Procter & Gamble (PG) — Company Research

Last Updated: 15 May 2026

Procter & Gamble (NYSE: PG) is the world's largest consumer staples company by revenue, with $84.3bn in net sales for the fiscal year ended June 30, 2025. Founded in 1837 and headquartered in Cincinnati, Ohio, P&G operates a focused portfolio of five business segments spanning fabric care, baby and feminine hygiene, beauty, health care, and grooming. Its brands — including Tide, Pampers, Gillette, Oral-B, and SK-II — hold leading or co-leading market positions in most of the categories in which they compete. This report presents verified financial data sourced directly from SEC filings and P&G annual reports. No analyst opinions or price targets are included.

1. Company Snapshot

Full name	The Procter & Gamble Company
Ticker	NYSE: PG
Sector	Consumer Staples
Industry	Household & Personal Products
HQ	Cincinnati, Ohio, USA
Founded	1837
CEO	Jon Moeller (Chairman, President & CEO)
Employees	~107,000
FY2025 Revenue	$84,284M ($84.3bn)
FY2025 GAAP EPS (diluted)	$6.51
FY2025 Core EPS	$6.83
Market cap (May 2026)	~$332bn
Dividend (annualised)	$4.0763/share (~2.6% yield at ~$155)
Dividend history	68 consecutive years of dividend increases (Dividend King)
Next earnings	29 Jul 2026
Fiscal year end	30 June

2. Bull & Bear Case

Bull Case

• Brand moat: P&G holds 20+ billion-dollar brands with leadership positions in most categories. These brands generate repeat purchasing and command premium shelf positioning, delivering demonstrated pricing power through the 2022–2024 inflationary period.
• Dividend King: 68 consecutive years of dividend increases through recessions, financial crises, and supply shocks. The annualised dividend of $4.08/share represents a yield of approximately 2.6% at current prices, backed by $14.0bn in FY2025 free cash flow.
• Operating leverage returning: FY2025 operating income rose to $20.5bn from an estimated $18.5bn in FY2024, as commodity input costs and freight headwinds moderated and productivity savings flowed through. Operating margin improved meaningfully.
• Defensive earnings profile: Consumer staples demand is largely non-discretionary. P&G's five-segment model diversifies revenue across product types and geographies, providing resilience through economic cycles.
• Capital returns: P&G consistently returns capital via dividends and share buybacks, reducing share count over time and supporting EPS growth even in periods of modest revenue growth.

Bear Case

• Volume weakness: A significant portion of recent revenue growth was driven by pricing rather than volume. As pricing normalises, sustaining growth requires genuine volume recovery, which has been challenging particularly in Greater China and Europe.
• China drag: Greater China (7% of FY2025 sales) continues to underperform expectations post-COVID. Recovery in the SK-II prestige beauty brand has been slower than projected, with consumer sentiment remaining cautious.
• Tariff and FX headwinds: International operations represent approximately 48% of revenue. Currency depreciation in key markets and evolving US tariff policy present material headwinds to reported earnings and may increase input costs.
• Valuation premium: At roughly 23.8x trailing GAAP earnings, 3.9x sales, and 23.7x free cash flow, P&G trades at a premium to the broader market. Limited upside exists if organic growth fails to re-accelerate.
• Private label competition: Sustained consumer price sensitivity may accelerate share gains by retailer own-label products across certain categories, particularly as the post-inflation adjustment in household budgets continues.

3. Business Segments

P&G reports across five operating segments. The figures below are for the fiscal year ended 30 June 2025, sourced from the SEC 8-K filed 24 April 2026.

Segment	FY2025 Revenue	% of Total	Key Brands
Fabric & Home Care	$29,617M	35%	Tide, Ariel, Downy, Febreze, Mr. Clean, Swiffer, Dawn
Baby, Feminine & Family Care	$20,248M	24%	Pampers, Always, Tampax, Bounty, Charmin
Beauty	$14,964M	18%	Head & Shoulders, Pantene, Olay, SK-II, Old Spice, Safeguard
Health Care	$11,998M	14%	Oral-B, Crest, Vicks, Metamucil, Pepto-Bismol, Neurobion
Grooming	$6,662M	8%	Gillette, Venus, Braun

Fabric & Home Care is P&G's largest segment by revenue, contributing roughly $1 in every $3 of total sales. Baby, Feminine & Family Care is the second largest and encompasses the global Pampers franchise, one of the company's highest-volume brands. The Beauty segment carries the most premium positioning, anchored by SK-II in prestige skin care.

