Philip Morris International Inc.

Name: Philip Morris International Inc. financial statements and ratios
Creator: Annalist

PM · NYSE · Consumer staples, tobacco · United States · US GAAP · Fiscal year ends December

Latest report: Q2 FY2026, the quarter ended 30 June 2026, released 24 July 2026. Snapshot FY2026Q2_508de1ed.

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Overview

Revenue, quarter

+10.4% year on year

Operating income, quarter

+22.0% year on year

Net income, quarter

−7.3% year on year

Diluted EPS, quarter

−7.7% year on year

Operating margin, last 4 quarters

+1.5pp year on year

Return on invested capital, last 4 quarters

+3.9pp year on year

Select a figure to see the document it came from.

Key Findings

Findings for the latest quarter, with their history over earlier quarters.

Revenue for the quarter ended 30 June 2026 was US$11.2 billion, 10.4% higher than in the same quarter a year earlier.
Strengthenedin Q2 FY2026 · stated since Q2 FY2024
Rule: Revenue against a year earlier · Sources 10-Q 2026-06
History of this finding, 9 records
1. Q2 FY2026 StrengthenedRevenue for the quarter ended 30 June 2026 was US$11.2 billion, 10.4% higher than in the same quarter a year earlier.Recorded from FY2026Q2_35e48579 · data update
2. Q1 FY2026 StrengthenedRevenue for the quarter ended 31 March 2026 was US$10.1 billion, 9.1% higher than in the same quarter a year earlier.Reconstructed · data update
3. Q4 FY2025 WeakenedRevenue for the quarter ended 31 December 2025 was US$10.4 billion, 6.8% higher than in the same quarter a year earlier.Reconstructed · data update
4. Q3 FY2025 StrengthenedRevenue for the quarter ended 30 September 2025 was US$10.8 billion, 9.4% higher than in the same quarter a year earlier.Reconstructed · data update
5. Q2 FY2025 StrengthenedRevenue for the quarter ended 30 June 2025 was US$10.1 billion, 7.1% higher than in the same quarter a year earlier.Reconstructed · data update
6. Q1 FY2025 WeakenedRevenue for the quarter ended 31 March 2025 was US$9.3 billion, 5.8% higher than in the same quarter a year earlier.Reconstructed · data update
7. Q4 FY2024 WeakenedRevenue for the quarter ended 31 December 2024 was US$9.7 billion, 7.3% higher than in the same quarter a year earlier.Reconstructed · data update
8. Q3 FY2024 StrengthenedRevenue for the quarter ended 30 September 2024 was US$9.9 billion, 8.4% higher than in the same quarter a year earlier.Reconstructed · data update
9. Q2 FY2024 NewRevenue for the quarter ended 30 June 2024 was US$9.5 billion, 5.6% higher than in the same quarter a year earlier.Reconstructed · initial
Net income attributable to the company was US$2.8 billion, 7.3% lower than in the same quarter a year earlier.
Weakenedin Q2 FY2026 · stated since Q1 FY2026
Rule: Net income against a year earlier · Sources 10-Q 2026-06
History of this finding, 13 records
1. Q2 FY2026 WeakenedNet income attributable to the company was US$2.8 billion, 7.3% lower than in the same quarter a year earlier.Recorded from FY2026Q2_35e48579 · data update
2. Q1 FY2026 NewNet income attributable to the company was US$2.4 billion, 9.4% lower than in the same quarter a year earlier.Reconstructed · data update
3. Q1 FY2026 RetiredThe finding changed to lower than a year earlier.Reconstructed · data update
4. Q4 FY2025 NewNet income attributable to the company was US$2.1 billion, against a net loss of US$579 million in the same quarter a year earlier.Reconstructed · data update
5. Q4 FY2025 RetiredThe finding changed to a profit after a loss a year earlier.Reconstructed · data update
6. Q3 FY2025 WeakenedNet income attributable to the company was US$3.5 billion, 12.8% higher than in the same quarter a year earlier.Reconstructed · data update
7. Q2 FY2025 StrengthenedNet income attributable to the company was US$3.0 billion, 26.3% higher than in the same quarter a year earlier.Reconstructed · data update
8. Q1 FY2025 NewNet income attributable to the company was US$2.7 billion, 25.2% higher than in the same quarter a year earlier.Reconstructed · data update
9. Q1 FY2025 RetiredThe finding changed to higher than a year earlier.Reconstructed · data update
10. Q4 FY2024 NewThe company reported a net loss of US$579 million, against net income of US$2.2 billion in the same quarter a year earlier.Reconstructed · data update
11. Q4 FY2024 RetiredThe finding changed to a loss.Reconstructed · data update
12. Q3 FY2024 WeakenedNet income attributable to the company was US$3.1 billion, 50.0% higher than in the same quarter a year earlier.Reconstructed · data update
13. Q2 FY2024 NewNet income attributable to the company was US$2.4 billion, 53.4% higher than in the same quarter a year earlier.Reconstructed · initial
The operating margin over the last 4 quarters was 37.7%, 1.5 percentage points higher than a year earlier.
Strengthenedin Q2 FY2026 · stated since Q2 FY2024
Rule: Operating margin against a year earlier · Sources 10-Q 2025-09, 10-K 2025-12, 10-Q 2026-03 and 1 more
History of this finding, 9 records
1. Q2 FY2026 StrengthenedThe operating margin over the last 4 quarters was 37.7%, 1.5 percentage points higher than a year earlier.Recorded from FY2026Q2_35e48579 · data update
2. Q1 FY2026 WeakenedThe operating margin over the last 4 quarters was 36.7%, 0.5 percentage points higher than a year earlier.Reconstructed · data update
3. Q4 FY2025 WeakenedThe operating margin over the last 4 quarters was 36.6%, 1.3 percentage points higher than a year earlier.Reconstructed · data update
4. Q3 FY2025 StrengthenedThe operating margin over the last 4 quarters was 37.0%, 1.9 percentage points higher than a year earlier.Reconstructed · data update
5. Q2 FY2025 WeakenedThe operating margin over the last 4 quarters was 36.3%, 1.3 percentage points higher than a year earlier.Reconstructed · data update
6. Q1 FY2025 StrengthenedThe operating margin over the last 4 quarters was 36.2%, 3.2 percentage points higher than a year earlier.Reconstructed · data update
7. Q4 FY2024 StrengthenedThe operating margin over the last 4 quarters was 35.4%, 2.5 percentage points higher than a year earlier.Reconstructed · data update
