Form 8-K

8-K — Philip Morris International Inc.

Accession: 0001628280-26-026385

Filed: 2026-04-22

Period: 2026-04-22

CIK: 0001413329

SIC: 2111 (CIGARETTES)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — pm-20260422.htm (Primary)

EX-99.1 (earningsreleasepm-ex991xq1.htm)

EX-99.2 (glossaryselectfininfoandno.htm)

GRAPHIC (pmilogoera01a01a01a22a.jpg)

XML — IDEA: XBRL DOCUMENT (R1.htm)

8-K

8-K (Primary)

Filename: pm-20260422.htm · Sequence: 1

pm-20260422

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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): April 22, 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. 1100 Stamford Connecticut 06901

(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 class Trading Symbol(s) Name of each exchange on which registered

Common Stock, no par value PM New York Stock Exchange

0.125% Notes due 2026 PM26B New York Stock Exchange

3.125% Notes due 2027 PM27 New York Stock Exchange

3.125% Notes due 2028 PM28 New York Stock Exchange

2.875% Notes due 2029 PM29 New York Stock Exchange

3.375% Notes due 2029 PM29A New York Stock Exchange

2.750% Notes due 2029 PM29D New York Stock Exchange

3.750% Notes due 2031 PM31B New York Stock Exchange

0.800% Notes due 2031 PM31 New York Stock Exchange

3.250% Notes due 2032 PM32 New York Stock Exchange

3.125% Notes due 2033 PM33 New York Stock Exchange

2.000% Notes due 2036 PM36 New York Stock Exchange

1.875% Notes due 2037 PM37A New York Stock Exchange

6.375% Notes due 2038 PM38 New York Stock Exchange

1.450% Notes due 2039 PM39 New York Stock Exchange

4.375% Notes due 2041 PM41 New York Stock Exchange

4.500% Notes due 2042 PM42 New York Stock Exchange

3.875% Notes due 2042 PM42A New York Stock Exchange

4.125% Notes due 2043 PM43 New York Stock Exchange

4.875% Notes due 2043 PM43A New York Stock Exchange

4.250% Notes due 2044 PM44 New 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 April 22, 2026, Philip Morris International Inc. (the “Company”) issued a press release announcing its financial results for the quarter ended March 31, 2026, 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, definitions, explanatory notes, select financial information and reconciliations of non-GAAP financial measures is attached as Exhibit 99.2 to this Current Report on Form 8-K and incorporated by reference to this Item 2.02.

In accordance with General Instruction B.2 of Form 8-K, the information in Item 2.02 of this Current Report on Form 8-K, including Exhibits 99.1 and 99.2, shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section. The information in Item 2.02 of this Current Report on Form 8-K shall not be incorporated by reference into any filing or other document pursuant to the Securities Act of 1933, as amended, except as may be expressly set forth by specific reference in such filing or document.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.

99.1

Philip Morris International Inc. Press Release, dated April 22, 2026 (furnished pursuant to Item 2.02.)

99.2

Glossary of Key Terms, Definitions, Explanatory Notes, Select Financial Information and Reconciliations of Non-GAAP Financial Measures (furnished pursuant to Item 2.02).

104 Cover Page Interactive Data File (the cover page XBRL tags are embedded within the Inline XBRL document and contained in Exhibit 101)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

PHILIP MORRIS INTERNATIONAL INC.

By: /s/ DARLENE QUASHIE HENRY

Name: Darlene Quashie Henry

Title: Vice President, Associate General Counsel & Corporate Secretary

Date: April 22, 2026

EX-99.1

Filename: earningsreleasepm-ex991xq1.htm · Sequence: 2

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.

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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 variants, which are now available in over 80% of ZYN markets.

E-vapor SFP: VEEV continued its increasingly profitable growth, as quarterly shipments exceeded one billion equivalent units for the first time. VEEV now shares the #1 closed pod position in Europe, estimated based on Nielsen offtake data, with strong growth in Germany, France, Romania, Italy, Greece and Bulgaria. PMI remains committed to building and commercializing the brand in a focused, responsible and profitable manner.

International Combustibles Segment

As expected, volumes declined (by 5.1%) following a prior year period of exceptional volume growth. Notwithstanding this comparison, net revenues grew by 6.8% (up 1.0% organically) driven by strong pricing of 8.5%, partly offset by geographic mix. Gross profit grew by 9.8% (3.9% organically). Our overall cigarette category volume share stood at 24.8% (down by 0.6pp) due to unfavorable market mix, as well as lower share in Indonesia, Russia and Turkey, partly offset by gains in Egypt. Marlboro continued to gain share (up by 0.4pp) and reached a record first-quarter category share of 10.7%.

U.S. Segment

ZYN offtake volumes, as estimated by Nielsen, grew by 10%, notwithstanding an uneven competitive landscape where we do not yet have access to all of the most dynamic strength and flavor segments. As expected, distributor and trade inventory movements in both the current and prior year periods, and a challenging promotional comparison, led to a decline in volumes, net revenues and profit. Total smoke-free shipment volumes decreased by 21.2%, including a 23.5% decline in ZYN shipments to 2.3 billion pouches or 155 million cans. This reflects the aforementioned offtake growth when compared to our previously communicated estimate of an underlying Q1'25 base of approximately 160 million cans2, and the anticipated normalization of channel inventories also flagged last quarter. We continue to invest behind the ZYN brand and in the capabilities that will support the long-term growth of our U.S. business. As we navigate a complex and dynamic regulatory environment, we are preparing to launch innovations in the coming months, including ZYN ULTRA, which remains under active FDA review as part of the nicotine pouch pilot program.

2 Estimated proxy of shipments related to consumer offtake, adjusted for wholesaler and distributor inventory fluctuations, first provided on 6 Feb 2026.

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First-Quarter 2026 Performance Highlights

Shipment Volume

(billion equivalent units)

PMI International Smoke-Free International Combustibles U.S.

Q1 vs. PY Q1 vs. PY Q1 vs. PY Q1 vs. PY

Total 184.3 (1.9)% 44.1 11.9% 137.3 (5.1)% 2.8 (21.2)%

Cigarettes 137.3 (5.1)% 137.3 (5.1)%

SFP 47.0 9.1% 44.1 11.9% 2.8 (21.2)%

HTU 41.3 11.3% 41.3 11.3% – –

Oral SFP 4.5 (16.1)% 1.6 (5.1)% 2.8 (21.3)%

E-Vapor 1.2 94.8% 1.2 94.8%

"-" indicates zero volumes or less than 50 million units

PMI International Smoke-Free International Combustibles U.S.

