit. The percent under a figure is against the same period a year earlier. TTM has no earlier TTM to compare with, and a ratio or a margin has no change.
Metric2025FY12/31/20252024FY12/31/20242023FY12/31/20232022FY12/31/20222021FY12/31/20212020FY12/31/20202019FY12/31/20192018FY12/31/20182017FY12/31/2017
Cash & Short Term Investments4,892.00+15.0%4,254.00+35.2%3,146.00-2.2%3,217.00-28.5%4,500.00-38.2%7,285.00+6.1%6,865.00+4.1%6,593.00-21.9%8,447.00
Short Term Receivables5,810.00+24.3%4,675.00+6.5%4,391.00-7.7%4,756.00+20.7%3,940.00+4.8%3,761.00+1.2%3,717.00+4.3%3,564.00-4.7%3,738.00
Inventories11,478.00+21.4%9,453.00-12.3%10,774.00+9.0%9,886.00+13.4%8,720.00-9.1%9,591.00+3.9%9,235.00+4.9%8,804.000.0%8,806.00
Other Current Assets2,183.00+22.1%1,788.00+23.8%1,444.00-18.0%1,760.00+216.0%557.00-34.9%855.00+22.7%697.00+44.9%481.00-20.2%603.00
Total Current Assets24,363.00+20.8%20,170.00+2.1%19,755.00+0.7%19,619.00+10.7%17,717.00-17.6%21,492.00+4.8%20,514.00+5.5%19,442.00-10.0%21,594.00
Net Property, Plant & Equipment9,076.00+15.0%7,895.00-3.1%8,147.00+11.5%7,304.00+9.1%6,694.00-5.2%7,062.00-4.5%7,397.00+2.7%7,201.00-1.0%7,271.00
Total Investments and Advances3,075.00+3.6%2,969.00-41.6%5,082.00+6.5%4,772.00+6.4%4,485.00-6.6%4,804.00+3.6%4,635.00+265.2%1,269.00+18.2%1,074.00
Intangible Assets28,148.00+0.8%27,927.00+4.8%26,643.00+1.0%26,387.00+177.8%9,498.00+19.0%7,983.00+0.2%7,971.00-15.8%9,467.00-6.2%10,098.00
Deferred Tax Assets1,247.00+32.7%940.00+15.5%814.00+35.0%603.00-32.6%895.00-36.5%1,410.00+22.3%1,153.00+18.0%977.00-3.0%1,007.00
Other Assets3,276.00+74.0%1,883.00-61.3%4,863.00+62.3%2,996.00+49.7%2,001.00-3.1%2,064.00+71.3%1,205.00-16.6%1,445.00-24.9%1,924.00
Total Assets69,185.00+12.0%61,784.00-5.4%65,304.00+5.9%61,681.00+49.4%41,290.00-7.9%44,815.00+4.5%42,875.00+7.7%39,801.00-7.4%42,968.00
Short Term Debt Incl. Current Port. of LT Debt3,701.00+4.9%3,529.00-47.1%6,666.00-19.2%8,248.00+156.5%3,215.00-9.6%3,558.00-22.4%4,583.00-4.2%4,784.00+59.2%3,005.00
Accounts Payable4,407.00+11.5%3,952.00-4.6%4,143.00+1.6%4,076.00+22.4%3,331.00+19.8%2,780.00+20.9%2,299.00+11.2%2,068.00-7.8%2,242.00
Income Tax Payable1,255.00-0.2%1,258.00+8.6%1,158.00+11.3%1,040.00+1.5%1,025.00-6.0%1,091.00+37.1%796.00+38.2%576.00-29.1%812.00
Other Current Liabilities16,064.00+13.3%14,176.00-1.7%14,416.00+3.2%13,972.00+19.6%11,684.00-4.1%12,186.00+9.2%11,155.00+14.3%9,763.00-1.4%9,903.00
Total Current Liabilities25,427.00+11.0%22,915.00-13.1%26,383.00-3.5%27,336.00+42.0%19,255.00-1.8%19,615.00+4.2%18,833.00+9.6%17,191.00+7.7%15,962.00
Long Term Debt45,660.00+7.2%42,593.00+2.1%41,699.00+18.1%35,311.00+40.5%25,127.00-12.4%28,685.00+5.4%27,225.00+0.9%26,975.00-13.9%31,334.00
Provision for Risks Charges2,406.00-18.2%2,940.00-3.5%3,046.00+53.5%1,984.00-33.2%2,968.00-33.6%4,470.00+23.0%3,634.00+17.9%3,083.00+35.8%2,271.00
Deferred Tax Liabilities2,065.00-18.0%2,517.00+7.8%2,335.00+19.4%1,956.00+169.4%726.00+6.1%684.00-24.7%908.00+1.1%898.00+12.4%799.00
Other Liabilities1,655.00+140.2%689.00-46.5%1,287.00-8.4%1,405.00-1.2%1,422.00-28.6%1,992.00+6.3%1,874.00-21.7%2,393.00-15.5%2,832.00
Total Liabilities77,213.00+7.8%71,654.00-4.1%74,750.00+9.9%67,992.00+37.4%49,498.00-10.7%55,446.00+5.7%52,474.00+3.8%50,540.00-5.0%53,198.00
Non-Equity Reserves0.000.000.000.000.000.000.000.000.00
Preferred Stock - Carrying Value0.000.000.000.000.000.000.000.000.00
Common Equity-9,994.00-11,750.00-11,225.00-8,957.00-10,106.00-12,567.00-11,577.00-12,459.00-12,086.00
Total Shareholders Equity-9,994.00-11,750.00-11,225.00-8,957.00-10,106.00-12,567.00-11,577.00-12,459.00-12,086.00
Accumulated Minority Interest1,966.00+4.6%1,880.00+5.7%1,779.00-32.8%2,646.00+39.4%1,898.00-2.0%1,936.00-2.1%1,978.00+15.0%1,720.00-7.3%1,856.00
Total Equity-8,028.00-9,870.00-9,446.00-6,311.00-8,208.00-10,631.00-9,599.00-10,739.00-10,230.00
Total Liabilities & Stockholders Equity69,185.00+12.0%61,784.00-5.4%65,304.00+5.9%61,681.00+49.4%41,290.00-7.9%44,815.00+4.5%42,875.00+7.7%39,801.00-7.4%42,968.00
Book Value Per Share per share-6.42-7.56-7.23-5.78-6.52-8.07-7.44-8.01-7.78
Tangible Book Value Per Share per share-24.50-25.52-24.39-22.80-12.65-13.20-12.56-14.10-14.28
Full-Time Employees people84,900+2.2%83,100+0.5%82,700+3.6%79,800+14.7%69,600-2.0%71,000-3.4%73,500-5.0%77,400-4.0%80,600
Price to Book Ratio ratio-38.62-19.30-15.48-17.17-14.57-10.26-11.44-8.33-14.39
Return on Assets %17.2811.0712.2717.5321.1018.3317.3419.0815.09
Return on Invested Capital %31.7322.8125.5734.2460.4749.8645.8154.3931.28
Quick Ratio ratio0.510.470.340.360.470.610.600.620.80
Current Ratio ratio0.960.880.750.720.921.101.091.131.35

