Philip Morris International Inc.

PMNYSEConsumer Defensive● Active

$177.08

$-1.22(-0.68%)

Market Cap$276.0B

P/E Ratio—

52W High$193.05

52W Low$142.11

Avg Volume4.9M

Open$178.41

Beta0.41

Overview

Philip Morris International Inc. (PM) Free Cash Flow & Analysis

Annual & trailing free cash flow, FCF margin, YoY change, valuation ratios, and peer context.

PM · free cash flow · updated Jun 8, 2026

Core FCF metrics

PM · FCF · TTM · margin & CAGR

Free cash flow was $10.66B for FY2025 (fiscal year ending 2025-12-31), down 1.0% year-over-year The FCF margin was 26.2%. Five-year CAGR stands at +3.0%.

FY2025 Free Cash Flow$10.66B▼ -1.0% YoY

Trailing 12M (TTM)$10.67Btrailing 4 quarters sum

FCF Margin26.2%$10.66B ÷ revenue

3-Year CAGR+3.1%FY2022 → FY2025

5-Year CAGR+3.0%FY2020 → FY2025

FormulaFCF = Operating Cash Flow − Capital ExpendituresTTM = trailing 4 quarters sumCAGR → N/A if either endpoint ≤ 0

Source: FMP /cash-flow-statement · SEC 10-K / 10-Q · USDUpdated: Jun 8, 2026

Annual free cash flow history

FCF ($B, upper) · YoY Growth % (lower)

Positive FCFNegative FCF

Free Cash Flow

YoY Growth %

Annual free cash flow data

PM · free cash flow history · annual / quarterly

Fiscal YearOperating CFCapExFree Cash FlowYoY ChangeFCF Margin

FY2025Latest$12.23B(1.57B)$10.66B▼ 1.0%26.2%

FY2024$12.22B(1.44B)$10.77B▲ +36.7%28.4%

FY2023$9.20B(1.32B)$7.88B▼ 18.9%22.4%

FY2022$10.80B(1.08B)$9.73B▼ 13.3%30.6%

FY2021$11.97B(748M)$11.22B▲ +21.8%35.7%

FCF = Operating Cash Flow − Capital Expenditures · CapEx shown as (negative) · Source: SEC filings via FMP

FCF valuation metrics

PM · P/FCF · FCF yield · FCF per share

Philip Morris International Inc. (PM) trades at a FCF yield of 3.84% and a price-to-free-cash-flow ratio of 25.9x. FCF per share stands at $6.85, calculated using trailing twelve-month FCF divided by basic weighted-average shares outstanding.

FCF Yield (TTM)

3.84%

Free Cash Flow ÷ Market Cap

per FMP freeCashFlowYieldTTM definition

FCF per Share (TTM)

$6.85

TTM FCF ÷ Shares Outstanding

Price / FCF

x25.9

Share Price ÷ FCF per Share

EV / FCF (TTM)

x30.4

Enterprise Value basis

Source: FMP /key-metrics-ttm · /cash-flow-statement Q · /income-statementFY2025 · 2025-12-31

Cash flow statement summary

PM · cash flow statement · operating / investing / financing

For FY2025, Philip Morris International Inc. generated $12.23B in operating cash flow and spent 1.57B in capital expenditures, yielding $10.66B in free cash flow.

Operating Activities

+$12.23B

Cash from core business operations

2025-12-31

Investing Activities

−$4.49B

CapEx, acquisitions & investments

2025-12-31

Financing Activities

−$7.61B

Buybacks, dividends & debt

2025-12-31

FCF FormulaOperating CF ($12.23B) − |CapEx| (1.57B) = FCF ($10.66B)

For the complete Operating / Investing / Financing line-item breakdown:

View Full Cash Flow Statement →

Free cash flow vs peers (Consumer Defensive)

PM vs peers · FCF

#CompanyFree Cash FlowYoYFCF MarginRelative

Philip Morris International Inc.YOU

$10.66B-1.0%26.2%

71%

The Procter & Gamble Company

$14.04B-15.0%16.7%

94%

Costco Wholesale Corporation

The Coca-Cola Company

$5.30B+11.7%11.0%

35%

Consumer Defensive · Sorted by FCF · FMP /cash-flow-statementFull FCF Rankings →

About Free Cash Flow & Methodology

Philip Morris International Inc. (PM) reported free cash flow of $10.66B for FY2025 (fiscal year ending 2025-12-31), down 1.0% year-over-year. The FCF margin was 26.2%.

Based on available data, Philip Morris International Inc. has maintained positive free cash flow for at least 15 fiscal year(s). FCF peaked at $11.22B in FY2021. The 5-year CAGR stands at +3.0%.

Philip Morris International Inc.'s FCF yield is 3.84% and price-to-FCF ratio is 25.9x for FY2025, based on the latest available data.

Data sourced from FMP /cash-flow-statement · SEC 10-K / 10-Q · USD.

Q&A and summaries align with SEC 10-K/10-Q cash flow disclosures and FMP /cash-flow-statement where noted.

Revenue Financial statements Net income Earnings Forecast Price history Market cap Cash on hand P/E ratio

Frequently asked questions

PM free cash flow · 8 questions

Philip Morris International Inc. free cash flow was $10.66B for FY2025, down 1.0% year-over-year. On a trailing twelve-month (TTM) basis, free cash flow stands at $10.67B.

PM free cash flowPM FCFPM FCF 2025PM free cash flow TTM

▸ Source: FMP /cash-flow-statement · US GAAP · Philip Morris International Inc. · Philip Morris International Inc. SEC 10-K & 10-Q filings · US GAAP · Last updated: Jun 8, 2026