Consumer Staples · NYSE: CL
Colgate-Palmolive: how the business works
Colgate-Palmolive sells Colgate toothpaste, Palmolive soap, household cleaners and Hill's pet food in more than 200 countries and territories, with net sales of $20.4 billion in FY2025.
By Hardik Bhandare · Checked against filings: . Editorial policy. Corrections
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Colgate-Palmolive Company · New York, New York · Founded 1806
Updated for Q3 FY2026 · checked
- Net sales, FY2025
- $20.4B
- Operating profit, FY2025
- $3.3B
- Net income attributable to Colgate-Palmolive, FY2025
- $2.1B
- Countries and territories sold in
- More than 200
- Employees, Dec 31, 2025
- About 33,600
The short version
Colgate-Palmolive in 5 points
1 · What it sells
Colgate-Palmolive sells toothpaste, soap, household cleaners and Hill's pet food in more than 200 countries and territories, with net sales of $20.4 billion in FY2025.
2 · Who pays it
Walmart accounted for about 11% of Colgate-Palmolive's FY2025 net sales, and all other customers together for about 89%.
3 · What it keeps from $100
Of every $100 that came in during FY2025, Colgate-Palmolive kept $10.42 as net income, after a $919 million skin health impairment charge, while operating profit, also after that charge, was $16.22 per $100 of net sales.
4 · Where the operating profit comes from
Latin America earned $1.41 billion, or 28.1%, of the $5.02 billion of FY2025 operating profit from Colgate-Palmolive's five segments, and Hill's Pet Nutrition $1.06 billion, or 21.2%.
5 · The one thing to watch
In Q3 FY2026 North America net sales fell 1.7%, with volume down 3.7%, while Latin America net sales rose 12.5%, with currency adding 6.5 points.
Sources: From Colgate-Palmolive's FY2025 10-K, its Mar 17, 2026 segment recast 8-K and its Q3 FY2026 earnings release · checked
See the full receipt and the management scorecard below
01Where the money goes · FY2025
Where does $100 of Colgate-Palmolive's money go?
Colgate-Palmolive · FY2025
Receipt for every $100
| Cost of sales | $39.8 |
|---|---|
| Selling, general and administrative | $38.6 |
| Skin health impairment | $4.5 |
| Other expense and pension costs | $0.9 |
| Interest and tax | $5.2 |
| Noncontrolling interests | $0.6 |
| Kept as net income | $10.4 |
| Total | $100 |
Each line = amount ÷ total money in × 100. Lines may not add to exactly $100 because of rounding.
How this is worked out
Cityfort calculation from the FY2025 10-K. Of every $100 that came in during FY2025 (net sales of $20,382 million plus $75 million of interest income): each line = line ÷ $20,457 million × 100. Other expense and pension costs are other expense, net ($123 million) and non-service pension and retiree costs ($55 million).
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02The business in one line
What does Colgate-Palmolive do?
Shoppers buy Colgate-Palmolive's toothpaste, soap, cleaners and Hill's pet food through stores, vets and websites; most of the money goes on making the products and on selling and advertising them, and $10.42 of every $100 that came in during FY2025 was left as net income.
- Colgate-Palmolive sells mostly to retailers, wholesalers and distributors. Walmart alone accounted for about 11% of net sales in each year from 2022 to 2025.
- Of every $100 that came in during FY2025, making the products took $39.75 and selling, general and administrative costs took $38.63. A $919 million write-down of the skin health business took another $4.49.
03Who pays it
Who pays Colgate-Palmolive?
Walmart and its affiliates
11%
of revenue
About 11% of net sales in each year from 2022 to 2025, all in the Oral, Personal and Home Care business. No other customer accounted for more than 10%.
All other customers
89%
of revenue
Other retailers, wholesalers and distributors for toothpaste, soap and cleaners; pet supply retailers, veterinarians and online sellers for Hill's; and some shoppers buying direct. About 89% of FY2025 net sales (Cityfort calculation from the FY2025 10-K).
- Walmart and its affiliates11%
- All other customers89%
Customer concentration
Walmart was about 11% of Colgate-Palmolive's net sales in 2022, 2023, 2024 and 2025. The 10-K does not give a top-5 or top-10 customer share.
- Largest customer
- 11%
04Why it makes money
Why does Colgate-Palmolive make money?
Colgate-Palmolive sells everyday products people use up and buy again, keeps about $60 of each $100 of sales after product costs, and spends about $39 of it on selling, advertising and overheads.
In FY2025 Colgate-Palmolive kept $60.1 of each $100 of net sales after the cost of making the products, then spent $38.8 on selling, general and administrative costs. Corporate costs, which hold research, overheads, restructuring and the $919 million impairment, took $1.72 billion of the segments' operating profit.
Gross profit per $100 of net sales
$59.6$60.1
FY2021 to FY2025
- Shoppers use up toothpaste, soap and pet food and buy them again
- Colgate-Palmolive sells through retailers, vets and online sellers; Walmart is about 11% of net sales
- It kept $60.1 of each $100 of FY2025 net sales after the cost of the products
- It spent 14.4% of Q3 FY2026 net sales on advertising
- By its own market share data, it held 41.4% of global toothpaste sales in 2026 year to date, as reported on Oct 30, 2026
- Operating profit was $16.22 per $100 of net sales in FY2025, after the $919 million impairment
↺ Step 6 feeds back into step 1.
05Business segments · FY2025
Which businesses make up Colgate-Palmolive?
Latin America
23%Toothpaste, soap and cleaners in Latin America. Its $1.41 billion of operating profit was 28.1% of the $5.02 billion total for the five segments (Cityfort calculation from the 8-K filed Mar 17, 2026).
Revenue $4.8B · Operating profit $1.4B
Hill's Pet Nutrition
23%Hill's pet food worldwide. Operating profit rose from $806 million in FY2023 to $1.06 billion in FY2025, 21.2% of the segment total.