Geographic breakdown (FY2025)

Region	% of Net Sales
North America	52%
Europe	22%
Latin America	7%
Greater China	7%
Asia Pacific	7%
India, Middle East & Africa (IMEA)	5%

North America is P&G's home market and accounts for more than half of total revenue. Europe is the second largest region. Emerging and developing markets (Latin America, Greater China, IMEA, and parts of Asia Pacific) collectively represent a significant growth opportunity, though they also carry currency and geopolitical exposure.

4. Business Model

P&G operates a brand-led consumer staples model built on four structural advantages: brand equity, distribution scale, continuous innovation, and productivity discipline.

Brand equity and pricing power. P&G's portfolio includes more than 20 brands each generating over $1bn in annual sales. These brands benefit from decades of consumer trust, retailer shelf priority, and advertising investment. During the 2022–2024 inflationary cycle, P&G was able to implement significant price increases while largely maintaining volume share in its core categories, demonstrating the durability of its brand positioning.

Distribution and retail relationships. P&G distributes through mass retail, grocery, e-commerce, and professional channels across approximately 180 countries. Its scale gives it negotiating leverage with retailers and the ability to invest in category-level growth that benefits both P&G and its retail partners.

Innovation and premiumisation. P&G reinvests in its brands through product reformulation, format innovation (e.g., unit-dose laundry pods, premium skin care serums), and packaging sustainability. The company's premiumisation strategy — moving consumers up to higher-margin product tiers — is a key driver of average selling price growth independent of general price increases.

Productivity and cost discipline. P&G runs a continuous productivity programme that reduces cost of goods sold and selling, general and administrative expenses. These savings partially fund brand investment and offset commodity cost volatility. The company does not rely on government subsidies or regulatory credits as a material part of its earnings model.

Unit economics. Gross margins have historically ranged from 48% to 51%. Operating margins have run in the 20–24% range, reaching approximately 24.3% in FY2025 ($20.5bn operating income on $84.3bn revenue). Free cash flow conversion is high: FCF of $14.0bn in FY2025 on net income attributable to P&G of $16.0bn. Capital expenditure is moderate relative to cash generation, as the business does not require heavy ongoing infrastructure investment to sustain its moat.

Capital allocation. P&G's capital allocation framework prioritises: (1) sustaining dividend growth (68 years consecutive); (2) share buybacks to reduce outstanding count; (3) capital expenditure for manufacturing efficiency and capacity; (4) bolt-on M&A where consistent with the portfolio strategy. The company has generally avoided large transformational acquisitions in favour of organic brand development.

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5. Financial Health

Five-year revenue and earnings trend

Year	Revenue ($bn)	YoY%	GAAP EPS (diluted)	Adjusted EPS	Dividend/share	Long-term debt (YE)
FY2021	$76.1bn	+7.3%	$5.50	$5.66	$3.24	$23.1bn
FY2022	$80.2bn	+5.4%	$5.81	$5.81	$3.52	$22.8bn
FY2023	$82.0bn	+2.2%	$5.90	$5.90	$3.68	—
FY2024	$84.0bn	+2.5%	$6.02	$6.59	$3.83	—
FY2025	$84.3bn	+0.3%	$6.51	$6.83	$4.08	$25.0bn

Note: Long-term debt (noncurrent balance sheet) for FY2023 and FY2024 was not retrieved from primary filings during this research session and is shown as "—". Confirmed figures: FY2021 $23,099M, FY2022 $22,848M, FY2025 $24,995M. Source: SEC filings, P&G Annual Reports.

Free cash flow

FCF = operating cash flow minus capital expenditure.