Cash flow, annual

USD millions, except where the row names a unit. The percent under a figure is against the same period a year earlier. TTM has no earlier TTM to compare with, and a ratio or a margin has no change.
MetricTTM2025FY12/31/20252024FY12/31/20242023FY12/31/20232022FY12/31/20222021FY12/31/20212020FY12/31/20202019FY12/31/20192018FY12/31/2018
Net Income11,339.0011,848.00+57.9%7,503.00-9.3%8,268.00-13.2%9,527.00-1.9%9,710.00+13.0%8,592.00+11.2%7,728.00-6.7%8,286.00
Depreciation2,055.001,996.00+11.7%1,787.00+27.8%1,398.00+17.6%1,189.00+19.1%998.00+1.7%981.00+1.8%964.00-2.5%989.00
Other Funds (Non Cash)575.00341.00-87.2%2,671.00+276.2%710.00-93.00-22.00-14.00-103.8%371.000.00
Funds from Operations13,520.0013,338.00+12.7%11,838.00+17.8%10,046.00-3.3%10,389.00-2.6%10,669.00+13.3%9,416.00+5.5%8,922.00-2.8%9,175.00
Extraordinary Item0.000.000.000.000.000.000.000.000.00
Changes in Working Capital1,634.00-1,105.00-391.6%379.00-842.00-303.4%414.00-68.1%1,298.00+227.8%396.00-66.1%1,168.00+285.5%303.00
Income Taxes Payable460.00-266.00-62.00-232.00-261.00-260.00-260.00-446.7%75.00-135.00
Cash from Operating Activities15,154.0012,233.00+0.1%12,217.00+32.7%9,204.00-14.8%10,803.00-9.7%11,967.00+22.0%9,812.00-2.8%10,090.00+6.5%9,478.00
Capital Expenditures-1,559.00-1,569.00-1,444.00-1,321.00-1,077.00-748.00-602.00-852.00-1,436.00
Net Assets From Acquisitions-552.00-521.00-489.00-1,320.00-16,325.00-2,691.00-776.00--81.00
Sale of Fixed Assets and Businesses85.0030.00-83.2%179.000.000.000.000.00-100.0%51.000.00
Purchase or Sale of Investments42.00-149.00-124.00-111.00-20.00-34.00-47.00-31.00-63.00
Purchase of Investments-267.00-265.00-124.00-111.00-20.00-34.00-47.00-31.00-63.00
Sale Or Maturity of Investments309.00116.000.000.000.000.000.000.000.00
Other Uses103.00-2,279.00-54.00-2,435.00-1,002.000.00-551.00-1,346.000.00
Other Sources417.000.00-100.0%351.00+30.5%269.00-32.1%396.00-26.0%535.00+1063.0%46.00-89.0%418.00-16.6%501.00
Cash from Investing Activities-1,464.00-4,488.00-1,581.00-4,918.00-18,028.00-2,938.00-1,930.00-1,760.00-1,079.00
Cash Dividends Paid-9,198.00-8,624.00-8,197.00-7,964.00-7,812.00-7,580.00-7,364.00-7,161.00-6,885.00
Change in Capital Stock0.000.000.000.00-209.00-775.000.000.000.00
Repurchase of Common Pref Stock0.000.000.000.00-209.00-775.000.000.000.00
Sale of Common Pref Stock0.000.000.000.000.000.000.000.000.00
Proceedsfrom Stock Options0.000.000.000.000.000.000.000.000.00
Issuance or Reduction of Debt, Net-2,041.001,706.00-1,623.00-143.8%3,702.00-73.9%14,176.00-3,042.00-356.00-543.00-2,229.00
Change in Long Term Debt-2,702.001,687.00+886.5%171.00-94.3%2,978.00-77.4%13,161.00-3,042.00-286.00-179.00-2,484.00
Issuance of Long Term Debt4,937.007,055.00-13.4%8,142.00-18.2%9,959.00-49.9%19,885.000.00-100.0%3,713.00-2.8%3,819.000.00
Reduction of Long Term Debt-7,639.00-5,368.00-7,971.00-6,981.00-6,724.00-3,042.00-3,999.00-3,998.00-2,484.00
Net Financing Active Other Cash Flow390.00-693.00-183.7%828.000.000.000.000.00-408.00-456.00
Other Financing Activities Uses122.00-693.000.000.000.000.000.00-408.00-456.00
Cash from Financing Activities-10,849.00-7,611.00-8,992.00-4,262.00-169.2%6,155.00-11,397.00-7,720.00-8,112.00-9,570.00
Exchange Rate Effect-196.00504.00-536.00-95.00-213.00-417.00-261.6%258.00+855.6%27.00-685.00
Net Change in Cash2,645.00638.00-42.4%1,108.00-71.00-1,283.00-2,785.00-763.1%420.00+71.4%245.00-1,856.00
Free Cash Flow13,595.0010,664.00-1.0%10,773.00+36.7%7,883.00-18.9%9,726.00-13.3%11,219.00+21.8%9,210.00-0.3%9,238.00+14.9%8,042.00
Preferred Dividends (Cash Flow)-0.000.000.000.000.000.000.000.00
Price to Free Cash Flow ratio67.70122.5072.70-82.0740.7069.8763.7589.72
Deferred Taxes & Investment Tax Credit--847.00-123.00-330.00-234.00-17.00-143.00-141.00-100.00

