Analysis of Profitability Ratios
Quarterly Data
Profitability ratios measure the company ability to generate profitable sales from its resources (assets).
Profitability Ratios (Summary)
Philip Morris International Inc., profitability ratios (quarterly data)
Based on: 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
| Profitability ratio | Description | The company |
|---|---|---|
| Gross profit margin | Gross profit margin indicates the percentage of revenue available to cover operating and other expenditures. | Philip Morris International Inc. gross profit margin ratio improved from Q2 2024 to Q3 2024 and from Q3 2024 to Q4 2024. |
| Operating profit margin | A profitability ratio calculated as operating income divided by revenue. | Philip Morris International Inc. operating profit margin ratio improved from Q2 2024 to Q3 2024 and from Q3 2024 to Q4 2024. |
| Net profit margin | An indicator of profitability, calculated as net income divided by revenue. | Philip Morris International Inc. net profit margin ratio improved from Q2 2024 to Q3 2024 but then deteriorated significantly from Q3 2024 to Q4 2024. |
| Profitability ratio | Description | The company |
|---|---|---|
| ROA | A profitability ratio calculated as net income divided by total assets. | Philip Morris International Inc. ROA improved from Q2 2024 to Q3 2024 but then deteriorated significantly from Q3 2024 to Q4 2024. |
Gross Profit Margin
Philip Morris International Inc., gross profit margin calculation (quarterly data)
| Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||
| Gross profit | 6,283) | 6,545) | 6,123) | 5,598) | 5,585) | 5,976) | 5,739) | 4,981) | 4,941) | 5,097) | 5,184) | 5,138) | 5,297) | 5,526) | 5,241) | 5,311) | 4,872) | 5,030) | 4,472) | 4,751) | ||||||
| Net revenues | 9,706) | 9,911) | 9,468) | 8,793) | 9,047) | 9,141) | 8,967) | 8,019) | 8,152) | 8,032) | 7,832) | 7,746) | 8,104) | 8,122) | 7,594) | 7,585) | 7,444) | 7,446) | 6,651) | 7,153) | ||||||
| Profitability Ratio | ||||||||||||||||||||||||||
| Gross profit margin1 | 64.81% | 64.08% | 63.88% | 63.70% | 63.35% | 63.12% | 62.58% | 63.07% | 64.10% | 65.32% | 66.49% | 67.17% | 68.06% | 68.14% | 68.02% | 67.59% | 66.65% | — | — | — | ||||||
| Benchmarks | ||||||||||||||||||||||||||
| Gross Profit Margin, Competitors2 | ||||||||||||||||||||||||||
| Coca-Cola Co. | — | 60.43% | 60.53% | 59.98% | 59.52% | 59.14% | 58.52% | 58.09% | 58.14% | 58.49% | 58.89% | 60.27% | 60.27% | 60.72% | 60.61% | 59.42% | 59.31% | 59.90% | 60.04% | 60.66% | ||||||
| Mondelēz International Inc. | 39.12% | 38.77% | 40.34% | 41.69% | 38.22% | 37.77% | 36.59% | 35.79% | 35.92% | 36.34% | 37.76% | 38.54% | 39.19% | 39.82% | 40.44% | 40.43% | 39.30% | — | — | — | ||||||
| PepsiCo Inc. | 54.55% | 54.68% | 54.44% | 54.13% | 54.21% | 53.93% | 53.58% | 53.28% | 53.03% | 53.03% | 53.13% | 53.20% | 53.35% | 53.87% | 54.23% | 54.65% | 54.82% | — | — | — | ||||||
Based on: 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
1 Q4 2024 Calculation
Gross profit margin = 100
× (Gross profitQ4 2024
+ Gross profitQ3 2024
+ Gross profitQ2 2024
+ Gross profitQ1 2024)
÷ (Net revenuesQ4 2024
+ Net revenuesQ3 2024
+ Net revenuesQ2 2024
+ Net revenuesQ1 2024)
= 100 × (6,283 + 6,545 + 6,123 + 5,598)
÷ (9,706 + 9,911 + 9,468 + 8,793)
