Philip Morris Q1 adjusted EPS rises 16% to $1.96; reported EPS falls 9.3%
Philip Morris International reported first-quarter 2026 net revenues up 9.1% to $10.1 billion, with adjusted diluted EPS up 16.0% to $1.96. Reported diluted EPS fell 9.3% to $1.56, mainly due to a non-cash fair value adjustment on its minority shareholding in India. The company also updated its 2026 full-year adjusted diluted EPS forecast for currency only, to $8.36 to $8.51.
Key points
- Net revenues rose 9.1% (2.7% organically) to $10.1 billion; reported diluted EPS fell 9.3% to $1.56 due to a $0.22 per share fair value adjustment on equity security investments.
- Adjusted diluted EPS rose 16.0% to $1.96, or 5.3% to $1.78 excluding currency.
- U.S. segment net revenues fell 30.8% as reported (31.6% organically), with total smoke-free shipment volumes down 21.2%.
- 2026 forecast: adjusted diluted EPS of $8.36 to $8.51 and reported diluted EPS of $7.56 to $7.71; no share repurchases are planned.
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 April 22, 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.