Procter & Gamble

PG · NYSE · Consumer Staples · Financials, fiscal 2017 to 2026

PG · Last close · October 26, 2026

$159.92

Procter & Gamble's revenue rose 3.3% to $87.0 billion in fiscal 2026. Its operating margin was 22.7%, down from 24.3% a year earlier. Free cash flow was $15.1 billion, up 7.8%. It paid out $15.3 billion in dividends and buybacks, 101% of free cash flow. The diluted share count fell 1.3%.

PROCTER & GAMBLE CO Latest fiscal year ended June 30, 2026 10-K filed August 4, 2026 · 0000080424-26-000103 Updated October 22, 2026

Revenue

$87.0B

3.3%

Operating margin

22.7%

1.6 pts

Net income

$16.0B

0.5%

Free cash flow

$15.1B

7.8%

Return on capital

20.1%

1.5 pts

Market cap

$385.0B

Oct 26 close

P/E

24.1x

On $6.64 EPS, 4 qtrs

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

What Procter & Gamble does

Procter & Gamble makes everyday household and personal care products sold in about 180 countries and territories. Its brands include Tide, Downy, Dawn, Swiffer, Pampers, Always, Charmin, Bounty, Gillette, Crest, Oral-B, Vicks, Pantene, Head & Shoulders, Olay and Old Spice. Its net sales were $87.0 billion in the year to June 2026.

P&G reports five segments. Fabric & Home Care, which includes laundry detergent, dish soap and cleaning products, brought in 35% of net sales. Baby, Feminine & Family Care, with diapers, pads, paper towels and toilet paper, brought in 24%. Beauty, with shampoo, deodorant and skin care, brought in 19%; Health Care, with toothpaste, toothbrushes and cold and stomach remedies, 14%; and Grooming, mainly razors, 8%. It sells to big-box chains, online retailers, grocery, club and drug stores, and distributors, and sales to Walmart and its affiliates made up about 16% of total sales. P&G says it competes with companies large and small, including global brands and stores' own private-label products.

P&G had about 104,000 employees at the end of June 2026, down from the year before because of a restructuring program, and operations in about 65 countries. It buys almost all its raw and packaging materials from outside suppliers, some of them the only source for an item.

Its biggest risks, as it describes them

The risks of selling in many countries, including currency swings and limits on pricing or exchanging money.
Disruptions in its global supply chain, and swings in the cost of materials, energy and transport, including tariffs.
Strong competition from global and local brands and from stores' own brands.
Its reliance on large customers such as Walmart, and changes in how and where people shop.
Failing to keep innovating in products and marketing as shoppers' habits and digital selling change.

From Procter & Gamble's annual report on Form 10-K, filed August 4, 2026, in our words; the 10-K has the full description and every risk factor. Updated with each new 10-K.

Charts show fiscal years, from the 10-K filings.

Revenue and margins

Revenue

US$ billions, fiscal years

Margins

Percent of revenue

GrossOperatingNetFree cash flow

Net income and earnings per share

From fiscal 2017 to 2026, earnings per share grew 1.9% a year and net income 0.5% a year, as buybacks cut the share count by 12%.

Net income

US$ billions, fiscal years; loss years in red.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Cash flow

Free cash flow

US$ billions. Cash from operations minus capital expenditure; negative years in red.

Payouts and share count

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, billions

Valuation

Two ways to value Procter & Gamble yourself, both starting from its filings: a discounted cash flow model and the price-to-earnings method.

What Procter & Gamble says to expect

Fiscal 2027: sales growthP&G updated its guidance range for fiscal 2027 all-in sales growth to be in the range of two to four percent versus the prior year, reflecting the acquisition of Thorne as of October 1, 2026. The Company maintained its outlook for organic sales growth in the range of one to three percent versus the prior year.
Fiscal 2027: earnings per share growthP&G maintained its fiscal 2027 diluted net earnings per share growth to be in the range of one to five percent versus fiscal 2026 diluted net EPS of $6.62. P&G also maintained its fiscal 2027 core earnings per share growth to be in the range of in-line to three percent versus fiscal 2026 core EPS of $6.89.
Fiscal 2027: core effective tax rateP&G now expects a core effective tax rate to be in the range of 20% to 21% in fiscal 2027.
Fiscal 2027: cash flow, dividends and share repurchasesP&G continues to expect free cash flow productivity of 85% to 90% and expects to pay over $10 billion in dividends and to repurchase approximately $5 billion of common shares in fiscal 2027.

