<\/p>\n
P&G Announces Fiscal Year 2026 Second Quarter Results<\/b><\/p>\n
Net Sales +1%; Organic Sales 0%<\/i><\/p>\n
Diluted EPS $1.78, -5%; Core EPS $1.88, 0%<\/i><\/p>\n
UPDATES GAAP EPS FOR RESTRUCTURING OUTLOOK<\/i><\/p>\n
MAINTAINS FISCAL YEAR SALES, CORE EPS GROWTH AND CASH RETURN GUIDANCE<\/i><\/p>\n
| \n Second Quarter ($ billions, except EPS)<\/b><\/p>\n<\/td>\n<\/tr>\n GAAP<\/b><\/p>\n<\/td>\n 2026<\/b><\/p>\n<\/td>\n 2025<\/b><\/p>\n<\/td>\n % Change<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n Non-GAAP*<\/b><\/p>\n<\/td>\n 2026<\/b><\/p>\n<\/td>\n 2025<\/b><\/p>\n<\/td>\n % Change<\/b><\/p>\n<\/td>\n<\/tr>\n \nNet Sales<\/p>\n<\/td>\n \n22.2<\/p>\n<\/td>\n \n21.9<\/p>\n<\/td>\n \n1%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \nOrganic Sales<\/p>\n<\/td>\n \nn\/a<\/p>\n<\/td>\n \nn\/a<\/p>\n<\/td>\n \n\u2014%<\/p>\n<\/td>\n<\/tr>\n \nDiluted EPS<\/p>\n<\/td>\n \n1.78<\/p>\n<\/td>\n \n1.88<\/p>\n<\/td>\n \n(5)%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \nCore EPS<\/p>\n<\/td>\n \n1.88<\/p>\n<\/td>\n \n1.88<\/p>\n<\/td>\n \n\u2014%<\/p>\n<\/td>\n<\/tr>\n \n*Please refer to Exhibit 1 – Non-GAAP Measures for the definition and reconciliation of these measures to the related GAAP measures.<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \n\u201cOur results in the second quarter keep us on track to deliver within our fiscal year guidance ranges for organic sales growth, core EPS growth and adjusted free cash flow productivity in a challenging consumer and geopolitical environment,\u201d said Shailesh Jejurikar, President and Chief Executive Officer. \u201cWe have confidence in our plans to deliver stronger results in the second-half of the fiscal year. We remain committed to our integrated growth strategy and are excited by the opportunity ahead to reinvent P&G and create the CPG company of the future, delivering long-term balanced top- and bottom-line growth and value creation.\u201d<\/p>\n October – December Quarter Discussion<\/b><\/p>\n \nNet sales in the second quarter of fiscal year 2026 were $22.2 billion, a one percent increase versus the prior year. Organic sales, which exclude the impacts of foreign exchange and acquisitions and divestitures, were unchanged as a one percent increase from higher pricing was offset by a unit volume decline of one percent. Mix had a neutral impact on sales for the quarter.<\/p>\n October – December 2025<\/span><\/b><\/p>\n<\/td>\n Volume<\/span><\/b><\/p>\n<\/td>\n Foreign Price<\/span><\/b><\/p>\n<\/td>\n Mix<\/span><\/b><\/p>\n<\/td>\n Other<\/span>(2)<\/sup><\/b><\/p>\n<\/td>\n Net Sales<\/span><\/b><\/p>\n<\/td>\n Organic Organic Net Sales Drivers<\/span>(1)<\/sup><\/b><\/p>\n<\/td>\n<\/tr>\n \nBeauty<\/p>\n<\/td>\n \n3%<\/p>\n<\/td>\n \n1%<\/p>\n<\/td>\n \n2%<\/p>\n<\/td>\n \n(1)%<\/p>\n<\/td>\n \n\u2014%<\/p>\n<\/td>\n \n5%<\/p>\n<\/td>\n \n3%<\/p>\n<\/td>\n \n4%<\/p>\n<\/td>\n<\/tr>\n \nGrooming<\/p>\n<\/td>\n \n(2)%<\/p>\n<\/td>\n \n2%<\/p>\n<\/td>\n \n2%<\/p>\n<\/td>\n \n\u2014%<\/p>\n<\/td>\n \n\u2014%<\/p>\n<\/td>\n \n2%<\/p>\n<\/td>\n \n(2)%<\/p>\n<\/td>\n \n\u2014%<\/p>\n<\/td>\n<\/tr>\n \nHealth Care<\/p>\n<\/td>\n \n(1)%<\/p>\n<\/td>\n \n2%<\/p>\n<\/td>\n \n1%<\/p>\n<\/td>\n \n2%<\/p>\n<\/td>\n \n1%<\/p>\n<\/td>\n \n5%<\/p>\n<\/td>\n \n(1)%<\/p>\n<\/td>\n \n3%<\/p>\n<\/td>\n<\/tr>\n \nFabric & Home Care<\/p>\n<\/td>\n \n\u2014%<\/p>\n<\/td>\n \n1%<\/p>\n<\/td>\n \n1%<\/p>\n<\/td>\n \n(1)%<\/p>\n<\/td>\n \n\u2014%<\/p>\n<\/td>\n \n1%<\/p>\n<\/td>\n \n\u2014%<\/p>\n<\/td>\n \n\u2014%<\/p>\n<\/td>\n<\/tr>\n \nBaby, Feminine & Family Care<\/p>\n<\/td>\n \n(5)%<\/p>\n<\/td>\n \n1%<\/p>\n<\/td>\n \n\u2014%<\/p>\n<\/td>\n \n\u2014%<\/p>\n<\/td>\n \n1%<\/p>\n<\/td>\n \n(3)%<\/p>\n<\/td>\n \n(5)%<\/p>\n<\/td>\n \n(4)%<\/p>\n<\/td>\n<\/tr>\n Total P&G<\/b><\/p>\n<\/td>\n (1)%<\/b><\/p>\n<\/td>\n 1%<\/b><\/p>\n<\/td>\n 1%<\/b><\/p>\n<\/td>\n \u2014%<\/b><\/p>\n<\/td>\n \u2014%<\/b><\/p>\n<\/td>\n 1%<\/b><\/p>\n<\/td>\n (1)%<\/b><\/p>\n<\/td>\n \u2014%<\/b><\/p>\n<\/td>\n<\/tr>\n (1)<\/sup> Net sales percentage changes are approximations based on quantitative formulas that are consistently applied.<\/p>\n (2)<\/sup> Other includes the sales mix impact from acquisitions and divestitures and rounding impacts necessary to reconcile volume to net sales.<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \nDiluted net earnings per share decreased by five percent versus the prior year to $1.78, driven primarily by higher restructuring charges. Core earnings per share was unchanged at $1.88 and currency-neutral core EPS decreased two percent to $1.85.<\/p>\n \nReported gross margin for the quarter decreased 120 basis points versus the prior year. Core gross margin for the quarter decreased 50 basis points versus the prior year and on a currency-neutral basis decreased 30 basis points. Benefits from gross productivity savings of 160 basis points and increased pricing of 50 basis points were more than offset by 120 basis points of unfavorable mix, 60 basis points of product reinvestments and 60 basis points of higher costs from tariffs.<\/p>\n \nReported selling, general and administrative expense (SG&A) as a percentage of sales increased 90 basis points versus year ago. Core SG&A as a percentage of sales increased 20 basis points versus year ago and increased 40 basis points on a currency-neutral basis. The increase was driven by 160 basis points of reinvestments, partially offset by 110 basis points of productivity savings and 10 basis points of rounding and other items.<\/p>\n \nReported operating margin for the quarter decreased 200 basis points versus the prior year. Core operating margin for the quarter decreased 70 basis points versus the prior year and decreased 80 basis points on a currency-neutral basis. Core operating margin included gross productivity savings of 270 basis points.<\/p>\n Fiscal Year 2026 Guidance<\/b><\/p>\n \nP&G maintained its guidance range for fiscal 2026 all-in sales growth to be in the range of one to five percent versus the prior year. The net impacts of foreign exchange rates and acquisitions and divestitures are expected to be a tailwind of approximately one percentage point to all-in sales growth. The Company also maintained its outlook for organic sales growth in the range of in-line to up four percent versus the prior year.<\/p>\n \nP&G adjusted its outlook for fiscal 2026 diluted net earnings per share growth to be in the range of one percent to six percent from prior guidance of three percent to nine percent versus fiscal 2025 diluted net EPS of $6.51, reflecting higher non-core restructuring charges in the year. P&G maintained its fiscal 2026 core earnings per share growth to be in the range of in-line to up four percent versus fiscal 2025 core EPS of $6.83. This outlook equates to a range of $6.83 to $7.09 per share, with a mid-point estimate of $6.96, or an increase of two percent.