PM

EX-99.1

2 earningsreleasepm-ex991xq1.htm

EX-99.1

Document

Exhibit 99.1

PRESS RELEASE

Philip Morris International Reports 2026 First-Quarter Results

and Updates 2026 Full-Year Adjusted Diluted EPS Forecast for Currency Only;

Reported Diluted EPS declined by 9.3% to $1.56;

Adjusted Diluted EPS grew by 16.0% to $1.96; and by 5.3% excluding currency;

STAMFORD, CT, April 22, 2026 – Philip Morris International Inc. (PMI) (NYSE: PM) today announces its 2026 first quarter results.1

"Our performance exceeded our expectations in the first quarter, with an outstanding delivery from IQOS driving very good growth for the group against a strong prior-year comparison," said Jacek Olczak, Group CEO PMI.

"Building on excellent broad-based momentum in the international smoke-free business and 16% adjusted diluted EPS growth in Q1, we are well positioned to continue delivering best-in-class performance in 2026."

Results Highlights

Net revenues increased by 9.1% (2.7% organically) to $10.1 billion, with both the smoke-free (up by 12.4%, 5.3% organically) and combustibles (up by 6.7%, 0.9% organically) businesses making meaningful contributions. Our smoke-free business accounted for 43% of total net revenues (up by 1.3pp) with PMI smoke-free products (SFP) now available in 108 markets.

Gross profit increased by 10.1% (3.8% organically), expanding gross margin through strong pricing, operating leverage and SFP mix benefits. Operating income increased by 9.8% (0.9% organically), as we continue to invest for future growth.

Reported diluted EPS declined due to the non-cash fair value adjustment of our minority shareholding in India.

International Smoke-Free Segment

Our performance continues to be driven by the international smoke-free business with net revenue growth of 24.7% (15.8% organically) fueled by 11.9% volume growth, and gross profit growth of 28.6% (19.4% organically) reflecting the increasing profitability of the portfolio. IQOS remains the primary growth engine, with double-digit growth in both shipment volume and adjusted IMS.

Heat-not-burn SFP: IQOS continued to lead the growth of the global category, in which PMI holds approximately 77% volume share. Notably in Q1, IQOS surpassed Marlboro and became the #1 nicotine ‘brand’ in markets where present (gaining 1.7pp to reach 10.9% of combined cigarette and HTU industry volumes). HTU adjusted in-market sales (IMS) volume, which excludes the net impact of estimated distributor and wholesaler inventory movements, grew by 10.9%, broadly in line with shipment volume growth of 11.3%. The growth was broad-based across geographies with all key consumables product lines (TEREA, DELIA/SENTIA and LEVIA) contributing to the strong performance. Excluding the impact of consumer pantry-loading in Japan ahead of the excise-driven price increase on April 1, adjusted IMS grew by an estimated 9.4%.

•In Japan, PMI HTU adjusted IMS grew by an estimated 10.4% with IQOS holding close to 70% of heat-not-burn category volume. The overall HTU category reached approximately 53% total nicotine national offtake

1 Explanation of PMI's use of non-GAAP measures cited in this document and reconciliations to the most directly comparable U.S. GAAP measures can be found in the “Non-GAAP Measures, Glossary and Explanatory Notes” section of this release, in Exhibit 99.2 to the company's Form 8-K dated April 22, 2026, and here.

- 1 -

share, and IQOS HTU adjusted IMS share of total nicotine increased by 2.7pp to a record 34.9%, notwithstanding continued competitive intensity. Excluding the aforementioned pantry-loading impact, adjusted IMS grew by an estimated 5.9%.

•In Europe, as we continue to invest in brand equity and innovation, IQOS HTU adjusted IMS grew by an estimated 5.4% and IQOS HTU adjusted market share increased by 1.1pp to 12.6%, notwithstanding ongoing disruptions in Ukraine and the initial impact of the characterizing flavor ban in Poland, which was implemented in January. This growth was led by strong performance in many markets, notably Italy, Greece, Germany, Spain and Serbia. Excluding markets where the characterizing flavor ban became effective in the last year, adjusted IMS volumes grew by around 8%.

•Outside Europe and Japan, adjusted IMS grew by 19.4% and offtake share increased in key cities across the globe, including Mexico City, Jakarta, Riyadh, Kuala Lumpur and Seoul. In Taiwan, IQOS national offtake share reached almost 6% in March, making it the most successful major launch market to date.

