Consumer Staples · NYSE: PG
Procter & Gamble: how the business works
Procter & Gamble sells household and personal care brands such as Tide, Pampers and Gillette in about 180 countries, with net sales of $87.0 billion in FY2026.
By Hardik Bhandare · Checked against filings: . Editorial policy. Corrections
Follow Procter & Gamble
Email me when Procter & Gamble's page is updated after earnings.
We'll send a confirmation email first. See our privacy policy.
The Procter & Gamble Company · Cincinnati, Ohio · Founded 1837
Updated for Q1 FY2027 · checked
- Net sales, FY2026
- $87.0B
- Operating income, FY2026
- $19.7B
- Net earnings attributable to P&G, FY2026
- $16.0B
- Countries and territories sold in
- About 180
- Employees, Jun 30, 2026
- About 104,000
The short version
Procter & Gamble in 5 points
1 · What it sells
P&G sells household and personal care brands such as Tide, Pampers, Gillette and Crest in about 180 countries, with net sales of $87.0 billion in FY2026.
2 · Who pays it
Walmart accounted for about 16% of P&G's FY2026 net sales, its next nine largest customers for about 27% and all other customers for about 57%.
3 · What it keeps from $100
Of every $100 that came in during FY2026, P&G kept $18.12 as net earnings, after $903 million of after-tax restructuring costs and including a $261 million after-tax Glad gain, while operating income was $22.69 per $100 of net sales.
4 · Where the operating profit comes from
Fabric & Home Care, the Tide and Dawn segment, earned $7.29 billion, or 34.7%, of the $21.04 billion of FY2026 earnings before income taxes from P&G's five segments.
5 · The one thing to watch
P&G raised its FY2027 estimate of after-tax commodity cost headwinds to about $1.4 billion on Oct 22, 2026, from about $1 billion on Jul 29, 2026, and its Q1 FY2027 gross margin fell 160 basis points.
Sources: From P&G's FY2026 10-K and its Q4 FY2026 and Q1 FY2027 earnings releases · checked
See the full receipt and the management scorecard below
01Where the money goes · FY2026
Where does $100 of Procter & Gamble's money go?
Procter & Gamble · FY2026
Receipt for every $100
| Cost of products sold | $49.0 |
|---|---|
| Selling, general and administrative | $27.0 |
| Interest and tax | $5.8 |
| Noncontrolling holders | $0.1 |
| Kept as net earnings | $18.1 |
| 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 FY2026 10-K. Of every $100 that came in during FY2026 (net sales plus $1.5 billion of interest income and other non-operating income): each line = line ÷ $88.5 billion × 100. Net earnings attributable to P&G were $18.12; of that, $292 million in total went as dividends on employee-plan preferred shares.
Each week: one company explained in 5 points, picked by earnings date.
Free, no tips, unsubscribe anytime.
We'll send a confirmation email. See our privacy policy.
02The business in one line
What does Procter & Gamble do?
Shoppers buy P&G's detergents, diapers, razors, toothpaste and shampoos through stores and websites; most of the money goes on making the products and on selling and advertising them, and $18.12 of every $100 that came in during FY2026 was left as net earnings.
- P&G sells mostly through retailers. Walmart alone accounted for about 16% of FY2026 net sales, and the ten largest customers for about 43%.
- Of every $100 that came in during FY2026, making the products took $48.98 and selling, general and administrative costs took $27.02.
03Who pays it
Who pays Procter & Gamble?
Walmart and its affiliates
16%
of revenue
About 16% of net sales in FY2026, FY2025 and FY2024. No other customer was above 10%.
The next nine largest customers
27%
of revenue
The ten largest customers were about 43% of FY2026 net sales, so the nine after Walmart were about 27% (Cityfort calculation from the FY2026 10-K). P&G does not name them.
All other customers
57%
of revenue
Other retailers, distributors and wholesalers, plus shoppers buying directly: about 57% of FY2026 net sales (Cityfort calculation from the FY2026 10-K).
- Walmart and its affiliates16%
- The next nine largest customers27%
- All other customers57%
Customer concentration
Walmart was about 16% of P&G's FY2026 net sales and the top ten customers about 43%, up from 42% in FY2024. The 10-K says losing a key customer, or less shelf space, could hurt results.
- Largest customer
- 16%
- Top 10 customers
- 43%
04Why it makes money
Why does Procter & Gamble make money?
P&G sells products people use up and buy again, keeps about half of each sales dollar after product costs, and spends $10.2 billion a year on advertising.
In FY2026 P&G kept $50.2 of each $100 of net sales after the cost of making the products, then spent $27.5 on selling, advertising and overheads. Its 10-K says it competes on product, packaging, brand communication, retail execution and value, against other brands and retailers' own private labels.
Operating income per $100 of net sales
$22.2$22.7
FY2022 to FY2026
- Shoppers use up detergent, diapers and razor blades and buy them again
- P&G sells through retailers such as Walmart, its largest customer at about 16% of net sales
- It kept $50.2 of each $100 of FY2026 net sales after the cost of the products
- It spent $10.2 billion on advertising and $2.1 billion on research and development in FY2026
- P&G estimates its brands hold large shares, such as more than 60% of global blades and razors
- Operating income was $22.69 per $100 of net sales in FY2026
↺ Step 6 feeds back into step 1.
05Business segments · FY2026
Which businesses make up Procter & Gamble?
Fabric & Home Care
35%Tide, Ariel, Downy, Dawn and Swiffer. Its $7.29 billion of earnings before income taxes was 34.7% of the $21.04 billion total for the five segments (Cityfort calculation from the FY2026 10-K).
