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Philip Morris International
Wyniki II kw. 2026 vs I kw. 2026 · poprzedni kwartał · opublikowano 22 lip 2026 i 22 kwi 2026
Net income up 15.5% on the previous quarter. Management sounded cautious, though noticeably more positive answering analysts.
1 · Liczby
+15,5%
Zysk netto vs I kw. 2026
Podano perspektywy
Zysk netto 2,82 mld vs 2,44 mld
Przychody +10,3%
Against the same quarter last year (II kw. 2025) it is −7.3%, so the move on last quarter looks seasonal or timing-related rather than a trend.
Dlaczego Net income rose mainly because of a positive impact from unrealized transactional effect from deferred tax liability associated with a weaker Russian ruble.
2 · Jak mówił zarząd
Ostrożny
Less upbeat than 96% of company calls
Answers to analysts: very upbeat, and more positive than the script.
Last call it was different: the answers were less upbeat than the script.
3 · Co się wyróżniło
Liczba
Organic net revenues grew 7.6%, or more than 10% in dollar terms, to over $11 billion this quarter, marking a notable result.
Między wierszami
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Główny temat
IQOS adjusted in-market sales volume increased by +5%, including expected transitory headwinds from Japan's April excise increase and the characterizing flavor ban in Poland.
Cytat ze źródła
“IQOS adjusted in-market sales volume increased by +5%, including expected transitory headwinds from the April excise increase in Japan and the characterizing... ...our international Smoke-Free Products business, with high single-digit volume growth, double-digit top-line growth, and impressive gross margin expansion. Excluding these two markets, double-digit growth continued, reflecting the broad-based strengths of our Smoke-Free Products business across markets.”
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Główny temat
Resilient volume and cost management drove gross profit up 8% and lifted margins by 150 basis points to 67.7%.
Cytat ze źródła
“An excellent Q2 with organic growth of +6.4% in net revenue and +8% in gross profit, driven by resilient volume... H1 gross profit increased by +6.1%, with margin expansion of +150 basis points to 67.7%, including the benefit of effective cost management.”
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Prognoza
Full-year cigarette volume decline is now expected to be 2%-3%, an improvement from the prior 3% forecast.
Cytat ze źródła
“Given our Q2 performance and the latest industry dynamics, we now expect a more moderate full-year decline in our cigarette volumes of around 2%-3%, versus 3% previously, which remains...”
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Prognoza
Second-half overhead costs will exceed prior expectations due to a strategic decision to step up in the U.S.
Cytat ze źródła
“We now expect higher SG&A costs in the second half than previously anticipated, as we made the strategic decision to step up our U.S.”
Wycena
Odwrócony DCF. Wolne przepływy pieniężne z ostatniego pełnego roku obrotowego (2025-12-31), powiększane przez 10 lat, zdyskontowane, plus wartość rezydualna. „Wzrost implikowany” to tempo, które zakłada obecna cena.
Aktualna cena
$189.53
zamknięcie z 2026-10-05
Rynek zakłada wzrost o iRoczny wzrost wolnych przepływów pieniężnych przez następne 10 lat, który zakłada dzisiejsza cena akcji. Jeśli uważasz, że spółka będzie rosła szybciej, akcja jest w tym modelu tania; wolniej — droga.
+14,0% przez 10 lat
Wartość godziwa / akcję
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Cena vs wartość godziwa
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Cena vs cena zakupu
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Ton
Jak optymistyczny był język w porównaniu z innymi spółkamiiTon to liczba pozytywnych słów finansowych minus liczba negatywnych, skorygowana o długość tekstu. Zarządy zwykle mówią pozytywnie, więc etykiety porównują każdą konferencję z ostatnimi konferencjami wszystkich spółek: „typowy” to środkowa trzecia, „bardzo optymistyczny” to najlepsze 10%, „ostrożny” to najsłabsze 10%.. Kropka: II kw. 2026. Pierścień: I kw. 2026.
Management was more positive answering analysts than in its script — usually a sign it was comfortable with the details it was asked about.
Zdania, które wpłynęły na ton
“Although we expect this additional benefit will be largely offset by a more adverse geographic mix as volumes skew more to markets with lower per-unit revenues.”
“However, with industry volumes declining low to mid single-digit in more developed smoke-free markets, where the average unit economics of cigarettes are more favorable, this generated an unfavorable mix impact...”
“On a year-on-year basis, segment net revenue declined by close to 1%, reflecting a decline in cigars and unfavorable phasing dynamic in the wellness business, while ZYN net revenues were...”
Liczby
USD · SEC EDGAR XBRL (10-Q, period end 2026-06-30)
| Pozycja | II kw. 2026period end 2026-06-30 | I kw. 2026period end 2026-03-31 | Zmiana | II kw. 2025 | r/r |
|---|---|---|---|---|---|
| Przychody | 11,19 mld | 10,15 mld | +10,3% | 10,14 mld | +10,4% |
| Zysk brutto ze sprzedaży | 7,66 mld | 6,91 mld | +10,9% | 6,87 mld | +11,5% |
| Zysk operacyjny | 4,53 mld | 3,89 mld | +16,4% | 3,71 mld | +22,0% |
| Zysk netto | 2,82 mld | 2,44 mld | +15,5% | 3,04 mld | −7,3% |
| Zysk na akcję | 1,80 | 1,56 | +15,4% | 1,95 | −7,7% |
Tematy
Najczęściej omawiane teraz
- Philip Morris International has been going through the worst and it knows that the competition, if they want to absorb their excise duty...
- Philip Morris International's Q2 results were once again powered by excellent performance, as expected, from its international Smoke-Free…
- Q2 cigarette shipments increased by +1.1% ahead of expectation.
- This was partly offset by continued rapid nicotine pouch growth in international markets, excluding the Nordics, and the return to...
- This reflects a combination of good category share performance, certain timing or comparison factors, and more favorable industry dynamics…
Zniknęło od I kw. 2026
- Słabnie As you look at [indiscernible], how much of a priority is that with your margins at very high levels and...
- Słabnie Wanted to understand just the key drivers of profitability growth moving forward, whether it's between pricing and productivity…
- Słabnie Of course, as Philip Morris International talks about the $10 billion plus brand, this is coming with a unique brand franchise and...
- Słabnie Philip Morris International is back to this [indiscernible] growth in Italy, it is reaching in some key city, very high share north of...