Income Statement

The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.

Philip Morris International Inc., consolidated income statement

US$ in millions

12 months ended:	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Net revenues	37,878)	35,174)	31,762)	31,405)	28,694)
Cost of sales	(13,329)	(12,893)	(11,402)	(10,030)	(9,569)
Gross profit	24,549)	22,281)	20,360)	21,375)	19,125)
Marketing, administration and research costs	(11,147)	(10,060)	(8,114)	(8,400)	(7,457)
Impairment of goodwill	—)	(665)	—)	—)	—)
Operating income	13,402)	11,556)	12,246)	12,975)	11,668)
Interest expense	(1,763)	(1,526)	(768)	(737)	(728)
Interest income	620)	465)	180)	109)	110)
Interest expense, net	(1,143)	(1,061)	(588)	(628)	(618)
Pension and other employee benefit costs	(60)	(45)	(24)	(115)	(97)
Earnings before income taxes	12,199)	10,450)	11,634)	12,232)	10,953)
Provision for income taxes	(3,017)	(2,339)	(2,244)	(2,671)	(2,377)
Impairment related to the RBH equity investment	(2,316)	—)	—)	—)	—)
Equity investments and securities income, net	637)	157)	137)	149)	16)
Net earnings	7,503)	8,268)	9,527)	9,710)	8,592)
Net earnings attributable to noncontrolling interests	(446)	(455)	(479)	(601)	(536)
Net earnings attributable to PMI	7,057)	7,813)	9,048)	9,109)	8,056)

Based on: 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), 10-K (reporting date: 2020-12-31).

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Income statement item	Description	The company
Net revenues	Amount, including tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value-added and excise.	Philip Morris International Inc. net revenues increased from 2022 to 2023 and from 2023 to 2024.
Operating income	The net result for the period of deducting operating expenses from operating revenues.	Philip Morris International Inc. operating income decreased from 2022 to 2023 but then increased from 2023 to 2024 exceeding 2022 level.
Earnings before income taxes	Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.	Philip Morris International Inc. earnings before income taxes decreased from 2022 to 2023 but then increased from 2023 to 2024 exceeding 2022 level.
Net earnings attributable to PMI	The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.	Philip Morris International Inc. net earnings attributable to PMI decreased from 2022 to 2023 and from 2023 to 2024.

Philip Morris International Inc. (NYSE:PM)

Income Statement