Revenue $30.3B · Operating profit $7.3B
Baby, Feminine & Family Care
24%Pampers, Always, Tampax, Bounty and Charmin. Organic sales fell 1% in FY2026, the only segment to shrink on that measure.
Revenue $20.4B · Operating profit $5.1B
Beauty
19%Head & Shoulders, Pantene, Olay, SK-II and Old Spice. Net sales rose from $15.0 billion in FY2025 to $16.0 billion in FY2026.
Revenue $16.0B · Operating profit $3.5B
Health Care
14%Crest, Oral-B, Vicks and Metamucil. Thorne, bought on Oct 1, 2026, joins this segment's Personal Health Care business.
Revenue $12.5B · Operating profit $3.2B
Grooming
8%Gillette, Venus and Braun. The smallest segment, with the highest earnings before income taxes per $100 of sales: $28.42 in FY2026 (Cityfort calculation from the FY2026 10-K).
Revenue $6.9B · Operating profit $2.0B
How the mix changed
- Fabric & Home Care
- Baby, Feminine & Family Care
- Beauty
- Health Care
- Grooming
Revenue by segment, FY2022 to FY2026.
US$
See the numbers
06The numbers · Consolidated · US$
How has Procter & Gamble done?
Revenue
$87.0BFY2026
Net sales rose every year, from $80.2 billion in FY2022 to $87.0 billion in FY2026, and were $23.3 billion in Q1 FY2027, up 4% on a year earlier.
US$
See the numbers
Net profit
$16.0BFY2026
Net earnings attributable to P&G rose from $14.7 billion in FY2022 to $16.0 billion in FY2026, after a $1.3 billion before-tax Gillette impairment in FY2024, a $752 million Argentina charge in FY2025 and $903 million of after-tax restructuring costs in FY2026.
US$
See the numbers
Profit kept per $100 of revenue
$18.4FY2026
Net earnings were $18.4 per $100 of net sales in both FY2022 and FY2026, with a low of $17.7 in FY2024, the year of the Gillette impairment.
$ of profit per $100 of revenue (net margin)
See the numbers
Free cash flow
$15.1BFY2026
Free cash flow (cash from operations minus capital spending) was $15.1 billion in FY2026, up from $13.6 billion in FY2022, while capital spending rose from 3.9% to 5.1% of net sales.
US$ · 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 (June 30; FY2026 is the year ended Jun 30, 2026, and Q1 FY2027 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 earnings attributable to P&G. Total net earnings include $98 million for noncontrolling holders. After $292 million of dividends on employee-plan preferred shares, $15,754 million went to common shareholders (basic EPS $6.75); P&G computes diluted EPS of $6.62 on $16,046 million, treating the preferred shares as converted.
Download Procter & Gamble's yearly and quarterly numbers (CSV, with source ids)
Learn: Fiscal years that don't end in December: Nvidia's FY2027 explained · Stock-based compensation and dilution: pay that becomes shares
Sources (11)
- Form 10-K, fiscal year 2024 (ended June 30, 2024)
- Form 10-K, fiscal year 2026 (ended June 30, 2026)
- Earnings release, Q1 fiscal 2025 (Form 8-K Ex. 99.1)
- Earnings release, Q1 fiscal 2026 (Form 8-K Ex. 99.1)
- Earnings release, Q2 fiscal 2025 (Form 8-K Ex. 99.1)
- Earnings release, Q3 fiscal 2025 (Form 8-K Ex. 99.1)
- Earnings release, Q4 and fiscal year 2025 (Form 8-K Ex. 99.1)
- Earnings release, Q2 fiscal 2026 (Form 8-K Ex. 99.1)
- Earnings release, Q3 fiscal 2026 (Form 8-K Ex. 99.1)
- Earnings release, Q4 and fiscal year 2026 (Form 8-K Ex. 99.1)
- Earnings release, Q1 fiscal 2027 (Form 8-K Ex. 99.1)
07Who runs it
Who runs Procter & Gamble, and did they deliver?
Shailesh G. Jejurikar
Chairman of the Board, President and Chief Executive Officer · since 2026
Joined P&G in 1989. CEO since Jan 1, 2026, and Chairman since Aug 1, 2026, after Jon Moeller retired from the board.
Andre Schulten
Chief Financial Officer · since 2021
First elected to an officer position in 2021, according to the FY2026 10-K.
Joe Jimenez
Lead Director · since 2021
Has served as the board's Lead Director since 2021, according to the 2026 proxy statementThe yearly filing about shareholder votes, the board and executive pay. Learn more; independent directors reappointed him for FY2026-27.
What they said, and what happened
3 delivered · 2 partly delivered · 1 too early to tell
Said on Jul 29, 2025
P&G said it expected FY2026 organic sales growth of 0% to 4%.
DeliveredWhat happened
Organic sales grew 1%, inside the range, which P&G kept through April 2026.
Said on Jul 29, 2025
P&G said it expected FY2026 Core EPS of $6.83 to $7.09.
DeliveredWhat happened
Core EPS was $6.89, inside the range and below its $6.96 midpoint.
Said on Jul 29, 2025
P&G said it expected FY2026 diluted EPS growth of 3% to 9%.
Partly deliveredWhat happened
On Jan 22, 2026 P&G cut the range to 1% to 6% for higher restructuring costs. Diluted EPS grew 2%, to $6.62: inside the new range, below the first.
Said on Jul 29, 2025
P&G said it planned about $10 billion of dividends and about $5 billion of share buybacks in FY2026.
DeliveredWhat happened
It paid $10.2 billion of dividends and bought back $5.0 billion of shares.
Said on Jul 29, 2025
P&G said it expected FY2026 capital spending of 4% to 5% of net sales.
