Global travel retail (GTR) was among the markets that contributed to Philip Morris International’s (PMI) smoke-free growth in the third quarter and first nine months of 2026, with positive momentum across its IQOS, ZYN and VEEV brands.
At duty-free airport locations where IQOS is available, PMI’s heated tobacco unit (HTU) market share reached 19.6%, an increase of 1.6 percentage points compared with the prior year.
PMI reported third-quarter total net revenues of US$11.4 billion, an increase of +5.5% (+7.1% organically), supported by growth across the business.
Smoke-free products accounted for more than 40% of PMI’s total net revenues in the quarter and approximately 42% in the first nine months of 2026.
More than 30 markets now generate over 50% of net revenues from smoke-free products.
PMI Group CEO Jacek Olczak said: “We delivered another excellent quarter, with growing total volumes, double-digit organic operating income growth and robust margin expansion.
“With continued strong offtake momentum for our smoke-free brands and the exceptional results of our combustible business, we are in a strong position to continue delivering best-in-class performance and firmly on track for a sixth consecutive year of volume growth.”
Multi-category momentum in travel retail
Beyond its heated tobacco portfolio, PMI highlighted promising growth for ZYN nicotine pouches in GTR as the brand continued its international expansion.
GTR was also among the markets delivering promising results for PMI’s VEEV e-vapour products, alongside strong contributions from Indonesia, Egypt, Malaysia and South Korea.
The developments reflect the contribution of GTR to PMI’s broader multi-category smoke-free strategy, spanning heat-not-burn, oral nicotine and e-vapour products.
The strong Q3 performance comes as PMI continues to expand its multi-category smoke-free portfolio globally, with smoke-free products now available in 110 markets.
To read the Q3 results in detail, click here. ✈