8. Q3 FY2024 ConfirmedThe operating margin over the last 4 quarters was 35.0%, 1.2 percentage points higher than a year earlier.Reconstructed · data update
9. Q2 FY2024 NewThe operating margin over the last 4 quarters was 35.0%, 1.2 percentage points higher than a year earlier.Reconstructed · initial
Return on invested capital over the last 4 quarters was 30.5%, against 26.6% a year earlier.
Strengthenedin Q2 FY2026 · stated since Q4 FY2024
Rule: Return on invested capital against a year earlier · Sources 10-Q 2025-06, 10-Q 2026-06, 10-Q 2025-09 and 3 more
History of this finding, 10 records
1. Q2 FY2026 StrengthenedReturn on invested capital over the last 4 quarters was 30.5%, against 26.6% a year earlier.Recorded from FY2026Q2_35e48579 · data update
2. Q1 FY2026 WeakenedReturn on invested capital over the last 4 quarters was 28.8%, against 25.8% a year earlier.Reconstructed · data update
3. Q4 FY2025 StrengthenedReturn on invested capital over the last 4 quarters was 31.2%, against 27.2% a year earlier.Reconstructed · data update
4. Q3 FY2025 ConfirmedReturn on invested capital over the last 4 quarters was 28.1%, against 25.3% a year earlier.Reconstructed · data update
5. Q2 FY2025 WeakenedReturn on invested capital over the last 4 quarters was 26.6%, against 23.9% a year earlier.Reconstructed · data update
6. Q1 FY2025 ConfirmedReturn on invested capital over the last 4 quarters was 25.8%, against 22.0% a year earlier.Reconstructed · data update
7. Q4 FY2024 NewReturn on invested capital over the last 4 quarters was 27.2%, against 23.8% a year earlier.Reconstructed · data update
8. Q4 FY2024 RetiredThe finding changed to higher than a year earlier.Reconstructed · data update
9. Q3 FY2024 WeakenedReturn on invested capital over the last 4 quarters was 25.3%, against 29.9% a year earlier.Reconstructed · data update
10. Q2 FY2024 NewReturn on invested capital over the last 4 quarters was 23.9%, against 29.6% a year earlier.Reconstructed · initial
Free cash flow over the last 4 quarters was US$12.7 billion, and operating cash flow was 1.3 times net income attributable to the company.
Interpretation. Operating cash flow paid for all capital expenditure, and the rest is free for dividends, share buybacks or debt repayment.
Strengthenedin Q2 FY2026 · stated since Q2 FY2024
Rule: Free cash flow · Sources 10-Q 2025-06, 10-Q 2025-09, 10-K 2025-12 and 2 more
History of this finding, 9 records
1. Q2 FY2026 StrengthenedFree cash flow over the last 4 quarters was US$12.7 billion, and operating cash flow was 1.3 times net income attributable to the company.Recorded from FY2026Q2_35e48579 · data update
2. Q1 FY2026 ConfirmedFree cash flow over the last 4 quarters was US$10.7 billion, and operating cash flow was 1.1 times net income attributable to the company.Reconstructed · data update
3. Q4 FY2025 StrengthenedFree cash flow over the last 4 quarters was US$10.7 billion, and operating cash flow was 1.1 times net income attributable to the company.Reconstructed · data update
4. Q3 FY2025 StrengthenedFree cash flow over the last 4 quarters was US$10.1 billion, and operating cash flow was 1.3 times net income attributable to the company.Reconstructed · data update
5. Q2 FY2025 WeakenedFree cash flow over the last 4 quarters was US$9.0 billion, and operating cash flow was 1.3 times net income attributable to the company.Reconstructed · data update
6. Q1 FY2025 WeakenedFree cash flow over the last 4 quarters was US$10.2 billion, and operating cash flow was 1.5 times net income attributable to the company.Reconstructed · data update
7. Q4 FY2024 StrengthenedFree cash flow over the last 4 quarters was US$10.8 billion, and operating cash flow was 1.7 times net income attributable to the company.Reconstructed · data update
8. Q3 FY2024 ConfirmedFree cash flow over the last 4 quarters was US$10.0 billion, and operating cash flow was 1.2 times net income attributable to the company.Reconstructed · data update
9. Q2 FY2024 NewFree cash flow over the last 4 quarters was US$10.1 billion, and operating cash flow was 1.3 times net income attributable to the company.Reconstructed · initial
Net debt was US$43.1 billion at 30 June 2026, 2.4 times EBITDA over the last 4 quarters.
Weakenedin Q2 FY2026 · stated since Q2 FY2024
Rule: Net debt or net cash · Sources 10-Q 2026-06, 10-Q 2025-09, 10-K 2025-12 and 1 more
History of this finding, 9 records
1. Q2 FY2026 WeakenedNet debt was US$43.1 billion at 30 June 2026, 2.4 times EBITDA over the last 4 quarters.Recorded from FY2026Q2_35e48579 · data update
2. Q1 FY2026 StrengthenedNet debt was US$46.5 billion at 31 March 2026, 2.7 times EBITDA over the last 4 quarters.Reconstructed · data update
3. Q4 FY2025 ConfirmedNet debt was US$44.0 billion at 31 December 2025, 2.6 times EBITDA over the last 4 quarters.Reconstructed · data update
4. Q3 FY2025 ConfirmedNet debt was US$46.0 billion at 30 September 2025, 2.8 times EBITDA over the last 4 quarters.Reconstructed · data update
5. Q2 FY2025 ConfirmedNet debt was US$47.3 billion at 30 June 2025, 2.9 times EBITDA over the last 4 quarters.Reconstructed · data update
6. Q1 FY2025 StrengthenedNet debt was US$45.1 billion at 31 March 2025, 2.9 times EBITDA over the last 4 quarters.Reconstructed · data update
7. Q4 FY2024 WeakenedNet debt was US$41.5 billion at 31 December 2024, 2.7 times EBITDA over the last 4 quarters.Reconstructed · data update
8. Q3 FY2024 ConfirmedNet debt was US$45.0 billion at 30 September 2024.Reconstructed · data update
9. Q2 FY2024 NewNet debt was US$44.3 billion at 30 June 2024.Reconstructed · initial

Records before Q2 FY2026 are reconstructed from the latest snapshot. Ledger: findings.json. Correction of 20 October 2026: 3 quarterly figures of Philip Morris International rested on lines that the company does not use in its latest filings, a goodwill impairment of nil for 2 quarters and the proceeds from debt of the fourth quarter of 2022, and are no longer published. Dividends per share of 5 quarters derived from the figures of 2 filings are no longer published. No finding cites them.