<\/p>\n \nP&G now expects commodity costs to be neutral for the year. Foreign exchange is now forecasted to be a tailwind of approximately $200 million after tax, and higher costs from tariffs are estimated at approximately $400 million after tax for fiscal 2026. The Company continues to expect a net headwind of roughly $250 million after-tax from modestly higher net interest expense and a higher core effective tax rate versus the prior year. Collectively these impacts equate to a headwind of $0.19 per share for fiscal 2026.<\/p>\n \nThe Company is unable to reconcile its forward-looking non-GAAP cash flow and tax rate measures without unreasonable efforts given the unpredictability of the timing and amounts of discrete items, such as acquisitions, divestitures, or impairments, which could significantly impact GAAP results.<\/p>\n \nP&G continues to expect a core effective tax rate to be in the range of 20% to 21% in fiscal 2026.<\/p>\n \nCapital spending is estimated to be in the range of four to five percent of fiscal 2026 net sales.<\/p>\n \nP&G continues to expect adjusted free cash flow productivity of 85% to 90% and expects to pay around $10 billion in dividends and to repurchase approximately $5 billion of common shares in fiscal 2026.<\/p>\n Forward-Looking Statements<\/b><\/p>\n \nCertain statements in this release, other than purely historical information, including estimates, projections, statements relating to our business plans, objectives and expected operating results, and the assumptions upon which those statements are based, are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements generally are identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “opportunity,” “plan,” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result” and similar expressions. Forward-looking statements are based on current expectations and assumptions, which are subject to risks and uncertainties that may cause results to differ materially from those expressed or implied in the forward-looking statements. We undertake no obligation to update or revise publicly any forward-looking statements, whether because of new information, future events or otherwise, except to the extent required by law.<\/p>\n \nRisks and uncertainties to which our forward-looking statements are subject include, without limitation: (1) the ability to successfully manage global financial risks, including foreign currency fluctuations, changes in global interest rates and rate differentials, currency exchange, pricing controls or tariffs; (2) the ability to successfully manage local, regional or global economic volatility, including reduced market growth rates, and to generate sufficient income and cash flow to allow the Company to effect the expected share repurchases and dividend payments; (3) the ability to successfully manage uncertainties related to changing political and geopolitical conditions and potential implications such as exchange rate fluctuations, market contraction, boycotts, variability and unpredictability in trade relations, sanctions, tariffs or other trade controls; (4) the ability to manage disruptions in credit markets or to our banking partners or changes to our credit rating; (5) the ability to maintain key manufacturing and supply arrangements (including execution of supply chain optimizations and sole supplier and sole manufacturing plant arrangements) and to manage disruption of business due to various factors, including ones outside of our control, such as natural disasters, acts of war or terrorism or disease outbreaks; (6) the ability to successfully manage cost fluctuations and pressures, including prices of commodities and raw materials and costs of labor, transportation, energy, pension and healthcare; (7) the ability to compete with our local and global competitors in new and existing sales channels, including by successfully responding to competitive factors such as prices, promotional incentives and trade terms for products; (8) the ability to manage and maintain key customer relationships; (9) the ability to protect our reputation and brand equity by successfully managing real or perceived issues, including concerns about safety, quality, ingredients, efficacy, packaging content, supply chain practices, social or environmental practices or similar matters that may arise; (10) the ability to successfully manage the financial, legal, reputational and operational risk associated with third-party relationships, such as our suppliers, contract manufacturers, distributors, contractors and external business partners; (11) the ability to rely on and maintain key company and third-party information and operational technology systems, networks and services and maintain the security and functionality of such systems, networks and services and the data contained therein; (12) the ability to successfully manage the demand, supply and operational challenges, as well as governmental responses or mandates, associated with a disease outbreak, including epidemics, pandemics or similar widespread public health concerns; (13) the ability to stay on the leading edge of innovation, obtain necessary intellectual property protections and successfully respond to changing consumer habits, evolving digital marketing and selling platform requirements and technological advances attained by, and patents granted to, competitors; (14) the ability to successfully manage our ongoing acquisition, divestiture and joint venture activities, in each case to achieve the Company\u2019s overall business strategy and financial objectives, without impacting the delivery of base business objectives; (15) the ability to successfully achieve productivity improvements and cost savings and manage ongoing organizational changes while successfully identifying, developing and retaining key employees, including in key growth markets where the availability of skilled or experienced employees may be limited; (16) the ability to successfully manage current and expanding regulatory and legal requirements and matters (including, without limitation, those laws, regulations, policies and related interpretations involving product liability, product and packaging composition, manufacturing processes, intellectual property, labor and employment, antitrust, privacy, cybersecurity, data protection and data transfers, artificial intelligence, tax, the environment, due diligence, risk oversight, accounting and financial reporting) and to resolve new and pending matters within current estimates; (17) the ability to manage changes in applicable tax laws and regulations; and (18) the ability to continue delivering progress towards our environmental sustainability ambitions.