Balance sheet, quarterly

USD millions, except where the row names a unit. The percent under a figure is against the same period a year earlier. TTM has no earlier TTM to compare with, and a ratio or a margin has no change.
Metric2026Q39/30/20262026Q26/30/20262026Q13/31/20262025Q412/31/20252025Q39/30/20252025Q26/30/20252025Q13/31/20252024Q412/31/2024
Cash & Short Term Investments6,706.00+65.1%6,037.00+44.6%5,470.00+22.2%4,892.00+15.0%4,061.00-5.6%4,176.00-14.4%4,476.00+9.2%4,254.00+35.2%
Short Term Receivables6,531.00+12.2%6,474.00+9.9%6,390.00+10.3%5,810.00+24.3%5,823.00+12.2%5,889.00+15.1%5,793.00+14.7%4,675.00+6.5%
Inventories10,326.00+0.6%11,436.00+6.6%11,392.00+12.5%11,478.00+21.4%10,267.00+9.7%10,728.00+14.3%10,127.00+1.6%9,453.00-12.3%
Other Current Assets2,225.00-11.5%2,059.00-19.9%2,350.00+30.6%2,183.00+22.1%2,514.00+29.0%2,571.00+55.5%1,800.00+2.7%1,788.00+23.8%
Total Current Assets25,788.00+13.8%26,006.00+11.3%25,602.00+15.3%24,363.00+20.8%22,665.00+9.0%23,364.00+11.1%22,196.00+6.3%20,170.00+2.1%
Net Property, Plant & Equipment8,369.00+3.1%8,313.00+3.4%8,259.00+9.7%9,076.00+15.0%8,115.00+7.5%8,043.00+10.7%7,532.00+4.6%7,895.00-3.1%
Total Investments and Advances2,116.00-36.2%2,272.00-35.7%2,656.00-16.6%3,075.00+3.6%3,316.00-43.9%3,531.00-32.8%3,185.00-38.5%2,969.00-41.6%
Intangible Assets26,613.00-6.1%27,095.00-5.3%27,581.00-2.2%28,148.00+0.8%28,327.00-2.5%28,607.00-1.3%28,209.00+8.9%27,927.00+4.8%
Deferred Tax Assets1,224.00+15.8%1,137.00+2.3%1,197.00-7.0%1,247.00+32.7%1,057.00+4.4%1,111.00+21.0%1,287.00+35.5%940.00+15.5%
Other Assets2,620.00-26.8%3,448.00-10.4%3,618.00+35.5%3,276.00+74.0%3,581.00+39.4%3,850.00+65.4%2,670.00-48.7%1,883.00-61.3%
Total Assets66,730.00-0.5%68,271.00-0.3%68,913.00+5.9%69,185.00+12.0%67,061.00+0.3%68,506.00+4.1%65,079.00-0.4%61,784.00-5.4%
Short Term Debt Incl. Current Port. of LT Debt5,853.00-28.8%6,747.00-25.3%8,140.00-24.6%3,701.00+4.9%8,219.00+64.9%9,031.00+101.0%10,798.00+89.3%3,529.00-47.1%
Accounts Payable4,036.00+1.5%3,919.00+1.3%3,927.00+4.7%4,407.00+11.5%3,978.00+13.3%3,870.00+7.8%3,749.00+2.8%3,952.00-4.6%
Income Tax Payable1,361.00+63.0%1,076.00+36.9%1,091.00-17.5%1,255.00-0.2%835.00-21.2%786.00-21.5%1,323.00+60.9%1,258.00+8.6%
Other Current Liabilities13,945.00+1.9%14,800.00+2.3%13,064.00+6.9%16,064.00+13.3%13,687.00-0.9%14,461.00+8.5%12,217.00+1.9%14,176.00-1.7%
Total Current Liabilities25,195.00-5.7%26,542.00-5.7%26,222.00-6.6%25,427.00+11.0%26,719.00+14.3%28,148.00+25.6%28,087.00+26.7%22,915.00-13.1%
Long Term Debt41,709.00-0.4%42,366.00-0.2%43,808.00+13.0%45,660.00+7.2%41,863.00-5.4%42,431.00-5.0%38,781.00-13.2%42,593.00+2.1%
Provision for Risks Charges2,140.00-33.6%2,249.00-31.7%2,340.00-21.8%2,406.00-18.2%3,222.00+9.0%3,295.00+16.7%2,991.00+5.9%2,940.00-3.5%
Deferred Tax Liabilities1,983.00-0.8%2,057.00-4.4%2,013.00-28.5%2,065.00-18.0%1,999.00-21.5%2,152.00-18.8%2,817.00+5.7%2,517.00+7.8%
Other Liabilities1,648.00-26.5%1,714.00-31.2%1,830.00+37.7%1,655.00+140.2%2,242.00+49.7%2,492.00+109.9%1,329.00-13.6%689.00-46.5%
Total Liabilities72,675.00-4.4%74,928.00-4.6%76,213.00+3.0%77,213.00+7.8%76,045.00+1.9%78,518.00+6.5%74,005.00+0.2%71,654.00-4.1%
Non-Equity Reserves0.000.000.000.000.000.000.000.00
Preferred Stock - Carrying Value0.000.000.000.000.000.000.000.00
Common Equity-7,937.00-8,583.00-9,279.00-9,994.00-10,914.00-11,966.00-10,901.00-11,750.00
Total Shareholders Equity-7,937.00-8,583.00-9,279.00-9,994.00-10,914.00-11,966.00-10,901.00-11,750.00
Accumulated Minority Interest1,992.00+3.2%1,926.00-1.4%1,979.00+0.2%1,966.00+4.6%1,930.00-2.6%1,954.00+8.4%1,975.00+13.1%1,880.00+5.7%
Total Equity-5,945.00-6,657.00-7,300.00-8,028.00-8,984.00-10,012.00-8,926.00-9,870.00
Total Liabilities & Stockholders Equity66,730.00-0.5%68,271.00-0.3%68,913.00+5.9%69,185.00+12.0%67,061.00+0.3%68,506.00+4.1%65,079.00-0.4%61,784.00-5.4%
Book Value Per Share per share-5.09-5.51-5.95-6.42-7.01-7.69-7.00-7.56
Tangible Book Value Per Share per share-22.17-22.89-23.65-24.50-25.21-26.07-25.13-25.52
Full-Time Employees people---84,900+2.2%---83,100+0.5%
Price to Book Ratio ratio-38.62-30.39-25.75-22.88-21.10-26.01-21.00-19.30
Return on Assets %15.9715.8616.5217.2812.8412.2211.6211.07
Return on Invested Capital %9.798.327.045.9911.219.959.62-1.88
Quick Ratio ratio0.610.550.540.510.460.450.430.47
Current Ratio ratio1.020.980.980.960.850.830.790.88

