Basis: Trailing twelve months (TTM). Source: stored company filings and market data; unavailable inputs remain N/A.
Is the operating margin high or low?
The operating margin of 37.75% is in line with its 5-year average of 36.83%, around the middle of its 5-year range (28.62%–42.58%).
0.55% above its 12-month average of 37.54%.
Reported quarterly operating margin; no daily interpolation. Q2 FY2026 (2026-06-30): 40.48%.
OPERATING MARGIN
37.75%
OPERATING MARGIN AVG TTM
37.54%
OPERATING MARGIN AVG 3Y
35.75%
OPERATING MARGIN AVG 5Y
36.83%
OPERATING MARGIN AVG 10Y
37.92%
OPERATING MARGIN AVG 15Y
39.14%
OPERATING MARGIN AVG 20Y
39.36%
CURRENT VS TTM AVG
+0.55%
CURRENT VS 3Y AVG
+5.61%
CURRENT VS 5Y AVG
+2.50%
CURRENT VS 10Y AVG
-0.44%
CURRENT VS 15Y AVG
-3.55%
CURRENT VS 20Y AVG
-4.09%
SECTOR MEDIAN · CONSUMER DEFENSIVE
11.72%
median of 52 covered companies
CURRENT VS SECTOR MEDIAN
+221.96%
vs the sector median at left
Philip Morris International Inc.
Market Cap
$296.88B
Operating Margin
37.75%
TTM Avg
37.54%
3Y Avg
35.75%
5Y Avg
36.83%
Market Cap
$347.60B
Operating Margin
22.69%
TTM Avg
23.48%
3Y Avg
22.78%
5Y Avg
22.83%
Market Cap
$377.81B
Operating Margin
29.63%
TTM Avg
24.97%
3Y Avg
25.01%
5Y Avg
25.66%
Market Cap
$409.23B
Operating Margin
3.82%
TTM Avg
3.71%
3Y Avg
3.59%
5Y Avg
3.52%
Market Cap
$153.62B
Operating Margin
26.38%
TTM Avg
26.14%
3Y Avg
25.23%
5Y Avg
24.48%
Market Cap
$119.99B
Operating Margin
39.04%
TTM Avg
24.81%
3Y Avg
7.48%
5Y Avg
18.07%
Market Cap
$114.89B
Operating Margin
55.95%
TTM Avg
57.37%
3Y Avg
57.17%
5Y Avg
55.93%
| NAME | MARKET CAP | OPERATING MARGIN | TTM | 3Y | 5Y |
|---|---|---|---|---|---|
| Philip Morris International Inc. (PM) | $296.88B | 37.75% | 37.54% | 35.75% | 36.83% |
| The Procter & Gamble Company (PG)vs › | $347.60B | 22.69% | 23.48% | 22.78% | 22.83% |
| Nestlé S.A. (NSRGY)vs › | $239.60B | 15.94% | 16.00% | 15.02% | 15.17% |
| The Coca-Cola Company (KO)vs › | $377.81B | 29.63% | 24.97% | 25.01% | 25.66% |
| Costco Wholesale Corporation (COST)vs › | $409.23B | 3.82% | 3.71% | 3.59% | 3.52% |
| PepsiCo, Inc. (PEP)vs › | $175.71B | 14.96% | 14.20% | 13.71% | 13.86% |
| Anheuser-Busch InBev SA/NV (BUD)vs › | $153.62B | 26.38% | 26.14% | 25.23% | 24.48% |
| British American Tobacco p.l.c. (BTI)vs › | $119.99B | 39.04% | 24.81% | 7.48% | 18.07% |
| Altria Group, Inc. (MO)vs › | $114.89B | 55.95% | 57.37% | 57.17% | 55.93% |
| Monster Beverage Corporation (MNST)vs › | $84.32B | 29.16% | 27.47% | 26.85% | 29.22% |
Gross Margin
67.5%
Operating Margin
37.8%
Operating Margin = Operating Income / Revenue
Operating margin is the percentage of revenue remaining after operating expenses, reflecting operating efficiency.
Expanded definitions: Investopedia, Wikipedia, Corporate Finance Institute
| DATE | OPERATING MARGIN |
|---|---|
| 2026-06-30 | 40.48% |
| 2026-03-31 | 38.37% |
| 2025-12-31 | 32.55% |
| 2025-09-30 | 39.31% |
| 2025-06-30 | 37.01% |
| 2025-03-31 | 38.10% |
| 2024-12-31 | 33.58% |
| 2024-09-30 | 36.87% |
| 2024-06-30 | 36.38% |
| 2024-03-31 | 34.63% |
| 2023-12-31 | 31.93% |
| 2023-09-30 | 36.87% |
| 2023-06-30 | 28.62% |
| 2023-03-31 | 34.06% |
| 2022-12-31 | 35.87% |
| 2022-09-30 | 36.95% |
| 2022-06-30 | 39.02% |
| 2022-03-31 | 42.58% |
| 2021-12-31 | 36.53% |
| 2021-09-30 | 42.54% |
| 2021-06-30 | 41.20% |
| 2021-03-31 | 42.49% |
| 2020-12-31 | 39.02% |
| 2020-09-30 | 43.55% |
| 2020-06-30 | 41.06% |
| 2020-03-31 | 38.99% |
| 2019-12-31 | 32.49% |
| 2019-09-30 | 36.51% |
| 2019-06-30 | 41.43% |
| 2019-03-31 | 30.35% |
| 2018-12-31 | 36.03% |
| 2018-09-30 | 41.96% |
| 2018-06-30 | 39.96% |
| 2018-03-31 | 35.09% |
| 2017-12-31 | 40.00% |
| 2017-09-30 | 41.32% |
| 2017-06-30 | 39.57% |
| 2017-03-31 | 39.84% |
| 2016-12-31 | 37.47% |
| 2016-09-30 | 42.64% |
| 2016-06-30 | 41.40% |
| 2016-03-31 | 40.65% |
| 2015-12-31 | 29.74% |
| 2015-09-30 | 42.72% |
| 2015-06-30 | 42.16% |
| 2015-03-31 | 43.39% |
| 2014-12-31 | 35.18% |
| 2014-09-30 | 42.46% |
| 2014-06-30 | 36.86% |
| 2014-03-31 | 43.00% |
| 2013-12-31 | 43.23% |
| 2013-09-30 | 45.40% |
| 2013-06-30 | 42.21% |
| 2013-03-31 | 44.75% |
| 2012-12-31 | 42.03% |
| 2012-09-30 | 45.74% |
| 2012-06-30 | 44.38% |
| 2012-03-31 | 45.69% |
| 2011-12-31 | -135.52% |
| 2011-09-30 | -0.05% |
| 2011-06-30 | 44.87% |
| 2011-03-31 | 44.28% |
| 2010-12-31 | 38.98% |
| 2010-09-30 | 42.88% |
| 2010-06-30 | 41.16% |
| 2010-03-31 | 41.79% |
| 2009-12-31 | 36.34% |
| 2009-09-30 | 43.27% |
| 2009-06-30 | 39.60% |
| 2009-03-31 | 41.45% |
| 2008-12-31 | 33.87% |
| 2008-09-30 | 41.56% |
| 2008-06-30 | 38.87% |
| 2008-03-31 | 42.63% |
| 2007-12-31 | 36.92% |
| 2007-09-30 | 42.17% |
| 2007-06-30 | 37.99% |
| 2007-03-31 | 38.40% |
| 2006-12-31 | 0.00% |
| 2001-09-30 | 42.54% |
| 2001-08-01 | 0.00% |
