Philip Morris International Lowers Full-Year 2026 Earnings Outlook

Philip Morris International (PM) has revised its financial outlook for the 2026 fiscal year, trimming expectations for both standard and adjusted earnings per share. The update was delivered alongside the company's first-quarter results, signaling a slight recalibration of growth expectations for the remainder of the year. For the second quarter, the company expects adjusted earnings to fall within a range of $2.02 to $2.07 per share. Looking toward the full year, Philip Morris now projects earnings in the range of $7.56 to $7.71 per share, a decrease from the previous forecast of $7.87 to $8.02 per share. Adjusted earnings for fiscal 2026 have also been lowered slightly to a range of $8.36 to $8.51 per share, compared to the prior guidance of $8.38 to $8.53. The company highlighted that a favorable currency impact of $0.27 per share is contributing to these figures. When excluding the currency benefit, the company expects adjusted earnings to grow between 7.5% and 9.5%, targeting a range of $8.11 to $8.26 per share. This underlying growth rate provides a clearer picture of the company's operational performance stripped of foreign exchange volatility. Market reaction to the guidance trim was muted. In pre-market trading following the announcement, PM shares on the NYSE were trading at $152.99, representing a marginal decline of 0.12%.