Philip Morris Raises 2026 EPS Forecast on Currency Tailwinds
Event summary
- Philip Morris International (PMI) raised its 2026 full-year diluted EPS forecast to $7.28–$7.43, citing favorable currency impacts.
- Excluding adjustments, the adjusted diluted EPS forecast ranges from $8.35 to $8.50, representing a 10.7% to 12.7% increase over 2025.
- PMI's Group CEO Jacek Olczak addressed investors at the 2026 Barclays Global Consumer Conference on September 8, 2026.
- The company's smoke-free products accounted for approximately 42% of its second-quarter 2026 total net revenues.
The big picture
PMI's raised EPS forecast underscores the growing importance of currency impacts on its financial performance. The company's strategic shift towards smoke-free products continues to gain traction, with these products now contributing significantly to its revenue. The broader industry is watching how PMI balances its traditional tobacco business with its expanding smoke-free portfolio, particularly in the face of evolving regulatory landscapes and consumer preferences.
What we're watching
- Currency Volatility
- How sustained currency tailwinds will affect PMI's financial performance and strategic decisions.
- Smoke-Free Transition
- Whether PMI can maintain its momentum in transitioning consumers to smoke-free products.
- Regulatory Dynamics
- The pace at which regulatory approvals for smoke-free products will expand or contract in key markets.
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