Philip Morris International reported first-quarter revenue of $10.15 billion, up 9.1% year-over-year, beating analyst expectations as the tobacco giant continues its pivot toward smoke-free products. The company posted profit of $1.56 per share, down from $1.72 in the same period last year.

Adjusted earnings, stripping out one-time items, came in at $1.96 per share—above the $1.83 consensus forecast among analysts surveyed by FactSet. Revenue also surpassed expectations of $9.91 billion, driven by strong demand for heated tobacco and vaping devices across European and Asian markets.

The smoke-free business delivered particularly robust growth, validating PMI's strategic bet on reduced-risk alternatives as traditional cigarette volumes decline in mature markets. This transition positions the company to navigate increasing regulatory pressure and shifting consumer preferences away from combustible tobacco.