Our ambition and approach
Our ambition is to become substantially smoke-free by 2030, with our smoke-free business generating over two-thirds of total global net revenues.
As of October 21, 2026 smoke-free products represented > 40% of our total global net revenues.
Smoke-free products are not risk-free and contain nicotine, which is addictive.
Our progress toward a smoke-free future as of Q3 2026
-
40 percent
of PMI’s total net revenues came from our smoke-free business.*
-
>43 million
estimated legal-age consumers of PMI’s smoke-free products.**
-
110 markets
where our smoke-free products are available, providing better alternatives for legal-age smokers.*
-
>16 USD billion
invested in smoke-free products since 2008.**
*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.
Highlights of PMI’s Q3 2026 results
The 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 2026 Results
Massimo Andolina, Group Chief Financial Officer for Philip Morris International, speaks to camera:
We delivered excellent performance in the third quarter (2026).
Our smoke-free business continued to
perform strongly, with accelerated growth
fundamentals across all three of our
flagship brands, demonstrating the
power of our multicategory strategy.
IQOS remains the driving force behind our smoke-free growth,
with heated tobacco unit shipments in Q3 reaching
the high end of our expectations.
In nicotine pouches, ZYN international growth accelerated,
while in the U.S. we saw improving sequential
share trends supported by the ongoing
rollout of new portfolio variants.
In e-vapor (vapes), VEEV delivered another
outstanding quarter, with rapid
growth across key markets, and continued progress in Europe,
The largest international profit pool.
Our combustible business delivered a standout Q3 performance, with strong
pricing and resilient volumes.
This is in line with our objective of maximizing the value of combustibles
over time to support the growth of our smoke-free business.
Overall, we delivered strong volume, net revenue, and profit growth,
while generating robust cash flow.
This enables us to continue investing
behind our leading smoke-free platforms,
deliver attractive returns to shareholders, and
focus on creating long-term value.
Text appears on screen reading: PMI's 2026 Third-Quarter results
Philip Morris International - a global smoke-free champion.
Financial disclaimer appears on screen.
Music ends.
Explore our smoke-free progress
Learn about our ambition, approach and progress
Shaping the future
-
Our 2030 ambition
Explore our 2030 ambition -
Delivering a smoke-free future
See how we’re delivering change -
The progress we’ve made
Explore our history
The people behind our progress
Explore the voices, conversations, and insights behind PMI’s smoke-free progress.
