Shares of Philip Morris International Inc. (NYSE: PM) rose 1% on Friday. The stock has dropped 9% in the past three months. The tobacco giant is slated to report its earnings results for the first quarter of 2026 on Wednesday, April 22, before market open. Here’s a look at what to expect from the earnings report:
Revenue
Analysts are projecting revenue of $9.85 billion for Philip Morris in the first quarter of 2026, which indicates a growth of nearly 6% from the same period a year ago. In the fourth quarter of 2025, revenues increased 6.8% year-over-year to $10.4 billion.
Earnings
The consensus estimate for earnings per share in Q1 2026 is $1.83, which implies an increase of 8% from the prior-year quarter. In Q4 2025, adjusted EPS increased 9.7% YoY to $1.70.
Points to note
Philip Morris is expected to benefit from continued traction in its smoke-free business, which accounted for 41.5% of total revenues in fiscal year 2025. In Q4, the smoke-free business saw a 12% growth in both revenues and gross profit. The company’s smoke-free products are now available in 106 markets.
Within the smoke-free business, IQOS and ZYN continue to lead the momentum in the heat-not-burn and nicotine pouch categories. IQOS is now available in 79 markets and continues to expand into new regions. In Q4, ZYN’s shipment volume increased 19% in the US. This trend is likely to have continued in the to-be-reported quarter.
The combustibles business has remained relatively resilient. In Q4, revenues grew 3.2%, helped by higher pricing. Cigarettes shipment volume declined 2.2% last quarter. PM expects combustibles volumes to decline by up to 5% in Q1, as it laps prior-year quarter volume growth.
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