The Quarter in Brief
Philip Morris International (PMI) reported its third quarter of 2026, the three months ended September 30, before the market opened on October 21. Net revenues were $11.44 billion, up 5.5% from a year earlier. Reported earnings per share were $2.12, down 4.9% from $2.23. Adjusted earnings per share, the company's own measure that leaves out items such as the amortization of acquired brands and swings in the value of its stock-market investments, were $2.36, up 5.4% from $2.24.
Both headline figures were ahead of expectations: analysts had expected about $11.32 billion of revenue and adjusted earnings of $2.30 a share, according to the Financial Modeling Prep consensus. What made this quarter different was the source of the growth. The smoke-free business (heated tobacco, nicotine pouches and e-vapor) had grown revenue by double digits in each of the previous six quarters; this quarter it grew only about 4%, while cigarette revenue, helped by 8.9% higher prices, rose 6.4%.