NEW YORK, March 6, 2026, 05:21 EST
- PMI set its quarterly dividend at $1.47 a share, with payment slated for April 13
- Premarket, the stock slipped roughly 5%.
- The company reported that smoke-free products accounted for 41.5% of its net revenues in 2025.
Philip Morris International has declared a quarterly dividend of $1.47 per share, set for payment on April 13. The tobacco giant is maintaining its focus on delivering returns to shareholders even as it accelerates efforts in smoke-free offerings. 1
For investors leaning on the stock for income, that payout isn’t trivial. PMI has been steering more cash into alternatives like nicotine pouches and so-called “heat-not-burn” devices—which warm up tobacco rather than burning it outright. Through the transition, the company’s been working to maintain consistent cash returns.
March 19 marks the ex-dividend date, meaning shares change hands without the attached payout. The dividend, based on a premarket price of $169.70 per share, works out to an annualized yield near 3.5%.
The dividend announcement showed up in a Form 8-K filed Thursday. 2
PMI said in a statement its smoke-free products reached over 43 million adult users by Dec. 31, 2025, and are now available in more than 105 markets. For 2025, those products made up 41.5% of total net revenues. 3
PMI, which handles Marlboro sales outside the U.S., has been pushing its Zyn nicotine pouch brand in pursuit of further growth as competitors tighten the gap. Back in February, Jefferies analyst Andrei Andon-Ionita described the company’s targets as providing a “reassuring outlook” for expansion. British American Tobacco, meanwhile, is still in a strong spot to pick up share in the U.S. nicotine pouch segment. 4
More eyes are on this push now. This week, 162 anti-tobacco and health organizations pressed Formula One to block tobacco-linked sponsorships, highlighting PMI’s Zyn tie-up with Ferrari; a PMI spokesperson dismissed the criticism as “tired and lazy.” Ken Warner, emeritus professor at the University of Michigan School of Public Health, noted that companies “understand that car racing attracts a lot of adolescents.” 5
Still, the resilience of dividends depends on the pace of smoke-free sales gains and regulators’ stance on emerging nicotine products and their promotion. If volumes or margins take a bigger hit than anticipated, PMI’s ability to keep pushing up payouts could get squeezed.
