PM Philip Morris International margins

Relative Growth: Rel. Growth: 75

Relative Strength: Rel. Strength: 65

Relative Valuation: Rel. Valuation: 42

Relative Profitability: Rel. Profitability: 67

Gross margin

67.5%

Operating margin

37.7%

EBITDA margin

39.7%

Net margin

25.6%

Based on the latest figures, Philip Morris International reports a gross margin of 67.5%, an operating margin of 37.7%, an EBITDA margin of 39.7%, and a net margin of 25.6%. Net margin had the largest improvement, expanding by 4.5 percentage points, while the other available margins also increased.

PM margin history

Gross, operating, EBITDA and net margin trends

Over the last 3 years, Philip Morris International recorded average margins of 65.33% gross, 35.47% operating, 37.81% EBITDA, and 23.31% net. The current gross, operating, EBITDA, and net margins are all above their three-year averages.

PM margin expansion

Year-over-year margin changes in percentage points

Year over year, gross, operating, EBITDA, and net margins all increased, with net margin showing the largest gain at 4.5 percentage points.

Gross margin expansion

1pp

Operating margin expansion

1.4pp

EBITDA margin expansion

3.5pp

Net margin expansion

4.5pp

PM Gross margin

The average gross margin for Philip Morris International was 65.33% over the last 3 years. Philip Morris International currently reports a gross margin of 67.5%, 2.2 percentage points above its three-year average. The gross margin for Philip Morris International moved between 63.1% in Sep 2023 and 67.5% in Jun 2026.

PM Operating margin

Across the last 3 years, Philip Morris International's operating margin stood at 35.47%. The current operating margin stands at 37.7%, 2.2 percentage points above its three-year average. Operating margin was highest at 37.7% in Jun 2026 and lowest at 32.9% in Dec 2023.

PM EBITDA margin

Over the last 3 years, the average EBITDA margin for Philip Morris International was 37.81%. The latest EBITDA margin for Philip Morris International is 39.7%, 1.9 percentage points above its three-year average. Philip Morris International's EBITDA margin ranged from a low of 34.3% in Dec 2024 to a high of 41.9% in Dec 2025.

PM Net margin

Across the last 3 years, Philip Morris International had an average net margin of 23.31%. Against its three-year average, Philip Morris International's net margin is currently 25.6%, 2.3 percentage points above its three-year average. Looking back over the last 3 years, Philip Morris International's net margin reached 27.9% at its highest point in Dec 2025 and 18.6% at its lowest in Dec 2024.

PM margin group comparison

Margins compared with peer-group, industry and sector averages

Philip Morris International's gross margin of 67.5% is above the Consumer Defensive sector and the industry average. In comparison with its Consumer Defensive sector average of 36.6%, Philip Morris International's gross margin is 84% higher.

PM margin peer comparison

Compare margins with selected peers

Frequently asked questions

What is Philip Morris International's gross margin?

The current gross margin for PM is 67.5% as of Jun 30, 2026.

What is Philip Morris International's operating margin?

The current operating margin for PM is 37.7% as of Jun 30, 2026.

What is Philip Morris International's EBITDA margin?

For the period ending Jun 30, 2026, PM recorded an EBITDA margin of 39.7%.

What is Philip Morris International's net margin?

As of Jun 30, 2026, PM has a net margin of 25.6%.

What are the average margins of PM?

The three-year average margins for PM were 65.3% gross, 35.5% operating, 37.8% EBITDA, and 23.3% net.

What are the highest historical margins of PM?

Across the 5-year period, PM posted its highest margins at 68.1% gross in Dec 2021, 42.1% operating in Sep 2021, 43.3% EBITDA in Sep 2021, and 29.2% net in Sep 2021.

What are the lowest historical margins of PM?

Within the 5-year period, PM recorded its lowest margins at 62.6% gross in Jun 2023, 32.9% operating in Dec 2023, 34.3% EBITDA in Dec 2024, and 18.6% net in Dec 2024.