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按公开的固定规则计算，不是模型的主观判断——但其中一项输入（高等级风险的条数）取自下方的 AI 分析。
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AI核心结论
Philip Morris International delivered strong FY2025 results with revenue rising 7.3% to $40.6B and net income surging 60.8% to $11.3B, driven by significant gross margin expansion to 67.1% and robust operating cash flow of $12.2B.
营收
406.48亿美元
同比 +7.31%
每股收益（稀释）
7.26美元
同比 +60.62%
毛利率
67.1%
同比 +2.3 个百分点
营业利润
148.92亿美元
同比 +11.12%
SEC XBRL 原值
Philip Morris International (PM) FY2025 营收 406.48亿美元，同比增长 7.3%。 营业利润率 36.6%，较去年同期的 35.4% 扩大 1.2 个百分点。 经营活动现金流 122.33亿美元，同比增长 0.1%。
近 4 个季度：3 次超预期
| 季度 | 实际 EPS（美元） | 市场预期（美元） | 结果 |
|---|---|---|---|
| 2026年6月 | 2.20 | 2.11 | 超预期 +4.4% |
| 2026年3月 | 1.96 | 1.88 | 超预期 +4.1% |
| 2025年12月本次财报 | 1.69 | 1.75 | 不及预期 -3.4% |
| 2025年9月 | 2.24 | 2.16 | 超预期 +3.8% |
2025年12月 实际 EPS 1.69美元，分析师一致预期 1.75美元，不及预期 -3.4%。
由 AI 基于本次 SEC 报告整理
Total revenue grew 7.3% year-over-year to $40.6B in FY2025, up from $37.9B in the prior year, reflecting strong pricing power and a favorable product mix shift toward higher-margin smoke-free products. Cost of revenue grew only 0.3% to $13.4B, indicating disciplined cost management relative to top-line growth.
来源: 10-K Income Statement
Gross margin improved by approximately 230 basis points to 67.1% in FY2025 from 64.8% in FY2024, reflecting the company's ability to grow revenue significantly faster than its cost base. Gross profit increased 11.1% to $27.3B, demonstrating strong operating leverage.
来源: 10-K Income Statement / Key Ratios
Net income jumped 60.8% to $11.3B from $7.1B in the prior year, with diluted EPS rising 60.6% to $7.26 from $4.52. This outsized bottom-line growth relative to revenue growth suggests significant non-operating or tax-related tailwinds in addition to operational improvements.
来源: 10-K Income Statement
Operating cash flow remained essentially flat at $12.2B (+0.1% YoY), demonstrating consistent cash generation. However, investing cash outflows surged to -$4.0B from -$1.1B in the prior year (-263.3%), suggesting meaningful capital deployment into acquisitions or capital expenditures during FY2025.
来源: 10-K Cash Flow Statement
Stockholders' equity remained negative at -$10.0B, though it improved from -$11.8B in the prior year (+14.9%), reflecting the company's aggressive shareholder return policy including $8.6B in dividends paid. Total assets grew 12.0% to $69.2B while total liabilities grew 7.8% to $77.2B.
来源: 10-K Balance Sheet
由 AI 基于本次 SEC 报告整理 · 高 3 中 2 低 0
PM carries negative stockholders' equity of -$10.0B, meaning total liabilities of $77.2B significantly exceed total assets of $69.2B. This structural balance sheet deficit, driven by cumulative shareholder returns and buybacks, limits financial flexibility and could constrain access to capital markets under stress scenarios.
来源: 10-K Balance Sheet
PM's current ratio stands at 0.958, meaning current liabilities of $25.4B slightly exceed current assets of $24.4B. This sub-1.0 current ratio indicates the company relies on operating cash flow and debt markets to meet near-term obligations, creating vulnerability if cash generation were to deteriorate.
来源: 10-K Balance Sheet / Key Ratios
PM paid $8.6B in dividends in FY2025, representing approximately 70% of operating cash flow of $12.2B. Combined with elevated investing outflows of $4.0B, total cash deployment significantly exceeded operating cash flow, requiring reliance on financing activities and existing cash balances.
来源: 10-K Cash Flow Statement
Investing cash outflows surged 263.3% to -$4.0B in FY2025 from -$1.1B in FY2024, suggesting significant capital was deployed into acquisitions or major capital projects. Integration risks, goodwill impairment potential, and return-on-investment uncertainty are elevated when investment activity increases this sharply.
来源: 10-K Cash Flow Statement
As a global tobacco company, PM faces ongoing regulatory pressure including excise tax increases, marketing restrictions, and potential product bans across its key markets. R&D spending of $756M reflects continued investment in smoke-free alternatives, but regulatory headwinds could compress volumes and margins in traditional combustible categories.
来源: 10-K Income Statement
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
营收 亿美元 | 406.48 亿美元 | 378.78 亿美元 | +7.31% |
营业成本 亿美元 | 133.66 亿美元 | 133.29 亿美元 | +0.28% |
毛利润 亿美元 | 272.82 亿美元 | 245.49 亿美元 | +11.13% |
营业利润 亿美元 | 148.92 亿美元 | 134.02 亿美元 | +11.12% |
净利润 亿美元 | 113.48 亿美元 | 70.57 亿美元 | +60.80% |
每股收益（基本） 美元 | 7.27 美元 | 4.53 美元 | +60.49% |
每股收益（稀释） 美元 | 7.26 美元 | 4.52 美元 | +60.62% |
研发费用 亿美元 | 7.56 亿美元 | 7.59 亿美元 | -0.40% |
答案基于本次 SEC 报告与本页数据
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