The Procter & Gamble Company

Company Overview

Business Model: The Procter & Gamble Company (P&G) operates as a world-leading multinational consumer goods company, focused on delivering sustainable value creation through balanced top- and bottom-line growth. P&G creates, manufactures, markets, and distributes a diversified portfolio of daily-use products, emphasizing irresistible superiority across five key vectors: product performance, packaging, brand communication, retail execution, and value. The company invests in research and development and consumer insights to innovate existing products and invent new categories, leveraging marketing strategies and various distribution channels, including retail stores, e-commerce platforms, and direct-to-consumer models. P&G's model relies on continuous productivity improvements to fund investments and drive value creation for all stakeholders.

Market Position: P&G competes in highly competitive global markets, often holding leadership or significant market share positions across its industry segments. The company differentiates itself through an integrated strategy focused on superiority in product, packaging, brand communication, retail execution, and value. P&G is a global market leader in retail hair care (approximately 20% global market share), grooming (over 45% global market share, with over 60% in blades and razors), oral care (nearly 30% global market share), and feminine care (over 30% global market share). In fabric care, P&G generally holds the number one or two position with over 35% global market share, and in home care, it holds over 30% global market share.

Recent Strategic Developments:

• Limited Market Portfolio Restructuring: In fiscal year 2024, P&G initiated a restructuring primarily in certain Enterprise Markets, including Argentina and Nigeria, due to challenging macroeconomic conditions. This restructuring was substantially completed by September 30, 2024, with the liquidation of operations in Argentina, resulting in $1.2 billion after-tax incremental restructuring charges.
• Intangible Asset Impairment: During fiscal year 2024, P&G recorded a $1.3 billion before-tax ($1.0 billion after-tax) non-cash impairment charge on the Gillette indefinite-lived intangible asset. This was driven by a higher discount rate, weakening currencies against the U.S. dollar, and the impact of the restructuring program.
• Focused Portfolio, Supply Chain and Productivity Plan: In June 2025, P&G announced a two-year plan to streamline its portfolio and organization, aiming for $1.5 billion to $2.0 billion in before-tax restructuring costs. This plan includes a reduction of up to 7,000 non-manufacturing overhead personnel by the end of fiscal 2027.
• Glad Joint Venture Agreement Termination: P&G and The Clorox Company decided not to renew their Glad joint venture agreement. Clorox will purchase P&G’s minority interest by January 2026, with P&G expecting approximately $500 million in cash proceeds and an after-tax gain of $250 million to $300 million in the third quarter of fiscal year 2026.

Geographic Footprint: P&G's products are sold in approximately 180 countries and territories, with on-the-ground operations in about 70 countries. More than 50% of annual net sales are generated outside the United States. In fiscal year 2025, the United States accounted for $41.6 billion in net sales, while international markets generated $42.7 billion. Key international markets, including Greater China, the United Kingdom, Canada, Japan, and Germany, collectively represented approximately 21% of P&G's net sales in fiscal 2025.

Financial Performance

Revenue Analysis

Profitability Metrics:

• Gross Margin: 51.2%
• Operating Margin: 24.3%
• Net Margin: 19.1%

Investment in Growth:

• R&D Expenditure: $2.1 billion (2.5% of revenue)
• Capital Expenditures: $3.77 billion

Business Segment Analysis

Beauty

Financial Performance:

• Revenue: $14.96 billion (-2% YoY)
• Net Earnings as % of Net Sales: 18.1% (down 140 bps YoY)
• Key Growth Drivers: Personal Care saw high single-digit organic sales growth driven by innovation and distribution expansion in North America, Europe, and Latin America. Hair Care organic sales increased low single digits due to growth in Latin America, Europe, and North America.
• Key Challenges: Unfavorable product mix, primarily due to a decline in the super-premium SK-II brand, and unfavorable foreign exchange impacts. Unit volume decreased 1%. Skin Care organic sales decreased high single digits due to distribution losses in North America and declines in Asia Pacific and Greater China.

Product Portfolio:

• Hair Care: Conditioners, Shampoos, Styling Aids, Treatments (Major Brands: Head & Shoulders, Herbal Essences, Pantene, Rejoice)
• Personal Care: Antiperspirants and Deodorants, Personal Cleansing (Major Brands: Native, Old Spice, Safeguard, Secret)
• Skin Care: Facial Moisturizers, Cleaners and Treatments (Major Brands: Olay, SK-II)

Market Dynamics:

• Global market share for the Beauty segment decreased by 0.3 points. Hair care market share decreased 0.9 points, while personal care market share increased 0.5 points. Skin care market share decreased 0.7 points.
• Effective July 1, 2024, the Beauty segment separated Skin and Personal Care into individual operating segments.

Grooming

Financial Performance:

• Revenue: $6.66 billion (0% YoY)
• Net Earnings as % of Net Sales: 23.7% (up 150 bps YoY)
• Key Growth Drivers: Unit volume increased 2% due to increased distribution in IMEA and market growth in Europe. Organic sales increased 2%, driven by double-digit growth in Asia Pacific and IMEA, and low single-digit growth in Europe.
• Key Challenges: Unfavorable foreign exchange and geographic mix, and divestitures offset volume and pricing gains. North America experienced a low single-digit organic sales decline due to retail inventory reduction.

Product Portfolio:

• Grooming: Appliances, Female Blades & Razors, Male Blades & Razors, Pre- and Post-Shave Products, Other Grooming (Major Brands: Braun, Gillette, Venus)

Market Dynamics:

• P&G is the global market leader in grooming with over 45% share, and over 60% share in global blades and razors.
• Global market share for the Grooming segment decreased by 0.1 points.

Health Care

Financial Performance:

• Revenue: $12.00 billion (+2% YoY)
• Net Earnings as % of Net Sales: 20.3% (up 120 bps YoY)
• Key Growth Drivers: Favorable geographic mix (North America and Europe) and higher pricing. Organic sales increased 3%. Personal Health Care organic sales increased mid-single digits, driven by double-digit growth in Latin America, mid-single-digit growth in Europe, and low single-digit growth in North America.
• Key Challenges: Unit volume decreased 1% due to declines in Greater China (market contraction, competitive activity) and IMEA (share losses) for Oral Care.

Product Portfolio:

• Oral Care: Toothbrushes, Toothpastes, Other Oral Care (Major Brands: Crest, Oral-B)
• Personal Health Care: Gastrointestinal, Pain Relief, Rapid Diagnostics, Respiratory, Vitamins/Minerals/Supplements, Other Personal Health Care (Major Brands: Metamucil, Neurobion, Pepto-Bismol, Vicks)

Market Dynamics:

• P&G is a leader in oral care with nearly 30% global market share and a global market leader in the personal health care categories in which it competes.
• Global market share for the Health Care segment increased by 0.2 points.