Credit, liquidity, earnings quality and score findings: Analysis.

Data

Source documents27 documents, latest Form 10-Q, period ended 30 June 2026List

DownloadsExcel workbook · JSON

SnapshotFY2026Q2_508de1ed

Corporate Events

Acquisitions paid in cash31 December 2022
Paid US$14.0 billion in cash for business acquisitions in fiscal 2022, 33.8% of total assets at the start of the year.
Source 10-K 2022-12
Acquisition15 September 2021
Completed an acquisition.
Source 8-K 2021-09

Earnings, Returns and Balance Sheet

Revenue

By quarter, US dollars

Operating Income

By quarter, US dollars

Net Income Attributable to the Company

By quarter, US dollars

Margins

Last 4 quarters at each quarter end, per cent

Returns

Last 4 quarters, per cent

Free Cash Flow

Operating cash flow less capital expenditure, by quarter, US dollars

Net Debt

Total debt less cash and short-term investments, at quarter end, US dollars

Diluted Earnings per Share

By quarter, as reported

Financial Statements

Figures as filed. Select a figure for its source document and method; a small d marks a quarter derived from cumulative reports.

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Ratios

Select a ratio for its formula and the figures it uses, each with its document; (i) gives its definition.

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Analysis

Credit update

Q2 FY2026

Form 10-Q, period ended 30 June 2026, filed 24 July 2026. Changes are against the previous report, and each figure shows its period.

6changes0thresholds crossed

Changes in This Report 6

StrengthenedRevenue Against a Year Earlier10-Q 2026-06
Revenue for the quarter ended 30 June 2026 was US$11.2 billion, 10.4% higher than in the same quarter a year earlier.
Earlier record, Q1 FY2026
Revenue for the quarter ended 31 March 2026 was US$10.1 billion, 9.1% higher than in the same quarter a year earlier.
WeakenedNet Income Against a Year Earlier10-Q 2026-06
Net income attributable to the company was US$2.8 billion, 7.3% lower than in the same quarter a year earlier.
Earlier record, Q1 FY2026
Net income attributable to the company was US$2.4 billion, 9.4% lower than in the same quarter a year earlier.
StrengthenedOperating Margin Against a Year Earlier10-Q 2026-06
The operating margin over the last 4 quarters was 37.7%, 1.5 percentage points higher than a year earlier.
Earlier record, Q1 FY2026
The operating margin over the last 4 quarters was 36.7%, 0.5 percentage points higher than a year earlier.
StrengthenedReturn on Invested Capital Against a Year Earlier10-Q 2026-06
Return on invested capital over the last 4 quarters was 30.5%, against 26.6% a year earlier.
Earlier record, Q1 FY2026
Return on invested capital over the last 4 quarters was 28.8%, against 25.8% a year earlier.

2 more changes

StrengthenedFree Cash Flow10-Q 2026-06
Free cash flow over the last 4 quarters was US$12.7 billion, and operating cash flow was 1.3 times net income attributable to the company.
Earlier record, Q1 FY2026
Free cash flow over the last 4 quarters was US$10.7 billion, and operating cash flow was 1.1 times net income attributable to the company.
WeakenedNet Debt or Net Cash10-Q 2026-06
Net debt was US$43.1 billion at 30 June 2026, 2.4 times EBITDA over the last 4 quarters.
Earlier record, Q1 FY2026
Net debt was US$46.5 billion at 31 March 2026, 2.7 times EBITDA over the last 4 quarters.

Thresholds Crossed 0

No published finding crosses a threshold.

Fiscal years and the latest quarter, with flows over the last 4 quarters and balances at the quarter end. Select a value for its formula and the figures it uses.

Credit MetricsDebt to EBITDA 2.70x · Q2 FY2026

Lease-adjusted debt, EBITDA and cash flow on the definitions of S&P and Moody's, as far as the filings allow.

Lease-adjusted debt was 2.7 times adjusted EBITDA over the last 4 quarters, within the intermediate band of the S&P standard volatility table. The lease figures that the quarters do not report are estimated from the lease liabilities of Q4 FY2025.
Interpretation. Debt to EBITDA shows how many years of EBITDA the debt equals, and FFO to debt the share of the debt that 1 year of cash flow after interest and taxes would repay. The S&P table sorts both into 6 bands; the intermediate band is number 3 of 6, and a higher number means more debt against earnings.
Confirmedin Q2 FY2026 · stated since Q4 FY2024
Rule: Debt against the S&P benchmark bands · Sources 10-K 2025-12, 10-Q 2026-06, 10-Q 2025-09 and 2 more
History of this finding, 8 records
1. Q2 FY2026 ConfirmedLease-adjusted debt was 2.7 times adjusted EBITDA over the last 4 quarters, within the intermediate band of the S&P standard volatility table. The lease figures that the quarters do not report are estimated from the lease liabilities of Q4 FY2025.Recorded from FY2026Q2_f4f67cf1 · methodology
2. Q4 FY2025 ConfirmedLease-adjusted debt was 2.9 times adjusted EBITDA over the 4 quarters ended 31 December 2025, within the intermediate band of the S&P standard volatility table.Recorded from FY2026Q2_f4f67cf1 · methodology
3. FY2025 ConfirmedLease-adjusted debt was 2.9 times adjusted EBITDA for fiscal 2025, and funds from operations equalled 23.5% of that debt. Debt to EBITDA is within the intermediate band of the S&P standard volatility table and FFO to debt within the significant band.Reconstructed · data update
4. Q4 FY2025 ConfirmedLease-adjusted debt was 2.9 times adjusted EBITDA over the last 4 quarters, within the intermediate band of the S&P standard volatility table.Reconstructed · data update
5. FY2024 ConfirmedLease-adjusted debt was 3.0 times adjusted EBITDA for fiscal 2024, and funds from operations equalled 23.1% of that debt. Debt to EBITDA is within the intermediate band of the S&P standard volatility table and FFO to debt within the significant band.Reconstructed · data update
6. Q4 FY2024 NewLease-adjusted debt was 3.0 times adjusted EBITDA over the last 4 quarters, within the intermediate band of the S&P standard volatility table.Reconstructed · data update
7. Q4 FY2024 RetiredThe finding changed to the intermediate band.Reconstructed · data update
8. FY2023 NewLease-adjusted debt was 3.5 times adjusted EBITDA for fiscal 2023, and funds from operations equalled 19.7% of that debt. Debt to EBITDA is within the significant band of the S&P standard volatility table and FFO to debt within the aggressive band.Reconstructed · initial

Position in the S&P Standard Volatility Table, Last 4 Quarters to Q2 FY2026

S&P sorts companies into 6 bands by debt against earnings and cash flow, from the least debt to the most.

