菲利普莫里斯二季度净收入首次超过110亿美元、调整后EPS达2.20美元，但维持全年指引

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Introduction & Market Context
Philip Morris International (NYSE:PM) presented its second-quarter 2026 results on July 22, showcasing what the company described as "excellent" performance driven by its smoke-free product portfolio. The presentation revealed that quarterly net revenues exceeded $11 billion for the first time, while adjusted diluted earnings per share reached $2.20, representing mid-teens growth and surpassing analyst expectations.
The results came as the company’s stock traded at $193.23, up 2.76% from the previous close of $188.04, positioning shares near the top of their 52-week range of $142.11 to $199.78. The presentation emphasized the company’s dual strategy of investing aggressively in smoke-free products while maintaining robust profitability from its combustible tobacco business.
Quarterly Performance Highlights
Philip Morris delivered strong second-quarter results across key financial metrics, demonstrating the accelerating momentum of its transformation toward smoke-free products. The company reported net revenues of $11.2 billion, up 10.4% on a reported basis and 7.6% organically, excluding currency and acquisition impacts.
As shown in the following financial performance table, the company achieved double-digit growth in profitability metrics:
The adjusted operating income of $4.8 billion represented a 12.4% increase on a reported basis and 10.7% organic growth, while adjusted diluted EPS climbed 15.2% to $2.20, or 13.6% excluding currency effects. Shipment volumes rose 2.5% to 205 billion units, marking a return to positive volume trajectory after a softer first quarter.
For the first half of 2026, the company’s performance remained robust despite what management characterized as "transitory headwinds" in certain markets. The following table illustrates the six-month performance:
First-half net revenues reached $21.3 billion, up 9.8% on a reported basis and 5.3% organically, while adjusted operating income grew 11.3% reported and 6.1% organically to $8.9 billion. The adjusted diluted EPS of $4.16 represented a 15.6% increase in dollar terms and 9.4% growth excluding currency.
International Smoke-Free Products Leadership
The presentation highlighted that international smoke-free products served as the primary growth engine, with the segment delivering exceptional results across all metrics. International smoke-free net revenues grew 13.7% organically in the first half, accelerating from 11.8% growth in the second quarter alone, while gross profit expanded 16.9% for the half.
The following breakdown illustrates the strong performance across both smoke-free and combustible segments internationally:
The international smoke-free gross margin reached 70.0%, expanding by 190 basis points, reflecting favorable product mix and pricing power. The company’s combustible business also exceeded expectations, with international combustible net revenues growing 3.8% organically in the first half and 6.4% in the second quarter, demonstrating continued resilience in the legacy portfolio.
Volume trends showed a clear acceleration in the second quarter, with the company returning to positive growth after a challenging first quarter. The following chart illustrates the volume trajectory across product categories:
Total shipments of 205.2 billion units in the second quarter grew 2.5% versus the prior year, driven by smoke-free products that increased 7.5% to 48.2 billion equivalent units. Within smoke-free, heated tobacco units (HTUs) grew 7.6%, while e-vapor surged 55.1%, partially offset by a 1.2% decline in oral smoke-free products. Cigarette volumes rose 1.1% to 156.9 billion units.
The drivers of revenue growth extended beyond volume, with pricing and product mix playing crucial roles. The following waterfall chart breaks down the components of top-line growth:
Pricing contributed 5.9 percentage points to first-half organic net revenue growth, while international smoke-free mix added 2.0 percentage points. These positive factors more than offset a 1.0 percentage point headwind from U.S. smoke-free mix and a 2.0 percentage point drag from international cigarette geographic mix.
Profitability improvements reflected disciplined cost management alongside revenue growth. The company expanded its adjusted operating income margin by 60 basis points in the first half to 41.9%, as illustrated in the following margin progression:
IQOS: Global Expansion and Market Penetration
IQOS, Philip Morris’s flagship heated tobacco system, continued to demonstrate strong underlying momentum despite temporary headwinds in specific markets. The brand now operates in 80 markets globally and was recognized by Kantar BrandZ 2026 as one of the most valuable global brands.
The following chart shows IQOS’s adjusted in-market sales growth trajectory:
HTU adjusted in-market sales grew 8.0% in the first half of 2026, or 11.3% excluding Japan and Poland where the company faced transitory challenges from excise tax increases and flavor restrictions. The second-quarter growth of 5.1% overall, or 10.2% excluding Japan and Poland, indicated continued strong underlying demand.
IQOS achieved impressive market penetration across key global cities, demonstrating the product’s appeal across diverse geographic markets. The following visualization shows offtake shares in major metropolitan areas:
Notable market share achievements included Tokyo at 37.5%, Athens at 35.4%, and Rome at 33.6%. The brand also showed strong growth momentum in emerging markets, with Riyadh reaching 7.7% share (up 2.6 percentage points), London at 12.5% (up 2.2 percentage points), and Taipei at 7.7% share in its first year of availability. Global Travel Retail airports where IQOS is available achieved a 21.5% offtake share, up 3.1 percentage points.