Fabric & Home Care

Financial Performance:

• Revenue: $29.62 billion (0% YoY)
• Net Earnings as % of Net Sales: 19.7% (up 40 bps YoY)
• Key Growth Drivers: Favorable product mix. Organic sales increased 2%. Home Care organic sales increased low single digits, driven by growth in North America (innovation) and Europe (market growth).
• Key Challenges: Unfavorable foreign exchange offset product mix gains. Fabric Care unit volume was unchanged, with growth in Europe and North America offset by declines in Greater China and Asia Pacific due to market contraction.

Product Portfolio:

• Fabric Care: Fabric Enhancers, Laundry Additives, Laundry Detergents (Major Brands: Ariel, Downy, Gain, Tide)
• Home Care: Air Care, Dish Care, P&G Professional, Surface Care (Major Brands: Cascade, Dawn, Fairy, Febreze, Mr. Clean, Swiffer)

Market Dynamics:

• P&G is the global market leader in fabric care with over 35% market share and over 30% global market share in home care.
• Global market share for the Fabric & Home Care segment increased by 0.1 points.

Baby, Feminine & Family Care

Financial Performance:

• Revenue: $20.25 billion (0% YoY)
• Net Earnings as % of Net Sales: 19.8% (0 bps YoY)
• Key Growth Drivers: Favorable product mix, particularly a higher proportion of premium-priced diapers in Baby Care. Feminine Care organic sales increased low single digits, driven by a mid-single-digit increase in North America. Family Care net sales increased low single digits due to market growth in North America.
• Key Challenges: Unfavorable foreign exchange and unit volume declines in Baby Care (increased competitive activity, market contraction, distribution losses across all regions except Greater China). Feminine Care unit volume decreased due to market contraction and competitive activity in Greater China and share losses in Latin America.

Product Portfolio:

• Baby Care: Baby Wipes, Taped Diapers and Pants (Major Brands: Luvs, Pampers)
• Feminine Care: Adult Incontinence, Menstrual Care (Major Brands: Always, Always Discreet, Tampax)
• Family Care: Paper Towels, Tissues, Toilet Paper (Major Brands: Bounty, Charmin, Puffs)

Market Dynamics:

• P&G is a global market leader in baby care with over 30% global market share and in feminine care with over 30% global market share.
• North America market shares are over 40% for Bounty and over 25% for Charmin.
• Global market share for the Baby, Feminine & Family Care segment decreased by 0.2 points.

Capital Allocation Strategy

Shareholder Returns:

• Share Repurchases: $6.5 billion (4.3 million shares purchased in May 2025, total for fiscal 2025 was $6.5 billion)
• Dividend Payments: $9.87 billion
• Future Capital Return Commitments: P&G expected to reduce outstanding shares through direct share repurchases at a value of $6 billion to $7 billion in fiscal year 2025. The share repurchase plan ended on June 30, 2025. P&G has paid dividends for 135 consecutive years and increased its dividend for 69 consecutive years.

Balance Sheet Position:

• Cash and Equivalents: $9.56 billion
• Total Debt: $34.51 billion ($9.51 billion current, $24.99 billion long-term)
• Net Cash Position: -$24.95 billion (Net Debt)
• Credit Rating: P-1 (Moody's) and A-1+ (Standard & Poor's) for short-term debt; Aa3 (Moody's) and AA- (Standard & Poor's) for long-term debt, all with a stable outlook.
• Debt Maturity Profile: $5.38 billion due in 2026, $4.61 billion in 2027, $2.14 billion in 2028, $2.03 billion in 2029, and $4.00 billion in 2030.

Cash Flow Generation:

• Operating Cash Flow: $17.82 billion
• Free Cash Flow: $14.61 billion (Adjusted Free Cash Flow, defined as operating cash flow less capital expenditures and excluding payments for the transitional tax resulting from the 2017 U.S. Tax Act)
• Cash Conversion Metrics: Adjusted Free Cash Flow Productivity was 87% in 2025.

Operational Excellence

Production & Service Model: P&G's business model focuses on creating, manufacturing, marketing, and distributing a diversified portfolio of daily-use products. The company invests in research and development to innovate products and leverages marketing strategies to drive brand awareness and loyalty. P&G relies on continued productivity improvements to fuel investments and deliver value creation.

Supply Chain Architecture: P&G's supply chain relies on third-party suppliers for almost all raw and packaging materials, with some being single-source. The company also produces certain raw materials internally, primarily chemicals. Fuel, natural gas, and derivative products are significant commodities consumed in manufacturing and transportation. P&G aims to develop next-level supply chain capabilities to enhance flexibility, agility, resilience, and productivity.

Key Suppliers & Partners:

• Raw and Packaging Materials: Purchased from third parties, including single-source suppliers.
• Supplier Finance Programs: P&G supports a Supply Chain Finance program with global financial institutions, allowing participating suppliers to sell receivables to SCF banks, leveraging P&G's creditworthiness for more favorable terms. Outstanding confirmed obligations under this program were $5.79 billion as of June 30, 2025.
• Service Contracts: Includes outsourced information technology, human resources management, and facilities management activities.

Facility Network:

• Manufacturing: P&G owns and operates 24 manufacturing sites in 18 U.S. states and 75 manufacturing sites in 32 other countries. Many sites produce products for multiple businesses: Beauty (21 sites), Grooming (17 sites), Health Care (20 sites), Fabric & Home Care (34 sites), and Baby, Feminine & Family Care (36 sites).
• Corporate Headquarters: Owned in Cincinnati, Ohio.
• Regional General Offices: Owned or leased in Switzerland, Panama, Singapore, China, and the United Arab Emirates.
• Regional Shared Service Centers: Owned or leased in Costa Rica, the United Kingdom, and the Philippines.

Market Access & Customer Relationships

Go-to-Market Strategy: P&G's strategy is centered on delighting and winning with consumers by delivering irresistible superiority across product performance, packaging, brand communication, retail execution, and value. The company leverages innovation and effective marketing across evolving media and mobile platforms to drive market growth and build share.

Distribution Channels: P&G sells its products through a diverse range of channels globally:

• Direct Sales: Direct-to-consumer platforms.
• Channel Partners: Mass merchandisers, e-commerce (including social commerce), grocery stores, membership club stores, drug stores, department stores, distributors, wholesalers, specialty beauty stores (including airport duty-free stores), high-frequency stores, pharmacies, electronics stores, and professional channels.

Customer Portfolio:

• Customer Concentration: Sales to Walmart Inc. and its affiliates represented approximately 16% of total sales in 2025 and 2024, and 15% in 2023. No other single customer accounts for more than 10% of total sales.
• Top Customers: P&G's top ten customers accounted for 43% of total net sales in 2025, 42% in 2024, and 40% in 2023.

Geographic Revenue Distribution:

• United States: $41.6 billion (49.4% of total revenue)
• International: $42.7 billion (50.6% of total revenue)
• Largest International Markets: Greater China, the United Kingdom, Canada, Japan, and Germany collectively comprised approximately 21% of net sales in fiscal 2025.

