Philip Morris International Inc. Q3 2026 Earnings Call Summary

Philip Morris International (PM) reported Q3 2026 results with organic net revenue growth of 7.1% and adjusted operating income growth of 10.5%, exceeding $5 billion. Smoke-free products drove growth, with IQOS and Veev shipments up. The company faces cost pressures from geopolitical conflicts, impacting full-year EPS growth. Guidance was lowered to the midpoint or lower half of the range. Operating cash flow is expected to reach approximately $13.5 billion.

UBS raised Philip Morris' (PM) price target to $201 from $193, citing a 3% Q3 2026 earnings beat. PM's shares trade near the new target. The company reported adjusted EPS of $2.36 and revenue of $11.4B, with smoke-free products driving growth. However, smoke-free sales missed estimates, and PM revised its fiscal 2026 profit growth outlook downward.

AT&T reported Q3 revenue growth of 5.3% to $32.3B, raised 2026 adjusted EPS outlook to ~$2.40. Philip Morris saw Q3 revenue rise 5.5% to $11.4B, adjusted EPS up 5.4% to $2.36. Moody's reported 1% revenue growth to $2.023B, reaffirmed 2026 adjusted EPS forecast of $16.50-$17.00. Dell announced AI adoption by 6,500 enterprises.

Philip Morris International (PM) rose 5.6% to $197.20 on Q3 earnings release day, an unusual move for a defensive stock. The company filed its report, and investors reacted positively.

Philip Morris (PM) reported Q3 2026 adjusted operating income exceeding $5 billion with a 45% margin. Adjusted diluted EPS grew 6% to $2.36, driven by strong IQOS and VEEV performance. Net revenue reached $11.4 billion, up 7.1% organically. The company expects continued growth in smoke-free products and combustible resilience.

Philip Morris (PM) reported record Q2 earnings of $2.36 per share, with smoke-free products contributing over 40% of revenue. Cigarette sales grew 6.4%, outpacing smoke-free products' 4.1% increase. The company raised its dividend and adjusted its 2026 EPS forecast due to currency impacts and operational challenges.