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This article presents Philip Morris International (PMI)’s revenue breakdown by segment. PMI’s revenue segments consist of five major streams: Europe, SSEA, CIS & MEA, EA, AU & PMI DF, Americas, and Wellness & Healthcare.
The definition of PMI’s revenue segments are available here: PMI’s revenue segments.
PMI’s Swedish Match was one of the company’s reportable segments prior to fiscal year 2024. However, in fiscal year 2024, it was merged into the four existing geographical segments, with previous periods being recast. The Wellness & Healthcare segment remained unchanged.
Let’s take a look.
For other key statistics of Philip Morris International, you may find more resources on these pages:
Revenue Breakdown
Sales Breakdown
Market Share
Profit Margin
Other Statistics
- PMI vs Altria: profit margin comparison, and
- PMI financial health: total debt, payment due, and cash
Please use the table of contents to navigate this page.
Table Of Contents
Definitions And Overview
Results By Segment (New)
A1. Net Revenue By Segment
A2. Percentage Of Net Revenue By Segment
Swedish Match
B1. Revenue From Swedish Match
Revenue Growth By Segment
C1. YoY Revenue Growth By Segment
Results By Segment (Legacy)
D1. Net Revenue By Segment
D2. Percentage Of Net Revenue By Segment
Summary And Reference
S1. Insight
S2. References and Credits
S3. Disclosure
Definitions
To help readers understand the content better, the following terms and glossaries have been provided.
Europe Region: Europe Region is headquartered in Lausanne, Switzerland, and covers all the European Union countries, Switzerland, the United Kingdom, and also Ukraine, Moldova and Southeast Europe.
SSEA, CIS & MEA: South and Southeast Asia, Commonwealth of Independent States, Middle East and Africa Region (“SSEA, CIS & MEA”) is headquartered in Dubai, United Arab Emirates.
It covers South and Southeast Asia, the African continent, the Middle East, Turkey, as well as Israel, Central Asia, Caucasus and Russia.
EA, CIS & PMI DF: East Asia, Australia, and PMI Duty Free Region (“EA, AU & PMI DF”) is headquartered in Hong Kong, and includes the consolidation of PMI’s international duty free business with East Asia & Australia.
Americas: Americas Region is headquartered in Stamford, Connecticut, and covers the United States, Canada and Latin America.
Swedish Match: In 2022, PMI acquired Swedish Match AB, a market leader in oral nicotine delivery with a significant presence in the United States market.
The Swedish Match acquisition is a key milestone in PMI’s transformation into a smoke-free company. Swedish Match has a leading nicotine pouch franchise in the U.S. under the ZYN brand name.
The Swedish Match product portfolio complements PMI’s existing portfolio, permitting the company to combine a leading oral nicotine product with the leading heat-not-burn product.
By joining forces with Swedish Match, PMI expects to accelerate the achievement of its joint smoke-free ambitions, switching more adults who would otherwise continue to smoke cigarettes to better alternatives faster than either company could achieve separately.
Wellness And Healthcare: In the third quarter of 2021, PMI acquired Fertin Pharma A/S, Vectura Group plc. and OtiTopic, Inc.
On March 31, 2022, PMI launched a new Wellness and Healthcare business, Vectura Fertin Pharma, consolidating these entities. The operating results of this business are reported in the Wellness and Healthcare segment.
The business operations of PMI’s Wellness and Healthcare segment are managed and evaluated separately from the geographical segments.
Net Revenue By Segment (New)
philip-morris-international-revenue-by-new-segment
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In January 2023, PMI rearranged its operations in four geographical segments, down from the previous six. The definitions of PMI’s four new geographical segments are available here: Europe Region, SSEA, CIS & MEA, EA, AU & PMI DF, and Americas.
PMI also created two new segments in 2023 to speed its transition into a smoke-free company. The two new segments were Swedish Match and Wellness and Healthcare. The definitions of PMI’s two new segments are available here: Swedish Match and Wellness And Healthcare.
However, in fiscal year 2024, PMI merged the Swedish Match segment into the four geographical segments, with previous periods being recast. The Wellness And Healthcare segment remained unchanged.
Europe has consistently been Philip Morris International’s (PMI) largest revenue-generating market. In fiscal year 2024, the region brought in $15.4 billion, surpassing all other regions. This growth follows revenues of $14.2 billion in 2023 and $13.0 billion in 2022.
The SSEA, CIS & MEA segment holds the position as PMI’s second-largest market. It accounted for $13.3 billion in revenue during fiscal year 2024, showing significant growth from $10.6 billion in 2023 and $10.5 billion in 2022.
Ranking third in revenue contribution, the EA, AU & PMI DF segment generated $6.4 billion in fiscal year 2024, compared to $6.2 billion in 2023 and $5.9 billion in 2022.
The Americas segment remains one of the smallest contributors to PMI’s overall revenue. It reported earnings of $4.5 billion in fiscal year 2024, up from $3.8 billion in 2023 and $2.1 billion in 2022.
Revenue from the Wellness and Healthcare segment is minimal in comparison. This segment recorded $333 million in fiscal year 2024, $306 million in 2023, and $271 million in 2022.
Percentage Of Net Revenue By Segment (New)
philip-morris-international-revenue-by-new-segment-in-percentage
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In January 2023, PMI rearranged its operations in four geographical segments, down from the previous six. The definitions of PMI’s four new geographical segments are available here: Europe Region, SSEA, CIS & MEA, EA, AU & PMI DF, and Americas.
PMI also created two new segments in 2023 to speed its transition into a smoke-free company. The two new segments were Swedish Match and Wellness and Healthcare. The definitions of PMI’s two new segments are available here: Swedish Match and Wellness And Healthcare.
However, in fiscal year 2024, PMI merged the Swedish Match segment into the four geographical segments, with previous periods being recast. The Wellness And Healthcare segment remained unchanged.
Philip Morris International’s (PMI) Europe segment remained the largest revenue contributor in fiscal year 2024, accounting for 40.5% of total revenue. This proportion mirrored its contribution in 2023 but was slightly higher at 40.8% in 2022. Nonetheless, it marked a noticeable decline from 41.9% in 2021.
The SSEA, CIS & MEA segment also made a significant contribution to PMI’s revenue. Its share stood at 29.7% in fiscal year 2024, following 30.2% in 2023 and 33.0% in 2022, reflecting a gradual decrease over time.
As the third-largest revenue source, the EA, AU & PMI DF segment contributed 16.9% to total revenue in 2024, compared to 17.6% in 2023 and 18.7% in 2022. This segment’s share has also declined significantly since 2021 when it accounted for 20.5%.
The Americas region contributed modestly, with revenue shares of 12% in 2024, 10.8% in 2023, and 6.7% in 2022, maintaining its position as one of PMI’s smallest revenue sources.
Lastly, revenue from the Wellness and Healthcare segment has been negligible, consistently contributing less than 1% of total revenue over the past four years.
Revenue From Swedish Match
PMI-swedish-match-revenue
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In January 2023, PMI rearranged its operations in four geographical segments, down from the previous six. The definitions of PMI’s four new geographical segments are available here: Europe Region, SSEA, CIS & MEA, EA, AU & PMI DF, and Americas.
PMI also created two new segments in 2023 to speed its transition into a smoke-free company. The two new segments were Swedish Match and Wellness and Healthcare. The definitions of PMI’s two new segments are available here: Swedish Match and Wellness And Healthcare.
However, in fiscal year 2024, PMI merged the Swedish Match segment into the four geographical segments, with previous periods being recast. The Wellness And Healthcare segment remained unchanged.
As of fiscal year 2024, Philip Morris International ceased reporting separate financial data for Swedish Match, as its operations have been integrated into the four newly defined geographical segments.
The final standalone revenue figure for Swedish Match was reported in fiscal year 2023, amounting to $2.5 billion, which represented 7% of PMI’s total net revenue. This marked a substantial increase compared to the $316 million recorded in fiscal year 2022, which accounted for 1% of total revenue.
YoY Revenue Growth By Segment
PMI-revenue-by-new-segment-yoy-growth-rates
(click image to expand)
In January 2023, PMI rearranged its operations in four geographical segments, down from the previous six. The definitions of PMI’s four new geographical segments are available here: Europe Region, SSEA, CIS & MEA, EA, AU & PMI DF, and Americas.
PMI also created two new segments in 2023 to speed its transition into a smoke-free company. The two new segments were Swedish Match and Wellness and Healthcare. The definitions of PMI’s two new segments are available here: Swedish Match and Wellness And Healthcare.
However, in fiscal year 2024, PMI merged the Swedish Match segment into the four geographical segments, with previous periods being recast. The Wellness And Healthcare segment remained unchanged.
Philip Morris International’s Americas segment has demonstrated exceptional growth, making it one of the fastest-growing regions for the company. In fiscal year 2024, its year-over-year net revenue growth rate reached 19%, following a remarkable increase of 80% in 2023.
The Europe segment maintained steady growth, averaging around 5% annually between fiscal years 2022 and 2024. Similarly, the SSEA, CIS & MEA segment also achieved an average annual growth rate of 5% during the same period.
The EA, AU & PMI DF segment reported stagnant annual growth, averaging 0% from fiscal years 2022 to 2024. However, it experienced slight progress with a growth rate of 3% in 2024.
Among all segments, the Americas stood out with an impressive average annual growth rate of 38% between 2022 and 2024, surpassing other regions in growth performance.
Overall, Philip Morris International’s consolidated revenue grew at an average annual rate of 6.5% during this three-year period.
Net Revenue By Segment (Legacy)
philip-morris-international-revenue-by-segment-legacy
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The data discussed here originates from a legacy report by Philip Morris International (PMI). As of January 2023, PMI ceased presenting this information and restructured its operations into four geographical segments, replacing the previous six. For details on the new segments, refer to this section: PMI new segments.
Previously, PMI operated across six regions: the European Union, Eastern Europe, Middle East & Africa, South & Southeast Asia, East Asia & Australia, and the Americas. As depicted in the chart above, the European Union was the leading revenue generator, contributing just over $12 billion in fiscal year 2022. Notably, the region’s revenue showed significant growth, rising from $8.3 billion in 2017 to over $12 billion in 2022, reflecting a 46% increase, or approximately 9% annually.
In contrast, the Americas region accounted for the smallest revenue share, with only $1.9 billion in fiscal year 2022. This region has experienced a persistent decline in revenue since 2017, with the 2022 figure being among the lowest recorded.
A similar downward trend was observed in the Middle East & Africa, South & Southeast Asia, and East Asia & Australia. While revenue growth in the Middle East and Asia has largely plateaued, Eastern Europe demonstrated growth despite challenges such as the ongoing conflict between Russia and Ukraine.
Russia remains PMI’s largest market within Eastern Europe. In fiscal year 2022, PMI’s revenue from Eastern Europe reached nearly $4 billion, reflecting a substantial 37% increase since 2017 and a 5% rise compared to 2021.
In conclusion, while PMI’s revenue has declined in several regions, including Asia and the Middle East, growth in the European Union and Eastern Europe has counterbalanced these trends.
Percentage Of Net Revenue By Segment (Legacy)
philip-morris-international-percentage-of-revenue-by-segment-legacy
(click image to expand)
The data discussed here originates from a legacy report by Philip Morris International (PMI). As of January 2023, PMI ceased presenting this information and restructured its operations into four geographical segments, replacing the previous six. For details on the new segments, refer to this section: PMI new segments.
PMI’s European Union region stands out as the largest contributor to revenue, accounting for 38% of total revenue in 2022. This represents an increase of approximately nine percentage points from 2017, though a slight decline of 1 percentage point compared to 2021. In contrast, the Americas region remains the smallest revenue source, contributing just 6% of total revenue in 2022, down from 10% in 2017.
The East Asia and Australia region ranks as PMI’s second-largest market by revenue share, contributing around 16%. However, most PMI segments have exhibited a downward trend in revenue share over the years, with the exception of the European Union and Eastern Europe.
Indeed, PMI’s revenue contribution has diminished across Asia, the Americas, and the Middle East & Africa. Notably, the European Union and Eastern Europe have bucked this trend. For example, PMI’s revenue share in Eastern Europe, particularly from Russia, rose from 9% in 2017 to nearly 12% in 2022.
Collectively, PMI’s European region, encompassing the European Union and Eastern Europe, accounts for nearly 50% of the company’s total revenue. This highlights the European region as the largest and most critical market for Philip Morris International.
Insight
Overall, PMI’s consolidated revenue grew at an average annual rate of 6.5% between 2022 and 2024. The company’s revenue growth remains concentrated in the European region, while other markets face challenges in growth and contribution.
These trends indicate that PMI’s financial success is heavily reliant on its European operations, even as it seeks opportunities for expansion in emerging and smaller markets like the Americas.
References and Credits
1. All financial numbers presented were obtained and referenced from PMI’s quarterly and annual reports published on the company’s investor relations page: PMI’s Reports And Filings.
2. Pixabay Images.
Disclosure
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