PMI sets 2026-28 targets: 9-11% adjusted EPS CAGR, 6-8% net revenue growth
At the Consumer Analyst Group of New York conference on February 18, 2026, PMI furnished presentation slides that restate its 2026-28 growth targets: 6-8% organic net revenue CAGR, 8-10% organic operating income CAGR, and 9-11% currency-neutral adjusted diluted EPS CAGR. The slides also show 2025 smoke-free net revenues of about $17 billion and project 2026 adjusted diluted EPS of $8.38 to $8.53, which gives shareholders a multi-year benchmark for the company's performance.
Key points
- 2026-28 targets: 6-8% organic net revenue CAGR, 8-10% organic operating income CAGR, 9-11% currency-neutral adjusted diluted EPS CAGR
- 2026 adjusted diluted EPS estimate of $8.38 to $8.53, compared with $7.54 in 2025 per the slides
- Expected 2026-28 operating cash flow of about $45 billion and average annual capital expenditures of $1.3 to $1.5 billion
- 2025 net revenues of $40.6 billion, up 7.3% from 2024, with smoke-free net revenues of about $17 billion
The filing
Written by AI (Anthropic Claude, claude-haiku-5-5) on Nov 8, 2026, 2:16 AM ET, from the text of the filing and its press-release exhibits only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on February 18, 2026.
Briefs are written by AI from the filing text (each brief's own page names the model) and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the model's reading of the filing for shareholders, not a price forecast. Not investment advice.