PHILIP MORRIS INTERNATIONAL INC. (PM) FY2025 Annual Statement of Cash Flows

Income StatementCash FlowBalance Sheet

Statement of Cash Flows

2025-01-01 to 2025-12-31

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PHILIP MORRIS INTERNATIONAL INC. cash flow reconciliation, Jan 1, 2025 through Dec 31, 2025One connected Sankey reconciles operating, investing and financing net cash flows through a shared cash pool, from beginning cash to ending cash. Ribbons flow left to right on one dollar scale. Activity totals are dark gray; beginning and ending cash are blue. Cash basis for beginning and ending balances and net cash change: Cash, cash equivalents, and restricted cash. Intermediate calculation bars are lighter gray. Net income is green for profit and red for loss. Identified asset purchases, sales and maturities are blue in either cash direction. Purple identifies capital transactions such as borrowing, repayments, share issuance and dividends. Free cash flow is a separate comparison, not an added cash flow. Read chart description and values below for full signed amounts, including zero items.Net earnings → Net cash from operating activities: $11,848,000,000.00Depreciation and amortization expense → Operating adjustments reconciliation: $1,996,000,000.00Other → Operating adjustments reconciliation: $842,000,000.00Accounts payable → Operating adjustments reconciliation: $258,000,000.00Restructuring charges, net of cash paid (Note 18) → Operating adjustments reconciliation: $206,000,000.00Losses on sales of businesses (including held-for-sale) (Note 3) → Operating adjustments reconciliation: $94,000,000.00Impairment of goodwill and other intangibles (Note 4) → Operating adjustments reconciliation: $41,000,000.00Operating adjustments reconciliation → Net cash from operating activities: $385,000,000.00Operating adjustments reconciliation → Inventories: $1,201,000,000.00Operating adjustments reconciliation → Deferred income tax (benefit) provision: $847,000,000.00Operating adjustments reconciliation → Receivables, net: $448,000,000.00Operating adjustments reconciliation → Income taxes: $266,000,000.00Operating adjustments reconciliation → Accrued liabilities and other current assets: $151,000,000.00Operating adjustments reconciliation → Pension plan contributions (Note 12): $139,000,000.00Sales and maturities of debt securities → investing reconciliation: $116,000,000.00Proceeds from sales of businesses, net of cash disposed (Note 3) → investing reconciliation: $30,000,000.00investing reconciliation → Collateral posted/settlements for derivatives, (paid)/returned (Note 14): $2,274,000,000.00investing reconciliation → Capital expenditures: $1,569,000,000.00investing reconciliation → Purchases of debt securities: $202,000,000.00investing reconciliation → Equity investments: $63,000,000.00investing reconciliation → Other: $5,000,000.00Net cash used in financing activities → financing reconciliation: $8,132,000,000.00Long-term debt proceeds → financing reconciliation: $7,055,000,000.00Issuances - maturities longer than 90 days → financing reconciliation: $170,000,000.00Net issuances (repayments) - maturities of 90 days or less → financing reconciliation: $19,000,000.00financing reconciliation → Dividends paid: $8,624,000,000.00financing reconciliation → Long-term debt repaid: $5,368,000,000.00financing reconciliation → Collateral received/settlements for derivatives, received/(returned): $693,000,000.00financing reconciliation → Noncontrolling interests activity and Other: $521,000,000.00financing reconciliation → Repayments - maturities longer than 90 days: $170,000,000.00Net cash used in investing activities → investing reconciliation: $3,967,000,000.00Exchange-rate effect → Cash sources and uses: $504,000,000.00Beginning cash: Cash, cash equivalents, and restricted cash → Cash sources and uses: $4,254,000,000.00Net cash from operating activities → Cash sources and uses: $12,233,000,000.00Cash sources