Subtext

Philip Morris International Inc. PM

SectorConsumer Staples
Transcripts67
Date range2008-04-24 – 2025-04-23
Calls charted67

Sentiment timeline

Net Loughran-McDonald sentiment per call (×1000), earliest → latest.

-25-12+0+12+252008 Q12010 Q42013 Q12015 Q22017 Q32019 Q42022 Q12024 Q22008 Q1 · Overall: +9.02008 Q2 · Overall: +7.12008 Q3 · Overall: +4.92008 Q4 · Overall: +6.22009 Q1 · Overall: +0.02009 Q3 · Overall: +2.52009 Q4 · Overall: +1.52010 Q1 · Overall: +7.52010 Q2 · Overall: +8.62010 Q4 · Overall: -2.52011 Q1 · Overall: -0.82011 Q2 · Overall: +4.82011 Q3 · Overall: +3.32011 Q4 · Overall: +5.82012 Q1 · Overall: +2.02012 Q2 · Overall: -2.52012 Q3 · Overall: -3.92012 Q4 · Overall: +17.12013 Q1 · Overall: -0.42013 Q2 · Overall: -3.02013 Q3 · Overall: -3.12013 Q4 · Overall: +1.72014 Q1 · Overall: -1.62014 Q2 · Overall: -1.22014 Q3 · Overall: +2.52014 Q4 · Overall: +3.52015 Q1 · Overall: +11.62015 Q2 · Overall: +4.02015 Q3 · Overall: +8.42015 Q4 · Overall: +4.42016 Q1 · Overall: +3.82016 Q2 · Overall: +0.72016 Q3 · Overall: +0.92016 Q4 · Overall: -0.12017 Q1 · Overall: -1.52017 Q2 · Overall: +4.72017 Q3 · Overall: +1.92017 Q4 · Overall: +3.12018 Q1 · Overall: +3.02018 Q2 · Overall: +10.62018 Q3 · Overall: +9.32018 Q4 · Overall: +7.02019 Q1 · Overall: +10.62019 Q2 · Overall: +10.02019 Q3 · Overall: +3.62019 Q4 · Overall: +6.62020 Q1 · Overall: -6.82020 Q2 · Overall: +2.02020 Q3 · Overall: +9.22020 Q4 · Overall: +9.52021 Q1 · Overall: +12.32021 Q2 · Overall: +15.32021 Q3 · Overall: +7.62021 Q4 · Overall: +13.32022 Q1 · Overall: +7.52022 Q2 · Overall: +13.02022 Q3 · Overall: +10.92022 Q4 · Overall: +13.32023 Q1 · Overall: +13.82023 Q2 · Overall: +21.62023 Q3 · Overall: +18.42023 Q4 · Overall: +12.82024 Q1 · Overall: +14.62024 Q2 · Overall: +15.22024 Q3 · Overall: +12.72024 Q4 · Overall: +9.52025 Q1 · Overall: +16.2
Overall

CEO vs CFO

Average sentiment of each executive's remarks per call. Divergence is a signal.