<\/p>\n \nFor additional information concerning factors that could cause actual results and events to differ materially from those projected herein, please refer to our most recent 10-K, 10-Q and 8-K reports.<\/p>\n About Procter & Gamble<\/b><\/p>\n \nP&G serves consumers around the world with one of the strongest portfolios of trusted, quality, leadership brands, including Always\u00ae, Ambi Pur\u00ae, Ariel\u00ae, Bounty\u00ae, Charmin\u00ae, Crest\u00ae, Dawn\u00ae, Downy\u00ae, Fairy\u00ae, Febreze\u00ae, Gain\u00ae, Gillette\u00ae, Head & Shoulders\u00ae, Lenor\u00ae, Olay\u00ae, Oral-B\u00ae, Pampers\u00ae, Pantene\u00ae, SK-II\u00ae, Tide\u00ae, Vicks\u00ae, and Whisper\u00ae. The P&G community includes operations in approximately 70 countries worldwide. Please visit https:\/\/www.pg.com<\/a> for the latest news and information about P&G and its brands. For other P&G news, visit us at https:\/\/www.pg.com\/news<\/a>.<\/p>\n THE PROCTER & GAMBLE COMPANY AND SUBSIDIARIES<\/b><\/p>\n<\/td>\n<\/tr>\n Consolidated Earnings Information<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n Three Months Ended December 31<\/b><\/p>\n<\/td>\n<\/tr>\n Amounts in millions except per share amounts<\/span><\/b><\/p>\n<\/td>\n 2025<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 2024<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n % Chg<\/b><\/p>\n<\/td>\n<\/tr>\n NET SALES<\/b><\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n22,208<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n21,882<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1%<\/p>\n<\/td>\n<\/tr>\n \nCost of products sold<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n10,834<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n10,418<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n4%<\/p>\n<\/td>\n<\/tr>\n GROSS PROFIT<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n11,374<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n11,464<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(1)%<\/p>\n<\/td>\n<\/tr>\n \nSelling, general and administrative expense<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n6,008<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n5,723<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n5%<\/p>\n<\/td>\n<\/tr>\n OPERATING INCOME<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n5,366<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n5,741<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(7)%<\/p>\n<\/td>\n<\/tr>\n \nInterest expense<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(220<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(240<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(8)%<\/p>\n<\/td>\n<\/tr>\n \nInterest income<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n115<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n119<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(3)%<\/p>\n<\/td>\n<\/tr>\n \nOther operating income, net<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n160<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n224<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(29)%<\/p>\n<\/td>\n<\/tr>\n EARNINGS BEFORE INCOME TAXES<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n5,421<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n5,845<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(7)%<\/p>\n<\/td>\n<\/tr>\n \nIncome taxes<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1,090<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1,187<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(8)%<\/p>\n<\/td>\n<\/tr>\n NET EARNINGS<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n4,331<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n4,659<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(7)%<\/p>\n<\/td>\n<\/tr>\n \nLess: Net earnings attributable to noncontrolling interests<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n12<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n29<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(59)%<\/p>\n<\/td>\n<\/tr>\n NET EARNINGS ATTRIBUTABLE TO PROCTER & GAMBLE<\/b><\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n4,319<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n4,630<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(7)%<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n EFFECTIVE TAX RATE<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n20.1<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n20.3<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n NET EARNINGS PER COMMON SHARE (1)<\/sup><\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nBasic<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n1.82<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n1.94<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(6)%<\/p>\n<\/td>\n<\/tr>\n \nDiluted<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n1.78<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n1.88<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(5)%<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n DIVIDENDS PER COMMON SHARE<\/b><\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n1.0568<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n1.0065<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n DILUTED WEIGHTED AVERAGE COMMON SHARES OUTSTANDING<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n2,424.0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n2,458.1<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n COMPARISONS AS A % OF NET SALES<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n Basis Pt Chg<\/b><\/p>\n<\/td>\n<\/tr>\n \nGross profit<\/p>\n<\/td>\n \n51.2%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n52.4%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(120)<\/p>\n<\/td>\n<\/tr>\n \nSelling, general and administrative expense<\/p>\n<\/td>\n \n27.1%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n26.2%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n90<\/p>\n<\/td>\n<\/tr>\n \nOperating income<\/p>\n<\/td>\n \n24.2%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n26.2%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(200)<\/p>\n<\/td>\n<\/tr>\n \nEarnings before income taxes<\/p>\n<\/td>\n \n24.4%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n26.7%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(230)<\/p>\n<\/td>\n<\/tr>\n \nNet earnings<\/p>\n<\/td>\n \n19.5%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n21.3%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(180)<\/p>\n<\/td>\n<\/tr>\n \nNet earnings attributable to Procter & Gamble<\/p>\n<\/td>\n \n19.4%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n21.2%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(180)<\/p>\n<\/td>\n<\/tr>\n (1)<\/sup> Basic net earnings per common share and Diluted net earnings per common share are calculated on Net earnings attributable to Procter & Gamble.