PM · 10-K filed 6 Feb 2026 · year to 31 Dec 2025

Philip Morris International

25 named things its latest annual report says its results depend on, each in the company's own words. 8 of them are also named by other companies we've read.

Read the filing on SEC.gov ↗

Customers

Distributor in Europe Region

earns from · 10 percent or more of our consolidated net revenues

In 2025, sales to a distributor in the Europe Region and a distributor in the EA, AU & PMI GTR Region each amounted to 10 percent or more of our consolidated net revenues.Business (Item 1)

Distributor in EA, AU & PMI GTR Region

earns from · 10 percent or more of our consolidated net revenues

In 2025, sales to a distributor in the Europe Region and a distributor in the EA, AU & PMI GTR Region each amounted to 10 percent or more of our consolidated net revenues.Business (Item 1)

Suppliers

Top ten direct materials suppliers

depends on · approximately 60% of our total direct materials purchases

In 2025, our top ten suppliers of direct materials combined represented approximately 60% of our total direct materials purchases.Business (Item 1)

Electronic manufacturing services providers

depends onnamed as a risk

We increasingly rely on third-parties and their subcontractors/suppliers, sometimes concentrated in a specific geographic area, for product distribution and to manufacture some of our products and product parts (particularly, electronic devices and accessories), as well as to provide services, including to support our finance, commercialization and information technology processes.Risk factors (Item 1A)

Partners and platforms

Philip Morris USA Inc.

Effective January 1, 2008, PMI entered into an Intellectual Property Agreement with Philip Morris USA Inc., a wholly owned subsidiary of Altria Group, Inc. (“PM USA”).Business (Item 1)

KT&G

Heated tobacco units ("HTUs") is the term we use to refer to heated tobacco consumables, which include our BLENDS, DELIA, HEETS, HEETS Creations (defined collectively as "HEETS"), SENTIA, TEREA, TEREA CRAFTED and TEREA Dimensions, as well as the KT&G-licensed brands, Fiit and Miix (outside of South Korea).Business (Item 1)

Other companies

Marlboro

earns from · approximately 43% of our total 2025 cigarette shipment volume

Our portfolio comprises both international and local brands and is led by Marlboro, the world’s best-selling international cigarette, which accounted for approximately 43% of our total 2025 cigarette shipment volume.Business (Item 1)

Global Travel Retail (duty free)

earns fromnamed as a risk

Any of these developments could cause significant volume declines in our Global Travel Retail business and certain other key markets; disrupt or delay our distribution, manufacturing or supply chain; increase currency volatility; increase costs of our materials and operations and lead to loss of property or equipment that are critical to our business in certain markets and difficulty in staffing and managing our operations, all of which could have a material adverse effect on our business, operations, volumes, revenues, cash flows, financial position, net earnings and profitability.Risk factors (Item 1A)

U.S. oral nicotine litigation

named as a risk

As of March 2024, we began facing litigation related to our oral nicotine products before certain courts in the United States.Risk factors (Item 1A)

Competitors

Japan Tobacco Inc.

competes with

Competitors in our industry include Altria Group, Inc., British American Tobacco plc, Japan Tobacco Inc., Imperial Brands plc, new market entrants, particularly with respect to innovative products, several regional and local tobacco companies and, in some instances, state-owned tobacco enterprises, principally in Algeria, Egypt, China, Taiwan, Thailand and Vietnam.Business (Item 1)

Also named by MO

British American Tobacco plc

competes with

On February 1, 2024, Philip Morris Products S.A., an indirect, wholly-owned subsidiary of PMI, and Nicoventures Trading Limited, an indirect, wholly-owned subsidiary of British American Tobacco p.l.c., entered into a settlement agreement (the “Settlement Agreement”) for an eight-year term, under which, among other things: (i) certain pending legal proceedings (the “Proceedings”) between them concerning certain of their respective products were dismissed with prejudice, subject to certain limited exceptions, and without admission of liability; (ii) the Limited Exclusion Order and Cease and Desist Order issued by the International Trade Commission on September 29, 2021, prohibiting the importation of certain heat-not-burn products by PMI and its affiliates into the United States was rescinded; and (iii) any injunctions granted to either party in the Proceedings were fully and finally discharged, without admission of liability.Business (Item 1)

Altria Group, Inc.

competes with

Imperial Brands plc

competes with

Places

Russia

earns from · around 6% of our total net revenuesnamed as a risk

In 2025, Russia accounted for around 9% of our total cigarette and heated tobacco unit shipment volume, and around 6% of our total net revenues.Risk factors (Item 1A)