Partly deliveredWhat happened
Capital spending was $4.4 billion, 5.1% of net sales, just above the range.
Said on Jul 29, 2026
P&G said it expects FY2027 Core EPS growth of 0% to 3% from $6.89, or $6.89 to $7.11, and organic sales growth of 1% to 3%.
Too early to tellWhat happened
Kept on Oct 22, 2026. Q1 FY2027 Core EPS was $2.00, up 1%, and organic sales grew 4%.
Sources (9)
- Form 8-K Ex. 99.1: CEO transition (Jejurikar CEO, Moeller Executive Chairman)
- Form 8-K Ex. 99.1: Jejurikar appointed Chairman; Moeller to retire
- Form 10-K, fiscal year 2026 (ended June 30, 2026)
- 2026 proxy statement (DEF 14A)
- Earnings release, Q4 and fiscal year 2025 (Form 8-K Ex. 99.1)
- Earnings release, Q3 fiscal 2026 (Form 8-K Ex. 99.1)
- Earnings release, Q2 fiscal 2026 (Form 8-K Ex. 99.1)
- Earnings release, Q4 and fiscal year 2026 (Form 8-K Ex. 99.1)
- Earnings release, Q1 fiscal 2027 (Form 8-K Ex. 99.1)
08What could go wrong
What could go wrong for Procter & Gamble?
- Currency
Currency and international markets
More than half of P&G's net sales come from outside the US. In FY2025 it took a $752 million charge for currency losses when it largely wound down its Argentina operations.
Watch The currency effect on net sales in each earnings release.
- Raw-material prices
Commodity and input costs
Resins and pulp are P&G's largest commodity exposures. On Oct 22, 2026 it raised its FY2027 estimate of after-tax commodity cost headwinds to about $1.4 billion, and Q1 FY2027 gross margin fell 160 basis points.
Watch Gross margin and P&G's cost headwind estimate in each earnings release.
- Concentration
Reliance on a few retailers
Walmart was about 16% of FY2026 net sales and the ten largest customers about 43%. The 10-K says retailer concentration and buying alliances could put pressure on costs and margins.
Watch Walmart's share of net sales in each 10-K.
- Competition
Competition and private labels
P&G competes with global, regional and local brands and with retailers' own private labels. In FY2026, volume and mix added nothing to sales growth.
Watch Volume growth by segment in each earnings release.
- Execution
Restructuring
The June 2025 plan expects $1.5 billion to $2.0 billion of before-tax costs and up to 7,000 overhead roles cut by the end of FY2027. FY2026 included $903 million of after-tax incremental restructuring costs.
Watch Restructuring charges and headcount in the FY2027 10-Qs and 10-K.
- Execution
Acquired brands
P&G took a $1.3 billion before-tax impairment on the Gillette brand intangible in FY2024. It paid $3.9 billion for Thorne on Oct 1, 2026, mostly for a brand intangible and goodwill.
Watch Thorne's purchase-price allocation in the Q2 FY2027 10-Q.
- Regulation
Tariffs, trade and tax rules
The 10-K lists tariffs, sanctions and tax law changes, including the OECD's Pillar Two minimum tax, as risks. P&G paid about $200 million of tariffs later ruled invalid by the Supreme Court in February 2026.
Watch Tariff costs and the tax rate in each earnings release.
- Debt
Debt and credit ratings
Debt was $34.1 billion at Jun 30, 2026, and P&G issued more notes after Sep 30, 2026. The 10-K says a ratings downgrade could raise borrowing costs.
Watch Debt, cash and the Moody's and S&P ratings in each 10-Q and 10-K.
Sources (5)
09Both sides
What do supporters and critics point to?
What supporters point to
- Net sales rose every year from $80.2 billion in FY2022 to $87.0 billion in FY2026.
- Net earnings attributable to P&G rose from $14.7 billion in FY2022 to $16.0 billion in FY2026, and free cash flow was $15.1 billion in FY2026.
- P&G says it has paid a dividend for 136 consecutive years and raised it for 70 in a row.
- Moody's rated P&G's long-term debt Aa3 and S&P AA- at Jun 30, 2026, both with a stable outlook.
- Q1 FY2027 net sales rose 4% to $23.3 billion, with volume up 2.4%.
What critics point to
- In FY2026, volume and mix added nothing to net sales growth of 3%; currency added 2 points and pricing 1.
- Walmart was about 16% of FY2026 net sales, and the ten largest customers about 43%.
- Results included charges P&G leaves out of Core EPS three years running: a $1.3 billion Gillette impairment (FY2024), a $752 million Argentina charge (FY2025) and $903 million of after-tax restructuring (FY2026).
- Q1 FY2027 gross margin fell 160 basis points, and P&G expects about $1.4 billion of after-tax commodity cost headwinds in FY2027.
- Dividends and buybacks were $15.3 billion in FY2026, more than free cash flow of $15.1 billion.
10What to watch next
What should you watch next at Procter & Gamble?
Next event
Q2 FY2027 results
Date not announced yet.
Commodity costs and gross margin
On Oct 22, 2026 P&G raised its FY2027 estimate of after-tax commodity cost headwinds to about $1.4 billion, from about $1 billion on Jul 29, 2026. Q1 FY2027 gross margin fell 160 basis points.
Thorne in the numbers
Thorne, bought for $3.9 billion on Oct 1, 2026, is reported from Q2 FY2027. P&G issued $4.0 billion of US dollar notes and €3.25 billion of euro notes between Oct 30 and Nov 3, 2026.
Restructuring
P&G expects the rest of its restructuring costs in FY2027, with up to 7,000 roles cut by Jun 30, 2027. Employees fell 4% in FY2026, to about 104,000.