Net Revenues ($ bn)

$10.1 $3.8 $5.7 $0.6

reported vs. Q1 2025

9.1% 24.7% 6.8% (30.8)%

organic vs. Q1 2025

2.7% 15.8% 1.0% (31.6)%

Gross Profit ($ bn)

$6.9 $2.7 $3.8 $0.4

reported vs. Q1 2025

10.1% 28.6% 9.8% (44.5)%

organic vs. Q1 2025

3.8% 19.4% 3.9% (44.1)%

OCI ($ bn)

$4.0 $4.2 $(0.1)

reported vs. Q1 2025

5.4% 15.8% -(100)%

organic vs. Q1 2025

0.9% 10.1% (75.3)%

Operating Income ($ bn)

$3.9

reported vs. Q1 2025

9.8%

organic vs. Q1 2025

0.9%

Note: Sums might not foot to total due to rounding.

2026 2025 Change

Reported Diluted EPS $1.56 $1.72 (9.3)%

Amortization of intangibles 0.12 0.12

Fair value adjustment for equity security investments 0.22 (0.09)

Restructuring charges 0.01 –

Income tax impact associated with Swedish Match AB financing 0.05 (0.06)

Adjusted Diluted EPS $1.96 $1.69 16.0%

Less: Currency 0.18

Adjusted Diluted EPS, excluding Currency $1.78 $1.69 5.3%

Middle East Conflict

The Middle East conflict had a small impact on our business in the first quarter, which affected shipments to Global Travel Retail and certain markets in the region for both combustibles and HTUs. While we have observed increased energy prices and some disruption in energy supply in a number of markets, this has not at this stage translated into a discernible shift in consumer behavior. The situation remains uncertain in both duration and potential impact, and it is difficult to assess the broader implications for the consumer or the global cost environment. In our full-year forecast we do not assume a prolonged impact, however we have factored in some increases in transport, energy and other input costs. We will continue to closely monitor developments to assess the mid-to-long term consequences across the main variables.

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2026 Full-Year Forecast

2026

Forecast 2025 Growth

Reported Diluted EPS $7.56 - $7.71 $ 7.26

Adjustments

Amortization of intangibles 0.50 0.50

Fair value adjustment for equity security investments 0.22 (0.18)

Restructuring charges 0.03 0.14

Income tax impact associated with Swedish Match AB financing 0.05 (0.25)

Other 2025 adjustments(1)

– 0.07

Total Adjustments 0.80 0.28

Adjusted Diluted EPS $8.36 - $8.51 $ 7.54 10.9% - 12.9%

Less: Currency 0.25

Adjusted Diluted EPS, excluding currency $8.11 - $8.26 $ 7.54 7.5% - 9.5%

(1) Includes: $0.10 Germany excise tax classification litigation charge; ($0.10) RBH (Canada) Plan Implementation, including dividend income, net; $0.09 Impairment of Wellness business related equity investment; $0.06 Loss on expected sale of consumer accessories and other businesses; $0.03 Impairment of goodwill and other intangibles; ($0.11) Tax items

Reported diluted EPS is forecast to be in a range of $7.56 to $7.71, at prevailing exchange rates. Excluding a total 2026 adjustment of $0.80 per share, this forecast represents a projected increase of 10.9% to 12.9% versus adjusted diluted EPS of $7.54 in 2025. Also excluding a favorable currency impact of $0.25, at prevailing exchange rates, this forecast represents a projected increase of 7.5% to 9.5% versus adjusted diluted EPS of $7.54 in 2025, as outlined in the above table.

2026 Full-Year Forecast Assumptions

•An estimated industry volume decline of around 2% for cigarettes and HTUs, excluding China and the U.S.;

•Broadly stable total PMI cigarette and SFP shipment volume, with high-single digit SFP shipment volume growth, and a cigarette shipment volume decline of around 3%;

•Net revenue growth of 5% to 7% on an organic basis;

•Organic operating income growth of 7% to 9%;

•Full-year amortization of acquired intangibles of $0.50 per share;

•Broadly stable net financing costs;

•An effective tax rate, excluding discrete tax events, of around 21.5%;

•Operating cash flow around $13.5 billion at prevailing exchange rates, subject to year-end working capital requirements;

•Capital expenditures of $1.4 to $1.6 billion, predominantly supporting the smoke-free business;

•Further net debt to adjusted EBITDA ratio improvement as we target a ratio of close to 2.0x by the end of 2026, at prevailing exchange rates;

•No share repurchases; and

•Second quarter adjusted diluted EPS of $2.02 to $2.07, including an estimated favorable currency impact of 2 cents at prevailing exchange rates.

Factors described in the Forward-Looking and Cautionary Statements section of this release represent continuing risks to these projections.

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First-Quarter 2026 Operating Review

Net Revenues

(in millions)

PMI International Smoke-Free International Combustibles U.S.

2025 $9,301 $3,076 $5,326 $899

Price 461 88 454 (80)

Volume/Mix (346) 399 (542) (203)

Other 140 — 140 —

Currency 590 273 310 7

2026 $10,146 $3,836 $5,688 $622

vs. Q1 2025 9.1% 24.7% 6.8% (30.8)%

Organic growth 2.7% 15.8% 1.0% (31.6)%

Gross Profit

(in millions)

PMI International Smoke-Free International Combustibles U.S.

2025 $6,270 $2,087 $3,499 $685

Price 461 88 454 (80)

Volume/Mix (335) 290 (444) (181)

Cost/Other 112 27 128 (43)

Currency 397 192 205 —

2026 $6,905 $2,684 $3,842 $380

vs. Q1 2025 10.1% 28.6% 9.8% (44.5)%

Adjustments*

6 1 — 5

2026 Adjusted Gross Profit $6,911 $2,685 $3,842 $385

vs. Q1 2025 10.1% 28.6% 9.8% (44.1)%

Organic growth 3.8% 19.4% 3.9% (44.1)%

2026 Adj. Gross Profit Margin 68.1% 70.0% 67.5% 61.9%

vs. Q1 2025 0.6pp 2.1pp 1.8pp (14.7)pp

Organic growth 0.7pp 2.1pp 1.9pp (14.0)pp

(*) For a list of adjusting items refer to “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.

PMI

(in millions)

Variance

Favorable / (Unfavorable)

2026 2025 Change Total Price Volume / Mix Cost / Other Currency

Net Revenues 10,146 9,301 9.1% 845 461 (346) 140 590

Cost of Sales(1)

(3,241) (3,031) (6.9)% (210) – 11 (28) (193)

Gross Profit 6,905 6,270 10.1% 635 461 (335) 112 397

Marketing, Administration and Research Costs(2)

(2,857) (2,428) (17.7)% (429) – – (230) (199)

Corporate Expenses & Other (155) (298) 48.0% 143 – – (1) 144

Operating Income 3,893 3,544 9.8% 349 461 (335) (119) 342

Amortization of intangibles (251) (246) (2.0)% (5) – – (5) –

Restructuring charges (24) – – (24) – – (24) –

Adj. Operating Income 4,168 3,790 10.0% 378 461 (335) (90) 342

Adj. OI Margin 41.1 % 40.7 % 0.4pp

(1) Includes $6 million in 2026 and $5 million in 2025 related to the adjusting items shown below Operating Income

(2) Includes $269 million in 2026 and $241 million in 2025 related to the adjusting items shown below Operating Income

Note: Sums might not foot to total due to rounding.3

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Total PMI

•Estimated industry volume (excluding China and the U.S.) for cigarettes and HTUs declined by 1.0%.

