Philip Morris (PM) Stock Inflation-Adjusted

Philip Morris International Inc. (PM) is a leading international tobacco company engaged in the manufacture and sale of cigarettes, smoke-free products, and associated electronic devices and accessories across markets outside the United States.

To accurately evaluate investment performance, it is essential to look beyond nominal price changes. Inflation erodes purchasing power over time, which can mask an investment's true returns. This page adjusts Philip Morris International's historical stock prices using the US Consumer Price Index to reveal the company's real performance with the effects of inflation removed.

Nominal prices are adjusted for stock splits and assume reinvestment of any dividends to reflect total return. Inflation-adjusted prices use April 2026 as the baseline (latest available CPI).

The current value of Philip Morris stock is 188.63 (as of the close of May 20, 2026), 1.68% lower than the all-time high of 191.86 (May 14, 2026).

Since March 17, 2008, the inflation-adjusted total return for the stock has been 466.27%, which is equivalent to an annual growth rate of 10.01%.

In nominal values, the total return since this date has been 783.17%, or an annualized rate of 12.73%.

Inflation-Adjusted Values by Month

This data presents Philip Morris' end-of-month closing levels over time. Inflation-adjusted values express older levels in terms of roughly today's purchasing power using the latest CPI data, the same present-value method used by the US Inflation Calculator to compare dollar amounts across different years. The most recent entry will remain the same in both columns until the next CPI figures are published.

