Philip Morris International Inc. (NYSE:PM) on Wednesday reported upbeat second-quarter 2026 results.

Adjusted diluted earnings per share increased to $2.20, topping the analyst estimate of $2.04. Net revenue rose 10.4% year over year to $11.19 billion, exceeding expectations of $10.64 billion. Organic revenue grew 7.6%.

PMI raised its reported EPS forecast for 2026 to $7.19-$7.34 from $7.18-$7.33, but that remains below the analyst consensus of $7.78.

The company lowered its adjusted EPS outlook to $8.26-$8.41 from $8.31-$8.46, compared with the analyst estimate of $8.41. It expects third-quarter adjusted EPS of $2.20-$2.25, below the consensus estimate of $2.43. PMI maintained its guidance for 5%-7% organic revenue growth and 7%-9% organic operating income growth.

“We delivered outstanding results in the second quarter, driving net revenues to over $11 billion for the first time with excellent growth across all headline metrics,” said Jacek Olczak, Group CEO PMI.

Philip Morris shares fell 1.5% to $191.23 in pre-market trading.

These analysts made changes to their price targets on Philip Morris following earnings announcement.

• Needham analyst Gerald Pascarelli maintained the stock with a Buy and raised the price target from $200 to $215.
• Stifel analyst Matthew Smith maintained the stock with a Buy and raised the price target from $195 to $205.

Considering buying PM stock? Here’s what analysts think:

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