Philip Morris International debt and dilution46

Borrowings, liquidity, share count and stock-based dilution.

Total debt

USD millions

$49,113M

Cash & equivalents

USD millions

$5,999M

Net debt

USD millions

$43,114M

Debt / equity

—

Debt / assets

71.94%

Net debt / EBITDA

× · TTM

2.38×

Debt / FCF

× · TTM

3.86×

Interest coverage

× · TTM

—

Current ratio

0.98×

Diluted shares

Million shares

1,560M shares

Basic shares

Million shares

1,559M shares

Share count growth

0.13%

Share repurchases

USD millions

—

Quarterly data

Philip Morris International capital history. Each metric has its own unit. A dash means inputs are missing or the calculation is undefined.
Fiscal period	Ended	Total debtUSD millions	Cash & equivalentsUSD millions	Net debtUSD millions	Debt / equity×	Debt / assets%	Net debt / EBITDA×	Debt / FCF×	Interest coverage×	Current ratio×	Diluted sharesMillion shares	Basic sharesMillion shares	Share count growth%	Share repurchasesUSD millions
FY 2026 Q2	Jun 30, 2026	49,113	5,999	43,114	—	71.94%	2.38×	3.86×	—	0.98×	1,560	1,559	0.13%	—
FY 2026 Q1	Mar 31, 2026	51,948	5,450	46,498	—	75.38%	2.69×	4.87×	—	0.98×	1,559	1,558	0.13%	—
FY 2025 Q4	Dec 31, 2025	48,835	4,872	43,963	—	70.59%	2.6×	4.58×	9.38×	0.96×	1,558	1,556	0.13%	—
FY 2025 Q3	Sep 30, 2025	50,082	4,037	46,045	—	74.68%	2.75×	4.95×	—	0.85×	1,558	1,557	0.13%	—
FY 2025 Q2	Jun 30, 2025	51,462	4,138	47,324	—	75.12%	2.94×	5.72×	—	0.83×	1,558	1,557	0.13%	—
FY 2025 Q1	Mar 31, 2025	49,579	4,443	45,136	—	76.18%	2.86×	4.86×	—	0.79×	1,557	1,556	0.19%	—
FY 2024 Q4	Dec 31, 2024	45,695	4,216	41,479	—	73.96%	2.73×	4.24×	7.6×	0.88×	1,556	1,554	0.13%	—
FY 2024 Q3	Sep 30, 2024	49,222	4,258	44,964	—	73.58%	—	4.9×	—	0.89×	1,556	1,555	0.19%	—
FY 2024 Q2	Jun 30, 2024	49,139	4,807	44,332	—	74.7%	—	4.86×	—	0.94×	1,556	1,555	0.19%	—
FY 2024 Q1	Mar 31, 2024	50,387	3,968	46,419	—	77.14%	—	5.64×	—	0.94×	1,555	1,553	0.06%	—
FY 2023 Q4	Dec 31, 2023	47,909	3,060	44,849	—	73.36%	3.46×	6.08×	7.57×	0.75×	1,553	1,552	0.13%	0
FY 2023 Q3	Sep 30, 2023	47,715	3,017	44,698	—	75.83%	—	6.25×	—	0.89×	1,554	1,552	0.13%	0
FY 2023 Q2	Jun 30, 2023	47,893	3,492	44,401	—	77.41%	—	6.46×	—	0.85×	1,553	1,552	0.06%	0
FY 2023 Q1	Mar 31, 2023	47,121	2,428	44,693	—	75.93%	—	6.2×	—	0.85×	1,553	1,552	0.13%	0
FY 2022 Q4	Dec 31, 2022	43,123	3,207	39,916	—	69.91%	3×	4.43×	15.95×	0.72×	1,552	1,550	-0.51%	0
FY 2022 Q3	Sep 30, 2022	27,221	5,368	21,853	—	66.85%	—	2.54×	—	0.92×	1,552	1,550	-0.51%	0