11Key dates
What are the key dates for Procter & Gamble?
| Event | Date | Source |
|---|---|---|
| Quarterly dividend of $1.0885 payablePayable on or after this date to holders of record on Oct 23, 2026. | Form 8-K Ex. 99: quarterly dividend and 2026 annual meeting | |
| End of the restructuring planP&G expects the rest of the plan's costs, and up to 7,000 role cuts, by the end of FY2027 (Jun 30, 2027). | Not yet stated | Form 10-K, fiscal year 2026 (ended June 30, 2026) |
12Key facts
Key facts about Procter & Gamble
- What is Procter & Gamble's business model, and who are its customers?
- Procter & Gamble makes branded household and personal care products, such as Tide, Pampers, Gillette and Crest, and sells them in about 180 countries and territories. It sells mostly through retailers: Walmart accounted for about 16% of P&G's FY2026 net sales, and its ten largest customers for about 43%.
- How does Procter & Gamble make money?
- Procter & Gamble had net sales of $87.0 billion in FY2026 (year ended Jun 30, 2026). After the cost of making the products ($43.4 billion) and selling, general and administrative costs including advertising ($23.9 billion), P&G's operating income was $19.7 billion.
- Is Procter & Gamble profitable?
- Yes. Procter & Gamble's net earnings attributable to P&G were $16.0 billion in FY2026, up from $15.97 billion in FY2025, and diluted earnings per share were $6.62. FY2026 included a $261 million after-tax gain from ending the Glad joint venture and $903 million of after-tax restructuring costs.
- What is Procter & Gamble's revenue by segment?
- Procter & Gamble's FY2026 net sales by segment were Fabric & Home Care $30.3 billion (35%), Baby, Feminine & Family Care $20.4 billion (24%), Beauty $16.0 billion (19%), Health Care $12.5 billion (14%) and Grooming $6.9 billion (8%). The shares leave out $919 million of Corporate sales.
- Who owns Procter & Gamble?
- Procter & Gamble's 2026 proxy statement lists Vanguard Capital Management with 7.52% of the common stock (Schedule 13GA filing by anyone who owns more than 5% of a company's shares and does not seek control. Learn more, Apr 30, 2026) and BlackRock with 6.70% (Schedule 13G/A, Jan 29, 2024). Directors and executive officers as a group held 0.225% at Jun 30, 2026.
- How much does Procter & Gamble sell in Fabric & Home Care?
- Procter & Gamble's Fabric & Home Care segment had net sales of $30.3 billion in FY2026, about 35% of P&G's segment sales, and earnings before income taxes of $7.29 billion. Its brands include Tide, Ariel, Gain, Downy, Dawn, Cascade, Febreze, Mr. Clean and Swiffer.
- How much does Procter & Gamble sell in Baby, Feminine & Family Care?
- Procter & Gamble's Baby, Feminine & Family Care segment had net sales of $20.4 billion in FY2026, about 24% of P&G's segment sales. Its brands include Pampers, Luvs, Always, Tampax, Bounty, Charmin and Puffs.
- How much does Procter & Gamble sell in Beauty?
- Procter & Gamble's Beauty segment had net sales of $16.0 billion in FY2026, about 19% of P&G's segment sales, up from $15.0 billion in FY2025. Its brands include Head & Shoulders, Pantene, Herbal Essences, Olay, SK-II, Old Spice, Secret and Native.
- How much does Procter & Gamble sell in Health Care?
- Procter & Gamble's Health Care segment had net sales of $12.5 billion in FY2026, about 14% of P&G's segment sales. Its brands include Crest, Oral-B, Vicks, Metamucil, Pepto-Bismol and Neurobion.
- How much does Procter & Gamble sell in Grooming?
- Procter & Gamble's Grooming segment had net sales of $6.9 billion in FY2026, about 8% of P&G's segment sales, with brands Gillette, Venus and Braun. P&G's FY2026 10-K says it holds more than 60% of the global blades and razors market, by its own estimate.
Terms on this page
- Capital expenditures (capex)
- Customer concentration
- Debt-to-equity
- Earnings per share (EPS)
- EBITDA
- Free cash flow
- Interest coverage
- Market cap
- Net debt
- Net margin
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 Procter & Gamble sell?
Fabric & Home Care ($30.3B in FY2026)
Laundry detergent and fabric softener (Tide, Ariel, Gain, Downy) and home care (Dawn, Cascade, Febreze, Mr. Clean, Swiffer). About 35% of segment sales.
Baby, Feminine & Family Care ($20.4B)
Diapers (Pampers, Luvs), period and incontinence products (Always, Tampax) and paper towels, toilet paper and tissues (Bounty, Charmin, Puffs). About 24% of segment sales.
Beauty ($16.0B)
Hair care (Head & Shoulders, Pantene, Herbal Essences), skin care (Olay, SK-II) and personal care such as deodorant and soap (Old Spice, Secret, Native, Safeguard). About 19% of segment sales.
Health Care ($12.5B)
Oral care (Crest, Oral-B) and over-the-counter health products (Vicks, Metamucil, Pepto-Bismol, Neurobion). About 14% of segment sales.
Grooming ($6.9B)
Razors and blades (Gillette, Venus) and electric shavers (Braun). About 8% of segment sales.
What it does
- Does: Runs its own manufacturing; 49% of its employees work in manufacturing roles
- Does: Buys almost all raw and packaging materials from outside suppliers
- Does: Sells mostly to retailers: mass merchandisers, grocery stores, online sellers, club stores, drug stores and distributors
- Does: Also sells some products directly to consumers
- Does: Spent $10.2 billion on advertising and $2.1 billion on research and development in FY2026
What it does not do
- Does not: Does not own a chain of stores: shoppers mostly buy its products from retailers such as Walmart
- Does not: Does not report sales by brand, only by segment and product category
- Does not: Does not name any customer other than Walmart
14How the money flows
14How the money flows · FY2026
How does money flow through Procter & Gamble?
