Philip Morris (PM) at a record high: smoke-free growth, one-time write-downs, and who is buying

Philip Morris International closed at $201.19 on October 9, 2026 — its highest close since it began trading as a separate company in 2008. The stock was up 28.3% over twelve months (the S&P 500 rose 16.0%), 25.4% in 2026 and 39.4% from its twelve-month low of $144.33 on October 31, 2025. At that price the company was worth $313.6 billion.

Revenue: a record quarter

In the second quarter of 2026, net revenue grew 10.4% to $11.2 billion — the first quarter above $11 billion — with smoke-free products up 11.7% and cigarettes up 9.5%. Smoke-free products were about 42% of revenue. Since January 2026 the company has been organized in two business units, International and U.S.

Revenue here excludes the excise taxes on cigarettes. In its XBRL financial data, Philip Morris reported revenue including those taxes in its filings through 2017 and without them from its 2018 annual report on, so a long-term chart that mixes the two shows a false collapse in 2018.

Earnings: reported down, adjusted up

Three one-time charges make the reported numbers swing. In 2024 the company wrote down its stake in RBH, its former Canadian subsidiary, by $2.3 billion; net income fell 9.7% and the fourth quarter of 2024 was a loss. That is why 2025 net income rose 60.8%. In 2026 it happened twice more:

Both declines in reported earnings come from non-cash charges the company itemizes in its releases; adjusted earnings rose about 15% in each quarter. For the full year 2026 the company forecasts reported EPS of $7.19 to $7.34 and adjusted EPS of $8.26 to $8.41, which would be growth of 9.5% to 11.5% on the adjusted basis.

The Altria contract

On August 24, 2026, Philip Morris International announced a contract manufacturing arrangement: from 2027, its non-U.S. affiliates will make combustible cigarettes for Philip Morris USA, the operating company of Altria. It is a supply contract, not a combination of the two companies, and PMI says it does not sell cigarettes in the United States.

Dividend: raised every year since 2008

In September 2026 the company raised its quarterly dividend 8.8%, from $1.47 to $1.60 ($6.40 a year), payable October 26. It says it has raised the annual dividend every year since 2008, a total increase of 248%; our sum of each year’s payments matches the dividend declared in each 10-K for all 18 years and shows 16 straight increases counting from 2009, its first full year of trading — the count shown on the stock page. At the record price, the yield on the new rate is 3.18%.

Who held it at the end of June

Nine of the 38 managers held the stock at the end of June, with 7.98 million shares between them, up from 6.24 million in March; a year earlier there were 15 holders, the most in the series. Four added and one opened a position, while the largest holder, Cliff Asness’s AQR, trimmed 13.4%. Steve Cohen’s Point72 is a return rather than a first purchase — it held the stock in several quarters between 2022 and 2025. The values are at June 30 prices; the stock rose 11.2% from then to October 9.

Insiders: taxes, not a signal

No insider bought shares in the twelve months to October 9, 2026. Six executives sold $28.8 million in seven transactions, all on February 19 and 20, 2026, at about $182, right after the annual vesting of share awards on February 18. Of that, $20.7 million was tied to Swiss taxes: chief executive Jacek Olczak sold $14.6 million, “primarily” for his annual Swiss tax obligations according to the Form 4, and chief financial officer Emmanuel Babeau sold $6.1 million for the same reason. The other $8.1 million was sold without a 10b5-1 plan by four executives, led by Frederic de Wilde, chief executive of PMI International ($3.7 million). Babeau handed the finance role to Massimo Andolina, previously president of the Europe region, on August 1, 2026.

Daily prices, dividends and every filing are on the Philip Morris page. Not investment advice.