FY 2022 Q2	Jun 30, 2022	28,052	5,036	23,016	—	68.49%	1.67×	2.41×	—	0.89×	1,552	1,551	-0.45%	0
FY 2022 Q1	Mar 31, 2022	29,357	4,622	24,735	—	70.34%	1.79×	2.48×	—	0.92×	1,552	1,550	-0.51%	209
FY 2021 Q4	Dec 31, 2021	27,806	4,496	23,310	—	67.34%	1.67×	2.48×	17.61×	0.92×	1,556.03	1,558	0.06%	681
FY 2021 Q3	Sep 30, 2021	29,105	4,491	24,614	—	69.98%	1.77×	2.77×	—	1×	1,560	1,558	0%	94
FY 2021 Q2	Jun 30, 2021	29,158	4,915	24,243	—	71.67%	1.77×	2.85×	—	1.18×	1,560	1,558	0%	0
FY 2021 Q1	Mar 31, 2021	29,398	3,902	25,496	—	73.86%	1.92×	3.45×	—	1.18×	1,560	1,558	0.06%	0
FY 2020 Q4	Dec 31, 2020	31,536	7,280	24,256	—	70.37%	1.92×	3.42×	16.03×	1.1×	1,560.98	1,557	0.32%	0
FY 2020 Q3	Sep 30, 2020	29,490	4,821	24,669	—	75.37%	2.02×	3.15×	—	1.12×	1,558	1,558	0.13%	—
FY 2020 Q2	Jun 30, 2020	29,628	4,200	25,428	—	75.65%	2.16×	3.81×	—	1.13×	1,558	1,558	0.13%	—
FY 2020 Q1	Mar 31, 2020	28,370	3,746	24,624	—	75.67%	2.01×	3.06×	—	1.02×	1,558	1,557	0.13%	—
FY 2019 Q4	Dec 31, 2019	31,045	6,861	24,184	—	72.41%	2.1×	3.36×	13.23×	1.09×	1,556	1,552.03	-0.19%	—
FY 2019 Q3	Sep 30, 2019	31,816	6,507	25,309	—	76.81%	2.16×	3.9×	—	1.08×	1,556	1,556	0.06%	—
FY 2019 Q2	Jun 30, 2019	29,889	4,008	25,881	—	74.87%	2.14×	3.92×	—	0.95×	1,556	1,556	0.06%	—
FY 2019 Q1	Mar 31, 2019	30,264	3,081	27,183	—	79.55%	2.27×	3.81×	—	0.85×	1,556	1,555	0.13%	—
FY 2018 Q4	Dec 31, 2018	31,759	6,593	25,166	—	79.79%	2.04×	3.95×	13.31×	1.13×	1,555	1,555	0.19%	—
FY 2018 Q3	Sep 30, 2018	31,766	5,880	25,886	—	80.67%	2×	3.82×	—	1.19×	1,555	1,555	0.13%	—
FY 2018 Q2	Jun 30, 2018	31,665	6,587	25,078	—	77.76%	1.95×	3.75×	—	1.15×	1,555	1,555	0.13%	—
FY 2018 Q1	Mar 31, 2018	34,848	7,200	27,648	—	80.91%	2.22×	4.45×	—	1.16×	1,554	1,553	0.06%	—
FY 2017 Q4	Dec 31, 2017	34,339	8,447	25,892	—	79.92%	2.09×	4.66×	10.5×	1.35×	1,553	1,552	0.06%	—
FY 2017 Q3	Sep 30, 2017	33,975	7,667	26,308	—	80.99%	2.26×	5.07×	—	1.13×	1,554	1,553	0.13%	—
FY 2017 Q2	Jun 30, 2017	31,747	6,197	25,550	—	82.12%	2.22×	3.94×	—	1.07×	1,554	1,553	0.13%	—
FY 2017 Q1	Mar 31, 2017	31,346	5,076	26,270	—	85.58%	2.28×	4.34×	—	1.26×	1,553	1,552	0.13%	—
FY 2016 Q4	Dec 31, 2016	29,067	4,239	24,828	—	78.88%	2.15×	4.21×	10.12×	1.07×	1,551	1,551	—	0
FY 2016 Q3	Sep 30, 2016	30,087	4,884	25,203	—	84.57%	2.32×	4.46×	—	1.16×	1,551	1,551	—	0
FY 2016 Q2	Jun 30, 2016	29,969	3,814	26,155	—	86.11%	2.42×	4.7×	—	1.27×	1,551	1,551	—	0
FY 2016 Q1	Mar 31, 2016	29,793	2,944	26,849	—	86.05%	2.45×	3.86×	—	1.13×	1,550	1,550	—	0
FY 2015 Q4	Dec 31, 2015	28,480	3,417	25,063	—	83.87%	2.2×	4.12×	9.38×	1.03×	—	—	—	0