•Net revenues increased by 2.7% organically, mainly reflecting: a favorable pricing variance mainly driven by international combustibles; partly offset by unfavorable volume/mix, mainly driven by lower international combustibles and U.S. volumes, notwithstanding higher international smoke-free volumes.

•Adjusted operating income increased by 0.9% on an organic basis, reflecting the same factors as for net revenues and higher marketing, administration and research costs.

International Smoke-Free Segment

•Shipment volume grew by 11.9%, notably due to Italy, Global Travel Retail, Taiwan and Russia.

•Net revenues increased by 15.8% on an organic basis, reflecting: a favorable volume/mix driven by higher HTU and e-vapor volumes and a favorable pricing variance due to higher HTU pricing.

•Adjusted gross profit increased by 19.4% organically mainly due to the same factors as for net revenues.

International Combustibles Segment

•Shipment volume declined by 5.1% with notable decreases in Indonesia, Russia, Germany and Mexico.

•Net revenues increased by 1.0% on an organic basis, reflecting: an unfavorable volume/mix; more than offset by a favorable pricing variance and, as expected, the restructuring of distribution terms in certain markets this quarter, shown in "Other".

•Adjusted gross profit increased by 3.9% organically due to the same factors as for net revenues.

U.S. Segment

•Net revenues decreased by 31.6% organically, reflecting: lower ZYN volumes due to distributor and trade inventory movements in both the current and prior year periods and an unfavorable price comparison due to low levels of ZYN promotional activity in the prior year.

•Adjusted gross profit decreased by 44.1% on an organic basis reflecting the same factors as for net revenues and higher manufacturing costs.

•Adjusted OCI decreased by 75.3% to $100 million, reflecting the same factors as for adjusted gross profit and increased investments in marketing, administration and research costs.

Conference Call

A conference call hosted by Emmanuel Babeau, Group CFO, will be webcast at 9:00 a.m., Eastern Time, on April 22, 2026. The webcast can be accessed here. Further market data will be provided in an appendix to the webcast presentation.

Investor Relations: Media:

InvestorRelations@pmi.com Corey.Henry@pmi.com

Stamford, CT: +1 (203) 905 2413 Stamford, CT: +1 (203) 905 2410

Lausanne: +41 582 424 500

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Philip Morris International: A Global Smoke-Free Champion

Philip Morris International is a leading international consumer goods company, actively delivering a smoke-free future and evolving its portfolio for the long term to include products outside of the tobacco and nicotine sector. The company’s current product portfolio primarily consists of cigarettes and smoke-free products, including heat-not-burn, nicotine pouch and e-vapor products. Our smoke-free products are available for sale in over 105 markets, and as of December 31, 2025 PMI estimates they were used by over 43 million legal-age consumers around the world, many of whom have moved away from cigarettes or significantly reduced their consumption. The smoke-free business accounted for 43% of PMI’s first-quarter 2026 total net revenues. Since 2008, PMI has invested over $16 billion to develop, scientifically substantiate and commercialize innovative smoke-free products for adults who would otherwise continue to smoke, with the goal of completely ending the sale of cigarettes. This includes the building of world-class scientific assessment capabilities, notably in the areas of pre-clinical systems toxicology, clinical and behavioral research, as well as post-market studies. Following a robust science-based review, the U.S. Food and Drug Administration has authorized the marketing of Swedish Match’s General snus and ZYN nicotine pouches and versions of PMI’s IQOS devices and consumables - the first-ever such authorizations in their respective categories. Versions of IQOS devices and consumables and General snus also obtained the first-ever Modified Risk Tobacco Product authorizations from the FDA. With a strong foundation and significant expertise in life sciences, PMI has a long-term ambition to expand into wellness areas. References to “PMI”, “we”, “our” and “us” mean Philip Morris International Inc., and its subsidiaries. For more information, please visit www.pmi.com and www.pmiscience.com.

Forward-Looking and Cautionary Statements

This press release contains projections of future results and goals and other forward-looking statements, including statements regarding expected financial or operational performance; capital allocation plans; investment strategies; regulatory outcomes; market expectations; business plans and strategies. Achievement of future results is subject to risks, uncertainties and inaccurate assumptions. In the event that risks or uncertainties materialize, or underlying assumptions prove inaccurate, actual results could vary materially from those contained in such forward-looking statements. Pursuant to the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, PMI is identifying important factors that, individually or in the aggregate, could cause actual results and outcomes to differ materially from those contained in any forward-looking statements made by PMI.

PMI's business risks include: marketing and regulatory restrictions that could reduce our competitiveness, disrupt our SFP commercialization efforts, eliminate our ability to communicate with adult consumers, or ban certain of our products in certain markets or countries; excise tax increases and discriminatory tax structures; health concerns relating to the use of tobacco and other nicotine-containing products; litigation related to tobacco and/or nicotine products and intellectual property rights; intense competition; inability to anticipate changes in adult consumer preferences; use and reliance on third-parties; the adverse effects of global and individual country economic, regulatory and political developments, natural disasters and conflicts; geopolitical instability affecting international trade; the impact and consequences of Russia's invasion of Ukraine; changes in adult smoker behavior; continued decline of tax-paid cigarettes; lost revenues as a result of counterfeiting, contraband and cross-border purchases; governmental investigations; unfavorable currency exchange rates and currency devaluations, sustained periods of elevated inflation, and limitations on the ability to repatriate funds; adverse changes in applicable corporate tax laws; disruptions in the credit markets or changes to its credit ratings; recent and potential future tariffs imposed by the U.S. and other countries; adverse changes in the cost, availability, and

- 7 -

quality of tobacco and other agricultural products and raw materials, as well as product components for our electronic devices; and the integrity of its information systems and effectiveness of its data privacy policies. PMI's future profitability may also be adversely affected should it be unsuccessful, in key markets or systemically, in its efforts to introduce, commercialize, and grow smoke-free products or if regulation or taxation do not differentiate between such products and cigarettes; if it is unable to successfully introduce new products, promote brand equity; if there are prolonged disruptions of facilities used to produce its products; if it is unable to enter new markets or improve its margins through increased prices and productivity gains; if other market participants are more successful in their SFP commercialization efforts; if it is unable to attract and retain the best global talent; or if it is unable to successfully integrate and realize the expected benefits from recent transactions and acquisitions. Future results are also subject to the lower predictability of our smoke-free products performance.

PMI is further subject to other risks detailed from time to time in its publicly filed documents, including PMI's Annual Report on Form 10-K for the fourth quarter and year ended December 31, 2025, and the Quarterly Report on Form 10-Q for the first quarter ended March 31, 2026, which will be filed in the coming days. PMI cautions that the foregoing list of important factors is not a complete discussion of all potential risks and uncertainties. PMI does not undertake to update any forward-looking statement that it may make from time to time, except in the normal course of its public disclosure obligations.

