Pulling SEC filings + quote and writing the call…
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $26.7B | $28.7B | $29.6B | $29.8B | $28.7B | $31.4B | $31.8B | $35.2B | $37.9B | $40.6B |
| Revenue growth | — | 7.7% | 3.1% | 0.6% | -3.7% | 9.4% | 1.1% | 10.7% | 7.7% | 7.3% |
| Gross profit | $17.3B | $18.3B | $18.9B | $19.3B | $19.1B | $21.4B | $20.4B | $22.3B | $24.5B | $27.3B |
| Gross margin | 64.8% | 63.7% | 63.7% | 64.7% | 66.7% | 68.1% | 64.1% | 63.3% | 64.8% | 67.1% |
| Operating income | $10.9B | $11.6B | $11.4B | $10.5B | $11.7B | $13.0B | $12.2B | $11.6B | $13.4B | $14.9B |
| Operating margin | 40.9% | 40.3% | 38.4% | 35.3% | 40.7% | 41.3% | 38.6% | 32.9% | 35.4% | 36.6% |
| Net income | $6.97B | $6.04B | $7.91B | $7.18B | $8.06B | $9.11B | $9.05B | $7.81B | $7.06B | $11.3B |
| Net margin | 26.1% | 21.0% | 26.7% | 24.1% | 28.1% | 29.0% | 28.5% | 22.2% | 18.6% | 27.9% |
| EPS (diluted) | $4.48 | $3.88 | $5.08 | $4.61 | $5.16 | $5.83 | $5.81 | $5.02 | $4.52 | $7.26 |
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $8.08B | $8.91B | $9.48B | $10.1B | $9.81B | $12.0B | $10.8B | $9.20B | $12.2B | $12.2B |
| Capital expenditures | $1.17B | $1.55B | $1.44B | $852M | $602M | $748M | $1.08B | $1.32B | $1.44B | $1.57B |
| Free cash flow | $6.91B | $7.36B | $8.04B | $9.24B | $9.21B | $11.2B | $9.73B | $7.88B | $10.8B | $10.7B |
| Share buybacks | $0.00 | $0.00 | — | $0.00 | $0.00 | $775M | $209M | $0.00 | $0.00 | — |
| Dividends paid | $6.38B | $6.52B | $6.88B | $7.16B | $7.36B | $7.58B | $7.81B | $7.96B | $8.20B | $8.62B |
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & equivalents | $4.24B | $8.45B | $6.59B | $6.86B | $7.28B | $4.50B | $3.21B | $3.06B | $4.22B | $4.87B |
| Total assets | $36.9B | $43.0B | $39.8B | $42.9B | $44.8B | $41.3B | $61.7B | $65.3B | $61.8B | $69.2B |
| Total liabilities | $47.8B | $53.2B | $50.5B | $52.5B | $55.4B | $49.5B | $68.0B | $74.8B | $71.7B | $77.2B |
| Shareholders' equity | -$12.7B | -$12.1B | -$12.5B | -$11.6B | -$12.6B | -$10.1B | -$8.96B | -$11.2B | -$11.8B | -$9.99B |
| Retained earnings | $30.4B | $29.9B | $31.0B | $31.0B | $31.6B | $33.1B | $34.3B | $34.1B | $32.9B | $35.4B |
| Shares (wtd avg diluted) | 1.55B | 1.55B | 1.55B | 1.56B | 1.56B | 1.56B | 1.55B | 1.55B | 1.56B | 1.56B |
Every figure is extracted from Philip Morris International Inc.’s annual reports as filed with the SEC (XBRL company facts) — no third-party estimates. Fiscal years are labeled by period end; filers occasionally re-tag concepts, so a sparse cell means the company didn’t report that concept for that year. Free cash flow = operating cash flow − capital expenditures.
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