$PM 8-K earnings — Q2 FY26

Adjusted EPS of $2.20 grew 15.2% YoY, beating consensus of $2.10 by $0.10 (4.8%). Revenue hit a record $11.2B (+10.4% reported, +7.6% organic), driven by smoke-free growth (+11.7%) and resilient combustibles. Reported EPS of $1.80 was dragged by a non-cash RBH equity impairment—the market may miss that the beat was driven by transactional FX benefits, not core operations, while smoke-free now accounts for 42% of revenue with expanding gross margins.

Adjusted EPS of $2.20 grew 15.2% YoY, beating consensus of $2.10 by $0.10 (4.8%). Revenue hit a record $11.2B (+10.4% reported, +7.6% organic), driven by smoke-free growth (+11.7%) and resilient combustibles. Reported EPS of $1.80 was dragged by a non-cash RBH equity impairment—the market may miss that the beat was driven by transactional FX benefits, not core operations, while smoke-free now accounts for 42% of revenue with expanding gross margins.