and uses → Ending cash: Cash, cash equivalents, and restricted cash: $4,892,000,000.00Cash sources and uses → Net cash used in investing activities: $3,967,000,000.00Cash sources and uses → Net cash used in financing activities: $8,132,000,000.00Other: $842,000,000.00Other working capital, net+$842.00 MNet earnings: $11,848,000,000.00Net earnings+$11.85 BImpairment of goodwill and other intangibles (Note 4): $41,000,000.00Goodwill & intangible impairment+$41.00 MInventories: -$1,201,000,000.00Inventories−$1.20 BRestructuring charges, net of cash paid (Note 18): $206,000,000.00Restructuring & impairment+$206.00 MReceivables, net: -$448,000,000.00Receivables, net−$448.00 MIncome taxes: -$266,000,000.00Income taxes payable−$266.00 MDeferred income tax (benefit) provision: -$847,000,000.00Deferred income taxes−$847.00 MAccrued liabilities and other current assets: -$151,000,000.00Accrued & other current assets−$151.00 MAccounts payable: $258,000,000.00Accounts payable+$258.00 MPension plan contributions (Note 12): -$139,000,000.00Pension contributions−$139.00 MDepreciation and amortization expense: $1,996,000,000.00Depreciation & amortization+$2.00 BLosses on sales of businesses (including held-for-sale) (Note 3): $94,000,000.00Losses on sales of businesses (includingheld-for-sale) (Note 3)+$94.00 MImpairment related to the RBH equity investment (Note 5): $0.00Net cash from operating activities: $12,233,000,000.00Operating cash+$12.23 BOperating adjustments reconciliation: $3,437,000,000.00Long-term debt proceeds: $7,055,000,000.00Long-term debt issued+$7.06 BLong-term debt repaid: -$5,368,000,000.00Long-term debt repaid−$5.37 BDividends paid: -$8,624,000,000.00Dividends paid−$8.62 BNoncontrolling interests activity and Other: -$521,000,000.00Other financing, net−$521.00 MNet issuances (repayments) - maturities of 90 days or less: $19,000,000.00Short-term debt ≤3 months, net+$19.00 MIssuances - maturities longer than 90 days: $170,000,000.00Short-term debt issued, 90+ days+$170.00 MRepayments - maturities longer than 90 days: -$170,000,000.00Short-term debt repaid, 90+ days−$170.00 MPayments to acquire Swedish Match AB noncontrolling interests: $0.00Repayments under credit facilities related to Swedish Match AB acquisition: $0.00Collateral received/settlements for derivatives, received/(returned): -$693,000,000.00Derivative collateral, net−$693.00 MNet cash used in financing activities: -$8,132,000,000.00. Cash required to fund net payments.Financing cash−$8.13 Bfinancing reconciliation: $15,376,000,000.00Other acquisitions, net of acquired cash (Note 3): $0.00Equity investments: -$63,000,000.00Equity-method investments made−$63.00 MOther: -$5,000,000.00Other investing, net−$5.00 MProceeds from sales of businesses, net of cash disposed (Note 3): $30,000,000.00Business sales+$30.00 MAltria Group, Inc. agreement (Note 3): $0.00Collateral posted/settlements for derivatives, (paid)/returned (Note 14): -$2,274,000,000.00Collateral posted/settlements for derivatives,(paid)/returned (Note 14)−$2.27 BCapital expenditures: -$1,569,000,000.00PP&E purchases−$1.57 BPurchases of debt securities: -$202,000,000.00AFS securities purchases−$202.00 MSales and maturities of debt securities: $116,000,000.00AFS securities proceeds+$116.00 MNet cash used in investing activities: -$3,967,000,000.00. Cash required to fund net payments.Investing cash−$3.97 Binvesting reconciliation: $4,113,000,000.00Cash sources and uses: $16,991,000,000.00Beginning cash: Cash, cash equivalents, and restricted cash: $4,254,000,000.00Beginning cash$4.25 BEnding cash: Cash, cash equivalents, and restricted cash: $4,892,000,000.00Ending cash$4.89 BExchange-rate effect: $504,000,000.00FX effect+$504.00 MCASH RECONCILIATIONOperatingflowsInvestingflowsFinancingflowsFree cash flow$10.66 BOperating cash − cash spent on PP&ECash flow / Net income1.03×Operating cash flow ÷ net incomeNet cash change+$638.00 MEnding cash − beginning cash
Chart details

