Philip Morris International Inc. (PM) earnings on July 22, 2026

Before the market opens Q2 2026

More Philip Morris International Inc. earnings

Prior outlook: Optimistic Outcome: Accurate

Philip Morris shares rose after the company reported that its smoke-free products are growing, offsetting declines in cigarette sales.

PM price around the earnings

194.30

Change: +3.3%

2026-07-22, 20:00 UTC

Start of the measured window End of the measured window
184.20 188.59 192.98 197.37 188.04
Price series around the eventClosing price per minute from before the event to the end of the measured window.
July 22, 2026
  • Price: green if it ends above the starting price; red if it ends below
  • Start of the measured window
  • End of the measured window
  • Market open
  • Starting price
Price series around the event

Prior thesis

Prior outlook: Optimistic Outcome: Accurate

Thesis published
Results released

Strong past earnings and positive trend strength, but minimal analyst upside and negative quarterly EPS growth raise concerns.

Context analyzed before publication

Trend
Trajectory cooled significantly on the last day after earlier strength, indicating increased caution into earnings.

Analysts

Evidence

Analyst consensus
Buy
Consensus average (1-5)
1.8
Analysts covering the stock
14
Average price target
194.86
Lowest price target
171
Highest price target
210
Upside to price target
3.6%
Quarterly earnings growth
-9.4%
Revenue growth
9.1%
Forward EPS
9.14
Trailing EPS
6.94
Analyst moves in the last 60 days
2
  • Strong buy: 4
  • Buy: 7
  • Hold: 4
  • Sell: 0
  • Strong sell: 0
Strong buy
4
Buy
7
Hold
4
Sell
0
Strong sell
0
  • July 2, 2026 · UBS: Maintains rating (Neutral → Neutral)
  • June 3, 2026 · Morgan Stanley: Maintains rating (Overweight → Overweight)

News and sentiment

Evidence

Sentiment
Sentiment
Neutral
Mention volume
Low
Normalized volume
33%
News
Sources (3)

Technicals

Evidence

Average true range (ATR)
2.7%
Distance to 52-week high
-2.6%
14-day change (14d)
+0.2%
30-day change (33d)
+5.4%
30-day relative strength
+5.2%
SPY change (33d)
+0.2%
Nearest support
187.26
Nearest resistance
188.68
Volume accumulation ratio (14d / 46d)
1.17

Trends

Evidence

Average earnings surprise
+5.4%
  • April 22, 2026: actual EPS 1.96 vs estimate 1.83 (surprise +7.1%)
  • October 21, 2025: actual EPS 2.24 vs estimate 2.1 (surprise +6.9%)
  • July 22, 2025: actual EPS 1.91 vs estimate 1.86 (surprise +2.8%)
  • April 23, 2025: actual EPS 1.69 vs estimate 1.61 (surprise +4.8%)

Expected move

There is no implied-move data available for this event.

Reactions over its last 19 earnings

Median move
2.7%
75th percentile move
4.5%
90th percentile move
8.9%
Up / down moves
11 / 8
Average up move
+4.1%
Average down move
-3.3%

Monitoring and close

What Philip Morris International Inc. reported

Status
Finished
Actual EPS2.2
EPS estimate2.04
EPS surprise+7.8%
Revenue$11,192 million
Revenue estimate$10,641 million
Revenue surprise+5.2%

Philip Morris beat Q2 estimates with 15% EPS growth and 7.6% organic sales rise. Smoke-free products drove results. Shares rose despite cutting full-year guidance.

Sources (27)

Pre-market second reading after the results

Verdict
Beat expectations

Heading into the open, the figures confirm the optimistic scenario. In the 1571 past cases with a similar move, the close held that direction 76% of the time.

How the stock reacted

Outcome
Accurate
Consolidated
+3.3%
Max favorable move (MFE)
6.2%
Max adverse move (MAE)
2.2%