PMI reports full-year 2025 results with net revenues of $40.6 billion and smoke-free net revenues were about $16.9 billion

Key Takeaways 

• Release date/coverage: February 6, 2026; Q4 2025 and full-year 2025 results 
• Full-year headline figures: net revenues $40,648 million; reported diluted EPS $7.26; adjusted diluted EPS $7.54  
• Smoke-free: shipment volumes +12.8% YoY; smoke-free net revenues $16.9 bn; 41.5% of total net revenues; available in 106 markets with over 43 million estimated adult consumers 
• Category updates: IQOS ~76% global category volume share; ZYN 196 million cans (Q4) and 794 million cans (FY); VEEV available in 47 markets with FY volumes “more than doubled”  
• Outlook/targets: 2026 adjusted diluted EPS $8.38–$8.53; 2026–2028 targets include organic net revenues CAGR 6%–8%, organic operating income CAGR 8%–10%, and adjusted diluted EPS excluding currency CAGR 9%–11%

2Firsts, February 6, 2026

According to Philip Morris International’s earnings release, PMI reported its fourth-quarter and full-year 2025 results and issued its 2026 outlook and 2026–2028 growth targets.  

PMI reported full-year 2025 net revenues of $40,648 million (vs. $37,878 million in 2024) and disclosed reported diluted EPS of $7.26 and adjusted diluted EPS of $7.54 for 2025.

On smoke-free, PMI said full-year smoke-free shipment volumes increased 12.8%, with smoke-free net revenues of $16.9 billion and the smoke-free business accounting for 41.5% of total net revenues. PMI also said its smoke-free products are available in 106 markets with over 43 million estimated adult consumers. 

On heat-not-burn, PMI said IQOS continued to drive the growth of the global category where PMI holds approximately 76% volume share, describing IQOS as the second largest nicotine “brand” in markets where present and holding the #1 volume share position in 13 markets. 

On oral smoke-free, PMI said ZYN held around two-thirds value share in 2025 and reported ZYN shipments of 196 million cans in Q4 and 794 million cans for the full year. 

On e-vapor, PMI said VEEV is available in 47 markets, with shipment volumes “more than doubled” on a full-year basis, and stated VEEV holds the #1 closed-pod volume share position in 8 markets. 

For 2026, PMI forecast reported diluted EPS of $7.87–$8.02 and adjusted diluted EPS of $8.38–$8.53, and provided an adjusted diluted EPS excluding currency range of $8.11–$8.26. 

PMI also provided 2026–2028 compound annual growth targets of 6%–8% for organic net revenues, 8%–10% for organic operating income, and 9%–11% for adjusted diluted EPS excluding currency, assuming current corporate income tax rates and no share repurchases. 

Image source: PMI

2FIRSTS | 2Firsts Flash｜PMI Reports 2025 Results as Smoke-Free Products Account for 41.5% of Net Revenues

Philip Morris International reported full-year 2025 results on February 6, with smoke-free products accounting for 41.5% of adjusted net revenues, up from 38.7% a year earlier. Total net revenues rose 7.3% to $40.65 billion, while shipment volumes increased 1.4%, widening the gap between revenue and volume growth. Cigarette shipments declined as smoke-free volumes rose 12.8%, driven by heated tobacco, oral nicotine and e-vapor products. Results were released alongside a 9:00 a.m. EST webcast.

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