Money in
- Net sales$87.0B
- Interest income and other non-operating income$1.5B
The company
Procter & Gamble
$88.5B came in
Money out
- Cost of products sold$43.4B
- Selling, general and administrative (incl. advertising)$23.9B
- Interest expense$877M
- Income taxes$4.2B
- Share of noncontrolling holders$98M
- Net earnings attributable to P&G$16.0B
- Retailers and other customers paid P&G $87.0 billion in FY2026 for its products.
- The cost of the products sold took $43.4 billion.
- Selling, general and administrative costs took $23.9 billion, including $10.2 billion of advertising.
- That left $19.7 billion of operating income; interest income and other items, including the Glad gain, added $1.5 billion.
- After $877 million of interest and $4.2 billion of tax, $16.0 billion was left as net earnings attributable to P&G.
15What it needs to run
15What it needs to run
What does Procter & Gamble need to run?
Raw and packaging materials
Bought almost entirely from outside suppliers, some from a single source. The largest commodity exposures are oil-derived resins and pulp.
Plants and equipment
Property, plant and equipment was $25.4 billion at Jun 30, 2026. Capital spending was $4.4 billion in FY2026, 5.1% of net sales.
People
About 104,000 employees at Jun 30, 2026, down 4% under the restructuring plan. 49% work in manufacturing and 28% in the US.
Advertising and research
$10.2 billion of advertising and $2.1 billion of research and development in FY2026, both inside selling, general and administrative costs.
16Where it sells
16Where it sells · FY2026
Where does Procter & Gamble sell?
- United States ($41.7B)48%
- International ($45.3B)52%
17Where growth could come from
17Where growth could come from
Where could Procter & Gamble's growth come from?
P&G said in its Q1 FY2027 earnings release (Oct 22, 2026) that it expects FY2027 net sales growth of 2% to 4% including Thorne, organic sales growth of 1% to 3%, diluted EPS growth of 1% to 5% from $6.62, and Core EPS growth of 0% to 3% from $6.89. It now expects about $1.4 billion of after-tax commodity cost headwinds, up from about $1 billion in its Jul 29, 2026 outlook.
Sales growth in Q1 FY2027
Working+4% net sales, volume +2.4%
Q1 FY2027 net sales were $23.3 billion, up 4%, with all five segments growing organic sales. P&G's slides say all 10 categories and all 6 regions grew organic sales.
Status: Working, on track against what the company said.
Thorne acquisition
New$3.9B, closed Oct 1, 2026
P&G paid cash for Thorne, a vitamins and supplements brand that sells mainly in North America. It joins Personal Health Care and is reported from Q2 FY2027; P&G says its results are not material.
Status: New, recently announced.
Beauty
Working$16.0B, up from $15.0B
Beauty net sales rose 7% in FY2026, and organic sales 5%, the fastest of the five segments. Organic sales grew 5.4% in Q1 FY2027.
Status: Working, on track against what the company said.
Restructuring plan
Mixed$903M after-tax costs in FY2026
The June 2025 plan expects $1.5 billion to $2.0 billion of before-tax costs over two years and up to 7,000 non-manufacturing roles cut by the end of FY2027. P&G says the savings are difficult to estimate.
Status: Mixed, partly on track.
Baby, Feminine & Family Care
Mixed-1% organic in FY2026, +3.0% in Q1 FY2027
Net sales were $20.4 billion in FY2026, against $19.7 billion in FY2022. The segment's earnings before income taxes fell from $5.25 billion in FY2024 to $5.15 billion in FY2026.
Status: Mixed, partly on track.
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)
- Earnings release, Q1 fiscal 2027 (Form 8-K Ex. 99.1)
- Earnings release, Q4 and fiscal year 2026 (Form 8-K Ex. 99.1)
- Q1 fiscal 2027 earnings slides (Form 8-K Ex. 99.1)
- Form 10-Q, Q1 fiscal 2027 (quarter ended September 30, 2026)
- Form 10-K, fiscal year 2026 (ended June 30, 2026)
- Form 10-K, fiscal year 2024 (ended June 30, 2024)
18The company's own measures (non-GAAP)
18The company's own measures · FY2024 to Q1 FY2027
What do Procter & Gamble's own measures show?
Official (GAAP): Diluted EPS, FY2026
$6.62
Company's own measure: Core EPS, FY2026
$6.89
P&G's own measure. It leaves out incremental restructuring costs and the $261 million after-tax gain from ending the Glad joint venture.
Official (GAAP): Diluted EPS, FY2025
$6.51
Company's own measure: Core EPS, FY2025
$6.83
Leaves out $801 million of after-tax incremental restructuring charges ($0.33 per share), mainly the $752 million non-cash charge for currency translation losses on largely winding down operations in Argentina.
Official (GAAP): Diluted EPS, FY2024
$6.02
Company's own measure: Core EPS, FY2024
$6.59
Leaves out the Gillette intangible impairment ($0.42 per share) and incremental restructuring ($0.15 per share).
Official (GAAP): Diluted EPS, Q1 FY2027
$1.97
Company's own measure: Core EPS, Q1 FY2027
$2.00
Leaves out incremental restructuring charges, meaning those above P&G's normal $250 million to $500 million a year.
Official (GAAP): Net sales growth, FY2026
3.0%
Company's own measure: Organic sales growth, FY2026
1%
Sales growth leaving out acquisitions, divestitures and currency moves. Currency added 2 points to FY2026 net sales growth.
