Philip Morris International (PM) Margins & Profitability 2020-2026

Gross, EBITDA, operating, and net margin trends

Margins

Profit margins across the income statement

Gross Margin: 68.1%
EBITDA Margin: 43.4%
Op. Margin: 38.4%
Net Margin: 24.0%

Op. margin of 38.4% is up 0.3% YoY — cost efficiency is improving. Net margin at 24.0% and gross margin of 68.1% — earnings take a bigger bite when COGS stays lean..

Gross Margin (%)

Revenue left after direct cost of goods sold

EBITDA Margin (%)

Operating profitability independent of capital structure

Operating & Net Margins (%)

How much of each dollar becomes profit