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Philip Morris International delivered strong Q1 2026 top-line growth with revenue up 9.1% YoY to $10.1B and operating income rising 9.8% to $3.9B, though net income declined 9.4% to $2.4B, likely due to higher below-the-line costs, while the company continues to operate with negative stockholders' equity.
营业收入
$10.15B
同比 ++9.09%
每股收益（基本）
$1.56
同比 -9.30%
毛利率
68.1%
同比 ++0.64%
营业利润
$3.89B
同比 ++9.85%
提交于 · 来源: SEC EDGAR 10-Q 原文
Philip Morris International (PM) Q1 FY2026 营收 $10.15B，同比增长 9.1%。 净利润 $2.44B，同比下降 9.4%，稀释每股收益 $1.56。 毛利率 68.1%。
Total revenue grew 9.1% YoY from $9.3B to $10.1B in Q1 2026, reflecting PM's continued ability to pass through price increases and benefit from its smoke-free product portfolio expansion. Gross profit rose 10.1% to $6.9B, outpacing revenue growth and indicating favorable product mix.
来源: Source: 10-Q Financial Data (Income Statement)
Gross margin improved modestly to 68.1% from 67.4% YoY, while operating margin edged up to 38.4% from 38.1%, demonstrating disciplined cost management even as cost of revenue increased 6.9% to $3.2B. This suggests PM is achieving operating leverage on its revenue base.
来源: Source: 10-Q Financial Data (Key Ratios)
Net income fell 9.4% YoY to $2.4B from $2.7B, and diluted EPS dropped to $1.56 from $1.72, despite strong operating income growth of 9.8%. This divergence points to increased interest expense, currency headwinds, or other below-the-line charges not captured at the operating level.
来源: Source: 10-Q Financial Data (Income Statement)
Operating cash flow was negative at -$399M (vs. -$350M in Q1 2025), yet the company paid $2.3B in dividends, a 9.0% increase YoY. Financing activities provided $1.1B in net cash, suggesting PM relied on debt issuance to fund shareholder returns, consistent with its leveraged capital structure.
来源: Source: 10-Q Financial Data (Cash Flow)
Total liabilities of $76.2B exceed total assets of $68.9B, resulting in negative stockholders' equity of -$9.3B. While this improved from -$10.9B a year ago, the debt-to-equity ratio is deeply negative at -8.2x, reflecting PM's long-standing practice of returning capital aggressively to shareholders through dividends and buybacks financed by debt.
来源: Source: 10-Q Financial Data (Balance Sheet)
PM carries total liabilities of $76.2B against total assets of $68.9B, leaving stockholders' equity at -$9.3B. This extreme leverage means the company is heavily dependent on continued strong cash generation and capital market access to service its debt and sustain its dividend. Any deterioration in earnings or credit conditions could significantly stress the balance sheet.
来源: Source: 10-Q Financial Data (Balance Sheet)
Operating cash flow was -$399M in Q1 2026, worse than -$350M in Q1 2025, despite robust operating income of $3.9B. This disconnect may reflect working capital outflows, seasonal factors, or restructuring-related payments. If operating cash flow does not recover in subsequent quarters, PM's ability to self-fund dividends and capital expenditures will be constrained.
来源: Source: 10-Q Financial Data (Cash Flow)
Net income declined 9.4% YoY to $2.4B even as operating income grew 9.8%, suggesting significant headwinds from interest expense, foreign exchange losses, or tax charges below the operating line. Continued compression of net margins (24.0% currently) could pressure EPS and investor sentiment.
来源: Source: 10-Q Financial Data (Income Statement)
PM paid $2.3B in dividends in Q1 2026, a 9.0% increase YoY, while generating negative operating cash flow of -$399M. The company funded this gap through financing activities ($1.1B net inflow), implying incremental debt. Sustaining and growing dividends without positive operating cash flow is not indefinitely viable.
