Philip Morris International Inc. (PM)

Philip Morris International Inc. is a Virginia holding company incorporated in 1987 and listed on the New York Stock Exchange since March 2008. It describes itself as a leading international consumer goods company working toward a smoke-free future, with the goal of ending cigarette sales and eventually broadening its portfolio beyond tobacco and nicotine. Since 2008 it has invested over $16 billion to develop, scientifically substantiate and commercialize smoke-free products for adults who would otherwise keep smoking. In November 2022 it acquired Swedish Match, a leader in oral nicotine delivery, and since April 2024 it holds the full rights to commercialize IQOS in the U.S. The FDA has authorized the marketing of IQOS devices and consumables, General snus and ZYN nicotine pouches, including the first Modified Risk Tobacco Product authorizations for versions of IQOS and General snus.

The product portfolio consists mainly of cigarettes and smoke-free products. The smoke-free range includes heat-not-burn (IQOS devices with HTU consumables such as TEREA, HEETS and the zero-tobacco LEVIA), nicotine pouches (ZYN) and e-vapor (VEEV), as well as wellness offerings and accessories. The wellness unit, Aspeya, focuses mainly on oral consumer wellness products, including medical and non-recreational cannabinoids, with negligible expected revenue near term. Cigarettes are led by Marlboro, about 43% of 2025 cigarette volume, along with Parliament, Chesterfield, L&M and Philip Morris. These five brands made up 81% of cigarette volume, and local brands include Dji Sam Soe, Sampoerna A, Fortune and Jackpot. In 2025 total shipment volume was 786.5 billion equivalent units, of which 179.1 billion were smoke-free products and 607.4 billion were cigarettes.

Cigarettes are sold in approximately 170 markets, and smoke-free products in 106 markets as of December 31, 2025, with oral pouches in 56. Products are aimed at adult smokers and nicotine users. PMI had a 29.2% international market share in 2025 (excluding China and the U.S.) and at least 15% in about 100 markets. In 2025 it reported four geographic segments: Europe, SSEA/CIS/MEA, East Asia/Australia/PMI Global Travel Retail, and Americas. From January 2026 these are replaced by three reportable segments: International Smoke-Free, International Combustibles and U.S. Sales go through direct distribution, independent distributors, exclusive zonified distribution, wholesalers, e-commerce and its own retail stores. One distributor in the Europe Region and one in the EA, AU & PMI GTR Region each accounted for 10% or more of 2025 net revenues, though no segment depends on a single customer or a few customers.

PMI buys tobacco leaf worldwide, mostly through independent suppliers, with about 23% sourced directly from farmers in 2025. It purchased direct materials from about 350 suppliers, and its top ten supplied roughly 60% of the total. Key materials include printed paperboard, acetate tow, fine paper and susceptors, and electronic devices are made by electronics manufacturing services providers. Competitors include Altria, British American Tobacco, Japan Tobacco, Imperial Brands, new entrants, and regional, local and state-owned tobacco companies. The company employed about 84,900 people at the end of 2025. Its regional headquarters are in Lausanne, Dubai, Hong Kong and Stamford, Connecticut.