Debt equals 2.7 years of adjusted EBITDA.

Band	Minimal	Modest	Intermediate	Significant	Aggressive	Highly leveraged
Debt to EBITDA	below 1.5x	1.5x to 2x	2.70x2x to 3x	3x to 4x	4x to 5x	5x and above

By Fiscal Year

Ratio	FY202131 Dec 2021	FY202231 Dec 2022	FY202331 Dec 2023	FY202431 Dec 2024	FY202531 Dec 2025	Q2 FY2026latest quarter
Lease-adjusted debtBorrowings plus the obligations of long-term leases, such as rents of stores, offices and warehouses, which credit analysts count as debt.Total debt + operating lease liabilities						est.
Adjusted EBITDAOperating profit before depreciation, amortisation, goodwill impairment, pay in shares and lease costs: the earnings that credit analysts set against lease-adjusted debt.EBIT + depreciation and amortisation + goodwill impairment + share-based compensation + operating lease cost
Funds from operationsAdjusted EBITDA less interest and tax paid in cash: the cash the business produces each year for investment, dividends and debt repayment.Adjusted EBITDA - cash interest - lease interest - cash taxes						n/a
Debt to EBITDALease-adjusted debt measured in years of adjusted EBITDA. A figure of 3 means debt equals 3 years of those earnings; a lower figure means less debt against earnings.Lease-adjusted debt / adjusted EBITDA	modest	significant	significant	intermediate	intermediate	est.intermediate
FFO to debtFunds from operations as a share of lease-adjusted debt. A figure of 25% means a year of those funds equals a quarter of the debt; a higher figure means less debt.Funds from operations / lease-adjusted debt	intermediate	significant	aggressive	significant	significant	n/a
Net debt to adjusted EBITDADebt to EBITDA after cash and short-term investments are set against the debt.(Lease-adjusted debt - cash - short-term investments) / adjusted EBITDA						est.
Operating cash flow to debtOperating cash flow, with lease costs added back, as a share of lease-adjusted debt. A higher share means the debt could be repaid sooner from operating cash.Lease-adjusted operating cash flow / lease-adjusted debt						est.
Free operating cash flow to debtOperating cash flow less capital spending, as a share of lease-adjusted debt: the cash left for the debt after the company maintains and expands its assets.(Lease-adjusted operating cash flow - capital expenditure) / lease-adjusted debt						est.
Discretionary cash flow to debtCash left after capital spending, dividends and share repurchases, as a share of lease-adjusted debt. A negative figure means the company paid out more than it generated.(Lease-adjusted operating cash flow - capital expenditure - dividends - repurchases of common stock) / lease-adjusted debt						est.
Retained cash flow to net debtFunds from operations left after dividends, as a share of debt net of cash.(FFO - dividends) / (lease-adjusted debt - cash - short-term investments)						n/a
FFO cash interest coverThe number of times cash earnings cover cash interest, lease interest included.(FFO + cash interest + lease interest) / (cash interest + lease interest)						n/a
EBITDA interest coverThe number of times adjusted EBITDA covers interest, lease interest included.Adjusted EBITDA / (interest expense + lease interest)						n/a
EBITA interest coverOperating profit before the amortisation of acquired intangible assets and goodwill impairment, divided by interest expense.(EBIT + amortisation of intangible assets + goodwill impairment) / interest expense						n/a
Liquid assets to debtCash and short-term investments as a share of lease-adjusted debt: the part of the debt that cash on hand could repay at once.(Cash + short-term investments) / lease-adjusted debt						est.

Reconciliation of the Credit Figures

Item	FY202131 Dec 2021	FY202231 Dec 2022	FY202331 Dec 2023	FY202431 Dec 2024	FY202531 Dec 2025	Q2 FY2026latest quarter
Total debt	$27.8bn	$43.1bn	$47.9bn	$45.7bn	$48.8bn	$49.1bn
Operating lease liabilities	$536m	$614m	$653m	$604m	$733m	$733m
Lease-adjusted debt	$28.3bn	$43.7bn	$48.6bn	$46.3bn	$49.6bn	$49.8bn
EBIT	$13.0bn	$12.2bn	$11.6bn	$13.4bn	$14.9bn	$16.1bn
Depreciation and amortisation	$998m	$1.1bn	$1.4bn	$1.8bn	$2.0bn	$2.0bn
Goodwill impairment	$0	$0	$665m	$0	$41.0m	$0
Share-based compensation	$0	$0	$0	$0	$0	$0
Operating lease cost	$259m	$248m	$266m	$283m	$313m	$334m
Adjusted EBITDA	$14.2bn	$13.6bn	$13.9bn	$15.5bn	$17.2bn	$18.4bn
Cash interest	−$716m	−$717m	−$1.3bn	−$1.6bn	−$1.7bn	n/a
Lease interest	−$22.4m	−$19.6m	−$32.3m	−$37.1m	−$40.1m	n/a
Cash taxes	−$2.9bn	−$2.8bn	−$3.0bn	−$3.2bn	−$3.9bn	n/a
Funds from operations	$10.6bn	$10.1bn	$9.6bn	$10.7bn	$11.7bn	n/a

Method

Lease-adjusted debt is total debt plus operating lease liabilities, before the deduction of cash. Adjusted EBITDA adds goodwill impairment, share-based compensation and operating lease cost to EBIT and depreciation and amortisation; restructuring and litigation charges, other impairments and profits on disposals stay in EBIT. FFO deducts cash interest, lease interest and cash taxes.
Lease interest is the average operating lease liability times the weighted average discount rate of the leases, or the implied cost of debt where the rate is not reported.
S&P applies its table to its own adjusted figures, which also deduct surplus cash and adjust for pensions and other items, so the band of an S&P calculation can differ.

Liquidity and MaturitiesLiquidity cover 1.17x, Debt due within 12 months $6.7bn · Q2 FY2026

Cash and operating cash flow against debt due within 12 months, capital expenditure and dividends, with the debt maturities of the latest annual report.