Cash flow, quarterly

USD millions, except where the row names a unit. The percent under a figure is against the same period a year earlier. TTM has no earlier TTM to compare with, and a ratio or a margin has no change.
Metric2026Q39/30/20262026Q26/30/20262026Q13/31/20262025Q412/31/20252025Q39/30/20252025Q26/30/20252025Q13/31/20252024Q412/31/2024
Net Income3,522.00-2.5%2,985.00-5.2%2,582.00-9.0%2,250.003,613.00+12.4%3,148.00+24.5%2,837.00+26.3%-486.00-121.0%
Depreciation511.00+1.2%513.00+4.7%510.00+6.3%521.00+9.2%505.00+1.4%490.00+10.1%480.00+30.8%477.00
Other Funds (Non Cash)-5.00499.00+77.6%-3.0084.00-96.4%-23.00-111.7%281.00-1.00-100.6%2,312.00+242.5%
Funds from Operations4,003.00+1.7%4,054.00+9.2%3,022.00-7.0%2,441.00+13.0%3,936.00+1.7%3,712.00+26.1%3,249.00+13.4%2,160.00-6.6%
Extraordinary Item0.000.000.000.000.000.000.000.00
Changes in Working Capital1,349.00+156.5%1,438.00-3,421.002,268.00+23.1%526.00-300.00-117.8%-3,599.001,842.00+86.2%
Income Taxes Payable362.00+670.2%-29.00-171.00298.00+66.5%47.00-46.6%-591.00-20.00179.00
Cash from Operating Activities5,352.00+19.9%5,492.00+61.0%-399.004,709.00+17.7%4,462.00+33.5%3,412.00-26.3%-350.00-245.2%4,002.00+21.2%
Capital Expenditures-382.00-380.00-353.00-444.00-365.00-356.00-404.00-278.00
Net Assets From Acquisitions-125.00-210.00-116.00-101.00-152.00-182.00-86.00-152.00
Sale of Fixed Assets and Businesses0.0087.00+171.9%0.00-2.00-101.5%0.0032.00-27.3%0.00135.00
Purchase or Sale of Investments0.0088.0055.00-101.00-13.00-25.00-10.000.00
Purchase of Investments0.00-10.00-40.00-217.00-13.00-25.00-10.000.00
Sale Or Maturity of Investments0.0098.0095.00116.000.000.000.000.00
Other Uses1.002.00-19.00119.00-48.9%-411.00-1,961.00-26.00233.00
Other Sources-126.00229.00314.00+5133.3%0.00-100.0%0.00-6.00-104.7%6.00-98.1%351.00+30.5%
Cash from Investing Activities-632.00-184.00-119.00-529.00-283.0%-941.00-2,498.00-520.00289.00
Cash Dividends Paid-2,299.00-2,297.00-2,307.00-2,295.00-2,107.00-2,106.00-2,116.00-2,106.00
Preferred Dividends (Cash Flow)0.000.000.000.000.000.000.000.00
Change in Capital Stock0.000.000.000.000.000.000.000.00
Repurchase of Common Pref Stock0.000.000.000.000.000.000.000.00
Sale of Common Pref Stock0.000.000.000.000.000.000.000.00
Proceedsfrom Stock Options0.000.000.000.000.000.000.000.00
Issuance or Reduction of Debt, Net-1,381.00-2,734.00-389.3%3,381.00-2.8%-1,307.00-1,411.00945.003,479.00+16.0%-2,651.00
Change in Long Term Debt-566.00-401.00-114.1%-2,142.00407.00-750.002,852.00-822.00-117.6%-2,642.00
Issuance of Long Term Debt0.001,478.00-58.9%0.003,459.00+17.3%0.003,596.00+572.1%0.00-100.0%2,948.00
Reduction of Long Term Debt-566.00-1,879.00-2,142.00-3,052.00-750.00-744.00-822.00-5,590.00
Net Financing Active Other Cash Flow-136.00-1611.1%266.00138.00122.00-84.9%9.00-218.00-342.2%-606.00-333.1%806.00
Other Financing Activities Uses0.00-100.0%0.000.00122.009.00-218.00-606.000.00
Cash from Financing Activities-3,816.00-4,765.001,212.00+60.1%-3,480.00-3,509.00-1,379.00757.00-38.1%-3,951.00
Exchange Rate Effect-222.0011.00-93.3%-116.00-134.6%131.00-127.00-289.6%165.00+1078.6%335.00-387.00-240.7%
Net Change in Cash682.00554.00578.00+160.4%831.00-115.00-300.00-138.6%222.00-76.7%-47.00-142.0%
Free Cash Flow4,970.00+21.3%5,112.00+67.3%-752.004,265.00+14.5%4,097.00+38.3%3,056.00-28.3%-754.003,724.00+24.5%
Price to Free Cash Flow ratio67.7075.95139.26122.50149.71447.57128.7972.65

