PMI Highlights ‘Robust Start to 2026’

Philip Morris International Inc. (PMI) held its 2026 Annual Meeting of Shareholders this week, where Jacek Olczak, Group CEO PMI, noted PMI's:

• "Remarkable performance in 2025 and robust start to 2026;"

• Annual net revenues surpassing $40 billion in 2025, including close to $17 billion from its smoke-free business;

• "Continuation of best-in-class growth targeted for 2026-2028."

"Our leading global position in smoke-free products enabled us to deliver our fifth consecutive year of volume growth in 2025, with excellent revenue performance and significant margin expansion," said Olczak. "Despite a complex operating environment—shaped by economic uncertainty, geopolitical tensions and evolving regulations, we continue to make significant progress towards our vision of a smoke-free future. Our strong first-quarter performance gives us further confidence in delivering continued best-in-class growth."

PMI said in its recent financial report that PMI said its smoke-free business accounted for 43% of total net revenues in Q1 2026, with PMI smoke-free products now available in 108 markets.

Last month, the U.S. Food and Drug Administration (FDA) authorized the renewal of modified risk tobacco product (MRTP) orders previously granted to PMI for two versions of the IQOS device and three variants of the tobacco consumables commercialized under the HEETS brand.

According to PMI, heated tobacco products, such as IQOS, heat tobacco without burning it, "significantly reducing the formation of the harmful chemicals created by combustion while delivering real tobacco taste and nicotine satisfaction." The renewed authorization covers the following products:

• IQOS 2.4 System Holder and Charger

• IQOS 3.0 System Holder and Charger

• HEETS: Amber, Green Menthol, Blue Menthol