<\/p>\n<\/td>\n<\/tr>\n \nCertain columns and rows may not add due to rounding.<\/p>\n<\/td>\n<\/tr>\n<\/table>\n THE PROCTER & GAMBLE COMPANY AND SUBSIDIARIES<\/b><\/p>\n<\/td>\n<\/tr>\n Consolidated Earnings Information<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n Three Months Ended December 31, 2025<\/b><\/p>\n<\/td>\n<\/tr>\n Amounts in millions<\/span><\/b><\/p>\n<\/td>\n Net Sales<\/b><\/p>\n<\/td>\n % Change Earnings\/(Loss) Before % Change Net Earnings\/(Loss)<\/b><\/p>\n<\/td>\n % Change \nBeauty<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n4,039<\/p>\n<\/td>\n \n5%<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n992<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u2014%<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n763<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(2)%<\/p>\n<\/td>\n<\/tr>\n \nGrooming<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1,794<\/p>\n<\/td>\n \n2%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n531<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(7)%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n417<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(9)%<\/p>\n<\/td>\n<\/tr>\n \nHealth Care<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n3,406<\/p>\n<\/td>\n \n5%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1,009<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n4%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n770<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n2%<\/p>\n<\/td>\n<\/tr>\n \nFabric & Home Care<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n7,686<\/p>\n<\/td>\n \n1%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1,961<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(1)%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1,521<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(3)%<\/p>\n<\/td>\n<\/tr>\n \nBaby, Feminine & Family Care<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n5,123<\/p>\n<\/td>\n \n(3)%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1,338<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(9)%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1,020<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(9)%<\/p>\n<\/td>\n<\/tr>\n \nCorporate<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n160<\/p>\n<\/td>\n \nN\/A<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(412<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \nN\/A<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(161<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \nN\/A<\/p>\n<\/td>\n<\/tr>\n Total Company<\/b><\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 22,208<\/b><\/p>\n<\/td>\n 1%<\/b><\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 5,421<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n (7)%<\/b><\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 4,331<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n (7)%<\/b><\/p>\n<\/td>\n<\/tr>\n<\/table>\n \n\u00a0<\/p>\n<\/td>\n Three Months Ended December 31, 2025<\/b><\/p>\n<\/td>\n<\/tr>\n Net Sales Drivers <\/span>(1)<\/sup><\/b><\/p>\n<\/td>\n Volume<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n Organic \n\u00a0<\/p>\n<\/td>\n Foreign \n\u00a0<\/p>\n<\/td>\n Price<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n Mix<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n Other (2)<\/sup><\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n Net Sales<\/b><\/p>\n<\/td>\n<\/tr>\n \nBeauty<\/p>\n<\/td>\n \n3%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n3%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n2%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(1)%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u2014%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n5%<\/p>\n<\/td>\n<\/tr>\n \nGrooming<\/p>\n<\/td>\n \n(2)%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(2)%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n2%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n2%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u2014%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u2014%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n2%<\/p>\n<\/td>\n<\/tr>\n \nHealth Care<\/p>\n<\/td>\n \n(1)%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(1)%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n2%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n2%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n5%<\/p>\n<\/td>\n<\/tr>\n \nFabric & Home Care<\/p>\n<\/td>\n \n\u2014%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u2014%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(1)%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u2014%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1%<\/p>\n<\/td>\n<\/tr>\n \nBaby, Feminine & Family Care<\/p>\n<\/td>\n \n(5)%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(5)%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u2014%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u2014%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(3)%<\/p>\n<\/td>\n<\/tr>\n Total Company<\/b><\/p>\n<\/td>\n (1)%<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n (1)%<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 1%<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 1%<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \u2014%<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \u2014%<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 1%<\/b><\/p>\n<\/td>\n<\/tr>\n (1)<\/sup> Net sales percentage changes are approximations based on quantitative formulas that are consistently applied.<\/p>\n (2)<\/sup> Other includes the sales mix impact from acquisitions and divestitures and rounding impacts necessary to reconcile volume to net sales.<\/p>\n<\/td>\n<\/tr>\n \nCertain columns and rows may not add due to rounding.