Philip Morris International Inc. (PM) closed fiscal year 2025 with a gross margin of 67.1 % and a net margin of 27.9 %.
Philip Morris International Inc. (PM) closed fiscal year 2025 with a gross margin of 67.1 % and a net margin of 27.9 %. The same year shows an EBITDA margin of 41.5 % and an EBIT margin of 36.6 %. The free cash flow margin was 26.2 %. Against the previous year the gross margin moved +2.3 pp and the net margin +9.3 pp. Across the period the gross margin ranges between 23.6 % in 2015 and 68.1 % in 2021. The series covers 19 fiscal years, from 2007 to 2025. Margins are expressed as a percentage of net revenue and are derived from the same figures as the income statement, taken from as-reported SEC EDGAR filings, with no restatements or adjustments of our own.
Fiscal year end: December
| 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross margin (%) | 25.52 % | 25.73 % | 25.79 % | 25.84 % | 26.75 % | 27.14 % | 26.00 % | 24.13 % | 23.58 % | 64.81 % | 63.71 % | 63.69 % | 64.73 % | 66.65 % | 68.06 % | 64.10 % | 63.35 % | 64.81 % | 67.12 % |
| EBITDA margin (%) | 17.45 % | 17.43 % | 17.55 % | 17.92 % | 18.78 % | 19.07 % | 17.99 % | 15.72 % | 15.39 % | 43.64 % | 43.33 % | 41.74 % | 38.57 % | 44.08 % | 44.49 % | 41.95 % | 36.83 % | 40.10 % | 41.55 % |
| EBIT margin (%) | 16.10 % | 16.10 % | 16.17 % | 16.54 % | 17.48 % | 17.91 % | 16.89 % | 14.61 % | 14.37 % | 40.86 % | 40.28 % | 38.40 % | 35.33 % | 40.66 % | 41.32 % | 38.56 % | 32.85 % | 35.38 % | 36.64 % |
| Net margin (%) | 10.93 % | 10.83 % | 10.22 % | 10.72 % | 11.25 % | 11.37 % | 10.72 % | 9.35 % | 9.30 % | 26.11 % | 20.99 % | 26.70 % | 24.11 % | 28.08 % | 29.00 % | 28.49 % | 22.21 % | 18.63 % | 27.92 % |
| FCF margin (%) | 8.11 % | 10.74 % | 11.55 % | 12.88 % | 12.62 % | 10.81 % | 11.16 % | 8.22 % | 9.34 % | 25.88 % | 25.62 % | 27.15 % | 30.99 % | 32.10 % | 35.72 % | 30.62 % | 22.41 % | 28.44 % | 26.23 % |
