Philip Morris (PM) Q1 2026 (USD): adj. EPS 1.93 (exp. 1.83), Revenue 10.2bln (exp. 9.89bln)
COMMENTARY:
- The Middle East conflict had a small impact in Q1, affected shipments to Global Travel Retail and certain markets in the region
- Performance continues to be driven by the international smoke-free business
- IQOS continued to lead the growth of the global category, in which PMI holds approximately 77% volume share.
GUIDANCE:
- FY EPS view 8.36-8.51 (exp. 8.40)
Context
Philip Morris exceeded expectations in Q1 2026 with adjusted EPS and revenue reporting above forecasts, which reflects strong traction in their smoke-free segment, despite some logistical impacts from the Middle East conflict. The guidance for FY EPS also aligns closely with market expectations, indicating stability in growth prospects and underlining PMI's dominant position in the global smoke-free category. Overall, this report is likely to engender positive sentiment among investors, reinforcing the bullish outlook on PMI's strategic shift.
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