PM 8-K — Smart Summary

Philip Morris International Inc. (PMI) filed an 8-K on March 13, 2026 to furnish recast historical shipment volume and unaudited financial information reflecting its new three-segment reporting structure (International Smoke-Free, International Combustibles, and U.S.), effective January 1, 2026, replacing the prior four geographic segments. The recast data covers full-year and quarterly 2025 vs. 2024 results and does not represent a restatement of previously issued consolidated financial statements. PMI also introduced Operating Companies Income (OCI) as a new profitability measure for its business units, separating corporate expenses and other items from segment results.

• New segment structure (effective January 1, 2026): International Smoke-Free, International Combustibles, and U.S. (including wellness business unit Aspeya), replacing four prior geographic segments; new basis considered non-GAAP until Form 10-Q for Q1 2026 is filed.
• Full-year 2025 total PMI net revenues: $40,648M vs. $37,878M in 2024, up 7.3% reported (6.1% excluding currency; 6.5% excluding currency and acquisitions/divestitures); International Smoke-Free: $13,996M (+15.4%); International Combustibles: $23,436M (+2.8%); U.S.: $3,216M (+9.2%).
• Full-year 2025 total PMI adjusted Operating Companies Income (OCI): $17,080M vs. $15,395M in 2024, up 10.9% reported (10.5% excl. currency; 10.3% excl. currency & acquisitions/divestitures); International adjusted OCI: $15,956M (+11.3%); U.S. adjusted OCI: $1,124M (+5.6%).
• Full-year 2025 total PMI adjusted OCI margin: 42.0% vs. 40.6% in 2024 (+1.4 percentage points); International: 42.6% vs. 41.0% (+1.6 pts); U.S.: 35.0% vs. 36.2% (-1.2 pts).
• Full-year 2025 total PMI gross profit: $27,304M vs. $24,568M in 2024, up 11.1%; adjusted gross profit margin: 67.2% vs. 65.0% (+2.2 percentage points); International Smoke-Free adjusted gross profit margin: 68.4% vs. 64.6% (+3.8 pts); International Combustibles: 66.2% vs. 64.4% (+1.8 pts); U.S.: 69.2% vs. 71.3% (-2.1 pts).
• Full-year 2025 total PMI operating income: $14,892M vs. $13,402M in 2024, up 11.1%; total PMI OCI: $15,544M vs. $14,147M (+9.9%); Corporate Expenses and Other: $652M vs. $745M (favorable by 12.5%).
• Full-year 2025 total PMI shipment volume: 786,498M equivalent units vs. 775,669M in 2024, up 1.4%; smoke-free products: 179,131M units (+12.8%); cigarettes: 607,367M units (-1.5%); heated tobacco units: 155,133M (+11.0%); oral smoke-free: 20,668M equivalent units (+18.5%); e-vapor: 3,330M units (more than +100%).
• Full-year 2025 U.S. smoke-free shipment volume: 14,152M equivalent units vs. 11,040M in 2024 (+28.2%); nicotine pouches (U.S.): 793.7M cans vs. 580.5M cans (+36.7%); total oral smoke-free (U.S.): 926.0M cans vs. 718.0M cans (+29.0%).
• Full-year 2025 International Smoke-Free segment shipment volume: 164,979M equivalent units (+11.6%); e-vapor: 3,330M units (more than +100% vs. 1,651M in 2024); nicotine pouches (International): 85.9M cans vs. 63.5M cans (+35.3%).
• Full-year 2025 special items for PMI included: amortization of intangibles ($1,003M), restructuring charges ($241M), Germany excise tax classification litigation charge ($176M), loss on expected sale of consumer accessories and other businesses ($94M), and goodwill impairment ($41M); 2024 special items included: amortization of intangibles ($835M), loss on sale of Vectura Group ($199M), restructuring charges ($142M), Egypt sales tax charge ($45M), and impairment of other intangibles ($27M).