Revenue $4.6B · Operating profit $1.1B
Europe, Middle East & Africa
21%Formed in 2026 from Europe, Africa/Eurasia (without Russia and Belarus) and the skin health business. Operating profit $938 million, 18.7% of the segment total.
Revenue $4.3B · Operating profit $938M
North America
18%Toothpaste, soap and cleaners in North America, now without skin health. Operating profit $790 million, 15.7% of the segment total.
Revenue $3.7B · Operating profit $790M
Asia Pacific
15%Asia Pacific, which since 2026 also includes Russia and Belarus. Operating profit $820 million, 16.3% of the segment total.
Revenue $3.0B · Operating profit $820M
How the mix changed
- Latin America
- Hill's Pet Nutrition
- Europe, Middle East & Africa
- North America
- Asia Pacific
Revenue by segment, FY2023 to FY2025.
US$
See the numbers
06The numbers · Consolidated · US$
How has Colgate-Palmolive done?
Revenue
$20.4BFY2025
Net sales rose every year, from $17.4 billion in FY2021 to $20.4 billion in FY2025, and were $5.37 billion in Q3 FY2026, up 4.6% on a year earlier.
US$
See the numbers
Net profit
$2.1BFY2025
Net income attributable to Colgate-Palmolive reached $2.89 billion in FY2024, then fell to $2.13 billion in FY2025 after a $919 million skin health impairment that made Q4 FY2025 a loss quarter.
US$
See the numbers
Profit kept per $100 of revenue
$10.5FY2025
Net income was $10.5 per $100 of net sales in FY2025, down from $14.4 in FY2024; FY2021, FY2022 and FY2025 each included an impairment charge.
$ of profit per $100 of revenue (net margin)
See the numbers
Free cash flow
$3.6BFY2025
Free cash flow (cash from operations minus capital spending) was $3.63 billion in FY2025, up from $2.76 billion in FY2021, with a low of $1.86 billion in FY2022.
US$ · cash from operations minus spending on plants and equipment
See the numbers
See all yearly numbers
EBITDA here = operating income plus depreciation and amortization (from the cash flow statement). Fiscal years are the company's own (December 31; FY2025 is calendar 2025, and Q3 FY2026 the quarter ended Sep 30, 2026.). Net profit is the share belonging to the company's owners. Total net income differs from net profit to the company's owners: Net income attributable to Colgate-Palmolive. Total net income of $2,261 million also includes $129 million for noncontrolling interests (outside owners of some subsidiaries).
Download Colgate-Palmolive's yearly and quarterly numbers (CSV, with source ids)
Learn: Stock-based compensation and dilution: pay that becomes shares
Sources (11)
- Form 10-K, fiscal year 2023 (ended Dec 31, 2023)
- Form 10-K, fiscal year 2025 (ended Dec 31, 2025)
- Q3 2024 earnings release (8-K Exhibit 99)
- Q4 and full year 2024 earnings release (8-K Exhibit 99)
- Q1 2025 earnings release (8-K Exhibit 99)
- Q2 2025 earnings release (8-K Exhibit 99)
- Q3 2025 earnings release (8-K Exhibit 99)
- Q4 and full year 2025 earnings release (8-K Exhibit 99)
- Q1 2026 earnings release (8-K Exhibit 99)
- Q2 2026 earnings release (8-K Exhibit 99)
- Q3 2026 earnings release (8-K Exhibit 99)
07Who runs it
Who runs Colgate-Palmolive, and did they deliver?
Noel Wallace
Chairman of the Board, President and Chief Executive Officer
An executive officer since 2009, according to the FY2025 10-K. His total FY2025 pay was $16.5 million.
Stanley J. Sutula III
Chief Financial Officer
Listed as CFO in the FY2025 10-K.
Shane Grant
Chief Operating Officer, Americas · since 2025
Joined in 2025 from Danone.
Panagiotis Tsourapas
Chief Operating Officer, Europe, Asia Pacific, Africa/Eurasia, Skin Health and Global Customer Development
Title as listed in the FY2025 10-K, before the 2026 segment change.
Betsy Fishbone
Chief Legal Officer · since 2026
Took over on Jun 1, 2026 from Jennifer M. Daniels, who became Vice Chair.
What they said, and what happened
2 missed · 1 delivered · 2 too early to tell
Said on Jan 31, 2025
Colgate-Palmolive said it expected FY2025 organic sales growth within 3% to 5%.
MissedWhat happened
It lowered the range to 2% to 4% in April 2025 and to 1% to 2% in October 2025. Organic sales grew 1.4%.
Said on Jan 31, 2025
Colgate-Palmolive said it expected FY2025 Base Business EPS to grow by a low to mid-single-digit percentage.
DeliveredWhat happened
Base Business EPS rose 3%, to $3.69.
Said on Jan 31, 2025
Colgate-Palmolive said it expected FY2025 GAAP EPS to grow by a mid-single-digit percentage.
MissedWhat happened
Diluted EPS fell 25%, to $2.63, mainly because of the $919 million skin health impairment in Q4 FY2025, which the earlier outlook did not include.
Said on Jan 30, 2026
Colgate-Palmolive said it expected FY2026 organic sales growth of 1% to 4% and Base Business EPS growth of a low to mid-single-digit percentage.
Too early to tellWhat happened
On Oct 30, 2026 it raised the Base Business EPS outlook to 5% to 7%. Organic sales grew 3.0% in the first nine months.
Said on Jan 30, 2026
Colgate-Palmolive said it expected double-digit GAAP EPS growth in FY2026.
Too early to tellWhat happened
Kept on Oct 30, 2026. Diluted EPS was $2.61 for the first nine months, against $2.67 a year earlier; Q4 FY2025, the comparison quarter still to come, was a loss of $0.05 a share.
