Philip Morris International is leading a transformation in the tobacco industry to create a smoke-free future, and ultimately replace cigarettes with smoke-free products to the benefit of adults who would otherwise continue to smoke, as well as to society, the company, and its shareholders. PMI is building its future on a new category of smoke-free products that, while not risk-free, are a much better choice than continuing to smoke. Through multidisciplinary capabilities in product development, state-of-the-art facilities and scientific substantiation, PMI aims to ensure that its products meet adult consumer preferences and rigorous regulatory requirements.
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Highlights of PMI’s Q3 2026 results
Maassimo Andolina, Group Chief Financial Officer for Philip Morris International, discusses the highlights of the Q3 2026 earnings report.
Massimo Andolina shares his highlights from our Q3 Results
Massimo Andolina, Group Chief Financial Officer for Philip Morris International, speaks to camera:
We delivered an excellent third quarter.
Our smoke-free business continued to perform strongly, demonstrating the power of our multicategory strategy.
IQOS remains the driving force. We are excited by ZYN's initial momentum in the U.S. as we expand our portfolio, and VEEV delivered another outstanding quarter.
Alongside a standout performance from our combustible business, we achieved strong volume, net revenue, and profit growth, while generating robust cash flow.
This allows us to keep investing in smoke-free growth and focus on creating long-term value.
Our progress toward a smoke-free future as of Q3 2026
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40 percent
of PMI’s total net revenues came from our smoke-free business.*
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>43 million
estimated legal-age consumers of PMI’s smoke-free products.**
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110 markets
where our smoke-free products are available, providing better alternatives for legal-age smokers.*
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30 markets
with smoke-free net revenues >50%.**
*As of Q3 2026. **As of December 31, 2025. Important note: This information should be read in conjunction with the Philip Morris International Inc. earnings release dated October 21, 2026, as well as the accompanying glossary of key terms, definitions, explanatory notes, select financial information and reconciliations of non-GAAP financial measures, both of which are available on our Investor Relations page. “PMI,” “we,” “our,” and “us” refers to the entire Philip Morris International family of companies.
Business Transformation-Linked Financing Framework
Philip Morris International has published a business transformation-linked financing framework, which integrates the company’s smoke-free transformation into its financing strategy.
We are investing behind innovation and delivering sustainable growth from our leading smoke-free products, which are a much better choice than continued smoking.James Bushnell Vice President, Investor Relations & Financial Communications
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Investor relations
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Philip Morris International is leading a transformation in the tobacco industry to create a smoke-free future, and ultimately replace cigarettes with smoke-free products to the benefit of adults who would otherwise continue to smoke, as well as to society, the company, and its shareholders. PMI is building its future on a new category of smoke-free products that, while not risk-free, are a much better choice than continuing to smoke. Through multidisciplinary capabilities in product development, state-of-the-art facilities and scientific substantiation, PMI aims to ensure that its products meet adult consumer preferences and rigorous regulatory requirements.
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We are engaged in the manufacture and sale of cigarettes and smoke-free products in more than 180 markets around the world.
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We have a leading multicategory smoke-free portfolio with IQOS, ZYN and VEEV.
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Our brand portfolio is led by Marlboro, the world’s best-selling international cigarette. Based on the strength of our brand portfolio, we enjoy robust pricing power.
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One of our key strategic priorities is to develop, assess, and commercialize a portfolio of innovative tobacco and other nicotine-containing products. We draw on the expertise of a team of world-class scientists from a broad spectrum of disciplines to help us reach our ultimate goal of replacing cigarettes with less harmful alternatives.
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PMI Investor Relations mobile app
Our Investor Relations mobile application provides users with easier, more dynamic and comprehensive access to the company’s Investor Relations information, such as stock quotes, press releases, SEC filings, investor materials, and live and archived webcast playback of earnings calls and investor presentations.
