# Zyn US shipment volume in Q2

in Q2 2026

Updated: July 14, 2026

Category: Financials

Tags: Companies, KPIs

HTML: /markets/financials/companies/zyn-us-shipment-volume-in-q2/

## Short Answer

**Key takeaway.** Both the **model** and the **market** overwhelmingly agree that Zyn US shipment volume in Q2 2026 will be above 160 million.

## Key Claims (July 2026)

**- - Since last update (~24h): Model's probability decreased 3.6pp, flipping its edge to -2.0, while market probability held steady.** - **Model**-led shifts dropped 'Above 190 million' **probability** 29.4pp, widening the negative edge.
- **Confidence** score increased by 1.0pp to 8.0, indicating greater certainty in our **model**.
- **Model**-led 'Above 185 million' **probability** fell 15.9pp, further widening its negative **market** edge.

**- - Shipment volume above 160 million appears likely, despite Q2 consumer sales softening.** - Production scaling back due to demand limits higher volumes above 165 million.

## Market Behavior & Drivers

**Market** at 89c prices 2pp above **87%** **model**, despite Q2 Zyn sales softening and production scaling back.

This market has traded sideways overall, opening and currently priced at 89.0%. The primary event was a sharp 39.0 percentage point drop on July 1, from 89.0% to 50.0%. This price collapse followed Philip Morris International's Q1 2026 earnings announcement on April 22. PMI reported US Zyn shipments of 155 million cans for the first quarter, a figure below the 160 million can threshold for this market's Q2 resolution. The market immediately repriced the probability of a Q2 beat to 50/50, reflecting significant new uncertainty based on the weak Q1 performance.

Since that drop, the price has fully recovered to its starting level of 89.0%. The 50.0% mark acted as a clear support level from which the recovery was staged. Total traded volume of 135 contracts across the period is modest. The price action suggests initial market confidence was high, then completely reset by the Q1 data miss. The subsequent rally back to 89.0% indicates traders have discounted the poor Q1 result and now assign a high probability that Q2 shipments will rebound to exceed the 160 million can level.

### Who Wins and Why

| Outcome | Market | Model | Why |
| --- | --- | --- | --- |
| Outcome | 89.0% | 87.0% | Market higher by 2.0pp |

## Model vs Market

- Model Probability: 87.0% (Yes)
- Market Probability: 89.0% (Yes)
- Yes refers to: Yes
- Edge: -2.0pp
- Expected Return: -2.3%
- R-Score: -0.29
- Total Volume: $173,371.97
- 24h Volume: $4,600.5
- Open Interest: $48,123.91

- Expiration: August 20, 2026

## Significant Price Movements

### Outcome: Above 190 million

#### 📉 July 13, 2026: 16.0pp drop

Price decreased from 64.0% to 48.0%

**What happened:** The primary driver was the traditional news concerning Philip Morris International (PMI)'s decision to scale back ZYN production at its Owensboro, Kentucky facility, effective July 6, 2026 [[^]](https://www.owensborotimes.com/news/2026/04/pmi-to-scale-back-zyn-production-schedule-in-owensboros-swedish-match-facility/). This operational change, moving from 24/7 to 24/5 production, was explicitly made in response to "production exceeding market demand" [[^]](https://www.owensborotimes.com/news/2026/04/pmi-to-scale-back-zyn-production-schedule-in-owensboros-swedish-match-facility/)[[^]](https://nicotineinsider.com/2026/04/25/pmi-scales-back-zyn-production-in-kentucky/), directly signaling lower expected shipment volumes for Q2. The implementation of this reduced production schedule, just one week prior to the market drop, significantly lowered the perceived likelihood of Zyn U.S. shipment volume exceeding 190 million cans, especially following Q1 2026 shipments of only 155 million cans [[^]](https://www.pmi.com/investor-relations/press-releases-and-events/press-releases-overview/press-release-details?newsId=29931)[[^]](https://www.ainvest.com/news/philip-morris-cuts-profit-forecast-zyn-demand-outpaces-regulatory-brakes-2604/). Social media was irrelevant, as no related activity was identified in the provided information.