Sources (8)
- Form 10-K, fiscal year 2025 (ended Dec 31, 2025)
- 2026 proxy statement (DEF 14A)
- 8-K Item 5.02: Chief Legal Officer succession, filed Apr 9, 2026
- Q4 and full year 2024 earnings release (8-K Exhibit 99)
- Q1 2025 earnings release (8-K Exhibit 99)
- Q3 2025 earnings release (8-K Exhibit 99)
- Q4 and full year 2025 earnings release (8-K Exhibit 99)
- Q3 2026 earnings release (8-K Exhibit 99)
08What could go wrong
What could go wrong for Colgate-Palmolive?
- Currency
Currency and emerging markets
About two-thirds of net sales come from outside the US and about 45% from emerging markets. In Q3 FY2026 currency added 6.5 points to Latin America's 12.5% sales growth.
Watch The currency effect on net sales in each earnings release.
- Raw-material prices
Raw and packaging material costs
Gross margin fell from 60.5% in FY2024 to 60.1% in FY2025, which the company put down to significantly higher raw and packaging material costs, partly offset by pricing and savings.
Watch Gross margin in each earnings release.
- Concentration
Reliance on Walmart
Walmart and its affiliates were about 11% of net sales in each year from 2022 to 2025.
Watch Walmart's share of net sales in each 10-K.
- Competition
Competition and private labels
The 10-K says competitors include multinational and local companies, retailers' private-label brands and new online sellers. North America net sales fell 1.7% in Q3 FY2026, with volume down 3.7%.
Watch Volume growth by region in each earnings release.
- Execution
Acquired brands
The company took a $919 million impairment on the skin health business in FY2025, mostly the Filorga brand and goodwill, after $571 million and $721 million of goodwill and intangible asset impairment charges in FY2021 and FY2022.
Watch Impairment charges in each 10-K and 10-Q.
- Execution
Restructuring
The expanded Strategic Growth and Productivity Program expects $350 million to $550 million of before-tax charges by Dec 31, 2028, 70% to 80% of them employee-related. Charges reached $346 million by Sep 30, 2026.
Watch Restructuring charges and savings in each 10-Q and 10-K.
- Legal
Talc and other lawsuits
Lawsuits allege that some historic talcum powder products were contaminated with asbestos or caused cancer; pending cases rose to 561 at Sep 30, 2026. The company puts reasonably possible losses above accruals, across all matters, at $0 to about $225 million.
Watch The talc case count in each 10-Q.
- Debt
Debt and thin shareholders' equity
Debt was $7.72 billion at Sep 30, 2026, against shareholders' equity of $288 million, after years of buybacks. $1.12 billion of long-term debt was due in 2026, and Q1 FY2026 repayments were financed with commercial paper.
Watch Debt, commercial paper and the Moody's and S&P ratings.
Sources (5)
09Both sides
What do supporters and critics point to?
What supporters point to
- Net sales rose every year from $17.4 billion in FY2021 to $20.4 billion in FY2025, and were up 4.6% in Q3 FY2026.
- Free cash flow rose from $2.76 billion in FY2021 to $3.63 billion in FY2025.
- By the company's own market share data, it held 41.4% of global toothpaste sales and 33.1% of manual toothbrush sales in 2026 year to date, as reported on Oct 30, 2026.
- Hill's Pet Nutrition's operating profit rose from $806 million in FY2023 to $1.06 billion in FY2025.
- The company's Nov 3, 2025 term sheet showed expected ratings of Aa3 from Moody's and A+ from S&P, both stable.
What critics point to
- Net sales grew 1.4% in FY2025, after 8.3% in FY2023 and 3.3% in FY2024, and volume fell 0.4%.
- Impairment charges of $571 million, $721 million and $919 million hit three of the last five years.
- Shareholders' equity was $288 million at Sep 30, 2026, against debt of $7.72 billion.
- North America net sales fell 1.7% in Q3 FY2026, with volume down 3.7%.
- Pending talc lawsuits rose from 453 at Dec 31, 2025 to 561 at Sep 30, 2026.
10What to watch next
What should you watch next at Colgate-Palmolive?
Next event
Q4 FY2026 results
Date not announced yet.
Regional volumes
In Q3 FY2026 North America net sales fell 1.7%, with volume down 3.7%, while Latin America net sales rose 12.5%, with currency adding 6.5 points.
FY2026 outlook against results
On Oct 30, 2026 the company said it expects FY2026 net sales growth of 4% to 5% and Base Business EPS growth of 5% to 7%. Nine-month net sales rose 6.0%.
Restructuring and talc cases
Restructuring charges reached $346 million before tax by Sep 30, 2026, of an expected $350 million to $550 million. Pending talc cases were 561.
11Key dates
What are the key dates for Colgate-Palmolive?
| Event | Date | Source |
|---|---|---|
| Restructuring program charges substantially completeThe company expects substantially all charges of the expanded Strategic Growth and Productivity Program by this date. | 8-K Item 2.05: expansion of the Strategic Growth and Productivity Program, filed May 1, 2026 |
12Key facts
Key facts about Colgate-Palmolive
- What is Colgate-Palmolive's business model, and who are its customers?
- Colgate-Palmolive makes toothpaste, toothbrushes, soap, deodorant, household cleaners and Hill's pet food, and sells them in more than 200 countries and territories. It sells mostly to retailers, wholesalers and distributors; Walmart accounted for about 11% of Colgate-Palmolive's FY2025 net sales, and no other customer for more than 10%.
- How does Colgate-Palmolive make money?
- Colgate-Palmolive had net sales of $20.4 billion in FY2025 (year ended Dec 31, 2025). After the cost of making the products ($8.1 billion), selling, general and administrative costs including advertising ($7.9 billion) and a $919 million skin health impairment, Colgate-Palmolive's operating profit was $3.3 billion.
- Is Colgate-Palmolive profitable?
- Yes. Colgate-Palmolive's net income attributable to the company was $2.13 billion in FY2025, down from $2.89 billion in FY2024, and diluted earnings per share were $2.63. FY2025 included a $919 million impairment of the skin health business, which made Q4 FY2025 a loss of $37 million; Q3 FY2026 net income was $751 million.