Revenue breakdown

USD millions, so a column adds up to the income statement. Share is of the latest year in that split. The change is versus the older year shown, not TTM.

Product
Name20242025vs 20242025 share
Combustible Tobacco Products23,218.0023,794.00+2.5%58.5%
Smoke-Free Products14,660.0016,854.00+15.0%41.5%
Total37,878.0040,648.00+7.3%100.0%
Region
Name20242025vs 20242025 share
Americas4,534.004,854.00+7.1%11.9%
EA, AU & PMI GTR6,393.006,632.00+3.7%16.3%
European Union15,690.0017,111.00+9.1%42.1%
South and Southeast Asia11,261.0012,051.00+7.0%29.6%
Total37,878.0040,648.00+7.3%100.0%

Short interest

shares short against float, oldest to newest
SettlementOf floatShares shortFloatAvg volume
2026-10-300.96%14.9M1555.4M4.49M
2026-10-151.11%17.3M1555.3M4.69M
2026-09-301.14%17.7M1555.3M4.69M
2026-09-150.89%13.8M1555.3M4.91M
2026-08-311.07%16.6M1555.2M4.95M
2026-08-140.84%13.0M1555.2M4.96M
2026-07-311.04%16.1M1555.1M5.09M
2026-07-151.13%17.5M1555.1M4.95M
2026-06-301.17%18.2M1555.1M4.99M
2026-06-151.09%16.9M1554.5M4.70M
2026-05-291.04%16.2M1555.1M4.97M
2026-05-151.13%17.6M1555.1M4.97M
2026-04-301.05%16.3M1555.0M5.17M
2026-04-151.07%16.6M1555.0M5.26M
2026-03-311.10%17.0M1553.2M5.34M
2026-03-131.05%16.4M1553.2M5.65M
2026-02-271.09%16.9M1553.2M5.55M
2026-02-131.23%19.1M1553.2M5.75M
2026-01-301.28%19.8M1554.2M5.62M
2026-01-151.25%19.4M1554.2M6.32M