= 64.81%
2 Click competitor name to see calculations.
| Profitability ratio | Description | The company |
|---|---|---|
| Gross profit margin | Gross profit margin indicates the percentage of revenue available to cover operating and other expenditures. | Philip Morris International Inc. gross profit margin ratio improved from Q2 2024 to Q3 2024 and from Q3 2024 to Q4 2024. |
Operating Profit Margin
Philip Morris International Inc., operating profit margin calculation (quarterly data)
| Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||
| Operating income | 3,259) | 3,654) | 3,444) | 3,045) | 2,889) | 3,370) | 2,566) | 2,731) | 2,924) | 2,968) | 3,056) | 3,298) | 2,947) | 3,455) | 3,129) | 3,444) | 2,905) | 3,243) | 2,731) | 2,789) | ||||||
| Net revenues | 9,706) | 9,911) | 9,468) | 8,793) | 9,047) | 9,141) | 8,967) | 8,019) | 8,152) | 8,032) | 7,832) | 7,746) | 8,104) | 8,122) | 7,594) | 7,585) | 7,444) | 7,446) | 6,651) | 7,153) | ||||||
| Profitability Ratio | ||||||||||||||||||||||||||
| Operating profit margin1 | 35.38% | 35.01% | 34.97% | 33.02% | 32.85% | 33.81% | 33.73% | 36.46% | 38.56% | 38.69% | 40.11% | 40.64% | 41.32% | 42.07% | 42.31% | 42.31% | 40.66% | — | — | — | ||||||
| Benchmarks | ||||||||||||||||||||||||||
| Operating Profit Margin, Competitors2 | ||||||||||||||||||||||||||
| Coca-Cola Co. | — | 20.61% | 22.20% | 21.89% | 24.72% | 24.68% | 24.76% | 24.99% | 25.37% | 24.81% | 24.96% | 27.39% | 26.67% | 29.03% | 28.49% | 27.93% | 27.25% | 26.36% | 26.29% | 26.98% | ||||||
| Mondelēz International Inc. | 17.41% | 16.40% | 17.10% | 18.61% | 15.28% | 14.53% | 13.02% | 11.99% | 11.22% | 12.82% | 15.12% | 15.26% | 16.20% | 16.21% | 15.94% | 15.79% | 14.50% | — | — | — | ||||||
| PepsiCo Inc. | 14.03% | 13.40% | 13.54% | 13.14% | 13.10% | 12.14% | 11.60% | 10.08% | 13.33% | 15.85% | 15.96% | 17.46% | 14.04% | 14.90% | 15.12% | 14.68% | 14.32% | — | — | — | ||||||
Based on: 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
1 Q4 2024 Calculation
Operating profit margin = 100
× (Operating incomeQ4 2024
+ Operating incomeQ3 2024
+ Operating incomeQ2 2024
+ Operating incomeQ1 2024)
÷ (Net revenuesQ4 2024
+ Net revenuesQ3 2024
+ Net revenuesQ2 2024
+ Net revenuesQ1 2024)
= 100 × (3,259 + 3,654 + 3,444 + 3,045)
÷ (9,706 + 9,911 + 9,468 + 8,793)
