Philip Morris International (PM) Work In Process (2009 - 2026)
Philip Morris International (PM) recorded Work In Process of $2.64 billion in Q2 2026, up 20.2% from $2.2 billion a year earlier and up 2.9% from the prior quarter.
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Analysis
Philip Morris International (PM) Work In Process (2009 - 2026) Analysis & Trends
At the end of FY2025, Philip Morris International reported Work In Process of $2.43 billion, up 16.6% from FY2024.
- Annual Work In Process has increased for four straight years, with a five-year compound annual growth rate of 3.3% (FY2020 to FY2025).
- Across earlier years, Work In Process came in at $2.08 billion in FY2024 (+7.1%), $1.94 billion in FY2023 (+16.0%), $1.67 billion in FY2022 (+1.9%) and $1.64 billion in FY2021 (-20.4%).
- The Q2 2026 figure is the highest quarterly Work In Process since Q1 2018.
- On a year-over-year basis, Work In Process has increased for eight consecutive quarters, with growth averaging 13.0% over the last eight quarters.
- Peak year-over-year performance for Work In Process in the last five years was growth of 36.9% in Q3 2023, against a decline of 20.4% in Q4 2021 at the low end.
- Per Business Quant, the preceding three quarters came in at $2.57 billion (Q1 2026), $2.43 billion (Q4 2025) and $2.3 billion (Q3 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) |
|---|---|---|---|---|
| 1 | Philip Morris International | 297.66 Bn | 279.23 Bn | 7.66 Bn |
| 2 | British American Tobacco p.l.c | 125.80 Bn | 104.94 Bn | - |
| 3 | Altria | 112.42 Bn | 98.63 Bn | 3.82 Bn |
| 4 | Curaleaf Holdings | 2.73 Bn | 2.33 Bn | 169.91 Mn |
| 5 | RLX Technology | 2.65 Bn | -916.64 Mn | 52.74 Mn |
| 6 | Trulieve Cannabis | 2.10 Bn | 712.57 Mn | 162.29 Mn |
| 7 | Green Thumb Industries | 1.33 Bn | 184.54 Mn | 137.87 Mn |
| 8 | Cronos | 1.22 Bn | -2.00 Bn | 28.45 Mn |
| 9 | Turning Point Brands | 1.18 Bn | 308.67 Mn | 93.70 Mn |
| 10 | Verano Holdings | 808.33 Mn | 481.94 Mn | 99.70 Mn |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | 2.64 Bn |
| Mar 31, 2026 | 2.57 Bn |
| Dec 31, 2025 | 2.43 Bn |
| Sep 30, 2025 | 2.30 Bn |
| Jun 30, 2025 | 2.20 Bn |
| Mar 31, 2025 | 2.17 Bn |
| Dec 31, 2024 | 2.08 Bn |
| Sep 30, 2024 | 1.98 Bn |
| Jun 30, 2024 | 1.92 Bn |
| Mar 31, 2024 | 1.96 Bn |
| Dec 31, 2023 | 1.94 Bn |
| Sep 30, 2023 | 1.97 Bn |
| Jun 30, 2023 | 2.01 Bn |
| Mar 31, 2023 | 1.85 Bn |
| Dec 31, 2022 | 1.67 Bn |
| Sep 30, 2022 | 1.44 Bn |
| Jun 30, 2022 | 1.65 Bn |
| Mar 31, 2022 | 1.69 Bn |
| Dec 31, 2021 | 1.64 Bn |
| Sep 30, 2021 | 1.71 Bn |
API Access
Philip Morris International Work In Process 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=work-in-process&ticker=PM&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "work-in-process", "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=work-in-process&ticker=PM&period=max&api_key=YOUR_API_KEY");
const data = await res.json();