-31-16+0+16+312008 Q12010 Q42013 Q12015 Q22017 Q32019 Q42022 Q12024 Q22008 Q4 · CEO: +10.22009 Q4 · CEO: +4.42010 Q4 · CEO: -2.42011 Q4 · CEO: +11.72012 Q4 · CEO: +19.92013 Q4 · CEO: +6.32014 Q4 · CEO: +7.82015 Q4 · CEO: +8.42016 Q4 · CEO: +2.72017 Q4 · CEO: +6.02018 Q4 · CEO: +10.22019 Q4 · CEO: +8.42020 Q1 · CEO: -8.82021 Q4 · CEO: +16.72022 Q1 · CEO: +6.12022 Q3 · CEO: +11.22022 Q4 · CEO: +15.62023 Q4 · CEO: +11.92024 Q4 · CEO: +7.02008 Q1 · CFO: +13.42008 Q2 · CFO: +13.82008 Q3 · CFO: +10.92008 Q4 · CFO: +1.52009 Q1 · CFO: +4.02009 Q3 · CFO: +5.32009 Q4 · CFO: +7.82010 Q1 · CFO: +12.22010 Q2 · CFO: +13.42011 Q1 · CFO: +2.92011 Q2 · CFO: +10.02011 Q3 · CFO: +6.52012 Q1 · CFO: +6.52012 Q2 · CFO: +0.62012 Q3 · CFO: -1.12013 Q1 · CFO: +2.52013 Q2 · CFO: -0.52013 Q3 · CFO: -0.72013 Q4 · CFO: +14.72014 Q1 · CFO: +0.22014 Q2 · CFO: +0.32014 Q3 · CFO: +6.02014 Q4 · CFO: -1.52015 Q1 · CFO: +15.72015 Q2 · CFO: +9.02015 Q3 · CFO: +9.92015 Q4 · CFO: +0.02016 Q1 · CFO: +5.22016 Q2 · CFO: +2.92016 Q3 · CFO: +3.12016 Q4 · CFO: -3.22017 Q1 · CFO: +0.92017 Q2 · CFO: +8.42017 Q3 · CFO: +4.52017 Q4 · CFO: +27.02018 Q1 · CFO: +5.42018 Q2 · CFO: +15.52018 Q3 · CFO: +12.82018 Q4 · CFO: +0.02019 Q1 · CFO: +17.12019 Q2 · CFO: +15.62019 Q3 · CFO: +7.22019 Q4 · CFO: +25.62020 Q1 · CFO: +0.82020 Q2 · CFO: +4.12020 Q3 · CFO: +12.42021 Q1 · CFO: +17.32021 Q2 · CFO: +19.82021 Q3 · CFO: +14.32021 Q4 · CFO: +20.52022 Q1 · CFO: +16.42022 Q2 · CFO: +18.92022 Q3 · CFO: +17.72022 Q4 · CFO: +18.22023 Q1 · CFO: +17.72023 Q2 · CFO: +26.72023 Q3 · CFO: +23.52023 Q4 · CFO: +22.62024 Q1 · CFO: +19.82024 Q2 · CFO: +20.32024 Q3 · CFO: +17.02024 Q4 · CFO: +17.22025 Q1 · CFO: +21.0
CEOCFO

Prepared remarks vs Q&A

Scripted tone vs unscripted answers. The gap is information.