= 35.38%
2 Click competitor name to see calculations.
| Profitability ratio | Description | The company |
|---|---|---|
| Operating profit margin | A profitability ratio calculated as operating income divided by revenue. | Philip Morris International Inc. operating profit margin ratio improved from Q2 2024 to Q3 2024 and from Q3 2024 to Q4 2024. |
Net Profit Margin
Philip Morris International Inc., net profit margin calculation (quarterly data)
| Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||
| Net earnings attributable to PMI | (579) | 3,082) | 2,406) | 2,148) | 2,196) | 2,054) | 1,568) | 1,995) | 2,397) | 2,087) | 2,233) | 2,331) | 2,093) | 2,426) | 2,172) | 2,418) | 1,976) | 2,307) | 1,947) | 1,826) | ||||||
| Net revenues | 9,706) | 9,911) | 9,468) | 8,793) | 9,047) | 9,141) | 8,967) | 8,019) | 8,152) | 8,032) | 7,832) | 7,746) | 8,104) | 8,122) | 7,594) | 7,585) | 7,444) | 7,446) | 6,651) | 7,153) | ||||||
| Profitability Ratio | ||||||||||||||||||||||||||
| Net profit margin1 | 18.63% | 26.42% | 24.15% | 22.16% | 22.21% | 23.38% | 24.26% | 27.20% | 28.49% | 27.57% | 28.56% | 28.58% | 29.00% | 29.25% | 29.51% | 29.69% | 28.08% | — | — | — | ||||||
| Benchmarks | ||||||||||||||||||||||||||
| Net Profit Margin, Competitors2 | ||||||||||||||||||||||||||
| Coca-Cola Co. | — | 22.45% | 22.92% | 23.41% | 23.42% | 23.92% | 23.81% | 22.69% | 22.19% | 23.44% | 23.16% | 25.69% | 25.28% | 23.31% | 22.19% | 21.59% | 23.47% | 24.90% | 26.77% | 26.95% | ||||||
| Mondelēz International Inc. | 12.65% | 10.56% | 10.97% | 11.87% | 13.77% | 12.97% | 12.13% | 11.99% | 8.63% | 10.30% | 12.93% | 14.34% | 14.97% | 15.70% | 15.49% | 13.94% | 13.37% | — | — | — | ||||||
| PepsiCo Inc. | 10.43% | 10.18% | 10.34% | 10.00% | 9.92% | 9.05% | 8.76% | 7.48% | 10.31% | 11.61% | 11.28% | 12.57% | 9.59% | 10.62% | 11.01% | 10.51% | 10.12% | — | — | — | ||||||
Based on: 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
1 Q4 2024 Calculation
Net profit margin = 100
× (Net earnings attributable to PMIQ4 2024
+ Net earnings attributable to PMIQ3 2024
+ Net earnings attributable to PMIQ2 2024
+ Net earnings attributable to PMIQ1 2024)
÷ (Net revenuesQ4 2024
+ Net revenuesQ3 2024
+ Net revenuesQ2 2024
+ Net revenuesQ1 2024)
= 100 × (-579 + 3,082 + 2,406 + 2,148)
÷ (9,706 + 9,911 + 9,468 + 8,793)
= 18.63%
2 Click competitor name to see calculations.
| Profitability ratio | Description | The company |
|---|---|---|
| Net profit margin | An indicator of profitability, calculated as net income divided by revenue. | Philip Morris International Inc. net profit margin ratio improved from Q2 2024 to Q3 2024 but then deteriorated significantly from Q3 2024 to Q4 2024. |
Return on Equity (ROE)
Philip Morris International Inc., ROE calculation (quarterly data)
| Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||
| Net earnings attributable to PMI | (579) | 3,082) | 2,406) | 2,148) | 2,196) | 2,054) | 1,568) | 1,995) | 2,397) | 2,087) | 2,233) | 2,331) | 2,093) | 2,426) | 2,172) | 2,418) | 1,976) | 2,307) | 1,947) | 1,826) | ||||||
| Total PMI stockholders’ deficit | (11,750) | (9,694) | (9,744) | (10,309) | (11,225) | (9,433) | (9,703) | (8,924) | (8,957) | (9,137) | (9,044) | (10,098) | (10,106) | (10,551) | (11,113) | (11,548) | (12,567) | (12,092) | (11,997) | (12,944) | ||||||
| Profitability Ratio | ||||||||||||||||||||||||||
| ROE1 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||
| Benchmarks | ||||||||||||||||||||||||||
| ROE, Competitors2 | ||||||||||||||||||||||||||
| Coca-Cola Co. | — | 39.25% | 41.19% | 40.80% | 41.30% | 40.92% | 40.40% | 39.13% | 39.59% | 43.52% | 41.60% | 41.49% | 42.48% | 39.74% | 36.31% | 35.46% | 40.14% | 44.78% | 52.56% | 55.17% | ||||||
| Mondelēz International Inc. | 17.12% | 13.70% | 14.25% | 15.06% | 17.50% | 16.09% | 14.45% | 13.97% | 10.11% | 11.78% | 14.04% | 14.89% | 15.21% | 16.08% | 15.66% | 13.96% | 12.89% | — | — | — | ||||||
| PepsiCo Inc. | 53.09% | 48.10% | 48.95% | 48.22% | 49.04% | 44.08% | 44.67% | 38.62% | 51.96% | 51.19% | 49.78% | 55.85% | 47.48% | 51.29% | 53.65% | 53.75% | 52.92% | — | — | — | ||||||
Based on: 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
1 Q4 2024 Calculation
ROE = 100
× (Net earnings attributable to PMIQ4 2024
+ Net earnings attributable to PMIQ3 2024
+ Net earnings attributable to PMIQ2 2024
+ Net earnings attributable to PMIQ1 2024)
÷ Total PMI stockholders’ deficit
= 100 × (-579 + 3,082 + 2,406 + 2,148)