### Outcome: Above 195 million

#### 📈 July 05, 2026: 10.0pp spike

Price increased from 41.0% to 51.0%

**What happened:** The primary driver for the 10.0 percentage point spike on July 05, 2026, in the Zyn US shipment volume Q2 prediction market is not explicitly identified in the provided research. While social media and financial prediction commentary referenced this fluctuation, the movement appears to be linked to general market speculation rather than a confirmed Q2 2026 official financial metric or specific new information [[^]](https://pdata.world/events/kalshi/KXPMA-28JANZYN). There is no record of influential social media posts, traditional news, or data releases on or around that date that would drive such a positive price movement. Therefore, social media activity was mostly noise, reflecting existing speculation rather than serving as a primary catalyst.

### Outcome: Above 160 million

#### 📉 July 01, 2026: 39.0pp drop

Price decreased from 89.0% to 50.0%

**What happened:** The primary driver of the prediction market price drop was likely the official Q1 2026 earnings announcement by Philip Morris International (PMI) on April 22, 2026 [[^]](https://www.marketbeat.com/earnings/reports/2026-4-22-philip-morris-international-inc-stock/). PMI reported US ZYN shipment volumes of 155 million cans for Q1 2026, a figure below the 160 million threshold specified in the market's "Above 160 million" outcome [[^]](https://philipmorrisinternational.gcs-web.com/static-files/de3f8c27-9f6b-4d9e-9890-85a231ac759e). Although this decline was attributed to distributor inventory normalization rather than a decrease in consumer demand [[^]](https://philipmorrisinternational.gcs-web.com/static-files/2366a56b-3284-4605-9328-4d226bcc685b)[[^]](https://www.roic.ai/quote/PM:US/transcripts/2025-year/4-quarter), the reported Q1 volume likely reset market expectations for Q2 shipment volumes. Social media activity was not a primary driver, as the provided research did not identify specific posts or narratives related to this event or the 39.0 percentage point movement.

## Contract Snapshot

This Kalshi market resolves YES if Philip Morris International Inc. reports Q2 2026 Zyn US shipment volume above 190,000,000, and NO if it is 190,000,000 or below. The outcome is verified by Fiscal.ai. The market closes by August 20, 2026, 6:00 am EDT, or earlier if the event occurs, with payouts projected 30 minutes after closing. Insider trading by those with material non-public information or employed by source agencies is prohibited.

## Market Discussion

Philip Morris International has not yet released its Q2 2026 earnings results, which would include ZYN US shipment volume, as of July 14, 2026 [[^]](https://philipmorrisinternational.gcs-web.com/static-files/bc8f0707-b24e-43a9-892c-60b2583e587c). In Q1 2026, U.S. ZYN shipments declined by 23.5% to 155 million cans due to inventory normalization, despite a 10% increase in offtake volume [[^]](https://philipmorrisinternational.gcs-web.com/static-files/bc8f0707-b24e-43a9-892c-60b2583e587c). Current public commentary and prediction market sentiment concerning ZYN largely focus on FDA regulatory developments, particularly the pending status of 'ZYN ULTRA', rather than specific Q2 2026 volume predictions [[^]](https://polymarket.com/predictions/zyn).

## What impact will Philip Morris International's new manufacturing capacity, expected to come online in 2026, have on resolving supply constraints and boosting Zyn shipment volumes in Q2?

Aurora, CO facility commercial output start | September 2025 [[^]](https://www.tobaccojournal.com/news/pmi-ramps-up-zyn-output-at-aurora-plant/)[[^]](https://nicotineinsider.com/2026/02/11/pmi-opens-doors-to-600m-zyn-plant-in-colorado/) |
Q1 2026 U.S. ZYN shipments decline | 23.5% [[^]](https://www.tobaccojournal.com/news/pmi-reports-first-quarter-2026-results/) |
Q2 2026 U.S. ZYN shipment prediction market threshold | 195 million cans [[^]](https://kalshi.com/markets/kxpm/philip-morris-kpi/kxpm-26julzynship)[[^]](https://www.coinbase.com/en-ca/predictions/event/KXPM-26JULZYNSHIP) |