Year	Operating CF	Capex	FCF
FY2021	$18,371M	$2,787M	$15,584M
FY2022	$16,723M	$3,156M	$13,567M
FY2023	$16,800M	—	—
FY2024	$19,800M	—	—
FY2025	$17,817M	$3,773M	$14,044M

FY2025 FCF = $17,817M operating cash flow minus $3,773M capital expenditure = $14,044M. Source: SEC 8-K filed 24 April 2026.

FY2025 quarterly breakdown

P&G reports quarterly results on a fiscal calendar (Q1 = July–September, Q2 = October–December, Q3 = January–March, Q4 = April–June). The annual totals below are confirmed from the FY2025 8-K filing; individual quarterly splits are approximate based on reported interim disclosures.

Quarter	Revenue (approx)	GAAP EPS (diluted, approx)
Q4 FY2025 (Apr–Jun 2025)	~$20.4bn	~$1.52
Q3 FY2025 (Jan–Mar 2025)	~$21.0bn	~$1.54
Q2 FY2025 (Oct–Dec 2024)	~$21.9bn	~$1.88
Q1 FY2025 (Jul–Sep 2024)	~$21.0bn	~$1.61
FY2025 Total	$84,284M	$6.51

Balance sheet highlights (FY2025)

Item	Value
Cash & cash equivalents	$9,556M
Long-term debt (noncurrent)	$24,995M
Current debt	$9,513M
Total debt	$34,508M
Net debt	$24,952M ($34,508M minus $9,556M)
D&A	$2,847M
Operating income	$20,451M

6. Valuation

All valuation metrics are based on market data as of May 2026. Enterprise value calculation: EV = Market cap + total debt - cash = $332bn + $34.5bn - $9.6bn ≈ $357bn.

Metric	Value	Basis
Market cap	~$332bn	May 2026
Enterprise value	~$357bn	EV = $332bn + $34.5bn − $9.6bn
Trailing P/E (GAAP)	~23.8x	~$155 price / $6.51 FY2025 EPS
P/E (forward)	~22.7x	Based on ~$6.83 Core EPS guidance proxy
P/S (TTM)	~3.9x	$332bn / $84.3bn FY2025 revenue
EV/EBITDA (TTM)	~15.3x	$357bn / ($20.5bn op income + $2.8bn D&A)
P/FCF	~23.7x	$332bn / $14.0bn FY2025 FCF
52-week high	$170.99	NYSE: PG
52-week low	$137.62	NYSE: PG
Short interest (% of float)	1.19%	May 2026
Days to cover	~2	Based on average daily volume

P&G trades at a premium multiple consistent with its defensive earnings profile, long-term dividend growth track record, and dominant category positions. The EV/EBITDA of approximately 15.3x and P/FCF of approximately 23.7x are above the broader consumer staples sector median, reflecting the quality premium the market ascribes to P&G's brand portfolio. The Trailing P/E (GAAP) of approximately 23.8x compares to a Core EPS-based forward ratio of approximately 22.7x.

7. What's Coming

FY2026 guidance. P&G has guided for organic sales growth in the low-single-digit range for fiscal year 2026 (ending June 2026), with Core EPS growth expected on top of the FY2025 base of $6.83. The company continues to face FX headwinds from a strong US dollar in certain markets, particularly in emerging economies.

Pricing to volume transition. After several years of price-led growth, P&G's management has indicated a strategic focus on rebuilding volume growth as the primary driver of organic sales. This requires continued category investment and product innovation to justify premium positioning in a more price-sensitive consumer environment.

SK-II and Greater China recovery. The SK-II brand, a key profit contributor within the Beauty segment, has faced significant headwinds in China following the 2023 controversy surrounding Japanese wastewater discharge and broader weakness in Chinese prestige consumer spending. Recovery has been slower than initially expected. Management has acknowledged this as a multi-year restoration programme.

Premiumisation strategy. P&G continues to invest in moving consumers up to higher-tier products: premium laundry detergents, advanced oral care devices, prestige-adjacent skin care, and premium grooming. This strategy supports average selling price growth and margin expansion independent of overall price inflation.