÷ -11,750 = —
2 Click competitor name to see calculations.
Return on Assets (ROA)
Philip Morris International Inc., ROA calculation (quarterly data)
| Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||
| Net earnings attributable to PMI | (579) | 3,082) | 2,406) | 2,148) | 2,196) | 2,054) | 1,568) | 1,995) | 2,397) | 2,087) | 2,233) | 2,331) | 2,093) | 2,426) | 2,172) | 2,418) | 1,976) | 2,307) | 1,947) | 1,826) | ||||||
| Total assets | 61,784) | 66,892) | 65,782) | 65,315) | 65,304) | 62,927) | 61,868) | 62,060) | 61,681) | 40,717) | 40,960) | 41,733) | 41,290) | 41,589) | 40,686) | 39,804) | 44,815) | 39,129) | 39,162) | 37,494) | ||||||
| Profitability Ratio | ||||||||||||||||||||||||||
| ROA1 | 11.42% | 14.70% | 13.38% | 12.20% | 11.96% | 12.74% | 13.01% | 14.04% | 14.67% | 21.48% | 22.18% | 21.62% | 22.06% | 21.62% | 21.81% | 21.73% | 17.98% | — | — | — | ||||||
| Benchmarks | ||||||||||||||||||||||||||
| ROA, Competitors2 | ||||||||||||||||||||||||||
| Coca-Cola Co. | — | 9.80% | 10.52% | 10.85% | 10.97% | 11.04% | 10.67% | 10.13% | 10.29% | 10.73% | 10.27% | 10.96% | 10.36% | 9.73% | 8.96% | 8.02% | 8.87% | 8.57% | 9.70% | 10.65% | ||||||
| Mondelēz International Inc. | 6.73% | 5.29% | 5.40% | 5.53% | 6.95% | 6.48% | 5.75% | 5.42% | 3.82% | 4.61% | 5.85% | 6.17% | 6.41% | 6.61% | 6.49% | 5.70% | 5.24% | — | — | — | ||||||
| PepsiCo Inc. | 9.63% | 9.31% | 9.56% | 9.18% | 9.03% | 8.29% | 8.24% | 7.07% | 9.67% | 10.28% | 9.92% | 10.93% | 8.25% | 8.73% | 8.88% | 8.22% | 7.66% | — | — | — | ||||||
Based on: 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
1 Q4 2024 Calculation
ROA = 100
× (Net earnings attributable to PMIQ4 2024
+ Net earnings attributable to PMIQ3 2024
+ Net earnings attributable to PMIQ2 2024
+ Net earnings attributable to PMIQ1 2024)
÷ Total assets
= 100 × (-579 + 3,082 + 2,406 + 2,148)
÷ 61,784 = 11.42%
2 Click competitor name to see calculations.
| Profitability ratio | Description | The company |
|---|---|---|
| ROA | A profitability ratio calculated as net income divided by total assets. | Philip Morris International Inc. ROA improved from Q2 2024 to Q3 2024 but then deteriorated significantly from Q3 2024 to Q4 2024. |