Non-GAAP Measures, Glossary and Explanatory Notes

Reconciliations of non-GAAP measures in this release to the most directly comparable U.S. GAAP measures can be found in Exhibit 99.2 to the Form 8-K dated April 22, 2026, and here. A glossary of key terms, definitions and explanatory notes is available in the aforementioned Exhibit 99.2 and on the same webpage, where additional financial schedules, as well as adjustments and other calculations have also been made available.

Management reviews net revenues, gross profit, operating companies income, operating income, operating cash flow and earnings per share, or "EPS," on an adjusted basis, which may exclude the impact of currency and other items such as acquisitions, divestitures, restructuring costs, tax items and other special items. Additionally, starting in 2022 and on a comparative basis, for these measures other than net revenues and operating cash flow, PMI includes adjustments to add back amortization expense on acquisition related intangible assets that are recorded as part of purchase accounting and contribute to PMI’s revenue generation, as well as impairment of intangible assets, if any. While amortization expense on acquisition related intangible assets is excluded in these adjusted measures, the net revenues generated from these acquired intangible assets are included in the company's adjusted measures, unless otherwise stated. Currency-neutral and organic growth rates reflect the way management views underlying performance for these measures. PMI believes that such measures provide useful insight into underlying business trends and results. Management reviews these measures because they exclude changes in currency exchange rates and other factors that may distort underlying business trends, thereby improving the comparability of PMI’s business performance between reporting periods. Furthermore, PMI uses several of these measures in its management compensation program to promote internal fairness and a disciplined assessment of performance against company targets. PMI discloses these measures to enable investors to view the business through the eyes of management.

Non-GAAP measures used in this release should neither be considered in isolation nor as a substitute for the financial measures prepared in accordance with U.S. GAAP.

- 8 -

EX-99.2

Filename: glossaryselectfininfoandno.htm · Sequence: 3

Document

Exhibit 99.2

Philip Morris International Inc.

Glossary of Key Terms, Definitions

and Explanatory Notes; and

Select Financial Information and Reconciliations of

Non-GAAP Financial Measures

2026 First-Quarter Results

April 22, 2026

Glossary of Key Terms, Definitions

and Explanatory Notes

General

•"PMI" refers to Philip Morris International Inc. and its subsidiaries. Trademarks and service marks that are the registered property of, or licensed by, the subsidiaries of PMI, are italicized.

•With our smoke-free business now operating at scale across our regions, including substantial growth from our U.S. business, PMI has implemented an evolved organizational model with two primary business units: International and U.S. This change was implemented effective January 1, 2026, and as a result PMI realigned its reportable segments accordingly. The four geographic segments have been replaced with three new reportable segments: International Smoke-Free, International Combustibles, and U.S. (including our wellness business unit, Aspeya).

•Comparisons are made to the same prior-year period unless otherwise stated.

•References to total industry and PMI market share performance reflect cigarettes and heated tobacco units, unless otherwise stated.

•Illicit products are products resulting from any practice or conduct prohibited by law relating to the production, shipment, receipt, possession, distribution, sale, or purchase of goods, including any practice or conduct intended to facilitate such activity.

•Total industry volume, PMI in-market sales volume, and PMI market share for the total international market and Japanese domestic market, include the cigarillo category in Japan.

•References to total international market, defined as worldwide cigarette and heated tobacco unit volume excluding the U.S., total industry (or total market) and market shares are PMI estimates for tax-paid and Global Travel Retail products based on data from a number of internal and external sources and may, in defined instances, exclude the People's Republic of China. Past reported periods may be updated to ensure comparability and to incorporate the most current information for industry and market share reporting.

•"Combustible tobacco products" is the term PMI uses to refer to cigarettes and other tobacco products that are combusted.

•In-market sales or "IMS" is defined as sales to the trade channels, which serve the end legal age nicotine users. Depending on the market and distribution model, IMS may represent an estimate. Consequently, past reported periods may be updated to ensure comparability and to incorporate the most current information.

•From time to time, PMI’s shipment volumes and IMS are subject to the impact of distributor inventory movements (or wholesaler inventory movements in certain markets where PMI does not sell to distributors), and estimated total industry/market volumes are subject to the impact of inventory movements in various trade channels that include estimated trade inventory movements of PMI’s competitors arising from market-specific factors that significantly distort reported volume disclosures. Such factors may include changes to the manufacturing supply chain, shipment methods, consumer demand, timing of excise tax increases or other influences that may affect the timing of sales to customers. In such instances, in addition to reviewing PMI shipment volumes, IMS, certain estimated total industry/market volumes and estimated market share on a reported basis, management reviews these measures on an adjusted basis that excludes the impact of distributor and/or estimated trade inventory movements. Management also believes that disclosing PMI's shipment volumes, IMS, estimated total industry/market volumes and estimated market share in such circumstances on a basis that excludes the impact of distributor and/or estimated trade inventory movements, improves the comparability of performance and trends for these measures over different reporting periods.

•Consumer offtake or offtake is the term PMI uses to refer to an approximation of purchases by consumers based on various market specific sources (e.g., Nielsen).

•"Total shipment volume" is defined as the combined total of cigarette, heated tobacco, oral smoke-free products (excluding snuff, snuff leaf and U.S. chew) and

e-vapor shipment volume in equivalent units, unless otherwise stated.

•Following the deconsolidation of PMI's Canadian subsidiary, Rothmans, Benson & Hedges, Inc. (RBH) on March 22, 2019, PMI continues to report the volume and corresponding royalty revenues of brands sold by RBH for which other PMI subsidiaries are the trademark owner. These include Next, TEREA and VEEV. The volume and corresponding royalty revenues for these brands sold by RBH were not material to PMI for all periods presented.

•Within the tables and schedules presented throughout this earnings release, certain columns and rows may not add due to the use of rounded numbers for disclosure purposes.

Financial

•"Cost of sales" consists principally of: tobacco leaf, non-tobacco raw materials, labor and manufacturing costs; shipping and handling costs; and the cost of devices produced by third-party electronics manufacturing service providers. Estimated costs associated with device warranty programs are generally provided for in cost of sales in the period the related revenues are recognized.

•"Adjusted Gross Profit Margin" is calculated as adjusted gross profit divided by adjusted net revenues.

•"Marketing, administration and research costs" include the costs of marketing and selling our products, other costs generally not related to the manufacture of our products (excluding corporate expenses and other), and costs incurred to develop new products. The most significant components of our marketing, administration and research costs are marketing and sales expenses and general and administrative expenses.

•"Adjusted Operating Companies Income Margin" is calculated as adjusted operating companies income divided by adjusted net revenues.

•In the first quarter of 2026, "Corporate expenses and other" include our general corporate related costs and certain other expenses, which previously were included in cost of sales and marketing, administration and research costs. Other expenses includes foreign currency gains/losses and compensation expense related to restricted share units and performance share units awards.