来源: Source: 10-Q Financial Data (Cash Flow)
The current ratio stands at 0.976, meaning current liabilities of $26.2B slightly exceed current assets of $25.6B. While this is an improvement from the prior year (current liabilities fell 6.6%), a sub-1.0 current ratio signals that PM may need to roll over short-term obligations or draw on credit facilities to meet near-term commitments.
来源: Source: 10-Q Financial Data (Balance Sheet, Key Ratios)
Q1 FY2026 实际 EPS $1.96，分析师一致预期 $1.88，超预期 +4.1%。
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
营业收入 | $10.15B | $9.3B | +9.09% |
营业成本 | $3.24B | $3.03B | +6.93% |
毛利润 | $6.91B | $6.27B | +10.13% |
营业利润 | $3.89B | $3.54B | +9.85% |
净利润 | $2.44B | $2.69B | -9.37% |
每股收益（基本） | $1.56 | $1.72 | -9.30% |
每股收益（稀释） | $1.56 | $1.72 | -9.30% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
总资产 | $68.91B | $65.08B | +5.89% |
流动资产 | $25.6B | $22.2B | +15.35% |
总负债 | $76.21B | $74B | +2.98% |
流动负债 | $26.22B | $28.09B | -6.64% |
股东权益 | $-9.28B | $-10.9B | +14.88% |
现金及等价物 | $5.45B | $4.44B | +22.66% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
经营活动现金流 | $-399M | $-350M | -14.00% |
投资活动现金流 | $-3M | $-434M | +99.31% |
筹资活动现金流 | $1.1B | $671M | +63.34% |
股息支出 | $2.31B | $2.12B | +9.03% |
折旧及摊销 | $510M | $480M | +6.25% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
毛利率 | 68.1% | 67.4% | +0.64% |
营业利润率 | 38.4% | 38.1% | +0.27% |
净利率 | 24.0% | — | — |
净资产收益率 | -26.3% | — | — |
总资产收益率 | 3.5% | — | — |
流动比率 | $0.976 | — | — |
资产负债率 | $-8.213 | — | — |
PM delivered Q2 FY2026 revenue growth of 10.4% and operating-income growth of 22.0%, led by pricing and smoke-free products, but reported net income and diluted EPS fell 7.3% and 7.7%, respectively, largely reflecting a $511M non-cash RBH investment impairment. Source: 10-Q Item 2 MD&A, pp.45-46, 52-53.
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.
Tobacco 行业其他公司
PM reported Q1 2026 revenue of $10.1B, up 9.1% YoY, and operating income of $3.9B, up 9.8%. However, net income fell 9.4% to $2.4B and diluted EPS declined to $1.56 from $1.72, suggesting significant below-the-line headwinds despite strong operational performance.
PM's revenue grew 9.1% and operating income rose 9.8%, yet net income dropped 9.4% to $2.4B, pointing to elevated costs below the operating line such as higher interest expense on its $76.2B liability base or foreign exchange losses. The gap between the 38.4% operating margin and 24.0% net margin underscores the magnitude of these non-operating charges.
PM paid $2.3B in dividends in Q1 2026, a 9.0% increase YoY, but generated negative operating cash flow of -$399M, meaning it could not cover dividends from operations alone. The company relied on $1.1B in net financing inflows (likely new debt) to partially bridge the gap, raising questions about long-term dividend sustainability if operating cash flow does not improve.
PM's financial health is mixed: revenue and operating income are growing strongly, and gross margins are healthy at 68.1%, but the company carries negative stockholders' equity of -$9.3B, a current ratio below 1.0 at 0.976, and negative operating cash flow of -$399M. Its highly leveraged balance sheet with $76.2B in total liabilities is a structural risk, though it is a deliberate feature of PM's capital return strategy.
The key takeaways are: (1) revenue grew 9.1% to $10.1B driven by pricing and product mix; (2) operating margins held firm above 38%; but (3) net income fell 9.4% to $2.4B due to below-the-line pressures; and (4) the company paid $2.3B in dividends despite negative operating cash flow, highlighting its aggressive shareholder return policy funded by debt.