Philip Morris International Inc. (PM) Earnings Call Transcripts
Philip Morris International Inc.'s Latest Earnings Call - Q2 FY2026
Philip Morris International Inc. (PM:US) reported strong second quarter results for 2026, with organic net revenue growth of 8% and adjusted earnings per share (EPS) of $2.20, reflecting a 15% increase year-over-year. The company maintained its full-year guidance, projecting organic net revenue growth of 5% to 7%, despite significant investments planned for its U.S. operations. Management highlighted robust performance in the smoke-free segment, particularly from IQOS and ZYN, while also noting a favorable pricing environment in combustibles, which contributed to better-than-expected operating income growth of 11%.
Reported metrics
| Metric | Value |
|---|---|
| Revenue | $11B (beat) |
| Adjusted EPS | $2.20 (beat) |
| Operating Income | $4.8B (beat) |
| Organic Net Revenue Growth | 8% (beat) |
| IQOS Volume Growth | 5% (positive) |
| ZYN Shipment Growth | 2% (inline) |
Guidance from management
PMI expects organic net revenue growth of 5% to 7% for the full year, with adjusted diluted EPS projected between $8.26 and $8.41, reflecting a currency tailwind of around $0.15 at prevailing rates.
What management said
Thank you. That concludes our call today. Thank you for joining us. If you have any follow-up questions, please contact the Investor Relations team. Thank you again, and have a nice day. .
What analysts pressed on
Analysts expressed concerns regarding the sustainability of the combustible segment's performance and the impact of increased investments in the U.S. on overall profitability. There were questions about how these investments would affect future earnings growth and whether the company could maintain its pricing power amidst growing competition.
Main topics on the call
- Strong Smoke-Free Growth — PMI's smoke-free business saw high single-digit volume growth, with IQOS adjusted in-market sales volume increasing by 5%. Management stated, "Excluding these 2 markets, double-digit growth continued, reflecting the broa...
- Robust Combustible Performance — The combustible segment outperformed expectations, with cigarette shipments increasing by 1.1%. Management noted, "This reflects a combination of good category share performance, certain timing or comparison factors and ...
- Maintained Full-Year Guidance — Despite strong H1 performance, PMI maintained its full-year guidance for organic net revenue growth of 5% to 7%. Management explained, "The reason why today we are not revising the guidance is indeed the fact that we als...
- U.S. Investment Strategy — Management signaled a strategic increase in U.S. investments, particularly for ZYN, stating, "We are really putting together now a portfolio that is really, I would say, nicely matching consumer demand and the evolution ...
Read the full Philip Morris International Inc. transcript (Q2 FY2026) → Summary generated from the call transcript; every figure above is stated by management on the record.
About Philip Morris International Inc.
Philip Morris International Inc. (PM) is a publicly listed company in the Tobacco industry, within the Consumer Staples sector. It trades on NYSE and is based in US. EarningsCalls.dev maintains a free, full-text archive of its earnings call transcripts — 56 calls on record spanning February 6, 2020 to July 22, 2026. Every transcript is split into speaker-by-speaker segments with headline metrics, free to read or available through our REST API.
Earnings Call History
EarningsCalls.dev has 56 Philip Morris International Inc. earnings call transcripts on record, spanning February 6, 2020 to July 22, 2026. Based on this history, Philip Morris International Inc. reports quarterly. The most recent call on file is dated July 22, 2026. The full list is below — each row opens the complete, free-to-read transcript.
- Ticker
- PM
- Exchange
- NYSE
- Country
- US
- Sector
- Consumer Staples
- Industry
- Tobacco
- Calls on record
- 56
- First call
- February 6, 2020
- Most recent
- July 22, 2026
- Reporting cadence
- quarterly