FY 2015 Q3	Sep 30, 2015	28,907	2,393	26,514	—	90.3%	2.2×	4.54×	—	1×	—	—	—	0
FY 2015 Q2	Jun 30, 2015	29,202	1,838	27,364	—	89.27%	2.19×	4.45×	—	0.9×	—	—	—	0
FY 2015 Q1	Mar 31, 2015	30,585	1,524	29,061	—	91.97%	2.33×	5.51×	—	0.95×	—	—	—	48
FY 2014 Q4	Dec 31, 2014	29,455	1,682	27,773	—	83.71%	2.21×	4.47×	10×	1.02×	—	—	—	783
FY 2014 Q3	Sep 30, 2014	28,843	2,043	26,800	—	81.48%	2.02×	3.83×	—	0.98×	—	—	—	769
FY 2014 Q2	Jun 30, 2014	29,509	1,541	27,968	—	81.24%	2.07×	3.75×	—	1.08×	—	—	—	1,040
FY 2014 Q1	Mar 31, 2014	29,679	1,823	27,856	—	82.13%	2×	3.59×	—	1.06×	—	—	—	1,241
FY 2013 Q4	Dec 31, 2013	27,678	2,154	25,524	—	72.52%	1.77×	3.1×	12.24×	0.99×	—	—	—	1,447
FY 2013 Q3	Sep 30, 2013	26,800	3,382	23,418	—	72.84%	1.62×	3.23×	—	1×	—	—	—	1,488
FY 2013 Q2	Jun 30, 2013	25,499	3,586	21,913	—	68.66%	1.52×	3.43×	—	1.14×	—	—	—	1,575
FY 2013 Q1	Mar 31, 2013	25,598	3,981	21,617	—	68.41%	1.47×	3.27×	—	1.15×	—	—	—	1,453
FY 2012 Q4	Dec 31, 2012	22,839	2,983	19,856	—	60.63%	1.35×	2.73×	13.75×	0.97×	1,665.2	1,665.2	-3.82%	1,968
FY 2012 Q3	Sep 30, 2012	22,436	4,817	17,619	—	58.57%	1.22×	2.92×	—	1.05×	1,683	1,683	-3.77%	1,498
FY 2012 Q2	Jun 30, 2012	20,802	3,846	16,956	—	58.11%	1.16×	2.49×	—	0.92×	1,701	1,701	-4.01%	1,632
FY 2012 Q1	Mar 31, 2012	20,841	3,576	17,265	55.13×	57.26%	1.17×	2.3×	—	1×	1,719	1,719	-4.13%	1,427
FY 2011 Q4	Dec 31, 2011	18,545	2,550	15,995	33.66×	52.26%	1.12×	1.93×	14.27×	1×	1,735.29	1,731.33	-4.31%	1,005
FY 2011 Q3	Sep 30, 2011	17,759	3,391	14,368	7.28×	49.03%	1.02×	1.72×	—	0.94×	1,749	1,749	-4.32%	1,445
FY 2011 Q2	Jun 30, 2011	16,921	2,178	14,743	4.26×	45.99%	1.11×	1.73×	—	0.97×	1,772	1,772	-4.01%	1,614
FY 2011 Q1	Mar 31, 2011	16,852	1,322	15,530	3.91×	47.4%	1.25×	1.84×	—	0.93×	1,794	1,793	-4.32%	1,308
FY 2010 Q4	Dec 31, 2010	16,502	1,703	14,799	4.2×	47.08%	1.22×	1.89×	11.5×	1.07×	1,812.33	1,809.33	-4.7%	1,167
FY 2010 Q3	Sep 30, 2010	17,447	3,507	13,940	3.54×	47.31%	1.18×	2.03×	—	1.13×	1,830	1,828	-5.14%	1,035
FY 2010 Q2	Jun 30, 2010	15,231	1,584	13,647	3.48×	45.71%	1.15×	1.89×	—	1.29×	1,849	1,846	-5.58%	1,104
FY 2010 Q1	Mar 31, 2010	16,010	850	15,160	3.08×	46.85%	1.34×	2.08×	—	1.37×	1,878	1,874	—	1,724
FY 2009 Q4	Dec 31, 2009	15,416	1,540	13,876	2.51×	44.62%	1.27×	2.15×	11.09×	1.31×	1,905.49	1,898.49	—	1,367
FY 2009 Q3	Sep 30, 2009	14,251	1,602	12,649	2.12×	42.28%	—	—	—	1.45×	1,934	1,927	—	1,408
FY 2009 Q2	Jun 30, 2009	14,074	2,602	11,472	2.21×	42.48%	—	—	—	1.52×	1,961	1,955	—	1,474

