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A future without cigarettes is possible and we’re doing our part to get there as soon as possible.

We have an unwavering commitment to our purpose, transforming our company to no longer base our success on making or selling cigarettes. 

 

  • 110 markets

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

  • 40 percent

    of PMI’s total net revenues came from our smoke-free business.*    

*As of Q3 2026. Important note: This information should be read in conjunction with the Philip Morris International Inc. earnings release dated October 21, 2026, 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 page. “PMI,” “we,” “our,” and “us” refer to the entire Philip Morris International family of companies.

 

We are doing that by delivering smoke-free products—such as heated tobacco, nicotine pouches, and e-vapor products—for adults who would otherwise smoke, giving them a much better choice than cigarettes. 

 

Highlights from PMI’s 2026 third-quarter results

Massimo Andolina, Group Chief Financial Officer of Philip Morris International, discusses the highlights from the company’s Q3 2026 results. 

 

0:02:05

Massimo Andolina shares his highlights from our Q3 2026 Results

Massimo Andolina, Group Chief Financial Officer for Philip Morris International, speaks to camera:

We delivered excellent performance in the third quarter 2026.

Our smoke-free business continued to

perform strongly, with accelerated growth

fundamentals across all three of our

flagship brands, demonstrating the

power of our multicategory strategy.

IQOS remains the driving force behind our smoke-free growth, 

with heated tobacco unit shipments in Q3 reaching

the high end of our expectations.

In nicotine pouches, ZYN international growth accelerated, 

while in the U.S. we saw improving sequential

share trends supported by the ongoing

rollout of new portfolio variants.

In e-vapor (vapes), VEEV delivered another

outstanding quarter, with rapid

growth across key markets, and continued progress in Europe, 

The largest international profit pool.

Our combustible business delivered a standout Q3 performance, with strong

pricing and resilient volumes.

This is in line with our objective of maximizing the value of combustibles

over time to support the growth of our smoke-free business.

Overall, we delivered strong volume, net revenue, and profit growth,

while generating robust cash flow.

This enables us to continue investing

behind our leading smoke-free platforms, 

deliver attractive returns to shareholders, and

focus on creating long-term value.

Words appear on screen read: PMI's 2026 Third-Quarter results

Philip Morris International - a global smoke-free champion.

Financial disclaimer appears on screen. 

Music ends.

  • >43 million

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

  • >16 billion usd

    invested globally in smoke-free products since 2008.*

*As of December 31, 2025. Important note: This information should be read in conjunction with the Philip Morris International Inc. earnings release and related materials dated October 21,2026. “PMI,” “we,” “our,” and “us” refer to the entire Philip Morris International family of companies.

Scientist holding a vial with a blue liquid, preparing to look through the microscope

Leveraging science to drive progress

For over a decade, we have been focusing our resources on developing, scientifically substantiating, and responsibly commercializing innovative alternatives to cigarettes.

 

This progress has real-world impact. Where smoke-free products are available and supported by pragmatic policies, smoking rates fall faster. Where they are banned, smoking rate declines are markedly slower.

Skyscrapers shown in dramatic perspective, blue sky in the background.

We chose to change. And we changed.

Now, we’re calling on governments, public health authorities, and civil society to embrace science, innovation, and commonsense policies to accelerate the end of cigarettes and deliver a smoke-free future, faster.

Clear answers to your questions

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    Cigarettes are harmful, so why not just stop selling them?

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    How do you prevent underage use of your smoke-free products?

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    What exactly are smoke-free products?

    1:13