Philip Morris International Inc. Earnings Per Share Disclosure
| For the Years Ended December 31, | |||||||||||||||||
(in millions) | 2025 | 2024 | 2023 | ||||||||||||||
| Net earnings attributable to PMI | $ | 11,348 | $ | 7,057 | $ | 7,813 | |||||||||||
Less distributed and undistributed earnings attributable to share-based payment awards (1) | 32 | 23 | 22 | ||||||||||||||
| Net earnings for basic and diluted EPS | $ | 11,316 | $ | 7,034 | $ | 7,791 | |||||||||||
| Weighted-average shares for basic EPS | 1,556 | 1,554 | 1,552 | ||||||||||||||
Plus contingently issuable performance stock units (PSUs) (1) | 2 | 2 | 1 | ||||||||||||||
| Weighted-average shares for diluted EPS | 1,558 | 1,556 | 1,553 | ||||||||||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 6, 2026 | Showing above |
| 2024 | Feb 6, 2025 | |
| 2023 | Feb 8, 2024 | |
| 2022 | Feb 10, 2023 | |
| 2021 | Feb 11, 2022 | |
| 2020 | Feb 9, 2021 | |
| 2019 | Feb 7, 2020 | |
| 2018 | Feb 7, 2019 | |
| 2017 | Feb 13, 2018 | |
| 2016 | Feb 14, 2017 | |
| 2015 | Feb 17, 2016 | |
About Earnings Per Share Disclosures
The earnings per share disclosure breaks down the calculation from net income to both basic and diluted EPS, revealing the full impact of a company's capital structure on per-share economics. The reconciliation between basic and diluted share counts exposes how many stock options, RSUs, convertible securities, and warrants are potentially dilutive to existing shareholders.
Key signals: a widening gap between basic and diluted shares indicates growing dilution from equity compensation or convertible instruments. Anti-dilutive securities excluded from the diluted calculation deserve attention — they represent latent dilution that will materialize if the stock price rises. Watch for the effect of share buybacks on per-share metrics: EPS growth driven primarily by repurchases rather than income growth signals weakening fundamentals. Compare year-over-year changes in the diluted share count against equity compensation expense to assess whether management is effectively managing dilution.