<\/p>\n<\/td>\n<\/tr>\n<\/table>\n THE PROCTER & GAMBLE COMPANY AND SUBSIDIARIES<\/b><\/p>\n<\/td>\n<\/tr>\n Consolidated Statements of Cash Flows<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n Six Months Ended December 31<\/b><\/p>\n<\/td>\n<\/tr>\n Amounts in millions<\/span><\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 2025<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 2024<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n CASH, CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD<\/b><\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n9,556<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n9,482<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n OPERATING ACTIVITIES (1)<\/sup><\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nNet earnings<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n9,112<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n8,646<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nDepreciation and amortization<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1,563<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1,434<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nShare-based compensation expense<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n262<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n241<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nDeferred income taxes<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n196<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n221<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n(Gain)\/loss on sale of assets<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n787<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nChange in accounts receivable<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(92<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(262<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \nChange in inventories<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(255<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(170<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \nChange in accounts payable<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n239<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(286<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \nOther<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(645<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(1,484<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n TOTAL OPERATING ACTIVITIES<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n10,380<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n9,127<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n INVESTING ACTIVITIES<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nCapital expenditures<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(2,367<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(1,918<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \nProceeds from asset sales<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n16<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n47<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nAcquisitions, net of cash acquired<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(5<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(6<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \nOther investing activity<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(408<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(153<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n TOTAL INVESTING ACTIVITIES<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(2,763<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(2,029<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n FINANCING ACTIVITIES<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nDividends to shareholders<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(5,093<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(4,886<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \nAdditions to short-term debt with original maturities of more than three months<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n4,180<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n5,905<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nReductions in short-term debt with original maturities of more than three months<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(3,270<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(571<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \nNet additions\/(reductions) to other short-term debt<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(471<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(2,705<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \nAdditions to long-term debt<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n2,652<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n995<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nReductions in long-term debt<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(1,005<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(1,478<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \nTreasury stock purchases<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(3,528<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(4,449<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \nImpact of stock options and other<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n208<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n985<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n TOTAL FINANCING ACTIVITIES<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(6,327<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(6,205<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n EFFECT OF EXCHANGE RATE CHANGES ON CASH, CASH EQUIVALENTS AND RESTRICTED CASH<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(21<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(144<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1,269<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n748<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n CASH, CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD<\/b><\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n10,825<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n10,230<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n (1)<\/sup> Certain prior period amounts within Operating Activities have been reclassified for consistency with the current period presentation. These reclassifications had no effect on the previously reported Total Operating Activities.<\/p>\n<\/td>\n<\/tr>\n \nCertain columns and rows may not add due to rounding.