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10-Q · FILED 2026-10-23
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Philip Morris International · quarter ended 2026-09-30
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Comparing 10-Q filed 2026-10-23
vs
10-Q filed 2026-07-24
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The read
The Maultsby litigation is over: the remaining plaintiff decided not to pursue his claims, all claims were dismissed with prejudice, and the Court ordered the case closed on September 1, 2026. The stay in the related matter was lifted on September 15, 2026 following dismissal of the Kelly case, with the parties to file a status report by November 5, 2026.
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10 changes worth your time
Ranked by how much they move what the filing says. Compared with the 10-Q filed 2026-07-24.
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1
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Signatures
Massimo Andolina signs as Group Chief Financial Officer; Emmanuel Babeau signed last time
What changed
Massimo Andolina signs this 10-Q as Group Chief Financial Officer. Emmanuel Babeau signed the 10-Q filed 2026-07-24 in that office.
New — this sentence is not in the prior filing
/s/ MASSIMO ANDOLINA, Massimo Andolina, Group Chief Financial Officer, October 23, 2026
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2
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Note 4: Benefit Plans
Dutch defined benefit buy-out triggers $74 million pre-tax settlement loss
What changed
PMI's Dutch affiliate substantially completed a buy-out of its defined benefit plan via a third-party insurer in Q3 2026, recognizing a $74 million pre-tax settlement loss ($65 million net of tax), driven by partial use of surplus plan assets.
New — this sentence is not in the prior filing
The Dutch Future Pensions Act (Wet toekomst pensioenen), enacted in 2023, requires Dutch pension plans to transition from defined benefit plans to defined contribution plans by January 1, 2028 in order to comply with the new legal and tax framework. In connection with this regulatory change, during the third quarter of 2026, PMI's Dutch affiliate substantially completed the buy-out of its defined benefit pension plan through the transfer of the plan's pension obligations to a third-party insurer. As a result of the transaction, PMI recognized a pre-tax settlement loss of $74 million ($65 million net of tax),…
Related changes
MD&A — $74 million pre-tax loss on Dutch pension buy-out
Note 4: Benefit Plans — $682 million German pension surplus refunds received in Q3 2026
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3
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Note 9: Contingencies
Maultsby claims dismissed with prejudice; case closed September 1, 2026
What changed
The remaining plaintiff decided not to pursue his claims; all of Maultsby's claims were dismissed with prejudice and the Court ordered the case closed on September 1, 2026. Pending motions, including the June 15 summary judgment motions, were denied as moot.
Previously, in the 10-Q filed 2026-07-24 — struck words have changed
Defendants also filed motions for summary judgment on June 15, which ask the Court to enter judgment as a matter of law in favor of defendants on all of plaintiff's claims.
Now — underlined text is new
Defendants also filed motions for summary judgment on June 15, which asked the Court to enter judgment as a matter of law in favor of defendants on all of plaintiff's claims. Shortly before oral argument on the pending motions, the remaining plaintiff decided not to pursue his claims, all of Maultsby's claims were dismissed with prejudice and the Court ordered the case closed on September 1, 2026. In light of the dismissal, all pending motions were denied as moot.
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4
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Note 9: Contingencies
Stay lifted September 15, 2026 after Kelly dismissal; status report due November 5, 2026
What changed
The stay, granted March 28, 2025 pending a Kelly class-certification ruling, was lifted on September 15, 2026 following dismissal of the Kelly case. The parties must file a status report by November 5, 2026.
Previously, in the 10-Q filed 2026-07-24 — struck words have changed
On March 28, 2025, the Court granted Swedish Match North America LLC’s motion to stay the case, ordering that the case be stayed until the court in the Kelly case, described above, issues a ruling on the motion recently filed by plaintiff Maultsby to certify a class.
Now — underlined text is new
On March 28, 2025, the Court granted Swedish Match North America LLC’s motion to stay the case, ordering that the case be stayed until the court in the Kelly case, described above, issued a ruling on the motion filed by plaintiff Maultsby to certify a class. Following the dismissal of the Kelly case, on September 15, 2026, the Court lifted the stay. The parties are due to file a status report by November 5, 2026.
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5
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Note 5: Goodwill and Other Intangible Assets, net
October 2026 restructuring may impair $337 million wellness goodwill
What changed
The restructuring project initiated in October 2026 may result in a goodwill impairment; goodwill attributed to the wellness reporting unit was $337 million at September 30, 2026.
New — this sentence is not in the prior filing
Restructuring Activities, for information regarding the restructuring project initiated by PMI in October 2026. The project may result in an impairment of goodwill. As of September 30, 2026, goodwill attributed to the wellness reporting unit was $337 million.