Cash, short-term investments and operating cash flow over the last 4 quarters equalled 1.2 times the sum of debt due within 12 months, capital expenditure and dividends.
Interpretation. Cash on hand and 1 year of operating cash flow pay for the debt due in the next 12 months, capital expenditure and dividends, without new borrowing. Undrawn credit lines are not counted.
Confirmedin Q2 FY2026 · first stated
Rule: Liquidity cover · Sources 10-Q 2026-06, 10-Q 2025-06, 10-Q 2025-09 and 2 more
History of this finding, 15 records
1. Q2 FY2026 ConfirmedCash, short-term investments and operating cash flow over the last 4 quarters equalled 1.2 times the sum of debt due within 12 months, capital expenditure and dividends.Recorded from FY2026Q2_f4f67cf1 · methodology
2. Q2 FY2026 ConfirmedCash, short-term investments and operating cash flow over the last 4 quarters equalled 1.2 times the sum of debt due within 12 months, capital expenditure and dividends.Recorded from FY2026Q2_f4f67cf1 · methodology
3. Q2 FY2026 NewCash, short-term investments and operating cash flow over the last 4 quarters equalled 1.2 times the sum of debt due within 12 months, capital expenditure and dividends.Recorded from FY2026Q2_35e48579 · data update
4. Q2 FY2026 RetiredThe finding changed to sources of cash that cover the uses.Recorded from FY2026Q2_35e48579 · data update
5. Q1 FY2026 NewCash, short-term investments and operating cash flow over the last 4 quarters equalled 1.0 times the sum of debt due within 12 months, capital expenditure and dividends.Reconstructed · data update
6. Q1 FY2026 RetiredThe finding changed to sources of cash that fall short of the uses.Reconstructed · data update
7. Q4 FY2025 NewCash, short-term investments and operating cash flow over the last 4 quarters equalled 1.2 times the sum of debt due within 12 months, capital expenditure and dividends.Reconstructed · data update
8. Q4 FY2025 RetiredThe finding changed to sources of cash that cover the uses.Reconstructed · data update
9. Q3 FY2025 WeakenedCash, short-term investments and operating cash flow over the last 4 quarters equalled 0.9 times the sum of debt due within 12 months, capital expenditure and dividends.Reconstructed · data update
10. Q2 FY2025 ConfirmedCash, short-term investments and operating cash flow over the last 4 quarters equalled 0.8 times the sum of debt due within 12 months, capital expenditure and dividends.Reconstructed · data update
11. Q1 FY2025 NewCash, short-term investments and operating cash flow over the last 4 quarters equalled 0.8 times the sum of debt due within 12 months, capital expenditure and dividends.Reconstructed · data update
12. Q1 FY2025 RetiredThe finding changed to sources of cash that fall short of the uses.Reconstructed · data update
13. Q4 FY2024 StrengthenedCash, short-term investments and operating cash flow over the last 4 quarters equalled 1.2 times the sum of debt due within 12 months, capital expenditure and dividends.Reconstructed · data update
14. Q3 FY2024 ConfirmedCash, short-term investments and operating cash flow over the last 4 quarters equalled 1.1 times the sum of debt due within 12 months, capital expenditure and dividends.Reconstructed · data update
15. Q2 FY2024 NewCash, short-term investments and operating cash flow over the last 4 quarters equalled 1.2 times the sum of debt due within 12 months, capital expenditure and dividends.Reconstructed · initial

Sources and Uses, Last 4 Quarters to Q2 FY2026

Sources	Amount
Cash and short-term investments	$6.0bn
Operating cash flow	$14.3bn
Sources	$20.3bn

Uses	Amount
Debt due within 12 months	$6.7bn
Capital expenditure	$1.5bn
Dividends paid	$9.0bn
Uses	$17.3bn

Liquidity cover 1.17x

Debt Maturities at 31 December 2025

Principal due by fiscal year, US dollars

FY2026	FY2027	FY2028	FY2029	FY2030	After FY2030	Total
$3.5bn	$6.8bn	$5.0bn	$5.0bn	$5.9bn	n/a	n/a

The report gives no amount for After FY2030, so the schedule has no total.

By Fiscal Year

Ratio	FY202131 Dec 2021	FY202231 Dec 2022	FY202331 Dec 2023	FY202431 Dec 2024	FY202531 Dec 2025	Q2 FY2026latest quarter
Liquidity coverCash on hand plus a year of operating cash flow, against the cash needed in the next 12 months for maturing debt, capital spending and dividends. Above 1, these sources cover the uses without new borrowing.(Cash + short-term investments + operating cash flow) / (debt due within 12 months + capital expenditure + dividends); the flows of the fiscal year or of the last 4 quarters are taken as those of the next 12 months, and undrawn facilities are not included
Debt due within 12 monthsBorrowings due within the next 12 months, which the company must repay or refinance.The larger of long-term debt maturing within 12 months in the maturity schedule and the current portion of long-term debt, + short-term borrowings
Maturity concentrationThe largest amount of debt due in a single year of the next 5, as a share of the debt in the schedule. A high share means the repayments are concentrated in 1 year.Largest single year of debt maturing within 5 years / total debt in the maturity schedule						n/a

Method

Debt due within 12 months is the larger of the first year of the maturity schedule and the current portion of long-term debt, plus short-term borrowings. The schedule of a quarterly report can cover the rest of the fiscal year only and leaves out finance leases.
Capital expenditure and dividends of the fiscal year, or of the last 4 quarters, are taken as those of the next 12 months. Undrawn credit facilities are not included.

Earnings QualityCash-flow accruals −5.0%, Operating cash flow to EBITDA 0.79x · Q2 FY2026

Accruals and the cash backing of reported earnings.

Operating cash flow over the last 4 quarters exceeded net income attributable to the company by an amount equal to 5.0% of average total assets.
Interpretation. The profit came in as cash: operating cash flow was larger than net income. Profit backed by cash tends to repeat more than profit made of accounting entries (Sloan, 1996).
Confirmedin Q2 FY2026 · stated since Q2 FY2024
Rule: Cash backing of earnings · Sources 10-Q 2025-06, 10-Q 2026-06, 10-Q 2025-09 and 2 more
History of this finding, 10 records
1. Q2 FY2026 ConfirmedOperating cash flow over the last 4 quarters exceeded net income attributable to the company by an amount equal to 5.0% of average total assets.Recorded from FY2026Q2_f4f67cf1 · methodology
2. Q2 FY2026 StrengthenedOperating cash flow over the last 4 quarters exceeded net income attributable to the company by an amount equal to 5.0% of average total assets.Recorded from FY2026Q2_35e48579 · data update
3. Q1 FY2026 ConfirmedOperating cash flow over the last 4 quarters exceeded net income attributable to the company by an amount equal to 1.6% of average total assets.Reconstructed · data update
4. Q4 FY2025 WeakenedOperating cash flow over the last 4 quarters exceeded net income attributable to the company by an amount equal to 1.4% of average total assets.Reconstructed · data update
5. Q3 FY2025 StrengthenedOperating cash flow over the last 4 quarters exceeded net income attributable to the company by an amount equal to 4.3% of average total assets.Reconstructed · data update
6. Q2 FY2025 WeakenedOperating cash flow over the last 4 quarters exceeded net income attributable to the company by an amount equal to 3.2% of average total assets.Reconstructed · data update
7. Q1 FY2025 WeakenedOperating cash flow over the last 4 quarters exceeded net income attributable to the company by an amount equal to 6.2% of average total assets.Reconstructed · data update
8. Q4 FY2024 StrengthenedOperating cash flow over the last 4 quarters exceeded net income attributable to the company by an amount equal to 8.1% of average total assets.Reconstructed · data update
9. Q3 FY2024 WeakenedOperating cash flow over the last 4 quarters exceeded net income attributable to the company by an amount equal to 2.6% of average total assets.Reconstructed · data update
10. Q2 FY2024 NewOperating cash flow over the last 4 quarters exceeded net income attributable to the company by an amount equal to 4.4% of average total assets.Reconstructed · initial