Option chain

expiry 2026-11-13
TypeStrikeBidAskLastIVOpen intVolumeDeltaThetaVega
call10095.5099.000.0010.0230.000.000.997-0.2750.001
call10590.5094.000.009.4090.000.000.997-0.2740.001
call11085.8089.000.008.8230.000.000.996-0.2720.001
call11581.1084.0078.778.2611.000.000.996-0.2700.001
call12076.1079.0073.827.7221.000.000.996-0.2680.001
call12570.6074.000.007.2030.000.000.996-0.2650.001
call13065.9069.000.006.7010.000.000.971-1.7990.006
call13561.0063.100.005.4900.000.000.969-1.7680.007
call14056.0059.000.005.7430.000.000.966-1.7340.007
call14551.0054.000.005.2840.000.000.963-1.6970.008
call15045.6049.000.004.8340.000.000.960-1.6570.008
call15541.3044.000.004.3940.000.000.956-1.6120.009
call16035.6039.000.003.9610.000.000.951-1.5620.010
call16530.6033.300.003.1590.000.000.945-1.5050.010
call167.528.9031.500.003.3200.000.000.941-1.4730.011
call17026.1028.300.002.7620.000.000.937-1.4390.012
call172.523.4026.500.002.8960.000.000.932-1.4020.012
call17521.1024.000.002.6830.000.000.927-1.3620.013
call177.518.1021.500.002.4690.000.000.919-1.3450.014
call18016.4019.0019.552.2547.000.000.903-1.4280.016
call182.513.5016.5017.152.0364.000.000.883-1.4960.018
call18511.5014.009.811.8145.000.000.859-1.5400.021
call187.59.1011.508.731.58613.000.000.829-1.5530.024
call1906.508.609.451.28029.0010.000.828-1.1260.024
call192.53.806.807.251.18935.0013.000.721-1.5020.032
call1952.104.003.350.83066516.000.621-1.2980.036
call197.50.302.802.480.58416338.000.451-1.4400.037
call2000.250.500.540.44034892.000.246-0.8980.030
call202.50.000.650.200.61867.004.000.179-0.9680.025
call2050.000.200.150.60826760.000.099-0.6550.016
call207.50.000.150.050.69557.005.000.068-0.5510.012
call2100.000.050.050.57951418.000.084-0.5930.016
call212.50.002.150.030.77524210.000.025-0.2650.005
call2150.002.150.050.8733702.000.019-0.2330.004
call217.50.002.150.500.96932.000.000.016-0.2150.004
call2200.002.150.041.0602520.000.014-0.2190.003
call222.50.002.100.601.1513.000.000.013-0.2240.003
call2250.002.150.351.24228.000.000.013-0.2280.003
call227.50.002.150.221.3291.000.000.012-0.2310.003
call2300.002.150.651.4153.000.000.011-0.2350.003
call232.50.002.150.001.4990.000.000.011-0.2380.003
call2350.002.150.501.5818.000.000.010-0.2410.003
call237.50.002.150.001.6620.000.000.010-0.2440.002
call2400.002.150.091.7423.000.000.009-0.2460.002
call2450.002.150.051.89718.000.000.009-0.2510.002
call2500.002.150.052.04519.000.000.008-0.2550.002
call2550.000.050.051.49951.000.000.008-0.1200.003
call2600.002.150.002.3350.000.000.007-0.2630.002
call2650.002.150.002.4730.000.000.007-0.2660.002
call2700.002.150.052.60829.000.000.007-0.2700.002
call2750.002.150.002.7390.000.000.006-0.2730.002
