Looking to invest in a smoke-free future? Here you’ll find the latest public disclosures and other investor information for Philip Morris International.
PMI: Delivering a smoke-free future
2024 Annual Report
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Investor Information April 2025
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2023 Investor Day
Investor kit
Emmanuel Babeau shares his highlights from our Q2 Results
Emmanuel Babeau, Chief Financial Officer for Philip Morris International, speaks to camera:
Our second quarter results are out.
I am pleased to share we delivered another very
strong performance in the second quarter of 2025,
resulting in an excellent set of H1 results overall.
I have three key messages I would like to convey.
First, our smoke-free portfolio demonstrated
excellent top-line dynamism,
resulting in a record $4 billion in net revenue from
our smoke-free business in Q2. During the quarter,
we saw a step-up in the Q2.
in off-tech growth for all three of our flagship smoke-free brands,
IQOS, ZYN and VEEV.
IQOS growth was broad-based globally
with excellent progress in Europe,
including in Italy.
ZYN saw a significant acceleration in US top-tech growth
as in-store availability improved and outside of the US,
excellent progress also continued.
And finally,
VEEV continued its remarkable trajectory with
shipments more than dabbling year on year.
Second,
we delivered strong margin improvement in Q2 and H1. We delivered
strong margin improvement in both Q2 and H1 across our business.
This reflects the increasing profitability
of our smoke-free categories,
a scale,
operating leverage and efficiency combined.
This was further supported by a robust top and bottom
-line performance from our combustible business,
reflecting its resilient model.
Finally, and importantly,
this excellent result places us well
on track for another year of strong
performance.
Our financial growth model is driving a continuous
improvement in the quality of our business
with smoke-free accretion and combustible resilience,
resulting in considerable bottom-line growth,
leading us to achieve best-in-class financial performance.
This quarter marks five years since I joined PMI,
a company driven not just by business,
but by purpose and a real commitment
to make a difference to public health.
That belief has only grown
stronger and have never been prouder to be part of this journey.
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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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Business Transformation-Linked Financing Framework
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