Digital and AI in operations. P&G has expanded investment in digital marketing capabilities, data-driven consumer insights, and AI-assisted supply chain management. These investments aim to improve marketing efficiency (reducing cost per consumer reached) and supply chain resilience, particularly in managing raw material procurement and inventory positioning.

Emerging market expansion. India, the Middle East, and Africa (5% of FY2025 sales) represent longer-term volume growth opportunities. P&G has been expanding distribution depth, adapting product formats for local price points, and investing in brand awareness in markets where household penetration of modern consumer staples remains below developed-market levels.

Sustainability and ESG. P&G has public commitments around packaging recyclability, carbon reduction across its supply chain, and water use in manufacturing. These commitments increasingly intersect with regulatory requirements in the EU and are a factor in major retail relationships. Regulatory risk around extended producer responsibility (EPR) schemes in Europe could affect packaging cost structures.

8. Peer Comparison

Peer	Market Cap (May 2026)	FY Revenue	P/E (TTM, May 2026)	Primary differentiator
Procter & Gamble (PG)	~$332bn	$84.3bn (FY2025)	~23.8x	Largest pure-play consumer staples; 20+ billion-dollar brands; 68-year Dividend King
Unilever (UL)	~$127bn	~€60bn	~17–18x	Comparable personal care/home portfolio; significantly larger food & nutrition exposure; stronger emerging market revenue mix
Colgate-Palmolive (CL)	~$71bn	$20.4bn (FY2025)	~24–26x	Oral care market leadership globally; narrower product scope; higher revenue concentration in Hill's Pet Nutrition
Kimberly-Clark (KMB)	~$32bn	$17.2bn (FY2025)	~19–21x	Tissue and personal care specialist; Huggies, Kleenex, Scott brands; smaller scale; higher leverage
Henkel (HENKY)	N/A (Frankfurt listed)	~€21bn	~14–16x	German conglomerate; laundry/adhesives/beauty; stronger European industrial exposure; lower premium valuation

P&G commands the largest market capitalisation among pure-play consumer staples peers. Unilever is closer in portfolio scope but carries food and nutrition assets that P&G divested. Colgate-Palmolive operates at a fraction of P&G's revenue but competes directly in oral care and personal care. Kimberly-Clark overlaps in tissue and baby care (competing with Pampers and Charmin). Church & Dwight operates in adjacent categories (laundry, personal care, OTC) at a significantly smaller scale.

9. Leadership & Insider Transactions

Key executives:

• Jon Moeller — Chairman, President and Chief Executive Officer. Confirmed in FY2022 and FY2025 press releases.
• R. Alexandra Keith — President and CEO, Beauty segment.
• Sundar G. Raman — President and CEO, Fabric & Home Care segment.
• Marc S. Pritchard — Chief Brand Officer.
• Susan Street Whaley — Chief Legal Officer.

Recent insider transactions (SEC Form 4, past 12 months)

Name	Date	Type	Shares	Price	Value	Plan Type
R. Alexandra Keith	21 Aug 2025	Sale	11,463	$158.15	$1,812,977	Planned executive sale
Sundar G. Raman	21 Aug 2025	Sale	9,554	$158.11	$1,511,050	Planned executive sale
Susan Street Whaley	29 Aug 2025	Sale	1,000	$156.84	$156,835	Planned executive sale
Marc S. Pritchard	23 Jan 2026	Option exercise + Sale	95,903	$80.29 (exercise) / $151.15 (sale)	Net proceeds ~$6.8M	Option exercise (planned)
Christine M. McCarthy	09 Dec 2025	RSU grant	269	—	—	Director equity compensation

All insider transactions in the past 12 months are either director compensation grants or planned executive sales. No discretionary open-market purchases have been identified in the reported Form 4 filings for this period. The pattern is consistent with normal executive compensation plan activity rather than directional conviction buys or distress-related selling.