Also named by ALSN, ATR, AVY, AXP, BKR, BSX, C, CDNA and 50 more

Ukraine

earns from · around 1% of our total net revenuesnamed as a risk

Ukraine accounted for around 2% of our total cigarette and heated tobacco unit shipment volume, and around 1% of our total net revenues.Risk factors (Item 1A)

Also named by C, CL, DKNG, JLL, LKQ, LSTR, MDLZ, MSFT and 4 more

Kentucky

concentrated in · substantially all of our capacity for ZYN sales in the U.S.named as a risk

A prolonged disruption at or shut-down of one or more of the facilities where our products or product components are produced, or sourced from, especially our ZYN production facility in Kentucky, U.S., which currently supplies substantially all of our capacity for ZYN sales in the U.S., due to natural- or man-made disasters or other events outside of our control, such as equipment malfunction or widespread outbreaks of acute illness, including COVID-19, supply chain constraints, a cybersecurity incident, or for any other reason, could limit our capacity to meet customer demands.Risk factors (Item 1A)

Also named by PPL, WTRG

Hazards

Drought, floods and heatwaves

operates innamed as a risk

For example, increased frequency and intensity of extreme droughts, floods, and/or heatwaves could negatively affect our manufacturing operations, tobacco-growing areas, third-party operators and third-party manufacturers sites, and supply regions for products and raw materials, all of which may lead to disruption of our supply chain and of operations at factories, warehouses and other premises.Risk factors (Item 1A)

Commodities and inputs

Tobacco leaf

exposed to its price · approximately 23% of PMI’s global leaf requirementsnamed as a risk

Any significant change in tobacco leaf and clove prices, quality and quantity could affect our profitability and our business.Risk factors (Item 1A)

Also named by MO

Cloves

depends onnamed as a risk

In addition, the adequate supply and procurement of cloves are of particular importance to our Indonesian business.Business (Item 1)

Acetate tow

depends on

The four most significant direct materials that we purchase are printed paper board used in packaging, acetate tow used in filter making, fine paper used in the manufacturing of cigarettes and heated tobacco units, and susceptors used for TEREA and other consumables.Business (Item 1)

Regulators

U.S. Food and Drug Administration (FDA)

subject tonamed as a risk

Federal, state or local government action, including regulatory actions and inaction by the FDA, may have a material adverse impact on our commercialization of SFPs and in our business in the United States.Risk factors (Item 1A)

Also named by A, ABBV, ABT, AMGN, ARE, ARWR, ATR, AXGN and 112 more

Laws and programs

OECD Pillar Two global minimum tax

subject tonamed as a risk

Currently, many countries have enacted or taken actions to align with the OECD’s framework on a global minimum tax (referred to as “Pillar Two”), effective for taxable years beginning after December 31, 2023.Risk factors (Item 1A)

Also named by ABNB, ACN, ADI, ADM, ADSK, AKAM, ALB, AMAT and 70 more

EU General Data Protection Regulation

subject tonamed as a risk

An actual or alleged failure to comply with complex and changing privacy, data, artificial intelligence and information security laws and regulations such as under the EU General Data Protection Regulation, various U.S. state and federal laws, and other similar privacy, data, and information security laws, regulations, or voluntary guidelines that could establish legal duties across the various jurisdictions in which PMI operates, such as the failure or inability to protect or safeguard personal or company data, or information systems and networks, including connected products; implement or execute appropriate technological and reasonable security and organizational measures; implement and maintain appropriate safeguards for personal or company data being transferred internationally or between third parties; respect the privacy, digital, or other rights of data subjects; provide sufficient detailed notices, information, or transparency obligations related to personal or other data processing; obtain appropriate consent and opt-outs; respond to data subject or other data requests in a timely fashion; meet stringent timeframe requirements for incident reporting to regulatory authorities or data subjects; notify all relevant regulatory authorities or data subjects; comply with artificial intelligence regulations, and others, could have a material adverse effect on us, subject us to substantial fines and/or legal challenges, and/or harm our business, reputation, financial condition, or operating results.Risk factors (Item 1A)

Also named by ACN, ADSK, AIG, ALK, AMG, ANET, APG, AXON and 61 more

World Health Organization Framework Convention on Tobacco Control (FCTC)

subject tonamed as a risk

A significant factor influencing these developments are reports issued by the World Health Organization (the "WHO”) and Framework Convention on Tobacco Control (the "FCTC"), and related proposals, which make a number of policy recommendations on SFPs that, if implemented, could restrict both the availability of these products and the access to accurate information about them.Risk factors (Item 1A)

Cigarette excise taxes

subject tonamed as a risk

Because our portfolio is weighted toward the premium-price cigarette category, tax regimes based on sales price can place us at a competitive disadvantage in certain markets.Risk factors (Item 1A)