Philip Morris International Inc. (PM) quarterly cash flow statement — complete operating, investing & financing history
Philip Morris International Inc. (PM) cash flow statement — 22-year operating, investing & financing cash flows
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 | Q2'23 | Q1'23 | Q4'22 | Q3'22 | Q2'22 | Q1'22 | Q4'21 | Q3'21 |
|---|
| Cash from Operations | 5.49B | -399M | 4.71B | 4.46B | 3.41B | -350M | 4B | 3.34B | 4.63B | 241M | 3.3B | 3.42B | 3.44B | -955M | 3.09B | 3.07B | 3.52B | 1.12B | 4.03B | 3.87B |
| Operating CF Margin % | 49.07% | -3.93% | 45.44% | 41.14% | 33.65% | -3.76% | 41.23% | 33.72% | 48.92% | 2.74% | 36.5% | 37.36% | 38.39% | -11.91% | 37.94% | 38.2% | 44.99% | 14.43% | 49.75% | 47.65% |
| Operating CF Growth % | 60.96% | -14% | 17.67% | 33.51% | -26.34% | -245.23% | 21.2% | -2.14% | 34.57% | 125.24% | 6.76% | 11.31% | -2.33% | -185.42% | -23.29% | -20.72% | -2.92% | 157.01% | 27.51% | 7.08% |
| Net Income | 2.98B | 2.44B | 2.25B | 3.61B | 3.15B | 2.84B | -486M | 3.21B | 2.53B | 2.25B | 2.2B | 2.05B | 1.57B | 2.1B | 2.49B | 2.22B | 2.35B | 2.33B | 2.09B | 2.43B |
| Depreciation & Amortization | 513M | 510M | 521M | 505M | 490M | 480M | 477M | 498M | 445M | 367M | 369M | 429M | 301M | 299M | 291M | 358M | 287M | 253M | 279M | 235M |
| Stock-Based Compensation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 37M | 0 | 54M | 77M | 30M | 48M | 45M | 60M | 46M | 45M |
| Deferred Taxes | 57M | -67M | -414M | -159M | -207M | -67M | -20M | -39M | -17M | 76M | -364M | 245M | -115M | -96M | -88M | -58M | -87M | -1M | 1M | -20M |
| Other Non-Cash Items | 399M | 593M | 84M | 388M | 133M | 191M | 2.49B | -211M | 2M | -28M | 75M | 67M | 723M | 139M | -207M | 30M | 113M | 46M | 8M | 109M |
| Working Capital Changes | 1.54B | -3.87B | 2.27B | 115M | -152M | -3.79B | 1.54B | -121M | 1.67B | -2.42B | 989M | 620M | 911M | -3.48B | 573M | 468M | 820M | -1.57B | 1.6B | 1.07B |
| Change in Receivables | -50M | -640M | 261M | 71M | 102M | -882M | 249M | -9M | -88M | -890M | 581M | 25M | -537M | 245M | 92M | -336M | -74M | -553M | 156M | 273M |
| Change in Inventory | -69M | -11M | -1.15B | 371M | -94M | -325M | -713M | 218M | 520M | 527M | -681M | -107M | 709M | -783M | -2.08B | -74M | 1.1B | -232M | -686M | 468M |
| Change in Payables | 33M | -317M | 286M | 133M | -34M | -127M | 558M | -116M | 36M | -181M | 335M | -209M | -269M | -145M | 444M | 101M | 160M | 14M | 488M | 181M |
| Cash from Investing | 26M | -3M | -428M | -789M | -2.32B | -434M | 441M | -1B | -337M | -193M | -568M | -1.96B | -483M | -591M | -15.53B | -96M | 141M | -196M | -340M | -1.89B |