Oral SFP: Robust modern oral volume growth to 0.5 billion pouches was more than offset by snus declines in the Nordics, resulting in a total oral SFP shipment volume decrease of 5.1%. Our business continues to expand, with ZYN now available in 58 markets, and to outperform the industry outside the Nordics, with notable offtake share gains in Pakistan, Poland and the UK. Our focus remains on switching legal-age smokers with a relevant product portfolio, including 1.5mg v

pm-202602060001413329false00014133292026-02-062026-02-060001413329us-gaap:CommonStockMember2026-02-062026-02-060001413329pm:A2.750Notesdue2026Member2026-02-062026-02-060001413329pm:A2.875Notesdue2026Member2026-02-062026-02-060001413329pm:A0.125Notesdue2026Member2026-02-062026-02-060001413329pm:A3.125Notesdue2027Member2026-02-062026-02-060001413329pm:A3.125Notesdue2028Member2026-02-062026-02-060001413329pm:A2.875Notesdue2029Member2026-02-062026-02-060001413329pm:A3.375NotesDue2029Member2026-02-062026-02-060001413329pm:A2.750NotesDue2029Member2026-02-062026-02-060001413329pm:A3.750NotesDue2031Member2026-02-062026-02-060001413329pm:A0.800Notesdue2031Member2026-02-062026-02-060001413329pm:A3.250NotesDue2032Member2026-02-062026-02-060001413329pm:A3.125Notesdue2033Member2026-02-062026-02-060001413329pm:A2.000Notesdue2036Member2026-02-062026-02-060001413329pm:A1.875Notesdue2037Member2026-02-062026-02-060001413329pm:A6.375Notesdue2038Member2026-02-062026-02-060001413329pm:A1.450Notesdue2039Member2026-02-062026-02-060001413329pm:A4.375Notesdue2041Member2026-02-062026-02-060001413329pm:A4.500Notesdue2042Member2026-02-062026-02-060001413329pm:A3.875Notesdue2042Member2026-02-062026-02-060001413329pm:A4.125Notesdue2043Member2026-02-062026-02-060001413329pm:A4.875Notesdue2043Member2026-02-062026-02-060001413329pm:A4.250Notesdue2044Member2026-02-062026-02-06

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): February 6, 2026

Philip Morris International Inc. (Exact name of registrant as specified in its charter)

Virginia 1-33708 13-3435103

(State or other jurisdiction of incorporation) (Commission File Number) (I.R.S. Employer Identification No.)

677 Washington Blvd, Ste. 1100StamfordConnecticut06901 (Address of principal executive offices)(Zip Code)

Registrant's telephone number, including area code: (203) 905-2410 (Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each classTrading Symbol(s)Name of each exchange on which registered Common Stock, no par valuePMNew York Stock Exchange

2.750% Notes due 2026PM26ANew York Stock Exchange 2.875% Notes due 2026PM26New York Stock Exchange 0.125% Notes due 2026PM26BNew York Stock Exchange 3.125% Notes due 2027PM27New York Stock Exchange 3.125% Notes due 2028PM28New York Stock Exchange 2.875% Notes due 2029PM29New York Stock Exchange 3.375% Notes due 2029PM29ANew York Stock Exchange 2.750% Notes due 2029PM29DNew York Stock Exchange 3.750% Notes due 2031PM31BNew York Stock Exchange 0.800% Notes due 2031PM31New York Stock Exchange 3.250% Notes due 2032PM32New York Stock Exchange 3.125% Notes due 2033PM33New York Stock Exchange 2.000% Notes due 2036PM36New York Stock Exchange 1.875% Notes due 2037PM37ANew York Stock Exchange 6.375% Notes due 2038PM38New York Stock Exchange 1.450% Notes due 2039PM39New York Stock Exchange 4.375% Notes due 2041PM41New York Stock Exchange 4.500% Notes due 2042PM42New York Stock Exchange 3.875% Notes due 2042PM42ANew York Stock Exchange 4.125% Notes due 2043PM43New York Stock Exchange 4.875% Notes due 2043PM43ANew York Stock Exchange 4.250% Notes due 2044PM44New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02.Results of Operations and Financial Condition.

