Philip Morris International's second quarter revenue of $11.2B and adj. EPS of $2.20 beat estimates, driven by strong international growth.

Philip Morris International reported second quarter 2026 net revenue of $11.2 billion, up 10.4% year-over-year, with adjusted diluted EPS of $2.20, an increase of 15.2%. The results surpassed analyst expectations, driven by strong performance in both the smoke-free and traditional combustible segments internationally.

Key Highlights

• Organic net revenue grew by 7.6%, reflecting strong pricing and volume growth in both the international smoke-free (+11.8%) and combustibles (+6.4%) segments.
• Smoke-free products now account for approximately 42% of total net revenues, with Heated Tobacco Unit (HTU) shipment volumes growing 7.6% and e-vapor shipments increasing 55.1%.
• The U.S. segment remained a challenge, with net revenues declining 0.7% year-over-year as ZYN shipments grew a modest 1.8% to 2.9 billion pouches amid a competitive landscape.