From 24/7 Wall St. · Chris Lange · · 1m
Philip Morris Raises Dividend 8.8%
Philip Morris boosts dividend 8.8% but debt and market rally question next increase.
In brief
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 market conditions may limit further increases. Originally reported by 24/7 Wall St..
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.
At a glance
Philip Morris raised its dividend 8.8% to $1.60 quarterly but debt and market conditions may limit further increases.
