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The themes Philip Morris International is part of, the highest-graded companies in its industry, and the companies in its sector whose grade rose recently.
Highest-graded in Tobacco
Graded A or B and worth $2B or more: A first, then the largest.
All 10 graded companies in its industry
Grade rose recently in Consumer Staples
Rose to A or B on a filing in the last 90 days, worth $2B or more: largest first.
BUDAnheuser-Busch InBev SAJul 30, 2026BAGraded B, now A
MDLZMondelez International, Inc.Oct 29, 2026CAGraded C, now A
HSYHershey Co.Oct 29, 2026BAGraded B, now A
SYYSysco CorporationNov 4, 2026BAGraded B, now A
ELFe.l.f. Beauty, Inc.Nov 4, 2026BAGraded B, now A
How it makes money
- International Combustibles57%
- International Smoke-Free36%
- U.S.7%
Shares of revenue are estimates for six months ended June 30, 2026, not figures from a filing.
Competes with
- MOAltria Group, Inc.C
- Size
- $130.8B
- Margin
- 34.5%
- BTIBritish American Tobacco p.l.c.F
- Size
- $143.1B
- Margin
- 25.2%
- JAPAYJapan Tobacco Inc.
- IMBBYImperial Brands plc
What it sells5
Cigarettes
Combustible tobacco products sold under international brands such as Marlboro, Parliament, Chesterfield, L&M, and Philip Morris, as well as local brands.
IQOS heated tobacco products
A device heats a tobacco or other specially designed consumable to create an aerosol rather than burning it. Consumable brands include TEREA, HEETS, DELIA, and LEVIA.
ZYN and other oral nicotine products
Nicotine pouches are placed in the mouth; the company also sells traditional oral tobacco products such as General snus.
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VEEV e-vapor products
Electronic devices heat liquid to make an inhalable aerosol; VEEV includes closed-pod products.
Aspeya wellness products
The wellness business develops and sells primarily oral consumer products, including medical and non-recreational cannabinoid products where permitted.
Who buys it5
- Distributors that supply retailers; the company also sells directly to retailers in some markets.
- Wholesalers that buy products and supply local shops and other retailers.
- Retailers and trade partners reached through the company's e-commerce and distribution systems.
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- Adult consumers who buy products through shops, e-commerce, or the company's branded retail stores.
- In 2025, two individual regional distributors each accounted for at least 10% of consolidated net revenue (high confidence).
What it stands on, and what could break it
What the business leans on
- 1Sales of tobacco and nicotine products depend on country-by-country laws governing product approval, taxation, marketing, packaging, flavors, and consumer access.
- 2The company depends on tobacco leaf and other agricultural inputs, including cloves for its Indonesian business, and buys materials from suppliers around the world.
- 3Heated tobacco and e-vapor products depend on electronic devices and components made by external electronics manufacturers and their suppliers.
- 4Products reach many markets through distributors and wholesalers; losing a distributor can temporarily disrupt sales in a market.
- 5Smoke-free sales depend on adult consumers choosing products such as IQOS, ZYN, and VEEV and continuing to use them.
What could go wrong
- 1Regulators could prohibit or restrict smoke-free products, limit how the company communicates about them, or change product rules and taxes; this could impede sales of products such as IQOS, ZYN, and VEEV.
- 2Cigarette consumption is declining in many markets, while cigarette taxes and other tobacco-control measures may reduce demand or raise costs for the company's combustible business.
- 3The U.S. business depends on an evolving legal and regulatory framework, including product authorizations; changes or delays could affect the sale and marketing of products such as ZYN and IQOS.
About Philip Morris International Inc.
Philip Morris International sells cigarettes in about 170 markets and smoke-free products in 109 markets as of June 30, 2026. Its smoke-free products include heated tobacco products such as IQOS, oral nicotine products such as ZYN, and e-vapor products such as VEEV. It sells through distributors, wholesalers, retailers, e-commerce, and its own branded stores. The company also has a wellness business focused mainly on oral consumer products.
- Head office
- Stamford, Connecticut, United States
- Founded
- 1987 (incorporated)
- Employees
- 84,900 (December 31, 2025, high)
- Listed on
- New York Stock Exchange
- Financial year ends
- December 31
Built from Philip Morris International Inc.’s own filings with the U.S. Securities and Exchange Commission (SEC). Figures are as reported, with per-share history restated onto today’s share basis. This describes a business — it is not investment advice and not a recommendation to buy or sell anything.
