Philip Morris Q2 adjusted EPS up 15% to $2.20; smoke-free products hit 42% of revenue

Filed July 22, 2026 · Period ending July 22, 2026 · ~2 min read

Key Changes

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  Adjusted diluted EPS rose 15.2% to $2.20 (13.6% ex-currency); reported EPS fell 7.7% to $1.80 due to $511M non-cash impairment on RBH equity investment after updated projections showed lower fair value.

  Item 2.02 — Results of Operations and Financial Condition verify on EDGAR →
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  FDA granted Modified Risk Tobacco Product authorization to 20 ZYN nicotine pouch variants on June 30—the first and only such authorization for a nicotine pouch product.

  Item 2.02 — Results of Operations and Financial Condition verify on EDGAR →
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  Smoke-free products now 42% of total net revenues (up 0.5pp YoY), available in 109 markets; smoke-free revenue grew 11.7% to $4.6B with 8.0% volume growth, though IQOS faces transient headwinds in Japan and Poland.

  Item 2.02 — Results of Operations and Financial Condition verify on EDGAR →