Competitive Intelligence

Market Structure & Dynamics

Industry Characteristics: The consumer products industry is highly competitive, characterized by a wide variety of global, regional, and local competitors, including other branded products and retailers' private-label brands. Product segments are often differentiated by price tiers (super-premium, premium, mid-tier, and value-tier). Evolving sales channels, such as e-commerce and mobile/social commerce, and the growth of hard discounter channels, are affecting customer and consumer preferences and market dynamics.

Competitive Positioning Matrix:

Direct Competitors

Primary Competitors: P&G competes against a broad range of global and local companies, both established and new, as well as retailers' private-label brands across all its categories.

Emerging Competitive Threats: The ease of competitive entry into certain categories and the growth in hard discounter channels represent emerging competitive threats.

Competitive Response Strategy: P&G's strategy involves delivering irresistible superiority across product, packaging, brand communication, retail execution, and value. This includes continuous innovation, efficient and effective marketing across evolving digital platforms, and next-level supply chain capabilities.

Risk Assessment Framework

Strategic & Market Risks

• Market Dynamics: P&G is exposed to global macroeconomic factors, geopolitical tensions, and government policies, including economic slowdowns, recessions, inflationary pressures, and reduced market growth rates, which can negatively impact demand for its products.
• Technology Disruption: The company faces risks from failing to successfully develop, introduce, and market new products, respond to competitive technological advances, or adapt to evolving digital marketing and selling platforms, including the timely and responsible adoption of emerging technologies like artificial intelligence.
• Customer Concentration: A significant change in relationships with key retail customers, or a reduction in inventory levels or shelf space for P&G products, could adversely impact business performance. Walmart Inc. and its affiliates represent approximately 16% of total sales.

Operational & Execution Risks

• Supply Chain Vulnerabilities: P&G's ability to meet customer needs and cost targets depends on maintaining key manufacturing and supply arrangements, including sole supplier or sole manufacturing plant arrangements. Disruptions from labor disputes, loss of key manufacturing sites, IT/OT system failures, cybersecurity incidents, inability to procure sufficient raw materials, natural disasters, or geopolitical conflicts could interrupt product supply.
• Cost Fluctuations: Costs are subject to fluctuations due to changes in commodity prices (e.g., oil-derived materials, paper-based materials), raw and packaging materials, labor, tariffs, transportation, energy, pensions, and healthcare. Failure to manage these fluctuations through pricing actions and cost savings could adversely impact results.
• Information Security & Operational Technology Incidents: Extensive reliance on IT/OT systems, networks, and services, including those managed by third parties, exposes P&G to advanced cybersecurity threats (e.g., ransomware, unauthorized access, misuse of AI). A significant incident could lead to operational disruptions, data loss, reputational damage, litigation, and regulatory action.

Financial & Regulatory Risks

• Foreign Currency Fluctuations: P&G has significant exposure to exchange rate fluctuations, with over 50% of sales generated outside the U.S. Fluctuations can reduce the U.S. dollar value of sales, earnings, and cash flows, and increase supply costs.
• Credit & Liquidity: Disruptions in credit markets, issues with banking partners, or a downgrade of credit ratings could increase borrowing costs and impair access to capital.
• Regulatory & Compliance Risks: P&G is subject to a wide variety of laws and regulations globally, including those related to intellectual property, product liability, environmental protection, labor, trade, taxation, privacy, and data protection. Expanding ESG-related reporting and diligence requirements also increase compliance complexity and costs.
• Legal Proceedings: P&G is subject to various legal proceedings and claims, including antitrust, product liability, advertising, and environmental matters.

Geopolitical & External Risks

• Geopolitical Exposure: Changes in political and geopolitical conditions, including sanctions, tariffs, import/export controls, and trade barriers, can adversely affect P&G's business and financial results. The ongoing war between Russia and Ukraine has negatively impacted operations, leading to reduced product portfolio, discontinued capital investments, and suspended media activity in Russia. Further disruptions could lead to operational challenges, asset losses, or impairments.
• Disease Outbreaks: Future disease outbreaks, epidemics, or pandemics could lead to significant reductions or volatility in demand, supply chain disruptions, or governmental restrictions impacting operations and employee mobility.

Innovation & Technology Leadership

Research & Development Focus: Innovation is central to P&G's strategy. The company invests in research and development and consumer insights to invent new categories or products and innovate existing products, ensuring they meet evolving consumer needs and preferences. R&D expenditure was $2.1 billion in 2025.

Intellectual Property Portfolio: P&G owns or has rights to patents and trademarks that are critical to its businesses. Patents cover product features, formulations, and manufacturing processes. Trademarks are essential for overall marketing and branding. The success of P&G's brands is partly attributed to the existence and continued protection of these intellectual properties.

Leadership & Governance

Executive Leadership Team

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------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------P&G has been a global leader in consumer goods for decades. This report provides an overview of The Procter & Gamble Company's (P&G) business, financial performance, strategic initiatives, and risk profile for the fiscal year ended June 30, 2025.

Company Overview

Business Model: P&G's core business model revolves around creating, manufacturing, marketing, and distributing a diverse portfolio of superior-quality, branded daily-use consumer packaged goods. The company aims to deliver irresistible superiority across product performance, packaging, brand communication, retail execution, and value. P&G continuously invests in research and development (R&D) and consumer insights to innovate and meet evolving consumer needs. Revenue is generated through various distribution channels, including mass merchandisers, e-commerce, grocery stores, and direct-to-consumer platforms. A key operational philosophy is driving productivity improvements to fund R&D and marketing investments, ensuring balanced top- and bottom-line growth and long-term value creation.

Market Position: P&G operates in highly competitive global markets, often holding leading or significant market share positions. The company is a global market leader in retail hair care (approx. 20% global share), grooming (over 45% global share, >60% in blades and razors), oral care (nearly 30% global share), and feminine care (over 30% global share). In fabric care, P&G holds over 35% global market share, and in home care, over 30% global market share. Its integrated strategy, focusing on superiority across five key vectors, serves as a primary differentiator.

Recent Strategic Developments:

• Limited Market Portfolio Restructuring: Completed by September 30, 2024, this initiative addressed challenging macroeconomic conditions in certain Enterprise Markets, notably Argentina and Nigeria. It resulted in $1.2 billion after-tax incremental restructuring charges, primarily non-cash foreign currency translation losses.
• Intangible Asset Impairment: In fiscal year 2024, P&G recorded a $1.3 billion before-tax ($1.0 billion after-tax) non-cash impairment charge on the Gillette indefinite-lived intangible asset, driven by a higher discount rate, currency weakening, and the restructuring program.
• Focused Portfolio, Supply Chain and Productivity Plan: Announced in June 2025, this two-year plan aims to streamline P&G's portfolio and organization, targeting $1.5 billion to $2.0 billion in before-tax restructuring costs. It includes a reduction of up to 7,000 non-manufacturing overhead personnel by the end of fiscal 2027.
• Glad Joint Venture Agreement Termination: P&G and The Clorox Company will not renew their Glad joint venture. Clorox will purchase P&G's minority interest by January 2026, with P&G anticipating approximately $500 million in cash proceeds and an after-tax gain of $250 million to $300 million in Q3 fiscal year 2026.