•"Cost/Other" in the Consolidated Financial Summary table of total PMI reflects the currency neutral variances of: cost of sales (excluding the volume/mix cost component); marketing, administration and research costs (including restructuring costs); corporate expenses and other; and amortization and impairment of intangibles. “Cost/Other” also includes the currency neutral net revenue variance, unrelated to volume/mix and price components, attributable to: fees for certain distribution rights billed to customers in certain markets.

•In the first quarter of 2026, PMI introduced Operating Companies Income (OCI) as an additional profitability measure for our U.S. and International business units. OCI is calculated as Operating Income (OI) less corporate expenses and other. Other includes foreign currency gains/losses and compensation expense related to restricted share units and performance share units awards, which were reclassified from Cost of Sales and Marketing, Administration and Research costs.

•"Adjusted Operating Income Margin" is calculated as adjusted operating income, divided by net revenues.

•"Adjusted EBITDA" is defined as earnings before interest, taxes, depreciation, amortization and equity (income)/loss in unconsolidated subsidiaries, excluding restructuring costs, impairment of intangibles, and unusual items.

•"Net debt" is defined as total debt, less cash and cash equivalents.

•Growth rates presented on an organic basis reflect adjusted results, excluding currency, acquisitions and divestitures.

•Management reviews net revenues, gross profit, operating companies income, operating income, operating cash flow and earnings per share, or "EPS," on an adjusted basis, which may exclude the impact of currency and other items such as acquisitions, divestitures, restructuring costs, tax items and other special items. Additionally, starting in 2022 and on a comparative basis, for these measures other than net revenues and operating cash flow, PMI includes adjustments to add back amortization expense on acquisition related intangible assets that are recorded as part of purchase accounting and contribute to PMI’s revenue generation, as well as impairment of intangible assets, if any. While amortization expense on acquisition related intangible assets is excluded in these adjusted measures, the net revenues generated from these acquired intangible assets are included in the company's adjusted measures, unless otherwise stated. Currency-neutral and organic growth rates reflect the way management views underlying performance for these measures. PMI believes that such measures provide useful insight into underlying business trends and results. Management reviews these measures because they exclude changes in currency exchange rates and other factors that may distort underlying business trends, thereby improving the comparability of PMI’s business performance between reporting periods. Furthermore, PMI uses several of these

measures in its management compensation program to promote internal fairness and a disciplined assessment of performance against company targets. PMI discloses these measures to enable investors to view the business through the eyes of management.

•When PMI provides its expectation for adjusted net revenues, adjusted operating income and margin, adjusted earnings per share and adjusted operating cash flow on a forward-looking basis, a reconciliation of the differences between the non-GAAP expectations and the corresponding GAAP measures, as described above, generally is not available without unreasonable effort due to potentially high variability, complexity, and low visibility as to the items that would be excluded from the GAAP measure in the relevant future period, such as restructuring costs, amortization and impairment of acquired intangibles and other special items, changes in currency exchange rates, the impact and timing of potential acquisitions and divestitures, and other structural changes or their probable significance. The variability of the excluded items may have a significant, and potentially unpredictable, impact on our future GAAP results.

•Non-GAAP measures used by PMI should neither be considered in isolation nor as a substitute for the financial measures prepared in accordance with U.S. GAAP. For a reconciliation of non-GAAP measures to the most directly comparable U.S. GAAP measures, see the "Select Financial Information and Reconciliations of Non-GAAP Financial Measures" section of this document.

•U.S. GAAP Treatment of a country as a Highly Inflationary Economy: following the categorization of a country by the International Practices Task Force of the Center for Audit Quality as having a three-year cumulative inflation rate greater than 100%, the country is considered highly inflationary in accordance with U.S. GAAP. For such countries, PMI accounts for the operations of its local affiliates as highly inflationary, and to treat the U.S. dollar as the functional currency of the affiliates. Such treatment was effective July 1, 2018, for Argentina, April 1, 2022, for Turkey, and October 1, 2024 for Egypt.

•"Fair value adjustment for equity security investments" reflects the adjustment resulting from share price movements in passive investments for publicly traded entities that are not controlled or influenced by PMI. Under U.S. GAAP, such adjustments are required to be reflected directly in the income statement. Adjustments reflect share price movements in PMI's investments in India and Sri Lanka.

•"Income tax impact associated with Swedish Match AB financing" reflects a deferred tax benefit (cost) for unrealized foreign currency losses (gains) on intercompany loans related to the Swedish Match acquisition financing reflected in PMI's consolidated statements of earnings. The underlying pre-tax foreign currency movements fully offset in the consolidated statements of earnings and were reflected as currency translation adjustments in PMI's consolidated statements of stockholders' (deficit) equity.

Smoke-Free

•Smoke-free business ("SFB”) is the term PMI uses to refer to all of its smoke-free products. SFB also includes wellness products, as well as consumer accessories, such as lighters and matches.

•Smoke-free products ("SFPs”) is the term PMI uses to refer to all of its products that provide nicotine without combusting tobacco, such as heat-not-burn, e-Vapor, and oral smokeless, and that therefore generate far lower levels of harmful chemicals. As such, these products have the potential to present less risk of harm versus continued smoking.

•Wellness products primarily refer to products associated with oral and intra-oral delivery systems.

•"Heated tobacco units" or "HTU" is the term PMI uses to refer to heated tobacco consumables, which include our BLENDS, DELIA, HEETS and HEETS Creations (defined collectively as "HEETS"), SENTIA, TEREA, TEREA CRAFTED, and TEREA Dimensions, as well as the KT&G-licensed brands, Fiit and Miix (outside of South Korea). HTU's also include zero tobacco heat-not-burn consumables (LEVIA).

•Unless otherwise stated, market share for HTUs is defined as the in-market sales volume for HTUs as a percentage of the total estimated industry sales volume for cigarettes and HTUs. For Japan, total estimated industry sales volume also includes cigarillos.

•"Adjusted market share for HTUs" is defined as the total in-market sales volume for PMI HTUs as a percentage of the total estimated sales volume for cigarettes and HTUs, excluding the impact of estimated distributor and wholesaler inventory movements.

•Unless otherwise stated, all references to IQOS are to PMI's IQOS and BONDS devices and heated tobacco consumables.

•IQOS heat-not-burn devices are precisely controlled heating devices into which a specially designed and proprietary tobacco units are inserted and heated to generate an aerosol.

•"PMI heat-not-burn products" or "PMI HTUs" or "IQOS HTUs" include licensed KT&G heat-not-burn products.

•“Total PMI SFPs users” is defined as the sum of “Total IQOS users”, “Total oral smokeless users", “Total e-Vapor users” of PMI products and considering “Poly-users across PMI SFPs categories”.

•“Total IQOS users” is defined as the estimated number of Legal Age (minimum 18 years1) users of PMI heat-not-burn products, for which PMI HTUs represented at least a portion of their daily tobacco consumption over the past seven days.