-38-19+0+19+382008 Q12010 Q42013 Q12015 Q22017 Q32019 Q42022 Q12024 Q22008 Q1 · Prepared remarks: +25.72008 Q2 · Prepared remarks: +26.62008 Q3 · Prepared remarks: +25.12008 Q4 · Prepared remarks: +19.92009 Q1 · Prepared remarks: +12.62009 Q3 · Prepared remarks: +18.32009 Q4 · Prepared remarks: +3.62010 Q1 · Prepared remarks: +21.32010 Q2 · Prepared remarks: +16.32010 Q4 · Prepared remarks: -3.52011 Q1 · Prepared remarks: +9.52011 Q2 · Prepared remarks: +13.42011 Q3 · Prepared remarks: +17.62011 Q4 · Prepared remarks: +21.32012 Q1 · Prepared remarks: +15.22012 Q2 · Prepared remarks: +2.72012 Q3 · Prepared remarks: +4.72012 Q4 · Prepared remarks: +17.52013 Q1 · Prepared remarks: +3.12013 Q2 · Prepared remarks: -2.72013 Q3 · Prepared remarks: +4.42013 Q4 · Prepared remarks: +5.12014 Q1 · Prepared remarks: -3.92014 Q2 · Prepared remarks: +7.22014 Q3 · Prepared remarks: +7.32014 Q4 · Prepared remarks: +10.72015 Q1 · Prepared remarks: +25.32015 Q2 · Prepared remarks: +9.32015 Q3 · Prepared remarks: +8.72015 Q4 · Prepared remarks: +11.92016 Q1 · Prepared remarks: +7.42016 Q2 · Prepared remarks: +4.72016 Q3 · Prepared remarks: +3.32016 Q4 · Prepared remarks: +2.82017 Q1 · Prepared remarks: -3.32017 Q2 · Prepared remarks: +3.62017 Q3 · Prepared remarks: +6.82017 Q4 · Prepared remarks: +8.52018 Q1 · Prepared remarks: +3.32018 Q2 · Prepared remarks: +6.62018 Q3 · Prepared remarks: +8.22018 Q4 · Prepared remarks: +11.52019 Q1 · Prepared remarks: +9.62019 Q2 · Prepared remarks: +18.52019 Q3 · Prepared remarks: +6.72019 Q4 · Prepared remarks: +10.42020 Q1 · Prepared remarks: -0.32020 Q2 · Prepared remarks: +6.12020 Q3 · Prepared remarks: +13.92020 Q4 · Prepared remarks: +33.02021 Q1 · Prepared remarks: +20.22021 Q2 · Prepared remarks: +21.82021 Q3 · Prepared remarks: +17.82021 Q4 · Prepared remarks: +21.92022 Q1 · Prepared remarks: +13.62022 Q2 · Prepared remarks: +22.22022 Q3 · Prepared remarks: +19.72022 Q4 · Prepared remarks: +23.62023 Q1 · Prepared remarks: +24.12023 Q2 · Prepared remarks: +33.32023 Q3 · Prepared remarks: +28.22023 Q4 · Prepared remarks: +23.92024 Q1 · Prepared remarks: +24.62024 Q2 · Prepared remarks: +31.22024 Q3 · Prepared remarks: +22.62024 Q4 · Prepared remarks: +20.82025 Q1 · Prepared remarks: +22.92008 Q1 · Q&A responses: +6.22008 Q2 · Q&A responses: +6.02008 Q3 · Q&A responses: +1.52008 Q4 · Q&A responses: +4.22009 Q1 · Q&A responses: -2.52009 Q3 · Q&A responses: -3.22009 Q4 · Q&A responses: +4.52010 Q1 · Q&A responses: +4.42010 Q2 · Q&A responses: +7.52010 Q4 · Q&A responses: -1.62011 Q1 · Q&A responses: -2.02011 Q2 · Q&A responses: +5.12011 Q3 · Q&A responses: -0.72011 Q4 · Q&A responses: +3.32012 Q1 · Q&A responses: +0.62012 Q2 · Q&A responses: -1.92012 Q3 · Q&A responses: -6.72013 Q1 · Q&A responses: +1.42013 Q2 · Q&A responses: +0.12013 Q3 · Q&A responses: -3.52013 Q4 · Q&A responses: +6.22014 Q1 · Q&A responses: +3.12014 Q2 · Q&A responses: -3.72014 Q3 · Q&A responses: +3.22014 Q4 · Q&A responses: +2.82015 Q1 · Q&A responses: +6.82015 Q2 · Q&A responses: +8.92015 Q3 · Q&A responses: +10.62015 Q4 · Q&A responses: +4.32016 Q1 · Q&A responses: +3.62016 Q2 · Q&A responses: +1.52016 Q3 · Q&A responses: +2.72016 Q4 · Q&A responses: +0.62017 Q1 · Q&A responses: +2.82017 Q2 · Q&A responses: +9.52017 Q3 · Q&A responses: +3.12017 Q4 · Q&A responses: +3.92018 Q1 · Q&A responses: +5.82018 Q2 · Q&A responses: +20.12018 Q3 · Q&A responses: +14.22018 Q4 · Q&A responses: +8.52019 Q1 · Q&A responses: +19.32019 Q2 · Q&A responses: +13.82019 Q3 · Q&A responses: +7.32019 Q4 · Q&A responses: +8.22020 Q1 · Q&A responses: -7.52020 Q2 · Q&A responses: +2.12020 Q3 · Q&A responses: +9.72020 Q4 · Q&A responses: +13.72021 Q1 · Q&A responses: +12.72021 Q2 · Q&A responses: +15.22021 Q3 · Q&A responses: +7.82021 Q4 · Q&A responses: +12.52022 Q1 · Q&A responses: +6.32022 Q2 · Q&A responses: +8.82022 Q3 · Q&A responses: +6.42022 Q4 · Q&A responses: +6.92023 Q1 · Q&A responses: +8.92023 Q2 · Q&A responses: +17.02023 Q3 · Q&A responses: +14.52023 Q4 · Q&A responses: +4.42024 Q1 · Q&A responses: +9.12024 Q2 · Q&A responses: +5.42024 Q3 · Q&A responses: +5.72024 Q4 · Q&A responses: +1.82025 Q1 · Q&A responses: +13.9
Prepared remarksQ&A responses

Tone vs forward expectations

Management tone next to Wall Street's forward-looking numbers (glopardo): the 12-month forward EPS estimate and the forward P/E per call.