Date	Inflation-Adjusted	Nominal value
May 2026	188.63	188.63
Apr 2026	165.07	165.07
Mar 2026	166.75	165.34
Feb 2026	188.72	185.19
Jan 2026	182.11	177.87
Dec 2025	163.39	158.99
Nov 2025	158.95	154.7
Oct 2025	141.78	141.78
Sep 2025	161.86	157.87
Aug 2025	167.21	162.67
Jul 2025	164.6	159.67
Jun 2025	183.01	177.27
May 2025	180.73	174.46
Apr 2025	171.85	165.55
Mar 2025	159.68	153.34
Feb 2025	155.22	148.72
Jan 2025	130.73	124.7
Dec 2024	121.63	115.27
Nov 2024	133.06	126.06
Oct 2024	132.63	125.71
Sep 2024	121.47	115.01
Aug 2024	122.21	115.52
Jul 2024	114.24	107.9
Jun 2024	100.64	94.94
May 2024	99.44	93.79
Apr 2024	93.28	87.83
Mar 2024	90.37	84.76
Feb 2024	88.1	82.1
Jan 2024	89.52	82.91
Dec 2023	93.21	85.86
Nov 2023	91.16	84.05
Oct 2023	86.89	80.27
Sep 2023	90.18	83.35
Aug 2023	92.52	85.3
Jul 2023	96.47	88.55
Jun 2023	94.62	86.69
May 2023	86.38	78.89
Apr 2023	96.18	87.62
Mar 2023	94.04	85.23
Feb 2023	93.16	84.16
Jan 2023	100.37	90.16
Dec 2022	98.23	87.54
Nov 2022	95.24	85.14
Oct 2022	87.68	78.46
Sep 2022	79.56	70.91
Aug 2022	90.44	80.44
Jul 2022	91.98	81.83
Jun 2022	93.48	83.17
May 2022	100.72	88.4
Apr 2022	95.84	83.2
Mar 2022	90.54	78.16
Feb 2022	97.41	82.99
Jan 2022	100.03	84.45
Dec 2021	93.17	78
Nov 2021	83.42	69.63
Oct 2021	92.22	76.6
Sep 2021	93.23	76.8
Aug 2021	100.36	82.44
Jul 2021	97.73	80.12
Jun 2021	97.24	79.33
May 2021	94.35	76.27
Apr 2021	93.7	75.14
Mar 2021	88.25	70.19
Feb 2021	83.04	65.59
Jan 2021	79.15	62.17
Dec 2020	82.63	64.63
Nov 2020	74.61	58.3
Oct 2020	69.91	54.66
Sep 2020	73.84	57.71
Aug 2020	77.47	60.47
Jul 2020	74.81	58.21
Jun 2020	68.58	53.09
May 2020	71.09	54.74
Apr 2020	72.3	55.66
Mar 2020	70.23	54.44
Feb 2020	77.28	60.03
Jan 2020	78.28	60.64
Dec 2019	80.85	62.39
Nov 2019	77.67	59.99
Oct 2019	76.23	58.91
Sep 2019	71.24	54.92
Aug 2019	66.61	51.31
Jul 2019	77.25	59.51
Jun 2019	72.67	55.9
May 2019	70.35	54.1
Apr 2019	79.11	60.71
Mar 2019	81.21	61.99
Feb 2019	79.34	60.22
Jan 2019	70.31	53.14
Dec 2018	61.3	46.24
Nov 2018	78.01	59.04
Oct 2018	79.14	60.09
Sep 2018	73.4	55.64
Aug 2018	69.23	52.42
Jul 2018	76.75	58.08
Jun 2018	71.81	54.33
May 2018	69.88	52.79
Apr 2018	72.34	54.42
Mar 2018	88.04	65.97
Feb 2018	90.95	68
Jan 2018	94.61	70.42
Dec 2017	93.72	69.38
Nov 2017	90.2	66.81
Oct 2017	91.86	68.04
Sep 2017	97.39	72.18
Aug 2017	102.17	75.32
Jul 2017	102.28	75.18
Jun 2017	102.86	75.66
May 2017	104.12	76.52
Apr 2017	96.42	70.8
Mar 2017	98.5	72.11
Feb 2017	94.62	69.21
Jan 2017	83.44	60.85
Dec 2016	79.88	57.91
Nov 2016	76.23	55.25
Oct 2016	83.15	60.36
Sep 2016	83.93	60.84
Aug 2016	85.6	61.91
Jul 2016	85.96	62.11
Jun 2016	87.07	63.01
May 2016	83.9	60.52
Apr 2016	83.76	60.18
Mar 2016	84.15	60.17
Feb 2016	77.61	55.26
Jan 2016	76.81	54.64
Dec 2015	75.14	53.37
Nov 2015	73.57	52.43
Oct 2015	74.27	53.04
Sep 2015	66.62	47.6
Aug 2015	66.07	47.28
Jul 2015	70.72	50.68
Jun 2015	66.29	47.5
May 2015	68.11	48.63
Apr 2015	68.78	48.87
Mar 2015	62.2	44.1
Feb 2015	68.06	47.97
Jan 2015	66.11	46.4
Dec 2014	66.79	47.1
Nov 2014	70.04	49.67
Oct 2014	71.33	50.86
Sep 2014	66.67	47.65
Aug 2014	67.67	48.33
Jul 2014	64.74	46.32
Jun 2014	66.53	47.62
May 2014	69.28	49.49
Apr 2014	67.08	47.75
Mar 2014	64.5	45.76
Feb 2014	63.41	44.7
Jan 2014	61.46	43.17
Dec 2013	68.79	48.14
Nov 2013	66.8	46.75
Oct 2013	69.45	48.7
Sep 2013	67.3	47.32
Aug 2013	64.26	45.13
Jul 2013	68.76	48.23
Jun 2013	66.81	46.85
May 2013	69.61	48.69
Apr 2013	73.32	51.2
Mar 2013	71.04	49.66
Feb 2013	69.84	48.69
Jan 2013	67.66	46.79
Dec 2012	64.38	44.39
Nov 2012	68.31	47.23
Oct 2012	66.99	46.53
Sep 2012	68.01	47.26
Aug 2012	67.21	46.49
Jul 2012	69.2	47.61
Jun 2012	65.93	45.43
May 2012	63.19	43.61
Apr 2012	66.85	46.19
Mar 2012	66.38	45.72
Feb 2012	62.5	42.72
Jan 2012	56.2	38.25
Dec 2011	59.24	40.15
Nov 2011	56.84	38.61
Oct 2011	52.04	35.38
Sep 2011	46.37	31.59
Aug 2011	51	34.69
Jul 2011	52.51	35.62
Jun 2011	49.3	33.42
May 2011	52.44	35.58
Apr 2011	50.99	34.44
Mar 2011	48.5	32.55
Feb 2011	46.38	30.82
Jan 2011	42.49	28.1
Dec 2010	43.66	28.73
Nov 2010	42.05	27.63
Oct 2010	43.27	28.42
Sep 2010	41.48	27.21
Aug 2010	37.62	24.66
Jul 2010	37.44	24.51
Jun 2010	33.63	22.01
May 2010	31.94	20.92
Apr 2010	35.56	23.28
Mar 2010	37.85	24.74
Feb 2010	35.3	22.98
Jan 2010	32.81	21.35
Dec 2009	34.86	22.61
Nov 2009	34.33	22.3
Oct 2009	33.83	21.96
Sep 2009	34.85	22.6
Aug 2009	32.32	20.95
Jul 2009	33.03	21.36
Jun 2009	30.87	19.99
May 2009	30.05	19.3
Apr 2009	25.58	16.38
Mar 2009	25.21	16.1
Feb 2009	23.44	14.94
Jan 2009	26.15	16.58
Dec 2008	30.76	19.42
Nov 2008	29.12	18.58
Oct 2008	29.45	19.15
Sep 2008	32.26	21.19
Aug 2008	35.61	23.43
Jul 2008	34.12	22.53
Jun 2008	32.79	21.55
May 2008	35.01	22.77
Apr 2008	34.21	22.07
Mar 2008	34.11	21.87

Returns from Investing in Philip Morris stock

How much did an investment in Philip Morris really grow each year after accounting for inflation? The following chart contains the inflation-adjusted real annual percentage returns.