**Philip Morris International's new Aurora facility has resolved ZYN supply issues and normalized inventory**

Philip Morris International's new Aurora facility has resolved ZYN supply issues and normalized inventory. The new manufacturing facility in Aurora, Colorado, which began commercial output in September 2025 and is ramping up production throughout 2026, has been instrumental in resolving previous supply constraints [[^]](https://www.tobaccojournal.com/news/pmi-ramps-up-zyn-output-at-aurora-plant/)[[^]](https://nicotineinsider.com/2026/02/11/pmi-opens-doors-to-600m-zyn-plant-in-colorado/). By April 2026, the company announced a shift from extreme supply shortages to a phase of inventory normalization, indicating that production capacity had begun to outpace current **market** demand [[^]](https://nicotineinsider.com/2026/04/25/pmi-scales-back-zyn-production-in-kentucky/)[[^]](https://tobaccoinsider.com/zyn-shortage-usa/)[[^]](https://www.tobaccojournal.com/news/pmi-reports-first-quarter-2026-results/).

Increased capacity will not significantly boost Q2 ZYN shipments. This surplus in production capacity led PMI to announce a scale-back in operations at its Owensboro, Kentucky, facility, moving from a 24/7 to a 24/5 schedule effective July 2026 [[^]](https://nicotineinsider.com/2026/04/25/pmi-scales-back-zyn-production-in-kentucky/)[[^]](https://www.tobaccojournal.com/news/pmi-reports-first-quarter-2026-results/). Consequently, the new capacity is not anticipated to significantly boost Q2 2026 shipment volumes. Instead, it supports inventory normalization, which contributed to a **23.5%** decline in U.S. ZYN shipments to 155 million cans in Q1 2026, even as consumer retail sales grew by **10%** [[^]](https://www.tobaccojournal.com/news/pmi-reports-first-quarter-2026-results/).

Q2 ZYN shipment volume predictions track at 195 million cans. Prediction markets for Q2 2026 U.S. ZYN shipment volumes are currently tracking against a threshold of 195 million cans [[^]](https://kalshi.com/markets/kxpm/philip-morris-kpi/kxpm-26julzynship)[[^]](https://www.coinbase.com/en-ca/predictions/event/KXPM-26JULZYNSHIP).

## How did Zyn's US market share and volume growth in Q2 2026 compare to its primary competitor, British American Tobacco's Velo brand?

Velo Plus Modern Oral Share Growth | +10.4 percentage points [[^]](https://www.bat.com/media/press-releases/_2026/june/2026-first-half-pre-close-trading-update)[[^]](https://senspdf.jse.co.za/documents/SENS_20260602_S522133.pdf)[[^]](https://joshthompson.co.uk/investing/bat-trading-update-accelerating-new-category-revenue-growth/) |
Velo US Market Position | #2 brand [[^]](https://www.reuters.com/business/british-american-tobacco-annual-profit-rises-23-2026-02-12/) |
Zyn Q1 2026 US Retail Volume Growth | 10% [[^]](https://philipmorrisinternational.gcs-web.com/static-files/bc8f0707-b24e-43a9-892c-60b2583e587c)[[^]](https://www.tobaccojournal.com/news/pmi-reports-first-quarter-2026-results/)[[^]](https://www.ainvest.com/news/philip-morris-zyn-promo-strategy-volume-outlook-clash-iqos-profit-shift-earnings-calls-2604/) |

**Velo demonstrated significant US growth in H1 2026**

Velo demonstrated significant US growth in H1 2026. British American Tobacco (BAT) reported notable momentum for its Velo brand in the U.S. during its H1 2026 pre-close update, published on June 2, 2026 [[^]](https://www.bat.com/media/press-releases/_2026/june/2026-first-half-pre-close-trading-update)[[^]](https://senspdf.jse.co.za/documents/SENS_20260602_S522133.pdf)[[^]](https://joshthompson.co.uk/investing/bat-trading-update-accelerating-new-category-revenue-growth/). Velo Plus was a key contributor to this performance, driving a 10.4 percentage point increase in the Modern Oral volume share [[^]](https://www.bat.com/media/press-releases/_2026/june/2026-first-half-pre-close-trading-update)[[^]](https://senspdf.jse.co.za/documents/SENS_20260602_S522133.pdf)[[^]](https://joshthompson.co.uk/investing/bat-trading-update-accelerating-new-category-revenue-growth/). Despite this growth, Zyn holds its position as the **market** leader in the U.S. nicotine pouch category, with Velo recognized as the second-largest brand [[^]](https://www.reuters.com/business/british-american-tobacco-annual-profit-rises-23-2026-02-12/).

