Smoke-free total shipment volume growth measures year-over-year change in PMI's combined smoke-free shipment volume across heated tobacco, oral smoke-free, and e-vapor products.
PMI reported 7.5% growth in smoke-free shipment volume in the second quarter of 2026, to 48.2B equivalent units from 44.8B.
Heated tobacco drove most of the absolute volume
Heated tobacco shipments were 41.8B units, compared with 5.1B oral smoke-free equivalent units and 1.3B e-vapor equivalent units.
The aggregate rate therefore is heavily influenced by heated tobacco.
Equivalent units combine different product forms
PMI uses conversion conventions for oral and e-vapor products to create a portfolio shipment measure.
Read it with heated tobacco shipment growth and oral smoke-free shipment growth.
Primary source: Philip Morris International Q2 2026 Form 10-Q.
Part of the Smoke-Free Portfolio Economics
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These companies are examples of how the concept is reported or discussed in public filings. Definitions can differ by issuer; these links open company research rather than a normalized metric comparison.
- PMOpen operating-model research →10 of 10 reviewed concepts in Smoke-Free Portfolio EconomicsCategory shipment growth4 of 4 bridge concepts supportedContinue through this bridge:E-Vapor Shipment GrowthHeated Tobacco Shipment GrowthOral Smoke-Free Shipment Growth
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Compare total smoke-free shipment growth
Compare combined smoke-free shipment growth with heated tobacco, oral, and e-vapor category weights kept visible.
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