The estimated number of adults who have "switched to IQOS and stopped smoking" reflects:

•for markets where there are no heat-not-burn products other than PMI heat-not-burn products: daily individual consumption of PMI HTUs represents the totality of their daily tobacco consumption in the past seven days;

•for markets where PMI heat-not-burn products are among other heat-not-burn products: daily individual consumption of HTUs represents the totality of their daily tobacco consumption in the past seven days, of which at least 70% is PMI HTUs.

•“Total PMI oral smokeless users” are defined as the estimated number of Legal Age (minimum 21 years in the U.S and minimum 18 years11outside the U.S) users of oral smokeless products who consumed at least one of PMI oral smokeless products (nicotine pouches in the U.S., and nicotine pouches or snus outside the U.S) over the past seven days.

•“Total PMI e-Vapor users” is defined as the estimated number of Legal Age (minimum 18 years1) users of e-Vapor products, who consumed at least one of PMI

e-Vapor products in the past seven days.

•“Poly-users across PMI SFPs categories” are defined as the estimated number of Legal Age (minimum 18 years1) users who used multiple PMI SFPs over the past seven days.

•The above SFPs user metrics reflect PMI estimates, which are based on PMI's proprietary Nicotine Containing Products Tracker (NCPT) in combination with SFP offtake volume trends. The NCPT methodology estimates rely on NCPT e-Vapor, oral smokeless (except the U.S.) and poly-usage data, which is calibrated using Total IQOS user data, leveraging our deep understanding of PMI’s heat-not-burn category and its size. Total PMI oral smokeless users in the U.S. are approximated through volume-based estimations, as NCPT data for the U.S. is not currently available.

Note: NCPT sample-based estimations use a 95% Confidence Interval. The accuracy and reliability of the estimates may vary based on sample size, market maturity and availability of information.

•"Oral smoke-free product volume" excludes snuff, snuff leaf and U.S. chew and is measured in cans or, for the purposes of total shipment volumes, in pouches or pouch equivalents.

•“Modern oral” pouches mainly refer to pre-portioned pouches containing nicotine, flavors, and cellulose substrate. In some markets, modern oral pouches may also contain small amounts of tobacco.

•Oral smoke-free products conversion: (i) nicotine pouches (units): 15 pouches per can in the U.S. and approximately 20 pouches per can outside the U.S.; (ii) snus products: weighted average 21 pouches equivalent per can; (iii) moist snuff products: weighted average 17 pouches equivalent per can; (iv) tobacco bits products: weighted average 30 pouches equivalent per can; (v) chew bags products: weighted average 20 pouches per can.

•E-vapor products conversion: one milliliter of e-vapor liquid equivalent to 10 units.

11Minimum 18 years or older depending on market regulation

Select Financial Information and Reconciliations of Non-GAAP Financial Measures

Schedule 1

PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries

Diluted Earnings Per Share (EPS)

($ in millions, except per share data) / (Unaudited)

Diluted EPS Quarters Ended

March 31,

2026 Diluted Earnings Per Share (1) $ 1.56

2025 Diluted Earnings Per Share (1) $ 1.72

Change $ (0.16)

% Change (9.3)%

Reconciliation:

2025 Diluted Earnings Per Share (1) $ 1.72

2025 Amortization of intangibles 0.12

2025 Income tax impact associated with Swedish Match AB financing (0.06)

2025 Fair value adjustment for equity security investments (0.09)

2026 Restructuring charges (0.01)

2026 Amortization of intangibles (0.12)

2026 Income tax impact associated with Swedish Match AB financing (0.05)

2026 Fair value adjustment for equity security investments (0.22)

Currency 0.18

Interest —

Change in tax rate 0.06

Operations (2) 0.03

2026 Diluted Earnings Per Share (1) $ 1.56

(1) Basic and diluted EPS were calculated using the following (in millions):

Quarters Ended

March 31,

2026 2025

Net Earnings attributable to PMI $ 2,438 $ 2,690

Less: Distributed and undistributed earnings

attributable to share-based payment awards (3) 7 8

Net Earnings for basic and diluted EPS $ 2,431 $ 2,682

Weighted-average shares for basic EPS 1,558 1,556

Plus Contingently Issuable Performance Stock Units (3) 1 1

Weighted-average shares for diluted EPS 1,559 1,557

(2) Includes the impact of shares outstanding and share-based payments

(3) Including rounding adjustment

Note: EPS is computed independently for each of the periods presented. Accordingly, the sum of the quarterly EPS amounts may not agree to the total for the year

Schedule 2

PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries

Reconciliation of Non-GAAP Measures

Reconciliation of Reported Diluted EPS to Reported Diluted EPS, excluding Currency,

and Reconciliation of Reported Diluted EPS to Adjusted Diluted EPS, excluding Currency

(Unaudited)

Quarters Ended March 31,

2026 2025 % Change

Reported Diluted EPS $ 1.56 $ 1.72 (9.3) %

Less: Currency 0.18

Reported Diluted EPS, excluding Currency $ 1.38 $ 1.72 (19.8) %

Quarters Ended March 31, Year Ended

2026 2025 % Change 2025

Reported Diluted EPS $ 1.56 $ 1.72 (9.3) % $ 7.26

Restructuring charges 0.01 — 0.14

Impairment of goodwill and other intangibles — — 0.03

Amortization of intangibles 0.12 0.12 0.50

Fair value adjustment for equity security investments 0.22 (0.09) (0.18)

Income tax impact associated with Swedish Match AB financing 0.05 (0.06) (0.25)

Loss on expected sale of consumer accessories and other businesses — — 0.06

Germany excise tax classification litigation charge — — 0.10

RBH (Canada) Plan implementation, including dividend income, net — — (0.10)

Impairment of Wellness business related equity investment — — 0.09

Tax items — — (0.11)

Adjusted Diluted EPS $ 1.96 $ 1.69 16.0 % $ 7.54

Less: Currency 0.18

Adjusted Diluted EPS, excluding Currency $ 1.78 $ 1.69 5.3 %

Note: EPS is computed independently for each of the periods presented. Accordingly, the sum of the quarterly EPS amounts may not agree to the total for the year

Schedule 3

PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries

Reconciliation of Non-GAAP Measures

Net Revenues by Product Category and Adjustments of Net Revenues for the Impact of Currency

($ in millions) / (Unaudited)

Net

Revenues Currency Net

Revenues

excluding Currency Quarters Ended

March 31, Net

Revenues Total Excluding Currency

2026 PMI 2025 % Change

$ 3,836 $ 273 $ 3,563 International Smoke-Free $ 3,076 24.7 % 15.8 %

5,688 310 5,378 International Combustibles 5,326 6.8 % 1.0 %

9,524 583 8,941 Total International 8,402 13.4 % 6.4 %

622 7 615 U.S. 899 (30.8) % (31.6) %

$ 10,146 $ 590 $ 9,556 Total PMI $ 9,301 9.1 % 2.7 %

2026 Smoke-Free 2025 % Change

$ 3,836 $ 273 $ 3,563 International Smoke-Free $ 3,076 24.7 % 15.8 %

543 7 536 U.S. 818 (33.6) % (34.4) %

62 7 55 of which, Wellness 51 20.4 % 7.3 %

$ 4,379 $ 279 $ 4,099 Total Smoke-Free $ 3,895 12.4 % 5.3 %

2026 Combustible Tobacco 2025 % Change

$ 5,688 $ 310 $ 5,378 International Combustibles $ 5,326 6.8 % 1.0 %

79 — 79 U.S. 81 (2.5) % (2.5) %

$ 5,767 $ 310 $ 5,457 Total Combustible Tobacco $ 5,407 6.7 % 0.9 %

Note: Sum of product categories or segments might not foot to Total PMI due to roundings. "-" indicates amounts between -$0.5 million and +$0.5 million

