Philip Morris International Inc. FY 2025 10-K, explained in plain English

Key financials — as reported

Total revenue	$40.6B
Gross margin	67.1%
Operating income	$14.9B
Net income	$11.3B
Diluted EPS	$7.26
Cash & equivalents	$4.9B
Total assets	$69.2B
Long-term debt	$45.1B

Key takeaway

PMI reported $40.6B in revenue and $11.3B net income for 2025, supported by continued growth in reduced-risk products like IQOS and ZYN.

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Beneath the surface

PMI's $4.87B cash position is dwarfed by $49.0B in total carrying debt, implying a net debt position of roughly $44B despite headline metrics suggesting strong margins.

🔒 4 more insights a headline reader would miss