# Procter & Gamble Co. (PG) — Financial Analysis

**Exchange:** NYSE  
**Coverage as of:** 2026-Q2  
**Updated:** 2026-05-12  
**Tier:** Free primer (step 2 of 19)  
**Sibling pages:** /stocks/PG/thesis · /stocks/PG/memo

## 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 ($1.00) adds 8 dimensions not included here:

- Revenue Breakdown — segment revenue, geographic mix, product-line margins
- Financial Trends — QoQ momentum, leading indicators, inflection points
- Balance Sheet — debt structure, dilution risk, working capital dynamics
- Capital Allocation — ROIC, buyback cadence, reinvestment efficiency
- Earnings Analysis — beats/misses, guidance vs actuals, transcript highlights
- Competitive Positioning — market share, pricing power, peer benchmarks
- Industry Context — TAM, sector tailwinds/headwinds, regulatory backdrop

**API endpoint:** GET /api/v1/research/PG/fundamental

## Navigation

- Overview: /stocks/PG
- Financials (this page): /stocks/PG/financials
- Thesis: /stocks/PG/thesis
- Investment Memo: /stocks/PG/memo
- Coverage universe: /stocks