- What is Colgate-Palmolive's revenue by segment?
- On the segment basis Colgate-Palmolive adopted in 2026, its FY2025 net sales were Latin America $4.78 billion, Hill's Pet Nutrition $4.61 billion, Europe, Middle East & Africa $4.28 billion, North America $3.68 billion and Asia Pacific $3.04 billion. The four regions make up the Oral, Personal and Home Care business, $15.77 billion in total.
- Who owns Colgate-Palmolive?
- Colgate-Palmolive's 2026 proxy statementThe yearly filing about shareholder votes, the board and executive pay. Learn more lists The Vanguard Group with 10.26%, BlackRock with 8.18% and State Street with 5.95% of the common stock, each from an earlier Schedule 13GA filing by anyone who owns more than 5% of a company's shares and does not seek control. Learn more. Vanguard Capital Management reported 7.52% on Apr 29, 2026, after a Vanguard reorganization. Directors and executive officers as a group held 0.43% at the Mar 9, 2026 record date.
- How much of Colgate-Palmolive's sales come from oral care?
- Oral care, such as Colgate, elmex, hello and Tom's of Maine toothpaste and toothbrushes, was 44% of Colgate-Palmolive's FY2025 net sales. By the company's own market share data, Colgate-Palmolive held 41.4% of global toothpaste sales and 33.1% of manual toothbrush sales in 2026 year to date, as reported on Oct 30, 2026.
- How much of Colgate-Palmolive's sales come from personal care?
- Personal care, such as Palmolive, Protex, Softsoap and Irish Spring soap, Speed Stick deodorant and the EltaMD, Filorga and PCA SKIN skin care brands, was 17% of Colgate-Palmolive's FY2025 net sales, down from 19% in FY2023.
- How much of Colgate-Palmolive's sales come from home care?
- Home care, such as Ajax and Fabuloso cleaners, Axion dish soap and Suavitel and Soupline fabric softeners, was 16% of Colgate-Palmolive's FY2025 net sales, against 17% in FY2023 and FY2024.
- How much does Colgate-Palmolive sell in pet food?
- Colgate-Palmolive's Hill's Pet Nutrition segment, with Hill's Science Diet, Hill's Prescription Diet and Prime100, had net sales of $4.61 billion in FY2025, 23% of the company's net sales, and operating profit of $1.06 billion. Hill's is sold in over 80 countries.
Sources (7)
- Form 10-K, fiscal year 2025 (ended Dec 31, 2025)
- Q4 and full year 2025 earnings release (8-K Exhibit 99)
- Q3 2026 earnings release (8-K Exhibit 99)
- 8-K: segment realignment and recast segment information (Exhibit 99), filed Mar 17, 2026
- 2026 proxy statement (DEF 14A)
- Schedule 13G, Vanguard Capital Management (event Mar 31, 2026)
- Schedule 13G/A No. 13, The Vanguard Group (event Mar 13, 2026)
Terms on this page
- Capital expenditures (capex)
- Customer concentration
- Earnings per share (EPS)
- EBITDA
- Free cash flow
- Interest coverage
- Market cap
- Net debt
- Net margin
- P/E ratio
Each explains the term in plain English, with the same number from other companies on Cityfort.
Go deeper
More detail from the same filings. Open any section.
13What it sells
13What it sells
What does Colgate-Palmolive sell?
Oral Care (44% of FY2025 net sales)
Toothpaste, toothbrushes and mouthwash: Colgate, Darlie, elmex, hello, meridol, Sorriso and Tom's of Maine.
Personal Care (17%)
Bar and liquid soap, shower gel and deodorant (Palmolive, Protex, Softsoap, Irish Spring, Sanex, Speed Stick), plus skin care (EltaMD, Filorga, PCA SKIN).
Home Care (16%)
Household cleaners, dish soap and fabric softeners: Ajax, Axion, Fabuloso, Murphy, Suavitel and Soupline.
Pet Nutrition (23%)
Hill's Science Diet and Hill's Prescription Diet pet food, plus Prime100, bought in Australia in 2025. Sold through pet supply stores, veterinarians and online sellers in over 80 countries.
What it does
- Does: Sells in more than 200 countries and territories; about two-thirds of net sales come from outside the US
- Does: Gets about 45% of net sales from emerging markets, by its own count
- Does: Owns or leases about 325 properties, including factories, warehouses, research centers and offices
- Does: Sells Hill's pet food through veterinarians as well as pet supply stores and online sellers
What it does not do
- Does not: Does not run its own chain of stores: most sales go through retailers, wholesalers and distributors
- Does not: Does not report sales by brand, only by region and by product category share
- Does not: Does not name any customer other than Walmart
- Does not: No longer makes private label pet food: Hill's left that business during 2025
14How the money flows
14How the money flows · FY2025
How does money flow through Colgate-Palmolive?
Money in
- Net sales$20.4B
- Interest income$75M
The company
Colgate-Palmolive
$20.5B came in
Money out
- Cost of sales$8.1B
- Selling, general and administrative (incl. advertising and research)$7.9B
- Skin health impairment (write-down)$919M
- Other expense and non-service pension costs$178M
- Interest expense$267M
- Income taxes$798M
- Share of noncontrolling interests$129M
- Net income attributable to Colgate-Palmolive$2.1B
- Retailers and other customers paid Colgate-Palmolive $20.4 billion in FY2025 for its products; interest income added $75 million.
- Making the products took $8.1 billion.
- Selling, general and administrative costs, which include advertising and research, took $7.9 billion.
- A $919 million write-down of the skin health business and $178 million of other costs, including pension costs, came next.
- After $267 million of interest, $798 million of tax and $129 million for outside owners of some subsidiaries, $2.13 billion was left as net income.
15What it needs to run
15What it needs to run
What does Colgate-Palmolive need to run?
