Led by science and innovation, PMI’s goal is to end the sale of cigarettes.
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.
Our progress toward a smoke-free future as of 2026 Q1
-
43 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.**
-
108 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 Q1 2026. **As of December 31, 2025. Important note: This information should be read in conjunction with the Philip Morris International Inc. earnings release dated April 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 Q1 2026 results
Emmanuel Babeau, Group Chief Financial Officer for Philip Morris International, discusses the highlights of the Q1 2026 earnings report.
Emmanuel Babeau shares his highlights from our Q1 2026 Results
Emmanuel Babeau, Group Chief Financial Officer for Philip Morris International, speaks to camera:
Our First-Quarter earnings for 2026
marked a strong start to the year.
We reported outstanding growth
from our international
smoke-free business and very robust
pricing driving impressive progress,
despite a particularly strong prior
comparison for both the U.S.
and our combustible business.
International smoke-free
delivered a striking
double-digit growth performance across
financial metrics led by IQOS,
alongside further multi-category
contributions from ZYN and VEEV,
which reached the joint number
one position in Europe within closed pods.
At the group level, our smoke-free business
represented 43% of total net revenues,
an increase of almost two points
versus the same period last year.
The financial performance
of our combustible business was robust,
delivering results in line
with our mid-term growth model.
This was especially remarkable
given the notably
challenging volume comparison
this quarter.
In the U.S., ZYN offtake volume grew by plus 10%
despite an uneven competitive landscape.
As anticipated, segment financial
performance was challenging due to the
specific combination of impacts this quarter.
Overall, our strong and resilient
First-Quarter performance
reflects the structural growth fundamentals
underpinning our business model.
Despite ongoing macroeconomic uncertainty,
we look ahead with confidence.
Music starts
Words appear on screen reading:
PMI’s 2026 First 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