\u00a0<\/p>\n<\/td>\n<\/tr>\n<\/table>\n THE PROCTER & GAMBLE COMPANY AND SUBSIDIARIES<\/b><\/p>\n<\/td>\n<\/tr>\n Condensed Consolidated Balance Sheets<\/b><\/p>\n<\/td>\n<\/tr>\n Amounts in millions<\/span><\/b><\/p>\n<\/td>\n December 31, 2025<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n June 30, 2025<\/b><\/p>\n<\/td>\n<\/tr>\n \nCash and cash equivalents<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n10,825<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n9,556<\/p>\n<\/td>\n<\/tr>\n \nAccounts receivable<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n6,279<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n6,185<\/p>\n<\/td>\n<\/tr>\n \nInventories<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n7,817<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n7,551<\/p>\n<\/td>\n<\/tr>\n \nPrepaid expenses and other current assets<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1,666<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n2,100<\/p>\n<\/td>\n<\/tr>\n TOTAL CURRENT ASSETS<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n26,588<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n25,392<\/p>\n<\/td>\n<\/tr>\n \nProperty, plant and equipment, net<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n24,487<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n23,897<\/p>\n<\/td>\n<\/tr>\n \nGoodwill<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n41,665<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n41,650<\/p>\n<\/td>\n<\/tr>\n \nTrademarks and other intangible assets, net<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n21,737<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n21,910<\/p>\n<\/td>\n<\/tr>\n \nOther noncurrent assets<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n12,809<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n12,381<\/p>\n<\/td>\n<\/tr>\n TOTAL ASSETS<\/b><\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n127,286<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n125,231<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nAccounts payable<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n15,173<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n15,227<\/p>\n<\/td>\n<\/tr>\n \nAccrued and other liabilities<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n10,463<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n11,318<\/p>\n<\/td>\n<\/tr>\n \nDebt due within one year<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n11,062<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n9,513<\/p>\n<\/td>\n<\/tr>\n TOTAL CURRENT LIABILITIES<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n36,699<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n36,058<\/p>\n<\/td>\n<\/tr>\n \nLong-term debt<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n25,577<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n24,995<\/p>\n<\/td>\n<\/tr>\n \nDeferred income taxes<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n5,974<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n5,774<\/p>\n<\/td>\n<\/tr>\n \nOther noncurrent liabilities<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n5,719<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n6,120<\/p>\n<\/td>\n<\/tr>\n TOTAL LIABILITIES<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n73,969<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n72,946<\/p>\n<\/td>\n<\/tr>\n TOTAL SHAREHOLDERS’ EQUITY<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n53,317<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n52,284<\/p>\n<\/td>\n<\/tr>\n TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY<\/b><\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n127,286<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n125,231<\/p>\n<\/td>\n<\/tr>\n \nCertain columns and rows may not add due to rounding.<\/p>\n<\/td>\n The Procter & Gamble Company<\/b><\/p>\n Exhibit 1: Non-GAAP Measures<\/b><\/p>\n \nThe following provides definitions of the non-GAAP measures used in Procter & Gamble’s January 22, 2026 earnings release and the reconciliation to the most closely related GAAP measures. We believe that these measures provide useful perspective on underlying business trends (i.e., trends excluding non-recurring or unusual items) and results and provide a supplemental measure of period-to-period results. The non-GAAP measures described below are used by management in making operating decisions, allocating financial resources and for business strategy purposes. These measures may be useful to investors, as they provide supplemental information about business performance and provide investors a view of our business results through the eyes of management. Certain of these measures are also used to evaluate senior management and are a factor in determining their at-risk compensation. These non-GAAP measures are not intended to be considered by the user in place of the related GAAP measures but rather as supplemental information to our business results. These non-GAAP measures may not be the same as similar measures used by other companies due to possible differences in method and in the items or events being adjusted. The Company is not able to reconcile its forward-looking non-GAAP cash flow and tax rate measures because the Company cannot predict the timing and amounts of discrete items such as acquisition and divestitures, which could significantly impact GAAP results. Note that certain columns and rows may not add due to rounding.<\/p>\n \nThe Core earnings measures included in the following reconciliation tables refer to the equivalent GAAP measures adjusted as applicable for the following item:<\/p>\n \nWe do not view the above item to be part of our sustainable results, and its exclusion from Core earnings measures provides a more comparable measure of year-on-year results. This item is also excluded when evaluating senior management in determining their at-risk compensation.<\/p>\n Organic sales growth<\/span>: Organic sales growth is a non-GAAP measure of sales growth excluding the impacts of acquisitions and divestitures and foreign exchange from year-over-year comparisons. We believe this measure provides investors with a supplemental understanding of underlying sales trends by providing sales growth on a consistent basis. This measure is used in assessing the achievement of management goals for at-risk compensation.<\/p>\n Core EPS and Currency-neutral Core EPS:<\/span> Core earnings per share, or Core EPS, is a measure of diluted net earnings per common share (diluted EPS) adjusted for items as indicated. Currency-neutral Core EPS is a measure of the Company’s Core EPS excluding the incremental current year impact of foreign exchange. Management views these non-GAAP measures as useful supplemental measures of Company performance over time.