Sources and calculations

Financial inputs from company filings. Last checked Oct 18, 2026. A dash means missing inputs or an undefined calculation.

Period changes use the preceding fiscal quarter or year. Percentage changes divide by the absolute prior value; a zero or missing baseline has no percentage change. Percentage metrics show changes in percentage points.

The SBC option subtracts reported share-based compensation from FCF as an economic-cost scenario. Missing SBC never becomes zero.

Debt uses reported borrowings, with overlapping concepts treated as alternatives. Cash excludes restricted cash and short-term investments. Dilution compares split-normalized weighted average basic shares year over year. Share buyback spending does not by itself measure shares retired.

Market prices: Yahoo Finance · PM, USD. Latest completed close Sep 25, 2026. Price data retrieved Sep 28, 2026.

Total debt: Reported borrowing balances. Uses an aggregate including current maturities, or current plus noncurrent debt. Adds separately disclosed short-term borrowings, with commercial paper as a fallback, unless the selected current/aggregate concept already includes them. Finance leases are included when part of the reported debt concept; undisclosed components are not estimated.
Cash & equivalents: Unrestricted reported cash and cash equivalents. Excludes short-term investments and restricted cash.
Net debt: Total debt − cash and equivalents. Negative means net cash.
Debt / equity: Total debt / equity including noncontrolling interests. Nonpositive equity yields unavailable.
Debt / assets: Total debt / total assets × 100.
Net debt / EBITDA: Period-end net debt / (TTM operating income + TTM depreciation and amortization). Negative net debt is retained.
Debt / FCF: Period-end reported debt / positive TTM free cash flow. Reflects the selected reported capex scope and SBC option.
Interest coverage: TTM operating income / positive TTM interest expense. IFRS finance costs can include more than interest.
Current ratio: Current assets / positive current liabilities.
Diluted shares: Reported weighted average diluted shares, normalized for subsequent recorded stock splits. Fourth-quarter counts use a day-weighted annual/nine-month reconstruction where possible.
Basic shares: Reported weighted average basic shares, normalized for subsequent recorded stock splits.
Share count growth: Year-over-year change in split-normalized weighted average basic shares × 100. A dilution proxy; negative means a lower share count.
Share repurchases: Reported cash payments for repurchase of common shares. This is spending, not a buyback yield.