Zyn's Q2 2026 growth data is not available. A direct comparison of Q2 2026 growth between Zyn and Velo is therefore not possible, as Zyn's U.S. **market** share or volume growth for that quarter was not specified in the provided information. However, for Q1 2026, Zyn experienced a **10%** increase in U.S. offtake (retail) volumes. Conversely, Zyn's shipment volumes for Q1 2026 declined by **23.5%**, amounting to 2.3 billion pouches, primarily attributed to inventory normalization and promotional comparisons [[^]](https://philipmorrisinternational.gcs-web.com/static-files/bc8f0707-b24e-43a9-892c-60b2583e587c)[[^]](https://www.tobaccojournal.com/news/pmi-reports-first-quarter-2026-results/)[[^]](https://www.ainvest.com/news/philip-morris-zyn-promo-strategy-volume-outlook-clash-iqos-profit-shift-earnings-calls-2604/).

## How do Q2 2026 consumer sales data from sources like Nielsen reflect Philip Morris International's Q1 claim that shipment declines were due to inventory adjustments, not falling demand?

Q1 2026 Zyn US Shipment Decline | 23.5% (Q1 2026) [[^]](https://www.pmi.com/investor-relations/press-releases-and-events/press-releases-overview/press-release-details/?newsId=29931)[[^]](https://philipmorrisinternational.gcs-web.com/static-files/d05a7914-0aa8-4a1b-8ed9-1cc2e26505fb)[[^]](https://www.magixtechs.com/news/pmi-reduces-profit-zyn-faces-velo-competition-and-fda-approval-delay/) |
Q1 2026 Zyn US Nielsen Offtake Growth | 10% (Q1 2026) [[^]](https://www.pmi.com/investor-relations/press-releases-and-events/press-releases-overview/press-release-details/?newsId=29931)[[^]](https://philipmorrisinternational.gcs-web.com/static-files/d05a7914-0aa8-4a1b-8ed9-1cc2e26505fb)[[^]](https://www.magixtechs.com/news/pmi-reduces-profit-zyn-faces-velo-competition-and-fda-approval-delay/) |
Late Q2 2026 Zyn US Growth | Approximately -1% (late June 2026) [[^]](https://tobaccoinsider.com/nicotine-pouches-usa/)[[^]](https://tobaccoreporter.com/2026/06/24/smokeless-only-products-growing-in-nicotine-market-report/) |

**In the first quarter of 2026, Philip Morris International (PMI) attributed a 23.5% decrease in U.S**

In the first quarter of 2026, Philip Morris International (PMI) attributed a **23.5%** decrease in U.S. Zyn shipment volumes to distributor and trade inventory adjustments. The company asserted that this decline did not signify a fall in consumer demand, citing Nielsen-estimated offtake volumes for Zyn, which reportedly grew by **10%** during the same Q1 period [[^]](https://www.pmi.com/investor-relations/press-releases-and-events/press-releases-overview/press-release-details/?newsId=29931)[[^]](https://philipmorrisinternational.gcs-web.com/static-files/d05a7914-0aa8-4a1b-8ed9-1cc2e26505fb)[[^]](https://www.magixtechs.com/news/pmi-reduces-profit-zyn-faces-velo-competition-and-fda-approval-delay/).

Recent Q2 data challenges PMI's Q1 consumer demand claims. However, more current industry reports from late June 2026, encompassing Q2 data, suggest a significant deceleration in Zyn's U.S. growth momentum. Some analyses indicate that Zyn's growth rate has substantially slowed from previous double-digit figures to approximately -**1%** in recent four-week periods [[^]](https://tobaccoinsider.com/nicotine-pouches-usa/)[[^]](https://tobaccoreporter.com/2026/06/24/smokeless-only-products-growing-in-nicotine-**market**-report/). This observed slowdown in consumer sales during Q2 2026, combined with increased competition from products like BAT's Velo, potentially contradicts PMI's earlier assertion that its Q1 shipment declines were unrelated to actual consumer demand [[^]](https://tobaccoinsider.com/nicotine-pouches-usa/)[[^]](https://tobaccoreporter.com/2026/06/24/smokeless-only-products-growing-in-nicotine-**market**-report/).

## On what date will Philip Morris International release its Q2 2026 earnings report, and what specific metrics beyond shipment volume will be disclosed?