Schedule 4

PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries

Reconciliation of Non-GAAP Measures

Reconciliation of Gross Profit to Adjusted Gross Profit, excluding Currency

($ in millions) / (Unaudited)

Gross

Profit Adjusting

Items

(1) Adjusted

Gross

Profit Currency Adjusted Gross Profit

excluding Currency Gross

Profit Adjusting

Items

(1) Adjusted

Gross

Profit Total Excluding Currency

2026 Quarters Ended

March 31, 2025 % Change

$ 2,684 $ (1) $ 2,685 $ 192 $ 2,493 International Smoke-Free $ 2,087 $ (1) $ 2,087 28.6 % 19.4 %

3,842 — 3,842 205 3,637 International Combustibles 3,499 — 3,499 9.8 % 3.9 %

6,526 (1) 6,527 397 6,130 Total International 5,586 (1) 5,586 16.8 % 9.7 %

380 (5) 385 — 385 U.S. 685 (5) 689 (44.1) % (44.1) %

$ 6,905 $ (6) $ 6,911 $ 397 $ 6,514 Total PMI $ 6,270 $ (5) $ 6,275 10.1 % 3.8 %

(1) 2026 first-quarter reflects amortization of intangibles related to Smoke-Free products, all amounts are related to cost of goods sold. 2025 first-quarter reflects amortization of intangibles related to Smoke-Free products, all amounts are related to cost of goods sold.

Note: Sum of segments might not foot to Total PMI due to roundings. "-" indicates amounts between -$0.5 million and +$0.5 million

Schedule 5

PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries

Reconciliation of Non-GAAP Measures

Reconciliation of Adjusted Gross Profit Margin, excluding Currency

($ in millions) / (Unaudited)

Adjusted Gross Profit

(1) Net Revenues

(2) Adjusted Gross Profit

Margin Adjusted Gross Profit

excluding Currency

(1) Net Revenues excluding Currency

(2) Adjusted Gross Profit Margin excluding Currency Adjusted Gross Profit

(1) Net Revenues

(2) Adjusted Gross Profit

Margin Adjusted Gross Profit

Margin Adjusted Gross Profit Margin excluding Currency

2026 Quarters Ended

March 31, 2025 % Points Change

$ 2,685 $ 3,836 70.0 % $ 2,493 $ 3,563 70.0 % International Smoke-Free $ 2,087 $ 3,076 67.9 % 2.1 2.1

3,842 5,688 67.5 % 3,637 5,378 67.6 % International Combustibles 3,499 5,326 65.7 % 1.8 1.9

6,527 9,524 68.5 % 6,130 8,941 68.6 % Total International 5,586 8,402 66.5 % 2.0 2.1

385 622 61.9 % 385 615 62.6 % U.S. 689 899 76.6 % (14.7) (14.0)

$ 6,911 $ 10,146 68.1 % $ 6,514 $ 9,556 68.2 % Total PMI $ 6,275 $ 9,301 67.5 % 0.6 0.7

(1) For the calculation of Adjusted Gross Profit and Adjusted Gross Profit excluding currency refer to Schedule 4

(2) For the calculation of Net Revenues excluding currency refer to Schedule 3

Schedule 6

PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries

Reconciliation of Non-GAAP Measures

Reconciliation of Operating Income to Operating Companies Income (OCI)

($ in millions) / (Unaudited)

Quarters Ended

March 31,

2026 Total PMI 2025

$ 3,893 Operating Income $ 3,544

155 Add back: Corporate Expenses and Other 298

$ 4,048 Operating Companies Income (OCI) $ 3,842

Adjustments of Operating Companies Income for the Impact of Currency

($ in millions) / (Unaudited)

Operating Companies Income Currency Operating Companies Income excluding Currency Operating Companies Income Total Excluding Currency

2026 Quarters Ended

March 31, 2025 % Change

$ 4,174 $ 206 $ 3,968 International $ 3,605 15.8 % 10.1 %

(126) (9) (117) U.S. 237 -(100)% -(100)%

$ 4,048 $ 198 $ 3,850 Total PMI $ 3,842 5.4 % 0.2 %

Note: Sum of International and U.S. might not foot to Total PMI due to roundings. "-" indicates amounts between -$0.5 million and +$0.5 million

Schedule 7

PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries

Reconciliation of Non-GAAP Measures

Reconciliation of Operating Companies Income to Adjusted Operating Companies Income, excluding Currency

($ in millions) / (Unaudited)

Operating Companies Income Adjusting

Items

(1) Adjusted

Operating Companies Income Currency Adjusted Operating Companies Income

excluding Currency Operating Companies Income Adjusting

Items

(1) Adjusted

Operating Companies Income Total Excluding Currency

2026 Quarters Ended

March 31, 2025 % Change

$ 4,174 $ (50) $ 4,224 $ 206 $ 4,017 International $ 3,605 $ (45) $ 3,650 15.7 % 10.1 %

(126) (226) 100 (9) 108 U.S. 237 (200) 437 (77.2) % (75.3) %

$ 4,048 $ (275) $ 4,323 $ 198 $ 4,125 Total PMI $ 3,842 $ (246) $ 4,088 5.7 % 0.9 %

(1) See Schedule 8 for Adjusting Items details

Note: Sum of International and U.S. might not foot to Total PMI due to roundings. "-" indicates amounts between -$0.5 million and +$0.5 million

Schedule 8

PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries

Reconciliation of Non-GAAP Measures

Reconciliation of Operating Companies Income to Adjusted Operating Companies Income

($ in millions) / (Unaudited)

Quarters Ended

March 31, Change Fav./(Unfav.) Variance Fav./(Unfav.)

PMI 2026 2025 Total Excluding Currency Total Currency Price Vol/Mix Cost/Other

Operating Companies Income $ 4,048 $ 3,842 5.4 % 0.2 % $ 206 $ 198 $ 461 $ (335) $ (118)

Amortization of intangibles (251) (246) (2.0) % (2.0) % (5) — — — (5)

Restructuring charges (24) — — % — % (24) — — — (24)

Adjusted Operating Companies Income $ 4,323 $ 4,088 5.7 % 0.9 % $ 235 $ 198 $ 461 $ (335) $ (89)

International

Operating Companies Income $ 4,174 $ 3,605 15.8 % 10.1 % $ 569 $ 206 $ 542 $ (154) $ (26)

Amortization of intangibles (50) (45) (9.7) % (9.7) % (4) — — — (4)

Adjusted Operating Companies Income $ 4,224 $ 3,650 15.7 % 10.1 % $ 573 $ 206 $ 542 $ (154) $ (21)

U.S.