Forward EPS estimate

$4.19$5.63$7.082008 Q12010 Q42013 Q12015 Q22017 Q32019 Q42022 Q12024 Q22014 Q1: $5.222014 Q2: $5.442014 Q3: $5.472014 Q4: $4.992015 Q1: $4.392015 Q2: $4.602015 Q3: $4.592015 Q4: $4.632016 Q1: $4.462016 Q2: $4.682016 Q3: $4.802016 Q4: $4.812017 Q1: $4.962017 Q2: $5.182017 Q3: $5.272017 Q4: $5.282018 Q1: $5.412018 Q2: $5.462018 Q3: $5.302018 Q4: $5.292019 Q1: $5.512019 Q2: $5.372019 Q3: $5.532019 Q4: $5.582020 Q1: $5.662020 Q2: $5.142020 Q3: $5.502020 Q4: $5.712021 Q1: $6.142021 Q2: $6.422021 Q3: $6.572021 Q4: $6.452022 Q1: $6.322022 Q2: $5.792022 Q3: $5.862022 Q4: $5.612023 Q1: $6.472023 Q2: $6.562023 Q3: $6.672023 Q4: $6.502024 Q1: $6.562024 Q2: $6.622024 Q3: $6.88

Forward P/E

10.5417.3024.052008 Q12010 Q42013 Q12015 Q22017 Q32019 Q42022 Q12024 Q22014 Q1: 15.262014 Q2: 16.522014 Q3: 15.532014 Q4: 16.402015 Q1: 17.912015 Q2: 17.792015 Q3: 17.872015 Q4: 19.472016 Q1: 21.762016 Q2: 21.292016 Q3: 20.522016 Q4: 18.862017 Q1: 22.682017 Q2: 23.122017 Q3: 22.162017 Q4: 20.502018 Q1: 19.522018 Q2: 14.662018 Q3: 15.252018 Q4: 13.622019 Q1: 16.232019 Q2: 14.272019 Q3: 12.952019 Q4: 15.362020 Q1: 11.472020 Q2: 14.412020 Q3: 14.662020 Q4: 15.002021 Q1: 14.532021 Q2: 15.562021 Q3: 15.822021 Q4: 14.382022 Q1: 14.852022 Q2: 16.982022 Q3: 15.982022 Q4: 18.262023 Q1: 14.872023 Q2: 14.192023 Q3: 14.282023 Q4: 14.522024 Q1: 14.542024 Q2: 15.292024 Q3: 17.58

Divergence watch ⚑

Quarters where tone and the forward EPS estimate moved opposite ways.

  • 2015 Q1 tone ↑ +8.1 fwd EPS ↓ -0.60 Tone rose while the forward EPS estimate was cut.
  • 2015 Q2 tone ↓ -7.6 fwd EPS ↑ +0.21 Tone cooled even as the forward EPS estimate rose.
  • 2016 Q2 tone ↓ -3.1 fwd EPS ↑ +0.21 Tone cooled even as the forward EPS estimate rose.
  • 2017 Q3 tone ↓ -2.8 fwd EPS ↑ +0.09 Tone cooled even as the forward EPS estimate rose.
  • 2019 Q3 tone ↓ -6.4 fwd EPS ↑ +0.16 Tone cooled even as the forward EPS estimate rose.
  • 2020 Q1 tone ↓ -13.3 fwd EPS ↑ +0.08 Tone cooled even as the forward EPS estimate rose.
  • 2020 Q2 tone ↑ +8.8 fwd EPS ↓ -0.52 Tone rose while the forward EPS estimate was cut.
  • 2021 Q3 tone ↓ -7.7 fwd EPS ↑ +0.15 Tone cooled even as the forward EPS estimate rose.
  • 2021 Q4 tone ↑ +5.7 fwd EPS ↓ -0.12 Tone rose while the forward EPS estimate was cut.
  • 2022 Q2 tone ↑ +5.5 fwd EPS ↓ -0.53 Tone rose while the forward EPS estimate was cut.
  • 2022 Q3 tone ↓ -2.1 fwd EPS ↑ +0.08 Tone cooled even as the forward EPS estimate rose.
  • 2022 Q4 tone ↑ +2.4 fwd EPS ↓ -0.25 Tone rose while the forward EPS estimate was cut.
  • 2023 Q3 tone ↓ -3.2 fwd EPS ↑ +0.11 Tone cooled even as the forward EPS estimate rose.
  • 2024 Q3 tone ↓ -2.4 fwd EPS ↑ +0.26 Tone cooled even as the forward EPS estimate rose.

Recent transcripts

CallDateSentiment ×1000Fwd EPSFwd P/E
2025 Q12025-04-23+16.2——View →
2024 Q42025-02-06+9.5——View →
2024 Q32024-10-22+12.7$6.8817.6View →
2024 Q22024-07-23+15.2$6.6215.3View →
2024 Q12024-04-23+14.6$6.5614.5View →
2023 Q42024-02-11+12.8$6.5014.5View →
2023 Q32023-10-19+18.4$6.6714.3View →
2023 Q22023-07-20+21.6$6.5614.2View →