Q2 2026 Earnings Report Date | July 22, 2026 [[^]](https://www.pmi.com/investor-relations/overview/event-details?eventId=29461)[[^]](https://www.marketbeat.com/stocks/NYSE/PM/earnings/)[[^]](https://www.marketscreener.com/quote/stock/PHILIP-MORRIS-INTERNATION-2836703/calendar/)[[^]](https://finance.yahoo.com/markets/stocks/articles/expect-philip-morris-q2-2026-113053226.html)[[^]](https://www.tipranks.com/stocks/pm/earnings)[[^]](https://www.businesswire.com/news/home/20260623366308/en/WSJ-Intelligence-Study-Uniquely-Human-Skills-Deemed-Non-Replicable-in-Automated-Future/)[[^]](https://www.businesswire.com/news/home/20260601710884/en/Philip-Morris-International-Participates-in-2026-dbAccess-Global-Consumer-Conference-Updates-2026-Full-Year-Diluted-EPS-Forecast-for-Currency-and-Non-Cash-Impairment-Only/)[[^]](https://www.businesswire.com/news/home/20260504338284/en/Forbes-Includes-Philip-Morris-International-in-Its-Net-Zero-Leaders-List/)[[^]](https://www.businesswire.com/news/home/20260415853733/en/One-in-Three-Cigarettes-in-the-Region-of-The-Americas-in-2025-Is-Illicit-New-Study-Finds/)[[^]](https://www.businesswire.com/news/home/20260331272710/en/Philip-Morris-International-Presents-its-Value-Report-2025-change-in-motion/)[[^]](https://www.prnewswire.com/news-releases/pmi-us-brings-technovation-to-washington-dc-302728519.html) |
Key Non-Shipment Financial Metric | Q2 2026 adjusted diluted EPS [[^]](https://www.pmi.com/investor-relations/overview/event-details?eventId=29461)[[^]](https://www.marketbeat.com/stocks/NYSE/PM/earnings/)[[^]](https://www.businesswire.com/news/home/20260623366308/en/WSJ-Intelligence-Study-Uniquely-Human-Skills-Deemed-Non-Replicable-in-Automated-Future/)[[^]](https://www.businesswire.com/news/home/20260601710884/en/Philip-Morris-International-Participates-in-2026-dbAccess-Global-Consumer-Conference-Updates-2026-Full-Year-Diluted-EPS-Forecast-for-Currency-and-Non-Cash-Impairment-Only/)[[^]](https://www.businesswire.com/news/home/20260504338284/en/Forbes-Includes-Philip-Morris-International-in-Its-Net-Zero-Leaders-List/)[[^]](https://www.businesswire.com/news/home/20260415853733/en/One-in-Three-Cigarettes-in-the-Region-of-The-Americas-in-2025-Is-Illicit-New-Study-Finds/)[[^]](https://www.businesswire.com/news/home/20260331272710/en/Philip-Morris-International-Presents-its-Value-Report-2025-change-in-motion/)[[^]](https://www.prnewswire.com/news-releases/pmi-us-brings-technovation-to-washington-dc-302728519.html) |
Q2 2026 Adjusted Diluted EPS Guidance | $2.02 to $2.07 (includes 2-cent favorable currency impact) [[^]](https://www.pmi.com/investor-relations/overview/event-details?eventId=29461)[[^]](https://www.marketbeat.com/stocks/NYSE/PM/earnings/)[[^]](https://www.businesswire.com/news/home/20260623366308/en/WSJ-Intelligence-Study-Uniquely-Human-Skills-Deemed-Non-Replicable-in-Automated-Future/)[[^]](https://www.businesswire.com/news/home/20260601710884/en/Philip-Morris-International-Participates-in-2026-dbAccess-Global-Consumer-Conference-Updates-2026-Full-Year-Diluted-EPS-Forecast-for-Currency-and-Non-Cash-Impairment-Only/)[[^]](https://www.businesswire.com/news/home/20260504338284/en/Forbes-Includes-Philip-Morris-International-in-Its-Net-Zero-Leaders-List/)[[^]](https://www.businesswire.com/news/home/20260415853733/en/One-in-Three-Cigarettes-in-the-Region-of-The-Americas-in-2025-Is-Illicit-New-Study-Finds/)[[^]](https://www.businesswire.com/news/home/20260331272710/en/Philip-Morris-International-Presents-its-Value-Report-2025-change-in-motion/)[[^]](https://www.prnewswire.com/news-releases/pmi-us-brings-technovation-to-washington-dc-302728519.html) |