Geographic Footprint: P&G's products are sold in approximately 180 countries and territories, with operations in about 70 countries. International markets account for over 50% of annual net sales. In fiscal year 2025, the United States generated $41.6 billion in net sales, while international markets contributed $42.7 billion. Key international markets, including Greater China, the United Kingdom, Canada, Japan, and Germany, collectively represented approximately 21% of P&G's net sales.

Financial Performance

Revenue Analysis

Profitability Metrics:

• Gross Margin: 51.2%
• Operating Margin: 24.3%
• Net Margin: 19.1%

Investment in Growth:

• R&D Expenditure: $2.1 billion (2.5% of revenue)
• Capital Expenditures: $3.77 billion

Business Segment Analysis

Beauty

Financial Performance:

• Revenue: $14.96 billion (-2% YoY)
• Net Earnings as % of Net Sales: 18.1% (down 140 bps YoY)
• Key Growth Drivers: Organic sales increased 1%. Personal Care saw high single-digit organic sales growth driven by innovation and distribution expansion in North America, Europe, and Latin America. Hair Care organic sales increased low single digits due to growth in Latin America, Europe, and North America.
• Key Challenges: Unfavorable product mix, primarily from the decline of the super-premium SK-II brand, and unfavorable foreign exchange. Unit volume decreased 1%. Skin Care organic sales declined high single digits due to distribution losses in North America and market contraction in Asia Pacific and Greater China.

Product Portfolio:

• Hair Care: Conditioners, Shampoos, Styling Aids, Treatments (Major Brands: Head & Shoulders, Herbal Essences, Pantene, Rejoice)
• Personal Care: Antiperspirants and Deodorants, Personal Cleansing (Major Brands: Native, Old Spice, Safeguard, Secret)
• Skin Care: Facial Moisturizers, Cleaners and Treatments (Major Brands: Olay, SK-II)

Market Dynamics:

• Global market share for the Beauty segment decreased by 0.3 points. Hair care market share decreased 0.9 points, while personal care market share increased 0.5 points. Skin care market share decreased 0.7 points.
• Effective July 1, 2024, the Beauty segment separated Skin and Personal Care into individual operating segments.

Grooming

Financial Performance:

• Revenue: $6.66 billion (0% YoY)
• Net Earnings as % of Net Sales: 23.7% (up 150 bps YoY)
• Key Growth Drivers: Unit volume increased 2% due to increased distribution in IMEA and market growth in Europe. Organic sales increased 2%, driven by double-digit growth in Asia Pacific and IMEA, and low single-digit growth in Europe.
• Key Challenges: Unfavorable foreign exchange, unfavorable geographic mix, and divestitures offset volume and pricing gains. North America experienced a low single-digit organic sales decline due to retail inventory reduction.

Product Portfolio:

• Grooming: Appliances, Female Blades & Razors, Male Blades & Razors, Pre- and Post-Shave Products, Other Grooming (Major Brands: Braun, Gillette, Venus)

Market Dynamics:

• P&G is the global market leader in grooming with over 45% share, and over 60% share in global blades and razors.
• Global market share for the Grooming segment decreased by 0.1 points.

Health Care

Financial Performance:

• Revenue: $12.00 billion (+2% YoY)
• Net Earnings as % of Net Sales: 20.3% (up 120 bps YoY)
• Key Growth Drivers: Favorable geographic mix (North America and Europe) and higher pricing. Organic sales increased 3%. Personal Health Care organic sales increased mid-single digits, driven by double-digit growth in Latin America, mid-single-digit growth in Europe, and low single-digit growth in North America.
• Key Challenges: Unit volume decreased 1% due to declines in Greater China (market contraction, increased competitive activity) and IMEA (share losses) for Oral Care.

Product Portfolio:

• Oral Care: Toothbrushes, Toothpastes, Other Oral Care (Major Brands: Crest, Oral-B)
• Personal Health Care: Gastrointestinal, Pain Relief, Rapid Diagnostics, Respiratory, Vitamins/Minerals/Supplements, Other Personal Health Care (Major Brands: Metamucil, Neurobion, Pepto-Bismol, Vicks)

Market Dynamics:

• P&G is a leader in oral care with nearly 30% global market share and a global market leader in the personal health care categories in which it competes.
• Global market share for the Health Care segment increased by 0.2 points.

Fabric & Home Care

Financial Performance:

• Revenue: $29.62 billion (0% YoY)
• Net Earnings as % of Net Sales: 19.7% (up 40 bps YoY)
• Key Growth Drivers: Favorable product mix. Organic sales increased 2%. Home Care organic sales increased low single digits, driven by growth in North America (innovation) and Europe (market growth).
• Key Challenges: Unfavorable foreign exchange offset product mix gains. Fabric Care unit volume was unchanged, with growth in Europe and North America offset by declines in Greater China and Asia Pacific due to market contraction.

Product Portfolio:

• Fabric Care: Fabric Enhancers, Laundry Additives, Laundry Detergents (Major Brands: Ariel, Downy, Gain, Tide)
• Home Care: Air Care, Dish Care, P&G Professional, Surface Care (Major Brands: Cascade, Dawn, Fairy, Febreze, Mr. Clean, Swiffer)

Market Dynamics:

• P&G is the global market leader in fabric care with over 35% market share and over 30% global market share in home care.
• Global market share for the Fabric & Home Care segment increased by 0.1 points.

Baby, Feminine & Family Care

Financial Performance:

• Revenue: $20.25 billion (0% YoY)
• Net Earnings as % of Net Sales: 19.8% (0 bps YoY)
• Key Growth Drivers: Favorable product mix, particularly a higher proportion of premium-priced diapers in Baby Care. Feminine Care organic sales increased low single digits, driven by a mid-single-digit increase in North America. Family Care net sales increased low single digits due to market growth in North America.
• Key Challenges: Unfavorable foreign exchange and unit volume declines in Baby Care (increased competitive activity, market contraction, distribution losses across all regions except Greater China). Feminine Care unit volume decreased due to market contraction and competitive activity in Greater China and share losses in Latin America.

Product Portfolio:

• Baby Care: Baby Wipes, Taped Diapers and Pants (Major Brands: Luvs, Pampers)
• Feminine Care: Adult Incontinence, Menstrual Care (Major Brands: Always, Always Discreet, Tampax)
• Family Care: Paper Towels, Tissues, Toilet Paper (Major Brands: Bounty, Charmin, Puffs)

Market Dynamics:

• P&G is a global market leader in baby care with over 30% global market share and in feminine care with over 30% global market share.
• North America market shares are over 40% for Bounty and over 25% for Charmin.
• Global market share for the Baby, Feminine & Family Care segment decreased by 0.2 points.

