Procter & Gamble (PG) — Company Research

Last Updated: 29 Sep 2026

Procter & Gamble (NYSE: PG) is the world's largest household and personal-care products company. Its brands include Tide, Pampers, Gillette, Crest, Oral-B, Charmin, Head & Shoulders and Olay. More than half of sales come from outside the US. P&G's fiscal year ends on 30 June.

FY2026 net sales rose 3% to $87,032m, but organic sales grew only 1% and were flat in the fourth quarter. Core EPS rose 1% to $6.89. For FY2027 management guides core EPS of flat to +3% ($6.89–$7.11) and absorbs about $1bn of after-tax commodity, energy and transport cost headwinds. Shailesh Jejurikar became CEO on 1 Jan 2026 and Chairman on 1 Aug 2026. In August P&G agreed to buy the supplements brand Thorne for $3.8bn.

This refresh draws on P&G earnings releases, the FY2026 Form 10-K, SEC XBRL company facts and Form 4 filings, all retrieved on 29 Sep 2026. Follow the price on ChartsView Live Charts.

1. Company Snapshot

Field	Value
Full name	The Procter & Gamble Company
Ticker	PG (NYSE)
Sector	Consumer & Retail (consumer staples)
Industry	Household and personal products
Headquarters	One P&G Plaza, Cincinnati, Ohio
Founded	1837, by William Procter and James Gamble
CEO / Leadership	Shailesh Jejurikar (President and CEO since 1 Jan 2026; also Chairman since 1 Aug 2026); Andre Schulten (CFO)
Market cap	~$346.2bn (share price $149.03 at the 28 Sep 2026 close)
Revenue (FY2026)	$87,032m net sales (+3% YoY; organic +1%), year to 30 Jun 2026
Net income (FY2026)	$16,046m GAAP attributable to P&G, per FY2026 10-K
Employees	About 104,000 at 30 Jun 2026, down 4% year on year, per FY2026 10-K
Dividend	$1.0885 per quarter ($4.354 annualised), raised 3% in Apr 2026; 70 consecutive years of increases
Shares outstanding	2,324.4m at 31 Jul 2026

2. Bull Case vs Bear Case

Distilled from the full report below. Factual only, no ratings.

Bull Case

• Category leadership at global scale: P&G holds over 35% of global fabric care, over 30% of baby care, nearly 30% of oral care and over 60% of blades and razors, per the FY2026 10-K.
• Heavy and consistent cash returns: FY2026 operating cash flow was $19,556m. P&G paid $10,232m of dividends and bought back $5,028m of stock, and it has raised its dividend for 70 consecutive years.
• Productivity engine funds reinvestment: Q4 FY2026 gross productivity was 460bp (160bp cost of goods, 300bp SG&A). Supply Chain 3.0 targets up to $1.5bn of cost-of-goods savings.
• Portfolio moving into premium health: The $3.8bn Thorne acquisition, agreed on 4 Aug 2026, adds a premium supplements brand to Personal Health Care. Health Care sales grew 4% in FY2026 and Beauty grew 7%.

Bear Case

• Organic growth has stalled: Organic sales grew 1% in FY2026 and were flat in Q4, when Q4 core EPS fell 3%. FY2027 guidance includes a 30–50bp drag from brand and market exits.
• Large cost headwind in FY2027: Management expects about $1bn after tax from raw materials, energy and transport, plus interest, non-operating and FX headwinds. Together they total $0.56 a share, about an 8-point drag on core EPS growth.
• Premium multiple on low growth: The shares trade at ~22.5x trailing GAAP EPS, while the FY2027 guide is core EPS growth of flat to +3%.
• Customer concentration: Walmart accounts for about 16% of sales and the top 10 customers for about 43%. Private label and hard discounters compete on price.

3. What Does This Company Actually Do?

P&G makes and markets branded consumer goods used daily in the home: detergents, dish soap and air care; nappies, feminine care, paper towels and toilet tissue; toothpaste, toothbrushes and over-the-counter medicines; shampoo, skin care and deodorants; and razors and shavers. It sells mainly through mass merchants, grocery stores, pharmacies, club stores and e-commerce.