<\/p>\n Core gross margin and Currency-neutral Core gross margin<\/span>: Core gross margin is a measure of the Company’s gross margin adjusted for items as indicated. Currency-neutral Core gross margin is a measure of the Company’s Core gross margin excluding the incremental current year impact of foreign exchange. Management believes these non-GAAP measures provide a supplemental perspective to the Company\u2019s operating efficiency over time.<\/p>\n Core selling, general and administrative (SG&A) expense as a percentage of sales and Currency-neutral Core SG&A expense as a percentage of sales<\/span>: Core SG&A expense as a percentage of sales is a measure of the Company’s selling, general and administrative expense as a percentage of net sales adjusted for items as indicated. Currency-neutral Core SG&A expense as a percentage of sales is a measure of the Company’s Core selling, general and administrative expense as a percentage of net sales excluding the incremental current year impact of foreign exchange. Management believes these non-GAAP measures provide a supplemental perspective to the Company’s operating efficiency over time.<\/p>\n Core operating margin and Currency-neutral Core operating margin<\/span>: Core operating margin is a measure of the Company’s operating margin adjusted for items as indicated. Currency-neutral Core operating margin is a measure of the Company’s Core operating margin excluding the incremental current year impact of foreign exchange. Management believes these non-GAAP measures provide a supplemental perspective to the Company\u2019s operating efficiency over time.<\/p>\n Adjusted free cash flow<\/span>: Adjusted free cash flow is defined as operating cash flow less capital spending. Adjusted free cash flow represents the cash that the Company is able to generate after taking into account planned maintenance and asset expansion. We view adjusted free cash flow as an important measure because it is one factor used in determining the amount of cash available for dividends, share repurchases, acquisitions and other discretionary investments.<\/p>\n Adjusted free cash flow productivity<\/span>: Adjusted free cash flow productivity is defined as the ratio of adjusted free cash flow to net earnings. We view adjusted free cash flow productivity as a useful measure to help investors understand P&G\u2019s ability to generate cash. Adjusted free cash flow productivity is used by management in making operating decisions, in allocating financial resources and for budget planning purposes. This measure is also used in assessing the achievement of management goals for at-risk compensation.<\/p>\n THE PROCTER & GAMBLE COMPANY AND SUBSIDIARIES<\/b><\/p>\n Reconciliation of Non-GAAP Measures<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n Three Months Ended December 31, 2025<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n Three Months Amounts in millions except per share amounts<\/b><\/p>\n<\/td>\n As Reported \n\u00a0<\/p>\n<\/td>\n Incremental \n\u00a0<\/p>\n<\/td>\n Core \n\u00a0<\/p>\n<\/td>\n As Reported \nCost of products sold<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n10,834<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n(152<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n10,681<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n10,418<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nGross profit<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n11,374<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n152<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n11,527<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n11,464<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nGross margin<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n51.2<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n0.7<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n51.9<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n52.4<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n<\/tr>\n \nCurrency impact to Core gross margin<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n0.2<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nCurrency-neutral Core gross margin<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n52.1<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nSelling, general and administrative expense<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n6,008<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(144<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n5,864<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n5,723<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nSelling, general and administrative expense as a % of net sales<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n27.1<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(0.6<\/p>\n<\/td>\n \n)%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n26.4<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n26.2<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n<\/tr>\n \nCurrency impact to Core selling, general and administrative expense as a % of net sales<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n0.2<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nCurrency-neutral Core selling, general and administrative expense as a % of net sales<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n26.6<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nOperating income<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n5,366<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n296<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n5,662<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n5,741<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nOperating margin<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n24.2<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1.3<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n25.5<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n26.2<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n<\/tr>\n \nCurrency impact to Core operating margin<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(0.1<\/p>\n<\/td>\n \n)%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nCurrency-neutral Core operating margin<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n25.4<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nOther non-operating