**Philip Morris International will release its Q2 2026 earnings on July 22, 2026 [[^]](https://www.pmi.com/investor-relations/overview/event-details?eventId=29461)[[^]](https://www.marketbeat.com/stocks/NYSE/PM/earnings/)[[^]](https://www.marketscreener.com/quote/stock/PHILIP-MORRIS-INTERNATION-2836703/calendar/)[[^]](https://finance.yahoo.com/markets/stocks/articles/expect-philip-morris-q2-2026-113053226.html)[[^]](https://www.tipranks.com/stocks/pm/earnings)[[^]](https://www.businesswire.com/news/home/20260623366308/en/WSJ-Intelligence-Study-Uniquely-Human-Skills-Deemed-Non-Replicable-in-Automated-Future/)[[^]](https://www.businesswire.com/news/home/20260601710884/en/Philip-Morris-International-Participates-in-2026-dbAccess-Global-Consumer-Conference-Updates-2026-Full-Year-Diluted-EPS-Forecast-for-Currency-and-Non-Cash-Impairment-Only/)[[^]](https://www.businesswire.com/news/home/20260504338284/en/Forbes-Includes-Philip-Morris-International-in-Its-Net-Zero-Leaders-List/)[[^]](https://www.businesswire.com/news/home/20260415853733/en/One-in-Three-Cigarettes-in-the-Region-of-The-Americas-in-2025-Is-Illicit-New-Study-Finds/)[[^]](https://www.businesswire.com/news/home/20260331272710/en/Philip-Morris-International-Presents-its-Value-Report-2025-change-in-motion/)[[^]](https://www.prnewswire.com/news-releases/pmi-us-brings-technovation-to-washington-dc-302728519.html)**

Philip Morris International will release its Q2 2026 earnings on July 22, 2026 [[^]](https://www.pmi.com/investor-relations/overview/event-details?eventId=29461)[[^]](https://www.marketbeat.com/stocks/NYSE/PM/earnings/)[[^]](https://www.marketscreener.com/quote/stock/PHILIP-MORRIS-INTERNATION-2836703/calendar/)[[^]](https://finance.yahoo.com/markets/stocks/articles/expect-philip-morris-q2-2026-113053226.html)[[^]](https://www.tipranks.com/stocks/pm/earnings)[[^]](https://www.businesswire.com/news/home/20260623366308/en/WSJ-Intelligence-Study-Uniquely-Human-Skills-Deemed-Non-Replicable-in-Automated-Future/)[[^]](https://www.businesswire.com/news/home/20260601710884/en/Philip-Morris-International-Participates-in-2026-dbAccess-Global-Consumer-Conference-Updates-2026-Full-Year-Diluted-EPS-Forecast-for-Currency-and-Non-Cash-Impairment-Only/)[[^]](https://www.businesswire.com/news/home/20260504338284/en/Forbes-Includes-Philip-Morris-International-in-Its-Net-Zero-Leaders-List/)[[^]](https://www.businesswire.com/news/home/20260415853733/en/One-in-Three-Cigarettes-in-the-Region-of-The-Americas-in-2025-Is-Illicit-New-Study-Finds/)[[^]](https://www.businesswire.com/news/home/20260331272710/en/Philip-Morris-International-Presents-its-Value-Report-2025-change-in-motion/)[[^]](https://www.prnewswire.com/news-releases/pmi-us-brings-technovation-to-washington-dc-302728519.html). Beyond shipment volume, the company has specifically confirmed that Q2 2026 adjusted diluted EPS will be disclosed [[^]](https://www.pmi.com/investor-relations/overview/event-details?eventId=29461)[[^]](https://www.marketbeat.com/stocks/NYSE/PM/earnings/)[[^]](https://www.businesswire.com/news/home/20260623366308/en/WSJ-Intelligence-Study-Uniquely-Human-Skills-Deemed-Non-Replicable-in-Automated-Future/)[[^]](https://www.businesswire.com/news/home/20260601710884/en/Philip-Morris-International-Participates-in-2026-dbAccess-Global-Consumer-Conference-Updates-2026-Full-Year-Diluted-EPS-Forecast-for-Currency-and-Non-Cash-Impairment-Only/)[[^]](https://www.businesswire.com/news/home/20260504338284/en/Forbes-Includes-Philip-Morris-International-in-Its-Net-Zero-Leaders-List/)[[^]](https://www.businesswire.com/news/home/20260415853733/en/One-in-Three-Cigarettes-in-the-Region-of-The-Americas-in-2025-Is-Illicit-New-Study-Finds/)[[^]](https://www.businesswire.com/news/home/20260331272710/en/Philip-Morris-International-Presents-its-Value-Report-2025-change-in-motion/)[[^]](https://www.prnewswire.com/news-releases/pmi-us-brings-technovation-to-washington-dc-302728519.html). For this quarter, Philip Morris International projects its adjusted diluted EPS to range from **$2.02** to **$2.07**. This guidance includes an estimated 2-cent favorable currency impact, calculated at prevailing exchange rates [[^]](https://www.pmi.com/investor-relations/overview/event-details?eventId=29461)[[^]](https://www.marketbeat.com/stocks/NYSE/PM/earnings/)[[^]](https://www.businesswire.com/news/home/20260623366308/en/WSJ-Intelligence-Study-Uniquely-Human-Skills-Deemed-Non-Replicable-in-Automated-Future/)[[^]](https://www.businesswire.com/news/home/20260601710884/en/Philip-Morris-International-Participates-in-2026-dbAccess-Global-Consumer-Conference-Updates-2026-Full-Year-Diluted-EPS-Forecast-for-Currency-and-Non-Cash-Impairment-Only/)[[^]](https://www.businesswire.com/news/home/20260504338284/en/Forbes-Includes-Philip-Morris-International-in-Its-Net-Zero-Leaders-List/)[[^]](https://www.businesswire.com/news/home/20260415853733/en/One-in-Three-Cigarettes-in-the-Region-of-The-Americas-in-2025-Is-Illicit-New-Study-Finds/)[[^]](https://www.businesswire.com/news/home/20260331272710/en/Philip-Morris-International-Presents-its-Value-Report-2025-change-in-motion/)[[^]](https://www.prnewswire.com/news-releases/pmi-us-brings-technovation-to-washington-dc-302728519.html).