The company's own words, from its earnings release (Form 8-K, Exhibit 99), filed October 22, 2026. They are its expectations, not ours, and not a forecast or price target from The Filing Desk. Replaced when the next release is out.

Discounted cash flow (DCF)

A discounted cash flow (DCF) model values a business as the cash it may generate in future, discounted back to today. The starting figures come from Procter & Gamble's 10-K (or, for net cash and shares, its latest 10-Q) and the assumptions are yours: start from one of three example scenarios, then change any figure to see what it implies for a share, and how that compares with the last share price.

Value per share on three example scenarios, from Procter & Gamble's fiscal 2026 free cash flow of $15.1B, net cash of −$24.2B at June 30, 2026 and 2,422 million diluted shares, from its filings. The scenarios are fitted to Procter & Gamble: the base scenario's growth in years 1 to 5 is its revenue growth over the last 3 years, 2.0% a year; the cautious and optimistic ones are lower and higher, and growth in years 6 to 10 is halfway to the long-run rate. The base scenario's discount rate is 7% for a stable business (Personal Care Products); the cautious and optimistic ones use a point more and a point less. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

From the filings

Starting free cash flow, US$ millions

Cash from operations minus capital spending in fiscal 2026.

Net cash, US$ millions

Cash and short-term investments minus debt and finance leases at June 30, 2026. Negative means net debt.

Diluted shares, millions

Weighted-average diluted shares in fiscal 2026.

Your assumptions

Start from

Fitted to Procter & Gamble's own revenue growth, as above. Cautious: growth of 0% then 1% a year, 2% after year 10, a 8% discount rate. Base: growth of 2% then 2% a year, 2.5% after year 10, a 7% discount rate. Optimistic: growth of 4% then 3.5% a year, 3% after year 10, a 6% discount rate.

Free cash flow growth, years 1 to 5 (% a year)

Free cash flow growth, years 6 to 10 (% a year)

Growth after year 10 (% a year)Long-run growth forever after year 10. Usually close to inflation, and always below the discount rate.

Discount rate (% a year)The yearly return an investor wants for the risk. A higher rate gives a lower value.

Value per share on these assumptions

—

Last close, October 26, 2026: $159.92
Value on these assumptions, against the last close: —

Cash flows in years 1 to 10, valued today: —
Everything after year 10, valued today: —
Plus net cash: —
Share of value from after year 10: —

Projected free cash flow

US$ billions. Each column is one year's projected free cash flow, split into what it is worth today and the part removed by discounting.

Value todayRemoved by discounting

How the value changes with two assumptions

Value per share in US$, with the growth rates above. The highlighted cell matches the current assumptions.

How the model works. Free cash flow grows at the first rate for five years and the second rate for five more, and each year is discounted at the discount rate. Everything after year 10 is valued as year-10 cash flow × (1 + growth after year 10) ÷ (discount rate − growth after year 10), discounted back ten years. Net cash is added and the total is divided by diluted shares. The result depends entirely on the assumptions. It is not a forecast, a price target or a recommendation. The last close is the consolidated US closing price, from Databento.

Price-to-earnings (P/E) method

Another common way to value a company is to multiply its earnings per share by a price-to-earnings (P/E) multiple: the number of years of today's earnings an investor pays for a share. A higher multiple usually means investors expect earnings to grow. Choose a multiple, for example from similar companies, to see the value it gives.

Value per share on three example scenarios, from Procter & Gamble's earnings per share of $6.64 (over the last four quarters). Each grows earnings for a year at the cash flow scenarios' rates and applies a multiple to next year's earnings: 24.3×, the average of the Consumer Staples median and Procter & Gamble's own P/E today for the base scenario, 20% less and more for the cautious and optimistic ones. The price is brought back a year at 8%, 7% and 6%. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

Earnings per share, US$

Diluted earnings per share over the four quarters to September 30, 2026, from the 10-Qs and 10-K.

P/E multiple

P/E today is the last close divided by the latest earnings per share, the four quarters' where available. Peers: Kenvue.

Earnings growth in the years ahead (% a year) Starts at Procter & Gamble's revenue growth over the last 3 years, 2.0% a year, as the base scenario does.

Earnings per share in the years ahead, US$

Year 1Year 2Year 3Year 4Year 5

Type your own estimate for any year; the years after it carry on at the growth rate.