Raw and packaging materials
Resins, essential oils, tropical oils, pulp, tallow, corn, poultry and soybeans. Some come from a single or a few suppliers; the 10-K says no single supplier is significant.
Plants and equipment
About 325 owned or leased properties worldwide. Property, plant and equipment was $4.66 billion at Dec 31, 2025, and capital spending was $564 million in FY2025.
People
About 33,600 employees at Dec 31, 2025, in over 100 countries; more than 84% work outside the US.
Advertising
Advertising was $775 million in Q3 FY2026, 14.4% of net sales, up from $674 million (13.1%) a year earlier. It sits inside selling, general and administrative costs.
16Where it sells
16Where it sells · FY2025
Where does Colgate-Palmolive sell?
- United States ($6.66B)33%
- Outside the US ($13.72B)67%
17Where growth could come from
17Where growth could come from
Where could Colgate-Palmolive's growth come from?
Colgate-Palmolive said in its Q3 FY2026 earnings release (Oct 30, 2026) that it expects FY2026 net sales growth of 4% to 5%, organic sales growth broadly in line with its nine-month figure of 3.0%, double-digit GAAP EPS growth and Base Business EPS growth of 5% to 7%. On Jan 31, 2025 it described its long-term organic sales growth target as 3% to 5%.
Latin America
Working+12.5% net sales in Q3 FY2026
Organic sales grew 6.0% and currency added 6.5 points. Latin America's operating profit was $29.6 per $100 of net sales in Q3 FY2026, the highest of the five segments.
Status: Working, on track against what the company said.
Hill's Pet Nutrition
Working+5.6% net sales in Q3 FY2026
Organic sales grew 5.7%. Leaving private label pet food took 0.2 points off the company's Q3 FY2026 organic growth; Prime100, bought in Australia in April 2025, is now part of Hill's.
Status: Working, on track against what the company said.
North America
Behind-1.7% net sales in Q3 FY2026
Volume fell 3.7%. North America's FY2025 net sales of $3.68 billion were below the $3.72 billion of FY2024.
Status: Behind, behind the company's own plan.
Skin health
Behind$919M impairment in Q4 FY2025
The company cited lower than expected category growth and weaker than expected performance, particularly in China. Skin health goodwill was left at $51 million.
Status: Behind, behind the company's own plan.
Strategic Growth and Productivity Program
New$350M to $550M of charges
Expanded on Apr 30, 2026, with annualized before-tax savings projected at $200 million to $300 million. Charges reached $346 million before tax by Sep 30, 2026.
Status: New, recently announced.
Status compares progress with what the company itself said it would do: Working = on track against what the company said; Mixed = partly on track; Behind = behind the company's own plan; New = recently announced; Early = too early to judge.
Sources (6)
- Q3 2026 earnings release (8-K Exhibit 99)
- Q4 and full year 2024 earnings release (8-K Exhibit 99)
- Form 10-K, fiscal year 2025 (ended Dec 31, 2025)
- 8-K: segment realignment and recast segment information (Exhibit 99), filed Mar 17, 2026
- 8-K Item 2.05: expansion of the Strategic Growth and Productivity Program, filed May 1, 2026
- Form 10-Q, Q3 FY2026 (quarter ended Sep 30, 2026)
18The company's own measures (non-GAAP)
18The company's own measures · FY2021 to Q3 FY2026
What do Colgate-Palmolive's own measures show?
Official (GAAP): Diluted EPS, Q3 FY2026
$0.94
Company's own measure: Base Business EPS, Q3 FY2026
$0.97
The company's own measure. It leaves out $30 million of before-tax restructuring charges under the Strategic Growth and Productivity Program.
Official (GAAP): Diluted EPS, Q4 FY2025
−$0.05
Company's own measure: Base Business EPS, Q4 FY2025
$0.95
Leaves out the $919 million skin health impairment and $13 million of restructuring charges.
Official (GAAP): Diluted EPS, FY2025
$2.63
Company's own measure: Base Business EPS, FY2025
$3.69
Leaves out the $919 million before-tax skin health impairment ($0.98 a share), ERISA litigation charges ($0.06), restructuring ($0.01) and acquisition costs ($0.01).
Official (GAAP): Diluted EPS, FY2024
$3.51
Company's own measure: Base Business EPS, FY2024
$3.60
Leaves out $85 million of before-tax restructuring charges under the 2022 Global Productivity Initiative ($0.09 a share).
Official (GAAP): Diluted EPS, FY2023
$2.77
Company's own measure: Base Business EPS, FY2023
$3.23
Leaves out a $267 million before-tax ERISA litigation charge ($0.26 a share) and other items.
Official (GAAP): Diluted EPS, FY2022
$2.13
Company's own measure: Base Business EPS, FY2022
$2.97
Leaves out $721 million of goodwill and intangible asset impairment charges ($0.74 a share) and other items.
Official (GAAP): Diluted EPS, FY2021
$2.55
Company's own measure: Base Business EPS, FY2021
$3.21
Leaves out $571 million of goodwill and intangible asset impairment charges ($0.61 a share) and other items.
Official (GAAP): Net sales growth, Q3 FY2026
4.6%
Company's own measure: Organic sales growth, Q3 FY2026
3.6%
Sales growth leaving out currency moves, acquisitions and divestments. Currency added 1.0 point in Q3 FY2026.
Official (GAAP): Net sales growth, FY2025
1.4%
Company's own measure: Organic sales growth, FY2025
1.4%
Same measure for the year: currency took 0.3 points and the Prime100 purchase added 0.3 points.
Official (GAAP): Net sales growth, FY2023
8.3%
Company's own measure: Organic sales growth, FY2023
8.5%
Same measure, for comparison with the slower growth since.
These are the company's own measures, defined by the company. They are not comparable across companies, and they are not added together. Each sits beside the nearest official (GAAP) figure.
Learn: Non-GAAP measures: what a company's "adjusted" numbers leave out
19Financial strength and debt
19Financial strength · Sep 30, 2026
How much debt does Colgate-Palmolive have?