Related changes
Note 15: Restructuring Activities — Aspeya wellness unit restructuring; goodwill impairment possible
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6
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MD&A
FDA authorizes 11 ZYN ULTRA nicotine pouch products
What changed
On August 21, 2026 the FDA authorized marketing of 11 ZYN ULTRA nicotine pouch products, covering all 9 mg variants and one 11 mg variant.
New — this sentence is not in the prior filing
On August 21, 2026, the FDA authorized the marketing of 11 ZYN ULTRA nicotine pouch products, including all 9 mg variants and one 11 mg variant.
Related changes — ULTRA
MD&A — No longer disclosed: ZYN offtake flat; ZYN ULTRA shipped in June; IQOS ILUMA launch prep
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7
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Note 4: Benefit Plans
Dutch settlement loss sits in benefit costs; $1.0 billion obligation transferred
What changed
The settlement loss is recorded within Pension and other employee benefit costs for the three and nine months ended September 30, 2026, and the benefit obligation transferred to the insurer was approximately $1.0 billion.
Previously, in the 10-Q filed 2026-07-24 — struck words have changed
Pension and other employee benefit (income) costs per the condensed consolidated statements of earnings consisted of the following:
Now — underlined text is new
The settlement loss was recorded within Pension and other employee benefit costs in the condensed consolidated statements of earnings for the three months and nine months ended September 30, 2026. At the settlement date, the benefit obligation transferred to the insurer was approximately $1.0 billion.
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8
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MD&A
Cost variance includes $34 million 2026 and $243 million 2025 restructuring
What changed
Cost variance includes restructuring charges of $34 million in 2026 and $243 million in 2025, plus a $176 million Germany excise tax classification litigation charge in 2025.
New — this sentence is not in the prior filing
(1) Cost variance includes charges in 2026 and 2025 of $34 million and $243 million, respectively, related to restructuring charges and $176 million related to the Germany excise tax classification litigation charge in 2025.
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9
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MD&A
Tariff volatility expected through 2026 and 2027
What changed
The expectation of a volatile global tariff environment is extended to cover 2027 as well as 2026.
Previously, in the 10-Q filed 2026-07-24 — struck words have changed
We expect the global tariff environment to remain volatile throughout 2026.
Now — underlined text is new
We expect the global tariff environment to remain volatile throughout 2026 and 2027.
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10
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MD&A
Further ZYN investment increase planned for fourth quarter
What changed
Building on previously announced second-half investment acceleration and progressing distribution of the extended ZYN range, the company plans to further increase brand investment in the fourth quarter.
New — this sentence is not in the prior filing
As part of our previously announced plans to accelerate investments in the second half, and with distribution of the extended range of ZYN products continuing to progress, we plan to further increase investments to support the brand in the fourth quarter.
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Also noted — less pressing
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Note 9: Contingencies
FTKK patent suits: five Tokyo rulings, three appeals, ten withdrawn
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Note 9: Contingencies
Defendants told Court on September 29, 2026 that Kelly case was dismissed
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Note 9: Contingencies
Tokyo Customs dismissed FTKK's re-investigation request, the company was informed on October 13, 2026
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MD&A
20-pouch cans cut revenue per pouch ~25%; abnormally low U.S. profitability expected in fourth quarter 2026
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MD&A
ZYN portfolio extensions; fourth-quarter shipment volumes guided in-line to modestly above third quarter
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MD&A
The evolution of the situation in Ukraine has caused certain disruptions to our business this year ...
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MD&A
UK generational tobacco ban bill effective January 1, 2027
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MD&A
Additional 11 mg variants remain under scientific review.
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MD&A
Middle East conflict: rising energy cost pressure in Q3, more in Q4 (+1 more on the same subject)
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Note 11: Indebtedness
No longer disclosed: On September 20, 2022, PMI entered into an agreement, effective September 29, 2022, to amend and ...
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Note 9: Contingencies
Indemnitees widened to manufacturing counterparties; Altria Distribution Agreement cited
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Note 9: Contingencies
No longer disclosed: Altria and PM USA mutual tobacco claim indemnities under Distribution Agreement
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Note 6: Financial Instruments
PMI derivative hedge maturities extended to December 2029
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Note 9: Contingencies
Case filing description drops individual plaintiff category
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Note 13: Related Parties - Equity Investments and Other
Related-party note drops Wellness and RBH ASC 321 language; adds "certain other" investees
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and 24 more changes ranked below these, not listed: MD&A 21 · Note 13: Related Parties - Equity Investments and Other 1 · Note 9: Contingencies 1 · Exhibits 1.
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Sent because you watch PM. Every quote above is taken verbatim from the filing.
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