VEEV: European E-Vapor Leadership
Philip Morris’s VEEV e-vapor brand emerged as the number one closed pod brand in Europe, capturing significant market share from established competitors. E-vapor shipments surged 72% in the first half to 2.6 billion equivalent units, up from 1.5 billion in the prior-year period.
The following chart illustrates VEEV’s rapid market share gains:
VEEV’s closed pod share in Europe climbed from 14.9% in the first quarter of 2025 to 21.3% by the first quarter of 2026, surpassing two major competitors who held 18.8% and 17.0% shares respectively. The brand’s success reflected strong consumer acceptance of the VEEVone+ device and VEEV one closed pods, which offer up to 2,000 puffs per pack.
ZYN: International Expansion and U.S. Momentum
ZYN, the company’s modern oral nicotine pouch brand, demonstrated dynamic progress across international markets while showing sequential improvement in the United States. International modern oral shipments reached 1.1 billion pouches in the first half, representing 6% like-for-like growth overall and 32% growth excluding the Nordic markets where the category is mature.
The following chart shows ZYN’s international market share trajectory:
ZYN’s international modern oral share excluding Nordics increased from 9% in the first quarter of 2024 to more than 17% by the second quarter of 2026, representing a one percentage point gain versus the prior year. The brand’s presence expanded across 55 markets, establishing ZYN as a global platform for growth.
In the United States, ZYN showed strong sequential momentum after a softer first quarter. The following performance data illustrates the U.S. turnaround:
U.S. net revenues reached $856 million in the second quarter, up 38% sequentially from $622 million in the first quarter, though down 0.9% versus the prior year. Adjusted gross profit of $560 million increased 46% sequentially but declined 8.9% year-over-year. ZYN shipment volumes of 2.9 billion pouches grew 25% sequentially and 2% versus the prior year, while the brand maintained a commanding 57.1% retail value share.
The company outlined significant portfolio expansion initiatives for ZYN, as shown in the following strategic overview:
Key initiatives included the June launch of the ZYN ULTRA range and new flagship dry flavors, with additional flagship variants in 1.5mg and 8mg strength planned for the third quarter. The company also launched a major new brand campaign titled "When it clicks" and highlighted that ZYN remains the first and only Modified Risk Tobacco Product (MRTP) authorized by the FDA in the nicotine pouch category, granted for 20 SKUs.
Combustibles: Sustained Pricing Power
Philip Morris’s combustible tobacco business continued to demonstrate remarkable resilience and profitability, underpinning the company’s ability to invest in smoke-free product development and commercialization. The segment benefited from strong pricing execution and operational efficiency.
The following chart illustrates the combustibles segment’s pricing power and profit growth:
Combustible pricing accelerated to 9.2% growth in the first half of 2026, up from 7.6% for full-year 2025, reflecting the company’s ability to implement price increases across markets. International combustible gross profit grew 6.1% organically in the first half and 8.0% in the second quarter, demonstrating expanding profitability. The Marlboro brand maintained an 11.0% international market share in the second quarter, reinforcing its position as the world’s leading cigarette brand.
Forward-Looking Statements and 2026 Outlook
Despite the strong first-half performance, Philip Morris maintained its full-year 2026 guidance, signaling management’s conservative approach and plans for increased investment in the second half. The company reaffirmed expectations for organic net revenue growth of 5% to 7%, organic operating income growth of 7% to 9%, and currency-neutral adjusted diluted EPS growth of 7.5% to 9.5%.
The adjusted diluted EPS forecast of $8.26 to $8.41 includes a favorable currency impact of 15 cents at prevailing exchange rates. For the third quarter specifically, the company guided to adjusted diluted EPS of $2.20 to $2.25, including an unfavorable currency impact of eight cents. The company projected operating cash flow of approximately $13.5 billion for the full year.
Management emphasized its intention to invest substantially in the U.S. smoke-free opportunity during the second half, supporting ZYN portfolio expansion, marketing initiatives, distribution enhancement, and preparation for a potential IQOS ILUMA launch pending FDA approval. This stepped-up investment explains the company’s decision to maintain rather than raise full-year guidance despite beating second-quarter expectations.
The presentation concluded by emphasizing the company’s strategic positioning for sustained growth. Management highlighted that first-half performance underscored the strength and momentum of the global smoke-free business, supported by investment in premium brands and the continued resilience of combustibles. The company expressed confidence in delivering another year of best-in-class top and bottom-line growth while remaining committed to generously rewarding shareholders through dividends and share repurchases.
Philip Morris’s transformation toward a smoke-free future appears well underway, with smoke-free products now representing a meaningful portion of revenues and an even larger share of growth. The company’s ability to simultaneously invest in innovation while generating strong cash flow from combustibles provides a financial foundation that few competitors can match, positioning Philip Morris as a leader in the evolving tobacco and nicotine industry.
Full presentation:
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