Procter & Gamble Co.
PGFinancial Analysis · Updated May 12, 2026 · Coverage 2026-Q2
Latest Q Revenue
$19.8B
Q3 FY2026 · +0% YoY
TTM ROIC
17%
FY2025 · NOPAT / Invested Capital (with goodwill); NOPAT = Operating Income × (1 - tax rate) · WACC ~6.75% · Moat spread +10pp
Financial Snapshot
ticker: PG step: 04 generated: 2026-05-11 source: quick-research
The Procter & Gamble Company (PG) — Financial Snapshot
Note: P&G's fiscal year ends in June. "FY2025" below = fiscal year ended June 30, 2025.
Income Statement Summary
| Metric | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|
| Net Sales | $82.0B | $84.0B | $84.3B | flat |
| Organic Sales Growth | +7% | +4% | +2% | decelerating |
| Gross Margin | 49.0% | 51.6% | 52.0% | +0.4pp |
| Operating Margin | 22.0% | 24.0% | 24.5% | +0.5pp |
| Net Income | $14.7B | $14.9B | $15.5B | +4% |
| Core EPS (diluted) | $5.90 | $6.59 | $6.85 | +4% |
Q3 FY2026 Highlights (most recent reported, Jan-Mar 2026)
| Metric | Q3 FY26 | YoY |
|---|---|---|
| Net Sales | $21.1B | +3% |
| Organic Sales | +3% | (2% volume, 1% price) |
| Core EPS | $1.59 | |
| Adj. FCF Productivity | 82% |
Segment Performance Q1 FY26 (most relevant)
| Segment | Organic Growth | Volume | Notes |
|---|---|---|---|
| Beauty | +6% | +5% | Olay, Pantene drove |
| Health Care | +3% | +2% | Crest, Oral-B |
| Grooming | +2% | flat | Pricing-led |
| Fabric & Home Care | +2% | +2% | Tide volume strong |
| Baby/Feminine/Family | flat | +3% (offset by -10% Family Care vol from tariff front-loading) |
Cash Flow & Balance Sheet (FY2025)
| Metric | Value |
|---|---|
| Cash Flow from Operations | $19.8B |
| Capital Expenditures | ~($3.8B) |
| Free Cash Flow | ~$16.0B |
| FCF Productivity (% of Net Income) | 103% |
| Cash & Investments | ~$10B |
| Total Debt | ~$33B |
Key Ratios (approximate, May 2026)
- P/E (forward): ~22x | EV/EBITDA: ~17x | Dividend Yield: ~2.6%
- ROE: ~30%+ | ROIC: ~17%
- FCF Yield: ~4.5%
- Net Debt / EBITDA: ~1.0x
Growth Profile
P&G is in slow-grow territory: FY2025 organic sales +2% (vs. multi-year average ~4-5%), driven by 2% volume and 1% pricing. The pricing fortress (52% gross margin, 24.5% operating margin) remains intact via the "superiority" strategy, but volume in core categories (Family Care -10%) is showing strain from $1B+ tariff costs and consumer trade-down to private label in certain commoditized SKUs. Beauty is the growth bright spot at +6% organic.
Forward Estimates
- FY2026E Net Sales: ~$87B (+3%)
- FY2026E Core EPS: ~$6.85-7.10 (consensus, +1-3%)
- FY2026E FCF: ~$16-17B
- FY2027E EPS: ~$7.40 (consensus, +5-7%)
Capital Return
- Dividend $4.20+ annual ($10B+ paid annually) — 68 consecutive years of increases (Dividend King)
- Share buybacks: $7-9B annual run-rate
- Total capital return: ~$17-20B annual
- Long-term target: 60% of earnings as dividend, balance as buybacks
Deeper Financial Analysis
The fundamental tier adds 9 additional research dimensions for $PG.
Revenue Breakdown
Segment revenue, geographic mix, product-line contribution margins, and cohort dynamics.
Financial Trends
Quarter-over-quarter momentum, leading indicators, and inflection point analysis.
Balance Sheet
Debt structure, liquidity runway, dilution risk, and working capital dynamics.
Capital Allocation
Buyback cadence, M&A appetite, dividend policy, and reinvestment priorities.
Returns on Capital (ROIC)
Multi-year ROIC vs. WACC, marginal returns on reinvestment, sales-to-invested-capital efficiency, and moat spread.
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