Net Income and Operating Cash Flow

Last 4 quarters at each quarter end, US dollars

By Fiscal Year

Ratio	FY202131 Dec 2021	FY202231 Dec 2022	FY202331 Dec 2023	FY202431 Dec 2024	FY202531 Dec 2025	Q2 FY2026latest quarter
Cash-flow accrualsNet income less operating cash flow, against average assets: the part of profit not received in cash in the same period. Research associates high accruals with lower earnings in later years; a negative figure means cash exceeded profit.(Net income attributable to the company - operating cash flow) / average total assets
Balance sheet accrualsThe same gap between profit and cash, measured from the changes in the balance sheet (Sloan, 1996).[(Change in current assets - change in cash) - (change in current liabilities - change in short-term debt - change in taxes payable) - depreciation and amortisation] / average total assets (Sloan, 1996)
Total accrualsAccruals that also cover long-term operating and financial assets and liabilities (Richardson, Sloan, Soliman and Tuna, 2005). Acquisitions raise the figure.Change in net operating working capital, net non-current operating assets and net financial assets / average total assets (Richardson, Sloan, Soliman and Tuna, 2005)
Operating cash flow to EBITDAOperating cash flow against EBITDA: the part of operating profit before depreciation that turns into cash after interest, tax and changes in stock, receivables and payables.Operating cash flow / (operating income + depreciation and amortisation)
Free cash flow to net incomeFree cash flow against net income. Below 1, investment and working capital take up part of the profit.(Operating cash flow - capital expenditure) / net income attributable to the company
Working capital investment to revenueCash put into receivables and stock, less extra credit from suppliers and customers, as a share of revenue. A positive figure means growth or slower collection uses cash.(Increase in receivables + increase in inventories - increase in payables - increase in contract liabilities) / revenue

Method

Cash-flow accruals are net income attributable to the company less operating cash flow, over average total assets. Balance sheet accruals follow Sloan (1996) and total accruals Richardson, Sloan, Soliman and Tuna (2005).
Balance sheet and total accruals include the assets and liabilities that acquisitions bring in and disposals take out; cash-flow accruals exclude them.

Forensic and Distress ScoresAltman Z'' 2.90, Beneish −2.38 · Piotroski 8 of 9 · Last 4 quarters 3.16 at Q2 FY2026 · FY2025

Published distress and misstatement models, with their original coefficients and thresholds.

The Altman Z'' score for fiscal 2025 was 2.90, above the safe threshold of 2.60.
Interpretation. By this model, the balance sheet and earnings look like those of companies that did not go bankrupt in its original study: above 2.60 means safe, below 1.10 distress.
Confirmedin FY2025 · stated since FY2024
Rule: Altman Z'' zone · Sources 10-Q 2026-06, 10-K 2025-12
History of this finding, 4 records
1. FY2025 ConfirmedThe Altman Z'' score for fiscal 2025 was 2.90, above the safe threshold of 2.60.Reconstructed · data update
2. FY2024 NewThe Altman Z'' score for fiscal 2024 was 2.76, above the safe threshold of 2.60.Reconstructed · data update
3. Q4 FY2024 RetiredThe finding changed to the safe zone.Reconstructed · data update
4. FY2023 NewThe Altman Z'' score for fiscal 2023 was 2.09, between the distress threshold of 1.10 and the safe threshold of 2.60.Reconstructed · initial
The Beneish M-score for fiscal 2025 was minus 2.38, below the model threshold of minus 1.78.
Interpretation. The model finds no sign of earnings manipulation. Beneish (1999) set a threshold of minus 1.78, above which a company resembles the companies that manipulated their earnings.
Weakenedin FY2025 · stated since FY2023
Rule: Beneish M-score against its threshold · Sources 10-K 2025-12, 10-Q 2026-06
History of this finding, 3 records
1. FY2025 WeakenedThe Beneish M-score for fiscal 2025 was minus 2.38, below the model threshold of minus 1.78.Reconstructed · data update
2. FY2024 StrengthenedThe Beneish M-score for fiscal 2024 was minus 2.83, below the model threshold of minus 1.78.Reconstructed · data update
3. FY2023 NewThe Beneish M-score for fiscal 2023 was minus 2.64, below the model threshold of minus 1.78.Reconstructed · initial
The Piotroski F-score for fiscal 2025 was 8 of 9. The signal not met was long-term debt to assets lower than a year earlier.
Interpretation. The score counts how many of 9 tests of profit, debt, liquidity and efficiency the company passes. A score of 7 to 9 is the strongest group: Piotroski (2000) placed 0 to 3 in the weakest.
Strengthenedin FY2025 · stated since FY2024
Rule: Piotroski F-score · Sources 10-K 2024-12, 10-K 2025-12, 10-Q 2026-06
History of this finding, 4 records
1. FY2025 StrengthenedThe Piotroski F-score for fiscal 2025 was 8 of 9. The signal not met was long-term debt to assets lower than a year earlier.Reconstructed · data update
2. FY2024 NewThe Piotroski F-score for fiscal 2024 was 7 of 9. The 2 signals not met were return on assets higher than a year earlier and long-term debt to assets lower than a year earlier.Reconstructed · data update
3. Q4 FY2024 RetiredThe finding changed to a high score.Reconstructed · data update
4. FY2023 NewThe Piotroski F-score for fiscal 2023 was 6 of 9. The 3 signals not met were return on assets higher than a year earlier, margin higher than a year earlier and asset turnover higher than a year earlier.Reconstructed · initial

