Philip Morris International
Shortcut
2.34Normalized diluted EPS
+1.1% vs Street
Street
2.32Normalized diluted EPS
October 18 consensus snapshot
Real
2.36Issuer adjusted diluted EPS
Model download
Explore the assumptions and calculations behind the forecast.
Shortcut’s reasoning.
The segment build forecasts adjusted diluted EPS of $2.34 versus the Street’s $2.32. It retains a 46.5% International adjusted operating margin, a −1.5% IC mix effect and $70m in equity income.
These are optimistic assumptions. The model’s implied operating expenses decline despite the announced Q3 SG&A phasing, which the build does not incorporate. Holding operating expenses at Q2 lowers EPS by about $0.030; using historical-average IC mix lowers it by about $0.045. The original judgments and forecast remain on the record.
On the record.
- Reporting period
- Q3 2026
- Reporting basis
- Issuer adjusted diluted EPS / consensus normalized EPS
- Consensus snapshot
- October 18, 2026
- Model / effort
- Opus 5.5 · High effort
- Workbook
- Reviewed workbook
Record history
- Forecast generated
- Oct 19, 2026 at 2:06 PM PDT
- First published
- Oct 20, 2026 at 2:48 AM PDT
Result basis
Issuer adjusted diluted EPS of $2.36 includes currency effects. The constant-currency growth figure is not substituted for reported adjusted EPS.
Research sources
- https://www.sec.gov/Archives/edgar/data/1413329/000162828026017497/ex991recastschedules_2025v.htm
- https://www.sec.gov/Archives/edgar/data/1413329/000162828026026385/earningsreleasepm-ex991xq1.htm
- https://www.sec.gov/Archives/edgar/data/1413329/000162828026026385/glossaryselectfininfoandno.htm
- https://www.sec.gov/Archives/edgar/data/1413329/000162828026049107/earningsreleasepm-ex991xq2.htm
- https://www.sec.gov/Archives/edgar/data/1413329/000162828026049107/glossaryselectfininfoandno.htm
- https://www.sec.gov/Archives/edgar/data/1413329/000162828025045579/glossaryselectfininfoandno.htm
- https://www.sec.gov/Archives/edgar/data/1413329/000162828026005932/glossaryselectfininfoandno.htm
- https://www.sec.gov/Archives/edgar/data/1413329/000141332925000094/pm-20250331.htm
- https://www.sec.gov/Archives/edgar/data/1413329/000141332925000150/pm-20250630.htm
- https://www.sec.gov/Archives/edgar/data/1413329/000162828025046179/pm-20250930.htm
- https://www.sec.gov/Archives/edgar/data/1413329/000162828026005939/R9.htm
- https://www.sec.gov/Archives/edgar/data/1413329/000162828026027019/pm-20260331.htm
- https://www.sec.gov/Archives/edgar/data/1413329/000162828026049493/pm-20260630.htm
- https://tobaccoinsider.com/wp-content/uploads/2026/07/PMI-Earnings-Script-Q2-2026-FINAL.pdf
- https://www.pmi.com/investor-relations/press-releases-and-events/press-releases-overview/press-release-details?newsId=30381
- https://www.sec.gov/Archives/edgar/data/1413329/000162828026005932/earningsreleasepm-ex991xq4.htm
- https://www.sec.gov/Archives/edgar/data/1413329/000162828026039666/a2026-06x02xdbconference_r.htm
- https://www.sec.gov/Archives/edgar/data/1413329/000141332925000145/earningsreleasepm-ex991xq2.htm
- https://www.pmi.com/investor-relations/press-releases-and-events/press-releases-overview/press-release-details?newsId=28756
- https://www.sec.gov/Archives/edgar/data/1413329/000141332925000011/earningsreleasepm-ex991xfy.htm
- https://www.sec.gov/Archives/edgar/data/1413329/000162828025045579/earningsreleasepm-ex991xq3.htm
- https://www.pmi.com/media-center/press-releases/press-details?newsId=30436
- https://news.alphastreet.com/philip-morris-international-pm-q3-2026-preview-eps-est-2-32-reports-october-21/
- https://whichindex.com/companies/philip-morris-international/
- https://finance.yahoo.com/markets/stocks/articles/philip-morris-q3-earnings-deck-145000666.html
- https://www.tradingview.com/news/tradingview:959e8cc482fdd:0-pm-q3-26-earnings-revenue-estimate-is-11-32b-usd/
- https://pouchdaily.com/article/pmi-q2-2026-zyn-growth-slows-velo-on-competition
- https://www.pmi.com/media-center/press-releases/press-details?newsId=30411