Detailed Annual Returns (Adjusted vs. Nominal)

The table below shows the returns for Philip Morris stock by year, both inflation-adjusted and nominal. You can sort any column by clicking on the header.

Year	Inflation-Adjusted Return	Nominal Return
2024	30.49%	34.26%
2023	-5.11%	-1.93%
2022	5.43%	12.23%
2021	12.76%	20.7%
2020	2.19%	3.59%
2019	31.9%	34.91%
2018	-34.59%	-33.35%
2017	17.33%	19.81%
2016	6.31%	8.51%
2015	12.49%	13.31%
2014	-2.9%	-2.17%
2013	6.85%	8.46%
2012	8.67%	10.56%
2011	35.7%	39.72%
2010	25.22%	27.1%
2009	13.35%	16.44%

Philip Morris Stock: Average Annualized Returns

Annualized returns show the average rate of growth per year, making it easier to compare performance across different time periods. While nominal returns indicate the headline growth, adjusting for inflation reveals the actual change in purchasing power.

This table presents both nominal and inflation-adjusted average annual returns for Philip Morris over various trailing periods ending April 30, 2026, offering a clearer view of long-term, real investment performance.

Period	Avg. Annual Return (Inflation-Adjusted)	Avg. Annual Return (Nominal)
Last 1 year	-3.95%	-0.29%
Last 3 years	19.73%	23.51%
Last 5 years	11.99%	17.05%
Last 10 years	7.02%	10.62%

Real Returns of Investing in the Philip Morris

The chart and table below show the nominal and inflation-adjusted value of a hypothetical $100 investment over various long-term historical periods, ending in September 2025.

The inflation-adjusted line, in green, represents the real increase in purchasing power for the initial investment. Observe the gap between both lines, which illustrates the cumulative effect of inflation over time.

Even over just five years, inflation takes a noticeable bite out of investments. Investing $100 in the Philip Morris five years ago yielded an 140.7% nominal gain, but the real return (the actual increase in buying power) was 94.91%.

As investment periods get longer, the difference between reported nominal returns and the inflation-adjusted gains usually becomes much greater due to the compounding effect of inflation over time.

Investment Period	What $100 Grew To (Nominal)	Total Nominal Return (%)	Total Inflation-Adjusted Return (%)
Last 5 years Feb 2021 - Sep 2025	$240.7	140.7%	94.91%
Last 10 years Feb 2016 - Sep 2025	$285.68	185.68%	108.56%

Inflation Impact on Philip Morris

As a global tobacco company with significant manufacturing operations, Philip Morris International faces moderate to high exposure to inflation across its business.

Agricultural Inputs: Tobacco leaf prices, the company's primary raw material, can fluctuate with agricultural inflation, weather patterns, and changing farming economics across the company's global supply chain.
Manufacturing Costs: Rising prices for paper, filters, packaging materials, and energy directly impact the production costs of Philip Morris's traditional cigarette products and newer reduced-risk offerings like IQOS heated tobacco units.
Supply Chain Expenses: Global logistics costs, warehouse operations, and distribution networks are sensitive to fuel inflation, labor cost increases, and general transportation inflation.
Market-Specific Dynamics: Operating in over 175 countries, Philip Morris encounters varying inflation rates, currency fluctuations, and price control regulations that create complex pricing challenges unique to each market.

Philip Morris employs several strategic approaches to counter inflation's effects. The company maintains diversified tobacco sourcing from multiple regions, allowing it to mitigate localized inflation pressures and leverage its significant market position to negotiate favorable terms with suppliers.

A key advantage for Philip Morris is its considerable pricing power in the tobacco industry. The addictive nature of nicotine products and brand loyalty enable the company to implement price increases that typically exceed local inflation rates in most markets. This pricing flexibility has historically allowed the company to preserve or expand margins even during inflationary periods.

Additionally, Philip Morris's ongoing shift toward higher-margin smoke-free products provides another buffer against inflation as these products generally command premium pricing and higher profit margins compared to traditional cigarettes.

About Philip Morris

Philip Morris International Inc. (PMI) is a multinational tobacco company that was spun off from Altria Group in 2008 to focus exclusively on international markets outside the United States.

The company manufactures and sells cigarettes and smoke-free products, including heated tobacco products and electronic nicotine delivery systems. Its portfolio includes internationally recognized brands such as Marlboro (outside the US), L&M, Chesterfield, and Parliament. In recent years, PMI has increasingly focused on its IQOS heated tobacco platform as part of its stated long-term strategy to transition away from traditional cigarettes.

Headquartered in New York with operational headquarters in Lausanne, Switzerland, Philip Morris International sells products in over 175 countries and has been known for its substantial dividend payments. The company is a component of the S&P 500 index.

Last Close May 20, 2026	188.63
Highest May 14, 2026	191.86
Highest, Inflation-Adjusted May 14, 2026	191.86
Annualized return Since Mar 17, 2008	12.73%
Annualized return, Inflation-Adjusted Since Mar 17, 2008	10.01%