We are delivering smoke-free products that are a better choice for adults than continued smoking.
Our ambition is to become substantially smoke-free by 2030, with our smoke-free business generating over two-thirds of our total global net revenues.
A future without cigarettes
Led by science and innovation, PMI’s goal is to end the sale of cigarettes.
Shaping the future
Our progress toward a smoke-free future as of H1 2026
-
42 percent
of PMI’s total global net revenues came from our smoke-free business.*
-
> 43 million
estimated legal-age consumers of PMI’s smoke-free products.**
-
109 markets
where our smoke-free products are available, providing better alternatives for legal-age smokers.*
-
USD > 16 billion
invested to develop, scientifically substantiate, and commercialize smoke-free products since 2008.**
*As of H1 2026. **As of December 31, 2025. Important note: This information should be read in conjunction with the Philip Morris International Inc. earnings release dated July 22, 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.
Highlights of PMI’s Q2 2026 results
Emmanuel Babeau, Group Chief Financial Officer for Philip Morris International, discusses the highlights of the Q2 2026 earnings report.
Emmanuel Babeau shares his highlights from our Q2 2026 Results
Emmanuel Babeau, Group Chief Financial Officer for Philip Morris International, speaks to camera:
We delivered very strong results in the second quarter,
rounding off an excellent first half of the year.
We reported close to plus 8% organic top line growth,
reaching over $11 billion in quarterly net revenues
for the first time.
Overall in H1, our smoke-free business
generated 42% of our total net revenues.
Operating income grew plus 11% organically,
driving plus 14% currency-neutral growth
in adjusted diluted earnings per share,
or plus 15% in dollar terms.
These results were powered
by the excellent performance of our
international smoke-free business.
IQOS continued to show strong underlying momentum,
while other smoke-free categories, especially VEEV,
also continued to grow rapidly,
as our multicategory commercial approach gains
momentum across markets.
Our combustible business exceeded expectations with growing volumes
and very good pricing, stable category share, and gross profit growth. In the U.S.
we delivered strong sequential performance improvement
versus a challenging first quarter.
ZYN shipments increased by 2% year-on-year to 2.9 billion pouches,
including the initial shipments of new variants such as ZYN ULTRA.
This first phase of our portfolio expansion is an exciting milestone.
Overall, these results underscore the quality of our business model
and our ability to reinvest behind our smoke-free future
while sustaining best-in-class growth.
Instrumental music starts.
Words appear on screen reading:
PMI’s 2026 Second Quarter Results
Philip Morris International's logo is seen on screen alongside the words Global Smoke-free Champion.
Financial disclaimer appears on screen.
Music ends.
We’re making progress across our business
