Coverage summary
Aardvark Labs Capital Research has covered Philip Morris International (PM) since July 23, 2025. The company is in the Consumer Defensive sector. This page lists 5 reports: 5 earnings recaps.
The latest is the Q2 2026 Earnings Recap, published July 24, 2026. That report moved the rating from Outperform to Hold. The rating has changed 4 times since coverage began.
Translations: 5 in Chinese.
The Excel model for PM holds 22 quarters and 5 fiscal years of history and 10 quarters and 5 fiscal years of projections. It was last updated September 28, 2026.
Rating history
All PM reports
Recap: Q2 2026
A Big Beat, ZYN Ultra Lands, and the Round-Trip Back to All-Time Highs: Downgrading to Hold at ~23x
Recap: Q1 2026
IQOS Passes Marlboro, the Smoke-Free Engine Accelerates, and the Stock Has Come Back to Us — Upgrading to Outperform on a ~20% Pullback
Recap: Q4 2025
The Round-Trip Back to the Highs: A Near-Flawless FY2025 Meets a Below-Algorithm 2026 Guide and a Full Valuation — Downgrading to Hold, Taking the Gain
Recap: Q3 2025
The De-Rating Plus the Proof We Wanted: ZYN Offtake Accelerates to +39%, Margins Hit a Four-Year High, Dividend Raised 8.9% — Upgrading to Outperform
Recap: Q2 2025
A Best-in-Class Beat-and-Raise the Market Sold: Record Revenue and Reaccelerating IQOS/ZYN Meet a Priced-for-Perfection Tape — Initiating at Hold