What to Expect From Philip Morris' Q2 2026 Earnings Report

Stamford, Connecticut-based Philip Morris International Inc. (PM) operates as a tobacco company and offers cigarettes and smoke-free products, including heat-not-burn, e-vapor, and oral nicotine products under the IQOS, VEEV, and ZYN brands, and more. The company has a market cap of $281.7 billion and is expected to release its Q2 2026 earnings on Wednesday, July 22, before the market opens.

Ahead of the event, analysts expect the company’s EPS to be $2.03 on a diluted basis, up 6.3% from $1.91 in the year-ago quarter. The company has exceeded Wall Street’s EPS estimates in each of its last four quarters. 

For fiscal 2026, analysts project the company’s EPS to be $8.40, up 11.4% from $7.54 in fiscal 2025. Moreover, its EPS is expected to rise by roughly 9.9% year over year (YoY) to $9.23 in fiscal 2027.     

PM stock has grown marginally over the past 52 weeks, underperforming the S&P 500 Index’s ($SPX) 19.8% rise and rallying the State Street Consumer Staples Select Sector SPDR ETF’s (XLP) 5.7% rise during the same time frame.     

On Apr. 22, PM stock rose 7% following the release of its Q1 2026 earnings. The company’s revenue for the quarter amounted to $10.2 billion and surpassed the Street’s estimates. Moreover, its adjusted EPS for the quarter came in at $1.96, also coming in on top of Wall Street’s estimates. Philip Morris expects full-year earnings in the range of $8.36 to $8.51 per share. 

Analysts are somewhat bullish on PM, with the stock having a “Moderate Buy” rating overall. Among the 13 analysts covering the stock, seven are recommending a “Strong Buy,” two suggest a “Moderate Buy,” and four suggest a “Hold” for the stock. PM’s average analyst price target is $196.69, indicating an upside of 8.8% from the current levels.