- Total debt$7.7B
- Cash and investments$1.6B
- Net debt (debt minus cash)$6.1B
- Net worth (shareholders' money)$288M
- Interest cover
- 12.4×
- how many times operating profit covers interest
- Net debt of $6,104 million is the company's own figure (debt less cash, cash equivalents and marketable securities) in the Q3 FY2026 earnings release. Cash was $1,527 million and marketable securities $85 million.
- Shareholders' equity was $288 million at Sep 30, 2026 and $54 million at Dec 31, 2025. Shares bought back over the years ($28.45 billion, at cost) and $3.88 billion of accumulated other comprehensive loss, mostly currency translation, offset $26.6 billion of retained earnings. Debt-to-equity is therefore not shown.
- Interest cover is FY2025 operating profit of $3,306 million ÷ interest expense of $267 million (Cityfort calculation from the FY2025 10-K); operating profit was after the $919 million impairment.
- Debt included $1,037 million of commercial paper at Sep 30, 2026. A $3.0 billion revolving credit facility, running to November 2030, backs it.
- Scheduled long-term debt repayments at Dec 31, 2025: $1,115 million in 2026, $523 million in 2027, $615 million in 2028, $591 million in 2029, $500 million in 2030 and $4,495 million later.
- Of the $1,288 million of cash at Dec 31, 2025, $1,234 million was held by subsidiaries outside the US.
20Who owns it
20Who owns it · ownership as of Mar 9, 2026
Who owns Colgate-Palmolive?
- Officers and directors (as a group), shares
- 0.4%
Share classes
Holders of 5% or more
From the company's proxy statement (DEF 14A), later Schedule 13G filings and the share counts on its latest annual or quarterly report. Each holder row shows the date of its own filing.
Insider trades · Form 4 data as of Nov 6, 2026
What did Colgate-Palmolive's insiders report trading?
Colgate-Palmolive's insiders made 67 Form 4A filing an insider must make within two business days of buying or selling the company's shares. Learn more filings in the 12 months to Nov 6, 2026.
They reported no purchases and 18 sales (676,660 shares) in the open market or privately (codes P and S).
None of the sales were on forms with the Rule 10b5-1 plan box checked.
The same filings report 84 other share transactions (A: 36, F: 36, M: 12).
They also report 29 transactions in options, stock units or other derivatives.
Insiders are a company's officers, directors and owners of more than 10% of a class of its shares. Most changes in their holdings must be reported to the SEC on a Form 4 within two business days. Source: SEC Form 4 filings on EDGAR.
- P
- a purchase in the open market or privately
- S
- a sale in the open market or privately
- A
- a grant, award or other acquisition from the company under Rule 16b-3
- F
- shares withheld or handed over to pay an exercise price or tax when an award is received, exercised or vests
- M
- exercise or conversion of an option or other derivative, exempt under Rule 16b-3
Code meanings: General Instruction 8 of Form 4 (SEC).
The latest 25 of 102 transactions
Shares: A = acquired, D = disposed of. A price the filing gives only in a footnote shows as “See filing”. The 10b5-1 box is checked when at least one trade on the form was made under a Rule 10b5-1 plan. A Form 4/A replaces the form it amends. See all of Colgate-Palmolive's Form 4 filings on EDGAR.
Learn: How to read a proxy statement (DEF 14A): Nvidia's 2026 proxy · Form 4 insider filings: who files, the codes and the footnotes · Rule 10b5-1 trading plans: how insiders pre-schedule their trades
21What it does with profit
21What it does with profit
What does Colgate-Palmolive do with its profit?
Dividend per share
$2.06FY2025
Dividend paid for each share, by financial year.
$ per share
See the numbers
Buyback · Dec 31, 2021
FY2021: bought back its own shares for $1.32 billion.
$1.3B
Buyback · Dec 31, 2022
FY2022: bought back its own shares for $1.31 billion.
$1.3B
Buyback · Dec 31, 2023
FY2023: bought back its own shares for $1.13 billion.
$1.1B
Buyback · Dec 31, 2024
FY2024: bought back about 18.7 million shares for $1.74 billion.
$1.7B
Buyback · Dec 31, 2025
FY2025: bought back about 14.3 million shares for $1.21 billion, under its 2022 and 2025 programs and for compensation plans (the 2025 program, authorized Mar 20, 2025, allows up to $5 billion).
$1.2B
Buyback · Sep 30, 2026
First nine months of FY2026: bought back its own shares for $927 million.
$927M
22Governance signals
22Governance signals
What do Colgate-Palmolive's governance filings show?
- Auditor
- PricewaterhouseCoopers LLP, since 2002
- Auditor changes
- None in the period covered
- Audit qualifications
- None reported
- Related-party dealings
- The 2026 proxy statement says that, based on the company's review, there were no related person transactions in 2025. Only the independent directors may approve such a transaction under the company's policy.
- Credit rating
- Moody's / S&P (ratings expected for the company's euro notes due 2035, as stated in its Nov 3, 2025 term sheet) Aa3 / A+ (Stable / Stable), Nov 3, 2025
A credit rating describes the company's ability to repay debt. It is not a rating of the share.
Flags to know about
disclosure
What Colgate-Palmolive does not report
The FY2025 10-K names no customer other than Walmart and no competitor, and gives sales by product category only as a share of the total. No Q4 FY2025 regional split on the 2026 segment basis was filed.
other
Talc lawsuits
The company is a defendant in lawsuits alleging that some of its historic talcum powder products were contaminated with asbestos or caused cancer. Pending cases rose from 453 at Dec 31, 2025 to 561 at Sep 30, 2026; the company says settlements in the periods shown were not material.
regulatory
Brazil tax assessments
Brazilian tax authorities have assessed about $107 million over interest deductions and about $28 million over a foreign exchange transaction tax, linked to the 1995 Kolynos acquisition. The company disputes them. It puts reasonably possible losses above amounts accrued, for all matters, at $0 to about $225 million.
other
ERISA pension case settled
A 2016 lawsuit over a 2005 retirement plan amendment was settled for $332 million including fees, with final court approval in January 2026. The company took charges of $267 million in Q1 2023 and $65 million in Q1 2025.
other · May 8, 2026
Chairman and CEO roles combined
Noel Wallace is Chairman and CEO. A shareholder proposal for an independent board chair was not approved at the May 8, 2026 annual meeting: 182.4 million votes for, 452.4 million against.
other
Policy bars hedging or using company stock as loan collateral
Directors and officers may not hedge company stock or use it as collateral for loans; the 2026 proxy says all directors and named officers complied in 2025.
