Philip Morris International (PM) Operating Margin (2009 - 2026)
Philip Morris International's Operating Margin came in at 42.54% for Q3 2026, up 3.23 percentage points from 39.31% a year earlier and up 2.07 percentage points from the prior quarter.
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Analysis
Philip Morris International (PM) Operating Margin (2009 - 2026) Analysis & Trends
Over the trailing twelve months to Sep 30, 2026, Philip Morris International reported Operating Margin of 38.62%, up 1.67 percentage points year-over-year; for FY2025, it was 36.64%, up 1.25 percentage points from FY2024.
- Operating Margin carries a five-year change of +21.29 percentage points (FY2020 to FY2025).
- Going back by year, Operating Margin was 35.38% in FY2024 (+2.53 pp), 32.85% in FY2023 (-5.70 pp), 38.56% in FY2022 (-2.76 pp) and 41.32% in FY2021 (+25.97 pp).
- The Q3 2026 figure represents the highest quarterly Operating Margin in data going back to Q1 2009.
- Year-over-year, Operating Margin has increased for three consecutive quarters, with an average year-over-year change of +1.77 percentage points over the last eight quarters.
- The fastest year-over-year change in Operating Margin over five years came in Q2 2022 (a gain of 23.70 percentage points), and the weakest in Q2 2023 (a drop of 10.40 percentage points).
- Business Quant data shows PM's Operating Margin at 40.48% (Q2 2026), 38.37% (Q1 2026) and 32.55% (Q4 2025) in the three quarters before Q3 2026.
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Operating Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Philip Morris International | 310.09 Bn | 289.08 Bn | 7.85 Bn | 42.54% |
| 2 | British American Tobacco p.l.c | 143.09 Bn | 119.75 Bn | - | - |
| 3 | Altria | 130.85 Bn | 117.83 Bn | 3.94 Bn | 54.03% |
| 4 | RLX Technology | 2.40 Bn | -1.35 Bn | 52.74 Mn | 12.90% |
| 5 | Curaleaf Holdings | 2.08 Bn | 1.70 Bn | 170.48 Mn | 0.83% |
| 6 | Trulieve Cannabis | 1.86 Bn | 595.66 Mn | 148.02 Mn | 18.46% |
| 7 | Verano Holdings | 1.83 Bn | 1.48 Bn | 100.04 Mn | 5.61% |
| 8 | Green Thumb Industries | 1.49 Bn | 262.73 Mn | 146.79 Mn | 7.73% |
| 9 | Cronos | 1.24 Bn | -1.90 Bn | 32.28 Mn | 10.76% |
| 10 | Turning Point Brands | 1.10 Bn | 187.99 Mn | 85.18 Mn | 6.53% |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Sep 30, 2026 | 42.54% |
| Jun 30, 2026 | 40.48% |
| Mar 31, 2026 | 38.37% |
| Dec 31, 2025 | 32.55% |
| Sep 30, 2025 | 39.31% |
| Jun 30, 2025 | 36.61% |
| Mar 31, 2025 | 38.10% |
| Dec 31, 2024 | 33.58% |
| Sep 30, 2024 | 36.87% |
| Jun 30, 2024 | 36.38% |
| Mar 31, 2024 | 34.63% |
| Dec 31, 2023 | 31.93% |
| Sep 30, 2023 | 36.87% |
| Jun 30, 2023 | 28.62% |
| Mar 31, 2023 | 34.06% |
| Dec 31, 2022 | 35.87% |
| Sep 30, 2022 | 36.95% |
| Jun 30, 2022 | 39.02% |
| Mar 31, 2022 | 17.05% |
| Sep 30, 2021 | 15.98% |
API Access
Philip Morris International Operating Margin 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=operating-margin&ticker=PM&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "operating-margin", "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=operating-margin&ticker=PM&period=max&api_key=YOUR_API_KEY");
const data = await res.json();