call2800.000.250.001.9570.000.000.006-0.1270.002
put1000.000.050.033.6721.000.00-0.003-0.1300.001
put1050.002.150.085.0481.000.00-0.003-0.2790.001
put1100.002.150.004.7010.000.00-0.003-0.2760.001
put1150.002.150.004.36810.000.00-0.004-0.2740.001
put1200.002.150.004.0490.000.00-0.004-0.2710.001
put1250.000.050.002.5360.000.00-0.004-0.1240.002
put1300.002.150.004.8610.000.00-0.029-1.8010.006
put1350.002.150.004.4800.000.00-0.031-1.7700.007
put1400.002.150.004.1100.000.00-0.034-1.7350.007
put1450.002.150.003.7510.000.00-0.037-1.6980.008
put1500.002.150.003.4000.000.00-0.040-1.6570.008
put1550.002.150.003.0570.000.00-0.044-1.6120.009
put1600.002.150.002.7200.000.00-0.049-1.5610.010
put1650.002.150.052.38818.000.00-0.055-1.5030.010
put167.50.002.150.002.2240.000.00-0.059-1.4720.011
put1700.002.151.092.06026.000.00-0.063-1.4370.012
put172.50.002.150.001.8960.000.00-0.068-1.4000.012
put1750.002.150.101.73327.000.00-0.073-1.3590.013
put177.50.002.150.001.5690.000.00-0.081-1.3410.014
put1800.002.150.051.4041070.00-0.097-1.4250.016
put182.50.002.150.141.23834.000.00-0.117-1.4920.018
put1850.002.150.051.07051.000.00-0.141-1.5360.021
put187.50.002.150.100.89781.000.00-0.171-1.5490.024
put1900.000.600.100.71962.0013.00-0.202-1.4050.026
put192.50.100.550.150.5325475.00-0.279-1.4970.032
put1950.200.850.250.41358.0014.00-0.379-1.2930.036
put197.50.353.101.030.709182100-0.549-1.4340.037
put2001.854.301.830.595119168-0.754-0.8930.030
put202.53.606.604.000.72488.0012.00-0.821-0.9620.025
put2056.108.907.560.8111871.00-0.901-0.6480.016
put207.58.6011.3012.670.91375.000.00-0.932-0.5440.012
put21011.1013.808.001.0561.000.00-0.968-0.2920.007
put212.513.6016.3010.431.1920.000.00-0.975-0.2580.005
put21516.1018.900.001.3890.000.00-0.981-0.2260.004
put217.518.6021.200.001.3730.000.00-0.984-0.2070.004
put22021.1023.9012.151.6470.000.00-0.985-0.2120.003
put222.523.6026.500.001.8400.000.00-0.987-0.2160.003
put22526.1029.400.002.2120.000.00-0.987-0.2190.003
put227.528.6031.400.002.0060.000.00-0.988-0.2230.003
put23031.1033.8023.002.0350.000.00-0.989-0.2260.003
put232.533.6037.000.002.6470.000.00-0.989-0.2290.003
put23536.1039.200.002.5730.000.00-0.990-0.2310.003
put237.538.6041.1042.332.1230.000.00-0.990-0.2340.002
put24041.1043.9044.832.5530.000.00-0.991-0.2360.002
put24546.1049.000.002.8490.000.00-0.991-0.2410.002
put25051.1054.200.003.2210.000.00-0.992-0.2440.002
put25556.1059.000.003.2440.000.00-0.992-0.2480.002
put26061.1064.200.003.6160.000.00-0.993-0.2510.002
put26566.1069.000.003.6130.000.00-0.993-0.2540.002
put27071.1074.000.003.7900.000.00-0.993-0.2560.002
put27576.1079.200.004.1630.000.00-0.994-0.2590.002
put28081.1084.500.004.6010.000.00-0.994-0.2610.002

