The headline upgrade is entirely currency-driven. The prior July 22 outlook called for adjusted 2026 EPS of $8.26-$8.41, while the new range is $8.35-$8.50. PMI explicitly says the reported EPS increase reflects currency only.
| Measure | New 2026 forecast | Prior / comparison | What changed |
|---|---|---|---|
| Reported diluted EPS | $7.28-$7.43 | 2025: $7.26 | Higher from FX |
| Adjusted diluted EPS | $8.35-$8.50 | Prior: $8.26-$8.41; 2025: $7.54 | Range lifted $0.09 |
| Adjusted EPS, excluding currency | $8.11-$8.26 | Prior: $8.11-$8.26 | Unchanged |
| Favorable currency impact | $0.24 | Previously $0.15 | Benefit increased $0.09 |
The underlying operating expectation did not improve. PMI kept its currency-neutral adjusted EPS growth outlook at 7.5%-9.5%, meaning the market should not read the higher headline range as better demand, pricing, margins, or smoke-free execution.
Net read: a mixed guidance update rather than a fundamental beat. The reported range is higher than the recently reduced outlook, but the ex-currency range—the cleaner measure of business performance—was reaffirmed. That makes the filing modestly supportive on the headline while neutral on the core earnings trajectory. PMI also raised its Q3 adjusted EPS range to $2.29-$2.34 from the prior range, again because currency shifted favorably.
Read the original 8-K on SEC EDGAR ↗