Sources (6)
- Form 10-K, fiscal year 2025 (ended Dec 31, 2025)
- 8-K Item 5.07: 2026 annual meeting vote results, filed May 13, 2026
- 2026 proxy statement (DEF 14A)
- Free writing prospectus (final term sheet), EUR 600M 3.250% Senior Notes due 2035, with anticipated ratings
- Form 10-Q, Q3 FY2026 (quarter ended Sep 30, 2026)
- 8-K: segment realignment and recast segment information (Exhibit 99), filed Mar 17, 2026
23What the market paid
23What the market paid · price as of Nov 5, 2026
What did the market pay for Colgate-Palmolive on Nov 5, 2026?
Price as of Nov 5, 2026 (shown for education; prices change daily).
Price as of Nov 5, 2026: Colgate-Palmolive's common stock closed at $98.69, from Nasdaq's historical price table. Times 794.92 million shares (Sep 30, 2026), that is a market value of about $78.5 billion (Cityfort calculation from the Nov 5, 2026 closing price and the Q3 FY2026 10-Q). P/E is price ÷ earnings per share: 38.7 on $2.55, the sum of diluted EPS for Q4 FY2025 to Q3 FY2026, which includes the Q4 FY2025 loss from the skin health impairment. On the company's own Base Business EPS for the same four quarters, $3.88, it is 25.4. Dividend yield as of the same date: 2.15%, on $2.12 of annualized dividends (four payments of $0.53). The P/E figures and the yield are Cityfort calculations from the Q4 FY2025 to Q3 FY2026 earnings releases, the Q3 FY2026 10-Q and the Nov 5, 2026 closing price.
- Share price
- $98.69
- Market value (market cap)
- $78.5B
- P/E
- 38.7×
More price-based ratios · as of Nov 5, 2026
Each ratio divides a number from the company's filings by the market value or share price on Nov 5, 2026. Prices change daily, so these ratios do too.
Price to sales (P/S)
3.7×
$78.5B market value ÷ $21.3B revenue (four quarters to Sep 30, 2026) = 3.7×
Cityfort calculation from the Nov 5, 2026 closing price and the Q4 FY2025 to Q3 FY2026 earnings releases. Source: CL historical daily prices, Nasdaq table for an NYSE-listed share (close of Nov 5, 2026: $98.69); Form 10-Q, Q3 FY2026 (quarter ended Sep 30, 2026); Q3 2026 earnings release (8-K Exhibit 99) and 3 more
How price ratios workFree cash flow yield
4.6%
$3.6B free cash flow (FY2025) ÷ $78.5B market value = 4.6%
Cityfort calculation from the FY2025 10-K and the Nov 5, 2026 closing price. Source: CL historical daily prices, Nasdaq table for an NYSE-listed share (close of Nov 5, 2026: $98.69); Form 10-Q, Q3 FY2026 (quarter ended Sep 30, 2026); Q3 2026 earnings release (8-K Exhibit 99) and 4 more
What free cash flow means
Shares used for the market value: 794.92 million ($98.69 × 794.92 million shares ≈ $78.5B). Source: Form 10-Q, Q3 FY2026 (quarter ended Sep 30, 2026); Form 10-K, fiscal year 2025 (ended Dec 31, 2025)
Source: CL historical daily prices, Nasdaq table for an NYSE-listed share (close of Nov 5, 2026: $98.69); Form 10-Q, Q3 FY2026 (quarter ended Sep 30, 2026); Q3 2026 earnings release (8-K Exhibit 99) and 3 more
Sources (7)
- CL historical daily prices, Nasdaq table for an NYSE-listed share (close of Nov 5, 2026: $98.69)
- Form 10-Q, Q3 FY2026 (quarter ended Sep 30, 2026)
- Q3 2026 earnings release (8-K Exhibit 99)
- Q2 2026 earnings release (8-K Exhibit 99)
- Q1 2026 earnings release (8-K Exhibit 99)
- Q4 and full year 2025 earnings release (8-K Exhibit 99)
- Form 10-K, fiscal year 2025 (ended Dec 31, 2025)
24How it got here
24How it got here
How did Colgate-Palmolive get here?
1806
Milestone
Founded
Colgate-Palmolive says it was founded in 1806. It was incorporated in Delaware in 1923.
1995
Business-model change
Bought Kolynos in Brazil
The 1995 Kolynos acquisition in Brazil still links to tax disputes there today.
2022
Business-model change
Bought three pet food plants
Colgate-Palmolive bought three US dry pet food plants from Red Collar Pet Foods on Sep 30, 2022 for $719 million, as adjusted.
2022
Crisis
Impairment charges
Goodwill and intangible asset impairment charges were $571 million in FY2021 and $721 million in FY2022.
2025
Business-model change
Bought Prime100
Colgate-Palmolive bought Prime100 (Care TopCo Pty Ltd), an Australian pet food business, on Apr 30, 2025 for AU$471 million, about US$301 million.
2025
Business-model change
New productivity program
The board approved the Strategic Growth and Productivity Program on Jul 31, 2025 and expanded it on Apr 30, 2026.
2025
Crisis
Skin health write-down
A $919 million impairment of the skin health business made Q4 FY2025 a loss quarter.