Official (GAAP): Net sales growth, Q1 FY2027
4.0%
Company's own measure: Organic sales growth, Q1 FY2027
4%
Same measure for the quarter. Volume added 2.4 points, mix 1.1 and pricing 0.4; currency had no net effect.
Official (GAAP): Operating cash flow, FY2026
$19.6B
Company's own measure: Adjusted free cash flow, FY2026
$15.8B
Operating cash flow minus $4,409 million of capital spending, plus $688 million of transition-tax payments under the 2017 US tax law, which P&G adds back.
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 · Jun 30, 2026
How much debt does Procter & Gamble have?
- Total debt$34.1B
- Cash and investments$9.9B
- Net debt (debt minus cash)$24.2B
- Net worth (shareholders' money)$54.3B
- Debt to equity
- 0.63×
- $ of debt for every $1 of shareholders' money
- Interest cover
- 22.5×
- how many times operating profit covers interest
- Debt is debt due within one year ($11,296 million) plus long-term debt ($22,842 million). Net debt and interest cover (operating income ÷ interest expense) are a Cityfort calculation from the FY2026 10-K.
- Operating lease liabilities of $887 million are separate and not counted as debt here.
- P&G states that current liabilities exceeded current assets by $12.5 billion at Jun 30, 2026, and that it had $8.0 billion of undrawn bank credit lines backing its short-term borrowing.
- At Sep 30, 2026, debt was $38,925 million and cash $15,365 million, so net debt was $23,560 million (Cityfort calculation from the Q1 FY2027 earnings release). Cash included money raised before P&G paid $3.9 billion for Thorne on Oct 1, 2026.
- After the quarter, P&G issued $4.0 billion of US dollar notes (Oct 30, 2026), $352 million of floating-rate notes due 2076 (Nov 2, 2026) and €3.25 billion of euro notes (Nov 3, 2026).
Sources (6)
- Form 10-K, fiscal year 2026 (ended June 30, 2026)
- Form 10-Q, Q1 fiscal 2027 (quarter ended September 30, 2026)
- Earnings release, Q1 fiscal 2027 (Form 8-K Ex. 99.1)
- Form 8-K Item 8.01: $4.0 billion US dollar notes offering closed
- Form 8-K Item 8.01: floating rate notes due 2076 closed
- Form 8-K Item 8.01: euro notes offering closed
20Who owns it
20Who owns it · ownership as of Jun 30, 2026
Who owns Procter & Gamble?
- Officers and directors (as a group), shares
- 0.2%
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.
Learn: Dual-class shares: when votes and ownership don't match · How to read a proxy statement (DEF 14A): Nvidia's 2026 proxy · Form 4 insider filings: who files, the codes and the footnotes
21What it does with profit
21What it does with profit
What does Procter & Gamble do with its profit?
Dividend per share
$4.26FY2026
Dividend paid for each share, by financial year.
$ per share
See the numbers
Buyback · Jun 30, 2022
FY2022: bought back its own shares for $10.0 billion.
$10.0B
Buyback · Jun 30, 2023
FY2023: bought back its own shares for $7.4 billion.
$7.4B
Buyback · Jun 30, 2024
FY2024: bought back its own shares for $5.0 billion.
$5.0B
Buyback · Jun 30, 2025
FY2025: bought back its own shares for $6.5 billion.
$6.5B
Buyback · Jun 30, 2026
FY2026: bought back its own shares for $5.0 billion, under a program of about $5 billion that ended on Jun 30, 2026.
$5.0B
22Governance signals
22Governance signals
What do Procter & Gamble's governance filings show?
- Auditor
- Deloitte & Touche LLP, since 1890
- Auditor changes
- None in the period covered
- Audit qualifications
- None reported
- Related-party dealings
- The 2026 proxy lists two related-person cases, both approved by the Audit Committee: the husband of former Beauty CEO R. Alexandra Keith, a long-tenured employee who retired on Dec 31, 2025, and was paid about $925,000 last year, and the wife of Beauty CEO Freddy Bharucha, an employee paid about $521,000. It says there were no other reportable transactions.
- Credit rating
- Moody's and S&P (as stated in P&G's FY2026 10-K) Aa3 long-term, P-1 short-term (Moody's) / AA- long-term, A-1+ short-term (S&P) (Stable), Jun 30, 2026
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 P&G does not report
The FY2026 10-K names no customer other than Walmart and no competitor, splits net sales only between the US and the rest of the world, and does not put a figure on restructuring savings.
regulatory
UK emissions permit penalty
The UK Environment Agency notified P&G UK in July 2025 of its intent to impose a civil penalty of less than $2 million for what the 10-K calls a prior inadvertent failure to secure a required permit for its London manufacturing site under the EU and UK Emissions Trading Systems. P&G UK notified the agency itself; the matter is not yet resolved.
other
Policy bars hedging or using P&G stock as loan collateral
P&G's insider trading policy bars directors and senior executives from hedging, short sales, collars or using P&G stock as collateral.
other
CEO pay ratio
For FY2026, CEO pay of $19.0 million (two CEOs, prorated) was 278 times the median employee's $68,595.
other · Oct 13, 2026
Annual meeting, Oct 13, 2026
All 12 director nominees were elected, and three shareholder proposals were voted down, according to preliminary results.
23What the market paid
23What the market paid · price as of Nov 5, 2026
What did the market pay for Procter & Gamble on Nov 5, 2026?
Price as of Nov 5, 2026 (shown for education; prices change daily).