income\/(expense), net<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n160<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n23<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n183<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n224<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nIncome taxes<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1,090<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n59<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1,149<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1,187<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nNet earnings<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n4,331<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n261<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n4,592<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n4,659<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nLess: Net earnings attributable to noncontrolling interests<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n12<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n15<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n27<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n29<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nNet earnings attributable to P&G<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n4,319<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n246<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n4,565<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n4,630<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n Core EPS<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nDiluted net earnings per common share (2)<\/sup><\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n1.78<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n0.10<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n1.88<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n1.88<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nCurrency impact to Core EPS<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n(0.03<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nCurrency-neutral Core EPS<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n1.85<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nDiluted weighted average common shares outstanding<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n2,424.0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n2,458.1<\/p>\n<\/td>\n (1)<\/sup> For the three months ended December 31, 2024, there were no adjustments to or reconciling items for Core EPS.<\/p>\n (2)<\/sup> Diluted net earnings per common share are calculated on Net earnings attributable to Procter & Gamble.<\/p>\n<\/td>\n<\/tr>\n<\/table>\n CHANGE VERSUS YEAR AGO<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \nGross margin<\/p>\n<\/td>\n \n(120<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \nBPS<\/p>\n<\/td>\n \nCore gross margin<\/p>\n<\/td>\n \n(50<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \nBPS<\/p>\n<\/td>\n \nCurrency-neutral Core gross margin<\/p>\n<\/td>\n \n(30<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \nBPS<\/p>\n<\/td>\n \nSelling, general and administrative expense as a % of net sales<\/p>\n<\/td>\n \n90<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \nBPS<\/p>\n<\/td>\n \nCore selling, general and administrative expense as a % of net sales<\/p>\n<\/td>\n \n20<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \nBPS<\/p>\n<\/td>\n \nCurrency-neutral Core selling, general and administrative as a % of net sales<\/p>\n<\/td>\n \n40<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \nBPS<\/p>\n<\/td>\n \nOperating margin<\/p>\n<\/td>\n \n(200<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \nBPS<\/p>\n<\/td>\n \nCore operating margin<\/p>\n<\/td>\n \n(70<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \nBPS<\/p>\n<\/td>\n \nCurrency-neutral Core operating margin<\/p>\n<\/td>\n \n(80<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \nBPS<\/p>\n<\/td>\n \nDiluted EPS<\/p>\n<\/td>\n \n(5<\/p>\n<\/td>\n \n)%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \nCore EPS<\/p>\n<\/td>\n \n\u2014<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \nCurrency-neutral Core EPS<\/p>\n<\/td>\n \n(2<\/p>\n<\/td>\n \n)%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n Organic sales growth<\/span>:<\/p>\n October – December 2025<\/span><\/b><\/p>\n<\/td>\n Net Sales Growth<\/span><\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n Foreign Exchange \n\u00a0<\/p>\n<\/td>\n Acquisition & \n\u00a0<\/p>\n<\/td>\n Organic Sales \nBeauty<\/p>\n<\/td>\n \n5%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(1)%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u2014%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n4%<\/p>\n<\/td>\n<\/tr>\n \nGrooming<\/p>\n<\/td>\n \n2%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(2)%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u2014%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u2014%<\/p>\n<\/td>\n<\/tr>\n \nHealth Care<\/p>\n<\/td>\n \n5%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(2)%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u2014%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n3%<\/p>\n<\/td>\n<\/tr>\n \nFabric & Home Care<\/p>\n<\/td>\n \n1%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(1)%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u2014%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u2014%<\/p>\n<\/td>\n<\/tr>\n \nBaby, Feminine & Family Care<\/p>\n<\/td>\n \n(3)%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(1)%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u2014%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(4)%<\/p>\n<\/td>\n<\/tr>\n Total Company<\/b><\/p>\n<\/td>\n 1%<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n (1)%<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \u2014%<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \u2014%<\/b><\/p>\n<\/td>\n<\/tr>\n Total Company<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n Net Sales Growth<\/span><\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n Combined Foreign Exchange & \n\u00a0<\/p>\n<\/td>\n Organic Sales Growth<\/span><\/b><\/p>\n<\/td>\n<\/tr>\n \nFY 2026 (Estimate)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n+1% to +5%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n-1%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n-% to +4%<\/p>\n<\/td>\n<\/tr>\n Core EPS growth<\/span>:<\/p>\n Total Company<\/span><\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n Diluted EPS Growth<\/span><\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n Impact of Incremental Non-Core Items<\/span>(1)<\/sup><\/b><\/p>\n<\/td>\n |