Apply the multiple to earnings

A multiple on a future year's earnings gives the price then, brought back to today at the discount rate below.

Discount rate (% a year) The yearly return an investor wants for the risk, as in the cash flow model.

Value per share today at this multiple

—

Last close, October 26, 2026: $159.92
Value at this multiple, against the last close: —
Procter & Gamble's P/E at the last close: 24.1×

Company	Last close	Earnings per share	P/E today
Procter & GamblePG	$159.92	$6.64	24.1×
KenvueKVUE	$19.50	$0.87	22.4×

How the P/E method works. Value per share is earnings per share times the multiple. On a future year's earnings, that gives the price in that year, which is brought back to today at the discount rate: price ÷ (1 + discount rate) for each year ahead. It is quick and easy to compare across companies, but it ignores debt and cash, and earnings can swing with one-off gains and charges, so a multiple says most about steady, profitable businesses. Like the cash flow model, the result depends entirely on the assumptions you choose. It is not a forecast, a price target or a recommendation.

Balance sheet

Fiscal year end	FY22	FY23	FY24	FY25	FY26
Cash and short-term investments	7.2	8.2	9.5	9.6	9.9
Debt incl. finance leases	31.3	34.6	32.4	34.5	34.1
Net debt (negative means net cash)	24.1	26.3	23.0	24.9	24.2
Net debt to EBITDA	1.2x	1.3x	1.1x	1.1x	1.1x
Debt to equity	0.7x	0.7x	0.6x	0.7x	0.6x
Interest coverage	40.6x	24.0x	20.1x	22.6x	22.5x
Current ratio	0.7x	0.6x	0.7x	0.7x	0.7x
Quick ratio	0.5x	0.4x	0.5x	0.5x	0.5x

US$ billions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Insider trades

Over the 12 months between October 27, 2025 and October 26, 2026, no insider bought Procter & Gamble shares on the open market, and 15 insiders sold $70.1 million.

Date	Insider	Trade	Shares	Price	Value	Filing
Oct 23, 2026	Shailesh JejurikarChairman, President and CEO, Director	Sold	35,000	$163.09	$5.7 million	Form 4
Oct 23, 2026	Paul GamaCEO- Health Care	Sold	4,331	$161.27	$698,460	Form 4
Oct 23, 2026	Balaji PurushothamanChief Human Resources Officer	Sold	4,181	$160.71	$671,929	Form 4
Oct 5, 2026	Andre SchultenChief Financial Officer	Sold	3,914	$145.34	$568,861	Form 4
Oct 5, 2026	Susan Street WhaleyChief Legal Officer & Secy	Sold	2,369	$145.34	$344,310	Form 4
Oct 5, 2026	Paul GamaCEO- Health Care	Sold	2,225	$145.34	$323,382	Form 4
Aug 24, 2026	Matthew W. JanzarukSVP - Chief Accounting Officer	Sold	359	$145.24	$52,141	Form 4
Aug 21, 2026	Sundar G. RamanCEO-Fabric Home & Habitat Care	Sold	3,435	$143.02	$491,274	Form 4
Aug 20, 2026	Shailesh JejurikarChairman, President and CEO, Director	Sold	6,176	$143.79	$888,047	Form 4
Aug 20, 2026	Andre SchultenChief Financial Officer	Sold	5,402	$143.79	$776,754	Form 4
Aug 20, 2026	Marc S. PritchardChief Brand Officer	Sold	4,030	$143.79	$579,474	Form 4
Aug 20, 2026	Paul GamaCEO- Health Care	Sold	3,396	$143.79	$488,311	Form 4

The latest 12 of 31 trades. Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Piotroski F-score

The F-score counts how many of nine simple tests of profitability, funding and efficiency a company passed in a year (Piotroski, 2000). The more tests passed, the stronger the year: 8 or 9 is strong, 0 to 2 weak. Companies that report no gross profit are scored on the other eight.

Test	FY24	FY25	FY26
Net income is positive	Pass	Pass	Pass
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	Fail	Pass	Fail
Cash from operations exceeds net income	Pass	Pass	Pass
Debt fell relative to assets	Pass	Fail	Pass
Current ratio rose	Pass	Fail	Fail
Share count didn't rise	Pass	Pass	Pass
Gross margin rose	Pass	Fail	Fail
Revenue rose relative to assets	Fail	Fail	Pass
F-score	7 of 9	5 of 9	6 of 9
Accruals ratio	−4.1%	−1.5%	−2.8%

The accruals ratio is net income minus cash from operations, over average total assets.