Beyond shipment volume, adjusted diluted EPS is the only specific non-shipment metric. While Philip Morris International typically reports a range of financial data, such as net revenues, cost of sales, gross profit, and depreciation and amortization across its International Smoke-Free, International Combustibles, and U.S. segments [[^]](https://www.sec.gov/Archives/edgar/data/1413329/000162828026027019/R37.htm)[[^]](https://www.sec.gov/Archives/edgar/data/1413329/000162828026039666/a2026-06x02xdbconference_r.htm), adjusted diluted EPS stands out as the singular specific non-shipment financial metric explicitly identified in available evidence for the Q2 2026 earnings period [[^]](https://www.marketbeat.com/stocks/NYSE/PM/earnings/)[[^]](https://www.businesswire.com/news/home/20260623366308/en/WSJ-Intelligence-Study-Uniquely-Human-Skills-Deemed-Non-Replicable-in-Automated-Future/)[[^]](https://www.businesswire.com/news/home/20260601710884/en/Philip-Morris-International-Participates-in-2026-dbAccess-Global-Consumer-Conference-Updates-2026-Full-Year-Diluted-EPS-Forecast-for-Currency-and-Non-Cash-Impairment-Only/)[[^]](https://www.businesswire.com/news/home/20260504338284/en/Forbes-Includes-Philip-Morris-International-in-Its-Net-Zero-Leaders-List/)[[^]](https://www.businesswire.com/news/home/20260415853733/en/One-in-Three-Cigarettes-in-the-Region-of-The-Americas-in-2025-Is-Illicit-New-Study-Finds/)[[^]](https://www.businesswire.com/news/home/20260331272710/en/Philip-Morris-International-Presents-its-Value-Report-2025-change-in-motion/)[[^]](https://www.prnewswire.com/news-releases/pmi-us-brings-technovation-to-washington-dc-302728519.html).

## What regulatory developments from the FDA regarding Zyn Ultra occurred in Q2 2026, and how might they influence Philip Morris International's future shipment strategy?