Operating Companies Income $ (126) $ 237 -(100)% -(100)% $ (363) $ (9) $ (80) $ (181) $ (93)

Amortization of intangibles (201) (200) (0.5) % (0.5) % (1) — — — (1)

Restructuring charges (24) — — % — % (24) — — — (24)

Adjusted Operating Companies Income $ 100 $ 437 (77.2) % (75.3) % $ (338) $ (9) $ (80) $ (181) $ (67)

Note: Sums of International and U.S. and adjusting items might not foot due to roundings. "-" indicates amounts between -$0.5 million and +$0.5 million.

Schedule 9

PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries

Reconciliation of Non-GAAP Measures

Reconciliation of Operating Income to Adjusted Operating Income, excluding Currency

($ in millions) / (Unaudited)

Operating Income Adjusting

Items

(1) Adjusted

Operating Income Currency Adjusted Operating Income

excluding Currency Operating Income Adjusting

Items

(1) Adjusted

Operating Income Total Excluding Currency

2026 Quarters Ended

March 31, 2025 % Change

$ 3,893 $ (275) $ 4,168 $ 342 $ 3,826 Total PMI $ 3,544 $ (246) $ 3,790 10.0 % 0.9 %

(1) Adjusted Operating Income and Adjusted Operating Companies Income excluding currency are calculated using the same adjustment items as Operating Companies Income, as presented in Schedule 8

Schedule 10

PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries

Reconciliation of Non-GAAP Measures

Reconciliation of Adjusted Operating Income Margin, excluding Currency

($ in millions) / (Unaudited)

Adjusted Operating Income

(1) Net Revenues

(2) Adjusted Operating Income

Margin Adjusted Operating Income

excluding Currency

(1) Net Revenues excluding Currency

(2) Adjusted Operating Income Margin excluding Currency Adjusted Operating Income

(1) Net Revenues

(2) Adjusted Operating Income

Margin Adjusted Operating Income

Margin Adjusted Operating Income Margin excluding Currency

2026 Quarters Ended

March 31, 2025 % Points Change

$ 4,168 $ 10,146 41.1 % $ 3,826 $ 9,556 40.0 % Total PMI $ 3,790 $ 9,301 40.7 % 0.4 (0.7)

(1) For the calculation of Adjusted Operating Income and Adjusted Operating Income excluding currency refer to Schedule 9

(2) For the calculation of Net Revenues excluding currency refer to Schedule 3

Schedule 11

PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries

Condensed Statements of Earnings

($ in millions, except per share data) / (Unaudited)

Quarters Ended March 31,

2026 2025 Change

Fav./(Unfav.)

Net Revenues $ 10,146 $ 9,301 9.1 %

Cost of sales 3,241 3,031 (6.9) %

Gross profit 6,905 6,270 10.1 %

Marketing, administration and research costs 2,857 2,428 (17.7) %

Corporate expenses and other 155 298 48.0 %

Operating Income 3,893 3,544 9.8 %

Interest expense, net 237 241 1.7 %

Pension and other employee benefit (income) costs (5) 12 +100%

Earnings before income taxes 3,661 3,291 11.2 %

Provision for income taxes 676 659 (2.6) %

Equity investments and securities (income)/loss, net 403 (205) -(100)%

Net Earnings 2,582 2,837 (9.0) %

Net Earnings attributable to noncontrolling interests 144 147 2.0 %

Net Earnings attributable to PMI $ 2,438 $ 2,690 (9.4) %

Per share data: (1)

Basic Earnings Per Share $ 1.56 $ 1.72 (9.3) %

Diluted Earnings Per Share $ 1.56 $ 1.72 (9.3) %

(1) Net Earnings and weighted-average shares used in the basic and diluted Earnings Per Share computations for the quarters ended March 31, 2026 and 2025 are shown on Schedule 1, Footnote 1

Schedule 12

PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries

Condensed Balance Sheets

($ in millions) / (Unaudited)

March 31, December 31,

2026 2025

Assets

Cash and cash equivalents $ 5,450 $ 4,872

All other current assets 20,152 19,491

Property, plant and equipment, net 8,259 8,397

Goodwill 17,069 17,264

Other intangible assets, net 10,512 10,884

Equity investments 2,478 2,891

Other assets 4,993 5,386

Total assets $ 68,913 $ 69,185

Liabilities and Stockholders' (Deficit) Equity

Short-term borrowings $ 5,693 $ 168

Current portion of long-term debt 2,447 3,533

All other current liabilities 18,082 21,726

Long-term debt 43,808 45,134

Deferred income taxes 2,013 2,065

Other long-term liabilities 4,170 4,587

Total liabilities 76,213 77,213

Total PMI stockholders' deficit (9,279) (9,994)

Noncontrolling interests 1,979 1,966

Total stockholders' (deficit) equity (7,300) (8,028)

Total liabilities and stockholders' (deficit) equity $ 68,913 $ 69,185

Schedule 13

PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries

Reconciliation of Non-GAAP Measures

Calculation of Total Debt to Adjusted EBITDA and Net Debt to Adjusted EBITDA Ratios

($ in millions, except ratios) / (Unaudited)

Year Ended March 31, 2026 Year Ended

December 31, 2025

April ~ December January ~ March 12 months

2025 2026 rolling

Net Earnings $ 9,011 $ 2,582 $ 11,593 $ 11,848

Equity investments and securities (income)/loss, net (500) 403 (97) (705)

Provision for income taxes 2,078 676 2,754 2,737

Interest expense, net 725 237 962 966

Depreciation, amortization and impairment of goodwill and other intangibles 1,557 510 2,067 2,037

Restructuring charges and Others (1) 492 24 516 492

Adjusted EBITDA $ 13,363 $ 4,432 $ 17,795 $ 17,375

March 31, December 31,

2026 2025

Short-term borrowings $ 5,693 $ 168

Current portion of long-term debt 2,447 3,533

Long-term debt 43,808 45,134

Total Debt $ 51,948 $ 48,835

Cash and cash equivalents 5,450 4,872

Net Debt $ 46,498 $ 43,963

Ratios:

Total Debt to Adjusted EBITDA 2.92 2.81

Net Debt to Adjusted EBITDA 2.61 2.53

(1) For the period April 2025 to December 2025 "Others" includes Germany excise tax classification litigation charge ($176 million), loss on expected sale of consumer accessories and other businesses ($94 million), partially offset by RBH (Canada) Plan Implementation ($19 million).

Schedule 14

PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries

Operating Cash Flow

($ in millions) / (Unaudited)

Quarters Ended March 31,

2026 2025 % Change

Net cash provided by (used in) operating activities (1) $ (399) $ (350) (14.0) %

(1) Operating cash flow

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