2026
Milestone
Four new regions
From Q1 FY2026, Europe, Africa/Eurasia and skin health became one Europe, Middle East & Africa segment; Russia and Belarus moved to Asia Pacific.
Sources (8)
- Form 10-K, fiscal year 2025 (ended Dec 31, 2025)
- Form 10-Q, Q3 FY2026 (quarter ended Sep 30, 2026)
- Form 10-K, fiscal year 2023 (ended Dec 31, 2023)
- Form 10-K, fiscal year 2022 (ended Dec 31, 2022)
- 8-K Item 2.05: Strategic Growth and Productivity Program approved Jul 31, 2025, filed Aug 1, 2025
- 8-K Item 2.05: expansion of the Strategic Growth and Productivity Program, filed May 1, 2026
- Q4 and full year 2025 earnings release (8-K Exhibit 99)
- 8-K: segment realignment and recast segment information (Exhibit 99), filed Mar 17, 2026
25Sources and changes
Where every number on this page comes from
Sources (24 documents)
- S1Form 10-K, fiscal year 2025 (ended Dec 31, 2025) · Colgate-Palmolive Company (SEC EDGAR) · Tier 1: company or exchange filing · Feb 23, 2026
- S2Form 10-K, fiscal year 2024 (ended Dec 31, 2024) · Colgate-Palmolive Company (SEC EDGAR) · Tier 1: company or exchange filing · Feb 13, 2025
- S3Form 10-K, fiscal year 2023 (ended Dec 31, 2023) · Colgate-Palmolive Company (SEC EDGAR) · Tier 1: company or exchange filing · Feb 15, 2024
- S4Form 10-K, fiscal year 2022 (ended Dec 31, 2022) · Colgate-Palmolive Company (SEC EDGAR) · Tier 1: company or exchange filing · Feb 16, 2023
- S5Form 10-Q, Q3 FY2026 (quarter ended Sep 30, 2026) · Colgate-Palmolive Company (SEC EDGAR) · Tier 1: company or exchange filing · Oct 30, 2026
- S8Q3 2026 earnings release (8-K Exhibit 99) · Colgate-Palmolive Company (SEC EDGAR) · Tier 1: company or exchange filing · Oct 30, 2026
- S9Q2 2026 earnings release (8-K Exhibit 99) · Colgate-Palmolive Company (SEC EDGAR) · Tier 1: company or exchange filing · Jul 31, 2026
- S10Q1 2026 earnings release (8-K Exhibit 99) · Colgate-Palmolive Company (SEC EDGAR) · Tier 1: company or exchange filing · May 1, 2026
- S11Q4 and full year 2025 earnings release (8-K Exhibit 99) · Colgate-Palmolive Company (SEC EDGAR) · Tier 1: company or exchange filing · Jan 30, 2026
- S12Q3 2025 earnings release (8-K Exhibit 99) · Colgate-Palmolive Company (SEC EDGAR) · Tier 1: company or exchange filing · Oct 31, 2025
- S13Q2 2025 earnings release (8-K Exhibit 99) · Colgate-Palmolive Company (SEC EDGAR) · Tier 1: company or exchange filing · Aug 1, 2025
- S14Q1 2025 earnings release (8-K Exhibit 99) · Colgate-Palmolive Company (SEC EDGAR) · Tier 1: company or exchange filing · Apr 25, 2025
- S15Q4 and full year 2024 earnings release (8-K Exhibit 99) · Colgate-Palmolive Company (SEC EDGAR) · Tier 1: company or exchange filing · Jan 31, 2025
- S16Q3 2024 earnings release (8-K Exhibit 99) · Colgate-Palmolive Company (SEC EDGAR) · Tier 1: company or exchange filing · Oct 25, 2024
- S178-K: segment realignment and recast segment information (Exhibit 99), filed Mar 17, 2026 · Colgate-Palmolive Company (SEC EDGAR) · Tier 1: company or exchange filing · Mar 17, 2026
- S182026 proxy statement (DEF 14A) · Colgate-Palmolive Company (SEC EDGAR) · Tier 1: company or exchange filing · Mar 25, 2026
- S19Schedule 13G, Vanguard Capital Management (event Mar 31, 2026) · SEC EDGAR · Tier 1: company or exchange filing · Apr 29, 2026
- S20Schedule 13G/A No. 13, The Vanguard Group (event Mar 13, 2026) · SEC EDGAR · Tier 1: company or exchange filing · Mar 26, 2026
- S218-K Item 2.05: expansion of the Strategic Growth and Productivity Program, filed May 1, 2026 · Colgate-Palmolive Company (SEC EDGAR) · Tier 1: company or exchange filing · May 1, 2026
- S238-K Item 5.02: Chief Legal Officer succession, filed Apr 9, 2026 · Colgate-Palmolive Company (SEC EDGAR) · Tier 1: company or exchange filing · Apr 9, 2026
- S248-K Item 5.07: 2026 annual meeting vote results, filed May 13, 2026 · Colgate-Palmolive Company (SEC EDGAR) · Tier 1: company or exchange filing · May 13, 2026
- S25Free writing prospectus (final term sheet), EUR 600M 3.250% Senior Notes due 2035, with anticipated ratings · Colgate-Palmolive Company (SEC EDGAR) · Tier 1: company or exchange filing · Nov 3, 2025
- S27CL historical daily prices, Nasdaq table for an NYSE-listed share (close of Nov 5, 2026: $98.69) · Nasdaq, Inc. · Tier 1: company or exchange filing · Nov 5, 2026
- S288-K Item 2.05: Strategic Growth and Productivity Program approved Jul 31, 2025, filed Aug 1, 2025 · Colgate-Palmolive Company (SEC EDGAR) · Tier 1: company or exchange filing · Aug 1, 2025
Changes to this page (v1 · Nov 6, 2026)
- v1 · Nov 6, 2026First version, through Q3 FY2026 (quarter ended Sep 30, 2026). (first version)
Numbers come only from tier 1 and tier 2 sources. Read how we research.
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