On February 6, 2026, Philip Morris International Inc. (the “Company”) issued a press release announcing its financial results for the quarter and the fiscal year ended December 31, 2025, as well as the accompanying glossary of key terms, definitions, explanatory notes, select financial information and reconciliations of non-GAAP financial measures. The earnings release is attached as Exhibit 99.1 to this Current Report on Form 8-K and incorporated by reference to this Item 2.02. The glossary of key terms, d

pm-202510210001413329false00014133292025-10-212025-10-210001413329us-gaap:CommonStockMember2025-10-212025-10-210001413329pm:A2.750Notesdue2026Member2025-10-212025-10-210001413329pm:A2.875Notesdue2026Member2025-10-212025-10-210001413329pm:A0.125Notesdue2026Member2025-10-212025-10-210001413329pm:A3.125Notesdue2027Member2025-10-212025-10-210001413329pm:A3.125Notesdue2028Member2025-10-212025-10-210001413329pm:A2.875Notesdue2029Member2025-10-212025-10-210001413329pm:A3.375NotesDue2029Member2025-10-212025-10-210001413329pm:A2.750NotesDue2029Member2025-10-212025-10-210001413329pm:A3.750NotesDue2031Member2025-10-212025-10-210001413329pm:A0.800Notesdue2031Member2025-10-212025-10-210001413329pm:A3.250NotesDue2032Member2025-10-212025-10-210001413329pm:A3.125Notesdue2033Member2025-10-212025-10-210001413329pm:A2.000Notesdue2036Member2025-10-212025-10-210001413329pm:A1.875Notesdue2037Member2025-10-212025-10-210001413329pm:A6.375Notesdue2038Member2025-10-212025-10-210001413329pm:A1.450Notesdue2039Member2025-10-212025-10-210001413329pm:A4.375Notesdue2041Member2025-10-212025-10-210001413329pm:A4.500Notesdue2042Member2025-10-212025-10-210001413329pm:A3.875Notesdue2042Member2025-10-212025-10-210001413329pm:A4.125Notesdue2043Member2025-10-212025-10-210001413329pm:A4.875Notesdue2043Member2025-10-212025-10-210001413329pm:A4.250Notesdue2044Member2025-10-212025-10-21

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): October 21, 2025

Philip Morris International Inc. (Exact name of registrant as specified in its charter)

Virginia 1-33708 13-3435103

(State or other jurisdiction of incorporation) (Commission File Number) (I.R.S. Employer Identification No.)

677 Washington Blvd, Ste. 1100StamfordConnecticut06901 (Address of principal executive offices)(Zip Code)

Registrant's telephone number, including area code: (203) 905-2410 (Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each classTrading Symbol(s)Name of each exchange on which registered Common Stock, no par valuePMNew York Stock Exchange

2.750% Notes due 2026PM26ANew York Stock Exchange 2.875% Notes due 2026PM26New York Stock Exchange 0.125% Notes due 2026PM26BNew York Stock Exchange 3.125% Notes due 2027PM27New York Stock Exchange 3.125% Notes due 2028PM28New York Stock Exchange 2.875% Notes due 2029PM29New York Stock Exchange 3.375% Notes due 2029PM29ANew York Stock Exchange 2.750% Notes due 2029PM29DNew York Stock Exchange 3.750% Notes due 2031PM31BNew York Stock Exchange 0.800% Notes due 2031PM31New York Stock Exchange 3.250% Notes due 2032PM32New York Stock Exchange 3.125% Notes due 2033PM33New York Stock Exchange 2.000% Notes due 2036PM36New York Stock Exchange 1.875% Notes due 2037PM37ANew York Stock Exchange 6.375% Notes due 2038PM38New York Stock Exchange 1.450% Notes due 2039PM39New York Stock Exchange 4.375% Notes due 2041PM41New York Stock Exchange 4.500% Notes due 2042PM42New York Stock Exchange 3.875% Notes due 2042PM42ANew York Stock Exchange 4.125% Notes due 2043PM43New York Stock Exchange 4.875% Notes due 2043PM43ANew York Stock Exchange 4.250% Notes due 2044PM44New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02.Results of Operations and Financial Condition.

On October 21, 2025, Philip Morris International Inc. (the “Company”) issued a press release announcing its financial results for the third quarter and the nine months ended September 30, 2025, as well as the accompanying glossary of key terms, definitions, explanatory notes, select financial information and reconciliations of non-GAAP financial measures. The earnings release is attached as Exhibit 99.1 to this Current Report on Form 8-K and incorporated by reference to this Item 2.02. The glossary of key t