Philip Morris International Inc. (PM) Revenue History
Annual and quarterly revenue from 2003 to present
PM Revenue Over Time (2003–2025)
PM Revenue Growth History
14 of 21 years with positive growth- FY2003 revenue growth
- N/A
- FY2005 revenue growth
- +35.6%
- FY2006 revenue growth
- -54.1%
- FY2007 revenue growth
- +9.8%
- FY2008 revenue growth
- +12.8%
- FY2009 revenue growth
- -2.6%
- FY2010 revenue growth
- +8.7%
- FY2011 revenue growth
- +14.3%
- FY2012 revenue growth
- +0.9%
- FY2013 revenue growth
- -0.5%
- FY2014 revenue growth
- -4.6%
- FY2015 revenue growth
- -10.0%
- FY2016 revenue growth
- -0.4%
- FY2017 revenue growth
- +7.7%
- FY2018 revenue growth
- +3.1%
- FY2019 revenue growth
- +0.6%
- FY2020 revenue growth
- -3.7%
- FY2021 revenue growth
- +9.4%
- FY2022 revenue growth
- +1.1%
- FY2023 revenue growth
- +10.7%
- FY2024 revenue growth
- +7.7%
- FY2025 revenue growth
- +7.3%
| Quarter | Revenue | YoY |
|---|---|---|
| Q2 2026 | $11.19B | +10.4% |
| Q1 2026 | $10.15B | +9.1% |
| Q4 2025 | $10.36B | +6.8% |
| Q3 2025 | $10.85B | +9.4% |
| Q2 2025 | $10.14B | +7.1% |
| Q1 2025 | $9.30B | +5.8% |
| Q4 2024 | $9.71B | +7.3% |
| Q3 2024 | $9.91B | +8.4% |
Multi-year avg. share of annual revenue by fiscal quarter
Revenue Breakdown (FY 2025)
PM's revenue distribution by segment and geography for fiscal year 2025
By Product/Segment
By Geography
PM Revenue Analysis (2003–2025)
Current Revenue & Growth
As of October 3, 2026, Philip Morris International Inc. (PM) generated trailing twelve-month (TTM) revenue of $42.55 billion, reflecting strong growth of +10.4% year-over-year. The most recent quarter (Q2 2026) recorded $11.19 billion in revenue, up 10.3% sequentially.
Historical Growth Trajectory
PM's 5-year compound annual growth rate (CAGR) stands at +7.2%, indicating steady revenue expansion. The 3-year CAGR of +8.6% exceeds the 5-year average, indicating an acceleration in the most recent period. Philip Morris International Inc.'s highest annual revenue of $45.29 billion was recorded in 2005.
Revenue by Segment
PM's revenue is primarily driven by Combustible Products (59%), and Reduced-Risk Products (41%). With over half of revenue concentrated in Combustible Products, the company has a focused business model while developing other growth vectors.
