A FUTURE WITHOUT CIGARETTES IS POSSIBLE
AND WE’RE DOING OUR PART TO GET THERE AS SOON AS POSSIBLE.

Led by science and innovation, Philip Morris International has disrupted its business and industry with the goal of completely ending the sale of cigarettes.

We are delivering smoke-free products that are a better choice for adults than continued smoking. Our smoke-free products are now available in 97 markets as of Q2 2025. Our ambition is to become substantially smoke-free by 2030, with our smoke-free business generating over two-thirds of total global net revenues.

Our progress toward a smoke-free future as of 2025 Q2

  • Icon for graph going upwards

    41 percent

    of PMI’s total global net revenues came from our smoke-free business¹.

  • Icon representating people

    >41 million

    estimated legal-age consumers of PMI’s smoke-free products¹.

  • Outline of the world

    97 markets

    where our smoke-free products are available, providing better alternatives for legal-age smokers¹.

  • Dollar symbol

    USD >14 billion

    invested to develop, scientifically substantiate, and commercialize smoke-free products since 2008².

 1 As of June 30, 2025. 2 As of December 31, 2024. Important Note: This information should be read in conjunction with the Philip Morris International Inc. earnings release dated July 22, 2025, as well as the accompanying glossary of key terms, definitions, explanatory notes, select financial information and reconciliations of non-GAAP financial measures, both of which are available on our  Investor Relations pages . “PMI,” “We,” “Our,” & “Us” refers to the entire Philip Morris International family of companies.​


Emmanuel Babeau’s highlights from our Q2 2025 results

Emmanuel Babeau, Chief Financial Officer for Philip Morris International, speaks to camera:

Our second quarter results are out.

I am pleased to share we delivered another very

strong performance in the second quarter of 2025,

resulting in an excellent set of H1 results overall.

I have three key messages I would like to convey.

First, our smoke-free portfolio demonstrated

excellent top-line dynamism,

resulting in a record $4 billion in net revenue from

our smoke-free business in Q2. During the quarter,

we saw a step-up in the Q2.

in off-tech growth for all three of our flagship smoke-free brands,

Iqos, ZYN and Veev.

IQOS growth was broad-based globally

with excellent progress in Europe,

including in Italy.

ZYN saw a significant acceleration in US top-tech growth

as in-store availability improved and outside of the US,

excellent progress also continued.

And finally,

Veev continued its remarkable trajectory with

shipments more than dabbling year on year.

Second,

we delivered strong margin improvement in Q2 and H1. We delivered

strong margin improvement in both Q2 and H1 across our business.

This reflects the increasing profitability

of our smoke-free categories,

a scale,

operating leverage and efficiency combined.

This was further supported by a robust top and bottom

-line performance from our combustible business,

reflecting its resilient model.

Finally, and importantly,

this excellent result places us well

on track for another year of strong

performance.

Our financial growth model is driving a continuous

improvement in the quality of our business

with smoke-free accretion and combustible resilience,

resulting in considerable bottom-line growth,

leading us to achieve best-in-class financial performance.

This quarter marks five years since I joined PMI,

a company driven not just by business,

but by purpose and a real commitment

to make a difference to public health.

That belief has only grown

stronger and have never been prouder to be part of this journey.

 

*Smoke-free business net revenues as of Q3 2014. ** Smoke-free business net revenues as of Q2 2025. Important note: This information should be read in conjunction with the Philip Morris International Inc. earnings release dated July 22, 2025, as well as the accompanying glossary of key terms, definitions, explanatory notes, select financial information and reconciliations of non-GAAP financial measures, both of which are available on our Investor Relations pages. “PMI,” “We,” “Our,” & “Us” refers to the entire Philip Morris International family of companies.