Compare

Put Procter & Gamble side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
Procter & Gamble	FY26	3.3%	22.7%	17.4%	20.1%	1.1x	6
Unilever	FY25	−3.8%	17.9%	13.7%	15.2%	2.1x	7	Compare
Kenvue	FY25	−2.1%	16.0%	11.4%	10.0%	2.5x	6	Compare
Estée Lauder Companies	FY26	5.0%	5.2%	8.7%	4.9%	2.4x	6	Compare
Haleon	FY25	−1.8%	21.9%	21.0%	7.9%	2.6x	7	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score above.

10 years of figures

Fiscal year	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Income statement
Revenue	65.1	66.8	67.7	71.0	76.1	80.2	82.0	84.0	84.3	87.0
Revenue growth	−0.4%	2.7%	1.3%	4.8%	7.3%	5.3%	2.3%	2.5%	0.3%	3.3%
Gross profit	32.4	32.4	32.9	35.7	39.0	38.0	39.2	43.2	43.1	43.7
Research and development	1.9	1.9	1.9	1.8	1.9	2.0	2.0	2.0	2.1	2.1
Operating income	13.8	13.4	5.5	15.7	18.0	17.8	18.1	18.5	20.5	19.7
Net income	15.3	9.8	3.9	13.0	14.3	14.7	14.7	14.9	16.0	16.0
Diluted EPS (US$)	5.59	3.67	1.43	4.96	5.50	5.81	5.90	6.02	6.51	6.62
Diluted shares (millions)	2,740	2,657	2,540	2,626	2,601	2,539	2,484	2,472	2,454	2,422
Cash flow
Cash from operations	12.8	14.9	15.2	17.4	18.4	16.7	16.8	19.8	17.8	19.6
Capital expenditure	3.4	3.7	3.3	3.1	2.8	3.2	3.1	3.3	3.8	4.4
Free cash flow	9.4	11.2	11.9	14.3	15.6	13.6	13.8	16.5	14.0	15.1
Dividends paid	7.2	7.3	7.5	7.8	8.3	8.8	9.0	9.3	9.9	10.2
Share buybacks	5.2	7.0	5.0	7.4	11.0	10.0	7.4	5.0	6.5	5.0
Acquisitions	0.0	0.1	3.9	0.1	0.0	1.4	0.8	0.0	0.0	0.1
Stock-based compensation	0.4	0.4	0.5	0.6	0.5	0.5	0.5	0.6	0.5	0.5
Balance sheet at fiscal year end
Cash and short-term investments	5.6	2.6	4.2	16.2	10.3	7.2	8.2	9.5	9.6	9.9
Debt incl. finance leases	31.4	30.4	30.0	34.6	31.9	31.3	34.6	32.4	34.5	34.1
Total assets	120.4	118.3	115.1	120.7	119.3	117.2	120.8	122.4	125.2	126.5
Total liabilities	64.6	65.4	67.5	73.8	72.7	70.4	73.8	71.8	72.9	72.2
Shareholders' equity	55.8	52.9	47.6	46.9	46.7	46.9	47.1	50.6	52.3	54.3
Margins and ratios
Gross margin	49.8%	48.5%	48.6%	50.3%	51.2%	47.4%	47.9%	51.4%	51.2%	50.2%
Operating margin	21.2%	20.0%	8.1%	22.1%	23.6%	22.2%	22.1%	22.1%	24.3%	22.7%
Net margin	23.6%	14.6%	5.8%	18.4%	18.8%	18.4%	17.9%	17.7%	18.9%	18.4%
Free cash flow margin	14.4%	16.7%	17.6%	20.2%	20.5%	16.9%	16.8%	19.7%	16.7%	17.4%
Return on capital	13.1%	12.2%	4.7%	18.7%	21.9%	21.0%	20.2%	20.1%	21.6%	20.1%
Return on equity	26.9%	17.9%	7.8%	27.6%	30.6%	31.5%	31.2%	30.5%	31.1%	30.1%
Return on assets	12.4%	8.2%	3.3%	11.1%	11.9%	12.5%	12.3%	12.2%	12.9%	12.8%
Net debt to EBITDA	1.6x	1.7x	3.1x	1.0x	1.0x	1.2x	1.3x	1.1x	1.1x	1.1x

US$ billions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Procter & Gamble's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Procter & Gamble.