v3.26.1
Condensed Consolidated Balance Sheets - USD ($)
$ in Millions
Jun. 30, 2026
Dec. 31, 2025
ASSETS    
Cash and cash equivalents $ 5,999 $ 4,872
Trade receivables (less allowances of $64 in 2026 and $23 in 2025) [1] 5,179 4,572
Other receivables (less allowances of $24 in 2026 and $24 in 2025) 1,295 1,238
Inventories:    
Leaf tobacco 2,639 2,425
Other raw materials 2,629 2,223
Finished product 6,168 6,830
Total inventory, net 11,436 11,478
Other current assets 2,097 2,203
Total current assets 26,006 24,363
Property, plant and equipment, at cost 19,556 19,616
Less: accumulated depreciation 11,243 11,219
Total property, plant and equipment, net 8,313 8,397
Goodwill (Note 5) 16,917 17,264
Other intangible assets, net (Note 5) 10,178 10,884
Equity investments (Note 13) 2,130 2,891
Deferred income taxes 1,137 1,247
Other assets (less allowances of $11 in 2026 and $12 in 2025) 3,590 4,139
TOTAL ASSETS 68,271 69,185
LIABILITIES    
Short-term borrowings (Note 11) 3,341 168
Current portion of long-term debt (Note 11) 3,406 3,533
Accounts payable 3,919 4,407
Accrued liabilities:    
Marketing and selling 1,348 1,354
Taxes, except income taxes 6,572 7,555
Employment costs 1,293 1,545
Dividends payable 2,314 2,312
Other 3,273 3,298
Income taxes 1,076 1,255
Total current liabilities 26,542 25,427
Long-term debt (Note 11) 42,366 45,134
Deferred income taxes 2,057 2,065
Employment costs 2,249 2,406
Other liabilities 1,714 2,181
Total liabilities 74,928 77,213
Contingencies (Note 9)
STOCKHOLDERS’ (DEFICIT) EQUITY    
Common stock, no par value (2,109,316,331 shares issued in 2026 and 2025) 0 0
Additional paid-in capital 2,477 2,453
Earnings reinvested in the business 36,055 35,400
Accumulated other comprehensive losses (Note 12) (11,656) (12,296)
Total stockholders' equity before treasury stock 26,876 25,557
Less: cost of repurchased stock (550,713,450 and 552,659,642 shares in 2026 and 2025, respectively) 35,459 35,551
Total PMI stockholders’ deficit (8,583) (9,994)
Noncontrolling interests 1,926 1,966
Total stockholders’ deficit (6,657) (8,028)
TOTAL LIABILITIES AND STOCKHOLDERS’ (DEFICIT) EQUITY $ 68,271 $ 69,185
[1] Includes trade receivables from related parties of $1,043 million and $839 million as of June 30, 2026, and December 31, 2025, respectively. For further details, see Note 13. Related Parties - Equity Investments and Other.