Latest SEC filings

30
FiledFormDescriptionPeriodLink
2026-10-2310-QQuarterly report pursuant to Section 13 or 15(d)2026-09-30SEC
2026-10-218-KCurrent report2026-10-21SEC
2026-09-188-KCurrent report2026-09-18SEC
2026-09-088-KCurrent report2026-09-08SEC
2026-09-088-KCurrent report2026-09-08SEC
2026-08-248-KCurrent report2026-08-24SEC
2026-08-033Initial statement of beneficial ownership of securities2026-08-01SEC
2026-08-0325-NSESEC
2026-07-2410-QQuarterly report pursuant to Section 13 or 15(d)2026-06-30SEC
2026-07-228-KCurrent report2026-07-22SEC
2026-07-098-KCurrent report2026-07-06SEC
2026-06-2911-KAnnual reports of employee stock purchase, savings and similar plans pursuant to Section 15(d)2025-12-31SEC
2026-06-298-KCurrent report2026-06-29SEC
2026-06-168-K/A2026-05-18SEC
2026-06-118-KCurrent report2026-06-11SEC
2026-06-028-KCurrent report2026-06-02SEC
2026-05-22SDSpecialized Disclosure ReportSEC
2026-05-208-KCurrent report2026-05-18SEC
2026-05-14SCHEDULE 13G/ASEC
2026-05-14SCHEDULE 13GSEC
2026-05-084Statement of changes in beneficial ownership of securities2026-05-06SEC
2026-05-084Statement of changes in beneficial ownership of securities2026-05-06SEC
2026-05-084Statement of changes in beneficial ownership of securities2026-05-06SEC
2026-05-084Statement of changes in beneficial ownership of securities2026-05-06SEC
2026-05-084Statement of changes in beneficial ownership of securities2026-05-06SEC
2026-05-084Statement of changes in beneficial ownership of securities2026-05-06SEC
2026-05-084Statement of changes in beneficial ownership of securities2026-05-06SEC
2026-05-084Statement of changes in beneficial ownership of securities2026-05-06SEC
2026-05-084Statement of changes in beneficial ownership of securities2026-05-06SEC
2026-05-088-KCurrent report2026-05-06SEC

Insider activity by month

MonthBoughtBuysSoldSells
2026-110000
2026-100000
2026-090000
2026-080000
2026-070000
2026-060000
2026-050000
2026-040000
2026-030000
2026-020028.82M7
2026-010000
2025-120000
2025-110000

Institutional holders

Manager% owned
Capital World Investors8.37%
BlackRock, Inc.6.93%
VANGUARD CAPITAL MANAGEMENT LLC6.53%
Capital Research Global Investors5.49%
Capital International Investors4.31%
STATE STREET CORP3.61%
JPMORGAN CHASE & CO3.59%
FMR LLC3.56%
GQG Partners LLC2.92%
GEODE CAPITAL MANAGEMENT, LLC2.54%

Funds

Fund% owned
Dodge & Cox Income Fund3.63%
VANGUARD TOTAL STOCK MARKET INDEX FUND3.17%
Washington Mutual Investors Fund2.71%
Lord Abbett Ultra Short Bond Fund2.66%
VANGUARD 500 INDEX FUND2.59%
VANGUARD INTERMEDIATE-TERM INVESTMENT-GRADE FUND2.51%
VANGUARD INTERMEDIATE-TERM CORPORATE BOND INDEX FUND2.37%
American Funds Fundamental Investors2.33%
Investment Co of America1.51%
iShares Ultra Short Duration Bond Active ETF1.41%

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