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

Feb.06
PMI reports full-year 2025 results with net revenues of $40.6 billion and smoke-free net revenues were about $16.9 billion
Philip Morris International (PMI) released its Q4 and full-year 2025 results on February 6, 2026. PMI reported full-year net revenues of $40,648 million ($40.6 billion), reported diluted EPS of $7.26 and adjusted diluted EPS of $7.54. PMI said smoke-free net revenues were $16.9 billion and represented 41.5% of total net revenues, with smoke-free products available in 106 markets and over 43 million estimated adult consumers.

 

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.

PMI reports full-year 2025 results with net revenues of $40.6 billion and smoke-free net revenues were about $16.9 billion
PMI 2025 Q4 financial report screenshot | Image source: PMI official website.

 

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
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.
www.2firsts.com

We welcome news tips, article submissions, interview requests, or comments on this piece.

Please contact us at info@2firsts.com, or reach out to Alan Zhao, CEO of 2Firsts, on LinkedIn


Notice

1.  This article is intended solely for professional research purposes related to industry, technology, and policy. Any references to brands or products are made purely for objective description and do not constitute any form of endorsement, recommendation, or promotion by 2Firsts.

2.  The use of nicotine-containing products — including, but not limited to, cigarettes, e-cigarettes, nicotine pouchand heated tobacco products — carries significant health risks. Users are responsible for complying with all applicable laws and regulations in their respective jurisdictions.

3.  This article is not intended to serve as the basis for any investment decisions or financial advice. 2Firsts assumes no direct or indirect liability for any inaccuracies or errors in the content.

4.  Access to this article is strictly prohibited for individuals below the legal age in their jurisdiction.

 

Copyright

 

This article is either an original work created by 2Firsts or a reproduction from third-party sources with proper attribution. All copyrights and usage rights belong to 2Firsts or the original content provider. Unauthorized reproduction, distribution, or any other form of unauthorized use by any individual or organization is strictly prohibited. Violators will be held legally accountable.

For copyright-related inquiries, please contact: info@2firsts.com

 

AI Assistance Disclaimer

 

This article may have been enhanced using AI tools to improve translation and editorial efficiency. However, due to technical limitations, inaccuracies may occur. Readers are encouraged to refer to the cited sources for the most accurate information.

We welcome any corrections or feedback. Please contact us at: info@2firsts.com

UK HMRC Launches Vape Duty Stamps on October 1, Ushering in Supply-Chain Traceability as Chinese Exporters Face New Compliance Hurdles
UK HMRC Launches Vape Duty Stamps on October 1, Ushering in Supply-Chain Traceability as Chinese Exporters Face New Compliance Hurdles
HM Revenue & Customs put the UK's Vaping Products Duty and Vaping Duty Stamps Scheme into effect on October 1. All vaping liquids manufactured in or imported into the UK are now subject to duty at £2.20 per 10ml, regardless of nicotine content. The stamp regime will introduce digital functionality designed to provide traceability throughout the supply chain, with approved manufacturers, importers and warehousekeepers required to report product movements and retailers and consumers eventually able to scan stamps to verify authenticity. China exported $177 million of vape-related products to the UK in August, up 51.4% year over year, increasing the significance of the new compliance regime for China's Shenzhen-centered vape supply chain.
Regulations
Oct.04
South Korea Fully Reviews Nicotine-Analog and Nicotine-Free Vape Liquid Imports, With Over 99% From China and Chinese Supply-Chain Documents Under Scrutiny
South Korea Fully Reviews Nicotine-Analog and Nicotine-Free Vape Liquid Imports, With Over 99% From China and Chinese Supply-Chain Documents Under Scrutiny
Korea Customs Service has tightened import controls on nicotine-analog and nicotine-free e-cigarette liquids, placing the products under 100% document review and subjecting all e-cigarette liquid import declarations to pre-clearance ingredient analysis. As of September 20, 2026, South Korea had imported about 15 metric tons of nicotine-analog liquids, 99.99% from China, and about 316 metric tons of nicotine-free liquids, including roughly 315 metric tons, or 99.7%, from China. The measures follow South Korea's April expansion of its tobacco definition to include synthetic nicotine products and include new checks on Chinese manufacturing, transaction and export documentation.
Sep.24
2Firsts On-Site | CTIHK Showcases Nicotine Pouches, Heated Tobacco and Chinese Cigars at InterTabac 2026
2Firsts On-Site | CTIHK Showcases Nicotine Pouches, Heated Tobacco and Chinese Cigars at InterTabac 2026
At InterTabac 2026 in Dortmund, China Tobacco International (HK) Company Limited (CTIHK) is exhibiting across two separate booths in Hall 5 and Hall 4. Products observed by 2Firsts include heated tobacco products, nicotine pouches, Chinese cigars and tobacco leaf. Nicotine pouch products on display include TOOP, Shuangxi and Ashima.
Market
Sep.16
From Product Innovation to Integrated Solutions: NEXTECH Expands Its Global Heated Tobacco Solutions
From Product Innovation to Integrated Solutions: NEXTECH Expands Its Global Heated Tobacco Solutions
NEXTECH launched its NEXE Pro circumferential-heating tobacco stick globally at InterTabac 2026, as the company expands from product innovation into broader heated tobacco solutions. Amid intensifying competition across global HTP markets, NEXTECH is strengthening its R&D, manufacturing and pre-launch support capabilities to serve different types of business customers.
Industry Insight
Sep.15
Product | KIWI Launches Spark 2 and Spark 2 Pro in Germany, Two Hardware Tiers Share Backward-Compatible 2ml Pods
Product | KIWI Launches Spark 2 and Spark 2 Pro in Germany, Two Hardware Tiers Share Backward-Compatible 2ml Pods
KIWI has launched the Spark 2 and Spark 2 Pro refillable pod systems in Germany at official prices of €18 and €29, respectively. Spark 2 uses an 800mAh removable lithium-ion battery in a pen-style body, while Spark 2 Pro features a 1,400mAh removable battery, a box-shaped design and vibration feedback every 20 puffs. Both devices use the same 2ml Spark V2 pods in 0.8Ω and 1.2Ω versions, with AirSync airflow adjustment and a choice between Cotton Tips and conventional Drip Tips. The new pods also remain compatible with the original KIWI Spark.
News
Sep.29 by 2Firsts Perspectives
Sweden Threatens EU Tobacco Tax Deal as Nicotine Pouch Duty Dispute Looms Over November 9 Meeting
Sweden Threatens EU Tobacco Tax Deal as Nicotine Pouch Duty Dispute Looms Over November 9 Meeting
Sweden is expected to oppose a European Union proposal to raise minimum tobacco excise duties, Law360 reported on October 26, 2026, citing an EU official. A provisional Council agenda dated October 23 confirms that the tobacco taxation package is scheduled for discussion at the November 9 finance ministers' meeting, where member states will seek a general approach. The proposed reforms would raise minimum taxes on conventional tobacco products and establish EU-wide excise rules for vaping liquids, heated tobacco and nicotine pouches. Sweden supports harmonising tobacco taxation rules but objects to requiring nicotine pouches to bear the same minimum tax burden as certain smoking tobacco products. As EU indirect tax legislation requires unanimous Council approval, Swedish opposition could block the proposal in its current form.
Regulations
Oct.29