Price as of Nov 5, 2026: P&G's common stock closed at $167.10, from Nasdaq's historical price table. Times 2,317.78 million common shares (Sep 30, 2026), that is a market value of about $387.3 billion (Cityfort calculation from the Nov 5, 2026 closing price and the Q1 FY2027 10-Q); it leaves out the employee-plan preferred shares. P/E is price ÷ earnings per share: 25.2 on FY2026 diluted EPS of $6.62. Dividend yield as of the same date: 2.61%, on $4.354 of annualized dividends (four payments of $1.0885).
- Share price
- $167.10
- Market value (market cap)
- $387.3B
- P/E
- 25.2×
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)
4.4×
$387.3B market value ÷ $87.9B revenue (four quarters to Sep 30, 2026) = 4.4×
Cityfort calculation from the Nov 5, 2026 closing price and the Q2 FY2026 to Q1 FY2027 earnings releases. Source: PG historical prices (closing price Nov 5, 2026); Form 10-Q, Q1 fiscal 2027 (quarter ended September 30, 2026); Form 10-K, fiscal year 2026 (ended June 30, 2026) and 6 more
How price ratios workFree cash flow yield
3.9%
$15.1B free cash flow (FY2026) ÷ $387.3B market value = 3.9%
Cityfort calculation from the FY2026 10-K and the Nov 5, 2026 closing price. Source: PG historical prices (closing price Nov 5, 2026); Form 10-Q, Q1 fiscal 2027 (quarter ended September 30, 2026); Form 10-K, fiscal year 2026 (ended June 30, 2026) and 1 more
What free cash flow means
Source: PG historical prices (closing price Nov 5, 2026); Form 10-Q, Q1 fiscal 2027 (quarter ended September 30, 2026); Form 10-K, fiscal year 2026 (ended June 30, 2026) and 1 more
Sources (9)
- PG historical prices (closing price Nov 5, 2026)
- Form 10-Q, Q1 fiscal 2027 (quarter ended September 30, 2026)
- Form 10-K, fiscal year 2026 (ended June 30, 2026)
- Form 8-K Ex. 99: dividend increase, April 2026
- Earnings release, Q2 fiscal 2026 (Form 8-K Ex. 99.1)
- Earnings release, Q1 fiscal 2026 (Form 8-K Ex. 99.1)
- Earnings release, Q3 fiscal 2026 (Form 8-K Ex. 99.1)
- Earnings release, Q4 and fiscal year 2026 (Form 8-K Ex. 99.1)
- Earnings release, Q1 fiscal 2027 (Form 8-K Ex. 99.1)
24How it got here
24How it got here
How did Procter & Gamble get here?
1837
Milestone
Founded in Cincinnati
William Procter and James Gamble started the business in Cincinnati, Ohio.
1890
Milestone
Incorporated; dividends every year since
P&G was incorporated in New Jersey in 1890 and reincorporated in Ohio in 1905. It says it has paid a dividend every year since 1890.
2005
Business-model change
Bought Gillette
P&G acquired The Gillette Company.
2024
Crisis
Gillette write-down
In FY2024 P&G took a $1.3 billion before-tax impairment on the Gillette brand intangible.
2024
Crisis
Argentina charge
In Q1 FY2025 P&G took a $752 million charge for currency translation losses after largely winding down its Argentina operations.
2025
Business-model change
Portfolio and productivity plan
In June 2025 P&G announced a plan to streamline its portfolio and cut up to 7,000 non-manufacturing roles by the end of FY2027.
2026
Milestone
New CEO and Chairman
Shailesh Jejurikar became CEO on Jan 1, 2026, and Chairman on Aug 1, 2026. Jon Moeller, CEO before him, retired.
2026
Milestone
Glad joint venture ended
The Glad joint venture with Clorox expired in January 2026. Clorox paid P&G $476 million, and P&G booked a $261 million after-tax gain.
2026
Business-model change
Bought Thorne
P&G completed its $3.9 billion all-cash purchase of Thorne, a vitamins and supplements brand, on Oct 1, 2026.
Sources (5)
- Form 10-K, fiscal year 2026 (ended June 30, 2026)
- Earnings release, Q1 fiscal 2025 (Form 8-K Ex. 99.1)
- Form 8-K Ex. 99.1: CEO transition (Jejurikar CEO, Moeller Executive Chairman)
- Form 8-K Ex. 99.1: Jejurikar appointed Chairman; Moeller to retire
- Form 10-Q, Q1 fiscal 2027 (quarter ended September 30, 2026)
25Sources and changes
Where every number on this page comes from
Sources (26 documents)
- S1Form 10-K, fiscal year 2026 (ended June 30, 2026) · The Procter & Gamble Company (SEC EDGAR) · Tier 1: company or exchange filing · Aug 4, 2026
- S2Form 10-K, fiscal year 2025 (ended June 30, 2025) · The Procter & Gamble Company (SEC EDGAR) · Tier 1: company or exchange filing · Aug 4, 2025
- S3Form 10-K, fiscal year 2024 (ended June 30, 2024) · The Procter & Gamble Company (SEC EDGAR) · Tier 1: company or exchange filing · Aug 5, 2024
- S4Form 10-K, fiscal year 2023 (ended June 30, 2023) · The Procter & Gamble Company (SEC EDGAR) · Tier 1: company or exchange filing · Aug 4, 2023
- S5Form 10-Q, Q1 fiscal 2027 (quarter ended September 30, 2026) · The Procter & Gamble Company (SEC EDGAR) · Tier 1: company or exchange filing · Oct 22, 2026
- S9Earnings release, Q1 fiscal 2027 (Form 8-K Ex. 99.1) · The Procter & Gamble Company (SEC EDGAR) · Tier 1: company or exchange filing · Oct 22, 2026
- S10Earnings release, Q4 and fiscal year 2026 (Form 8-K Ex. 99.1) · The Procter & Gamble Company (SEC EDGAR) · Tier 1: company or exchange filing · Jul 29, 2026
