Philip Morris International

Nicotine demand is recurring and relatively insensitive to economic cycles, giving PMI high visibility into volumes and cash flow. 2025 guidance and year‑to‑date results indicate mid‑single‑digit organic revenue growth and double‑digit adjusted EPS growth, powered by smoke‑free expansion across 90+ markets.

U.S. regulatory wins for ZYN and the staged IQOS roll‑out improve multi‑year visibility, though category growth will vary by market as rules evolve. Macro/regulatory events add noise: currency swings, excise decisions (Germany), and Japan’s excise harmonization plan for heated tobacco.

The company’s geographic and category diversification mitigates country‑specific shocks and underpins steadier group‑level growth.