Philip Morris Q2 2026: revenue tops $11 billion, adjusted EPS $2.20
Philip Morris beat the adjusted earnings estimate and grew revenue 10.4% to $11.19 billion, yet reported EPS fell 7.7% because of a non-cash write-down. The $0.40 gap between reported $1.80 and adjusted $2.20 is the story of the quarter: operations improved, accounting did not. Judge this quarter on gross margin, segments and cash flow.
1 · Expected vs. Actual
Free preview belowReported diluted EPS of $1.80 was 7.7% below last year's $1.95, dragged down by $0.33 of non-cash RBH impairment plus other one-off items. Adjusted EPS of $2.20 rose 15.2% and cleared the $2.11 consensus estimate. In plain terms, the profit engine ran faster while the accounting got noisier.
Net revenue of $11.19 billion rose 10.4% from $10.14 billion a year ago, and 7.6% once currency and small deal effects are stripped out. Both halves grew: smoke-free revenue reached $4.65 billion, roughly 41.5% of the total, while combustibles brought in $6.55 billion. Gross margin improved to 68.4% from 67.7%, so this was better-priced growth, not just more volume.
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Figures on this page come from the company's original SEC filings. The analysis is generated automatically and checked against validation rules, but may still contain errors or omissions. Not investment advice. · Generated 2026-09-17
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