| Capital Expenditures | -380M | -353M | -444M | -365M | -356M | -404M | -278M | -379M | -370M | -417M | -311M | -371M | -360M | -279M | -347M | -252M | -249M | -229M | -289M | -152M |
| CapEx % of Revenue | 3.4% | 3.48% | 4.28% | 3.37% | 3.51% | 4.34% | 2.86% | 3.82% | 3.91% | 4.74% | 3.44% | 4.06% | 4.01% | 3.48% | 4.26% | 3.14% | 3.18% | 2.96% | 3.57% | 1.87% |
| Acquisitions | 77M | -35M | -17M | -13M | 7M | -10M | 80M | -11M | -49M | -20M | 1.77B | -1.79B | -83M | -8M | -13.98B | -121M | -277M | -20M | -250M | -1.87B |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 231M | 295M | 33M | -411M | -1.97B | 14M | 639M | -613M | 82M | 244M | -2.03B | 210M | -40M | -304M | -1.21B | 277M | 667M | 73M | 207M | 156M |
| Cash from Financing | -4.97B | 1.1B | -3.58B | -3.66B | -1.56B | 671M | -4.1B | -2.98B | -3.53B | 1.14B | -2.9B | -1.76B | -1.78B | 864M | 9.88B | -2.27B | -3.1B | -701M | -3.8B | -2.05B |
| Debt Issued (Net) | -2.73B | 3.38B | -1.31B | -1.41B | 945M | 3.48B | -2.65B | -558M | -1.41B | 3B | -704M | 330M | 404M | 3.67B | 13.54B | -208M | -877M | 1.73B | -1.04B | 90M |
| Equity Issued (Net) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -209M | -681M | -94M |
| Dividends Paid | -2.3B | -2.31B | -2.29B | -2.11B | -2.11B | -2.12B | -2.11B | -2.03B | -2.03B | -2.04B | -2.02B | -1.98B | -1.98B | -1.99B | -1.97B | -1.94B | -1.95B | -1.95B | -1.95B | -1.88B |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -209M | -681M | -94M |
| Other Financing | 56M | 22M | 21M | -143M | -400M | -692M | 654M | -396M | -91M | 172M | -170M | -118M | -211M | -821M | -1.69B | -121M | -277M | -265M | -123M | -173M |
| Net Change in Cash | 554M | 578M | 831M | -115M | -300M | 222M | -47M | -575M | 777M | 953M | 112M | -478M | 1.07B | -771M | -2.16B | 331M | 417M | 126M | -300M | -120M |
| Free Cash Flow | 5.11B | -752M | 4.26B | 4.1B | 3.06B | -754M | 3.72B | 2.96B | 4.26B | -176M | 2.99B | 3.04B | 3.08B | -1.23B | 2.75B | 2.82B | 3.27B | 889M | 3.74B | 3.72B |
| FCF Margin % | 45.68% | -7.41% | 41.16% | 37.78% | 30.14% | -8.11% | 38.37% | 29.9% | 45.01% | -2% | 33.06% | 33.3% | 34.37% | -15.39% | 33.68% | 35.06% | 41.82% | 11.48% | 46.19% | 45.78% |
| FCF Growth % | 67.28% | 0.27% | 14.53% | 38.27% | -28.3% | -328.41% | 24.51% | -2.66% | 38.29% | 85.74% | 8.92% | 8.1% | -5.89% | -238.81% | -26.64% | -24.26% | -6.48% | 247.27% | 23.86% | 7.39% |
| FCF per Share | 3.27 | -0.48 | 2.74 | 2.63 | 1.96 | -0.48 | 2.39 | 1.90 | 2.74 | -0.11 | 1.92 | 1.96 | 1.98 | -0.79 | 1.77 | 1.81 | 2.11 | 0.57 | 2.40 | 2.38 |
| FCF Conversion (FCF/Net Income) | 1.95x | -0.16x | 2.20x | 1.28x | 1.12x | -0.13x | -6.91x | 1.08x | 1.93x | 0.11x | 1.50x | 1.66x | 2.20x | -0.48x | 1.29x | 1.47x | 1.58x | 0.48x | 1.93x | 1.60x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |