PMI Third-Quarter Revenue Tops $11.4B as Smoke-Free Exceeds 40% of Net Sales
Philip Morris International reported third-quarter 2026 net revenue above $11.4 billion, with smoke-free products accounting for more than 40 percent of the tobacco company's total net revenues.
"We delivered another excellent quarter, with growing total volumes, double-digit organic operating income growth and robust margin expansion," said Jacek Olczak, Group CEO of PMI. "With continued strong offtake momentum for our smoke-free brands and the exceptional results of our combustible business, we are in a strong position to continue delivering best-in-class performance, and firmly on track for a sixth consecutive year of volume growth."
In the United States, modern oral nicotine pouch Zyn shipments grew 4.2 percent to 3.2 billion pouches, or plus 13 percent excluding the impact of one-off promotions in September last year, CSP Daily News reported. "Sequentially, shipments increased by 10 percent versus the second quarter, reflecting category expansion and the ongoing launch of new portfolio variants, which have contributed to an improvement in our category share and should position us well for future growth," CFO Massimo Andolina said, according to a transcript from financial services site AlphaSense.
On Aug. 21, the U.S. Food and Drug Administration granted premarket tobacco product application authorization to 11 variants of Zyn Ultra. Zyn now has PMTA authorization for 31 variants in total, the company said.
PMI said it plans to further increase investments to support the brand in the fourth quarter, as well as the transition of the majority of the Zyn flagship portfolio to 20-pouch cans from 15-pouch cans. "We began this process over the summer with the launch of Zyn Ultra in 20-pouch cans," Andolina said. "And starting in October, we're now transitioning our 1.5, 3 and 6 milligram flagship variants from 15 to 20 pouches."
Those variants represent the large majority of PMI's volumes, Andolina said, adding that as the company works to execute the change smoothly for consumers and trade partners, it expects the transition to be largely complete in the fourth quarter. The change to 20-pouch cans is designed to optimize Zyn's price premium to support future growth.
The results place smoke-free products at the center of PMI's growth story: with more than 40 percent of net revenues now coming from non-combustible categories, and Zyn's U.S. volume growing despite a competitive pouch market, the company is leaning further into investment behind the brand into 2027. PMI's global corporate headquarters is in Stamford, Connecticut.
Reference:
CSP Daily News (original report) — https://cspdailynews.com/tobacco/pmi-reports-third-quarter-2026-net-revenue-topped-114B
Philip Morris International, 2026 Third-Quarter Results (investor relations) — https://www.pmi.com/investor-relations/press-releases-and-events/2026-q3-results
Philip Morris International press release — https://www.pmi.com/media-center/press-releases/press-details?newsId=30486-