PHILIP MORRIS INTERNATIONAL INC. cash flow reconciliation, Jan 1, 2025 through Dec 31, 2025

Cash flows for Jan 1, 2025 through Dec 31, 2025. Cash basis: Cash, cash equivalents, and restricted cash. Beginning cash: Dec 31, 2024. Ending cash: Dec 31, 2025. Beginning and ending cash are dated balances. Positive cash flows add cash; negative cash flows reduce it.

Beginning cash on Dec 31, 2024
4,254,000,000 US dollars. Beginning cash: Cash, cash equivalents, and restricted cash
Operating activities
12,233,000,000 US dollars. Net cash provided.
Other
842,000,000 US dollars
Net earnings
11,848,000,000 US dollars
Impairment of goodwill and other intangibles (Note 4)
41,000,000 US dollars
Inventories
negative 1,201,000,000 US dollars
Restructuring charges, net of cash paid (Note 18)
206,000,000 US dollars
Receivables, net
negative 448,000,000 US dollars
Income taxes
negative 266,000,000 US dollars
Deferred income tax (benefit) provision
negative 847,000,000 US dollars
Accrued liabilities and other current assets
negative 151,000,000 US dollars
Accounts payable
258,000,000 US dollars
Pension plan contributions (Note 12)
negative 139,000,000 US dollars
Depreciation and amortization expense
1,996,000,000 US dollars
Losses on sales of businesses (including held-for-sale) (Note 3)
94,000,000 US dollars
Impairment related to the RBH equity investment (Note 5)
0 US dollars
Investing activities
negative 3,967,000,000 US dollars. Net cash used.
Other acquisitions, net of acquired cash (Note 3)
0 US dollars
Equity investments
negative 63,000,000 US dollars
Other
negative 5,000,000 US dollars
Proceeds from sales of businesses, net of cash disposed (Note 3)
30,000,000 US dollars
Altria Group, Inc. agreement (Note 3)
0 US dollars
Collateral posted/settlements for derivatives, (paid)/returned (Note 14)
negative 2,274,000,000 US dollars
Capital expenditures
negative 1,569,000,000 US dollars
Purchases of debt securities
negative 202,000,000 US dollars
Sales and maturities of debt securities
116,000,000 US dollars
Financing activities
negative 8,132,000,000 US dollars. Net cash used.
Long-term debt proceeds
7,055,000,000 US dollars
Long-term debt repaid
negative 5,368,000,000 US dollars
Dividends paid
negative 8,624,000,000 US dollars
Noncontrolling interests activity and Other
negative 521,000,000 US dollars
Net issuances (repayments) - maturities of 90 days or less
19,000,000 US dollars
Issuances - maturities longer than 90 days
170,000,000 US dollars
Repayments - maturities longer than 90 days
negative 170,000,000 US dollars
Payments to acquire Swedish Match AB noncontrolling interests
0 US dollars
Repayments under credit facilities related to Swedish Match AB acquisition
0 US dollars
Collateral received/settlements for derivatives, received/(returned)
negative 693,000,000 US dollars
Operating adjustment reconciliation
3,437,000,000 US dollars. Intermediate calculation joining the operating reconciliation branches. Its gross amount includes any portion of net income routed through this junction. It is not an additional cash source or use.
financing gross reconciliation
15,376,000,000 US dollars. Gross amount at the activity's junction before offsetting its receipts and deductions. It is not an additional cash source or use.
investing gross reconciliation
4,113,000,000 US dollars. Gross amount at the activity's junction before offsetting its receipts and deductions. It is not an additional cash source or use.
Exchange-rate effect
504,000,000 US dollars
Ending cash on Dec 31, 2025
4,892,000,000 US dollars. Ending cash: Cash, cash equivalents, and restricted cash
Cash sources and uses
16,991,000,000 US dollars. Opening cash plus net sources, equal to net uses plus ending cash.
Net cash change
638,000,000 US dollars. Ending cash minus beginning cash.
Cash flow / Net income
1.03×. Operating cash flow divided by reconciliation net income for the same period. Black from 0.90× through 1.10×; green above 1.10×; red below 0.90×. Color uses the unrounded ratio.
Operating cash flow
12,233,000,000 US dollars. Operating cash flow used in the free cash flow calculation.
Cash purchases of property, plant and equipment
1,569,000,000 US dollars. These cash purchases are already included in investing activities above.
Free cash flow
10,664,000,000 US dollars. A supplemental measure; finance-lease payments are excluded from this definition.

Chart connections

  • Beginning cash plus operating, investing and financing cash flows plus the exchange-rate effect equals ending cash. Negative amounts reduce cash.
  • Financing contributions meet at a reconciliation junction before connecting to the net cash total.
  • Investing contributions meet at a reconciliation junction before connecting to the net cash total.
  • Operating reconciliation adjustments are not all independent cash receipts.
  • Net income enters operating cash directly in the reconciliation. The adjustment junction contributes the remaining $385.00M after reconciling the other positive and negative adjustments. These connections depict an accounting reconciliation, not traced cash receipts.
  • Each activity has one net cash bar connected to the shared cash pool. Positive activity totals enter the pool; negative activity totals leave the pool to fund that activity's net payments. The central pool does not assign a particular funding source to a particular payment.
  • The intermediate calculation bars include both sides of the displayed activity breakdowns; they are not additional cash flows.
  • Operating cash flow minus cash purchases of property, plant and equipment equals free cash flow: 12,233,000,000 US dollars minus 1,569,000,000 US dollars equals 10,664,000,000 US dollars.
PHILIP MORRIS INTERNATIONAL INC. (PM) FY2025 Annual Statement of Cash Flows Sankey chart
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