10. Risks

• Volume pressure: Revenue growth in recent years has been predominantly price-led. If consumers trade down to private label or reduce category consumption as real incomes recover, organic growth could stall or turn negative in volume terms.
• China slowdown: Greater China accounts for 7% of revenue and a higher share of Beauty segment profitability (particularly SK-II). A sustained demand slowdown in China or further geopolitical disruption to trade and brand perception poses a disproportionate earnings risk relative to its revenue weight.
• Tariff and trade policy: US tariff escalations may increase input costs for raw materials and packaging sourced internationally. Retaliatory tariffs in key markets could affect pricing competitiveness. P&G's global supply chain creates multiple points of tariff exposure.
• Foreign exchange: Approximately 48% of revenue is generated outside North America. Currency depreciation in key markets (particularly the euro, Chinese renminbi, and Latin American currencies) creates translational headwinds on reported revenue and earnings.
• Commodity cost volatility: P&G's cost of goods sold is significantly influenced by petrochemical derivatives, pulp, palm oil, and energy costs. A commodity cost re-escalation would pressure gross margins unless offset by pricing or productivity actions.
• Private label competition: Retailer own-label products compete in most of P&G's core categories. Economic pressure on consumers and retailer investment in premium own-brand products could erode P&G's market share in more commoditised sub-categories.
• Concentration risk: Walmart represents an estimated 15%+ of P&G's net sales globally. Any deterioration in that retail relationship, change in shelf allocation, or shift in Walmart's private label strategy would have a material impact.
• Activist investor risk: As a large-cap consumer staples company with an extensive brand portfolio, P&G has faced activist pressure in the past (Nelson Peltz / Trian Fund Management held a board seat from 2018–2021). Future activist campaigns seeking portfolio restructuring, cost cuts, or capital structure changes cannot be ruled out.
• Regulatory and ESG risk: Extended producer responsibility legislation in the EU and other markets may increase packaging costs. Stricter regulations on certain chemical ingredients in personal care products could require reformulation investment.

11. Recent Developments

• 24 Apr 2026 — P&G reports FY2025 full-year results. Revenue of $84,284M (+0.3% YoY), GAAP diluted EPS of $6.51 (+8.1% YoY), Core EPS of $6.83 (+3.6% YoY), operating cash flow of $17,817M. Results were reported via SEC 8-K. The company confirmed continued dividend growth and share buyback activity.
• 24 Apr 2026 — FY2026 guidance provided. P&G guided for organic sales growth in the low-single-digit range for fiscal year 2026. Core EPS growth is expected on top of the FY2025 $6.83 base. The company acknowledged ongoing FX and tariff headwinds as key uncertainties.
• 23 Jan 2026 — Marc Pritchard exercises options, sells 95,903 shares. Chief Brand Officer Marc S. Pritchard exercised stock options at $80.29/share and immediately sold 95,903 shares at an average price of $151.15/share, generating net proceeds of approximately $6.8M. Filed via SEC Form 4.
• 29 Aug 2025 — Susan Street Whaley sells 1,000 shares. Chief Legal Officer Susan Street Whaley sold 1,000 shares at $156.84/share (total ~$156,835) in a planned executive sale. Filed via SEC Form 4.
• 21 Aug 2025 — Dual executive sales reported. R. Alexandra Keith (CEO, Beauty) sold 11,463 shares at $158.15 (~$1.81M) and Sundar G. Raman (CEO, Fabric & Home Care) sold 9,554 shares at $158.11 (~$1.51M) on the same date. Both transactions were planned executive sales per SEC Form 4 filings.
• May 2026 — P&G maintains Dividend King status. P&G's quarterly dividend of approximately $1.0194/share ($4.0763 annualised) reflects 68 consecutive years of dividend increases, maintaining its Dividend King classification. The current dividend yield at approximately $155/share is approximately 2.6%.

12. Key Dates

• 29 Jul 2026 — Next scheduled earnings release (Q4 FY2026 / full-year FY2026 results)
• 30 Jun 2026 — P&G fiscal year end (FY2026)
• TBC Jul 2026 — Expected ex-dividend date for next quarterly dividend (exact date to be confirmed by P&G)
• 24 Apr 2026 — FY2025 results announced (SEC 8-K filed)
• 30 Jun 2025 — FY2025 fiscal year end

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