Analysis of Debt
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- Statement of Comprehensive Income
- Common-Size Income Statement
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Enterprise Value (EV)
- Enterprise Value to EBITDA (EV/EBITDA)
- Enterprise Value to FCFF (EV/FCFF)
- Present Value of Free Cash Flow to Equity (FCFE)
- Price to Operating Profit (P/OP) since 2008
- Price to Sales (P/S) since 2008
- Analysis of Revenues
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Total Debt (Carrying Amount)
Philip Morris International Inc., balance sheet: debt
US$ in millions
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
Total debt, encompassing finance lease obligations, exhibited a notable increase between 2021 and 2023, followed by a period of fluctuation. A significant rise in short-term borrowings and long-term debt contributed to this overall trend. The composition of the total debt also shifted, with changes observed in the relative proportions of short-term versus long-term obligations.
- Overall Debt Trend
- The carrying amount of total debt increased from US$27.806 billion in 2021 to US$47.909 billion in 2023, representing a substantial growth of approximately 72.3%. Subsequently, a decrease to US$45.695 billion was recorded in 2024, followed by a further increase to US$48.835 billion in 2025. This suggests a period of increased borrowing followed by some debt reduction and then renewed borrowing.
- Short-Term Borrowings
- Short-term borrowings experienced a dramatic increase from US$0.225 billion in 2021 to US$5.637 billion in 2022. This was followed by a substantial decrease to US$1.968 billion in 2023 and continued to decline to US$0.137 billion in 2024, before a slight increase to US$0.168 billion in 2025. The volatility in this category indicates a potential reliance on short-term financing strategies, or significant shifts in working capital management.
- Current Portion of Long-Term Debt
- The current portion of long-term debt remained relatively stable between 2021 and 2022, fluctuating around US$2.6 to US$2.8 billion. A significant increase to US$4.698 billion was observed in 2023, followed by a decrease to US$3.392 billion in 2024 and a slight increase to US$3.533 billion in 2025. This suggests changes in the maturity schedule of long-term debt obligations.
- Long-Term Debt (Excluding Current Portion)
- Long-term debt, excluding the current portion, demonstrated a consistent upward trend throughout the period. It increased from US$24.783 billion in 2021 to US$45.134 billion in 2025, representing an increase of approximately 82.3%. This indicates a sustained strategy of utilizing long-term financing.
The observed trends suggest a dynamic debt structure, with significant fluctuations in short-term borrowings alongside a consistent increase in long-term debt. The company appears to be actively managing its debt portfolio, potentially responding to changing market conditions and financing needs.
Total Debt (Fair Value)
| Dec 31, 2025 | |
|---|---|
| Selected Financial Data (US$ in millions) | |
| Short-term borrowings | |
| Long-term debt, including current portion, excluding finance leases | |
| Finance leases | |
| Total debt, including finance lease obligations (fair value) | |
| Financial Ratio | |
| Debt, fair value to carrying amount ratio | |
Based on: 10-K (reporting date: 2025-12-31).
Weighted-average Interest Rate on Debt
Weighted-average interest rate on debt:
| Interest rate | Debt amount1 | Interest rate × Debt amount | Weighted-average interest rate2 |
|---|---|---|---|
| Total | |||
Based on: 10-K (reporting date: 2025-12-31).
1 US$ in millions
2 Weighted-average interest rate = 100 × ÷ =