Peer Comparison
Compared to Consumer Defensive sector peers — including MO (+7.9% YoY), BTI (-5.4% YoY), and XXII (+7.4% YoY) — PM has outperformed the peer group in revenue growth. Compare PM vs MO →
PM Revenue vs Peers
Revenue metrics vs comparable public companies
| Company | TTM Revenue | YoY Growth | 5Y CAGR | Op. Margin | Compare |
|---|---|---|---|---|---|
| PMCurrent | $42.5B | +10.4% | +7.2% | 36.7% | |
 MO | $20.1B | +7.9% | -0.7% | 59.8% | |
 BTI | $25.6B | -5.4% | -0.1% | 39.0% | |
 XXII | $7M | +7.4% | -24.2% | -162.0% | |
 TPVG | $71M | -2.4% | +9.6% | 77.9% | |
 UVV | $2.9B | -3.0% | +8.1% | 7.2% |
PM Historical Revenue Data (2003–2025)
| Year | Revenue | YoY % | Gross Profit | Gross Margin | Op. Income | Op. Margin |
|---|---|---|---|---|---|---|
| 2025 | $40.65B | +7.3% | $27.28B | 67.1% | $14.93B | 36.7% |
| 2024 | $37.88B | +7.7% | $24.55B | 64.8% | $13.40B | 35.4% |
| 2023 | $35.17B | +10.7% | $22.28B | 63.3% | $11.56B | 32.9% |
| 2022 | $31.76B | +1.1% | $20.36B | 64.1% | $12.25B | 38.6% |
| 2021 | $31.41B | +9.4% | $21.38B | 68.1% | $12.97B | 41.3% |
| 2020 | $28.69B | -3.7% | $19.13B | 66.7% | $11.72B | 40.8% |
| 2019 | $29.80B | +0.6% | $19.29B | 64.7% | $10.53B | 35.3% |
| 2018 | $29.63B | +3.1% | $18.87B | 63.7% | $11.34B | 38.3% |
| 2017 | $28.75B | +7.7% | $18.32B | 63.7% | $11.58B | 40.3% |
| 2016 | $26.68B | -0.4% | $17.29B | 64.8% | $10.90B | 40.9% |
| 2015 | $26.79B | -10.0% | $17.43B | 65.0% | $10.62B | 39.6% |
| 2014 | $29.77B | -4.6% | $19.33B | 64.9% | $11.70B | 39.3% |
| 2013 | $31.22B | -0.5% | $20.81B | 66.7% | $13.70B | 43.9% |
| 2012 | $31.38B | +0.9% | $21.00B | 66.9% | $13.95B | 44.4% |
| 2011 | $31.10B | +14.3% | $20.42B | 65.7% | $13.53B | 43.5% |
PM Chart Terminal
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PM Stock Analysis
Bull/bear thesis, analyst target revisions, and earnings execution.
Intrinsic Valuation
DCF models, multiple analysis, and analyst estimates.
Historical Returns
23+ years return with dividends reinvested.
Peer Comparison
Compare growth, multiples, and margins vs sector.
PM — Frequently Asked Questions
Quick answers to the most common questions about buying PM stock.
Is PM's revenue growth accelerating or slowing?
PM revenue growth is holding steady at +10.4% year-over-year. TTM revenue is $42.5B. The current growth rate closely tracks the 5-year CAGR of +7.2%, signalling consistent execution.
What is PM's revenue history from 2003 to 2026?
Philip Morris International Inc. (PM) revenue history spans 2003 to 2026. TTM revenue as of 2026 is $42.5B, growing at +10.4% YoY. The 5-year CAGR is +7.2%. Complete annual and quarterly revenue figures are available on this page, including gross profit, operating income, and margin trends.
What is PM's long-term revenue growth rate (CAGR)?
Philip Morris International Inc.'s 5-year revenue CAGR of +7.2% reflects the sustained nature of its business expansion. As of 2026, the current YoY growth rate of +10.4% is in line with this long-term average. CAGR is the most reliable measure of sustained revenue momentum for PM.
Why does PM's quarterly revenue fluctuate?
PM quarterly revenue can fluctuate significantly between periods. A quarter-over-quarter (QoQ) change does not always indicate a trend; comparing the same quarter year-over-year (YoY) is a more reliable signal for underlying growth. Philip Morris International Inc.'s revenue data from 2003 to 2026 shows full historical quarterly detail on this page.
How is PM's revenue distributed by segment?
PM reports revenue broken down by product line and geographic region. The segment breakdown on this page shows which business units contribute the most to total revenue as of the latest fiscal year. Concentration in a single segment above 50% indicates category dependence, while a diversified mix signals more resilient revenue streams.
How does PM's revenue compare to industry peers?
Philip Morris International Inc. (PM) with TTM revenue of $42.5B and +10.4% YoY growth can be benchmarked against sector peers using the comparison table on this page. Revenue growth relative to peers indicates market share gains or losses. The peer section shows TTM revenue, YoY growth, and operating margin for direct comparisons.