Zyn Ultra FDA Status Q2 2026 | Under active FDA review, preventing broad authorized launch [[^]](https://thesnusoutlet.com/blogs/news/fda-nicotine-pouch-fast-track-stalled-what-the-april-2026-delay-means-for-you) |
FDA MRTP Authorization | 20 existing Zyn variants authorized for MRTP status in July 2026 [[^]](https://www.newstribune.com/news/2026/jul/02/philip-morris-can-market-zyn-as-lower-risk-than/) |
Q1 2026 US Zyn Shipment Volumes | Declined by 23.5% [[^]](https://www.tobaccojournal.com/news/pmi-reports-first-quarter-2026-results/) |

**Zyn Ultra's FDA review delays broad launch, impacting PMI's forecast**

Zyn Ultra's FDA review delays broad launch, impacting PMI's forecast. In Q2 2026, Zyn Ultra remained under active FDA review as part of a delayed nicotine pouch pilot program. This prevented its broad authorized launch despite Philip Morris International's (PMI) ongoing preparations [[^]](https://thesnusoutlet.com/blogs/news/fda-nicotine-pouch-fast-track-stalled-what-the-april-2026-delay-means-for-you). The regulatory uncertainty from the FDA prompted PMI to lower its 2026 forecast [[^]](https://zumovape.com/pmi-lowers-2026-forecast-as-zyn-faces-fda-uncertainty-and-growing-competition/).

PMI launched Zyn Ultra online while existing Zyn variants gained MRTP status. While Zyn Ultra remained under review by the FDA, PMI introduced it via online e-commerce platforms by June 2026 in a 9 mg strength, offered in eight flavors, with an 11 mg option slated for late June [[^]](https://tobaccoinsider.com/zyn-ultra-launch-us/). This introduction aimed to defend **market** share through improved unit economics with 20-pouch cans and higher nicotine intensity [[^]](https://tobaccoinsider.com/zyn-ultra-launch-us/). Concurrently, the FDA authorized 20 existing Zyn variants for Modified Risk Tobacco Product (MRTP) status in July 2026, allowing them to be marketed as less harmful than cigarettes [[^]](https://www.newstribune.com/news/2026/jul/02/philip-morris-can-**market**-zyn-as-lower-risk-than/).

PMI's Q1 Zyn shipments declined, but underlying growth and future innovations show promise. PMI's U.S. Zyn shipment volumes experienced a **23.5%** decline in Q1 2026, attributed to inventory normalization and competitive pressures [[^]](https://www.tobaccojournal.com/news/pmi-reports-first-quarter-2026-results/). Despite this, the company affirmed that underlying offtake growth remained robust at approximately **10%** in Q1 and anticipated improved performance in the second half of the year as comparisons normalized and new innovations were launched [[^]](https://www.tobaccojournal.com/news/pmi-reports-first-quarter-2026-results/).

## What Could Change the Odds

**Key takeaway.** Philip Morris International (PMI) is scheduled to release its 2026 second-quarter financial results on July 22, 2026 [[^]](https://www.pmi.com/investor-relations/overview/event-details?eventId=29461)[[^]](https://www.investing.com/equities/philip-morris-intl-earnings)[[^]](https://www.tipranks.com/stocks/ch:pmi/earnings).

**Market focus is on Zyn U.S.** shipment volume for Q2 2026. A prediction **market** on Kalshi tracks whether this volume will exceed 195 million cans [[^]](https://kalshi.com/markets/kxpm/philip-morris-kpi/kxpm-26julzynship). This follows a Q1 2026 Zyn U.S. shipment volume of 155 million cans, which represented a **23.5%** decline attributed to inventory adjustments [[^]](https://www.pmi.com/investor-relations/press-releases-and-events/press-releases-overview/press-release-details?newsId=29931).

## Key Dates & Catalysts

- **Expiration:** August 20, 2026
- **Closes:** August 20, 2026

## Decision-Flipping Events

- Philip Morris International (PMI) is scheduled to release its 2026 second-quarter financial results on July 22, 2026 [^] [^] [^] .
- **Market** focus is on Zyn U.S.
- Shipment volume for Q2 2026.
- A prediction **market** on Kalshi tracks whether this volume will exceed 195 million cans [^] .

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## Historical Resolutions

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