Philip Morris (PM) Q2 2026: EPS Beats by 7%, Guidance Raised
As seen on the 24/7 Wall St. homepage on July 22, 2026.
Philip Morris raised full-year profit guidance after crushing Q2 estimates, with smoke-free revenue surging 14.2% on IQOS momentum and FDA approval for 20 ZYN nicotine pouch variants fueling a fifth straight quarter of EPS beats.
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Philip Morris International posted Q2 2026 earnings per share of $2.20, topping the $2.05 consensus estimate by roughly 7.4%. Revenue came in at $11.19 billion, about 5.2% ahead of the $10.64 billion analysts had expected. The quarter marks a fifth consecutive period in which the company has beaten EPS estimates, a streak that stretches back to at least Q3 2024.
The headline driver was the smoke-free segment, where revenue grew 14.2%, powered by continued momentum behind the IQOS heated tobacco platform. ZYN nicotine pouches also got a meaningful regulatory tailwind, with the FDA granting marketing authorization for 20 ZYN variants during the period. Together, those two product lines appear to be reshaping the revenue mix away from traditional cigarettes and toward higher-growth categories.
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Management responded to the strong quarter by raising full-year profit guidance, a signal of confidence heading into the second half of 2026. Investors will want to watch whether IQOS volume growth and ZYN's expanding authorized product lineup can sustain the double-digit smoke-free revenue trajectory, and whether the raised guidance proves conservative or precisely calibrated given PM's recent track record.
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