Segment	% of revenue	What it is
Fabric & Home Care	35% ($30,314m, +2%)	Tide, Ariel, Gain, Downy, Dawn, Cascade, Febreze, Swiffer. Global fabric care leader with over 35% share
Baby, Feminine & Family Care	24% ($20,401m, +1%)	Pampers, Always, Tampax, Bounty, Charmin. Global leader in baby care and feminine care
Beauty	19% ($16,023m, +7%)	Head & Shoulders, Pantene, Olay, SK-II, Old Spice, Native, Secret. About 20% of global hair care
Health Care	14% ($12,456m, +4%)	Crest and Oral-B (nearly 30% of global oral care), Vicks, Metamucil, Pepto-Bismol, Neurobion
Grooming	8% ($6,918m, +4%)	Gillette, Venus, Braun. Over 60% of global blades and razors

Shares of FY2026 net sales excluding Corporate, per the FY2026 10-K and 2026 Annual Report; segment sales and growth from the FY2026 Q4 earnings release (29 Jul 2026). By region, North America is 51% of sales, Europe 23%, Greater China 7%, Latin America 7%, Asia Pacific 7% and India, Middle East & Africa 5%.

4. The Business Model

How it makes money. P&G sells high-frequency, low-ticket consumables at premium prices. It spends heavily on brand building and product innovation so consumers pay more for performance, then leans on scale in manufacturing, logistics and media buying to keep costs down. FY2026 GAAP operating margin was 22.7% (23.6% core), and adjusted free cash flow productivity was 100%.

Where the moat sits. The moat is brand strength and scale. P&G leads its main categories globally, and this gives it negotiating weight with retailers and media owners. Its research and development spend lets it upgrade products regularly. Its category-leading positions also make it a key partner for retailers planning shelf space.

Capital allocation. P&G's long-term algorithm is organic sales growth above market growth, core EPS growth in the mid-to-high single digits and adjusted FCF productivity of 90% or more. For FY2027 it plans about $10bn of dividends and about $5bn of buybacks.

What changed in 2025–2026. In June 2025 P&G announced a restructuring that cuts up to 7,000 non-manufacturing roles by the end of FY2027 and exits some brands, product forms and markets. FY2026 carried about $903m of after-tax non-core restructuring charges ($0.37 per share). Tariff costs weighed on FY2026. After the Supreme Court struck down the IEEPA tariffs on 20 Feb 2026, about $200m already paid may be recoverable; the 10-K says half of this was recognised in Q4.

5. Financial Health

Sources: P&G quarterly and annual earnings releases (SEC 8-K exhibits), the FY2026 Form 10-K, and SEC XBRL company facts (data.sec.gov) for debt, cash, cash flow, D&A and operating income. Fiscal years end 30 June.

Fiscal Year	Revenue ($m)	YoY %	GAAP EPS	Adjusted EPS	Dividend/share	Long-term debt (YE)
FY2022	$80,187m	+5.3%	$5.81	$5.81	$3.5227	$22,848m
FY2023	$82,006m	+2.3%	$5.90	$5.90	$3.6806	$24,378m
FY2024	$84,039m	+2.5%	$6.02	$6.59	$3.8286	$25,269m
FY2025	$84,284m	+0.3%	$6.51	$6.83	$4.0763	$24,995m
FY2026	$87,032m	+3.3%	$6.62	$6.89	$4.2589	$22,842m

Adjusted EPS is P&G's core EPS, which excludes restructuring above normal levels and other non-core items. In FY2022 and FY2023 core EPS equalled GAAP diluted EPS. FY2024 GAAP EPS includes Argentina/Nigeria restructuring and a Gillette intangible impairment. FY2026 GAAP EPS includes $0.37 of restructuring charges and a $0.11 gain on the Glad joint-venture exit. Dividend/share is dividends declared in the fiscal year. Long-term debt is the noncurrent portion at 30 June. Debt due within one year, including commercial paper, was a further $11,296m at 30 Jun 2026.