Capital Allocation Strategy

Shareholder Returns:

• Share Repurchases: $6.5 billion (The company expected to reduce outstanding shares through direct share repurchases at a value of $6 billion to $7 billion in fiscal year 2025. The share repurchase plan ended on June 30, 2025.)
• Dividend Payments: $9.87 billion
• Future Capital Return Commitments: P&G has paid a dividend for 135 consecutive years and increased its dividend for 69 consecutive years.

Balance Sheet Position:

• Cash and Equivalents: $9.56 billion
• Total Debt: $34.51 billion
• Net Cash Position: -$24.95 billion (Net Debt)
• Credit Rating: P-1 (Moody's) and A-1+ (Standard & Poor's) for short-term debt; Aa3 (Moody's) and AA- (Standard & Poor's) for long-term debt, all with a stable outlook.
• Debt Maturity Profile: $5.38 billion due in 2026, $4.61 billion in 2027, $2.14 billion in 2028, $2.03 billion in 2029, and $3.99 billion in 2030.

Cash Flow Generation:

• Operating Cash Flow: $17.82 billion
• Free Cash Flow: $14.61 billion (Adjusted Free Cash Flow, defined as operating cash flow less capital expenditures and excluding payments for the transitional tax resulting from the 2017 U.S. Tax Act)
• Cash Conversion Metrics: Adjusted Free Cash Flow Productivity was 87% in 2025.

Operational Excellence

Production & Service Model: P&G's operational philosophy centers on creating, manufacturing, marketing, and distributing a diversified portfolio of daily-use products. The company emphasizes continuous productivity improvements to fund investments in R&D and marketing, aiming for balanced top- and bottom-line growth and value creation.

Supply Chain Architecture: P&G sources almost all raw and packaging materials from third parties, including some single-source suppliers, and produces certain raw materials (primarily chemicals) internally. The company consumes significant amounts of fuel, natural gas, and derivative products in manufacturing and transportation. P&G is focused on developing next-level supply chain capabilities to enhance flexibility, agility, resilience, and productivity.

Key Suppliers & Partners:

• Supplier Categories: Raw and packaging materials, manufacturing partners, technology partners.
• Supplier Finance Programs: P&G supports a Supply Chain Finance program with global financial institutions, enabling participating suppliers to sell receivables to SCF banks, leveraging P&G's creditworthiness. Outstanding confirmed obligations under this program were $5.79 billion as of June 30, 2025.
• Service Contracts: Includes outsourced information technology, human resources management, and facilities management activities.

Facility Network:

• Manufacturing: P&G owns and operates 24 manufacturing sites in 18 U.S. states and 75 manufacturing sites in 32 other countries. These sites produce products for multiple businesses, with specific numbers for Beauty (21), Grooming (17), Health Care (20), Fabric & Home Care (34), and Baby, Feminine & Family Care (36).
• Research & Development: Not explicitly detailed, but R&D is a core investment area.
• Distribution: Supported by regional general offices and shared service centers globally.

Market Access & Customer Relationships

Go-to-Market Strategy: P&G's strategy is to win with consumers by delivering irresistible superiority across product performance, packaging, brand communication, retail execution, and value. This involves continuous innovation and effective marketing across evolving media and mobile platforms to drive market growth and build share.

Distribution Channels: P&G utilizes a comprehensive network of distribution channels:

• Direct Sales: Direct-to-consumer platforms.
• Channel Partners: Mass merchandisers, e-commerce (including social commerce), grocery stores, membership club stores, drug stores, department stores, distributors, wholesalers, specialty beauty stores (including airport duty-free stores), high-frequency stores, pharmacies, electronics stores, and professional channels.

Customer Portfolio:

• Enterprise Customers: P&G's largest customer, Walmart Inc. and its affiliates, accounted for approximately 16% of total sales in 2025 and 2024, and 15% in 2023.
• Customer Concentration: The top ten customers accounted for 43% of total net sales in 2025, 42% in 2024, and 40% in 2023.

Geographic Revenue Distribution:

• United States: 49.4% of total revenue
• International: 50.6% of total revenue
• Growth Markets: P&G operates in approximately 70 countries, with products sold in about 180 countries and territories. Largest international markets include Greater China, the United Kingdom, Canada, Japan, and Germany.

Competitive Intelligence

Market Structure & Dynamics

Industry Characteristics: The consumer products industry is highly competitive, featuring a broad range of global, regional, and local competitors, including both branded products and private-label brands. The market is segmented by price tiers (super-premium, premium, mid-tier, and value-tier). Evolving sales channels, such as e-commerce and mobile/social commerce, and the growth of hard discounter channels, are influencing customer and consumer preferences and market dynamics.

Competitive Positioning Matrix:

Direct Competitors

Primary Competitors: P&G competes against a wide array of global and local companies, as well as retailers' private-label brands across all its product categories.

Emerging Competitive Threats: New market entrants, disruptive technologies, and the growth of hard discounter channels pose emerging competitive threats.

Competitive Response Strategy: P&G's strategy is to maintain competitive advantage by delivering irresistible superiority across product, packaging, brand communication, retail execution, and value. This includes continuous innovation, effective marketing across evolving digital platforms, and developing next-level supply chain capabilities.

Risk Assessment Framework

Strategic & Market Risks

• Market Dynamics: Exposure to global macroeconomic factors, geopolitical tensions, and government policies, including economic slowdowns, inflation, and reduced market growth rates, which can negatively impact product demand.
• Technology Disruption: Risks associated with the ability to successfully develop and market new products, respond to competitive technological advances, and adapt to evolving digital marketing and selling platforms, including the timely and responsible adoption of emerging technologies like artificial intelligence.
• Customer Concentration: Significant reliance on key retail customers, with Walmart Inc. and its affiliates accounting for approximately 16% of total sales, creates a concentration risk if relationships change or product allocation is reduced.

Operational & Execution Risks

• Supply Chain Vulnerabilities: Dependence on key manufacturing and supply arrangements, including single-source suppliers, makes P&G vulnerable to disruptions from labor disputes, loss of key manufacturing sites, IT/OT system failures, cybersecurity incidents, inability to procure sufficient raw materials, natural disasters, or geopolitical conflicts.
• Cost Fluctuations: Costs are subject to volatility in commodity and raw material prices, transportation, labor, tariffs, energy, pensions, and healthcare. Failure to manage these fluctuations through pricing and productivity could impact financial results.
• Information Security & Operational Technology Incidents: Extensive reliance on IT/OT systems, including third-party managed systems, exposes P&G to advanced cybersecurity threats. Incidents could lead to operational disruptions, data loss, reputational damage, litigation, and regulatory actions.

