Philip Morris International (PM) Invested Capital (2009 - 2026)
Philip Morris International (PM) reported Invested Capital of $40.53 billion for Q2 2026, down 2.2% from $41.45 billion a year earlier and down 9.2% from the prior quarter.
Powered by 
Analysis
Philip Morris International (PM) Invested Capital (2009 - 2026) Analysis & Trends
For FY2025, Philip Morris International posted Invested Capital of $38.84 billion, up 8.4% from FY2024.
- Invested Capital has a five-year compound annual growth rate of 13.2% (FY2020 to FY2025).
- By year, Invested Capital came in at $35.83 billion in FY2024 (-6.9%), $38.46 billion in FY2023 (+4.5%), $36.81 billion in FY2022 (+87.8%) and $19.6 billion in FY2021 (-6.3%).
- Five-year quarterly Invested Capital spans a low of $19.6 billion in Q4 2021 and a high of $44.65 billion in Q1 2026.
- Year over year, Invested Capital gained in four of the last eight quarters, with growth averaging 0.6%.
- The high point for year-over-year Invested Capital in five years was Q3 2023 (growth of 101.9%); the low point was Q4 2024 (a decline of 6.9%).
- Per Business Quant data, the three quarters before Q2 2026 came in at $44.65 billion (Q1 2026), $38.84 billion (Q4 2025) and $39.17 billion (Q3 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Invested Cap. (Qtr) |
|---|---|---|---|---|---|
| 1 | Philip Morris International | 297.66 Bn | 279.23 Bn | 7.66 Bn | 40.53 Bn |
| 2 | British American Tobacco p.l.c | 125.80 Bn | 104.94 Bn | - | 154.98 Bn |
| 3 | Altria | 112.42 Bn | 98.63 Bn | 3.82 Bn | 21.91 Bn |
| 4 | Curaleaf Holdings | 2.73 Bn | 2.33 Bn | 169.91 Mn | 1.48 Bn |
| 5 | RLX Technology | 2.65 Bn | -916.64 Mn | 52.74 Mn | 2.32 Bn |
| 6 | Trulieve Cannabis | 2.10 Bn | 712.57 Mn | 162.29 Mn | 859.48 Mn |
| 7 | Green Thumb Industries | 1.33 Bn | 184.54 Mn | 137.87 Mn | 2.14 Bn |
| 8 | Cronos | 1.22 Bn | -2.00 Bn | 28.45 Mn | - |
| 9 | Turning Point Brands | 1.18 Bn | 308.67 Mn | 93.70 Mn | 748.17 Mn |
| 10 | Verano Holdings | 808.33 Mn | 481.94 Mn | 99.70 Mn | 1.07 Bn |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | 40.53 Bn |
| Mar 31, 2026 | 44.65 Bn |
| Dec 31, 2025 | 38.84 Bn |
| Sep 30, 2025 | 39.17 Bn |
| Jun 30, 2025 | 41.45 Bn |
| Mar 31, 2025 | 40.65 Bn |
| Dec 31, 2024 | 35.83 Bn |
| Sep 30, 2024 | 41.51 Bn |
| Jun 30, 2024 | 41.20 Bn |
| Mar 31, 2024 | 41.82 Bn |
| Dec 31, 2023 | 38.46 Bn |
| Sep 30, 2023 | 40.01 Bn |
| Jun 30, 2023 | 39.93 Bn |
| Mar 31, 2023 | 40.07 Bn |
| Dec 31, 2022 | 36.81 Bn |
| Sep 30, 2022 | 19.82 Bn |
| Jun 30, 2022 | 20.79 Bn |
| Mar 31, 2022 | 21.15 Bn |
| Dec 31, 2021 | 19.60 Bn |
| Sep 30, 2021 | 20.47 Bn |
API Access
Philip Morris International Invested Capital API
Pull this series into your own models, spreadsheets and apps with the Business Quant
Historical Metrics API. The request below matches the chart above — change the
frequency, period or values and it follows. Swap YOUR_API_KEY for your own key.
https://data.businessquant.com/historic?slug=invested-capital&ticker=PM&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "invested-capital", "ticker": "PM", "period": "max", "api_key": "YOUR_API_KEY"}
data = requests.get(url, params=params).json()const res = await fetch("https://data.businessquant.com/historic?slug=invested-capital&ticker=PM&period=max&api_key=YOUR_API_KEY");
const data = await res.json();