Quarterly results (most recent first)

Quarter / Half	Revenue	Adjusted EPS	GAAP EPS
Q4 FY2026 (Apr–Jun 2026)	$21,203m	$1.43	$1.26
Q3 FY2026 (Jan–Mar 2026)	$21,235m	$1.59	$1.63
Q2 FY2026 (Oct–Dec 2025)	$22,208m	$1.88	$1.78
Q1 FY2026 (Jul–Sep 2025)	$22,386m	$1.99	$1.95
FY2026 total	$87,032m	$6.89	$6.62

Organic sales growth by quarter: Q1 +2%, Q2 0%, Q3 +3%, Q4 0%. Q3 GAAP EPS included the Glad joint-venture gain.

Cash flow and balance sheet.

• Cash flow (FY2026).
  • Operating cash flow was $19,556m and capital expenditure $4,409m, giving free cash flow of $15,147m. P&G's adjusted free cash flow was $15,835m.
  • Depreciation and amortisation was $3,160m. GAAP operating income was $19,748m (−3%) and core operating income $20,497m.
  • Dividends paid were $10,232m and share repurchases $5,028m.
• Balance sheet at 30 Jun 2026.
  • Cash and cash equivalents were $9,942m.
  • Debt due within one year was $11,296m, of which commercial paper was $4,837m and current long-term debt $6,457m. Long-term debt was $22,842m.
• FY2027 guidance (29 Jul 2026): all-in and organic sales growth of +1% to +3%; GAAP EPS growth of +1% to +5%; core EPS of $6.89–$7.11; capex of 4.5–5.5% of sales; adjusted FCF productivity of 85–90%.

6. Valuation & Market Data

Raw metrics, September 2026. Not opinions on whether the stock is cheap or expensive.

Metric	Value
Market cap	~$346.2bn (share price $149.03 at the 28 Sep 2026 close)
Enterprise value	~$370.4bn. Calculated as market cap ~$346.2bn + total debt ~$34.1bn (debt due within one year $11.3bn + long-term debt $22.8bn) − cash ~$9.9bn, per the 30 Jun 2026 balance sheet
Trailing P/E (GAAP)	~22.5x ($149.03 / FY2026 GAAP diluted EPS of $6.62). On FY2026 core EPS of $6.89 the multiple is ~21.6x
P/E (forward)	~21.3x ($149.03 / FY2027 core EPS guidance midpoint of $7.00)
P/S (TTM)	~3.98x (market cap / FY2026 net sales of $87.0bn)
EV/EBITDA (TTM)	~16.2x (EV ~$370.4bn / EBITDA ~$22.9bn). EBITDA = FY2026 GAAP operating income $19.75bn + depreciation and amortisation $3.16bn from the cash flow statement. GAAP operating income includes $749m of pre-tax restructuring; on core operating income of $20.50bn the multiple is ~15.7x
P/FCF	~22.9x. Calculated as market cap ~$346.2bn / FCF ~$15.1bn, where FCF = operating CF $19.56bn − capex $4.41bn per the FY2026 cash flow statement
52-week high	$167.25
52-week low	$137.62
Short interest (% of float)	1.04% (24.21m shares, settlement date 15 Sep 2026, per MarketBeat)
Days to cover	2.8 (MarketBeat, 15 Sep 2026)
Dividend yield	~2.9% ($4.354 annualised / $149.03)

Share-price-based metrics use the 28 Sep 2026 close. For live prices see ChartsView Live Charts.

7. What Are They Building

Supply Chain 3.0. The programme has moved into full-scale rollout, targeting up to $1.5bn of cost-of-goods savings with implementation by 2030. It automates warehouse loading and unloading, raises warehouse density by about 50% and lifts throughput two to three times. A fully automated night shift in Berlin is one of nine pilots, with productivity gains of 15–60%.

Productivity and restructuring. The restructuring announced in June 2025 removes up to 7,000 non-manufacturing overhead roles by the end of FY2027. P&G is reinvesting most of the productivity savings in marketing and innovation.

AI and digital. The FY2026 10-K describes AI use across research and development and marketing. At the Barclays consumer conference on 10 Sep 2026, CFO Andre Schulten pointed to automation and AI-driven R&D as priorities, with effects expected over 12–24 months.