Financial & Regulatory Risks

• Foreign Exchange: Significant exposure to exchange rate fluctuations, particularly given over 50% of sales are international, which can negatively impact U.S. dollar-denominated sales, earnings, and cash flows.
• Credit & Liquidity: Risks from disruptions in credit markets, issues with banking partners, or credit rating downgrades, which could increase borrowing costs and impair access to capital.
• Regulatory & Compliance Risks: Subject to a wide array of global laws and regulations (e.g., intellectual property, product liability, environmental, labor, trade, tax, privacy, data protection). Expanding ESG-related reporting and diligence requirements add complexity and compliance costs.

Geopolitical & External Risks

• Geopolitical Exposure: Changes in political and geopolitical conditions, including sanctions, tariffs, import/export controls, and trade barriers, can adversely affect business. The ongoing war between Russia and Ukraine has already impacted operations, leading to reduced product portfolios and suspended activities in Russia, with potential for further disruptions, asset losses, or impairments.
• Disease Outbreaks: Future disease outbreaks, epidemics, or pandemics could lead to significant reductions or volatility in demand, supply chain disruptions, or governmental restrictions impacting operations and employee mobility.

Innovation & Technology Leadership

Research & Development Focus: Innovation is a core strategic choice for P&G, driving its ability to deliver superior products. The company invests in R&D and consumer insights to invent new categories and continuously innovate existing products to meet evolving consumer needs. R&D expenditure was $2.1 billion in 2025.

Intellectual Property Portfolio: P&G owns or has rights to a substantial portfolio of patents and trademarks. Patents cover product features, formulations, and manufacturing processes, while trademarks are crucial for branding and marketing. The protection and enforcement of these intellectual properties are fundamental to P&G's competitive success.

Leadership & Governance

Executive Leadership Team

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---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------The Procter & Gamble Company (P&G) has demonstrated resilience and strategic agility in its fiscal year 2025 performance, navigating a complex global economic landscape. The company reported a slight increase in net sales to $84.28 billion, alongside robust growth in operating income and net earnings, reflecting effective cost management and strategic portfolio adjustments. P&G's commitment to its integrated strategy of irresistible superiority, productivity, constructive disruption, and organizational effectiveness continues to drive its performance and long-term value creation objectives.

Company Overview

Business Model: P&G's business model is centered on delivering sustainable value creation through balanced top- and bottom-line growth. The company creates, manufactures, markets, and distributes a diversified portfolio of daily-use consumer packaged goods, emphasizing "irresistible superiority" across five key vectors: product performance, packaging, brand communication, retail execution, and value. P&G invests heavily in research and development (R&D) and consumer insights to innovate existing products and develop new categories. Its go-to-market strategy leverages various distribution channels, including mass merchandisers, e-commerce platforms (including social commerce), grocery stores, and direct-to-consumer models. A core tenet is continuous productivity improvement to fund R&D and marketing investments, aiming to serve consumers, customers, employees, society, and shareowners.

Market Position: P&G operates in highly competitive global markets, where it often holds leadership or significant market share positions. The company's competitive advantage stems from its integrated strategy and focus on superiority. P&G is a global market leader in retail hair care (approximately 20% global market share), grooming (over 45% global market share, with over 60% in blades and razors), oral care (nearly 30% global market share), and feminine care (over 30% global market share). In fabric care, P&G generally holds the number one or two market share position with over 35% global market share, and in home care, it commands over 30% global market share across the categories in which it competes.

Recent Strategic Developments:

• Limited Market Portfolio Restructuring: In fiscal year 2024, P&G initiated a restructuring of business operations, primarily in certain Enterprise Markets like Argentina and Nigeria, to address challenging macroeconomic and fiscal conditions. This restructuring was substantially completed by September 30, 2024, with the liquidation of operations in Argentina, resulting in $1.2 billion after-tax incremental restructuring charges, primarily non-cash foreign currency translation losses.
• Intangible Asset Impairment: During fiscal year 2024, P&G recorded a $1.3 billion before-tax ($1.0 billion after-tax) non-cash impairment charge on the Gillette indefinite-lived intangible asset. This charge was attributed to a higher discount rate, weakening of several currencies relative to the U.S. dollar, and the impact of the aforementioned restructuring program.
• Focused Portfolio, Supply Chain and Productivity Plan: In June 2025, P&G announced a new portfolio and productivity plan designed to streamline its portfolio and organization, aiming to improve its cost structure and competitiveness. The company expects to incur approximately $1.5 billion to $2.0 billion in before-tax restructuring costs over a two-year period, including a plan for a reduction of up to 7,000 non-manufacturing overhead personnel by the end of fiscal 2027.
• Glad Joint Venture Agreement Termination: P&G and The Clorox Company have jointly decided not to renew their Glad joint venture agreement. Under the terms, Clorox will purchase P&G’s minority interest at fair market value by January 2026. P&G expects to receive approximately $500 million in cash proceeds and record an after-tax gain in the range of $250 million to $300 million in the third quarter of fiscal year 2026.

Geographic Footprint: P&G's products are sold in approximately 180 countries and territories, with on-the-ground operations in about 70 countries. International markets contribute over 50% of the company's annual net sales. In fiscal year 2025, the United States accounted for $41.6 billion in net sales, while international markets generated $42.7 billion. P&G's largest international markets, including Greater China, the United Kingdom, Canada, Japan, and Germany, collectively comprised approximately 21% of its net sales in fiscal 2025.

Financial Performance

Revenue Analysis

Profitability Metrics:

• Gross Margin: 51.2%
• Operating Margin: 24.3%
• Net Margin: 19.1%

Investment in Growth:

• R&D Expenditure: $2.1 billion (2.5% of revenue)
• Capital Expenditures: $3.77 billion

Business Segment Analysis

Beauty

Financial Performance:

• Revenue: $14.96 billion (-2% YoY)
• Net Earnings as % of Net Sales: 18.1% (down 140 bps YoY)
• Key Growth Drivers: Organic sales increased 1%. Personal Care achieved high single-digit organic sales growth, driven by innovation and distribution expansion in North America, Europe, and Latin America. Hair Care organic sales increased low single digits due to market growth in Latin America, Europe, and North America.
• Product Portfolio: Hair Care (Head & Shoulders, Herbal Essences, Pantene, Rejoice), Personal Care (Native, Old Spice, Safeguard, Secret), Skin Care (Olay, SK-II).
• Market Dynamics: Global market share for the Beauty segment decreased by 0.3 points. Hair care market share decreased 0.9 points, while personal care market share increased 0.5 points. Skin care market share decreased 0.7 points. The segment experienced unfavorable product mix, primarily due to a decline in the super-premium SK-II brand, and unfavorable foreign exchange impacts. Unit volume decreased 1%. Skin Care organic sales declined high single digits due to distribution losses in North America and market contraction in Asia Pacific and Greater China. Effective July 1, 2024, the Beauty segment separated Skin and Personal Care into individual operating segments.

