Philip Morris Q3 FY2026: record revenue, adjusted EPS up 5.4% to $2.36
Philip Morris neither beat nor missed: adjusted EPS of $2.36 landed on the $2.36 consensus, and revenue of $11.44 billion rose 5.5%. The story is margin and mix — 68.7% gross margin and record operating income — plus a fourth quarter that now has to deliver roughly $1.77 to $1.92 of adjusted EPS. Read this scorecard on the adjusted numbers; the GAAP line is noise from investment revaluations.
1 · Expected vs. Actual
Free preview belowAdjusted EPS of $2.36 matched the $2.36 consensus almost to the cent and grew 5.4% year over year. GAAP EPS of $2.12 fell 4.9%, mostly on a $0.06 non-cash fair value charge on equity investments, a $0.04 Dutch pension buy-out loss and $0.13 of intangible amortization. The gap between the two lines is accounting, not operations.
Revenue of $11.44 billion rose 5.5% reported and 7.1% organically, a quarterly record for the group. Price added $739 million while currency took away $155 million, so the underlying engine was pricing plus 0.6% shipment growth. Combustibles did the heavy lifting at 7.8% organic growth on $6.81 billion, while smoke-free reached $4.63 billion and more than 40% of the total.
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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 2026-10-23
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