- S11Earnings release, Q3 fiscal 2026 (Form 8-K Ex. 99.1) · The Procter & Gamble Company (SEC EDGAR) · Tier 1: company or exchange filing · Apr 24, 2026
- S12Earnings release, Q2 fiscal 2026 (Form 8-K Ex. 99.1) · The Procter & Gamble Company (SEC EDGAR) · Tier 1: company or exchange filing · Jan 22, 2026
- S13Earnings release, Q1 fiscal 2026 (Form 8-K Ex. 99.1) · The Procter & Gamble Company (SEC EDGAR) · Tier 1: company or exchange filing · Oct 24, 2025
- S14Earnings release, Q4 and fiscal year 2025 (Form 8-K Ex. 99.1) · The Procter & Gamble Company (SEC EDGAR) · Tier 1: company or exchange filing · Jul 29, 2025
- S15Earnings release, Q3 fiscal 2025 (Form 8-K Ex. 99.1) · The Procter & Gamble Company (SEC EDGAR) · Tier 1: company or exchange filing · Apr 24, 2025
- S16Earnings release, Q2 fiscal 2025 (Form 8-K Ex. 99.1) · The Procter & Gamble Company (SEC EDGAR) · Tier 1: company or exchange filing · Jan 22, 2025
- S17Earnings release, Q1 fiscal 2025 (Form 8-K Ex. 99.1) · The Procter & Gamble Company (SEC EDGAR) · Tier 1: company or exchange filing · Oct 18, 2024
- S18Q1 fiscal 2027 earnings slides (Form 8-K Ex. 99.1) · The Procter & Gamble Company (SEC EDGAR) · Tier 1: company or exchange filing · Oct 22, 2026
- S202026 proxy statement (DEF 14A) · The Procter & Gamble Company (SEC EDGAR) · Tier 1: company or exchange filing · Aug 28, 2026
- S21Schedule 13G, Vanguard Capital Management · The Procter & Gamble Company (SEC EDGAR) · Tier 1: company or exchange filing · Apr 30, 2026
- S22Schedule 13G/A (Amendment No. 12), The Vanguard Group · The Procter & Gamble Company (SEC EDGAR) · Tier 1: company or exchange filing · Mar 27, 2026
- S24Form 8-K Ex. 99.1: CEO transition (Jejurikar CEO, Moeller Executive Chairman) · The Procter & Gamble Company (SEC EDGAR) · Tier 1: company or exchange filing · Jul 28, 2025
- S25Form 8-K Ex. 99.1: Jejurikar appointed Chairman; Moeller to retire · The Procter & Gamble Company (SEC EDGAR) · Tier 1: company or exchange filing · Jul 29, 2026
- S27Form 8-K Ex. 99: dividend increase, April 2026 · The Procter & Gamble Company (SEC EDGAR) · Tier 1: company or exchange filing · Apr 14, 2026
- S28Form 8-K Ex. 99: quarterly dividend and 2026 annual meeting · The Procter & Gamble Company (SEC EDGAR) · Tier 1: company or exchange filing · Oct 13, 2026
- S29Form 8-K Item 8.01: $4.0 billion US dollar notes offering closed · The Procter & Gamble Company (SEC EDGAR) · Tier 1: company or exchange filing · Oct 30, 2026
- S30Form 8-K Item 8.01: floating rate notes due 2076 closed · The Procter & Gamble Company (SEC EDGAR) · Tier 1: company or exchange filing · Nov 2, 2026
- S31Form 8-K Item 8.01: euro notes offering closed · The Procter & Gamble Company (SEC EDGAR) · Tier 1: company or exchange filing · Nov 3, 2026
- S32PG historical prices (closing price Nov 5, 2026) · Nasdaq · Tier 1: company or exchange filing · Nov 5, 2026
Changes to this page (v1 · Nov 6, 2026)
- v1 · Nov 6, 2026First version, through Q1 FY2027 (quarter ended Sep 30, 2026). (first version)
Numbers come only from tier 1 and tier 2 sources. Read how we research.
Disclaimer
For learning only. Cityfort is not a registered investment adviser or broker-dealer and does not recommend buying or selling any security. Prices shown are dated and may be out of date.
Investing in securities involves risk, including loss of capital. Before making any investment decision, do your own research and consider consulting a registered investment adviser or other qualified professional.
Cityfort, its owners and contributors may or may not hold securities of companies covered. Cityfort is not paid by any company it covers. Content is not an offer or solicitation to buy or sell any security, including in any initial public offering.
Read the positions policyRead the full disclaimerHide the full disclaimer
Cityfort publishes general educational content that explains how listed companies work. Cityfort is not registered with the US Securities and Exchange Commission or any state securities regulator as an investment adviser, and is not a broker-dealer or a member of FINRA. Cityfort does not provide investment, tax or legal advice, recommendations, ratings, price targets or any opinion on whether to buy, sell or hold any security. Nothing on the site is tailored to any person's circumstances.
All information is taken from publicly available sources, mainly company filings with the SEC, which are listed on each page with dates. We work to keep it accurate and correct errors publicly, but we do not guarantee that it is complete, accurate or up to date. Any market price or price-based ratio shown is dated, may be out of date by the time you read it, and is included only to explain concepts.
Statements by company management, including forward-looking statements and guidance, are reported as the company's statements, with their date and source; they are not our forecasts. Adjusted (non-GAAP) figures are the company's own measures and are shown next to the official (GAAP) figures.