Grooming

Financial Performance:

• Revenue: $6.66 billion (0% YoY)
• Net Earnings as % of Net Sales: 23.7% (up 150 bps YoY)
• Key Growth Drivers: Unit volume increased 2% due to increased distribution in IMEA and market growth in Europe. Organic sales increased 2%, driven by double-digit growth in Asia Pacific and IMEA, and low single-digit growth in Europe.
• Product Portfolio: Grooming (Braun, Gillette, Venus), including appliances, female blades & razors, male blades & razors, and pre- and post-shave products.
• Market Dynamics: P&G is the global market leader in grooming, holding more than 45% share, and over 60% share in global blades and razors. Global market share for the Grooming segment decreased by 0.1 points. The segment faced negative impacts from unfavorable foreign exchange, unfavorable geographic mix, and divestitures, which offset volume and pricing gains. North America experienced a low single-digit organic sales decline due to retail inventory reduction.

Health Care

Financial Performance:

• Revenue: $12.00 billion (+2% YoY)
• Net Earnings as % of Net Sales: 20.3% (up 120 bps YoY)
• Key Growth Drivers: Favorable geographic mix (due to growth in North America and Europe, which have higher than segment-average selling prices) and higher pricing. Organic sales increased 3%. Personal Health Care organic sales increased mid-single digits, driven by double-digit growth in Latin America, mid-single-digit growth in Europe, and low single-digit growth in North America.
• Product Portfolio: Oral Care (Crest, Oral-B), Personal Health Care (Metamucil, Neurobion, Pepto-Bismol, Vicks).
• Market Dynamics: P&G is a leader in oral care with nearly 30% global market share and a global market leader in the personal health care categories in which it competes. Global market share for the Health Care segment increased by 0.2 points. Unit volume decreased 1% due to declines in Greater China (market contraction, increased competitive activity) and IMEA (share losses) for Oral Care.

Fabric & Home Care

Financial Performance:

• Revenue: $29.62 billion (0% YoY)
• Net Earnings as % of Net Sales: 19.7% (up 40 bps YoY)
• Key Growth Drivers: Favorable product mix. Organic sales increased 2%. Home Care organic sales increased low single digits, driven by growth in North America (innovation) and Europe (market growth).
• Product Portfolio: Fabric Care (Ariel, Downy, Gain, Tide), Home Care (Cascade, Dawn, Fairy, Febreze, Mr. Clean, Swiffer).
• Market Dynamics: P&G is the global market leader in fabric care with over 35% market share and over 30% global market share in home care. Global market share for the Fabric & Home Care segment increased by 0.1 points. Unfavorable foreign exchange offset product mix gains. Fabric Care unit volume was unchanged, with growth in Europe and North America (both due to innovation) offset by declines in Greater China and Asia Pacific (both due to market contraction).

Baby, Feminine & Family Care

Financial Performance:

• Revenue: $20.25 billion (0% YoY)
• Net Earnings as % of Net Sales: 19.8% (0 bps YoY)
• Key Growth Drivers: Favorable product mix, particularly a higher proportion of premium-priced diapers in Baby Care. Organic sales increased 1%. Feminine Care organic sales increased low single digits, driven by a mid-single-digit increase in North America. Family Care net sales increased low single digits due to market growth in North America.
• Product Portfolio: Baby Care (Luvs, Pampers), Feminine Care (Always, Always Discreet, Tampax), Family Care (Bounty, Charmin, Puffs).
• Market Dynamics: P&G is a global market leader in baby care with over 30% global market share and in feminine care with over 30% global market share. North America market shares are over 40% for Bounty and over 25% for Charmin. Global market share for the Baby, Feminine & Family Care segment decreased by 0.2 points. Unit volume decreased across all regions for Baby Care (due to increased competitive activity, market contraction, and distribution losses) except for Greater China (due to share gains). Feminine Care unit volume decreased primarily due to declines in Greater China (market contraction, competitive activity) and Latin America (share losses).

Capital Allocation Strategy

Shareholder Returns:

• Share Repurchases: P&G repurchased $6.5 billion in shares during fiscal year 2025. The company had expected to reduce outstanding shares through direct share repurchases at a value of $6 billion to $7 billion in fiscal year 2025, and this program concluded on June 30, 2025.
• Dividend Payments: P&G distributed $9.87 billion in dividends to shareholders. The company has a long history of shareholder returns, having paid a dividend for 135 consecutive years and increased its dividend for 69 consecutive years.

Balance Sheet Position:

• Cash and Equivalents: $9.56 billion
• Total Debt: $34.51 billion (comprising $9.51 billion in debt due within one year and $24.99 billion in long-term debt)
• Net Cash Position: -$24.95 billion (Net Debt)
• Credit Rating: P&G maintains strong credit ratings, with short-term ratings of P-1 (Moody's) and A-1+ (Standard & Poor's), and long-term ratings of Aa3 (Moody's) and AA- (Standard & Poor's), all with a stable outlook.
• Debt Maturity Profile: P&G has significant debt maturities in the near term, with $5.38 billion due in fiscal year 2026, $4.61 billion in 2027, $2.14 billion in 2028, $2.03 billion in 2029, and $3.99 billion in 2030.

Cash Flow Generation:

• Operating Cash Flow: $17.82 billion
• Free Cash Flow: $14.61 billion (Adjusted Free Cash Flow, defined as operating cash flow less capital expenditures and excluding payments for the transitional tax resulting from the 2017 U.S. Tax Act)
• Cash Conversion Metrics: Adjusted Free Cash Flow Productivity was 87% in 2025.

Operational Excellence

Production & Service Model: P&G's operational model is focused on creating, manufacturing, marketing, and distributing a diversified portfolio of daily-use products. The company's philosophy emphasizes continuous productivity improvements to fund strategic investments in R&D and marketing, aiming to achieve balanced top- and bottom-line growth and value creation.

Supply Chain Architecture: P&G's supply chain relies heavily on third-party suppliers for nearly all raw and packaging materials, including some single-source arrangements. The company also produces certain raw materials, primarily chemicals, for internal use. Key commodities like fuel, natural gas, and derivative products are significant inputs in manufacturing and transportation. P&G is strategically focused on developing next-level supply chain capabilities to enhance flexibility, agility, resilience, and productivity.

Key Suppliers & Partners:

• Supplier Categories: Raw and packaging materials, manufacturing partners, technology partners.
• Supplier Finance Programs: P&G supports a Supply Chain Finance program with several global financial institutions, enabling participating suppliers to sell their receivables from P&G to SCF banks. This arrangement leverages P&G's creditworthiness to offer suppliers more favorable terms. As of June 30, 2025, confirmed obligations outstanding under this program totaled $5.79 billion.
• Service Contracts: P&G has outsourced certain information technology, human resources management, and facilities management activities to third-party suppliers.

Facility Network:

• Manufacturing: P&G operates a global manufacturing network, including 24 sites in 18 U.S. states and 75 sites in 32 other countries. Many of these facilities are multi-business, with specific numbers for Beauty (21), Grooming (17), Health Care (20), Fabric & Home Care (34), and Baby, Feminine & Family Care (36).
• Research & Development: While specific R&D center locations are not detailed, R&D is a core investment area for product and process innovation.
• Distribution: Supported by principal regional general offices in Switzerland, Panama, Singapore, China, and the United Arab Emirates, and regional shared service centers in Costa Rica, the United Kingdom, and the Philippines.