By Fiscal Year

Ratio	FY202131 Dec 2021	FY202231 Dec 2022	FY202331 Dec 2023	FY202431 Dec 2024	FY202531 Dec 2025	Q2 FY2026latest quarter
Altman Z'' scoreA measure of the risk of financial distress, built from working capital, retained earnings, operating profit and equity. Above 2.60 the model counts a company as safe and below 1.10 as in distress; between the 2 is a grey zone.6.56 x working capital / total assets + 3.26 x retained earnings / total assets + 6.72 x EBIT / total assets + 1.05 x total equity / total liabilities (Altman, 1995); distress zone below 1.10, safe zone above 2.60	safe zone	grey zone	grey zone	safe zone	safe zone	safe zone
Beneish M-scoreA screen for earnings manipulation, built from 8 changes in the accounts, such as receivables growing faster than sales. Above minus 1.78 the model groups a company with the companies in the Beneish sample that manipulated their earnings.-4.84 + 0.920 DSRI + 0.528 GMI + 0.404 AQI + 0.892 SGI + 0.115 DEPI - 0.172 SGAI + 4.679 TATA - 0.327 LVGI (Beneish, 1999); model threshold -1.78	below threshold	below threshold	below threshold	below threshold	below threshold	n/a
Dechow F-scoreThe probability of a material misstatement in the accounts, estimated from accruals, receivables, stock, cash sales, profitability and new financing, against the average. A score of 1 means average risk and 2 means twice the average.Predicted probability of a misstatement (model 1 of Dechow, Ge, Larson and Sloan, 2011) / 0.0037, the unconditional probability; 1 equals the base rate	n/a					n/a
Piotroski F-scoreA count of 9 yes or no tests on profitability, cash flow, debt, liquidity, new shares, margins and the use of assets. A score of 7 to 9 indicates improving strength and 0 to 3 indicates weakness.Number of 9 binary signals met on profitability, cash flow, debt, liquidity, equity issuance, margin and asset turnover (Piotroski, 2000)	n/a					n/a

Altman Z'' Score

fiscal 2025

A measure of the risk of financial distress, built from working capital, retained earnings, operating profit and equity. Above 2.60 the model counts a company as safe and below 1.10 as in distress; between the 2 is a grey zone.

Distress zone, below 1.10

Grey zone, 1.10 to 2.60

2.90Safe zone, above 2.60

The score of 2.90 is in the safe zone of the model, above 2.60. The largest part is retained earnings, at 1.67; working capital below zero lowers the score by 0.10 and negative equity by 0.11.

Part	Value	Coefficient	Contribution
Working capital / total assetsCurrent assets less current liabilities, against total assets: the short-term funds available for operations.	−0.015	6.560	−0.101
Retained earnings / total assetsProfits kept in the business over its life, against total assets.	0.512	3.260	1.668
EBIT / total assetsOperating profit against total assets: the earning power of the assets.	0.215	6.720	1.446
Total equity / total liabilitiesBook equity against liabilities: how far the assets could fall in value before liabilities exceed them.	−0.104	1.050	−0.109
Score			2.904

Altman, Hartzell and Peck (1995), for non-manufacturing companies. The model omits the ratio of sales to total assets of the 1968 model and uses book equity. Working capital below zero and equity reduced by share repurchases lower the score.

Beneish M-score

fiscal 2025

A screen for earnings manipulation, built from 8 changes in the accounts, such as receivables growing faster than sales. Above minus 1.78 the model groups a company with the companies in the Beneish sample that manipulated their earnings.

−2.38Below the threshold, −1.78 and below

Above the threshold, above −1.78

The score of minus 2.38 is below the model threshold of minus 1.78. Of the 8 measures, receivables against sales raises the score most.

Part	Value	Coefficient	Contribution
Intercept			−4.840
Days sales in receivables indexReceivables against sales, against a year earlier. A rise can mean sales recorded before customers pay.	1.124	0.920	1.034
Gross margin indexGross margin a year earlier against the current gross margin. Above 1, margins fell, which the model treats as a risk factor.	0.966	0.528	0.510
Asset quality indexAssets other than current assets and property, plant and equipment, as a share of total assets, against a year earlier. A rise can mean more costs recorded as assets.	0.948	0.404	0.383
Sales growth indexSales against a year earlier. The model treats fast growth as a risk factor.	1.073	0.892	0.957
Depreciation indexThe rate of depreciation a year earlier against the current rate. Above 1, depreciation slowed, which raises profit.	1.090	0.115	0.125
Selling, general and administrative expenses indexOverheads against sales, against a year earlier.	1.000	−0.172	−0.172
Total accruals to total assetsNet income less operating cash flow, against total assets: profit not backed by cash. It carries the largest coefficient in the model.	−0.013	4.679	−0.060
Leverage indexDebt against total assets, against a year earlier.	0.968	−0.327	−0.317
Score			−2.379

Beneish (1999), estimated on 74 companies identified as earnings manipulators in SEC enforcement releases and the press for 1982 to 1992, against 2,332 Compustat companies. The model classes a score above minus 1.78 with the first group. An index whose inputs are not reported counts as 1.

Dechow F-score

fiscal 2025

The probability of a material misstatement in the accounts, estimated from accruals, receivables, stock, cash sales, profitability and new financing, against the average. A score of 1 means average risk and 2 means twice the average.

A score of 1.44 means a probability of a misstatement 1.44 times the average rate in the Dechow sample: 0.53% against 0.37%.

Part	Value	Coefficient	Contribution
Intercept			−7.893
Total accruals (Richardson, Sloan, Soliman and Tuna)Total accruals: the growth of operating and financial assets net of liabilities, against average assets.	0.018	0.790	0.014
Change in receivables / average total assetsThe growth of receivables against average assets.	0.012	2.518	0.030
Change in inventories / average total assetsThe growth of stock against average assets.	0.031	1.191	0.037
Assets other than cash and property, plant and equipment / total assetsAssets other than cash and property, plant and equipment, as a share of total assets: assets whose value depends more on judgement.	0.808	1.979	1.599
Change in cash salesThe growth of sales collected in cash.	0.062	0.171	0.011
Change in return on assetsThe change in return on assets against a year earlier. A fall raises the score.	0.062	−0.932	−0.058
Debt or equity issued in the year, 1 or 01 when the company issued shares or debt in the year.	1.000	1.029	1.029
Predicted value			−5.231
Probability of a misstatement			0.53%

Model 1 of Dechow, Ge, Larson and Sloan (2011), estimated on misstatements named in SEC Accounting and Auditing Enforcement Releases. The score is the predicted probability of a misstatement over 0.37%, the unconditional probability in their sample, so 1.00 equals that base rate.