Portfolio. Recent moves:

• Thorne, a premium supplements brand, is being acquired from L Catterton for $3.8bn. Closing is expected in fiscal Q2 2027 (Oct–Dec 2026), subject to approvals.
• P&G exited the Glad joint venture with Clorox in Jan 2026. Clorox paid $476m for P&G's stake, and P&G booked a $261m after-tax gain.
• Selected brand, product-form and go-to-market discontinuations continue through FY2027.

8. Competitive Landscape

Peer	Market cap (Sep 2026)	Key 2025 metric
L'Oréal (EPA: OR)	~€203.3bn	H1 2026 sales €23.77bn; Q2 2026 sales +6.3% (stockanalysis.com, company results)
Unilever (UL)	~$133.3bn	2025 revenue €50.5bn, −3.8%. Most of its foods business is being merged into McCormick (stockanalysis.com)
Colgate-Palmolive (CL)	~$69.0bn	Q2 2026 net sales +4.9%, organic +2.4% (stockanalysis.com, company results)
Kenvue (KVUE)	~$34.3bn	Q2 2026 revenue $3.96bn. Its acquisition by Kimberly-Clark is still pending regulatory approvals (stockanalysis.com)
Kimberly-Clark (KMB)	~$32.9bn	2025 revenue $16.45bn. It cut its 2026 outlook on 4 Aug 2026 because of a China nappy disruption (stockanalysis.com)

Market caps are at the 28 Sep 2026 close, per stockanalysis.com quote pages.

Where P&G competes with each peer:

• Beauty and hair care: L'Oréal and Unilever.
• Oral care: Colgate-Palmolive.
• Nappies, tissue and feminine care: Kimberly-Clark.
• Over-the-counter health: Kenvue.
• Across most categories: retailer private label.

9. Leadership and Ownership

Shailesh Jejurikar, previously Chief Operating Officer, became President and CEO on 1 Jan 2026, succeeding Jon Moeller. Moeller served as Executive Chairman until he retired from the Board on 31 Jul 2026 and from the company on 14 Aug 2026. Jejurikar was appointed Chairman effective 1 Aug 2026. Andre Schulten is CFO. All insider transactions found in 2026 were sales. Many of the August sales were made to cover taxes on stock awards, and there were no open-market purchases.

Name	Date	Type	Shares	Price	Value	Plan Type
Sundar Raman (CEO, Fabric & Home Care)	21 Aug 2026	Sale	3,435	$143.02	~$0.49m	Not confirmed
Shailesh Jejurikar (Chairman and CEO)	20 Aug 2026	Sale to cover taxes on stock award	6,176	$143.79	~$0.89m	Tax cover, per Form 4 footnote
Andre Schulten (CFO)	20 Aug 2026	Sale to cover taxes on stock award	5,402	$143.79	~$0.78m	Tax cover, per Form 4 footnote
Susan Street Whaley (Chief Legal Officer)	18 Aug 2026	Sale	8,644	$144.00	~$1.24m	Not marked 10b5-1 on Form 4
Ma. Fatima Francisco (CEO, Baby, Feminine & Family Care)	27 Feb 2026	Option exercise and sale	5,549	$165.29	~$0.92m	Not confirmed
Gary Coombe (CEO, Grooming)	12 Feb 2026	Option exercise and sale	36,093	$162.33	~$5.86m	Not confirmed
Jon Moeller (then Executive Chairman)	11–12 Feb 2026	Option exercise and sale	173,268	~$162.30 (weighted)	~$28.1m	Not marked 10b5-1 on Form 4
Marc Pritchard (Chief Brand Officer)	23 Jan 2026	Option exercise and sale	95,903	$151.15	~$14.5m	Not confirmed

Sources: SEC Form 4 filings via EDGAR and openinsider.com. Seven other executives also sold at $143.79 on 19–20 Aug 2026, in amounts from about $35k to $580k.