Market Access & Customer Relationships

Go-to-Market Strategy: P&G's go-to-market strategy is designed to win with consumers by delivering "irresistible superiority" across product performance, packaging, brand communication, retail execution, and value. This involves continuous innovation and effective marketing across evolving media and mobile platforms to drive market growth and build share.

Distribution Channels: P&G utilizes a comprehensive and diversified network of distribution channels globally:

• Direct Sales: Includes direct-to-consumer platforms.
• Channel Partners: Mass merchandisers, e-commerce (including social commerce), grocery stores, membership club stores, drug stores, department stores, distributors, wholesalers, specialty beauty stores (including airport duty-free stores), high-frequency stores, pharmacies, electronics stores, and professional channels.

Customer Portfolio:

• Enterprise Customers: Walmart Inc. and its affiliates represent P&G's largest customer, accounting for approximately 16% of total sales in 2025 and 2024, and 15% in 2023.
• Customer Concentration: The top ten customers collectively accounted for 43% of total net sales in 2025, 42% in 2024, and 40% in 2023. No other single customer represents more than 10% of total sales.

Geographic Revenue Distribution:

• United States: 49.4% of total revenue
• International: 50.6% of total revenue
• Growth Markets: P&G operates in approximately 70 countries, with products sold in about 180 countries and territories. Its largest international markets include Greater China, the United Kingdom, Canada, Japan, and Germany.

Competitive Intelligence

Market Structure & Dynamics

Industry Characteristics: The consumer products industry is highly competitive, characterized by a broad range of global, regional, and local competitors, including both established brands and retailers' private-label brands. The market is segmented by various price tiers (super-premium, premium, mid-tier, and value-tier). Evolving sales channels, such as e-commerce and mobile/social commerce applications, and the growth of hard discounter channels, are significantly influencing customer and consumer preferences and market dynamics.

Competitive Positioning Matrix:

Direct Competitors

Primary Competitors: P&G competes against a wide array of global and local companies, both large and small, established and new, as well as retailers' private-label brands across all its product categories. No specific competitor names are disclosed in the filing.

Emerging Competitive Threats: New market entrants, disruptive technologies, alternative solutions, ease of competitive entry into certain categories, and the growth in hard discounter channels represent emerging competitive threats.

Competitive Response Strategy: P&G's strategy to maintain competitive advantage involves delivering "irresistible superiority" across product, packaging, brand communication, retail execution, and value. This includes continuous innovation, efficient and effective marketing across evolving digital platforms, and developing next-level supply chain capabilities. The company also focuses on leveraging environmental sustainability as a driver for superior products and increasing digital acumen.

Risk Assessment Framework

Strategic & Market Risks

• Market Dynamics: P&G is exposed to global macroeconomic factors, geopolitical tensions, and government policies, including economic slowdowns, recessions, inflationary pressures, and reduced market growth rates, which can negatively impact demand for its products.
• Technology Disruption: Risks include the inability to successfully develop, introduce, and market new products, respond to competitive technological advances, or adapt to evolving digital marketing and selling platforms, including the timely and responsible adoption of emerging technologies like artificial intelligence.
• Customer Concentration: A significant change in relationships with key retail customers, or a reduction in inventory levels or shelf space for P&G products, could adversely impact business performance. Walmart Inc. and its affiliates represent approximately 16% of total sales.

Operational & Execution Risks

• Supply Chain Vulnerabilities: P&G's ability to meet customer needs and achieve cost targets depends on maintaining key manufacturing and supply arrangements, including certain sole supplier or sole manufacturing plant arrangements. Disruptions from labor disputes, loss of key manufacturing sites, IT/OT system failures, cybersecurity incidents, inability to procure sufficient raw materials (including water and recycled materials), natural disasters, or geopolitical conflicts could interrupt product supply.
• Cost Fluctuations: Costs are subject to fluctuations due to changes in commodity prices (e.g., petroleum-derived materials like resins, paper-based materials like pulp), raw and packaging materials, labor, tariffs, transportation, energy, pensions, and healthcare. Failure to manage these fluctuations through pricing actions and cost savings could adversely impact results.
• Information Security & Operational Technology Incidents: Extensive reliance on IT/OT systems, networks, and services, including those managed by third parties, exposes P&G to advanced cybersecurity threats (e.g., computer viruses, ransomware, unauthorized access, misuse of artificial intelligence). A significant incident could lead to operational disruptions, data loss, reputational damage, litigation, and regulatory action.

Financial & Regulatory Risks

• Market & Financial Risks: P&G has significant exposure to foreign currency exchange rate fluctuations, with over 50% of sales generated outside the U.S., which can reduce the U.S. dollar value of sales, earnings, and cash flows. Disruptions in credit markets, issues with banking partners, or credit rating downgrades could increase borrowing costs and impair access to capital.
• Regulatory & Compliance Risks: P&G is subject to a wide variety of laws and regulations globally, including those related to intellectual property, product liability, product composition, environmental protection, labor, trade, taxation, privacy, and data protection. Expanding ESG-related reporting and diligence requirements also increase compliance complexity and costs.

Geopolitical & External Risks

• Geopolitical Exposure: Changes in political and geopolitical conditions, including sanctions, tariffs, import/export controls, and trade barriers, can adversely affect P&G's business and financial results. The ongoing war between Russia and Ukraine has negatively impacted operations, leading to reduced product portfolio, discontinued capital investments, and suspended media activity in Russia, with potential for further disruptions, asset losses, or impairments.
• Trade Relations: Discriminatory or conflicting fiscal or trade policies, including changes to tariffs and existing trade agreements, could adversely affect results.
• Disease Outbreaks: Future disease outbreaks, epidemics, pandemics, or similar widespread public health concerns could lead to significant reductions or volatility in demand, supply chain disruptions, or governmental restrictions impacting operations and employee mobility.

Innovation & Technology Leadership

Research & Development Focus: Innovation is a fundamental strategic choice for P&G, driving its ability to deliver superior products and meet evolving consumer needs. The company invests in R&D and consumer insights to invent new categories and continuously innovate existing products. R&D expenditure was $2.1 billion in 2025, up from $2.0 billion in 2024.

Core Technology Areas: P&G's patents cover a range of product features, including significant product formulation and processes used to manufacture its products. The company's innovation pipeline focuses on developing and licensing technologies that can improve environmental sustainability across industries.

Intellectual Property Portfolio: P&G owns or has rights to a substantial portfolio of patents and trademarks, which are critical to its activities across all businesses. These intellectual properties are important for the overall marketing and branding of its products and are considered a key factor in the company's success and competitive positioning.

Leadership & Governance

Executive Leadership Team