For the year ending 2025-12-31, PM had $638M increase in cash & cash equivalents over the period. $10,664M in free cash flow.
| Cash Flow | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 |
|---|---|---|---|---|
| Net earnings | 11,848 | 7,503 | 8,268 | 9,527 |
| Depreciation and amortization expense | 1,996 | 1,787 | 1,398 | - |
| Impairment of goodwill and other intangibles (note 4) | 41 | 27 | 680 | - |
| Losses on sales of businesses (including held-for-sale) (note 3) | -94 | -206 | - | - |
| Depreciation, amortization and impairment of intangibles | - | - | - | 1,189 |
| Impairment related to the rbh equity investment (note 5) | 0 | 2,316 | - | - |
| Deferred income tax (benefit) provision | -847 | -123 | -330 | -234 |
| Restructuring charges, net of cash paid (note 18) | 206 | 122 | 30 | -93 |
| Receivables, net | 448 | 738 | -314 | 871 |
| Inventories | 1,201 | -552 | 862 | 1,287 |
| Accounts payable | 258 | 297 | -288 | 719 |
| Accrued liabilities and other current assets | 151 | -628 | 232 | -1,862 |
| Income taxes | -266 | -62 | -232 | -261 |
| Pension plan contributions (note 12) | -139 | -110 | -21 | 3 |
| Other | -842 | 188 | -479 | -249 |
| Net cash provided by (used in) operating activities | 12,233 | 12,217 | 9,204 | 10,803 |
| Capital expenditures | 1,569 | 1,444 | 1,321 | 1,077 |
| Acquisitions, net of acquired cash (note 3)-Swedish Match AB | - | 0 | 0 | - |
| Acquisitions, net of acquired cash (note 3)-Series Of Individually Immaterial Business Acquisitions | - | - | 0 | - |
| Other acquisitions, net of acquired cash (note 3) | 0 | 43 | - | - |
| Altria group, inc. agreement (note 3) | 0 | 0 | 1,775 | - |
| Proceeds from sales of businesses, net of cash disposed (note 3) | 30 | 136 | - | - |
| Payments to acquire businesses | - | - | - | 13,976 |
| Purchases of debt securities | 202 | - | - | - |
| Altria group, inc. agreement (note 3) | - | - | - | 1,002 |
| Sales and maturities of debt securities | 116 | - | - | - |
| Equity investments | 63 | 124 | 111 | 20 |
| Net investment hedges and other derivatives (note 16) | - | - | 660 | -284 |
| Collateral posted/settlements for derivatives, (paid)/returned (note 14) | -2,274 | 351 | - | - |
| Other | 5 | 54 | -269 | -112 |
| Net cash provided by (used in) investing activities | -3,967 | -1,092 | -3,598 | -15,679 |
| Net issuances (repayments) - maturities of 90 days or less | 19 | -1,461 | 530 | 876 |
| Issuances - maturities longer than 90 days | 170 | 100 | 1,366 | 934 |
| Repayments - maturities longer than 90 days | 170 | 433 | 1,172 | 795 |
| Borrowings under credit facilities related to swedish match ab acquisition | - | 0 | 0 | 13,920 |
| Repayments under credit facilities related to swedish match ab acquisition | 0 | 3,168 | 4,430 | 4,000 |
| Long-term debt proceeds | 7,055 | 8,142 | 9,959 | 5,965 |
| Long-term debt repaid | 5,368 | 4,803 | 2,551 | 2,724 |
| Repurchases of common stock | - | 0 | 0 | 209 |
| Dividends paid | 8,624 | 8,197 | 7,964 | 7,812 |
| Collateral received/settlements for derivatives, received/(returned) | -693 | 828 | - | - |
| Payments to acquire swedish match ab noncontrolling interests | 0 | 0 | 883 | 1,495 |
| Noncontrolling interests activity and other | -521 | -489 | -437 | -854 |
| Net cash provided by (used in) financing activities | -8,132 | -9,481 | -5,582 | 3,806 |
| Effect of exchange rate changes on cash, cash equivalents and restricted cash | 504 | -536 | -95 | -213 |
| Increase (decrease) | 638 | 1,108 | -71 | -1,283 |
| Cash and cash equivalents at beginning of period | 4,254 | 3,146 | 3,217 | 4,500 |
| Cash and cash equivalents at end of period | 4,892 | 4,254 | 3,146 | 3,217 |
Philip Morris International Inc. (PM)
Philip Morris International Inc. (PM)