10. Risks and Challenges

• Commodity and cost inflation (Macro): Management expects about $1bn of after-tax headwinds in FY2027 from raw materials, energy and transport. Pricing may not fully offset this if consumers trade down.
• Tariffs and trade policy (Regulatory): FY2026 tariff costs were estimated at about $400m after tax. Replacement tariffs after the February 2026 Supreme Court ruling remain a source of uncertainty.
• Currency and international exposure (Macro): More than half of sales are outside the US. FY2027 guidance includes a $50m FX headwind and $150m of higher net interest. Greater China, where SK-II and oral care volumes fell in Q4, is 7% of sales.
• Volume and demand weakness (Operational): Organic sales were flat in Q4 FY2026. Volumes fell in North American oral care and in family care. The US consumer backdrop is a stated risk.
• Retailer concentration and private label (Competitive): Walmart is about 16% of sales and the top 10 customers about 43%. Private label and hard discounters compete on price.
• Restructuring execution (Operational): Cutting up to 7,000 roles and exiting brands and markets could disrupt operations. The planned exits already cost 30–50bp of organic growth in FY2027.
• Litigation (Legal): On 30 Jul 2026 a US appeals court revived parts of nationwide false-advertising litigation over decongestant claims against drugmakers including P&G, according to a Reuters report.

11. Recent Developments

• 25 Sep 2026 — Italian probe closed. Italy's competition authority closed its investigation into claims for a P&G hair-removal device after P&G offered commitments, according to a Reuters report.
• 24 Sep 2026 — Q1 date set. P&G will report Q1 FY2027 results on 22 Oct 2026, with a webcast at 8:30am ET.
• 10 Sep 2026 — Barclays consumer conference. CFO Andre Schulten said there was no change to the core strategy and pointed to automation and AI-driven R&D as priorities.
• 04 Aug 2026 — Thorne acquisition agreed. P&G agreed to buy Thorne, a premium supplements brand, from L Catterton for $3.8bn. Closing is expected in fiscal Q2 2027.
• 30 Jul 2026 — Decongestant litigation revived. A US appeals court revived parts of false-advertising claims over decongestant products against several drugmakers, including P&G, according to a Reuters report.
• 29 Jul 2026 — FY2026 results and FY2027 guidance.
  • Q4 net sales were $21,203m (+2%), organic sales were flat and core EPS was $1.43 (−3%).
  • FY2027 guidance is core EPS of $6.89–$7.11, with about $1bn of after-tax cost headwinds.
• 29 Jul 2026 — Jejurikar named Chairman. Shailesh Jejurikar was appointed Chairman from 1 Aug 2026 as Jon Moeller retired from the Board.
• 14 Jul 2026 — Dividend declared. The board declared a quarterly dividend of $1.0885 per share, paid on or after 17 Aug 2026.

12. Key Dates Coming Up

• 13 Oct 2026 — Annual Meeting of Shareholders, held virtually at 9:00am ET. The agenda includes 12 director nominees, say-on-pay, auditor ratification and three shareholder proposals.
• Expected Oct 2026 — Next quarterly dividend declaration. The date has not yet been announced.
• 22 Oct 2026 — Q1 FY2027 results, with a webcast at 8:30am ET.
• TBC — Closing of the $3.8bn Thorne acquisition, guided for fiscal Q2 2027 (Oct–Dec 2026) and subject to regulatory approvals.
• Expected Jan 2027 — Q2 FY2027 results. The date has not yet been confirmed.

Macro events are on the ChartsView Economic Calendar, and you can discuss Procter & Gamble on the ChartsView Forum.

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Disclaimer: This research is produced by ChartsView for educational and informational purposes only. It does not constitute financial advice or a recommendation to buy or sell any security. All information is sourced from publicly available company filings, press releases, and official data. ChartsView does not use analyst opinions or third-party ratings. Always conduct your own due diligence and consider your personal financial situation before making investment decisions. Past performance is not indicative of future results.

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.

You can follow live price action and set alerts via ChartsView Live Charts and track macro drivers on the Economic Calendar.

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

Upcoming earnings dates and economic data releases relevant to consumer staples can be tracked on the ChartsView Economic Calendar. Join the discussion on the ChartsView Forum. More sector research is available on the ChartsView Blog.

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