# Philip Morris Raises Dividend 8.8%

> Philip Morris boosts dividend 8.8% but debt and market rally question next increase.
- Title: Philip Morris Raises Dividend 8.8% · 24/7 Wall St. | Shortify
- Summary: Philip Morris boosts dividend 8.8% but debt and market rally question next increase. Philip Morris raised its dividend 8.8% to $1.60 quarterly but debt and…
- Keywords: philip morris, dividend, shareholders, debt, yield, market rally, cash flow, Philip, Morris, Raises, 24/7 Wall St.
- Source: 24/7 Wall St. — https://247wallst.com/investing/2026/10/16/philip-morris-just-raised-its-dividend-8-8-can-it-afford-another-increase
- Author: Chris Lange
- Published: 2026-10-16T19:45:08+00:00
- Read time: 1 min
- Topics: philip morris, dividend, shareholders, debt, yield, market rally, cash flow
## Dividend Raise Announcement
Philip Morris declared a quarterly dividend of $1.60 on Sept. 18, 2026, up 8.8% from $1.47.
## Dividend History
PM raised dividends every year since 2008, with the last two increases larger than 2019-2024.
## Dividend Policy
CFO Emmanuel Babeau stated PM remains highly cash-generating with unwavering commitment to dividend policy.
## 2026 Financials
PM guided $13.5 billion operating cash flow with $1.4-1.6 billion capex, no buybacks planned.
## Smoke-Free Growth
Second-quarter revenue rose 10.4% to $11.19 billion with international smoke-free revenue up 14.2%.
## Debt and Currency Impact
Net debt at $43.1 billion (2.35x EBITDA) with currency moves adding 15 cents to EPS but 8-cent hit in Q3.
## Comparison to Competitors
PM pays lowest yield among Altria (5.93%) and BAT (5.76%) with double-digit top-line growth.
## Key takeaway

Philip Morris raised its dividend 8.8% to $1.60 quarterly but debt and market conditions may limit further increases.