Piotroski F-score

fiscal 2025

A count of 9 yes or no tests on profitability, cash flow, debt, liquidity, new shares, margins and the use of assets. A score of 7 to 9 indicates improving strength and 0 to 3 indicates weakness.

8 of the 9 tests are met, in the high group of 7 to 9.

Signal	FY2025	FY2024
Return on assets above zero	Met	Met
Operating cash flow above zero	Met	Met
Return on assets higher than a year earlier	Met	Not met
Operating cash flow above net income	Met	Met
Long-term debt to assets lower than a year earlier	Not met	Not met
Current ratio higher than a year earlier	Met	Met
No common equity issued	Met	Met
Margin higher than a year earlier	Met	Met
Asset turnover higher than a year earlier	Met	Met

Piotroski (2000), 9 signals on profitability, funding and operating efficiency, designed for companies with high book-to-market ratios. Piotroski grouped scores of 8 and 9 as high and 0 and 1 as low; the findings group 7 to 9 and 0 to 3.

Source Documents

Documents of this snapshot, latest first.

Document	Date	Id
Form 10-Q, period ended 30 June 2026	24 Jul 2026	10-Q:0001628280-26-049493
Form 10-Q, period ended 31 March 2026	24 Apr 2026	10-Q:0001628280-26-027019
Form 10-K, period ended 31 December 2025	6 Feb 2026	10-K:0001628280-26-005939
Form 10-Q, period ended 30 September 2025	24 Oct 2025	10-Q:0001628280-25-046179
Form 10-Q, period ended 30 June 2025	25 Jul 2025	10-Q:0001413329-25-000150
Form 10-Q, period ended 31 March 2025	24 Apr 2025	10-Q:0001413329-25-000094
Form 10-K, period ended 31 December 2024	6 Feb 2025	10-K:0001413329-25-000013
Form 10-Q, period ended 30 September 2024	24 Oct 2024	10-Q:0001413329-24-000172
Form 10-Q, period ended 30 June 2024	25 Jul 2024	10-Q:0001413329-24-000145
Form 10-Q, period ended 31 March 2024	26 Apr 2024	10-Q:0001413329-24-000087
Form 10-K, period ended 31 December 2023	8 Feb 2024	10-K:0001413329-24-000013
Form 10-Q, period ended 30 September 2023	26 Oct 2023	10-Q:0001413329-23-000201
Form 10-Q, period ended 30 June 2023	27 Jul 2023	10-Q:0001413329-23-000176
Form 10-Q, period ended 31 March 2023	26 Apr 2023	10-Q:0001413329-23-000117
Form 10-K, period ended 31 December 2022	10 Feb 2023	10-K:0001413329-23-000025
Form 10-Q, period ended 30 September 2022	27 Oct 2022	10-Q:0001413329-22-000114
Form 10-Q, period ended 30 June 2022	29 Jul 2022	10-Q:0001413329-22-000072
Form 10-Q, period ended 31 March 2022	28 Apr 2022	10-Q:0001413329-22-000035
Form 10-K, period ended 31 December 2021	11 Feb 2022	10-K:0001413329-22-000011
Form 10-Q, period ended 30 September 2021	27 Oct 2021	10-Q:0001413329-21-000091
Form 8-K, period ended 14 September 2021	16 Sep 2021	8-K:0001413329-21-000078
Form 10-Q, period ended 30 June 2021	27 Jul 2021	10-Q:0001413329-21-000058
Form 10-Q, period ended 31 March 2021	27 Apr 2021	10-Q:0001413329-21-000025
Form 10-K, period ended 31 December 2020	9 Feb 2021	10-K:0001413329-21-000007
Form 10-Q, period ended 30 September 2020	27 Oct 2020	10-Q:0001413329-20-000062
Form 10-Q, period ended 30 June 2020	29 Jul 2020	10-Q:0001413329-20-000053
Form 10-Q, period ended 31 March 2020	28 Apr 2020	10-Q:0001413329-20-000032

Checks

315307 of 315 checks passed, 8 warnings

Fiscal calendar68 passedFiscal years last 350 to 380 days, quarters 80 to 125 days, and each period starts on the day after the one before. Checked at error level.

Quarters and fiscal year127 of 129 passedThe 4 quarters of every item add up to its fiscal year, or a later filing restated the year. Checked at error level; a difference that a later report explains is a warning, which does not stop publication.

Cost of revenue, FY2025: $13,352m against $13,366m

Gross profit, FY2025: $27,296m against $27,282m

Filer identity1 passedThe documents are those of the company of this page. Checked at error level.

Balance sheet identity26 passedTotal assets equal total liabilities and equity at each balance sheet date. Checked at error level.

Balance sheet structure26 passedTotal assets equal liabilities, temporary equity and total equity. Checked at warning level.

Lease liabilities6 passedLease payments due, less imputed interest, equal the lease liabilities. Checked at warning level.

Debt maturities0 of 6 passedThe debt maturity schedule adds up to the long-term debt. Checked at warning level.

31 Dec 2020: $14,112m against $31,292m

31 Dec 2021: $14,037m against $27,581m

31 Dec 2022: $22,031m against $37,486m

31 Dec 2023: $24,523m against $45,941m

31 Dec 2024: $21,956m against $45,558m

31 Dec 2025: $26,195m against $48,667m

Quarters and 9 months15 passedThe 3 reported quarters of a fiscal year add up to the reported 9-month figure. Checked at error level.

Gross profit32 passedRevenue less cost of revenue equals reported gross profit. Checked at warning level.

Earnings per share6 passedNet income divided by average shares agrees with reported basic earnings per share. Checked at warning level.

Data Quality

How many values of this snapshot the checks prove, and how many Annalist derives, withholds and tracks as restated. Every company.

Values published	1,535
Proven by a check	49.2%, 755 values
Confirmed by a second document	0.0%, 0 values
Derived from reported figures	18.4%, 282 values
Values withheld	0
Restated figures tracked	4
Changes compared on one basis	0
Company lines mapped	0 of 1 reviewed

Citation

Annalist, Philip Morris International Inc., snapshot philip-morris/FY2026Q2_508de1ed (as of FY2026 Q2); <item label>, <period>; source <document id> (<document url>)

Snapshot FY2026Q2_508de1ed · dataset SHA-256 508de1ed83f7bfc4f938c2204e602361e2e18fd2201178e4c1e4a034eb7604b5 · findings rules 0.4

Data: info.json · dataset.json · validation.json · documents.json