PM: the balance sheet

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Balance Sheets Overview

Current Ratio
97.64%
Quick Ratio
54.19%
Cash Ratio
20.78%
Debt to Asset Ratio
110.59%
Unit: Million (M) dollars
Assets Breakdown
Property, plant and equipment, a...
Less accumulated depreciation
Finished product
Others
Liabilities Breakdown
Long-term debt (note 11)
Total current liabilities
Total pmi stockholders deficit
Others

Balance Sheets	2026-03-31	2025-12-31	2025-09-30	2025-06-30
Cash and cash equivalents	5,450	4,872	4,037	4,138
Trade receivables (less allowances of 40 in 2026 and 23 in 2025)	5,120	4,572	4,796	4,994
Other receivables (less allowances of 24 in 2026 and 24 in 2025)	1,270	1,238	1,027	895
Leaf tobacco	2,565	2,425	2,300	2,195
Other raw materials	2,473	2,223	2,702	2,815
Finished product	6,354	6,830	5,265	5,718
Total inventory, net	11,392	11,478	10,267	10,728
Other current assets	2,370	2,203	2,538	2,609
Total current assets	25,602	24,363	22,665	23,364
Land and land improvements	NaN	562	NaN	NaN
Buildings and building equipment	NaN	5,050	NaN	NaN
Machinery and equipment	NaN	12,533	NaN	NaN
Construction in progress	NaN	1,471	NaN	NaN
Property, plant and equipment, at cost	19,452	19,616	19,186	18,999
Less accumulated depreciation	11,193	11,219	11,071	10,956
Total property, plant and equipment, net	8,259	8,397	8,115	8,043
Goodwill (note 5)	17,069	17,264	17,181	17,225
Total other intangible assets, gross	NaN	14,011	14,038	NaN
Accumulated amortization	NaN	3,127	2,892	NaN
Other intangible assets, net (note 5)	10,512	10,884	11,146	11,382
Equity investments (note 13)	2,478	2,891	3,133	3,352
Deferred income taxes	1,197	1,247	1,057	1,111
Other assets (less allowances of 12 in 2026 and 12 in 2025)	3,796	4,139	3,764	4,029
Total assets	68,913	69,185	67,061	68,506

Short-term borrowings (note 11)	5,693	168	1,880	2,540
Current portion of long-term debt (note 11)	2,447	3,533	6,339	6,491
Accounts payable	3,927	4,407	3,978	3,870
Marketing and selling	1,298	1,354	1,405	1,169
Taxes, except income taxes	5,105	7,555	5,332	6,361
Employment costs	1,227	1,545	1,402	1,252
Dividends payable	2,313	2,312	2,311	2,123
Other	3,121	3,298	3,237	3,556
Income taxes	1,091	1,255	835	786
Total current liabilities	26,222	25,427	26,719	28,148
Long-term debt (note 11)	43,808	45,134	41,863	42,431
Deferred income taxes	2,013	2,065	1,999	2,152
Employment costs	2,340	2,406	3,222	3,295
Other liabilities	1,830	2,181	2,242	2,492
Total liabilities	76,213	77,213	76,045	78,518
Common stock, no par value (2,109,316,331 shares issued in 2026 and 2025)	0	0	0	0
Additional paid-in capital	2,433	2,453	2,400	2,364
Earnings reinvested in the business	35,538	35,400	35,557	34,376
Accumulated other comprehensive losses (note 12)	-11,788	-12,296	-13,320	-13,153
Total stockholders' equity before treasury stock	26,183	25,557	24,637	23,587
Less cost of repurchased stock (550,785,817 and 552,659,642 shares in 2026 and 2025, respectively)	35,462	35,551	35,551	35,553
Total pmi stockholders deficit	-9,279	-9,994	-10,914	-11,966
Noncontrolling interests	1,979	1,966	1,930	1,954
Total stockholders deficit	-7,300	-8,028	-8,984	-10,012
Total liabilities and stockholders (deficit) equity	68,913	69,185	67,061	68,506

Unit: Million (M) dollars (except for numbers of shares and EPS). Numbers labeled with * are estimated quarterly values.

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Balance Sheets

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Balance Sheets