Philip Morris International posts 10% Q2 revenue growth, cuts annual profit forecast

Philip Morris International reported second‑quarter 2026 net revenue of $11.2 billion, up 10.4% year‑on‑year. Growth came from both its smoke‑free segment, which rose 11.7%, and its traditional tobacco business, up 9.5%. Smoke‑free products now account for about 42% of total revenue and are sold in 109 markets.

Adjusted earnings per share increased 15.2% to $2.20, beating the $2.05 consensus. However, the company lowered its full‑year adjusted profit outlook to $8.26‑$8.41 per share from $8.31‑$8.46, citing intensifying competition in nicotine‑pouch products and adverse currency effects. PMI said it will accelerate U.S. investment in its Zyn nicotine‑pouch portfolio, launching new 1.5 mg and 8 mg variants after receiving FDA approval for lower‑risk marketing.

CEO Jacek Olczak highlighted the momentum from the first half of the year and reaffirmed confidence in meeting annual targets. The stock slipped about 1% in pre‑market trading following the forecast cut.